2025-12-26199930_AbbeyCapitalFuturesStrategyFund_ClassI_TSRSemiAnnual

 

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Abbey Capital Futures Strategy Fund
image
Class I | ABYIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund. You can also request this information by contacting us at 1-844-261-6484.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$94
1.79%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Diversified Trendfollowing trading advisers were the primary source of gains at the trading style level. At the market sector level, the Fund saw gains in metals, equities and currencies along with losses in fixed income, energy and agricultural commodities.
The Fund profited from a strong rally in metals throughout the period, particularly in precious metals. Gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied alongside global supply uncertainty and speculation that the US would introduce tariffs on imports.
Long positions in Japanese and UK indices led gains within equities. Japanese stocks rallied strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi. Meanwhile, the FTSE 100 rose to a record high during the period.
Negatively for Fund performance, losses were observed in fixed income, energy and agricultural commodities. A lack of clear trends and frequent price reversals were a feature of both fixed income and energy markets. Uncertainty pertaining to the path of interest rates in response to changing US tariff policy and global growth concerns led to choppy moves in fixed income. Trading in US natural gas contracts proved challenging within energy, particularly in January when extreme US weather drove the largest weekly gain in US natural gas futures since 1990.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses, were deducted.
Abbey Capital Futures Strategy Fund  PAGE 1  TSR-SAR-74925K367
 
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Class I
9.17
4.25
2.63
S&P 500 Total Return Index
16.99
14.19
15.50
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$2,420,703,204
Number of Holdings
1435
Net Advisory Fee
$20,286,602
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
7.9%
Currency
15.0%
Energy
23.3%
Equity
23.0%
Fixed Income
23.1%
Metals
7.7%
Credit Breakdown
(% of Net Assets)
AA+1
75.86%
A-12
6.82%
A-13
8.19%
A-14
8.64%
A-25
0.62%
1 T-BILLS
2 US Bank Admin & Margin
3 UBS Margin
4 Merrill Lynch Margin
5 BOA Margin
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund.
Abbey Capital Futures Strategy Fund  PAGE 2  TSR-SAR-74925K367
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Futures Strategy Fund  PAGE 3  TSR-SAR-74925K367
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Abbey Capital Futures Strategy Fund
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Class A | ABYAX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund. You can also request this information by contacting us at 1-844-261-6484.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$107
2.04%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Diversified Trendfollowing trading advisers were the primary source of gains at the trading style level. At the market sector level, the Fund saw gains in metals, equities and currencies along with losses in fixed income, energy and agricultural commodities.
The Fund profited from a strong rally in metals throughout the period, particularly in precious metals. Gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied alongside global supply uncertainty and speculation that the US would introduce tariffs on imports.
Long positions in Japanese and UK indices led gains within equities. Japanese stocks rallied strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi. Meanwhile, the FTSE 100 rose to a record high during the period.
Negatively for Fund performance, losses were observed in fixed income, energy and agricultural commodities. A lack of clear trends and frequent price reversals were a feature of both fixed income and energy markets. Uncertainty pertaining to the path of interest rates in response to changing US tariff policy and global growth concerns led to choppy moves in fixed income. Trading in US natural gas contracts proved challenging within energy, particularly in January when extreme US weather drove the largest weekly gain in US natural gas futures since 1990.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
Abbey Capital Futures Strategy Fund  PAGE 1  TSR-SAR-74925K375
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Class A (without sales charge)
8.96
4.00
2.37
Class A (with sales charge)
2.69
2.79
1.76
S&P 500 Total Return Index
16.99
14.19
15.50
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$2,420,703,204
Number of Holdings
1435
Net Advisory Fee
$20,286,602
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
7.9%
Currency
15.0%
Energy
23.3%
Equity
23.0%
Fixed Income
23.1%
Metals
7.7%
Credit Breakdown
(% of Net Assets)
AA+1
75.86%
A-12
6.82%
A-13
8.19%
A-14
8.64%
A-25
0.62%
1 T-BILLS
2 US Bank Admin & Margin
3 UBS Margin
4 Merrill Lynch Margin
5 BOA Margin
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund.
Abbey Capital Futures Strategy Fund  PAGE 2  TSR-SAR-74925K375
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Futures Strategy Fund  PAGE 3  TSR-SAR-74925K375
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Abbey Capital Futures Strategy Fund
image
Class C | ABYCX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund. You can also request this information by contacting us at 1-844-261-6484.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$147
2.79%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Diversified Trendfollowing trading advisers were the primary source of gains at the trading style level. At the market sector level, the Fund saw gains in metals, equities and currencies along with losses in fixed income, energy and agricultural commodities.
The Fund profited from a strong rally in metals throughout the period, particularly in precious metals. Gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied alongside global supply uncertainty and speculation that the US would introduce tariffs on imports.
Long positions in Japanese and UK indices led gains within equities. Japanese stocks rallied strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi. Meanwhile, the FTSE 100 rose to a record high during the period.
Negatively for Fund performance, losses were observed in fixed income, energy and agricultural commodities. A lack of clear trends and frequent price reversals were a feature of both fixed income and energy markets. Uncertainty pertaining to the path of interest rates in response to changing US tariff policy and global growth concerns led to choppy moves in fixed income. Trading in US natural gas contracts proved challenging within energy, particularly in January when extreme US weather drove the largest weekly gain in US natural gas futures since 1990.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
Abbey Capital Futures Strategy Fund  PAGE 1  TSR-SAR-74925K359
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
10 Year
Class C (without contingent deferred sales charge)1
8.19
3.22
1.61
Class C (with contingent deferrred sales charge)1
7.19
3.22
1.61
S&P 500 Total Return Index
16.99
14.19
15.50
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
1 The inception date of Class C Shares of the Fund was October 6, 2015 and the inception date of the Fund was July 1, 2014. Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$2,420,703,204
Number of Holdings
1435
Net Advisory Fee
$20,286,602
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
7.9%
Currency
15.0%
Energy
23.3%
Equity
23.0%
Fixed Income
23.1%
Metals
7.7%
Credit Breakdown
(% of Net Assets)
AA+1
75.86%
A-12
6.82%
A-13
8.19%
A-14
8.64%
A-25
0.62%
1 T-BILLS
2 US Bank Admin & Margin
3 UBS Margin
4 Merrill Lynch Margin
5 BOA Margin
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund.
Abbey Capital Futures Strategy Fund  PAGE 2  TSR-SAR-74925K359
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Futures Strategy Fund  PAGE 3  TSR-SAR-74925K359
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Abbey Capital Multi Asset Fund
image
Class I | MAFIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/multi-asset-fund. You can also request this information by contacting us at 1-844-261-6484.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$97
1.79%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Managed Futures strategy was the driver of this positive performance, with the Fund’s Long US Equity strategy also recording gains.
For the Fund’s Managed Futures strategy, gains occurred in metals, equities and currencies while losses were recorded in fixed income, energy and agricultural commodities. Within precious metals, gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied. Within equities, long positions in Japanese and UK indices led gains with Japanese stocks rallying strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi.
The Fund’s Long US Equity strategy contributed positively due to its long-only allocation to S&P 500 futures. Optimism for Federal Reserve interest rate cuts and continued momentum in AI stocks supported the index early in the period. However, concerns for overvaluation of technology stocks and geopolitical uncertainty weighed on the S&P 500 over the remainder of the period, offsetting some of the earlier gains.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, management fees and other expenses, were deducted.
Abbey Capital Multi Asset Fund  PAGE 1  TSR-SAR-74933W882
 
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/11/2018)
Class I
18.14
8.50
11.18
S&P 500 Total Return Index
16.99
14.19
14.66
Visit https://www.abbeycapital.com/multi-asset-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$952,388,087
Number of Holdings
662
Net Advisory Fee
$7,738,879
Portfolio Turnover (excludes derivatives)
11%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
6.3%
Currency
13.9%
Energy
14.7%
Equity
40.1%
Fixed Income
19.1%
Metals
5.8%
Credit Breakdown
(% of Net Assets)
AA+1
25.36%
A-12
8.00%
A-13
16.62%
Not Rated4
49.66%
1 T-BILLS
2 US Bank Admin & Margin
3 Soc Gen Margin
4 Vanguard S&P 500 ETF
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
Other Material Fund Changes:
While the Fund’s investment strategy has not changed, the Long U.S. Equity strategy is now implemented through ETFs rather than through futures, as was the case in prior years.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/multi-asset-fund.
Abbey Capital Multi Asset Fund  PAGE 2  TSR-SAR-74933W882
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Multi Asset Fund  PAGE 3  TSR-SAR-74933W882
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image
Abbey Capital Multi Asset Fund
image
Class A | MAFAX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/multi-asset-fund. You can also request this information by contacting us at 1-844-261-6484.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$111
2.04%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Managed Futures strategy was the driver of this positive performance, with the Fund’s Long US Equity strategy also recording gains.
For the Fund’s Managed Futures strategy, gains occurred in metals, equities and currencies while losses were recorded in fixed income, energy and agricultural commodities. Within precious metals, gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied. Within equities, long positions in Japanese and UK indices led gains with Japanese stocks rallying strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi.
The Fund’s Long US Equity strategy contributed positively due to its long-only allocation to S&P 500 futures. Optimism for Federal Reserve interest rate cuts and continued momentum in AI stocks supported the index early in the period. However, concerns for overvaluation of technology stocks and geopolitical uncertainty weighed on the S&P 500 over the remainder of the period, offsetting some of the earlier gains.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
Abbey Capital Multi Asset Fund  PAGE 1  TSR-SAR-74933W700
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/11/2018)
Class A (without sales charge)1
17.80
8.22
10.89
Class A (with sales charge)1
10.99
6.95
10.06
S&P 500 Total Return Index
16.99
14.19
14.66
Visit https://www.abbeycapital.com/multi-asset-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
1 The inception date of Class A Shares of the Fund was February 16, 2022 and the inception date of the Fund was April 11, 2018. Class A Shares performance prior to its inception on February 16, 2022 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$952,388,087
Number of Holdings
662
Net Advisory Fee
$7,738,879
Portfolio Turnover (excludes derivatives)
11%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
6.3%
Currency
13.9%
Energy
14.7%
Equity
40.1%
Fixed Income
19.1%
Metals
5.8%
Credit Breakdown
(% of Net Assets)
AA+1
25.36%
A-12
8.00%
A-13
16.62%
Not Rated4
49.66%
1 T-BILLS
2 US Bank Admin & Margin
3 Soc Gen Margin
4 Vanguard S&P 500 ETF
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
Other Material Fund Changes:
While the Fund’s investment strategy has not changed, the Long U.S. Equity strategy is now implemented through ETFs rather than through futures, as was the case in prior years.
Abbey Capital Multi Asset Fund  PAGE 2  TSR-SAR-74933W700
 
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/multi-asset-fund.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Multi Asset Fund  PAGE 3  TSR-SAR-74933W700
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Abbey Capital Multi Asset Fund
image
Class C | MAFCX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.abbeycapital.com/multi-asset-fund. You can also request this information by contacting us at 1-844-261-6484.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$151
2.79%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund saw six consecutive months of positive performance in the six-month period ended February 28, 2026. The Fund’s Managed Futures strategy was the driver of this positive performance, with the Fund’s Long US Equity strategy also recording gains.
For the Fund’s Managed Futures strategy, gains occurred in metals, equities and currencies while losses were recorded in fixed income, energy and agricultural commodities. Within precious metals, gold and silver prices rallied to all-time highs on sustained haven demand, which related to the US government shutdown, geopolitical tensions and trade uncertainty following a US Supreme Court ruling on US import tariffs. Elsewhere in metals, copper prices also rallied. Within equities, long positions in Japanese and UK indices led gains with Japanese stocks rallying strongly alongside a weaker Japanese Yen and the prospect of increased fiscal spending under the new Prime Minister Sanae Takaichi.
The Fund’s Long US Equity strategy contributed positively due to its long-only allocation to S&P 500 futures. Optimism for Federal Reserve interest rate cuts and continued momentum in AI stocks supported the index early in the period. However, concerns for overvaluation of technology stocks and geopolitical uncertainty weighed on the S&P 500 over the remainder of the period, offsetting some of the earlier gains.
Top Contributors
↑
Metals
↑
Equities
↑
Currencies
Top Detractors
↓
Fixed Income
↓
Energy
↓
Agricultural Commodities
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
Abbey Capital Multi Asset Fund  PAGE 1  TSR-SAR-74933W809
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(04/11/2018)
Class C (without contingent deferred sales charge)1
16.90
7.41
10.06
Class C (with contingent deferred sales charge)1
15.90
7.41
10.06
S&P 500 Total Return Index
16.99
14.19
14.66
Visit https://www.abbeycapital.com/multi-asset-fund for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
1 The inception date of Class C Shares of the Fund was November 8, 2021 and the inception date of the Fund was April 11, 2018. Class C Shares performance prior to its inception on November 8, 2021 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$952,388,087
Number of Holdings
662
Net Advisory Fee
$7,738,879
Portfolio Turnover (excludes derivatives)
11%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Market Group*
Risk Allocation (% of overall Value at Risk)
Agricultural Products
6.3%
Currency
13.9%
Energy
14.7%
Equity
40.1%
Fixed Income
19.1%
Metals
5.8%
Credit Breakdown
(% of Net Assets)
AA+1
25.36%
A-12
8.00%
A-13
16.62%
Not Rated4
49.66%
1 T-BILLS
2 US Bank Admin & Margin
3 Soc Gen Margin
4 Vanguard S&P 500 ETF
* The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time. Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 2026, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.
Other Material Fund Changes:
While the Fund’s investment strategy has not changed, the Long U.S. Equity strategy is now implemented through ETFs rather than through futures, as was the case in prior years.
Abbey Capital Multi Asset Fund  PAGE 2  TSR-SAR-74933W809
 
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/multi-asset-fund.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Abbey Capital Multi Asset Fund  PAGE 3  TSR-SAR-74933W809
 
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Adara Smaller Companies Fund true
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Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Adara Smaller Companies Fund (the “Fund”)  for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-844-261-6482.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Adara Smaller Companies Fund
$43
0.80%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$762,777,578
Number of Holdings
641
Portfolio Turnover
39%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Praxis Precision Medicines, Inc.
0.9%
Applied Optoelectronics, Inc.
0.8%
Comfort Systems USA, Inc.
0.8%
Natural Gas Services Group, Inc.
0.7%
nLight, Inc.
0.6%
Carpenter Technology Corp.
0.6%
Northeast Bank
0.6%
Alico, Inc.
0.6%
American Public Education, Inc.
0.6%
White Mountains Insurance Group Ltd.
0.6%
Top Sectors
(% of Net Assets)
Consumer, Non-cyclical
23.9%
Industrial
21.0%
Financial
16.6%
Consumer, Cyclical
13.3%
Technology
8.0%
Energy
4.6%
Basic Materials
4.3%
Communications
3.6%
Utilities
1.1%
Cash & Other
3.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://rbbfund.com/additional-fund-information/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that the Fund documents not be  householded, please contact the Fund at 1-844-261-6482, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Adara Smaller Companies Fund  PAGE 1  TSR-SAR-74925K342
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Aquarius International Fund true
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Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Aquarius International Fund (the “Fund”)  for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-844-261-6482.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Aquarius International Fund
$36
0.67%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$799,850,024
Number of Holdings
847
Portfolio Turnover
37%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Samsung Electronics Co. Ltd.
3.1%
Taiwan Semiconductor Manufacturing Co. Ltd.
2.7%
SK hynix, Inc.
2.1%
Tencent Holdings Ltd.
2.0%
Weir Group PLC
1.7%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR
1.6%
AstraZeneca PLC
1.3%
BAE Systems PLC
1.2%
Roche Holdings AG
1.1%
Kioxia Holdings Corp.
1.0%
Top Sectors
(% of Net Assets)
Financial
21.5%
Technology
16.2%
Consumer, Non-cyclical
16.0%
Industrial
14.5%
Communications
8.1%
Basic Materials
7.9%
Consumer, Cyclical
6.1%
Energy
4.0%
Utilities
1.8%
Cash & Other
3.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://rbbfund.com/additional-fund-information/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that the Fund documents not be  householded, please contact the Fund at 1-844-261-6482, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Aquarius International Fund  PAGE 1  TSR-SAR-74933W502
 
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Boston Partners All-Cap Value Fund
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Institutional Class | BPAIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$41
0.80%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,292,131,363
Number of Holdings
103
Portfolio Turnover
10%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Bank of America Corp.
2.7%
Alphabet, Inc. - Class A
2.6%
Johnson & Johnson
2.6%
Corpay, Inc.
2.2%
Philip Morris International, Inc.
2.2%
JPMorgan Chase & Co.
2.0%
Meta Platforms, Inc. - Class A
2.0%
AbbVie, Inc.
2.0%
Micron Technology, Inc.
1.8%
Wells Fargo & Co.
1.8%
Top Sectors
(% of Net Assets)
Financials
27.4%
Information Technology
21.6%
Health Care
15.2%
Industrials
11.6%
Communication Services
6.8%
Energy
4.5%
Consumer Staples
4.5%
Consumer Discretionary
3.6%
Materials
1.5%
Cash & Other
3.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners All-Cap Value Fund  PAGE 1  TSR-SAR-749255139
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Boston Partners All-Cap Value Fund
image
Investor Class | BPAVX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-all-cap-value-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$54
1.05%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,292,131,363
Number of Holdings
103
Portfolio Turnover
10%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Bank of America Corp.
2.7%
Alphabet, Inc. - Class A
2.6%
Johnson & Johnson
2.6%
Corpay, Inc.
2.2%
Philip Morris International, Inc.
2.2%
JPMorgan Chase & Co.
2.0%
Meta Platforms, Inc. - Class A
2.0%
AbbVie, Inc.
2.0%
Micron Technology, Inc.
1.8%
Wells Fargo & Co.
1.8%
Top Sectors
(% of Net Assets)
Financials
27.4%
Information Technology
21.6%
Health Care
15.2%
Industrials
11.6%
Communication Services
6.8%
Energy
4.5%
Consumer Staples
4.5%
Consumer Discretionary
3.6%
Materials
1.5%
Cash & Other
3.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners All-Cap Value Fund  PAGE 1  TSR-SAR-749255121
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Boston Partners Small Cap Value II Fund
image
Institutional Class | BPSIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Small Cap Value II Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$50
0.99%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$777,966,480
Number of Holdings
163
Portfolio Turnover
44%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
FirstCash Holdings, Inc.
1.5%
Bel Fuse, Inc. - Class B
1.4%
StoneX Group, Inc.
1.4%
Frontdoor, Inc.
1.4%
National Energy Services Reunited Corp.
1.3%
Brink’s Co.
1.2%
Laureate Education, Inc.
1.2%
Granite Construction, Inc.
1.1%
Nicolet Bankshares, Inc.
1.1%
Primoris Services Corp.
1.1%
Top Sectors
(% of Net Assets)
Financials
29.0%
Industrials
19.3%
Information Technology
14.5%
Consumer Discretionary
12.5%
Health Care
6.8%
Energy
6.4%
Materials
3.1%
Communication Services
2.7%
Real Estate
1.8%
Cash & Other
3.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Small Cap Value II Fund  PAGE 1  TSR-SAR-749255345
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Boston Partners Small Cap Value II Fund
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Investor Class | BPSCX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Small Cap Value II Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$63
1.24%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$777,966,480
Number of Holdings
163
Portfolio Turnover
44%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
FirstCash Holdings, Inc.
1.5%
Bel Fuse, Inc. - Class B
1.4%
StoneX Group, Inc.
1.4%
Frontdoor, Inc.
1.4%
National Energy Services Reunited Corp.
1.3%
Brink’s Co.
1.2%
Laureate Education, Inc.
1.2%
Granite Construction, Inc.
1.1%
Nicolet Bankshares, Inc.
1.1%
Primoris Services Corp.
1.1%
Top Sectors
(% of Net Assets)
Financials
29.0%
Industrials
19.3%
Information Technology
14.5%
Consumer Discretionary
12.5%
Health Care
6.8%
Energy
6.4%
Materials
3.1%
Communication Services
2.7%
Real Estate
1.8%
Cash & Other
3.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Small Cap Value II Fund  PAGE 1  TSR-SAR-749255337
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WPG Partners Select Small Cap Value Fund
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Institutional | WPGSX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the WPG Partners Select Small Cap Value Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional
$60
1.10%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$207,991,306
Number of Holdings
53
Portfolio Turnover
89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
BKV Corp.
4.2%
Teradata Corp.
4.1%
Ultra Clean Holdings, Inc.
3.5%
Tri Pointe Homes, Inc.
3.1%
National Vision Holdings, Inc.
3.0%
Innoviva, Inc.
2.6%
Broadstone Net Lease, Inc.
2.5%
PTC Therapeutics, Inc.
2.5%
BGC Group, Inc. - Class A
2.4%
Star Bulk Carriers Corp.
2.3%
Top Sectors
(% of Net Assets)
Information Technology
17.4%
Industrials
17.1%
Health Care
16.4%
Financials
10.2%
Consumer Discretionary
9.6%
Energy
8.9%
Materials
7.2%
Real Estate
3.6%
Communication Services
2.0%
Cash & Other
7.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
WPG Partners Select Small Cap Value Fund  PAGE 1  TSR-SAR-74933W676
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WPG Partners Small Cap Value Diversified Fund
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Institutional | WPGTX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the WPG Partners Small Cap Value Diversified Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional
$58
1.10%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$35,446,601
Number of Holdings
92
Portfolio Turnover
51%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Teradata Corp.
2.5%
BKV Corp.
2.3%
Option Care Health, Inc.
2.0%
Enterprise Financial Services Corp.
2.0%
BGC Group, Inc. - Class A
1.9%
Ultra Clean Holdings, Inc.
1.9%
WesBanco, Inc.
1.8%
Scorpio Tankers, Inc.
1.7%
PTC Therapeutics, Inc.
1.7%
BrightView Holdings, Inc.
1.6%
Top Sectors
(% of Net Assets)
Industrials
17.6%
Financials
15.9%
Information Technology
14.9%
Materials
11.9%
Health Care
10.0%
Energy
8.8%
Real Estate
5.9%
Utilities
5.1%
Consumer Discretionary
5.0%
Cash & Other
4.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
WPG Partners Small Cap Value Diversified Fund  PAGE 1  TSR-SAR-74925K706
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Boston Partners Global Equity Fund
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Institutional Class | BPGIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Global Equity Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-global-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$51
0.95%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$313,613,388
Number of Holdings
122
Portfolio Turnover
30%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
CRH PLC
1.7%
Rexel SA
1.7%
AstraZeneca PLC
1.5%
Banco Bilbao Vizcaya Argentaria SA
1.5%
Nordea Bank Abp
1.5%
SPIE SA
1.4%
NatWest Group PLC
1.4%
ING Groep NV
1.4%
Tesco PLC
1.3%
TOTAL SE
1.3%
Top Sectors
(% of Net Assets)
Financials
24.8%
Industrials
18.5%
Health Care
15.3%
Energy
9.1%
Consumer Staples
8.6%
Information Technology
6.0%
Communication Services
5.3%
Materials
4.8%
Consumer Discretionary
3.1%
Cash & Other
4.5%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-global-equity-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Global Equity Fund  PAGE 1  TSR-SAR-74925K557
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Boston Partners Long/Short Equity Fund
image
Institutional Class | BPLSX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$106
2.01%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$110,712,235
Number of Holdings
208
Portfolio Turnover
46%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Samsung Electronics Co. Ltd.
2.9%
Alphabet, Inc. - Class A
2.8%
Galliford Try Holdings PLC
2.4%
British American Tobacco PLC
2.0%
Fairfax Financial Holdings Ltd.
2.0%
Hamilton Insurance Group Ltd. - Class B
1.9%
KB Financial Group, Inc.
1.8%
BGC Group, Inc. - Class A
1.7%
Johnson & Johnson
1.6%
Photronics Inc
1.6%
Top Sectors
(% of Net Assets)
Financials
24.1%
Information Technology
17.0%
Health Care
10.5%
Industrials
6.3%
Consumer Discretionary
5.9%
Materials
3.9%
Real Estate
3.0%
Communication Services
2.9%
Consumer Staples
2.5%
Energy
1.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Long/Short Equity Fund  PAGE 1  TSR-SAR-749255261
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Boston Partners Long/Short Equity Fund
image
Investor Class | BPLEX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-long-short-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$120
2.27%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$110,712,235
Number of Holdings
208
Portfolio Turnover
46%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Samsung Electronics Co. Ltd.
2.9%
Alphabet, Inc. - Class A
2.8%
Galliford Try Holdings PLC
2.4%
British American Tobacco PLC
2.0%
Fairfax Financial Holdings Ltd.
2.0%
Hamilton Insurance Group Ltd. - Class B
1.9%
KB Financial Group, Inc.
1.8%
BGC Group, Inc. - Class A
1.7%
Johnson & Johnson
1.6%
Photronics Inc
1.6%
Top Sectors
(% of Net Assets)
Financials
24.1%
Information Technology
17.0%
Health Care
10.5%
Industrials
6.3%
Consumer Discretionary
5.9%
Materials
3.9%
Real Estate
3.0%
Communication Services
2.9%
Consumer Staples
2.5%
Energy
1.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Long/Short Equity Fund  PAGE 1  TSR-SAR-749255253
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Boston Partners Long/Short Research Fund
image
Institutional Class | BPIRX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$84
1.62%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$605,227,306
Number of Holdings
426
Portfolio Turnover
28%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Frontdoor, Inc.
1.5%
JPMorgan Chase & Co.
1.2%
AbbVie, Inc.
1.2%
Wells Fargo & Co.
1.1%
Samsung Electronics Co. Ltd.
1.0%
L3Harris Technologies, Inc.
1.0%
US Foods Holding Corp.
0.9%
Bank of America Corp.
0.9%
Johnson & Johnson
0.9%
Alphabet, Inc. - Class A
0.9%
Top Sectors
(% of Net Assets)
Industrials
18.3%
Financials
15.0%
Information Technology
10.5%
Health Care
9.6%
Utilities
8.2%
Consumer Discretionary
6.8%
Materials
4.5%
Consumer Staples
4.0%
Real Estate
3.4%
Communication Services
2.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Long/Short Research Fund  PAGE 1  TSR-SAR-74925K581
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Boston Partners Long/Short Research Fund
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Investor Class | BPRRX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-ls-research-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$97
1.87%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$605,227,306
Number of Holdings
426
Portfolio Turnover
28%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Frontdoor, Inc.
1.5%
JPMorgan Chase & Co.
1.2%
AbbVie, Inc.
1.2%
Wells Fargo & Co.
1.1%
Samsung Electronics Co. Ltd.
1.0%
L3Harris Technologies, Inc.
1.0%
US Foods Holding Corp.
0.9%
Bank of America Corp.
0.9%
Johnson & Johnson
0.9%
Alphabet, Inc. - Class A
0.9%
Top Sectors
(% of Net Assets)
Industrials
18.3%
Financials
15.0%
Information Technology
10.5%
Health Care
9.6%
Utilities
8.2%
Consumer Discretionary
6.8%
Materials
4.5%
Consumer Staples
4.0%
Real Estate
3.4%
Communication Services
2.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-ls-research-fund/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Boston Partners Long/Short Research Fund  PAGE 1  TSR-SAR-74925K573
 
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Campbell Systematic Macro Fund
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Class A | EBSAX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$92
1.82%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,972,886,293
Number of Holdings
151
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings*
(% of Net Assets)
United States Treasury Bill
73.1%
BlackRock Liquidity Funds T-Fund
2.4%
NOK/USD FWD 20260318
1.3%
London Metals - Copper
0.8%
BRL/USD FWD 20260318
0.8%
USD/ZAR FWD 20260318
0.6%
Long Gilt
0.5%
GBP/USD FWD 20260318
0.3%
HUF/USD FWD 20260318
0.3%
Low Sulphur Gas Oil
0.2%
Component Risk Allocation  (includes derivatives)**
(% of Portfolio Risk)
Equities
38.0%
Commodities
29.0%
Currencies
28.0%
Fixed Income
5.0%
* BRL - Brazilian Real
GBP - British Pound
HUF - Hungarian Forint
NOK - Norwegian Krone
USD - United States Dollar
ZAR - South African Rand
** Component Risk is used to describe the contribution of each sector’s risk to the overall portfolio risk. In some cases, a sector may ‘hedge’ the portfolio, and thus reduce risk, in which case the Component Risk for that sector would be negative.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro.
Campbell Systematic Macro Fund  PAGE 1  TSR-SAR-74933W841
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Campbell Systematic Macro Fund  PAGE 2  TSR-SAR-74933W841
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Campbell Systematic Macro Fund
image
Class C | EBSCX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$130
2.58%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,972,886,293
Number of Holdings
151
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings*
(% of Net Assets)
United States Treasury Bill
73.1%
BlackRock Liquidity Funds T-Fund
2.4%
NOK/USD FWD 20260318
1.3%
London Metals - Copper
0.8%
BRL/USD FWD 20260318
0.8%
USD/ZAR FWD 20260318
0.6%
Long Gilt
0.5%
GBP/USD FWD 20260318
0.3%
HUF/USD FWD 20260318
0.3%
Low Sulphur Gas Oil
0.2%
Component Risk Allocation  (includes derivatives)**
(% of Portfolio Risk)
Equities
38.0%
Commodities
29.0%
Currencies
28.0%
Fixed Income
5.0%
* BRL - Brazilian Real
GBP - British Pound
HUF - Hungarian Forint
NOK - Norwegian Krone
USD - United States Dollar
ZAR - South African Rand
** Component Risk is used to describe the contribution of each sector’s risk to the overall portfolio risk. In some cases, a sector may ‘hedge’ the portfolio, and thus reduce risk, in which case the Component Risk for that sector would be negative.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro.
Campbell Systematic Macro Fund  PAGE 1  TSR-SAR-74933W817
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Campbell Systematic Macro Fund  PAGE 2  TSR-SAR-74933W817
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Campbell Systematic Macro Fund
image
Class I | EBSIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$80
1.58%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,972,886,293
Number of Holdings
151
Portfolio Turnover (excludes derivatives)
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings*
(% of Net Assets)
United States Treasury Bill
73.1%
BlackRock Liquidity Funds T-Fund
2.4%
NOK/USD FWD 20260318
1.3%
London Metals - Copper
0.8%
BRL/USD FWD 20260318
0.8%
USD/ZAR FWD 20260318
0.6%
Long Gilt
0.5%
GBP/USD FWD 20260318
0.3%
HUF/USD FWD 20260318
0.3%
Low Sulphur Gas Oil
0.2%
Component Risk Allocation  (includes derivatives)**
(% of Portfolio Risk)
Equities
38.0%
Commodities
29.0%
Currencies
28.0%
Fixed Income
5.0%
* BRL - Brazilian Real
GBP - British Pound
HUF - Hungarian Forint
NOK - Norwegian Krone
USD - United States Dollar
ZAR - South African Rand
** Component Risk is used to describe the contribution of each sector’s risk to the overall portfolio risk. In some cases, a sector may ‘hedge’ the portfolio, and thus reduce risk, in which case the Component Risk for that sector would be negative.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro.
Campbell Systematic Macro Fund  PAGE 1  TSR-SAR-74933W833
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Campbell Systematic Macro Fund  PAGE 2  TSR-SAR-74933W833
 
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F/m US Treasury 3 Month Bill Fund - ETF Class Shares
image
TBIL (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the  F/m US Treasury 3 Month Bill Fund - ETF Class Shares  (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/tbil. You can also request this information by contacting us at 1-800-617-0004.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 3 Month Bill Fund - ETF Class Shares
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$6,410,748,682
Number of Holdings
2
Portfolio Turnover
0%
30-Day SEC Yield
3.43%
30-Day SEC Yield Unsubsidized
3.43%
Visit https://www.fminvest.com/tbil for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Bill
100.0%
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
Fund Name Change:
The name of the Fund was changed from the  F/m US Treasury 3 Month Bill ETF to the  F/m US Treasury 3 Month Bill Fund - ETF Class Shares.
Other Material Fund Changes:
The name of the Fund was changed in connection with the launch of a mutual fund class of shares of the Fund (Institutional Class Shares) that operates as a traditional mutual fund. Additionally, there was a section added to both the prospectus and the SAI that explains the Multi-Class ETF Fund Structure and Related Risks (in the “Additional Information” section of the Prospectus and the “Special Procedures for Purchase of Creation Units - F/m UST 3M Bill Fund” section of the SAI).  The Fund’s ETF Class Shares are not a mutual fund product.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/tbil.
F/m US Treasury 3 Month Bill Fund  PAGE 1  TSR-SAR-74933W452
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 3 Month Bill Fund  PAGE 2  TSR-SAR-74933W452
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F/m US Treasury 6 Month Bill ETF
image
XBIL (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 6 Month Bill ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/xbil. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 6 Month Bill ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$739,158,441
Number of Holdings
2
Portfolio Turnover
0%
30-Day SEC Yield
3.42%
30-Day SEC Yield Unsubsidized
3.42%
Visit https://www.fminvest.com/xbil for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Bill
100.0%
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/xbil.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 6 Month Bill ETF  PAGE 1  TSR-SAR-74933W460
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F/m US Treasury 12 Month Bill ETF
image
OBIL (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 12 Month Bill ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/obil. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 12 Month Bill ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$304,475,923
Number of Holdings
2
Portfolio Turnover
0%
30-Day SEC Yield
3.31%
30-Day SEC Yield Unsubsidized
3.31%
Visit https://www.fminvest.com/obil for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Bill
100.0%
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/obil.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 12 Month Bill ETF  PAGE 1  TSR-SAR-74933W478
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F/m US Treasury 2 Year Note ETF
image
UTWO (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 2 Year Note ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/utwo. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 2 Year Note ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$415,711,843
Number of Holdings
1
Portfolio Turnover
603%
30-Day SEC Yield
3.23%
30-Day SEC Yield Unsubsidized
3.23%
Visit https://www.fminvest.com/utwo for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
100.0%
Top Sectors
(% of Net Assets)
Government
100.0%
Cash & Other
0.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/utwo.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 2 Year Note ETF  PAGE 1  TSR-SAR-74933W486
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F/m US Treasury 3 Year Note ETF
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UTRE (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 3 Year Note ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/utre. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 3 Year Note ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$10,510,291
Number of Holdings
1
Portfolio Turnover
507%
30-Day SEC Yield
3.38%
30-Day SEC Yield Unsubsidized
3.38%
Visit https://www.fminvest.com/utre for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.9%
Top Sectors
(% of Net Assets)
Government
99.9%
Cash & Other
0.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/utre.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 3 Year Note ETF  PAGE 1  TSR-SAR-74933W494
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F/m US Treasury 5 Year Note ETF
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UFIV (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 5 Year Note ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/ufiv. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 5 Year Note ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$33,806,139
Number of Holdings
1
Portfolio Turnover
492%
30-Day SEC Yield
3.41%
30-Day SEC Yield Unsubsidized
3.41%
Visit https://www.fminvest.com/ufiv for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.7%
Top Sectors
(% of Net Assets)
Government
99.7%
Cash & Other
0.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/ufiv.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 5 Year Note ETF  PAGE 1  TSR-SAR-74933W510
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F/m US Treasury 7 Year Note ETF
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USVN (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 7 Year Note ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/usvn. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 7 Year Note ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$9,851,646
Number of Holdings
1
Portfolio Turnover
499%
30-Day SEC Yield
3.60%
30-Day SEC Yield Unsubsidized
3.60%
Visit https://www.fminvest.com/usvn for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.7%
Top Sectors
(% of Net Assets)
Government
99.7%
Cash & Other
0.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/usvn.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 7 Year Note ETF  PAGE 1  TSR-SAR-74933W528
 
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F/m US Treasury 10 Year Note ETF
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UTEN (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 10 Year Note ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/uten. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 10 Year Note ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$286,433,576
Number of Holdings
1
Portfolio Turnover
217%
30-Day SEC Yield
3.96%
30-Day SEC Yield Unsubsidized
3.96%
Visit https://www.fminvest.com/uten for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.8%
Top Sectors
(% of Net Assets)
Government
99.8%
Cash & Other
0.2%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/uten.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 10 Year Note ETF  PAGE 1  TSR-SAR-74933W536
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F/m US Treasury 20 Year Bond ETF
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UTWY (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 20 Year Bond ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/utwy. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 20 Year Bond ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$8,947,892
Number of Holdings
1
Portfolio Turnover
192%
30-Day SEC Yield
4.54%
30-Day SEC Yield Unsubsidized
4.54%
Visit https://www.fminvest.com/utwy for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.8%
Top Sectors
(% of Net Assets)
Government
99.8%
Cash & Other
0.2%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/utwy.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 20 Year Bond ETF  PAGE 1  TSR-SAR-74933W544
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F/m US Treasury 30 Year Bond ETF
image
UTHY (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m US Treasury 30 Year Bond ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/uthy. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m US Treasury 30 Year Bond ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$30,276,112
Number of Holdings
1
Portfolio Turnover
217%
30-Day SEC Yield
4.58%
30-Day SEC Yield Unsubsidized
4.58%
Visit https://www.fminvest.com/uthy for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
99.8%
Top Sectors
(% of Net Assets)
Government
99.8%
Cash & Other
0.2%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/uthy.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 30 Year Bond ETF  PAGE 1  TSR-SAR-74933W551
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F/m 2-Year Investment Grade Corporate Bond ETF
image
ZTWO (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m 2-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/ztwo. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m 2-Year Investment Grade Corporate Bond ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$18,308,442
Number of Holdings
426
Portfolio Turnover
3%
30-Day SEC Yield
3.91%
30-Day SEC Yield Unsubsidized
3.91%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
WEC Energy Group, Inc.
0.2%
Packaging Corp. of America
0.2%
Cencora, Inc.
0.2%
Leggett & Platt, Inc.
0.2%
Flex Ltd.
0.2%
CNO Global Funding
0.2%
Arthur J Gallagher & Co.
0.2%
eBay, Inc.
0.2%
Steel Dynamics, Inc.
0.2%
Public Service Enterprise Group, Inc.
0.2%
Top Sectors
(% of Net Assets)
Financials
27.9%
Industrials
11.1%
Utilities
9.7%
Health Care
9.0%
Consumer Discretionary
8.5%
Energy
7.9%
Technology
7.9%
Consumer Staples
7.2%
Materials
5.8%
Cash & Other
5.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/ztwo.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m 2-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-SAR-74933W429
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F/m 3-Year Investment Grade Corporate Bond ETF
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ZTRE (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m 3-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/ztre. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m 3-Year Investment Grade Corporate Bond ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$41,026,885
Number of Holdings
443
Portfolio Turnover
2%
30-Day SEC Yield
4.09%
30-Day SEC Yield Unsubsidized
4.09%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Aircastle Ltd.
0.2%
Rogers Communications, Inc.
0.2%
Bristol-Myers Squibb Co.
0.2%
Cardinal Health, Inc.
0.2%
Citigroup, Inc.
0.2%
American Homes 4 Rent LP
0.2%
BAT International Finance PLC
0.2%
Florida Power & Light Co.
0.2%
ERAC USA Finance LLC
0.2%
PacifiCorp
0.2%
Top Sectors
(% of Net Assets)
Financials
36.4%
Industrials
9.8%
Technology
8.4%
Health Care
8.3%
Utilities
8.3%
Consumer Discretionary
7.4%
Consumer Staples
6.3%
Energy
6.0%
Materials
4.2%
Cash & Other
4.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/ztre.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m 3-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-SAR-74933W395
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F/m 10-Year Investment Grade Corporate Bond ETF
image
ZTEN (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m 10-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/zten. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m 10-Year Investment Grade Corporate Bond ETF
$8
0.15%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$28,949,123
Number of Holdings
224
Portfolio Turnover
57%
30-Day SEC Yield
4.90%
30-Day SEC Yield Unsubsidized
4.90%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
General Electric Co.
0.5%
Johnson Controls International PLC
0.5%
Southern California Edison Co.
0.5%
Elevance Health, Inc.
0.5%
Colonial Enterprises, Inc.
0.5%
Cigna Group
0.5%
Union Pacific Corp.
0.5%
Applied Materials, Inc.
0.5%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
0.5%
Merck & Co Inc.
0.5%
Top Sectors
(% of Net Assets)
Financials
23.3%
Utilities
12.8%
Health Care
11.1%
Energy
10.2%
Industrials
8.9%
Consumer Discretionary
8.0%
Technology
7.0%
Materials
6.6%
Consumer Staples
5.8%
Cash & Other
6.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/zten.
F/m 10-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-SAR-74933W411
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m 10-Year Investment Grade Corporate Bond ETF  PAGE 2  TSR-SAR-74933W411
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Oakhurst Fixed Income Fund
image
Institutional Class Shares | OHFIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Oakhurst Fixed Income Fund (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohfix/. You can also request this information by contacting us at 1-800-292-6775.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$30
0.60%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$94,343,320
Number of Holdings
131
Portfolio Turnover
46%
Visit https://www.fminvest.com/mutual-funds/ohfix/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Note/Bond
22.5%
Federal Home Loan Mortgage Corp.
16.0%
Federal National Mortgage Association
16.0%
Tennessee Valley Authority
1.2%
Westlake Automobile Receivables Trust
1.2%
Taco Bell Corp.
1.2%
QTS Issuer ABS I LLC
1.1%
Provident Funding Mortgage Trust
1.1%
DB Master Finance Parent LLC
1.1%
RCKT Mortgage Trust
1.1%
Top Sectors
(% of Net Assets)
Mortgage Securities
37.0%
Government
24.5%
Asset Backed Securities
8.5%
Financials
8.2%
Technology
5.4%
Utilities
3.8%
Energy
2.6%
Consumer Discretionary
2.0%
Health Care
1.9%
Cash & Other
6.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohfix/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Oakhurst Fixed Income Fund  PAGE 1  TSR-SAR-74933W320
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F/m Opportunistic Income ETF
image
ZHOG (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Opportunistic Income ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/etfs/zhog-fm-opportunistic-income-etf. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m Opportunistic Income ETF
$20
0.39%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$46,725,081
Number of Holdings
64
Portfolio Turnover
78%
30-Day SEC Yield
4.61%
30-Day SEC Yield Unsubsidized
4.61%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
16.9%
Celanese US Holdings LLC
4.5%
Dell, Inc.
4.4%
Transcanada Trust
4.4%
Viatris, Inc.
3.4%
Sempra
3.0%
Antares Holdings LP
3.0%
Occidental Petroleum Corp.
2.9%
Concentrix Corp.
2.9%
Leidos Inc.
2.9%
Top Sectors
(% of Net Assets)
Mortgage Securities
25.4%
Asset Backed Securities
10.0%
Financials
9.0%
US Municipal
8.4%
Energy
6.5%
Government
4.4%
Industrials
3.1%
Health Care
2.0%
Consumer Discretionary
1.7%
Cash & Other
34.7%
Changes to Fund’s Portfolio Manager or Portfolio Management Team:
The Portfolio Management Team was changed. Added to the team was Barry Julien, John Han and Kevin Conrath. Removed from the team was Marcin Zdunek and Justin Hennessy.
Other Material Fund Changes:
The Fund adopted the Bloomberg Short-Term US Aggregate Index as its benchmark for performance compensation purposes. The Fund will remain actively managed and will not seek to track or replicate the benchmark index.
F/m Opportunistic Income ETF  PAGE 1  TSR-SAR-74933W445
 
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/zhog-fm-opportunistic-income-etf.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m Opportunistic Income ETF  PAGE 2  TSR-SAR-74933W445
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F/m Investments Large Cap Focused Fund
image
Institutional Class Shares | IAFLX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/iafmx-iaflx. You can also request this information by contacting us at 1-800-292-6775.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional Class
$44
0.90%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$80,154,463
Number of Holdings
21
Portfolio Turnover
91%
Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Apple, Inc.
15.4%
NVIDIA Corp.
11.8%
Microsoft Corp.
6.9%
Meta Platforms, Inc.
5.7%
F/m US Treasury 6 Month Bill ETF
5.6%
Astera Labs, Inc.
5.5%
Advanced Micro Devices, Inc.
4.5%
Netflix, Inc.
4.3%
United Parcel Service, Inc.
4.2%
Broadcom, Inc.
4.2%
Top Sectors
(% of Net Assets)
Technology
52.6%
Communications
13.2%
Industrials
7.0%
Utilities
3.7%
Consumer Discretionary
3.7%
Consumer Staples
3.3%
Materials
2.7%
Financials
1.8%
Cash & Other
12.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-888-553-4233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m Investments Large Cap Focused Fund  PAGE 1  TSR-SAR-74933W288
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F/m Investments Large Cap Focused Fund
image
Investor Class | IAFMX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/iafmx-iaflx. You can also request this information by contacting us at  1-800-292-6775.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Investor Class
$53
1.07%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$80,154,463
Number of Holdings
21
Portfolio Turnover
91%
Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Apple, Inc.
15.4%
NVIDIA Corp.
11.8%
Microsoft Corp.
6.9%
Meta Platforms, Inc.
5.7%
F/m US Treasury 6 Month Bill ETF
5.6%
Astera Labs, Inc.
5.5%
Advanced Micro Devices, Inc.
4.5%
Netflix, Inc.
4.3%
United Parcel Service, Inc.
4.2%
Broadcom, Inc.
4.2%
Top Sectors
(% of Net Assets)
Technology
52.6%
Communications
13.2%
Industrials
7.0%
Utilities
3.7%
Consumer Discretionary
3.7%
Consumer Staples
3.3%
Materials
2.7%
Financials
1.8%
Cash & Other
12.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-888-553-4233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
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F/m Emerald Life Sciences Innovation ETF
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LFSC (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Emerald Life Sciences Innovation ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.emeraldetfs.com/lfsc/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m Emerald Life Sciences Innovation ETF
$31
0.54%
* Annualized
HOW DID THE FUND PERFORM DURING THE PERIOD?
The Fund’s  total return for the six months ended February 28, 2026 was 30.63% at NAV, outperforming the benchmark Russell 3000 Index Health Care total return of 17.11%.
WHAT FACTORS INFLUENCED PERFORMANCE?
The Federal Reserve’s return to policy accommodation, an improved backdrop for merger and acquisition activity, improved sentiment regarding the new Administration’s priorities and policy initiatives, and demonstrative clinical progress and commercialization success within the biotechnology industry collectively contributed to improving sentiment within the broader Russell 3000 Health Care sector.

The Fund  posted a total return at NAV of +30.63% for the six-months ended February 28, 2026, significantly outpacing the Russell 3000 Health Care Sector’s 17.11% gain. Both allocation effect and stock selection contributed to return, driven by holdings and positioning within the biotechnology and medical equipment industries. Within the biotechnology industry, the Fund benefitted from noteworthy clinical advancement and commercialization success in several key holdings. The biotechnology industry was the Fund’s largest exposure, representing approximately 57% of the Fund on average for the period. Within the medical device industry, the Fund benefitted from those companies that are driving growth through accelerating utilization and market share gains.
Top Contributors
↑
Cogent Biosciences, Inc. (COGT)
↑
Travere Therapeutics, Inc. (TVTX)
↑
Nektar Therapeutics (NKTR)
Top Detractors
↓
Corcept Therapeutics, Inc. (CORT)
↓
Soleno Therapeutics, Inc. (SLNO)
↓
Biohaven Ltd. (BHVN)
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
F/m Emerald Life Sciences Innovation ETF  PAGE 1  TSR-SAR-74933W221
 
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(10/30/2024)
F/m Emerald Life Sciences Innovation ETF NAV
48.32
32.63
Russell 3000 Total Return
17.02
14.84
Russell 3000 Index Heath Care Total Return
10.11
7.18
Visit https://www.emeraldetfs.com/lfsc/ for more recent performance information.
* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$96,742,816
Number of Holdings
39
Net Advisory Fee
$223,256
Portfolio Turnover
12%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Cogent Biosciences, Inc.
9.0%
LivaNova PLC
7.4%
TransMedics Group, Inc.
5.3%
Mirum Pharmaceuticals, Inc.
4.8%
Travere Therapeutics, Inc.
4.6%
Spyre Therapeutics, Inc.
4.4%
United Therapeutics Corp.
4.4%
Guardant Health, Inc.
4.3%
WaVe Life Sciences Ltd.
4.2%
Savara, Inc.
4.0%
Top Sectors
(% of Net Assets)
Health Care
98.8%
Cash & Other
1.2%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.emeraldetfs.com/lfsc/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m Emerald Life Sciences Innovation ETF  PAGE 2  TSR-SAR-74933W221
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F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
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RBIL (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (the “Fund”) for the period from September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/rbil. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
$9
0.18%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$40,286,870
Number of Holdings
5
Portfolio Turnover
51%
30-Day SEC Yield
4.21%
30-Day SEC Yield Unsubsidized
4.21%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Inflation Indexed Bonds
99.9%
Top Sectors
(% of Net Assets)
Government
99.9%
Cash & Other
0.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/rbil.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  PAGE 1  TSR-SAR-74933W213
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F/m Compoundr High Yield Bond ETF
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CPHY (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Compoundr High Yield Bond ETF for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/etfs/cphy-fm-compoundr-high-yield-etf. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m Compoundr High Yield Bond ETF
$15
0.29%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$3,606,205
Number of Holdings
1
Net Advisory Fee
$4,664
Portfolio Turnover
330%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Sector Breakdown (% of net assets)
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
Top 10 Holdings
(% of Net Assets)
Counterpoint High Yield Trend ETF
99.9%
CHANGES TO SHAREHOLDER FEES:
Prior to February 20, 2026, the Fund’s contractual advisory fee was 0.49%, and F/m Investments LLC (the “Adviser”) contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) was limited to 0.25% of the Fund’s average daily net assets. Effective February 20, 2026, the Fund’s advisory fee was permanently reduced to 0.25%, as per a supplemental filing with the U.S. Securities and Exchange Commission on February 20, 2026.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/cphy-fm-compoundr-high-yield-etf.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be  householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
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F/m Compoundr U.S. Aggregate Bond ETF
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CPAG (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Compoundr U.S. Aggregate Bond ETF for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/etfs/cpag-fm-compoundr-us-aggregate-bond-etf. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m Compoundr U.S. Aggregate Bond ETF
$13
0.25%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$126,820,632
Number of Holdings
2
Net Advisory Fee
$33,734
Portfolio Turnover
35%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Sector Breakdown (% of net assets)
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
Top 10 Holdings
(% of Net Assets)
Dimensional Core Fixed Income ETF
49.9%
Fidelity Total Bond ETF
49.9%
CHANGES TO SHAREHOLDER FEES:
Prior to February 20, 2026, the Fund’s contractual advisory fee was 0.39%, and F/m Investments LLC (the “Adviser”) contractually agreed to waive and/or reimburse certain fees and expenses so that the total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) was limited to 0.25% of the Fund’s average daily net assets. Effective February 20, 2026, the Fund’s advisory fee was permanently reduced to 0.25%, as per a supplemental filing with the U.S. Securities and Exchange Commission on February 20, 2026.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/cpag-fm-compoundr-us-aggregate-bond-etf.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be  householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
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F/m High Yield 100 ETF
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ZTOP (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m High Yield 100 ETF (the “Fund”)  for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/ztop. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
F/m High Yield 100 ETF
$20
0.39%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$17,754,950
Number of Holdings
102
Portfolio Turnover
9%
30-Day SEC Yield
5.83%
30-Day SEC Yield Unsubsidized
5.83%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Hilcorp Energy I LP / Hilcorp Finance Co.
1.0%
PG&E Corp.
1.0%
Sirius XM Radio LLC
1.0%
Asurion LLC and Asurion Co.-Issuer, Inc.
1.0%
MPT Operating Partnership LP / MPT Finance Corp.
1.0%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC
1.0%
Celanese US Holdings LLC
1.0%
Allied Universal Holdco LLC
1.0%
Wynn Macau Ltd.
1.0%
Herc Holdings Inc
1.0%
Top Sectors
(% of Net Assets)
Consumer Discretionary
21.8%
Financials
16.6%
Communications
16.5%
Energy
9.8%
Materials
9.0%
Health Care
7.9%
Industrials
6.8%
Utilities
4.9%
Technology
2.9%
Cash & Other
3.8%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/ztop.
F/m High Yield 100 ETF  PAGE 1  TSR-SAR-74933W197
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be  householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m High Yield 100 ETF  PAGE 2  TSR-SAR-74933W197
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F/m US Treasury 3 Month Bill Fund
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Institutional Class Shares | TBFMX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the  F/m US Treasury 3 Month Bill Fund’s Institutional Class Shares  for the period of February 11, 2026, to February 28, 2026. You can find additional information about the Fund at  https://www.fminvest.com/mutual-funds/tbfmx-fm-us-treasury-3-month-bill-fund. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE PERIOD FEBRUARY 11, 2026 to FEBRUARY 28, 2026? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment*
Costs paid as a percentage of a $10,000 investment**
Institutional Class
$1
0.15%
* Inception date of the Institutional Class Shares was February 11, 2026. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher. Inception date of the Fund and its ETF Class Shares (an exchange-traded share class) was August 8, 2022. The Fund’s Institutional Class Shares are a conventional mutual fund share class and operate as a mutual fund.
** Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$6,410,748,682
Number of Holdings
2
Portfolio Turnover
0%
30-Day SEC Yield
3.43%
30-Day SEC Yield Unsubsidized
3.43%
Visit  https://www.fminvest.com/mutual-funds/tbfmx-fm-us-treasury-3-month-bill-fund for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
United States Treasury Bill
100.0%
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/tbfmx-fm-us-treasury-3-month-bill-fund.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be  householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
F/m US Treasury 3 Month Bill Fund  PAGE 1  TSR-SAR-74938Y842
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F/m Ultrashort Tax-Free Municipal ETF
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ZMUN (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the F/m Ultrashort Tax-Free Municipal ETF (the “Fund”) for the period of September 29, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.fminvest.com/zmun. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?*  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
F/m Ultrashort Tax-Free Municipal ETF
$13
0.30%
* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$11,516,550
Number of Holdings
98
Portfolio Turnover
55%
30-Day SEC Yield
3.13%
30-Day SEC Yield Unsubsidized
3.13%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Los Angeles County Public Works Financing Authority
6.0%
State of Illinois
5.2%
North Carolina Municipal Power Agency No 1
5.1%
City of Houston TX Combined Utility System Revenue
4.6%
San Jose Evergreen Community College District
4.3%
Illinois Finance Authority
3.9%
Michigan Finance Authority
3.5%
New Jersey Educational Facilities Authority
3.2%
California Health Facilities Financing Authority
2.7%
Houston Independent School District
2.6%
Top Sectors
(% of Net Assets)
US Municipal
98.7%
Cash & Other
1.3%
Fund Name Change:
Before the Fund went live, the name was changed from the F/m Callable Tax-Free Municipal ETF to the F/m  Ultrashort Tax-Free Municipal ETF.
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Changes to Shareholder Fees:
Before the Fund went live, the fee was changed from 0.25% to 0.30%, and was approved by the Fund’s Board of Directors.
Other Material Fund Changes:
The Fund was launched on 9/29/25.
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/zmun.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be  householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
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Free Market U.S. Equity Fund
image
FMUEX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Free Market U.S. Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Free Market U.S. Equity Fund
$28
0.53%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$5,256,538,717
Number of Holdings
10
Portfolio Turnover
1%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
DFA U.S. Small Cap Value Portfolio - Class Institutional
25.3%
Dimensional U.S. Large Cap Value Portfolio III - Class Institutional
17.5%
DFA U.S. Small Cap Portfolio - Class Institutional
14.8%
DFA U.S. Micro Cap Portfolio - Class Institutional
14.8%
iShares Core S&P 500 ETF
9.3%
iShares MSCI USA Value Factor ETF
7.0%
U.S. Large Cap Value Series
5.7%
DFA U.S. Large Company Portfolio - Class Institutional
5.5%
Invesco Government & Agency Portfolio
0.1%
Top Sectors
(% of Net Assets)
US Large Cap Equity
45.0%
US Small Cap Equity
40.1%
US Micro Cap Equity
14.8%
Short Term and other Net Assets
0.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
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Free Market International Equity Fund
image
FMNEX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Free Market International Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Free Market International Equity Fund
$30
0.54%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$4,468,559,959
Number of Holdings
10
Portfolio Turnover
3%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
DFA International Small Cap Value Portfolio - Class Institutional
40.1%
DFA International Value Portfolio III - Class Institutional
17.3%
International Value Series
12.7%
Dimensional International Small Cap ETF - Class Institutional
9.9%
iShares Core MSCI Emerging Markets ETF
5.3%
DFA Emerging Markets Value Portfolio - Class Institutional
4.9%
iShares Core MSCI EAFE ETF
4.9%
DFA Emerging Markets Small Cap Portfolio - Class Institutional
4.8%
Invesco Government & Agency Portfolio
0.1%
Top Sectors
(% of Net Assets)
Developed Small
50.0%
Developed Large
34.9%
Emerging Large
10.2%
Emerging Small
4.8%
Short Term and other Net Assets
0.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Free Market International Equity Fund  PAGE 1  TSR-SAR-74925K821
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Free Market Fixed Income Fund
image
FMFIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Free Market Fixed Income Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Free Market Fixed Income Fund
$28
0.55%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$3,243,236,640
Number of Holdings
10
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
DFA Two-Year Global Fixed Income Portfolio - Class Institutional
25.0%
iShares 1-5 Year Investment Grade Corporate Bond ETF
24.0%
iShares Core International Aggregate Bond ETF
15.0%
DFA One-Year Fixed Income Portfolio - Class Institutional
14.4%
DFA Intermediate Government Fixed Income Portfolio - Class Institutional
6.0%
iShares 5-10 Year Investment Grade Corporate Bond ETF
6.0%
Dimensional Inflation-Protected Securities ETF
5.0%
DFA Short-Term Government Portfolio - Class Institutional
4.0%
Invesco Government & Agency Portfolio
0.6%
Top Sectors
(% of Net Assets)
Global
40.0%
US Corporate
30.0%
US Government
10.0%
Inflation Protected
5.0%
Short Term and other Net Assets
15.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
Free Market Fixed Income Fund  PAGE 1  TSR-SAR-74925K813
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Free Market Fixed Income Fund  PAGE 2  TSR-SAR-74925K813
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image
Matson Money U.S. Equity VI Portfolio
image
FMVUX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Matson Money U.S. Equity VI Portfolio (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Matson Money U.S. Equity VI Portfolio
$31
0.59%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$30,501,200
Number of Holdings
8
Portfolio Turnover
2%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Dimensional U.S. Large Cap Value Portfolio III - Class Institutional
26.3%
DFA U.S. Small Cap Portfolio - Class Institutional
15.1%
DFA U.S. Micro Cap Portfolio - Class Institutional
15.1%
DFA Investment VA U.S. Targeted Value Portfolio
15.0%
DFA U.S. Large Company Portfolio - Class Institutional
13.7%
DFA U.S. Small Cap Value Portfolio - Class Institutional
10.0%
DFA Investment VA U.S. Large Value Portfolio
4.1%
STIT-Government & Agency Portfolio
0.9%
Top Sectors
(% of Net Assets)
US Large Cap Equity
44.0%
US Small Cap Equity
40.0%
US Micro Cap Equity
15.1%
Short Term and other Net Assets
0.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Matson Money U.S. Equity VI Portfolio  PAGE 1  TSR-SAR-74925K441
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image
Matson Money International Equity VI Portfolio
image
FMVIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Matson Money International Equity VI Portfolio (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Matson Money International Equity VI Portfolio
$34
0.61%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$24,969,720
Number of Holdings
9
Portfolio Turnover
4%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
DFA International Value Portfolio III - Class Institutional
30.1%
DFA International Small Cap Value Portfolio - Class Institutional
28.2%
DFA Investment VA International Small Portfolio
17.0%
iShares Core MSCI Emerging Markets ETF
5.2%
DFA Investment VA International Value Portfolio
5.0%
DFA Emerging Markets Value Portfolio - Class Institutional
5.0%
DFA Emerging Markets Small Cap Portfolio - Class Institutional
4.8%
iShares Core MSCI EAFE ETF
4.0%
STIT-Government & Agency Portfolio
0.9%
Top Sectors
(% of Net Assets)
Developed Small
45.2%
Developed Large
39.0%
Emerging Large
10.2%
Emerging Small
4.8%
Short Term and other Net Assets
0.8%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
Matson Money International Equity VI Portfolio  PAGE 1  TSR-SAR-74925K433
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Matson Money International Equity VI Portfolio  PAGE 2  TSR-SAR-74925K433
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image
Matson Money Fixed Income VI Portfolio
image
FMVFX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Matson Money Fixed Income VI Portfolio (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funddocs.filepoint.com/matsonmoney. You can also request this information by contacting us at 1-513-204-8000.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Matson Money Fixed Income VI Portfolio
$33
0.66%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$25,739,842
Number of Holdings
12
Portfolio Turnover
6%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
iShares 1-5 Year Investment Grade Corporate Bond ETF
24.0%
iShares Core International Aggregate Bond ETF
15.1%
DFA Two-Year Global Fixed Income Portfolio - Class Institutional
15.0%
DFA One-Year Fixed Income Portfolio - Class Institutional
11.4%
DFA Investment Global Bond Portfolio
10.0%
DFA Intermediate Government Fixed Income Portfolio - Class Institutional
6.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF
6.0%
Dimensional Inflation-Protected Securities ETF
5.0%
DFA Short-Term Government Portfolio - Class Institutional
4.0%
Top Sectors
(% of Net Assets)
Global
40.0%
US Corporate
30.0%
US Government
10.0%
Inflation Protected
5.0%
Short Term and other Net Assets
15.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funddocs.filepoint.com/matsonmoney.
Matson Money Fixed Income VI Portfolio  PAGE 1  TSR-SAR-74925K425
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-513-204-8000, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Matson Money Fixed Income VI Portfolio  PAGE 2  TSR-SAR-74925K425
 
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Motley Fool Global Opportunities ETF
image
TMFG (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Global Opportunities ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool Global Opportunities ETF
$42
0.85%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$363,196,948
Number of Holdings
43
Portfolio Turnover
2%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Alphabet, Inc. - Class C
7.0%
International Container Terminal Services, Inc.
5.5%
Amazon.com, Inc.
5.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
4.0%
Waste Connections, Inc.
4.0%
Mastercard, Inc. - Class A
3.9%
Nintendo Co. Ltd.
3.9%
Costco Wholesale Corp.
3.7%
Watsco, Inc.
3.4%
Equinix, Inc.
3.1%
Top Sectors
(% of Net Assets)
Industrials
23.8%
Financials
17.2%
Communication Services
14.5%
Information Technology
11.0%
Consumer Discretionary
10.4%
Real Estate
6.9%
Health Care
6.3%
Consumer Staples
5.8%
Materials
1.8%
Cash & Other
2.3%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Global Opportunities ETF  PAGE 1  TSR-SAR-74933W635
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image
Motley Fool Mid-Cap Growth ETF
image
TMFM (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Mid-Cap Growth ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool Mid-Cap Growth ETF
$39
0.85%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$131,012,509
Number of Holdings
32
Portfolio Turnover
21%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
StoneX Group, Inc.
6.5%
QXO, Inc.
6.0%
GXO Logistics, Inc.
5.5%
DexCom, Inc.
4.9%
Broadridge Financial Solutions, Inc.
4.5%
Penumbra, Inc.
4.3%
SBA Communications Corp.
4.3%
HealthEquity, Inc.
4.1%
Brown & Brown, Inc.
4.1%
Toast, Inc.
3.8%
Top Sectors
(% of Net Assets)
Industrials
26.8%
Health Care
25.3%
Information Technology
17.7%
Financials
15.8%
Consumer Discretionary
6.9%
Real Estate
4.3%
Consumer Staples
2.2%
Cash & Other
1.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Mid-Cap Growth ETF  PAGE 1  TSR-SAR-74933W627
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image
Motley Fool 100 Index ETF
image
TMFC (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool 100 Index ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool 100 Index ETF
$25
0.50%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$1,881,696,731
Number of Holdings
102
Portfolio Turnover
23%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
NVIDIA Corp.
8.1%
Apple, Inc.
7.3%
Alphabet, Inc. - Class C
7.0%
Microsoft Corp.
5.4%
Amazon.com, Inc.
4.2%
Meta Platforms, Inc. - Class A
3.8%
Broadcom, Inc.
3.7%
Tesla, Inc.
3.2%
Visa, Inc. - Class A
3.0%
Walmart, Inc.
2.5%
Top Sectors
(% of Net Assets)
Information Technology
36.1%
Communication Services
15.6%
Financials
13.7%
Consumer Discretionary
12.4%
Health Care
7.0%
Industrials
5.5%
Consumer Staples
5.1%
Energy
2.2%
Real Estate
1.3%
Cash & Other
1.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool 100 Index ETF  PAGE 1  TSR-SAR-74933W601
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image
Motley Fool Small-Cap Growth ETF
image
TMFS (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Small-Cap Growth ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool Small-Cap Growth ETF
$42
0.85%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$69,263,842
Number of Holdings
38
Portfolio Turnover
22%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
StoneX Group, Inc.
7.4%
GXO Logistics, Inc.
5.2%
Hexcel Corp.
4.7%
IPG Photonics Corp.
4.1%
Herc Holdings, Inc.
4.1%
Penumbra, Inc.
4.1%
Alphatec Holdings, Inc.
3.9%
QXO, Inc.
3.8%
Frontdoor, Inc.
3.8%
Toast, Inc.
3.6%
Top Sectors
(% of Net Assets)
Industrials
25.8%
Information Technology
19.8%
Health Care
19.2%
Financials
18.0%
Consumer Discretionary
5.7%
Real Estate
5.2%
Materials
2.9%
Energy
0.3%
Consumer Staples
0.2%
Cash & Other
2.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Small-Cap Growth ETF  PAGE 1  TSR-SAR-74933W874
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image
Motley Fool Capital Efficiency 100 Index ETF
image
TMFE (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Capital Efficiency 100 Index ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool Capital Efficiency 100 Index ETF
$25
0.50%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$90,078,470
Number of Holdings
100
Portfolio Turnover
20%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Costco Wholesale Corp.
5.8%
Walmart, Inc.
5.5%
Netflix, Inc.
5.0%
Alphabet, Inc. - Class C
4.9%
Meta Platforms, Inc. - Class A
4.9%
NVIDIA Corp.
4.8%
Apple, Inc.
4.8%
Amazon.com, Inc.
4.5%
Visa, Inc. - Class A
4.5%
Mastercard, Inc. - Class A
4.4%
Top Sectors
(% of Net Assets)
Information Technology
29.9%
Communication Services
15.5%
Consumer Staples
13.5%
Consumer Discretionary
13.2%
Health Care
11.0%
Financials
9.1%
Industrials
5.4%
Materials
2.3%
Cash & Other
0.1%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Capital Efficiency 100 Index ETF  PAGE 1  TSR-SAR-74933W643
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image
Motley Fool Next Index ETF
image
TMFX (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Next Index ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Motley Fool Next Index ETF
$25
0.50%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$32,246,076
Number of Holdings
195
Portfolio Turnover
14%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
Comfort Systems USA, Inc.
2.3%
Ubiquiti, Inc.
2.2%
Westinghouse Air Brake Technologies Corp.
2.1%
Sysco Corp.
2.1%
Coherent Corp.
1.9%
HEICO Corp.
1.8%
EQT Corp.
1.8%
Live Nation Entertainment, Inc.
1.8%
EMCOR Group, Inc.
1.5%
Interactive Brokers Group, Inc. - Class A
1.5%
Top Sectors
(% of Net Assets)
Industrials
21.6%
Information Technology
21.1%
Consumer Discretionary
14.0%
Health Care
13.9%
Financials
11.8%
Consumer Staples
6.9%
Communication Services
5.7%
Energy
1.8%
Real Estate
1.6%
Cash & Other
1.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Next Index ETF  PAGE 1  TSR-SAR-74933W650
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image
Motley Fool Momentum Factor ETF
image
MFMO (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Momentum Factor ETF (the “Fund”) for the period of  December 8, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?*  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
Motley Fool Momentum Factor ETF
$25
0.50%
* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$4,790,423
Number of Holdings
109
Portfolio Turnover
13%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Lam Research Corp.
6.4%
Walmart, Inc.
5.5%
Alphabet, Inc.
4.9%
Apple, Inc.
4.7%
NVIDIA Corp.
4.6%
JPMorgan Chase & Co.
4.5%
Broadcom, Inc.
4.5%
Advanced Micro Devices, Inc.
4.5%
Goldman Sachs Group, Inc.
4.0%
Tesla, Inc.
3.9%
Top Sectors
(% of Net Assets)
Information Technology
42.5%
Health Care
14.8%
Financials
10.1%
Industrials
9.9%
Consumer Discretionary
7.8%
Communication Services
6.9%
Consumer Staples
6.6%
Materials
0.5%
Energy
0.3%
Cash & Other
0.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact  your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Momentum Factor ETF  PAGE 1  TSR-SAR-74938Y867
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image
Motley Fool Value Factor ETF
image
MFVL (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Value Factor ETF (the “Fund”) for the period of  December 8, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?*  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
Motley Fool Value Factor ETF
$25
0.50%
* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$6,530,085
Number of Holdings
100
Portfolio Turnover
10%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
FedEx Corp.
6.0%
Chevron Corp.
5.8%
Amgen, Inc.
5.5%
Walmart, Inc.
5.4%
HCA Healthcare, Inc.
5.2%
T-Mobile US, Inc.
5.2%
Walt Disney Co.
4.4%
Union Pacific Corp.
4.4%
NIKE, Inc.
4.2%
Adobe Systems, Inc.
3.4%
Top Sectors
(% of Net Assets)
Consumer Discretionary
16.2%
Health Care
16.1%
Industrials
14.2%
Communication Services
11.3%
Energy
10.9%
Consumer Staples
10.6%
Financials
9.8%
Information Technology
9.2%
Real Estate
1.1%
Cash & Other
0.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact  your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Value Factor ETF  PAGE 1  TSR-SAR-74938Y875
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image
Motley Fool Innovative Growth Factor ETF
image
MFIG (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the Motley Fool Innovative Growth Factor ETF (the “Fund”) for the period of  December 8, 2025, to February 28, 2026. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?*  (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment**
Motley Fool Innovative Growth Factor ETF
$25
0.50%
* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.
** Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$6,038,054
Number of Holdings
100
Portfolio Turnover
19%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Holdings
(% of Net Assets)
Chevron Corp.
6.2%
Alphabet, Inc.
5.2%
Meta Platforms, Inc.
5.0%
Berkshire Hathaway, Inc.
5.0%
NVIDIA Corp.
5.0%
Apple, Inc.
4.8%
Amazon.com, Inc.
4.7%
Lam Research Corp.
4.4%
TJX Cos., Inc.
3.6%
AppLovin Corp.
3.6%
Top Sectors
(% of Net Assets)
Information Technology
32.9%
Consumer Discretionary
18.3%
Health Care
15.9%
Communication Services
14.6%
Energy
6.3%
Financials
5.6%
Industrials
4.0%
Consumer Staples
1.7%
Real Estate
0.2%
Cash & Other
0.5%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact  your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Motley Fool Innovative Growth Factor ETF  PAGE 1  TSR-SAR-74938Y800
 
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SGI US Large Cap Core ETF
image
SGLC (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI US Large Cap Core ETF (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI US Large Cap Core ETF
$44
0.85%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$155,879,377
Number of Holdings
128
Portfolio Turnover
46%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
NVIDIA Corp.
7.9%
Apple, Inc.
6.9%
Alphabet, Inc.
5.9%
Microsoft Corp.
5.8%
Amazon.com, Inc.
4.0%
Meta Platforms, Inc.
3.1%
Regeneron Pharmaceuticals, Inc.
2.6%
Mount Vernon Liquid Assets Portfolio, LLC
2.4%
Micron Technology, Inc.
2.4%
Berkshire Hathaway, Inc.
2.3%
Top Sectors
(% of Net Assets)
Technology
30.6%
Communications
17.7%
Financial
17.0%
Consumer, Non-cyclical
14.2%
Industrial
6.1%
Consumer, Cyclical
5.6%
Basic Materials
4.2%
Utilities
2.6%
Energy
1.5%
Cash & Other
0.5%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI US Large Cap Core ETF  PAGE 1  TSR-SAR-74933W593
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SGI Dynamic Tactical ETF
image
DYTA (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Dynamic Tactical ETF (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI Dynamic Tactical ETF
$48
0.95%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$81,166,921
Number of Holdings
9
Portfolio Turnover
77%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
SGI U.S. Large Cap Core ETF
30.5%
Mount Vernon Liquid Assets Portfolio, LLC
24.6%
iShares U.S. Real Estate ETF
14.2%
iShares Core S&P Mid-Cap ETF
14.0%
iShares MSCI USA Momentum Factor ETF
13.4%
Vanguard Information Technology ETF
13.1%
Vanguard Total International Stock ETF
5.2%
Schwab International Equity ETF
4.8%
iShares MSCI ACWI ex U.S. ETF
4.7%
Top Sectors
(% of Net Assets)
Technology
33.0%
Real Estate
15.0%
Financials
11.0%
Industrials
9.0%
Consumer Cyclical
6.0%
Health Care
6.0%
Communications
5.0%
Consumer Defensive
3.0%
Basic Materials
3.0%
Energy
2.2%
Utilities
1.8%
Cash & Other
5.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
SGI Dynamic Tactical ETF  PAGE 1  TSR-SAR-74933W577
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Dynamic Tactical ETF  PAGE 2  TSR-SAR-74933W577
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SGI U.S. Large Cap Equity Fund
image
Class I | SILVX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$51
0.98%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$202,851,567
Number of Holdings
93
Portfolio Turnover
53%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Newmont Corp.
4.0%
Colgate-Palmolive Co.
3.7%
Micron Technology, Inc.
3.6%
Progressive Corp.
3.4%
Regeneron Pharmaceuticals, Inc.
3.2%
PepsiCo, Inc.
3.2%
Costco Wholesale Corp.
3.2%
Monster Beverage Corp.
3.2%
Mastercard, Inc.
2.9%
Meta Platforms, Inc.
2.9%
Top Sectors
(% of Net Assets)
Consumer, Non-cyclical
33.4%
Financial
18.3%
Utilities
13.1%
Technology
9.4%
Communications
7.7%
Basic Materials
6.4%
Consumer, Cyclical
5.8%
Industrial
4.5%
Energy
0.8%
Cash & Other
0.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-SAR-74925K524
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SGI U.S. Large Cap Equity Fund
image
Class A | LVOLX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class A
$64
1.23%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$202,851,567
Number of Holdings
93
Portfolio Turnover
53%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Newmont Corp.
4.0%
Colgate-Palmolive Co.
3.7%
Micron Technology, Inc.
3.6%
Progressive Corp.
3.4%
Regeneron Pharmaceuticals, Inc.
3.2%
PepsiCo, Inc.
3.2%
Costco Wholesale Corp.
3.2%
Monster Beverage Corp.
3.2%
Mastercard, Inc.
2.9%
Meta Platforms, Inc.
2.9%
Top Sectors
(% of Net Assets)
Consumer, Non-cyclical
33.4%
Financial
18.3%
Utilities
13.1%
Technology
9.4%
Communications
7.7%
Basic Materials
6.4%
Consumer, Cyclical
5.8%
Industrial
4.5%
Energy
0.8%
Cash & Other
0.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-SAR-74925K516
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SGI U.S. Large Cap Equity Fund
image
Class C | SGICX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class C
$103
1.98%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$202,851,567
Number of Holdings
93
Portfolio Turnover
53%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Newmont Corp.
4.0%
Colgate-Palmolive Co.
3.7%
Micron Technology, Inc.
3.6%
Progressive Corp.
3.4%
Regeneron Pharmaceuticals, Inc.
3.2%
PepsiCo, Inc.
3.2%
Costco Wholesale Corp.
3.2%
Monster Beverage Corp.
3.2%
Mastercard, Inc.
2.9%
Meta Platforms, Inc.
2.9%
Top Sectors
(% of Net Assets)
Consumer, Non-cyclical
33.4%
Financial
18.3%
Utilities
13.1%
Technology
9.4%
Communications
7.7%
Basic Materials
6.4%
Consumer, Cyclical
5.8%
Industrial
4.5%
Energy
0.8%
Cash & Other
0.6%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-SAR-74925K284
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SGI Global Equity Fund
image
Class I | SGLIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Global Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional
$45
0.84%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$81,762,479
Number of Holdings
106
Portfolio Turnover
59%
30-Day SEC Yield
1.19%
30-Day SEC Yield Unsubsidized
1.03%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Mount Vernon Liquid Assets Portfolio, LLC
12.8%
Micron Technology, Inc.
3.7%
Cencora, Inc.
3.0%
Monster Beverage Corp.
2.8%
PepsiCo, Inc.
2.6%
Colgate-Palmolive Co.
2.6%
United Microelectronics Corp.
2.4%
Taiwan Semiconductor Manufacturing Co. Ltd.
2.2%
Shell PLC
2.2%
Coca-Cola Co.
2.1%
Top Sectors
(% of Net Assets)
Consumer, Non-cyclical
28.2%
Technology
14.0%
Financial
13.5%
Communications
11.9%
Utilities
9.1%
Basic Materials
5.4%
Consumer, Cyclical
5.2%
Industrial
5.1%
Energy
2.8%
Cash & Other
4.8%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Global Equity Fund  PAGE 1  TSR-SAR-74925K417
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SGI Small Cap Core Fund
image
Class I |  BOGIX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Small Cap Core Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Institutional
$64
1.23%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$121,937,221
Number of Holdings
201
Portfolio Turnover
71%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Mount Vernon Liquid Assets Portfolio, LLC
6.8%
Everus Construction Group, Inc.
1.5%
Rogers Corp.
1.3%
Teekay Tankers Ltd.
1.3%
Kulicke & Soffa Industries, Inc.
1.2%
Andersons, Inc.
1.2%
Tri Pointe Homes, Inc.
1.2%
Benchmark Electronics, Inc.
1.1%
Griffon Corp.
1.1%
Mueller Water Products, Inc.
1.1%
Top Sectors
(% of Net Assets)
Financial
21.9%
Industrial
20.0%
Consumer, Non-cyclical
17.5%
Consumer, Cyclical
11.2%
Technology
7.6%
Basic Materials
6.8%
Communications
6.5%
Energy
3.5%
Utilities
3.1%
Cash & Other
1.9%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Small Cap Core Fund  PAGE 1  TSR-SAR-749255188
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SGI Peak Fund
image
Class I | SGPKX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Peak Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$53
1.02%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$62,878,307
Number of Holdings
11
Portfolio Turnover
35%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
SGI U.S. Large Cap Core ETF
24.5%
SGI Enhanced Nasdaq-100 ETF
23.8%
SGI Small Cap Core Fund
12.1%
SGI Dynamic Tactical ETF
9.9%
SGI Enhanced Market Leaders ETF
5.9%
SGI Enhanced Global Income ETF
5.0%
SPDR Portfolio Developed World ex-US ETF
4.0%
Vanguard FTSE Developed Markets ETF
4.0%
Vanguard FTSE Emerging Markets ETF
4.0%
SPDR Portfolio Emerging Markets ETF
4.0%
Top Sectors
(% of Net Assets)
Technology
30.1%
Financials
12.4%
Consumer Cyclical
9.8%
Communications
9.1%
Industrials
8.3%
Health Care
7.3%
Consumer Defensive
5.5%
Basic Materials
3.5%
Real Estate
3.4%
Energy
3.0%
Utilities
2.1%
Alternative Income
2.0%
Cash & Other
3.5%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Peak Fund  PAGE 1  TSR-SAR-74933W783
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SGI Prudent Fund
image
Class I | SGPGX
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Prudent Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-855-744-8500.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Class Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Class I
$57
1.11%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$48,276,825
Number of Holdings
12
Portfolio Turnover
5%
30-Day SEC Yield
0.24%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
SGI U.S. Large Cap Equity Fund
28.2%
SGI Enhanced Core ETF
14.5%
iShares Core U.S. Aggregate Bond ETF
11.3%
SGI Global Equity Fund
10.9%
SGI Enhanced Global Income ETF
10.6%
SGI Small Cap Core Fund
7.5%
SGI Dynamic Tactical ETF
4.9%
SGI U.S. Large Cap Core ETF
3.8%
State Street Blackstone Senior Loan ETF
1.8%
iShares 7-10 Year Treasury Bond ETF
1.5%
Top Sectors
(% of Net Assets)
Fixed Income
17.6%
Alternative Income
14.5%
Technology
12.6%
Financials
11.8%
Health Care
9.5%
Consumer Defensive
6.2%
Utilities
5.9%
Industrials
4.3%
Communications
3.8%
Consumer Cyclical
3.5%
Basic Materials
2.7%
Energy
2.6%
Real Estate
2.3%
Cash & Other
2.7%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
SGI Prudent Fund  PAGE 1  TSR-SAR-74933W775
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at  1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Prudent Fund  PAGE 2  TSR-SAR-74933W775
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SGI Enhanced Core ETF
image
USDX (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Enhanced Core ETF (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI Enhanced Core ETF
$49
0.98%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$322,616,084
Number of Holdings
10
Portfolio Turnover
0%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Vanguard Treasury Money Market Fund
42.9%
Vanguard Federal Money Market Fund
42.6%
North Capital Treasury Money Market Fund
7.8%
PIMCO Government Money Market Fund
2.7%
Fidelity Government Cash Reserves
2.3%
First American Government Obligations Fund
0.4%
T Rowe Price US Treasury Money Fund, Inc.
0.0%
S&P 500 Index (Short)
0.0%
Top Sectors
(% of Net Assets)
Cash & Other
100.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Enhanced Core ETF  PAGE 1  TSR-SAR-74933W254
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image
SGI Enhanced Global Income ETF
image
GINX (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Enhanced Global Income ETF (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI Enhanced Global Income ETF
$54
0.99%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$93,403,019
Number of Holdings
135
Portfolio Turnover
43%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
Taiwan Semiconductor Manufacturing Co. Ltd.
3.7%
WisdomTree Emerging Markets High Dividend Fund
3.1%
iShares Emerging Markets Dividend ETF
3.0%
State Street SPDR S&P Emerging Markets Dividend ETF
2.9%
Colgate-Palmolive Co.
2.6%
JPMorgan Chase & Co.
2.2%
Banco Bilbao Vizcaya Argentaria SA
2.1%
Magna International, Inc.
2.0%
Merck & Co., Inc.
2.0%
PepsiCo, Inc.
1.9%
Top Sectors
(% of Net Assets)
Financial
31.2%
Consumer, Non-cyclical
17.8%
Technology
7.7%
Energy
7.2%
Utilities
6.4%
Industrial
6.2%
Consumer, Cyclical
5.6%
Basic Materials
4.8%
Communications
3.3%
Cash & Other
9.8%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
SGI Enhanced Global Income ETF  PAGE 1  TSR-SAR-74933W262
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Enhanced Global Income ETF  PAGE 2  TSR-SAR-74933W262
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image
SGI Enhanced Nasdaq-100 ETF
image
QXQ (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Enhanced Nasdaq-100 ETF (the “Fund”) for the period of  September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI Enhanced Nasdaq-100 ETF
$51
0.98%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$70,024,630
Number of Holdings
13
Portfolio Turnover
0%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
United States Treasury Bill
28.5%
First American Government Obligations Fund
6.1%
Micro E-Mini Nasdaq 100 Future Mar 2026
0.0%
S&P 500 Index (Short)
0.0%
Nasdaq 100 Index
-1.0%
Top Sectors
(% of Net Assets)
Technology
51.0%
Communications
15.3%
Consumer Cyclical
12.5%
Consumer Defensive
8.5%
Health Care
5.0%
Industrials
3.5%
Utilities
1.5%
Basic Materials
1.3%
Energy
0.5%
Financials
0.2%
Cash & Other
0.7%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Enhanced Nasdaq-100 ETF  PAGE 1  TSR-SAR-74933W239
true
 
image
SGI Enhanced Market Leaders ETF
image
LDRX (Principal U.S. Listing Exchange: NASDAQ)
Semi-Annual Shareholder Report | February 28, 2026
This semi-annual shareholder report contains important information about the SGI Enhanced Market Leaders ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at  1-800-617-0004  .
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
SGI Enhanced Market Leaders ETF
$28
0.54%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$210,834,269
Number of Holdings
108
Portfolio Turnover
42%
30-Day SEC Yield
2.89%
30-Day SEC Yield Unsubsidized
2.89%
Visit https://sgiam.com/literature/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top 10 Issuers
(% of Net Assets)
NVIDIA Corp.
10.5%
Apple, Inc.
9.4%
Alphabet, Inc.
7.9%
Microsoft Corp.
7.0%
Amazon.com, Inc.
4.9%
Broadcom, Inc.
3.6%
Meta Platforms, Inc.
3.4%
Tesla, Inc.
2.7%
Berkshire Hathaway, Inc.
2.3%
Eli Lilly & Co.
2.0%
Top Sectors
(% of Net Assets)
Information Technology
36.8%
Communication Services
14.3%
Financials
11.9%
Consumer Discretionary
10.4%
Health Care
9.9%
Consumer Staples
5.5%
Industrials
5.5%
Energy
2.7%
Utilities
1.0%
Cash & Other
2.0%
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
SGI Enhanced Market Leaders ETF  PAGE 1  TSR-SAR-74933W189
 
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
SGI Enhanced Market Leaders ETF  PAGE 2  TSR-SAR-74933W189
 
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 2025-12-26199930_AbbeyCapitalFuturesStrategyFund_ClassI_TSRSemiAnnual

 

 

 

 

 

Abbey Capital Futures Strategy Fund

of

 

THE RBB FUND, INC.

 

 

Semi-Annual Financial Statements

 

 

 

 

February 28, 2026
(Unaudited)

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY BILLS — 75.8%

                

3.92%, 03/05/2026 (a)

  $ 12,015,000     $ 12,011,390  

3.75%, 03/12/2026 (a)

    22,474,000       22,451,406  

3.74%, 03/19/2026 (a)

    66,585,000       66,471,491  

3.78%, 03/26/2026 (a)

    105,744,000       105,487,630  

3.75%, 04/02/2026 (a)

    118,829,000       118,459,095  

3.76%, 04/09/2026 (a)

    148,497,000       147,929,969  

3.77%, 04/16/2026 (a)

    249,648,000       248,519,279  

3.71%, 04/23/2026 (a)

    40,124,000       39,915,065  

3.76%, 04/30/2026 (a)

    83,003,000       82,510,086  

3.74%, 05/07/2026 (a)

    5,615,000       5,578,044  

3.76%, 05/14/2026 (a)

    76,845,000       76,286,369  

3.76%, 05/21/2026 (a)

    31,416,000       31,166,068  

3.70%, 05/28/2026 (a)

    41,973,000       41,609,737  

3.64%, 06/04/2026 (a)

    88,680,000       87,853,741  

3.56%, 06/11/2026 (a)

    25,887,000       25,628,809  

3.54%, 07/02/2026 (a)

    85,215,000       84,186,929  

3.54%, 07/09/2026 (a)

    86,759,000       85,653,799  

3.56%, 07/16/2026 (a)

    75,377,000       74,370,631  

3.58%, 07/23/2026 (a)

    45,490,000       44,853,045  

3.59%, 07/30/2026 (a)

    26,285,000       25,899,487  

3.55%, 08/06/2026 (a)

    58,758,000       57,858,562  

3.55%, 08/13/2026 (a)

    36,162,000       35,583,708  

3.57%, 08/20/2026 (a)

    172,343,000       169,472,681  

3.58%, 08/27/2026 (a)

    147,387,000       144,829,099  

TOTAL U.S. TREASURY BILLS (Cost $1,834,365,789)

            1,834,586,120  
                 

TOTAL INVESTMENTS — 75.8% (Cost $1,834,365,789)

            1,834,586,120  

Other Assets in Excess of Liabilities — 24.2%

            586,117,084  

TOTAL NET ASSETS — 100.0%

          $ 2,420,703,204  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

Futures contracts outstanding as of February 28, 2026 were as follows:

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

10 Year U.S. Ultra Treasury Notes

    223       06/18/2026     $ 26,031,766     $ 174,234  

3 Month Canadian Overnight Repo Rate Average

    624       09/15/2026       111,849,272       54,727  

3 Month Canadian Overnight Repo Rate Average

    1,096       12/15/2026       196,483,340       320,228  

3 Month Canadian Overnight Repo Rate Average

    77       03/16/2027       13,799,797       18,364  

3 Month Canadian Overnight Repo Rate Average

    89       06/15/2027       15,942,258       30,168  

3 Month Canadian Overnight Repo Rate Average

    77       09/14/2027       13,784,979       16,779  

3 Month Canadian Overnight Repo Rate Average

    32       12/14/2027       5,725,303       816  

3 Month Euribor

    23       09/14/2026       6,658,656       (5,568 )

3 Month Euribor

    2,309       12/14/2026       668,607,617       431,727  

3 Month Euribor

    278       03/15/2027       80,486,996       24,651  

3 Month Euribor

    1,255       06/14/2027       363,238,352       184,581  

3 Month Euribor

    83       09/13/2027       24,014,353       14,401  

3 Month Euribor

    340       12/13/2027       98,331,876       143,786  

3 Month Euribor

    184       03/13/2028       53,190,438       49,923  

3 Month Euribor

    342       06/19/2028       98,814,323       85,710  

3 Month Euribor

    36       09/18/2028       10,396,191       8,197  

3 Month Euribor

    468       12/18/2028       135,081,353       126,284  

3 Month Euribor

    20       03/19/2029       5,770,049       4,638  

3 Month Euribor

    43       06/18/2029       12,400,524       10,073  

3 Month New Zealand Treasury Bill

    57       06/10/2026       33,978,711       3,155  

3 Month New Zealand Treasury Bill

    47       09/16/2026       28,010,670       5,882  

3 Month Swiss Average Overnight Rate

    51       12/15/2026       16,604,767       19,103  

3-Month Secured Overnight Financing Rate

    841       12/15/2026       203,469,438       (31,538 )

3-Month Secured Overnight Financing Rate

    67       03/16/2027       16,238,287       10,387  

3-Month Secured Overnight Financing Rate

    96       06/15/2027       23,286,000       19,437  

3-Month Secured Overnight Financing Rate

    280       09/14/2027       67,942,000       79,150  

3-Month Secured Overnight Financing Rate

    443       12/14/2027       107,493,950       174,750  

3-Month Secured Overnight Financing Rate

    125       03/14/2028       30,325,000       43,550  

3-Month Secured Overnight Financing Rate

    122       06/20/2028       29,585,000       43,088  

3-Month Secured Overnight Financing Rate

    138       09/19/2028       33,449,475       53,800  

3-Month Secured Overnight Financing Rate

    1,205       12/19/2028       291,941,375       638,638  

3-Month Secured Overnight Financing Rate

    77       03/20/2029       18,645,550       25,475  

3-Month Secured Overnight Financing Rate

    58       06/18/2029       14,037,450       19,813  

3-Month Secured Overnight Financing Rate

    24       09/18/2029       5,805,600       9,812  

3-Month Secured Overnight Financing Rate

    24       12/18/2029       5,802,600       8,937  

3-Month Secured Overnight Financing Rate

    29       03/19/2030       7,008,213       11,763  

Arabica Coffee

    18       05/18/2026       1,895,062       (100,256 )

ASX SPI 200 Index

    434       03/19/2026       70,805,016       1,879,567  

AUD/USD Cross Currency Rate

    1,083       03/16/2026       77,044,620       3,055,102  

Australian Government 10 Year Bonds

    151       03/16/2026       11,881,965       3,828  

Australian Government 3 Year Bonds

    45       03/16/2026       3,361,472       920  

Australian 90 Day Bank Bills

    9       09/10/2026       6,337,477       (4,642 )

BIST 30 Index

    444       04/30/2026       1,614,647       (18,906 )

Brazilian Real/US Dollar Cross Currency Rate

    4       03/31/2026       77,280       –  

Brent Crude Oil

    8       03/31/2026       582,960       15,490  

Brent Crude Oil

    411       03/31/2026       29,949,570       1,351,985  

Brent Crude Oil

    57       04/30/2026       4,120,530       278,440  

Brent Crude Oil

    43       05/29/2026       3,079,230       111,300  

Brent Crude Oil

    20       10/30/2026       1,372,800       54,970  

 

The accompanying notes are an integral part of the financial statements.
2

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

British Pound/US Dollar Cross Currency Rate

    562       03/16/2026     $ 47,348,500     $ (492,438 )

CAC40 10 Euro Index

    714       03/20/2026       72,500,136       943,245  

Canadian 10 Year Government Bonds

    2,948       06/19/2026       265,483,171       935,903  

Canadian 5 Year Bonds

    762       06/19/2026       64,421,275       145,808  

Canadian Canola Oil

    168       05/14/2026       1,693,979       8,168  

Canadian Canola Oil

    30       07/14/2026       307,247       396  

Canadian Dollar/US Dollar Cross Currency Rate

    286       03/17/2026       20,993,830       (25,468 )

Class III Milk

    4       04/28/2026       138,160       3,260  

Consumer Discretionary Select Sector Index

    1       03/20/2026       236,440       (13,320 )

Copper

    151       05/27/2026       22,874,613       577,972  

Copper

    6       07/29/2026       917,700       23,613  

Corn No. 2 Yellow

    573       05/14/2026       12,849,525       99,757  

Cotton No.2

    299       05/06/2026       9,808,695       273,505  

Crude Oil

    871       03/20/2026       58,374,420       2,549,250  

Crude Oil

    186       04/21/2026       12,441,540       154,990  

Crude Oil

    33       05/19/2026       2,196,480       101,370  

Crude Oil

    17       06/22/2026       1,125,060       67,730  

Crude Oil

    3       07/21/2026       197,100       1,830  

Crude Oil

    16       11/20/2026       1,019,680       32,830  

Crude Palm Oil

    1       07/15/2026       25,977       (96 )

Crude Soybean Oil

    1,281       05/14/2026       47,537,910       3,394,367  

Crude Soybean Oil

    127       07/14/2026       4,716,018       418,398  

Crude Soybean Oil

    38       12/14/2026       1,361,844       89,652  

DAX Index

    4       03/20/2026       599,000       16,247  

Dollar Index

    3       03/16/2026       292,695       1,140  

Dow Jones Industrial Average Index

    195       03/20/2026       47,775,000       (177,951 )

Dow Jones U.S. Micro-Cap Total Stock Index

    2       03/20/2026       49,000       26  

E-mini Consumer Staples Select Sector

    1       03/20/2026       90,880       3,510  

E-mini Energy Select Sector

    4       03/20/2026       468,800       67,490  

E-mini Materials Sector

    3       03/20/2026       340,080       22,930  

Emini S&P 500 ESG Index

    11       03/20/2026       3,359,070       11,090  

Euro BUXL 30 Year Bonds

    10       03/06/2026       1,345,370       7,635  

Euro Half Dollars

    2       03/16/2026       147,850       (444 )

Euro STOXX 50 Dividend Index

    12       12/18/2026       240,196       13,967  

EURO STOXX 50 Index

    2       03/20/2026       125,061       10,374  

Euro STOXX 50 Quanto Index

    872       03/20/2026       63,397,762       2,291,625  

Euro STOXX Banks Index

    55       03/20/2026       874,739       (18,188 )

Euro/Japanese Yen Cross Currency Rate

    118       03/16/2026       17,408,334       226,835  

Euro/US Dollar Cross Currency Rate

    6       03/16/2026       88,710       130  

Euro/US Dollar Cross Currency Rate

    569       03/16/2026       84,126,650       (59,689 )

Euro-BOBL

    1,574       03/06/2026       218,456,641       407,138  

EURO-BOBL FUTURE Jun26

    1       06/08/2026       139,547       142  

Euro-BTP Future Jun26

    123       06/08/2026       17,720,918       26,870  

Euro-BTP Italian Government Bonds

    856       03/06/2026       124,256,596       1,699,376  

Euro-Bund

    1,543       03/06/2026       237,436,507       2,102,049  

Euro-OAT Future Jun26

    6       06/08/2026       875,140       1,359  

Euro-Schatz

    2,995       03/06/2026       378,767,650       141,001  

European Rapeseed

    133       04/30/2026       3,826,671       (15,641 )

European Rapeseed

    19       07/31/2026       528,988       4,845  

Feeder Cattle

    56       04/30/2026       9,833,600       (360,000 )

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

Feeder Cattle

    11       05/21/2026     $ 1,909,600     $ (89,600 )

French Government Bonds

    1,273       03/06/2026       186,397,608       2,052,500  

FTSE 100 Index

    980       03/20/2026       144,035,686       9,828,948  

FTSE Bursa Malaysia KLCI Index

    43       03/31/2026       935,479       (18,003 )

FTSE China A50 Index

    638       03/30/2026       9,341,596       (139,014 )

FTSE MIB Index

    17       03/20/2026       949,542       58,004  

FTSE/JSE Top 40 Index

    228       03/19/2026       17,198,778       1,616,543  

FTSE/MIB Index

    90       03/20/2026       25,134,939       1,134,655  

German Stock Index

    152       03/20/2026       113,810,069       2,130,244  

Gold

    140       04/28/2026       73,470,600       3,119,694  

Gold

    2       06/26/2026       1,057,520       25,840  

Hang Seng China Enterprises Index

    1       03/30/2026       11,349       (236 )

Hang Seng China Enterprises Index

    69       03/30/2026       3,915,503       (95,924 )

Hang Seng Index

    251       03/30/2026       42,683,539       (7,234 )

Hang Seng Index

    31       03/30/2026       1,054,334       (787 )

Hard Red Winter Wheat

    55       05/14/2026       1,596,375       10,225  

Hard Red Winter Wheat

    1       07/14/2026       29,675       175  

IBEX 35 Composite Index

    4       03/20/2026       87,019       1,139  

IBEX 35 Index

    15       03/20/2026       3,263,201       46,915  

ICE 3 Month SONIA Rate

    55       09/15/2026       17,909,485       4,262  

ICE 3 Month SONIA Rate

    608       12/15/2026       198,206,542       143,946  

ICE 3 Month SONIA Rate

    1,280       03/16/2027       417,449,429       629,322  

ICE 3 Month SONIA Rate

    170       06/15/2027       55,436,775       69,825  

ICE 3 Month SONIA Rate

    1,384       09/14/2027       451,180,680       432,612  

ICE 3 Month SONIA Rate

    655       12/14/2027       213,429,123       323,218  

ICE 3 Month SONIA Rate

    160       03/14/2028       52,111,101       75,873  

ICE 3 Month SONIA Rate

    149       06/20/2028       48,505,872       71,577  

ICE 3 Month SONIA Rate

    243       09/19/2028       79,070,051       113,540  

ICE 3 Month SONIA Rate

    419       12/19/2028       136,275,370       190,912  

ICE 3 Month SONIA Rate

    39       03/20/2029       12,677,772       16,896  

ICE 3 Month SONIA Rate

    24       06/19/2029       7,798,067       11,843  

Industrial Select Sector Index

    3       03/20/2026       536,070       41,370  

Japanese 10 Year Government Bonds

    192       03/13/2026       163,273,461       165,402  

Lean Hogs

    160       04/15/2026       6,126,400       (72,340 )

Lean Hogs

    495       06/12/2026       21,690,900       438,710  

Lean Hogs

    178       07/15/2026       7,951,260       103,510  

Light Sweet Crude Oil

    6       03/19/2026       201,060       7,985  

Live Cattle

    184       04/30/2026       17,091,760       (371,590 )

Live Cattle

    281       06/30/2026       25,756,460       (562,290 )

Live Cattle

    142       08/31/2026       12,939,040       (188,980 )

Live Cattle

    6       10/30/2026       545,340       (2,630 )

LME Aluminum Forward

    8       03/02/2026       625,788       53,446  

LME Aluminum Forward

    31       03/02/2026       2,437,267       220,271  

LME Aluminum Forward

    15       03/03/2026       1,172,966       100,024  

LME Aluminum Forward

    1       03/05/2026       78,304       6,066  

LME Aluminum Forward

    5       03/06/2026       391,600       33,500  

LME Aluminum Forward

    13       03/09/2026       1,018,368       87,324  

LME Aluminum Forward

    4       03/10/2026       313,408       26,858  

LME Aluminum Forward

    29       03/12/2026       2,274,898       192,323  

LME Aluminum Forward

    150       03/16/2026       11,772,563       1,013,250  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Aluminum Forward

    3       03/19/2026     $ 235,376     $ 13,551  

LME Aluminum Forward

    1       03/20/2026       78,468       4,518  

LME Aluminum Forward

    4       03/26/2026       314,085       17,810  

LME Aluminum Forward

    4       03/27/2026       314,135       3,641  

LME Aluminum Forward

    2       04/01/2026       157,225       1,962  

LME Aluminum Forward

    3       04/02/2026       235,862       2,592  

LME Aluminum Forward

    2       04/07/2026       157,257       432  

LME Aluminum Forward

    4       04/09/2026       314,644       2,012  

LME Aluminum Forward

    3       04/10/2026       236,008       2,463  

LME Aluminum Forward

    142       04/13/2026       11,171,034       62,294  

LME Aluminum Forward

    4       04/14/2026       314,177       3,009  

LME Aluminum Forward

    72       04/17/2026       5,639,706       41,310  

LME Aluminum Forward

    4       04/23/2026       313,649       (5,414 )

LME Aluminum Forward

    1       04/24/2026       78,407       (3,056 )

LME Aluminum Forward

    2       04/27/2026       156,763       1,824  

LME Aluminum Forward

    18       04/28/2026       1,410,421       34,636  

LME Aluminum Forward

    9       04/29/2026       705,379       15,098  

LME Aluminum Forward

    2       04/30/2026       156,839       2,014  

LME Aluminum Forward

    10       05/01/2026       784,143       2,905  

LME Aluminum Forward

    2       05/06/2026       156,808       2,482  

LME Aluminum Forward

    30       05/07/2026       2,351,978       28,958  

LME Aluminum Forward

    4       05/08/2026       313,577       8,499  

LME Aluminum Forward

    1       05/14/2026       78,528       1,248  

LME Aluminum Forward

    7       05/15/2026       549,843       9,461  

LME Aluminum Forward

    108       05/18/2026       8,485,317       50,217  

LME Aluminum Forward

    2       05/20/2026       156,886       2,411  

LME Aluminum Forward

    11       05/21/2026       863,374       12,988  

LME Copper Forward

    1       03/02/2026       330,874       39,374  

LME Copper Forward

    3       03/02/2026       997,184       128,509  

LME Copper Forward

    1       03/03/2026       332,351       40,870  

LME Copper Forward

    1       03/03/2026       332,440       40,953  

LME Copper Forward

    1       03/06/2026       332,671       43,696  

LME Copper Forward

    22       03/12/2026       7,317,123       969,246  

LME Copper Forward

    22       03/16/2026       7,315,473       851,953  

LME Copper Forward

    2       03/19/2026       665,071       28,988  

LME Copper Forward

    3       04/01/2026       999,271       30,948  

LME Copper Forward

    16       04/13/2026       5,330,264       87,333  

LME Copper Forward

    2       04/16/2026       666,305       25,243  

LME Copper Forward

    18       04/17/2026       5,997,141       251,244  

LME Copper Forward

    3       04/20/2026       999,588       42,925  

LME Copper Forward

    6       04/21/2026       1,999,306       28,117  

LME Copper Forward

    5       04/23/2026       1,666,520       21,370  

LME Copper Forward

    2       04/24/2026       666,669       9,338  

LME Copper Forward

    3       04/30/2026       1,000,646       9,684  

LME Copper Forward

    1       05/07/2026       333,654       11,985  

LME Copper Forward

    9       05/18/2026       3,004,043       61,151  

LME Copper Forward

    4       05/21/2026       1,334,300       36,393  

LME Lead Forward

    21       03/02/2026       1,017,838       (23,803 )

LME Lead Forward

    5       03/03/2026       239,671       (6,705 )

LME Lead Forward

    2       03/06/2026       96,114       (7,187 )

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Lead Forward

    3       03/09/2026     $ 144,223     $ (6,296 )

LME Lead Forward

    2       03/10/2026       96,184       (4,201 )

LME Lead Forward

    30       03/12/2026       1,444,853       (70,581 )

LME Lead Forward

    31       03/16/2026       1,494,099       (98,108 )

LME Lead Forward

    24       03/19/2026       1,157,922       (58,385 )

LME Lead Forward

    15       04/09/2026       728,595       (42,255 )

LME Lead Forward

    14       04/10/2026       680,155       (42,958 )

LME Lead Forward

    34       04/13/2026       1,652,119       (50,472 )

LME Lead Forward

    9       04/14/2026       437,101       (26,662 )

LME Lead Forward

    9       04/16/2026       437,139       (25,249 )

LME Lead Forward

    18       04/17/2026       874,301       (7,085 )

LME Lead Forward

    1       04/29/2026       48,711       (814 )

LME Lead Forward

    17       05/07/2026       830,777       (9,389 )

LME Lead Forward

    1       05/08/2026       48,880       (56 )

LME Lead Forward

    2       05/11/2026       97,782       (98 )

LME Lead Forward

    3       05/13/2026       146,738       (374 )

LME Lead Forward

    5       05/14/2026       244,725       (63 )

LME Nickel Forward

    10       03/02/2026       1,058,630       2,642  

LME Nickel Forward

    4       03/02/2026       419,853       62,493  

LME Nickel Forward

    12       03/03/2026       1,270,572       3,234  

LME Nickel Forward

    22       03/05/2026       2,330,967       123,032  

LME Nickel Forward

    11       03/06/2026       1,165,687       56,418  

LME Nickel Forward

    1       03/09/2026       105,990       14,446  

LME Nickel Forward

    6       03/12/2026       636,403       113,555  

LME Nickel Forward

    2       03/13/2026       212,164       38,914  

LME Nickel Forward

    56       03/16/2026       5,941,417       68,212  

LME Nickel Forward

    21       03/19/2026       2,229,138       242,298  

LME Nickel Forward

    6       03/20/2026       636,915       66,795  

LME Nickel Forward

    5       03/26/2026       531,167       28,077  

LME Nickel Forward

    10       03/27/2026       1,062,507       58,582  

LME Nickel Forward

    3       03/31/2026       318,856       3,690  

LME Nickel Forward

    27       04/01/2026       2,872,028       (95,272 )

LME Nickel Forward

    7       04/02/2026       744,715       28,675  

LME Nickel Forward

    5       04/07/2026       532,015       (35 )

LME Nickel Forward

    8       04/09/2026       851,766       (6,875 )

LME Nickel Forward

    1       04/10/2026       106,488       (882 )

LME Nickel Forward

    7       04/13/2026       745,533       (26,618 )

LME Nickel Forward

    2       04/16/2026       213,143       (3,007 )

LME Nickel Forward

    1       04/17/2026       106,585       889  

LME Nickel Forward

    1       04/20/2026       106,598       (5,929 )

LME Nickel Forward

    1       04/21/2026       106,612       (5,924 )

LME Nickel Forward

    3       04/23/2026       320,038       (16,352 )

LME Nickel Forward

    5       04/24/2026       533,482       (9,152 )

LME Nickel Forward

    3       04/27/2026       320,140       (1,249 )

LME Nickel Forward

    4       04/28/2026       426,919       (3,805 )

LME Nickel Forward

    8       04/29/2026       853,970       (7,603 )

LME Nickel Forward

    5       04/30/2026       534,026       3,396  

LME Nickel Forward

    1       05/06/2026       106,854       (1,486 )

LME Nickel Forward

    1       05/07/2026       106,901       3,731  

LME Nickel Forward

    6       05/18/2026       642,025       14,365  

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Nickel Forward

    1       05/20/2026     $ 106,985     $ (1,462 )

LME Nickel Forward

    4       05/21/2026       428,196       8,420  

LME Tin Forward

    1       03/02/2026       272,145       75,895  

LME Tin Forward

    7       03/12/2026       2,020,480       572,402  

LME Tin Forward

    1       03/20/2026       288,594       9,151  

LME Tin Forward

    2       03/31/2026       577,282       26,871  

LME Tin Forward

    5       04/01/2026       1,443,375       102,732  

LME Tin Forward

    1       04/02/2026       288,675       8,980  

LME Tin Forward

    1       04/30/2026       288,777       58,927  

LME Tin Forward

    1       05/01/2026       288,787       20,012  

LME Tin Forward

    2       05/07/2026       577,645       90,680  

LME Tin Forward

    2       05/21/2026       577,260       70,066  

LME Zinc Forward

    13       03/02/2026       1,072,325       69,170  

LME Zinc Forward

    1       03/02/2026       84,038       6,601  

LME Zinc Forward

    11       03/03/2026       907,552       57,927  

LME Zinc Forward

    17       03/05/2026       1,403,817       91,247  

LME Zinc Forward

    9       03/06/2026       743,362       48,206  

LME Zinc Forward

    1       03/09/2026       82,614       5,439  

LME Zinc Forward

    2       03/10/2026       165,264       6,602  

LME Zinc Forward

    18       03/12/2026       1,488,690       86,655  

LME Zinc Forward

    1       03/13/2026       82,723       6,023  

LME Zinc Forward

    91       03/16/2026       7,529,477       484,893  

LME Zinc Forward

    1       03/19/2026       82,681       5,556  

LME Zinc Forward

    1       03/26/2026       82,689       5,089  

LME Zinc Forward

    3       04/01/2026       248,405       (346 )

LME Zinc Forward

    11       04/07/2026       910,954       43,500  

LME Zinc Forward

    17       04/09/2026       1,408,263       51,921  

LME Zinc Forward

    3       04/10/2026       248,489       4,214  

LME Zinc Forward

    79       04/13/2026       6,542,800       177,511  

LME Zinc Forward

    4       04/14/2026       331,131       (3,494 )

LME Zinc Forward

    11       04/16/2026       910,610       (4,777 )

LME Zinc Forward

    24       04/17/2026       1,986,936       80,116  

LME Zinc Forward

    16       04/20/2026       1,324,724       (13,276 )

LME Zinc Forward

    2       04/23/2026       165,783       (1,442 )

LME Zinc Forward

    3       04/24/2026       248,695       (3,671 )

LME Zinc Forward

    6       05/07/2026       497,880       (5,327 )

LME Zinc Forward

    69       05/18/2026       5,726,051       (76,608 )

LME Zinc Forward

    17       05/21/2026       1,409,555       (18,386 )

London Metals - Aluminum(a)

    1,235       03/16/2026       96,927,431       5,487,660  

London Metals - Aluminum(a)

    120       04/13/2026       9,440,310       97,239  

London Metals - Aluminum(a)

    73       05/18/2026       5,735,446       30,259  

London Metals - Aluminum(a)

    451       06/15/2026       35,458,635       487,820  

London Metals - Copper(a)

    307       03/16/2026       102,084,101       15,650,502  

London Metals - Copper(a)

    17       04/13/2026       5,663,406       206,661  

London Metals - Copper(a)

    75       06/15/2026       25,067,175       518,302  

London Metals - Lead(a)

    1,023       03/16/2026       49,305,275       (2,043,472 )

London Metals - Lead(a)

    38       04/13/2026       1,846,486       (12,375 )

London Metals - Lead(a)

    50       06/15/2026       2,464,725       (20,674 )

London Metals - Nickel(a)

    353       03/16/2026       37,452,147       2,146,620  

London Metals - Nickel(a)

    59       06/15/2026       6,335,711       193,022  

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

London Metals - Tin(a)

    4       03/16/2026     $ 1,154,440     $ 308,139  

London Metals - Tin(a)

    1       06/15/2026       288,910       39,985  

London Metals - Zinc(a)

    828       03/16/2026       68,509,962       3,734,591  

London Metals - Zinc(a)

    141       04/13/2026       11,677,655       271,601  

London Metals - Zinc(a)

    106       05/18/2026       8,796,543       (152,089 )

London Metals - Zinc(a)

    273       06/15/2026       22,670,944       (252,812 )

Long Gilt

    1,430       06/26/2026       180,535,019       1,794,053  

Low Sulphur Gas Oil

    449       04/10/2026       33,360,700       2,362,244  

Low Sulphur Gas Oil

    50       05/12/2026       3,637,500       238,925  

Low Sulphur Gas Oil

    29       06/11/2026       2,070,600       122,150  

Low Sulphur Gas Oil

    12       07/10/2026       845,400       71,125  

Mexican Peso/US Dollar Cross Currency Rate

    901       03/16/2026       26,110,980       1,321,190  

Micro Gold

    3       04/28/2026       157,437       6,612  

MSCI China A 50 Index

    1       03/20/2026       65,255       (1,010 )

MSCI EAFE Index

    65       03/20/2026       10,286,575       570,410  

MSCI Emerging Markets Index

    340       03/20/2026       27,262,900       2,851,595  

MSCI Singapore Index

    403       03/30/2026       14,705,087       (32,425 )

Nasdaq 100 Index

    95       03/20/2026       47,509,025       (445,152 )

NASDAQ 100 Micro Index

    1       03/20/2026       50,010       488  

Natural Gas

    10       03/30/2026       271,892       5,947  

New Zealand Dollar/US Dollar Cross Currency Rate

    18       03/16/2026       1,079,910       (4,365 )

Nifty 50 Index

    87       03/30/2026       4,399,590       (59,698 )

Nikkei 225 Index

    14       03/12/2026       2,630,519       243,108  

Nikkei 225 Index

    43       03/12/2026       1,627,317       165,908  

Nikkei 225 Index

    197       03/12/2026       37,264,304       3,306,863  

Nikkei 225 Index

    10       03/12/2026       2,935,750       300,600  

Nikkei 225 Index

    67       03/12/2026       25,355,874       2,743,376  

NY Harbor ULSD

    537       03/31/2026       58,550,184       4,146,740  

NY Harbor ULSD

    51       04/30/2026       5,422,259       310,640  

NY Harbor ULSD

    41       05/29/2026       4,281,753       305,970  

NY Harbor ULSD

    17       06/30/2026       1,756,012       135,152  

NY Harbor ULSD

    9       11/30/2026       908,674       84,689  

Oats

    1       05/14/2026       15,987       (388 )

OMXS30 ESG Index

    5       03/20/2026       172,284       3,706  

OMXS30 Index

    762       03/20/2026       27,232,072       690,979  

Palladium

    25       06/26/2026       4,571,250       197,750  

Platinum

    58       04/28/2026       6,883,150       831,580  

Reformulated Gasoline Blendstock

    894       03/31/2026       85,815,954       3,636,275  

Reformulated Gasoline Blendstock

    66       04/30/2026       6,356,196       217,384  

Reformulated Gasoline Blendstock

    42       05/29/2026       4,026,154       167,433  

Reformulated Gasoline Blendstock

    12       06/30/2026       1,139,342       53,668  

Rotterdam Coal

    2       07/31/2026       217,700       500  

Rotterdam Coal

    2       08/28/2026       219,000       1,800  

Rotterdam Coal

    2       09/25/2026       220,000       2,800  

Russell 2000 Index

    3       03/20/2026       39,520       (328 )

Russell 2000 Index

    292       03/20/2026       38,466,620       (89,825 )

S&P 500 Index

    281       03/20/2026       96,790,450       (545,351 )

S&P 500 Index

    2       03/20/2026       68,890       (841 )

S&P Mid Cap 400 Index

    33       03/20/2026       11,807,070       350,175  

S&P Real Estate Select Sector Stock Index

    2       03/20/2026       107,550       500  

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
PURCHASED

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

S&P/Toronto Stock Exchange 60 Index

    218       03/19/2026     $ 63,016,312     $ 3,293,068  

SGX FTSE Taiwan Index

    247       03/30/2026       28,012,270       807,379  

SGX Technically Specified Rubber 20

    4       04/30/2026       40,140       1,785  

SGX TSI Iron Ore

    384       04/30/2026       3,777,024       474  

SGX TSI Iron Ore

    7       06/30/2026       68,194       674  

Short Euro-BTP Fu Jun26

    1       06/08/2026       126,969       59  

Short-term Euro-BTP

    1,586       03/06/2026       201,887,937       345,010  

Silver

    30       05/27/2026       13,993,650       1,347,210  

Silver

    1       07/29/2026       469,845       32,145  

South African Rand/US Dollar Cross Currency Rate

    2       03/16/2026       62,800       1,225  

Soybean Meal

    262       05/14/2026       8,397,100       116,500  

Soybeans

    1,289       05/14/2026       75,454,837       1,085,084  

Soybeans

    608       07/14/2026       35,955,600       1,070,250  

Soybeans

    69       11/13/2026       3,892,462       31,100  

STOXX 600 Bank Spread Index

    24       03/20/2026       522,716       28,568  

STOXX 600 Utilities Index

    14       03/20/2026       473,195       72,651  

STOXX Euro ESG-X Index

    64       03/20/2026       1,747,634       123,962  

STOXX Europe 600 Index

    161       03/20/2026       6,032,435       341,443  

STOXX Europe 600 Index

    2       03/20/2026       60,214       (30 )

Sugar #11

    49       04/30/2026       762,283       (7,292 )

Swiss Franc/US Dollar Cross Currency Rate

    220       03/16/2026       35,855,875       56,423  

Swiss Market Index

    40       03/20/2026       7,260,714       395,656  

Tokyo Price Index

    53       03/12/2026       1,342,096       174,723  

TOPIX Index

    211       03/12/2026       53,430,634       6,240,768  

Two Year Canadian Government Bonds

    843       06/19/2026       65,493,879       42,180  

U.S. Treasury 10 Year Notes

    2,252       06/18/2026       256,305,750       1,209,643  

U.S. Treasury 2 Year Notes

    1,384       06/30/2026       289,634,438       142,961  

U.S. Treasury 5 Year Note

    1,814       06/30/2026       199,795,094       735,465  

U.S. Treasury Long Bonds

    1,266       06/18/2026       149,981,438       1,127,254  

U.S. Treasury Ultra Bonds

    160       06/18/2026       19,455,000       173,516  

UK Natural Gas

    10       03/30/2026       317,656       12,190  

UK Natural Gas

    15       04/29/2026       488,669       7,833  

US 3 Year Notes

    10       06/30/2026       2,141,953       6,187  

US Cocoa

    1       05/13/2026       28,880       (1,750 )

Utilities Select Sector Index

    4       03/20/2026       385,160       23,170  

Wheat

    574       05/14/2026       16,976,050       620,817  

Wheat

    114       07/14/2026       3,412,875       68,625  

WTI Light Sweet Crude Oil

    14       03/19/2026       938,280       55,040  

WTI Light Sweet Crude Oil

    8       04/20/2026       535,120       31,990  

WTI Light Sweet Crude Oil

    4       05/18/2026       266,240       15,980  

WTI Light Sweet Crude Oil

    4       06/18/2026       264,720       14,660  

WTI Light Sweet Crude Oil

    3       07/20/2026       197,100       2,750  

XAV Health Care Select Sector Index

    1       03/20/2026       161,790       4,240  
                            $ 126,320,659  

 

 

 

The accompanying notes are an integral part of the financial statements.
9

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

1 Month Secured Overnight Financing Rate

    (24)       07/31/2026     $ 9,651,272     $ 2,000  

10 Year Japanese Government Bonds

    (17)       03/12/2026       1,445,868       (8,632 )

3 Month Euribor

    (4)       06/15/2026       1,157,614       (30 )

3 Month Euribor

    (22)       09/14/2026       6,369,150       (2,186 )

3 Month Euribor

    (11)       12/14/2026       3,185,225       (2,201 )

3 Month Swiss Average Overnight Rate

    (3)       09/15/2026       976,458       16  

3 Month TONA Index

    (436)       09/15/2026       69,106,970       3,554  

3-Month Secured Overnight Financing Rate

    (72)       09/15/2026       17,376,300       550  

3-Month Secured Overnight Financing Rate

    (763)       12/15/2026       184,598,313       (105,800 )

3-Month Secured Overnight Financing Rate

    (907)       03/16/2027       219,822,788       (262,632 )

3-Month Secured Overnight Financing Rate

    (136)       09/14/2027       33,000,400       (105,200 )

3-Year Korea Treasury Bonds

    (364)       03/17/2026       26,705,985       (35,885 )

Arabica Coffee

    (201)       05/18/2026       21,161,531       853,041  

Arabica Coffee

    (19)       07/21/2026       1,965,788       67,369  

Arabica Coffee

    (6)       09/18/2026       610,650       20,044  

ASX SPI 200 Index

    (22)       03/19/2026       3,589,194       (91,998 )

AUD/USD Cross Currency Rate

    (783)       03/16/2026       55,702,620       (3,671,870 )

Australian Government 10 Year Bonds

    (2,309)       03/16/2026       181,691,800       (1,405,714 )

Australian Government 3 Year Bonds

    (5,830)       03/16/2026       435,497,353       313,728  

Australian 90 Day Bank Bills

    (2,161)       06/11/2026       1,522,069,981       216,146  

Australian 90 Day Bank Bills

    (2,082)       09/10/2026       1,466,069,668       449,074  

Australian 90 Day Bank Bills

    (311)       12/10/2026       218,989,694       84,902  

Australian 90 Day Bank Bills

    (181)       03/11/2027       127,459,922       6,038  

Australian 90 Day Bank Bills

    (46)       06/10/2027       32,396,291       6,344  

Australian 90 Day Bank Bills

    (50)       09/09/2027       35,215,938       2,941  

Australian 90 Day Bank Bills

    (49)       12/09/2027       34,513,304       (3,764 )

British Pound/US Dollar Cross Currency Rate

    (465)       03/16/2026       39,176,250       (68,758 )

CAC40 10 Euro Index

    (7)       03/20/2026       710,786       (16,962 )

Canadian Dollar/US Dollar Cross Currency Rate

    (1)       03/17/2026       73,405       (250 )

Copper

    (171)       05/27/2026       25,904,363       (1,106,600 )

Corn No. 2 Yellow

    (1,007)       05/14/2026       22,581,975       (615,650 )

Corn No. 2 Yellow

    (1,063)       07/14/2026       24,236,400       (815,875 )

Corn No. 2 Yellow

    (83)       09/14/2026       1,891,362       (43,300 )

Corn No. 2 Yellow

    (107)       12/14/2026       2,511,825       (31,138 )

Cotton No.2

    (1,189)       05/06/2026       39,005,145       (419,972 )

Cotton No.2

    (105)       07/09/2026       3,534,300       8,565  

Crude Palm Oil

    (20)       04/15/2026       517,862       2,487  

Crude Palm Oil

    (70)       05/15/2026       1,817,913       12,497  

Crude Palm Oil

    (28)       06/15/2026       727,885       2,249  

Crude Soybean Oil

    (749)       05/14/2026       27,795,390       (1,068,954 )

Dollar Index

    (494)       03/16/2026       48,197,110       74,437  

Dow Jones Industrial Average Index

    (112)       03/20/2026       27,440,000       (4,992 )

Euro BUXL 30 Year Bonds

    (188)       03/06/2026       25,292,954       (775,650 )

Euro STOXX 50 Quanto Index

    (1)       03/20/2026       72,704       (225 )

Euro/US Dollar Cross Currency Rate

    (1,143)       03/16/2026       168,992,550       (1,792,937 )

Euro-BOBL

    (328)       03/06/2026       45,523,366       (348,111 )

Euro-Bund

    (78)       03/06/2026       12,002,623       (178,233 )

Euro-Schatz

    (2,508)       03/06/2026       317,178,386       (611,514 )

Frozen Concentrated Orange Juice

    (31)       05/08/2026       843,975       (28,943 )

FTSE China A50 Index

    (2,242)       03/30/2026       32,827,364       71,436  

 

 

The accompanying notes are an integral part of the financial statements.
10

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

German Stock Index

    (11)       03/20/2026     $ 8,236,255     $ (99,027 )

Gold

    (2)       04/28/2026       1,049,580       (29,890 )

Hang Seng China Enterprises Index

    (107)       03/30/2026       6,071,868       50,022  

Hang Seng Index

    (35)       03/30/2026       5,951,888       5,571  

Hang Seng TECH Index

    (75)       03/30/2026       2,464,242       63,348  

Hard Red Winter Wheat

    (54)       05/14/2026       1,567,350       (78,300 )

Hard Red Winter Wheat

    (101)       07/14/2026       2,997,175       (152,675 )

ICE 3 Month SONIA Rate

    (322)       03/16/2027       105,014,622       (85,778 )

ICE European Climate Exchange Emissions

    (55)       12/14/2026       4,568,007       154,518  

ICE European Climate Exchange Emissions

    (6)       12/20/2027       512,224       11,272  

Indian Rupee/US Dollar Cross Currency Rate

    (1)       03/25/2026       54,810       50  

Indian Rupee/US Dollar Cross Currency Rate

    (2)       03/25/2026       43,872       140  

Japanese 10 Year Government Bonds

    (265)       03/13/2026       225,351,391       (585,075 )

Japanese Yen/US Dollar Cross Currency Rate

    (1,355)       03/16/2026       108,696,406       287,692  

Live Cattle

    (14)       04/30/2026       1,300,460       6,760  

LME Aluminum Forward

    (31)       03/02/2026       2,437,267       (89,021 )

LME Aluminum Forward

    (8)       03/02/2026       625,788       (21,952 )

LME Aluminum Forward

    (15)       03/03/2026       1,172,966       (36,729 )

LME Aluminum Forward

    (1)       03/05/2026       78,304       (655 )

LME Aluminum Forward

    (5)       03/06/2026       391,600       (15,901 )

LME Aluminum Forward

    (13)       03/09/2026       1,018,368       (31,177 )

LME Aluminum Forward

    (4)       03/10/2026       313,408       (8,747 )

LME Aluminum Forward

    (29)       03/12/2026       2,274,898       (38,006 )

LME Aluminum Forward

    (150)       03/16/2026       11,772,563       (96,729 )

LME Aluminum Forward

    (3)       03/19/2026       235,376       (2,572 )

LME Aluminum Forward

    (1)       03/20/2026       78,468       (866 )

LME Aluminum Forward

    (4)       03/26/2026       314,085       (4,393 )

LME Aluminum Forward

    (4)       03/27/2026       314,135       (15,348 )

LME Aluminum Forward

    (2)       04/01/2026       157,225       (1,721 )

LME Aluminum Forward

    (3)       04/02/2026       235,862       (4,493 )

LME Aluminum Forward

    (2)       04/07/2026       157,257       (1,546 )

LME Aluminum Forward

    (4)       04/09/2026       314,644       (1,531 )

LME Aluminum Forward

    (3)       04/10/2026       236,008       (1,415 )

LME Aluminum Forward

    (142)       04/13/2026       11,171,033       (21,871 )

LME Aluminum Forward

    (4)       04/14/2026       314,177       (252 )

LME Aluminum Forward

    (72)       04/17/2026       5,639,706       (93,562 )

LME Aluminum Forward

    (4)       04/23/2026       313,649       (5,137 )

LME Aluminum Forward

    (1)       04/24/2026       78,407       (1,341 )

LME Aluminum Forward

    (2)       04/27/2026       156,763       9,162  

LME Aluminum Forward

    (18)       04/28/2026       1,410,421       (6,960 )

LME Aluminum Forward

    (3)       04/29/2026       235,126       (6,552 )

LME Aluminum Forward

    (2)       04/30/2026       156,839       (2,608 )

LME Aluminum Forward

    (2)       05/01/2026       156,828       (3,779 )

LME Aluminum Forward

    (2)       05/06/2026       156,808       (2,371 )

LME Aluminum Forward

    (25)       05/07/2026       1,959,981       (22,719 )

LME Aluminum Forward

    (2)       05/08/2026       156,788       474  

LME Aluminum Forward

    (1)       05/15/2026       78,549       (2,111 )

LME Aluminum Forward

    (4)       05/18/2026       314,271       (7,358 )

LME Aluminum Forward

    (2)       05/20/2026       156,886       (1,523 )

LME Aluminum Forward

    (3)       05/21/2026       235,466       (2,616 )

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Copper Forward

    (3)       03/02/2026     $ 997,184     $ (75,259 )

LME Copper Forward

    (1)       03/02/2026       330,874       (52,124 )

LME Copper Forward

    (1)       03/03/2026       332,440       (13,875 )

LME Copper Forward

    (1)       03/03/2026       332,351       (47,138 )

LME Copper Forward

    (1)       03/06/2026       332,671       (41,309 )

LME Copper Forward

    (22)       03/12/2026       7,317,123       (351,274 )

LME Copper Forward

    (22)       03/16/2026       7,315,473       (203,618 )

LME Copper Forward

    (2)       03/19/2026       665,071       (62,058 )

LME Copper Forward

    (3)       04/01/2026       999,271       (28,549 )

LME Copper Forward

    (16)       04/13/2026       5,330,264       12,725  

LME Copper Forward

    (2)       04/16/2026       666,305       (15,223 )

LME Copper Forward

    (18)       04/17/2026       5,997,141       (131,720 )

LME Copper Forward

    (3)       04/20/2026       999,588       (45,037 )

LME Copper Forward

    (6)       04/21/2026       1,999,306       (43,605 )

LME Copper Forward

    (5)       04/23/2026       1,666,520       (45,254 )

LME Copper Forward

    (2)       04/24/2026       666,669       (10,919 )

LME Copper Forward

    (3)       04/30/2026       1,000,645       4,430  

LME Copper Forward

    (2)       05/07/2026       667,308       (13,133 )

LME Copper Forward

    (1)       05/14/2026       333,785       (14,297 )

LME Lead Forward

    (21)       03/02/2026       1,017,838       27,212  

LME Lead Forward

    (5)       03/03/2026       239,671       10,366  

LME Lead Forward

    (2)       03/06/2026       96,114       3,099  

LME Lead Forward

    (3)       03/09/2026       144,223       4,840  

LME Lead Forward

    (2)       03/10/2026       96,184       2,817  

LME Lead Forward

    (30)       03/12/2026       1,444,852       29,430  

LME Lead Forward

    (31)       03/16/2026       1,494,099       43,248  

LME Lead Forward

    (24)       03/19/2026       1,157,922       24,078  

LME Lead Forward

    (15)       04/09/2026       728,595       20,963  

LME Lead Forward

    (14)       04/10/2026       680,155       30,981  

LME Lead Forward

    (34)       04/13/2026       1,652,119       87,995  

LME Lead Forward

    (9)       04/14/2026       437,101       5,031  

LME Lead Forward

    (9)       04/16/2026       437,139       12,227  

LME Lead Forward

    (18)       04/17/2026       874,301       36,990  

LME Lead Forward

    (6)       04/29/2026       292,266       2,138  

LME Lead Forward

    (22)       04/30/2026       1,073,479       5,761  

LME Lead Forward

    (7)       05/01/2026       341,707       2,186  

LME Lead Forward

    (1)       05/06/2026       48,837       288  

LME Lead Forward

    (16)       05/07/2026       781,908       6,680  

LME Lead Forward

    (8)       05/08/2026       391,042       6,383  

LME Lead Forward

    (9)       05/11/2026       440,019       3,069  

LME Lead Forward

    (2)       05/13/2026       97,825       (26 )

LME Lead Forward

    (8)       05/14/2026       391,560       (935 )

LME Lead Forward

    (28)       05/18/2026       1,371,069       7,719  

LME Nickel Forward

    (4)       03/02/2026       419,853       (54,105 )

LME Nickel Forward

    (10)       03/02/2026       1,058,630       (147,969 )

LME Nickel Forward

    (12)       03/03/2026       1,270,572       (178,792 )

LME Nickel Forward

    (22)       03/05/2026       2,330,967       (332,343 )

LME Nickel Forward

    (11)       03/06/2026       1,165,687       (165,077 )

LME Nickel Forward

    (1)       03/09/2026       105,990       (18,570 )

LME Nickel Forward

    (6)       03/12/2026       636,403       (111,426 )

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Nickel Forward

    (2)       03/13/2026     $ 212,164     $ (28,926 )

LME Nickel Forward

    (56)       03/16/2026       5,941,417       (943,019 )

LME Nickel Forward

    (21)       03/19/2026       2,229,138       (110,826 )

LME Nickel Forward

    (6)       03/20/2026       636,915       10,464  

LME Nickel Forward

    (5)       03/26/2026       531,167       (42,371 )

LME Nickel Forward

    (10)       03/27/2026       1,062,507       (53,490 )

LME Nickel Forward

    (3)       03/31/2026       318,856       (1,127 )

LME Nickel Forward

    (27)       04/01/2026       2,872,028       (2,633 )

LME Nickel Forward

    (7)       04/02/2026       744,715       1,765  

LME Nickel Forward

    (5)       04/07/2026       532,015       8,626  

LME Nickel Forward

    (8)       04/09/2026       851,766       7,494  

LME Nickel Forward

    (1)       04/10/2026       106,488       5,963  

LME Nickel Forward

    (7)       04/13/2026       745,533       (18,327 )

LME Nickel Forward

    (2)       04/16/2026       213,143       7,998  

LME Nickel Forward

    (1)       04/17/2026       106,585       1,488  

LME Nickel Forward

    (1)       04/20/2026       106,598       1,488  

LME Nickel Forward

    (1)       04/21/2026       106,612       3,248  

LME Nickel Forward

    (3)       04/23/2026       320,038       5,137  

LME Nickel Forward

    (5)       04/24/2026       533,482       11,584  

LME Nickel Forward

    (3)       04/27/2026       320,140       9,965  

LME Nickel Forward

    (4)       04/28/2026       426,919       (5,055 )

LME Nickel Forward

    (7)       04/29/2026       747,224       (37,664 )

LME Nickel Forward

    (4)       04/30/2026       427,221       (8,991 )

LME Nickel Forward

    (1)       05/06/2026       106,854       (3,564 )

LME Nickel Forward

    (2)       05/07/2026       213,802       (7,462 )

LME Nickel Forward

    (1)       05/15/2026       106,986       (4,056 )

LME Nickel Forward

    (4)       05/18/2026       428,017       (17,716 )

LME Nickel Forward

    (1)       05/20/2026       106,985       (1,565 )

LME Nickel Forward

    (1)       05/21/2026       107,049       (9 )

LME Tin Forward

    (1)       03/02/2026       272,145       6,828  

LME Tin Forward

    (7)       03/12/2026       2,020,480       (74,105 )

LME Tin Forward

    (1)       03/20/2026       288,594       (73,519 )

LME Tin Forward

    (2)       03/31/2026       577,282       (124,513 )

LME Tin Forward

    (5)       04/01/2026       1,443,375       (281,630 )

LME Tin Forward

    (1)       04/02/2026       288,675       (50,185 )

LME Tin Forward

    (1)       04/30/2026       288,777       (20,012 )

LME Tin Forward

    (1)       05/01/2026       288,787       (55,262 )

LME Tin Forward

    (2)       05/07/2026       577,645       (94,620 )

LME Tin Forward

    (1)       05/21/2026       288,630       (42,505 )

LME Zinc Forward

    (1)       03/02/2026       84,038       (6,863 )

LME Zinc Forward

    (13)       03/02/2026       1,072,324       (53,372 )

LME Zinc Forward

    (11)       03/03/2026       907,552       (44,637 )

LME Zinc Forward

    (17)       03/05/2026       1,403,817       (16,016 )

LME Zinc Forward

    (9)       03/06/2026       743,362       (32,461 )

LME Zinc Forward

    (1)       03/09/2026       82,614       (5,589 )

LME Zinc Forward

    (2)       03/10/2026       165,264       (7,905 )

LME Zinc Forward

    (18)       03/12/2026       1,488,690       (40,093 )

LME Zinc Forward

    (1)       03/13/2026       82,723       (5,536 )

LME Zinc Forward

    (91)       03/16/2026       7,529,477       (253,670 )

LME Zinc Forward

    (1)       03/19/2026       82,681       (5,719 )

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

LME Zinc Forward

    (1)       03/26/2026     $ 82,689     $ 717  

LME Zinc Forward

    (3)       04/01/2026       248,405       (8,355 )

LME Zinc Forward

    (11)       04/07/2026       910,954       (14,285 )

LME Zinc Forward

    (17)       04/09/2026       1,408,263       (14,057 )

LME Zinc Forward

    (3)       04/10/2026       248,489       2,330  

LME Zinc Forward

    (79)       04/13/2026       6,542,800       103,888  

LME Zinc Forward

    (4)       04/14/2026       331,131       (4,331 )

LME Zinc Forward

    (11)       04/16/2026       910,610       (14,078 )

LME Zinc Forward

    (24)       04/17/2026       1,986,936       (19,608 )

LME Zinc Forward

    (16)       04/20/2026       1,324,724       (21,146 )

LME Zinc Forward

    (2)       04/23/2026       165,783       92  

LME Zinc Forward

    (3)       04/24/2026       248,695       6,593  

LME Zinc Forward

    (6)       05/07/2026       497,880       5,558  

LME Zinc Forward

    (2)       05/18/2026       165,972       1,268  

London Cocoa

    (124)       05/13/2026       3,437,435       1,801,868  

London Cocoa

    (60)       07/16/2026       1,703,705       837,392  

London Cocoa

    (5)       09/15/2026       144,401       24,797  

London Metals - Aluminum(a)

    (1,235)       03/16/2026       96,927,431       (2,073,608 )

London Metals - Aluminum(a)

    (73)       04/13/2026       5,742,855       (44,183 )

London Metals - Aluminum(a)

    (48)       06/15/2026       3,773,868       (77,670 )

London Metals - Copper(a)

    (307)       03/16/2026       102,084,101       (3,218,515 )

London Metals - Copper(a)

    (2)       04/13/2026       666,283       (14,308 )

London Metals - Copper(a)

    (1)       06/15/2026       334,229       (12,833 )

London Metals - Lead(a)

    (1,023)       03/16/2026       49,305,275       1,643,014  

London Metals - Lead(a)

    (126)       04/13/2026       6,122,560       110,977  

London Metals - Lead(a)

    (61)       05/18/2026       2,986,972       24,866  

London Metals - Lead(a)

    (376)       06/15/2026       18,534,732       137,680  

London Metals - Nickel(a)

    (353)       03/16/2026       37,452,147       (4,432,654 )

London Metals - Nickel(a)

    (8)       04/13/2026       852,038       (42,518 )

London Metals - Nickel(a)

    (13)       06/15/2026       1,396,004       (47,612 )

London Metals - Tin(a)

    (4)       03/16/2026       1,154,440       (208,876 )

London Metals - Zinc(a)

    (828)       03/16/2026       68,509,962       (1,541,682 )

London Metals - Zinc(a)

    (120)       04/13/2026       9,938,430       159,074  

London Metals - Zinc(a)

    (16)       06/15/2026       1,328,700       (1,201 )

Long Gilt

    (891)       06/26/2026       112,487,204       (931,108 )

Lumber

    (5)       05/15/2026       80,094       891  

Maize

    (7)       06/05/2026       81,575       (3,131 )

Mexican Peso/US Dollar Cross Currency Rate

    (21)       03/16/2026       608,580       (289 )

MIAX Red Wheat FutJul26

    (33)       07/14/2026       1,034,962       (36,850 )

MIAX Red Wheat FutMay26

    (98)       05/14/2026       3,002,475       (131,825 )

Milling Wheat No. 2

    (760)       05/11/2026       9,047,512       (445,759 )

Milling Wheat No. 2

    (220)       09/10/2026       2,677,506       (134,525 )

Milling Wheat No. 2

    (35)       12/10/2026       437,857       (19,733 )

MSCI Singapore Index

    (14)       03/30/2026       510,847       (4,162 )

Nasdaq 100 Index

    (12)       03/20/2026       6,001,140       (30,585 )

Natural Gas

    (20)       03/26/2026       142,950       4,138  

Natural Gas

    (178)       03/27/2026       5,089,020       144,120  

Natural Gas

    (25)       03/30/2026       679,730       (46,579 )

Natural Gas

    (294)       04/28/2026       8,470,140       223,930  

Natural Gas

    (110)       05/27/2026       3,369,300       144,290  

 

 

The accompanying notes are an integral part of the financial statements.
14

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

Natural Gas

    (29)       06/26/2026     $ 967,730     $ 88,480  

Natural Gas

    (13)       09/28/2026       450,060       37,100  

New Zealand Dollar/US Dollar Cross Currency Rate

    (69)       03/16/2026       4,139,655       (118,901 )

Nifty 50 Index

    (248)       03/30/2026       12,541,360       224,775  

Nikkei 225 Index

    (24)       03/12/2026       4,509,461       (31,783 )

Nikkei 225 Index

    (42)       03/12/2026       7,944,674       60,433  

NY Harbor ULSD

    (14)       03/31/2026       1,526,448       (29,635 )

NYSE FANG+ Index

    (3)       03/20/2026       217,314       10,903  

OMXS30 Index

    (25)       03/20/2026       893,441       (4,791 )

Phelix DE Base Yearly

    (1)       12/29/2026       825,064       (36,124 )

Phelix DE Baseload Quarterly

    (1)       03/27/2026       182,424       (8,619 )

Platinum

    (1)       04/28/2026       118,675       (3,960 )

Robusta Coffee

    (124)       05/22/2026       4,493,760       117,530  

Robusta Coffee

    (56)       07/27/2026       1,989,120       64,090  

Rough Rice

    (31)       05/14/2026       666,190       5,440  

Russell 2000 Index

    (59)       03/20/2026       7,772,365       (19,145 )

S&P 500 Index

    (192)       03/20/2026       66,134,400       301,218  

S&P/Toronto Stock Exchange 60 Index

    (21)       03/19/2026       6,070,379       (76,141 )

SGX TSI Iron Ore

    (143)       04/30/2026       1,406,548       (41,808 )

SGX TSI Iron Ore

    (9)       05/29/2026       88,146       (301 )

Silver

    (2)       05/27/2026       932,910       (57,031 )

Soybean Meal

    (133)       05/14/2026       4,262,650       (226,000 )

Soybean Meal

    (85)       07/14/2026       2,743,800       (62,390 )

Sugar #11

    (2,904)       04/30/2026       45,176,947       (114,218 )

Sugar #11

    (421)       06/30/2026       6,539,982       149,038  

Sugar #11

    (29)       09/30/2026       461,216       (1,288 )

Sugar #11

    (13)       02/26/2027       216,798       (4,346 )

Swiss Franc/US Dollar Cross Currency Rate

    (5)       03/16/2026       814,906       (23,895 )

Technology Select Sector Index

    (1)       03/20/2026       279,990       10,710  

Turkish Dollar

    (382)       03/31/2026       391,747       (12 )

U.S. Treasury 10 Year Notes

    (760)       06/18/2026       86,497,500       (455,109 )

U.S. Treasury 2 Year Notes

    (894)       06/30/2026       187,090,454       (287,719 )

U.S. Treasury Ultra Bonds

    (27)       06/18/2026       3,283,031       (30,594 )

UK Natural Gas

    (15)       03/30/2026       476,483       (40,632 )

UK Natural Gas

    (5)       04/29/2026       162,890       (3,802 )

US Cocoa

    (261)       05/13/2026       7,537,680       3,632,446  

US Cocoa

    (69)       07/16/2026       2,029,980       1,165,220  

US Dollar/Chinese Renminbi Cross Currency Rate

    (4)       03/16/2026       399,350       7,044  

US Dollar/Swedish Krona Cross Currency Rate

    (12)       03/16/2026       1,198,611       40,795  

Wheat

    (390)       05/14/2026       11,534,250       (971,237 )

Wheat

    (89)       07/14/2026       2,664,438       (181,163 )

Wheat

    (20)       09/14/2026       609,750       (45,413 )

Wheat

    (35)       12/14/2026       1,096,812       (96,850 )

White Sugar

    (202)       04/15/2026       4,117,770       116,305  

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

White Sugar

    (147)       07/16/2026       2,981,895     $ 40,965  

White Sugar

    (37)       09/15/2026       749,250       (95 )
                            $ (21,846,893 )

Net Unrealized Appreciation (Depreciation)

                          $ 104,473,766  

 

The Fund has recorded an asset of $19,452,425 as of February 28, 2026 related to the current day’s variation margin related to these contracts.

 

(a)

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated Statement of Assets and Liabilities.

 

The accompanying notes are an integral part of the financial statements.
16

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Forward foreign currency contracts outstanding as of February 28, 2026 were as follows:

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/31/2026

AUD

     21,000,000          

CAD

     20,248,391               Bank of America     $ 77,470  

03/02/2026

AUD

     416,010          

EUR

     250,000               Bank of America       608  

03/31/2026

AUD

     11,718,296          

EUR

     7,000,000               Bank of America       52,313  

03/31/2026

AUD

     14,133,426          

GBP

     7,375,000               Bank of America       116,757  

03/31/2026

AUD

     10,600,000          

JPY

     1,148,998,660               Bank of America       163,737  

03/31/2026

AUD

     27,800,000          

NZD

     32,606,902               Bank of America       195,256  

03/03/2026

AUD

     38,367,239          

USD

     27,256,233               Bank of America       47,552  

03/18/2026

AUD

     164,692,720          

USD

     113,017,531               Bank of America       4,177,424  

04/16/2026

AUD

     815,000          

USD

     578,269               Bank of America       1,595  

03/03/2026

BRL

     113,648,958          

USD

     21,450,106               Bank of America       694,252  

04/02/2026

BRL

     106,700,562          

USD

     20,300,099               Bank of America       326,126  

03/02/2026

CAD

     807,666          

EUR

     500,000               Bank of America       1,297  

03/31/2026

CAD

     6,800,000          

JPY

     764,376,440               Bank of America       83,419  

03/02/2026

CAD

     123,539,004          

USD

     90,383,911               Bank of America       195,298  

03/18/2026

CAD

     97,367,768          

USD

     71,288,121               Bank of America       152,090  

04/16/2026

CAD

     117,297,000          

USD

     85,948,541               Bank of America       225,302  

03/18/2026

CHF

     15,861,481          

EUR

     17,350,000               Bank of America       156,399  

03/31/2026

CHF

     16,661,465          

EUR

     18,250,000               Bank of America       154,869  

03/02/2026

CHF

     260,684          

GBP

     250,000               Bank of America       2,255  

03/31/2026

CHF

     1,438,289          

GBP

     1,375,000               Bank of America       24,980  

03/31/2026

CHF

     6,750,000          

JPY

     1,341,881,990               Bank of America       197,073  

03/02/2026

CHF

     3,792,384          

USD

     4,910,174               Bank of America       23,976  

03/03/2026

CHF

     3,797,232          

USD

     4,914,411               Bank of America       26,584  

03/18/2026

CHF

     35,777,748          

USD

     46,173,376               Bank of America       469,938  

03/31/2026

CHF

     9,875,000          

USD

     12,870,881               Bank of America       24,328  

03/18/2026

CLP

     7,742,012,605          

USD

     8,500,042               Bank of America       370,460  

03/18/2026

CNH

     567,007,268          

USD

     81,934,278               Bank of America       825,745  

03/31/2026

CNH

     238,128,157          

USD

     34,600,000               Bank of America       190,957  

04/15/2026

CNH

     22,063,778          

USD

     3,223,895               Bank of America       2,447  

03/18/2026

COP

     30,460,146,270          

USD

     8,000,040               Bank of America       76,240  

03/18/2026

CZK

     127,827,856          

EUR

     5,250,000               Bank of America       24,468  

03/02/2026

EUR

     250,000          

AUD

     414,679               Bank of America       339  

03/02/2026

EUR

     3,200,000          

GBP

     2,792,528               Bank of America       18,325  

03/03/2026

EUR

     1,000,000          

GBP

     876,495               Bank of America       624  

03/18/2026

EUR

     6,400,000          

GBP

     5,585,994               Bank of America       41,822  

03/31/2026

EUR

     15,100,000          

GBP

     13,194,597               Bank of America       90,321  

03/02/2026

EUR

     200,000          

HUF

     75,121,778               Bank of America       840  

03/02/2026

EUR

     400,000          

JPY

     73,751,043               Bank of America       326  

03/31/2026

EUR

     9,932,506          

JPY

     1,804,667,918               Bank of America       167,723  

03/18/2026

EUR

     1,150,000          

PLN

     4,859,921               Bank of America       211  

03/31/2026

EUR

     100,000          

PLN

     422,466               Bank of America       145  

03/18/2026

EUR

     12,750,000          

SEK

     135,959,993               Bank of America       3,460  

03/02/2026

EUR

     4,170,836          

USD

     4,921,306               Bank of America       7,678  

03/18/2026

EUR

     86,211,000          

USD

     101,843,014               Bank of America       130,209  

04/16/2026

EUR

     12,979,000          

USD

     15,336,812               Bank of America       36,779  

03/31/2026

GBP

     7,125,000          

JPY

     1,481,794,402               Bank of America       87,081  

03/18/2026

HUF

     2,931,988,521          

EUR

     7,700,000               Bank of America       73,906  

03/31/2026

HUF

     836,108,647          

EUR

     2,200,000               Bank of America       11,827  

03/18/2026

HUF

     7,065,233,253          

USD

     22,042,688               Bank of America       82,569  

 

The accompanying notes are an integral part of the financial statements.
17

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/31/2026

HUF

     3,405,196,030          

USD

     10,600,000               Bank of America     $ 53,917  

03/02/2026

JPY

     52,856,041          

GBP

     250,000               Bank of America       1,636  

03/04/2026

KRW

     11,763,336,375          

USD

     8,151,607               Bank of America       27,032  

03/05/2026

KRW

     2,752,791,500          

USD

     1,900,000               Bank of America       13,973  

03/09/2026

KRW

     2,882,355,263          

USD

     2,000,000               Bank of America       4,335  

03/11/2026

KRW

     3,364,207,717          

USD

     2,300,000               Bank of America       39,578  

03/12/2026

KRW

     4,947,968,214          

USD

     3,400,000               Bank of America       41,103  

03/18/2026

KRW

     65,873,428,417          

USD

     45,708,432               Bank of America       113,901  

03/02/2026

MXN

     834,577          

USD

     48,440               Bank of America       7  

03/18/2026

MXN

     1,086,195,867          

USD

     61,692,865               Bank of America       1,261,723  

04/16/2026

MXN

     210,630,000          

USD

     12,176,000               Bank of America       581  

03/18/2026

NOK

     266,139,757          

EUR

     23,300,000               Bank of America       427,181  

03/31/2026

NOK

     97,361,747          

EUR

     8,625,000               Bank of America       28,296  

03/02/2026

NOK

     6,696,857          

USD

     700,043               Bank of America       4,265  

03/03/2026

NOK

     4,758,074          

USD

     500,043               Bank of America       361  

03/18/2026

NOK

     199,646,630          

USD

     20,793,171               Bank of America       201,620  

04/16/2026

NOK

     478,370,000          

USD

     50,070,995               Bank of America       224,695  

03/31/2026

NZD

     9,200,000          

JPY

     850,399,424               Bank of America       64,986  

03/02/2026

NZD

     2,275,000          

USD

     1,363,275               Bank of America       1,534  

03/03/2026

NZD

     309,000          

USD

     185,189               Bank of America       192  

03/18/2026

NZD

     65,519,000          

USD

     39,159,441               Bank of America       173,418  

04/16/2026

NZD

     27,399,000          

USD

     16,400,043               Bank of America       66,474  

03/18/2026

PEN

     11,148,946          

USD

     3,300,000               Bank of America       21,913  

03/18/2026

PHP

     327,663,649          

USD

     5,600,000               Bank of America       78,675  

03/18/2026

PLN

     27,938,018          

EUR

     6,600,000               Bank of America       11,746  

03/02/2026

PLN

     5,642,550          

USD

     1,577,197               Bank of America       1,934  

03/03/2026

PLN

     5,367,837          

USD

     1,500,012               Bank of America       2,230  

03/02/2026

SEK

     5,427,952          

USD

     600,000               Bank of America       1,357  

03/03/2026

SEK

     2,814,434          

USD

     311,242               Bank of America       582  

03/18/2026

THB

     261,368,272          

USD

     8,400,000               Bank of America       22,257  

03/05/2026

TWD

     44,066,321          

USD

     1,400,000               Bank of America       12,431  

03/06/2026

TWD

     18,962,065          

USD

     600,000               Bank of America       7,819  

03/11/2026

TWD

     6,329,685          

USD

     200,000               Bank of America       2,969  

03/18/2026

TWD

     454,125,900          

USD

     14,477,706               Bank of America       91,947  

04/02/2026

TWD

     18,788,706          

USD

     600,000               Bank of America       3,419  

04/07/2026

TWD

     6,246,389          

USD

     200,000               Bank of America       665  

03/02/2026

USD

     948,857          

CAD

     1,293,697               Bank of America       314  

03/02/2026

USD

     100,000          

CLP

     86,664,870               Bank of America       697  

03/04/2026

USD

     1,400,000          

CLP

     1,215,520,841               Bank of America       7,227  

03/05/2026

USD

     100,000          

CLP

     85,858,170               Bank of America       1,622  

03/11/2026

USD

     100,000          

CLP

     85,202,170               Bank of America       2,376  

03/12/2026

USD

     400,000          

CLP

     343,002,569               Bank of America       6,991  

03/18/2026

USD

     2,499,988          

CLP

     2,168,262,706               Bank of America       15,675  

03/20/2026

USD

     200,000          

CLP

     172,774,340               Bank of America       2,043  

03/23/2026

USD

     100,000          

CLP

     86,845,170               Bank of America       498  

03/24/2026

USD

     800,000          

CLP

     694,464,000               Bank of America       4,329  

03/02/2026

USD

     6,768,586          

CNH

     46,269,865               Bank of America       23,195  

03/03/2026

USD

     1,337,821          

CNH

     9,165,096               Bank of America       1,611  

03/04/2026

USD

     1,000,000          

COP

     3,705,514,156               Bank of America       13,599  

03/05/2026

USD

     400,000          

COP

     1,459,147,136               Bank of America       11,673  

03/09/2026

USD

     200,000          

COP

     740,263,368               Bank of America       3,211  

 

 

The accompanying notes are an integral part of the financial statements.
18

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/12/2026

USD

     300,000          

COP

     1,101,623,052               Bank of America     $ 7,404  

03/19/2026

USD

     200,000          

COP

     744,259,368               Bank of America       2,722  

03/24/2026

USD

     900,000          

COP

     3,347,606,000               Bank of America       13,948  

03/31/2026

USD

     3,558,635          

EUR

     3,000,000               Bank of America       7,554  

03/02/2026

USD

     94,023,184          

GBP

     69,751,861               Bank of America       22,052  

03/03/2026

USD

     4,686,613          

GBP

     3,475,121               Bank of America       3,369  

03/18/2026

USD

     83,926,782          

GBP

     61,968,000               Bank of America       411,786  

03/31/2026

USD

     3,636,117          

GBP

     2,687,500               Bank of America       13,951  

04/16/2026

USD

     22,254,085          

GBP

     16,508,000               Bank of America       3,528  

03/02/2026

USD

     276,965          

HUF

     88,029,900               Bank of America       982  

03/25/2026

USD

     9,200,000          

IDR

     154,251,735,610               Bank of America       6,107  

03/02/2026

USD

     300,000          

ILS

     935,569               Bank of America       1,338  

03/18/2026

USD

     5,250,000          

ILS

     16,392,300               Bank of America       16,191  

03/05/2026

USD

     7,800,000          

INR

     703,726,140               Bank of America       67,459  

03/06/2026

USD

     2,400,000          

INR

     216,520,560               Bank of America       21,013  

03/10/2026

USD

     11,000,000          

INR

     999,218,990               Bank of America       24,429  

03/11/2026

USD

     3,500,000          

INR

     317,865,615               Bank of America       8,771  

03/12/2026

USD

     4,100,000          

INR

     371,828,711               Bank of America       16,372  

03/17/2026

USD

     700,000          

INR

     63,524,489               Bank of America       2,593  

03/18/2026

USD

     54,709,783          

INR

     4,955,050,683               Bank of America       314,456  

03/23/2026

USD

     1,400,000          

INR

     127,086,092               Bank of America       5,388  

03/27/2026

USD

     11,000,000          

INR

     1,002,216,490               Bank of America       5,117  

03/30/2026

USD

     2,100,000          

INR

     191,237,508               Bank of America       2,501  

03/02/2026

USD

     76,896,812          

JPY

     11,987,865,828               Bank of America       113,178  

03/03/2026

USD

     77,975,911          

JPY

     12,162,847,739               Bank of America       64,889  

03/18/2026

USD

     125,862,983          

JPY

     19,563,222,311               Bank of America       379,767  

03/31/2026

USD

     9,167,524          

JPY

     1,400,000,000               Bank of America       176,924  

04/16/2026

USD

     10,327,176          

JPY

     1,604,600,000               Bank of America       6,864  

04/06/2026

USD

     400,000          

KRW

     574,308,000               Bank of America       239  

03/02/2026

USD

     48,552          

MXN

     834,577               Bank of America       105  

03/03/2026

USD

     26,643          

MXN

     458,976               Bank of America       2  

03/31/2026

USD

     463,703          

MXN

     8,000,000               Bank of America       620  

04/16/2026

USD

     9,132,488          

MXN

     157,520,000               Bank of America       26,212  

03/18/2026

USD

     1,119,780          

NOK

     10,636,024               Bank of America       1,299  

03/31/2026

USD

     360,571          

NZD

     600,000               Bank of America       171  

04/16/2026

USD

     80,003,478          

NZD

     132,995,000               Bank of America       74,852  

03/31/2026

USD

     400,000          

PLN

     1,427,861               Bank of America       421  

03/02/2026

USD

     601,539          

SEK

     5,427,950               Bank of America       182  

03/03/2026

USD

     477          

SEK

     4,307               Bank of America       0  

03/18/2026

USD

     5,579,767          

SEK

     49,940,092               Bank of America       41,521  

03/02/2026

USD

     1,345,220          

SGD

     1,699,658               Bank of America       1,226  

03/03/2026

USD

     100,000          

SGD

     126,453               Bank of America       1  

03/02/2026

USD

     1,311,787          

ZAR

     20,859,151               Bank of America       2,128  

03/03/2026

ZAR

     3,795,874          

USD

     238,260               Bank of America       50  

03/18/2026

ZAR

     375,116,771          

USD

     23,399,494               Bank of America       121,479  

03/18/2026

AUD

     85,416,228          

USD

     59,296,175               UBS AG       1,485,813  

03/03/2026

BRL

     39,705,968          

USD

     7,400,000               UBS AG       336,658  

04/02/2026

BRL

     36,172,941          

USD

     6,900,000               UBS AG       92,571  

03/02/2026

CAD

     189,179          

USD

     138,292               UBS AG       415  

03/18/2026

CAD

     81,115,518          

USD

     59,232,619               UBS AG       283,069  

03/18/2026

CNH

     133,000,000          

USD

     19,098,269               UBS AG       314,328  

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/18/2026

EUR

     4,855,540          

PLN

     20,500,000               UBS AG     $ 6,375  

03/18/2026

EUR

     4,524,853          

SEK

     48,000,000               UBS AG       29,053  

03/02/2026

EUR

     16          

USD

     19               UBS AG       0  

03/03/2026

EUR

     42,358          

USD

     49,976               UBS AG       84  

03/18/2026

EUR

     50,524,050          

USD

     59,547,307               UBS AG       214,211  

03/31/2026

IDR

     6,718,484,000          

USD

     400,000               UBS AG       377  

03/02/2026

JPY

     77,360,561          

USD

     495,467               UBS AG       36  

03/18/2026

NOK

     114,000,000          

EUR

     9,781,529               UBS AG       418,296  

03/03/2026

NOK

     1,621,054          

USD

     170,197               UBS AG       288  

03/18/2026

NOK

     328,990,497          

USD

     32,672,937               UBS AG       1,923,623  

03/18/2026

NZD

     94,167,181          

USD

     55,293,555               UBS AG       1,237,595  

03/02/2026

PLN

     500,000          

EUR

     118,402               UBS AG       6  

03/18/2026

PLN

     41,500,000          

EUR

     9,768,886               UBS AG       58,799  

03/02/2026

SEK

     1,000,000          

EUR

     93,724               UBS AG       29  

03/03/2026

SEK

     2,000,000          

EUR

     187,332               UBS AG       194  

03/18/2026

SEK

     158,000,000          

EUR

     14,589,957               UBS AG       264,366  

03/03/2026

SEK

     4,580,626          

USD

     506,512               UBS AG       997  

03/18/2026

TRY

     38,000,000          

USD

     828,521               UBS AG       22,786  

03/31/2026

TWD

     9,393,134          

USD

     300,000               UBS AG       1,637  

03/02/2026

USD

     6,208,003          

AUD

     8,718,717               UBS AG       3,378  

03/02/2026

USD

     584,956          

CNH

     4,000,000               UBS AG       1,821  

03/03/2026

USD

     510,564          

CNH

     3,500,000               UBS AG       287  

03/02/2026

USD

     2,413,643          

GBP

     1,780,298               UBS AG       14,423  

03/03/2026

USD

     2,570,903          

GBP

     1,905,791               UBS AG       2,565  

03/18/2026

USD

     45,268,365          

GBP

     33,382,394               UBS AG       278,523  

03/30/2026

USD

     10,500,000          

INR

     954,818,610               UBS AG       27,522  

03/03/2026

USD

     1,057,334          

JPY

     164,890,288               UBS AG       1,104  

03/18/2026

USD

     38,984,897          

JPY

     6,001,802,022               UBS AG       487,895  

03/02/2026

USD

     470,599          

NZD

     784,185               UBS AG       154  

03/02/2026

USD

     62,917          

ZAR

     1,000,000               UBS AG       131  

03/18/2026

ZAR

     96,000,000          

USD

     5,645,372               UBS AG       374,123  

03/02/2026

AUD

     38,961,239          

USD

     27,751,484               Bank of America       (24,941 )

03/31/2026

AUD

     18,300,000          

USD

     13,026,623               Bank of America       (5,236 )

03/31/2026

CAD

     19,900,000          

USD

     14,635,911               Bank of America       (26,574 )

03/03/2026

CHF

     258,632          

GBP

     250,000               Bank of America       (378 )

03/02/2026

CLP

     86,664,871          

USD

     101,637               Bank of America       (2,334 )

03/04/2026

CLP

     1,214,313,500          

USD

     1,400,000               Bank of America       (8,610 )

03/05/2026

CLP

     86,798,830          

USD

     100,000               Bank of America       (544 )

03/11/2026

CLP

     86,803,830          

USD

     100,000               Bank of America       (541 )

03/12/2026

CLP

     347,211,320          

USD

     400,000               Bank of America       (2,169 )

03/20/2026

CLP

     173,609,660          

USD

     200,000               Bank of America       (1,086 )

03/23/2026

CLP

     86,713,830          

USD

     100,000               Bank of America       (649 )

03/24/2026

CLP

     1,129,060,800          

USD

     1,300,000               Bank of America       (6,396 )

03/31/2026

CLP

     171,649,660          

USD

     200,000               Bank of America       (3,340 )

03/02/2026

CNH

     46,269,865          

USD

     6,760,061               Bank of America       (14,670 )

03/03/2026

CNH

     9,165,096          

USD

     1,337,591               Bank of America       (1,381 )

03/04/2026

COP

     3,665,160,000          

USD

     1,000,000               Bank of America       (24,341 )

03/05/2026

COP

     1,483,133,264          

USD

     400,000               Bank of America       (5,289 )

03/09/2026

COP

     741,722,632          

USD

     200,000               Bank of America       (2,824 )

03/12/2026

COP

     1,113,693,948          

USD

     300,000               Bank of America       (4,198 )

03/19/2026

COP

     738,624,632          

USD

     200,000               Bank of America       (4,216 )

 

 

The accompanying notes are an integral part of the financial statements.
20

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/24/2026

COP

     4,838,065,632          

USD

     1,300,000               Bank of America     $ (19,450 )

03/26/2026

COP

     373,341,316          

USD

     100,000               Bank of America       (1,240 )

03/31/2026

CZK

     4,085,857          

USD

     200,000               Bank of America       (695 )

03/31/2026

EUR

     875,000          

AUD

     1,463,526               Bank of America       (5,642 )

03/02/2026

EUR

     500,000          

CAD

     808,221               Bank of America       (1,703 )

03/31/2026

EUR

     11,000,000          

CAD

     17,742,056               Bank of America       (4,481 )

03/18/2026

EUR

     2,400,000          

CHF

     2,186,522               Bank of America       (11,761 )

03/18/2026

EUR

     1,200,000          

CZK

     29,118,766               Bank of America       (763 )

03/18/2026

EUR

     1,800,000          

HUF

     684,318,765               Bank of America       (13,891 )

03/31/2026

EUR

     200,000          

HUF

     76,266,680               Bank of America       (1,879 )

03/18/2026

EUR

     35,000,000          

JPY

     6,466,922,961               Bank of America       (81,242 )

03/18/2026

EUR

     8,050,000          

NOK

     90,903,208               Bank of America       (37,553 )

03/03/2026

EUR

     2,713,000          

USD

     3,206,855               Bank of America       (546 )

03/31/2026

EUR

     13,750,000          

USD

     16,339,102               Bank of America       (63,317 )

03/02/2026

GBP

     250,000          

CHF

     260,836               Bank of America       (2,452 )

03/03/2026

GBP

     125,000          

CHF

     129,490               Bank of America       (38 )

03/31/2026

GBP

     375,000          

CHF

     390,116               Bank of America       (4,012 )

03/02/2026

GBP

     2,801,464          

EUR

     3,200,000               Bank of America       (6,282 )

03/03/2026

GBP

     116,532          

EUR

     133,192               Bank of America       (366 )

03/18/2026

GBP

     5,501,546          

EUR

     6,350,000               Bank of America       (96,492 )

03/31/2026

GBP

     2,358,705          

EUR

     2,700,000               Bank of America       (16,950 )

03/02/2026

GBP

     250,000          

JPY

     52,641,686               Bank of America       (263 )

03/02/2026

GBP

     69,742,925          

USD

     94,479,142               Bank of America       (490,053 )

03/03/2026

GBP

     68,157,843          

USD

     91,854,986               Bank of America       (2,122 )

03/18/2026

GBP

     87,663,000          

USD

     118,384,743               Bank of America       (240,296 )

03/31/2026

GBP

     12,500,000          

USD

     17,018,238               Bank of America       (170,953 )

04/16/2026

GBP

     81,755,000          

USD

     110,460,585               Bank of America       (265,872 )

03/02/2026

HUF

     75,052,623          

EUR

     200,000               Bank of America       (1,057 )

03/02/2026

HUF

     88,099,055          

USD

     277,123               Bank of America       (923 )

03/03/2026

HUF

     36,862,668          

USD

     115,811               Bank of America       (250 )

03/25/2026

IDR

     112,377,766,970          

USD

     6,700,000               Bank of America       (1,929 )

03/02/2026

ILS

     935,569          

USD

     300,458               Bank of America       (1,796 )

03/18/2026

ILS

     34,444,758          

USD

     11,150,000               Bank of America       (152,319 )

03/31/2026

ILS

     15,695,588          

USD

     5,100,000               Bank of America       (87,837 )

03/04/2026

INR

     128,699,410          

USD

     1,419,231               Bank of America       (4,999 )

03/05/2026

INR

     705,010,743          

USD

     7,800,000               Bank of America       (53,344 )

03/06/2026

INR

     217,243,471          

USD

     2,400,000               Bank of America       (13,070 )

03/10/2026

INR

     1,001,172,308          

USD

     11,000,000               Bank of America       (2,973 )

03/11/2026

INR

     318,088,336          

USD

     3,500,000               Bank of America       (6,324 )

03/12/2026

INR

     372,040,170          

USD

     4,100,000               Bank of America       (14,050 )

03/18/2026

INR

     2,249,978,989          

USD

     24,745,335               Bank of America       (45,620 )

03/02/2026

JPY

     73,693,417          

EUR

     400,000               Bank of America       (695 )

03/18/2026

JPY

     2,189,928,403          

EUR

     12,050,000               Bank of America       (206,411 )

03/31/2026

JPY

     279,161,617          

EUR

     1,532,506               Bank of America       (21,281 )

03/31/2026

JPY

     130,324,881          

GBP

     625,000               Bank of America       (5,437 )

03/02/2026

JPY

     11,987,709,100          

USD

     76,847,078               Bank of America       (64,447 )

03/03/2026

JPY

     19,042,000          

USD

     122,088               Bank of America       (111 )

03/18/2026

JPY

     10,512,758,804          

USD

     68,250,320               Bank of America       (818,955 )

03/31/2026

JPY

     175,000,000          

USD

     1,141,096               Bank of America       (17,271 )

04/16/2026

JPY

     10,285,000,000          

USD

     67,160,265               Bank of America       (1,010,193 )

03/03/2026

KRW

     877,801,360          

USD

     610,608               Bank of America       (320 )

 

 

The accompanying notes are an integral part of the financial statements.
21

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/10/2026

KRW

     574,739,053          

USD

     400,000               Bank of America     $ (323 )

04/03/2026

KRW

     426,652,090          

USD

     300,000               Bank of America       (3,047 )

03/03/2026

MXN

     458,976          

USD

     26,648               Bank of America       (7 )

03/31/2026

MXN

     248,500,000          

USD

     14,440,907               Bank of America       (56,379 )

03/31/2026

NOK

     51,232,134          

USD

     5,400,000               Bank of America       (12,907 )

03/31/2026

NZD

     11,100,000          

USD

     6,723,891               Bank of America       (56,495 )

03/31/2026

PLN

     10,984,254          

EUR

     2,600,000               Bank of America       (3,722 )

03/18/2026

PLN

     58,418,922          

USD

     16,505,576               Bank of America       (157,062 )

03/31/2026

PLN

     58,392,235          

USD

     16,400,000               Bank of America       (59,265 )

04/16/2026

PLN

     108,950,000          

USD

     30,520,862               Bank of America       (31,415 )

03/18/2026

SEK

     296,158,747          

EUR

     28,000,000               Bank of America       (275,978 )

03/31/2026

SEK

     124,136,984          

EUR

     11,750,000               Bank of America       (130,835 )

03/31/2026

SEK

     83,311,476          

NOK

     89,000,000               Bank of America       (111,937 )

03/18/2026

SEK

     219,384,678          

USD

     24,555,366               Bank of America       (226,092 )

03/31/2026

SEK

     77,241,904          

USD

     8,700,000               Bank of America       (127,171 )

03/02/2026

SGD

     1,699,658          

USD

     1,346,115               Bank of America       (2,121 )

03/03/2026

SGD

     126,453          

USD

     100,002               Bank of America       (3 )

03/18/2026

SGD

     54,549,919          

USD

     43,238,138               Bank of America       (47,650 )

03/31/2026

SGD

     27,428,520          

USD

     21,800,000               Bank of America       (60,350 )

03/31/2026

TRY

     365,567,556          

USD

     8,100,000               Bank of America       (219 )

03/02/2026

USD

     27,681,244          

AUD

     38,962,570               Bank of America       (46,246 )

03/03/2026

USD

     1,154,848          

AUD

     1,623,000               Bank of America       (149 )

03/18/2026

USD

     42,362,329          

AUD

     61,497,720               Bank of America       (1,399,304 )

04/16/2026

USD

     574,940          

AUD

     815,000               Bank of America       (4,923 )

03/03/2026

USD

     21,783,830          

BRL

     113,628,630               Bank of America       (356,567 )

04/02/2026

USD

     549,997          

BRL

     2,847,034               Bank of America       (361 )

03/18/2026

USD

     56,862,052          

CAD

     78,213,618               Bank of America       (524,468 )

03/31/2026

USD

     4,105,453          

CAD

     5,600,000               Bank of America       (5,718 )

04/16/2026

USD

     61,750,984          

CAD

     84,312,000               Bank of America       (189,978 )

03/02/2026

USD

     4,903,677          

CHF

     3,792,232               Bank of America       (30,276 )

03/03/2026

USD

     1,095,105          

CHF

     846,000               Bank of America       (5,719 )

03/18/2026

USD

     28,828,757          

CHF

     22,441,963               Bank of America       (428,744 )

03/31/2026

USD

     2,435,850          

CHF

     1,875,000               Bank of America       (12,608 )

03/18/2026

USD

     18,473,106          

CNH

     127,138,735               Bank of America       (83,984 )

03/31/2026

USD

     4,100,000          

CNH

     28,118,998               Bank of America       (8,237 )

03/18/2026

USD

     3,349,983          

COP

     12,851,857,748               Bank of America       (57,591 )

04/06/2026

USD

     500,000          

COP

     1,895,737,823               Bank of America       (129 )

03/02/2026

USD

     4,924,758          

EUR

     4,170,836               Bank of America       (4,226 )

03/03/2026

USD

     3,484,106          

EUR

     2,950,836               Bank of America       (3,285 )

03/18/2026

USD

     101,149,953          

EUR

     85,683,000               Bank of America       (198,734 )

04/16/2026

USD

     114,988,712          

EUR

     97,113,000               Bank of America       (41,374 )

03/03/2026

USD

     200,000          

HUF

     63,830,000               Bank of America       (102 )

03/18/2026

USD

     1,099,458          

HUF

     352,610,225               Bank of America       (4,765 )

03/04/2026

USD

     1,400,000          

INR

     128,699,411               Bank of America       (14,232 )

03/03/2026

USD

     600,000          

KRW

     877,801,367               Bank of America       (10,288 )

03/04/2026

USD

     8,100,000          

KRW

     11,763,336,381               Bank of America       (78,639 )

03/05/2026

USD

     1,900,000          

KRW

     2,751,748,757               Bank of America       (13,248 )

03/09/2026

USD

     2,000,000          

KRW

     2,922,920,000               Bank of America       (32,543 )

03/10/2026

USD

     400,000          

KRW

     587,008,000               Bank of America       (8,209 )

03/18/2026

USD

     59,973,668          

KRW

     87,714,737,753               Bank of America       (1,041,736 )

03/20/2026

USD

     8,100,000          

KRW

     11,682,513,500               Bank of America       (27,094 )

 

 

The accompanying notes are an integral part of the financial statements.
22

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/24/2026

USD

     1,900,000          

KRW

     2,751,067,000               Bank of America     $ (14,098 )

03/31/2026

USD

     2,000,000          

KRW

     2,880,420,000               Bank of America       (4,598 )

03/18/2026

USD

     7,037,270          

MXN

     123,184,529               Bank of America       (102,355 )

03/02/2026

USD

     703,498          

NOK

     6,696,857               Bank of America       (811 )

03/03/2026

USD

     44,989          

NOK

     429,063               Bank of America       (135 )

03/02/2026

USD

     1,362,772          

NZD

     2,275,000               Bank of America       (2,037 )

03/03/2026

USD

     185,282          

NZD

     309,000               Bank of America       (99 )

03/18/2026

USD

     22,080,595          

NZD

     37,539,000               Bank of America       (455,100 )

03/18/2026

USD

     1,100,000          

PEN

     3,697,572               Bank of America       (1,720 )

03/18/2026

USD

     4,350,000          

PHP

     257,766,197               Bank of America       (117,296 )

03/02/2026

USD

     1,579,034          

PLN

     5,642,551               Bank of America       (97 )

03/03/2026

USD

     341,493          

PLN

     1,221,256               Bank of America       (287 )

03/18/2026

USD

     4,247,303          

PLN

     15,198,863               Bank of America       (6,094 )

03/18/2026

USD

     13,836,160          

SGD

     17,606,396               Bank of America       (103,894 )

04/15/2026

USD

     922,056          

SGD

     1,165,103               Bank of America       (2,298 )

03/18/2026

USD

     4,700,000          

THB

     147,451,097               Bank of America       (51,422 )

03/05/2026

USD

     1,400,000          

TWD

     44,209,200               Bank of America       (17,011 )

03/06/2026

USD

     600,000          

TWD

     18,795,550               Bank of America       (2,481 )

03/11/2026

USD

     300,000          

TWD

     9,490,217               Bank of America       (4,316 )

03/12/2026

USD

     100,000          

TWD

     3,157,956               Bank of America       (1,271 )

03/13/2026

USD

     100,000          

TWD

     3,143,000               Bank of America       (799 )

03/18/2026

USD

     38,494,270          

TWD

     1,201,666,290               Bank of America       (58,610 )

03/25/2026

USD

     1,400,000          

TWD

     44,051,000               Bank of America       (14,012 )

03/18/2026

USD

     5,250,406          

ZAR

     84,401,658               Bank of America       (41,837 )

03/31/2026

USD

     200,000          

ZAR

     3,202,854               Bank of America       (613 )

03/02/2026

ZAR

     20,859,150          

USD

     1,313,313               Bank of America       (3,655 )

03/31/2026

ZAR

     168,967,465          

USD

     10,600,000               Bank of America       (16,583 )

03/02/2026

AUD

     8,718,717          

USD

     6,208,625               UBS AG       (3,999 )

03/31/2026

CLP

     1,473,827,140          

USD

     1,700,000               UBS AG       (11,429 )

03/02/2026

CNH

     4,000,000          

USD

     585,032               UBS AG       (1,898 )

03/03/2026

CNH

     3,500,000          

USD

     510,916               UBS AG       (639 )

03/18/2026

EUR

     4,839,901          

NOK

     58,000,000               UBS AG       (374,470 )

03/02/2026

EUR

     118,399          

PLN

     500,000               UBS AG       (10 )

03/02/2026

EUR

     93,719          

SEK

     1,000,000               UBS AG       (34 )

03/03/2026

EUR

     187,281          

SEK

     2,000,000               UBS AG       (255 )

03/02/2026

GBP

     1,780,298          

USD

     2,416,585               UBS AG       (17,366 )

03/03/2026

GBP

     1,905,791          

USD

     2,570,447               UBS AG       (2,110 )

03/18/2026

GBP

     35,550,211          

USD

     48,103,814               UBS AG       (192,380 )

03/30/2026

INR

     18,204,340          

USD

     200,000               UBS AG       (334 )

03/03/2026

JPY

     164,890,288          

USD

     1,057,047               UBS AG       (816 )

03/18/2026

JPY

     16,974,216,403          

USD

     109,298,510               UBS AG       (421,801 )

03/31/2026

KRW

     1,719,740,270          

USD

     1,200,000               UBS AG       (3,165 )

03/02/2026

NZD

     784,185          

USD

     470,574               UBS AG       (129 )

03/31/2026

PHP

     28,843,200          

USD

     500,000               UBS AG       (336 )

03/18/2026

SEK

     242,046,154          

USD

     27,071,612               UBS AG       (229,230 )

03/18/2026

USD

     79,687,439          

AUD

     114,648,710               UBS AG       (1,896,316 )

03/03/2026

USD

     7,400,000          

BRL

     38,557,769               UBS AG       (112,933 )

03/02/2026

USD

     138,319          

CAD

     189,179               UBS AG       (388 )

03/18/2026

USD

     35,952,224          

CAD

     49,082,369               UBS AG       (60,256 )

03/18/2026

USD

     4,471,021          

CNH

     31,000,000               UBS AG       (53,720 )

03/03/2026

USD

     49,967          

EUR

     42,351               UBS AG       (84 )

 

 

The accompanying notes are an integral part of the financial statements.
23

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Settlement
Date

  

Currency
Purchased

            

Currency Sold

            

Counterparty

    

Unrealized
Appreciation
(Depreciation)

  

03/18/2026

USD

     39,652,083          

EUR

     33,559,591               UBS AG     $ (43,312 )

03/31/2026

USD

     4,700,000          

IDR

     79,205,352,000               UBS AG       (20,111 )

03/02/2026

USD

     495,425          

JPY

     77,360,561               UBS AG       (78 )

03/31/2026

USD

     5,200,000          

KRW

     7,531,931,530               UBS AG       (41,768 )

03/03/2026

USD

     169,834          

NOK

     1,621,054               UBS AG       (651 )

03/18/2026

USD

     35,526,956          

NOK

     348,849,103               UBS AG       (1,157,930 )

03/18/2026

USD

     21,738,808          

NZD

     36,586,107               UBS AG       (224,839 )

03/31/2026

USD

     200,000          

PHP

     11,647,600               UBS AG       (1,777 )

03/03/2026

USD

     506,125          

SEK

     4,580,626               UBS AG       (1,384 )

03/18/2026

USD

     99,447,776          

SEK

     916,308,500               UBS AG       (2,168,805 )

03/18/2026

USD

     345,436          

TRY

     15,500,000               UBS AG       (1,808 )

03/31/2026

USD

     3,100,000          

TWD

     97,448,233               UBS AG       (29,305 )

03/18/2026

USD

     1,802,021          

ZAR

     29,000,000               UBS AG       (16,368 )

03/02/2026

ZAR

     1,000,000          

USD

     62,916               UBS AG       (131 )

Net Unrealized Appreciation (Depreciation)

                           $ 4,491,914  

 

AUD -

Australian Dollars

  

KRW -

South Korean Won

BRL -

Brazilian Real

  

MXN -

Mexican Peso

CAD -

Canadian Dollar

  

NOK -

Norwegian Krone

CHF -

Swiss Franc

  

NZD -

New Zealand Dollar

CLP -

Chilean Peso

  

PEN -

Peruvian Sol

CNH -

Chinese Offshore Renminbi

  

PHP -

Philippine Peso

COP -

Colombian Peso

  

PLN -

Polish Zloty

CZK -

Czech Republic Koruna

  

SEK -

Swedish Krona

EUR -

Euro

  

SGD -

Singapore Dollar

GBP -

British Pound

  

THB -

Thai Baht

HUF -

Hungarian Forint

  

TRY -

Turkish Lira

IDR -

Indonesian Rupiah

  

TWD -

New Taiwan Dollar

ILS -

Israeli New Shekel

  

USD -

United States Dollar

INR -

Indian Rupee

  

ZAR -

South African Rand

JPY -

Japanese Yen

      

 

 

 

The accompanying notes are an integral part of the financial statements.
24

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Interest rate swap contracts outstanding as of February 28, 2026 were as follows:

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Receive

1 mo. SARON

     -0.19%       03/18/2028          

CHF

     605,914     $ —  

Receive

1 mo. SARON

     0.11%       03/18/2031          

CHF

     2,700,000       (173 )

Receive

1 mo. SARON

     0.38%       03/18/2031          

CHF

     900,000       (16,296 )

Receive

1 mo. SARON

     0.44%       03/18/2036          

CHF

     1,500,000       (3,751 )

Receive

1 mo. SARON

     0.67%       03/18/2036          

CHF

     250,000       (8,197 )

Receive

1 mo. SARON

     0.69%       03/18/2036          

CHF

     750,000       (26,300 )

Receive

1 mo. WIBOR

     3.52%       03/18/2028          

PLN

     10,000,000       1,485  

Receive

1 mo. WIBOR

     3.52%       03/18/2028          

PLN

     85,000,000       12,440  

Receive

1 mo. WIBOR

     3.75%       03/18/2031          

PLN

     2,000,000       (16 )

Receive

1 mo. WIBOR

     3.75%       03/18/2031          

PLN

     36,000,000       1,966  

Receive

1 mo. WIBOR

     3.78%       03/18/2031          

PLN

     2,000,000       (742 )

Receive

1 mo. WIBOR

     4.17%       03/18/2036          

PLN

     2,000,000       (993 )

Receive

1 mo. WIBOR

     4.37%       03/18/2036          

PLN

     1,000,000       (4,936 )

Receive

1 mo. WIBOR

     4.17%       03/18/2036          

PLN

     20,000,000       (9,475 )

Receive

1 mo. WIBOR

     4.27%       03/18/2036          

PLN

     1,000,000       (2,705 )

Receive

28D TIIE

     6.76%       03/15/2028          

MXN

     525,000,000       (25,925 )

Receive

28D TIIE

     7.27%       03/15/2028          

MXN

     75,000,000       (45,236 )

Receive

28D TIIE

     6.73%       03/15/2028          

MXN

     25,000,000       (280 )

Receive

28D TIIE

     7.83%       03/12/2031          

MXN

     30,000,000       (48,770 )

Receive

28D TIIE

     7.22%       03/12/2031          

MXN

     210,000,000       (26,825 )

Receive

28D TIIE

     8.23%       03/05/2036          

MXN

     20,000,000       (45,389 )

Receive

28D TIIE

     7.68%       03/05/2036          

MXN

     120,000,000       —  

Receive

3 mo. BKBM

     3.32%       06/17/2028          

NZD

     4,000,000       (9,890 )

Receive

3 mo. BKBM

     3.30%       06/17/2028          

NZD

     6,000,000       (13,621 )

Receive

3 mo. BKBM

     3.27%       06/17/2028          

NZD

     6,000,000       (11,297 )

Receive

3 mo. BKBM

     3.36%       06/17/2028          

NZD

     6,000,000       (17,714 )

Receive

3 mo. BKBM

     3.84%       06/17/2031          

NZD

     1,500,000       (10,146 )

Receive

3 mo. BKBM

     3.88%       06/17/2031          

NZD

     1,500,000       (11,702 )

Receive

3 mo. BKBM

     3.89%       06/17/2031          

NZD

     1,500,000       (12,035 )

Receive

3 mo. BKBM

     4.00%       06/17/2031          

NZD

     750,000       (8,276 )

Receive

3 mo. BKBM

     4.28%       06/17/2036          

NZD

     800,000       (10,958 )

Receive

3 mo. BKBM

     4.31%       06/17/2036          

NZD

     800,000       (11,995 )

Receive

3 mo. BKBM

     4.35%       06/17/2036          

NZD

     400,000       (6,755 )

Receive

3 mo. BKBM

     4.25%       06/17/2036          

NZD

     800,000       (9,762 )

Receive

3 mo. BUBOR

     5.76%       06/17/2028          

HUF

     400,000,000       (3,432 )

Receive

3 mo. BUBOR

     6.19%       06/17/2028          

HUF

     2,400,000,000       (80,331 )

Receive

3 mo. BUBOR

     6.43%       06/17/2031          

HUF

     600,000,000       (55,237 )

Receive

3 mo. BUBOR

     5.79%       06/17/2031          

HUF

     300,000,000       (2,042 )

Receive

3 mo. BUBOR

     6.16%       06/17/2036          

HUF

     225,000,000       (3,355 )

Receive

3 mo. BUBOR

     6.82%       06/17/2036          

HUF

     225,000,000       (37,777 )

Receive

3 mo. BUBOR

     6.53%       06/17/2036          

HUF

     75,000,000       (7,558 )

Receive

3 mo. JIBAR

     6.26%       06/17/2028          

ZAR

     20,000,000       —  

Receive

3 mo. JIBAR

     6.35%       06/17/2028          

ZAR

     20,000,000       (1,203 )

Receive

3 mo. JIBAR

     6.29%       06/17/2028          

ZAR

     40,000,000       717  

Receive

3 mo. JIBAR

     6.26%       06/17/2028          

ZAR

     80,000,000       3,655  

Receive

3 mo. JIBAR

     6.80%       06/17/2031          

ZAR

     20,000,000       (10,367 )

Receive

3 mo. JIBAR

     7.51%       06/17/2036          

ZAR

     15,000,000       (13,196 )

Receive

3 mo. JIBAR

     7.65%       06/17/2036          

ZAR

     10,000,000       (15,072 )

Receive

3 mo. NIBOR

     4.41%       06/17/2028          

NOK

     20,000,000       (2,938 )

 

The accompanying notes are an integral part of the financial statements.
25

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Receive

3 mo. NIBOR

     4.11%       06/17/2028          

NOK

     20,000,000     $ 8,888  

Receive

3 mo. NIBOR

     4.14%       06/17/2028          

NOK

     20,000,000       7,710  

Receive

3 mo. NIBOR

     4.17%       06/17/2028          

NOK

     10,000,000       3,089  

Receive

3 mo. NIBOR

     4.08%       06/17/2028          

NOK

     310,000,000       155,433  

Receive

3 mo. NIBOR

     4.17%       06/17/2028          

NOK

     10,000,000       3,118  

Receive

3 mo. NIBOR

     4.10%       06/17/2031          

NOK

     8,000,000       3,006  

Receive

3 mo. NIBOR

     4.08%       06/17/2031          

NOK

     120,000,000       56,224  

Receive

3 mo. NIBOR

     4.15%       06/17/2031          

NOK

     4,000,000       575  

Receive

3 mo. NIBOR

     4.32%       06/17/2031          

NOK

     8,000,000       (4,862 )

Receive

3 mo. NIBOR

     4.11%       06/17/2031          

NOK

     8,000,000       2,820  

Receive

3 mo. NIBOR

     4.19%       06/17/2036          

NOK

     6,000,000       (675 )

Receive

3 mo. NIBOR

     4.22%       06/17/2036          

NOK

     4,000,000       (1,503 )

Receive

3 mo. NIBOR

     4.21%       06/17/2036          

NOK

     2,000,000       (497 )

Receive

3 mo. NIBOR

     4.33%       06/17/2036          

NOK

     4,000,000       (5,373 )

Receive

3 mo. NIBOR

     4.16%       06/17/2036          

NOK

     72,000,000       7,178  

Receive

3 mo. PRIBOR

     3.92%       06/17/2028          

CZK

     480,000,000       (264,473 )

Receive

3 mo. PRIBOR

     4.15%       06/17/2031          

CZK

     200,000,000       (258,441 )

Receive

3 mo. PRIBOR

     4.38%       06/17/2036          

CZK

     110,000,000       (230,149 )

Receive

3 mo. SORA

     1.70%       03/18/2028          

SGD

     2,000,000       (13,123 )

Receive

3 mo. SORA

     1.33%       03/18/2028          

SGD

     30,000,000       (24,155 )

Receive

3 mo. SORA

     1.66%       03/18/2031          

SGD

     7,500,000       (21,941 )

Receive

3 mo. SORA

     2.05%       03/18/2031          

SGD

     750,000       (13,436 )

Receive

3 mo. SORA

     2.33%       03/18/2036          

SGD

     400,000       (11,613 )

Receive

3 mo. SORA

     2.00%       03/18/2036          

SGD

     2,000,000       (10,397 )

Receive

3 mo. STIBOR

     2.00%       03/18/2028          

SEK

     140,000,000       (5,901 )

Receive

3 mo. STIBOR

     2.23%       03/18/2028          

SEK

     20,000,000       (10,742 )

Receive

3 mo. STIBOR

     2.36%       03/18/2028          

SEK

     100,000,000       (82,241 )

Receive

3 mo. STIBOR

     2.62%       03/18/2031          

SEK

     12,000,000       (21,016 )

Receive

3 mo. STIBOR

     2.33%       03/18/2031          

SEK

     72,000,000       (16,966 )

Receive

3 mo. STIBOR

     2.55%       03/18/2031          

SEK

     4,000,000       (5,638 )

Receive

3 mo. STIBOR

     2.72%       03/18/2031          

SEK

     128,000,000       (289,953 )

Receive

3 mo. STIBOR

     3.15%       03/18/2036          

SEK

     32,200,710       —  

Pay

1 mo. SARON

     0.14%       03/18/2028          

CHF

     605,914       —  

Pay

1 mo. SARON

     -0.05%       09/16/2028          

CHF

     1,150,000       711  

Pay

1 mo. SARON

     -0.05%       09/16/2028          

CHF

     4,600,000       2,540  

Pay

1 mo. SARON

     0.22%       03/18/2031          

CHF

     450,000       3,444  

Pay

1 mo. SARON

     0.15%       03/18/2031          

CHF

     900,000       2,438  

Pay

1 mo. SARON

     0.31%       03/18/2031          

CHF

     450,000       5,967  

Pay

1 mo. SARON

     0.14%       03/18/2031          

CHF

     450,000       907  

Pay

1 mo. SARON

     0.16%       03/18/2031          

CHF

     450,000       1,664  

Pay

1 mo. SARON

     0.31%       03/18/2031          

CHF

     450,000       5,893  

Pay

1 mo. SARON

     0.25%       03/18/2031          

CHF

     450,000       4,201  

Pay

1 mo. SARON

     0.17%       09/16/2031          

CHF

     2,700,000       209  

Pay

1 mo. SARON

     0.19%       09/16/2031          

CHF

     450,000       687  

Pay

1 mo. SARON

     0.59%       03/18/2036          

CHF

     250,000       5,543  

Pay

1 mo. SARON

     0.68%       03/18/2036          

CHF

     250,000       8,441  

Pay

1 mo. SARON

     0.66%       03/18/2036          

CHF

     250,000       7,643  

Pay

1 mo. SARON

     0.47%       03/18/2036          

CHF

     250,000       1,439  

Pay

1 mo. SARON

     0.56%       03/18/2036          

CHF

     250,000       4,517  

Pay

1 mo. SARON

     0.55%       03/18/2036          

CHF

     250,000       4,175  

 

 

The accompanying notes are an integral part of the financial statements.
26

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

1 mo. SARON

     0.64%       03/18/2036          

CHF

     250,000     $ 6,992  

Pay

1 mo. SARON

     0.48%       03/18/2036          

CHF

     750,000       5,686  

Pay

1 mo. SARON

     0.51%       09/16/2036          

CHF

     250,000       924  

Pay

1 mo. SARON

     0.50%       09/16/2036          

CHF

     1,500,000       3,986  

Pay

1 mo. SARON

     0.49%       09/16/2036          

CHF

     250,000       —  

Pay

1 mo. WIBOR

     3.55%       03/18/2028          

PLN

     10,000,000       58  

Pay

1 mo. WIBOR

     3.70%       03/18/2028          

PLN

     85,000,000       69,671  

Pay

1 mo. WIBOR

     3.50%       09/16/2028          

PLN

     85,000,000       (11,060 )

Pay

1 mo. WIBOR

     3.80%       03/18/2031          

PLN

     4,000,000       2,609  

Pay

1 mo. WIBOR

     3.94%       03/18/2031          

PLN

     36,000,000       85,871  

Pay

1 mo. WIBOR

     3.80%       09/16/2031          

PLN

     36,000,000       (275 )

Pay

1 mo. WIBOR

     4.26%       03/18/2036          

PLN

     2,000,000       2,428  

Pay

1 mo. WIBOR

     4.18%       03/18/2036          

PLN

     1,000,000       755  

Pay

1 mo. WIBOR

     4.36%       03/18/2036          

PLN

     21,000,000       99,868  

Pay

1 mo. WIBOR

     4.24%       09/16/2036          

PLN

     20,000,000       11,025  

Pay

28D TIIE

     6.92%       03/15/2028          

MXN

     50,000,000       11,062  

Pay

28D TIIE

     7.26%       03/15/2028          

MXN

     50,000,000       29,884  

Pay

28D TIIE

     6.85%       03/15/2028          

MXN

     25,000,000       3,690  

Pay

28D TIIE

     7.14%       03/15/2028          

MXN

     25,000,000       11,464  

Pay

28D TIIE

     7.22%       03/15/2028          

MXN

     50,000,000       27,571  

Pay

28D TIIE

     7.12%       03/15/2028          

MXN

     25,000,000       11,123  

Pay

28D TIIE

     7.39%       03/15/2028          

MXN

     400,000,000       292,980  

Pay

28D TIIE

     6.88%       09/14/2028          

MXN

     525,000,000       26,795  

Pay

28D TIIE

     7.30%       03/12/2031          

MXN

     20,000,000       6,607  

Pay

28D TIIE

     7.62%       03/12/2031          

MXN

     20,000,000       21,954  

Pay

28D TIIE

     7.31%       03/12/2031          

MXN

     20,000,000       6,975  

Pay

28D TIIE

     7.63%       03/12/2031          

MXN

     10,000,000       11,345  

Pay

28D TIIE

     7.41%       03/12/2031          

MXN

     20,000,000       11,886  

Pay

28D TIIE

     7.85%       03/12/2031          

MXN

     150,000,000       251,217  

Pay

28D TIIE

     7.28%       09/11/2031          

MXN

     10,000,000       —  

Pay

28D TIIE

     7.35%       09/11/2031          

MXN

     210,000,000       25,950  

Pay

28D TIIE

     7.96%       03/05/2036          

MXN

     5,000,000       5,970  

Pay

28D TIIE

     7.83%       03/05/2036          

MXN

     15,000,000       9,614  

Pay

28D TIIE

     8.25%       03/05/2036          

MXN

     95,000,000       224,939  

Pay

28D TIIE

     8.03%       03/05/2036          

MXN

     5,000,000       7,353  

Pay

28D TIIE

     7.80%       03/05/2036          

MXN

     10,000,000       5,221  

Pay

28D TIIE

     7.90%       03/05/2036          

MXN

     10,000,000       9,277  

Pay

28D TIIE

     7.79%       09/04/2036          

MXN

     120,000,000       —  

Pay

28D TIIE

     7.78%       09/04/2036          

MXN

     5,000,000       —  

Pay

3 mo. BKBM

     3.21%       06/17/2028          

NZD

     4,000,000       4,849  

Pay

3 mo. BKBM

     3.32%       06/17/2028          

NZD

     2,000,000       4,991  

Pay

3 mo. BKBM

     3.25%       06/17/2028          

NZD

     4,000,000       6,375  

Pay

3 mo. BKBM

     3.21%       06/17/2028          

NZD

     2,000,000       2,376  

Pay

3 mo. BKBM

     3.14%       06/17/2028          

NZD

     4,000,000       1,565  

Pay

3 mo. BKBM

     3.11%       06/17/2028          

NZD

     4,000,000       131  

Pay

3 mo. BKBM

     3.26%       06/17/2028          

NZD

     4,000,000       7,069  

Pay

3 mo. BKBM

     3.09%       06/17/2028          

NZD

     4,000,000       (910 )

Pay

3 mo. BKBM

     3.28%       06/17/2028          

NZD

     2,000,000       4,066  

Pay

3 mo. BKBM

     3.18%       06/17/2028          

NZD

     4,000,000       3,369  

Pay

3 mo. BKBM

     3.11%       06/17/2028          

NZD

     2,000,000       135  

 

 

The accompanying notes are an integral part of the financial statements.
27

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

3 mo. BKBM

     3.41%       06/17/2028          

NZD

     28,000,000     $ 99,048  

Pay

3 mo. BKBM

     3.32%       06/17/2028          

NZD

     2,000,000       4,806  

Pay

3 mo. BKBM

     3.70%       06/17/2031          

NZD

     1,500,000       4,520  

Pay

3 mo. BKBM

     3.61%       06/17/2031          

NZD

     1,500,000       537  

Pay

3 mo. BKBM

     3.65%       06/17/2031          

NZD

     750,000       1,190  

Pay

3 mo. BKBM

     3.77%       06/17/2031          

NZD

     750,000       3,656  

Pay

3 mo. BKBM

     3.63%       06/17/2031          

NZD

     750,000       833  

Pay

3 mo. BKBM

     3.68%       06/17/2031          

NZD

     1,500,000       3,617  

Pay

3 mo. BKBM

     3.81%       06/17/2031          

NZD

     1,500,000       9,037  

Pay

3 mo. BKBM

     3.91%       06/17/2031          

NZD

     5,250,000       45,714  

Pay

3 mo. BKBM

     3.59%       06/17/2031          

NZD

     1,500,000       —  

Pay

3 mo. BKBM

     3.75%       06/17/2031          

NZD

     1,500,000       6,450  

Pay

3 mo. BKBM

     3.78%       06/17/2031          

NZD

     750,000       3,779  

Pay

3 mo. BKBM

     3.60%       06/17/2031          

NZD

     1,500,000       393  

Pay

3 mo. BKBM

     3.78%       06/17/2031          

NZD

     1,500,000       7,538  

Pay

3 mo. BKBM

     4.19%       06/17/2036          

NZD

     800,000       7,249  

Pay

3 mo. BKBM

     4.00%       06/17/2036          

NZD

     400,000       —  

Pay

3 mo. BKBM

     4.18%       06/17/2036          

NZD

     400,000       3,425  

Pay

3 mo. BKBM

     4.10%       06/17/2036          

NZD

     800,000       3,799  

Pay

3 mo. BKBM

     4.30%       06/17/2036          

NZD

     2,000,000       29,489  

Pay

3 mo. BKBM

     4.16%       06/17/2036          

NZD

     1,600,000       12,185  

Pay

3 mo. BKBM

     4.25%       06/17/2036          

NZD

     800,000       9,801  

Pay

3 mo. BKBM

     4.07%       06/17/2036          

NZD

     800,000       2,303  

Pay

3 mo. BKBM

     4.09%       06/17/2036          

NZD

     400,000       1,730  

Pay

3 mo. BKBM

     4.06%       06/17/2036          

NZD

     800,000       1,905  

Pay

3 mo. BUBOR

     5.90%       06/17/2028          

HUF

     400,000,000       6,773  

Pay

3 mo. BUBOR

     5.71%       06/17/2028          

HUF

     400,000,000       2,287  

Pay

3 mo. BUBOR

     5.75%       06/17/2028          

HUF

     400,000,000       3,317  

Pay

3 mo. BUBOR

     5.55%       06/17/2028          

HUF

     400,000,000       (1,352 )

Pay

3 mo. BUBOR

     5.80%       06/17/2028          

HUF

     800,000,000       8,694  

Pay

3 mo. BUBOR

     5.76%       06/17/2028          

HUF

     800,000,000       7,207  

Pay

3 mo. BUBOR

     5.92%       06/17/2028          

HUF

     400,000,000       7,140  

Pay

3 mo. BUBOR

     6.06%       06/17/2031          

HUF

     150,000,000       6,485  

Pay

3 mo. BUBOR

     6.04%       06/17/2031          

HUF

     150,000,000       5,990  

Pay

3 mo. BUBOR

     6.17%       06/17/2031          

HUF

     300,000,000       17,245  

Pay

3 mo. BUBOR

     5.75%       06/17/2031          

HUF

     150,000,000       308  

Pay

3 mo. BUBOR

     6.13%       06/17/2031          

HUF

     150,000,000       7,811  

Pay

3 mo. BUBOR

     6.00%       06/17/2031          

HUF

     150,000,000       5,198  

Pay

3 mo. BUBOR

     5.74%       06/17/2031          

HUF

     150,000,000       150  

Pay

3 mo. BUBOR

     6.13%       06/17/2031          

HUF

     150,000,000       7,752  

Pay

3 mo. BUBOR

     6.35%       06/17/2036          

HUF

     75,000,000       4,486  

Pay

3 mo. BUBOR

     6.15%       06/17/2036          

HUF

     75,000,000       1,032  

Pay

3 mo. BUBOR

     6.50%       06/17/2036          

HUF

     75,000,000       7,055  

Pay

3 mo. BUBOR

     6.45%       06/17/2036          

HUF

     75,000,000       6,126  

Pay

3 mo. BUBOR

     6.43%       06/17/2036          

HUF

     75,000,000       5,736  

Pay

3 mo. BUBOR

     6.53%       06/17/2036          

HUF

     75,000,000       7,472  

Pay

3 mo. BUBOR

     6.57%       06/17/2036          

HUF

     75,000,000       8,270  

Pay

3 mo. BUBOR

     6.28%       06/17/2036          

HUF

     75,000,000       3,167  

Pay

3 mo. BUBOR

     6.59%       06/17/2036          

HUF

     150,000,000       17,130  

Pay

3 mo. BUBOR

     6.12%       06/17/2036          

HUF

     75,000,000       407  

 

 

The accompanying notes are an integral part of the financial statements.
28

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

3 mo. JIBAR

     6.41%       06/17/2028          

ZAR

     540,000,000     $ 68,396  

Pay

3 mo. JIBAR

     6.23%       06/17/2028          

ZAR

     20,000,000       (1,631 )

Pay

3 mo. JIBAR

     6.24%       06/17/2028          

ZAR

     40,000,000       (2,799 )

Pay

3 mo. JIBAR

     6.35%       06/17/2028          

ZAR

     40,000,000       2,313  

Pay

3 mo. JIBAR

     6.25%       06/17/2028          

ZAR

     20,000,000       (1,284 )

Pay

3 mo. JIBAR

     6.73%       06/17/2031          

ZAR

     10,000,000       3,261  

Pay

3 mo. JIBAR

     6.86%       06/17/2031          

ZAR

     240,000,000       159,815  

Pay

3 mo. JIBAR

     7.18%       06/17/2036          

ZAR

     5,000,000       (3,086 )

Pay

3 mo. JIBAR

     7.52%       06/17/2036          

ZAR

     5,000,000       4,692  

Pay

3 mo. JIBAR

     7.64%       06/17/2036          

ZAR

     10,000,000       14,437  

Pay

3 mo. JIBAR

     7.72%       06/17/2036          

ZAR

     140,000,000       252,420  

Pay

3 mo. NIBOR

     4.04%       06/17/2028          

NOK

     20,000,000       (11,324 )

Pay

3 mo. NIBOR

     4.31%       06/17/2028          

NOK

     30,000,000       (1,310 )

Pay

3 mo. NIBOR

     4.12%       06/17/2028          

NOK

     40,000,000       (16,598 )

Pay

3 mo. NIBOR

     4.06%       06/17/2028          

NOK

     30,000,000       (15,808 )

Pay

3 mo. NIBOR

     4.03%       06/17/2028          

NOK

     20,000,000       (12,032 )

Pay

3 mo. NIBOR

     4.06%       06/17/2028          

NOK

     20,000,000       (10,735 )

Pay

3 mo. NIBOR

     4.07%       06/17/2028          

NOK

     20,000,000       (10,185 )

Pay

3 mo. NIBOR

     4.33%       06/17/2028          

NOK

     10,000,000       (44 )

Pay

3 mo. NIBOR

     4.04%       06/17/2028          

NOK

     30,000,000       (17,429 )

Pay

3 mo. NIBOR

     3.99%       06/17/2028          

NOK

     30,000,000       (20,228 )

Pay

3 mo. NIBOR

     3.99%       06/17/2028          

NOK

     20,000,000       (13,387 )

Pay

3 mo. NIBOR

     4.06%       06/17/2031          

NOK

     8,000,000       (4,825 )

Pay

3 mo. NIBOR

     4.07%       06/17/2031          

NOK

     8,000,000       (4,194 )

Pay

3 mo. NIBOR

     4.06%       06/17/2031          

NOK

     12,000,000       (6,819 )

Pay

3 mo. NIBOR

     4.02%       06/17/2031          

NOK

     16,000,000       (12,098 )

Pay

3 mo. NIBOR

     4.01%       06/17/2031          

NOK

     8,000,000       (6,550 )

Pay

3 mo. NIBOR

     4.04%       06/17/2031          

NOK

     8,000,000       (5,381 )

Pay

3 mo. NIBOR

     4.10%       06/17/2036          

NOK

     2,000,000       (1,371 )

Pay

3 mo. NIBOR

     4.26%       06/17/2036          

NOK

     8,000,000       5,993  

Pay

3 mo. NIBOR

     4.13%       06/17/2036          

NOK

     4,000,000       (1,553 )

Pay

3 mo. NIBOR

     4.16%       06/17/2036          

NOK

     2,000,000       (344 )

Pay

3 mo. NIBOR

     4.19%       06/17/2036          

NOK

     4,000,000       620  

Pay

3 mo. NIBOR

     4.14%       06/17/2036          

NOK

     4,000,000       (1,078 )

Pay

3 mo. NIBOR

     4.12%       06/17/2036          

NOK

     8,000,000       (3,887 )

Pay

3 mo. NIBOR

     4.11%       06/17/2036          

NOK

     10,000,000       (5,454 )

Pay

3 mo. PRIBOR

     3.33%       06/17/2028          

CZK

     30,000,000       —  

Pay

3 mo. PRIBOR

     3.50%       06/17/2028          

CZK

     30,000,000       4,588  

Pay

3 mo. PRIBOR

     3.61%       06/17/2028          

CZK

     30,000,000       7,834  

Pay

3 mo. PRIBOR

     3.79%       06/17/2028          

CZK

     60,000,000       25,550  

Pay

3 mo. PRIBOR

     3.48%       06/17/2028          

CZK

     60,000,000       8,272  

Pay

3 mo. PRIBOR

     3.31%       06/17/2028          

CZK

     30,000,000       (593 )

Pay

3 mo. PRIBOR

     3.33%       06/17/2028          

CZK

     30,000,000       14  

Pay

3 mo. PRIBOR

     3.75%       06/17/2028          

CZK

     30,000,000       11,871  

Pay

3 mo. PRIBOR

     3.32%       06/17/2028          

CZK

     30,000,000       (324 )

Pay

3 mo. PRIBOR

     3.35%       06/17/2028          

CZK

     30,000,000       551  

Pay

3 mo. PRIBOR

     3.53%       06/17/2028          

CZK

     30,000,000       5,435  

Pay

3 mo. PRIBOR

     3.63%       06/17/2028          

CZK

     60,000,000       16,883  

Pay

3 mo. PRIBOR

     3.71%       06/17/2028          

CZK

     60,000,000       21,259  

Pay

3 mo. PRIBOR

     3.68%       06/17/2028          

CZK

     60,000,000       18,983  

 

 

The accompanying notes are an integral part of the financial statements.
29

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

3 mo. PRIBOR

     3.34%       06/17/2028          

CZK

     30,000,000     $ 156  

Pay

3 mo. PRIBOR

     3.66%       06/17/2028          

CZK

     30,000,000       9,246  

Pay

3 mo. PRIBOR

     3.59%       06/17/2028          

CZK

     60,000,000       14,314  

Pay

3 mo. PRIBOR

     3.79%       06/17/2031          

CZK

     25,000,000       12,117  

Pay

3 mo. PRIBOR

     3.88%       06/17/2031          

CZK

     12,500,000       8,631  

Pay

3 mo. PRIBOR

     3.93%       06/17/2031          

CZK

     25,000,000       20,170  

Pay

3 mo. PRIBOR

     3.78%       06/17/2031          

CZK

     25,000,000       11,950  

Pay

3 mo. PRIBOR

     3.62%       06/17/2031          

CZK

     12,500,000       1,417  

Pay

3 mo. PRIBOR

     3.57%       06/17/2031          

CZK

     12,500,000       47  

Pay

3 mo. PRIBOR

     3.64%       06/17/2031          

CZK

     25,000,000       4,009  

Pay

3 mo. PRIBOR

     3.73%       06/17/2031          

CZK

     12,500,000       4,577  

Pay

3 mo. PRIBOR

     3.58%       06/17/2031          

CZK

     12,500,000       229  

Pay

3 mo. PRIBOR

     3.87%       06/17/2031          

CZK

     25,000,000       16,535  

Pay

3 mo. PRIBOR

     3.72%       06/17/2031          

CZK

     12,500,000       4,213  

Pay

3 mo. PRIBOR

     3.65%       06/17/2031          

CZK

     12,500,000       2,270  

Pay

3 mo. PRIBOR

     3.63%       06/17/2031          

CZK

     12,500,000       1,585  

Pay

3 mo. PRIBOR

     3.76%       06/17/2031          

CZK

     12,500,000       5,332  

Pay

3 mo. PRIBOR

     3.82%       06/17/2031          

CZK

     12,500,000       6,925  

Pay

3 mo. PRIBOR

     3.61%       06/17/2031          

CZK

     12,500,000       1,138  

Pay

3 mo. PRIBOR

     3.59%       06/17/2031          

CZK

     12,500,000       439  

Pay

3 mo. PRIBOR

     3.91%       06/17/2031          

CZK

     12,500,000       9,568  

Pay

3 mo. PRIBOR

     4.17%       06/17/2036          

CZK

     15,000,000       18,430  

Pay

3 mo. PRIBOR

     3.92%       06/17/2036          

CZK

     10,000,000       2,334  

Pay

3 mo. PRIBOR

     4.12%       06/17/2036          

CZK

     10,000,000       10,313  

Pay

3 mo. PRIBOR

     4.06%       06/17/2036          

CZK

     5,000,000       4,005  

Pay

3 mo. PRIBOR

     3.98%       06/17/2036          

CZK

     10,000,000       4,432  

Pay

3 mo. PRIBOR

     3.97%       06/17/2036          

CZK

     5,000,000       2,113  

Pay

3 mo. PRIBOR

     4.22%       06/17/2036          

CZK

     5,000,000       7,254  

Pay

3 mo. PRIBOR

     4.07%       06/17/2036          

CZK

     10,000,000       8,421  

Pay

3 mo. PRIBOR

     3.90%       06/17/2036          

CZK

     10,000,000       1,142  

Pay

3 mo. PRIBOR

     3.86%       06/17/2036          

CZK

     5,000,000       (128 )

Pay

3 mo. PRIBOR

     3.93%       06/17/2036          

CZK

     5,000,000       1,352  

Pay

3 mo. PRIBOR

     3.95%       06/17/2036          

CZK

     15,000,000       5,167  

Pay

3 mo. PRIBOR

     3.88%       06/17/2036          

CZK

     5,000,000       304  

Pay

3 mo. PRIBOR

     4.15%       06/17/2036          

CZK

     10,000,000       11,567  

Pay

3 mo. PRIBOR

     4.01%       06/17/2036          

CZK

     10,000,000       5,995  

Pay

3 mo. PRIBOR

     4.03%       06/17/2036          

CZK

     15,000,000       10,287  

Pay

3 mo. PRIBOR

     3.95%       06/17/2036          

CZK

     5,000,000       1,774  

Pay

3 mo. SORA

     1.55%       03/18/2028          

SGD

     2,000,000       8,562  

Pay

3 mo. SORA

     1.48%       03/18/2028          

SGD

     2,000,000       6,500  

Pay

3 mo. SORA

     1.33%       03/18/2028          

SGD

     2,000,000       1,532  

Pay

3 mo. SORA

     1.62%       03/18/2028          

SGD

     2,000,000       10,624  

Pay

3 mo. SORA

     1.72%       03/18/2028          

SGD

     18,000,000       124,859  

Pay

3 mo. SORA

     1.35%       03/18/2028          

SGD

     2,000,000       2,220  

Pay

3 mo. SORA

     1.56%       03/18/2028          

SGD

     2,000,000       8,843  

Pay

3 mo. SORA

     1.39%       03/18/2028          

SGD

     2,000,000       3,563  

Pay

3 mo. SORA

     1.44%       09/16/2028          

SGD

     30,000,000       29,848  

Pay

3 mo. SORA

     1.91%       03/18/2031          

SGD

     750,000       9,532  

Pay

3 mo. SORA

     1.93%       03/18/2031          

SGD

     750,000       10,059  

Pay

3 mo. SORA

     1.65%       03/18/2031          

SGD

     750,000       2,080  

 

 

The accompanying notes are an integral part of the financial statements.
30

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

3 mo. SORA

     2.10%       03/18/2031          

SGD

     4,500,000     $ 89,248  

Pay

3 mo. SORA

     1.78%       03/18/2031          

SGD

     750,000       5,870  

Pay

3 mo. SORA

     1.68%       03/18/2031          

SGD

     750,000       2,764  

Pay

3 mo. SORA

     1.76%       09/16/2031          

SGD

     7,500,000       23,274  

Pay

3 mo. SORA

     1.76%       09/16/2031          

SGD

     750,000       2,356  

Pay

3 mo. SORA

     2.23%       03/18/2036          

SGD

     400,000       8,619  

Pay

3 mo. SORA

     2.03%       03/18/2036          

SGD

     400,000       2,947  

Pay

3 mo. SORA

     2.38%       03/18/2036          

SGD

     1,600,000       51,720  

Pay

3 mo. SORA

     2.07%       09/16/2036          

SGD

     800,000       4,515  

Pay

3 mo. SORA

     2.07%       09/16/2036          

SGD

     2,000,000       11,072  

Pay

3 mo. STIBOR

     2.01%       03/18/2028          

SEK

     20,000,000       1,405  

Pay

3 mo. STIBOR

     2.24%       03/18/2028          

SEK

     40,000,000       22,349  

Pay

3 mo. STIBOR

     2.28%       03/18/2028          

SEK

     30,000,000       19,615  

Pay

3 mo. STIBOR

     1.96%       03/18/2028          

SEK

     20,000,000       (756 )

Pay

3 mo. STIBOR

     2.29%       03/18/2028          

SEK

     30,000,000       19,939  

Pay

3 mo. STIBOR

     2.00%       03/18/2028          

SEK

     20,000,000       951  

Pay

3 mo. STIBOR

     2.27%       03/18/2028          

SEK

     20,000,000       12,644  

Pay

3 mo. STIBOR

     2.24%       03/18/2028          

SEK

     20,000,000       11,088  

Pay

3 mo. STIBOR

     2.20%       03/18/2028          

SEK

     20,000,000       9,316  

Pay

3 mo. STIBOR

     2.29%       03/18/2028          

SEK

     20,000,000       13,401  

Pay

3 mo. STIBOR

     1.99%       03/18/2028          

SEK

     20,000,000       432  

Pay

3 mo. STIBOR

     2.10%       09/16/2028          

SEK

     10,000,000       1,185  

Pay

3 mo. STIBOR

     2.08%       09/16/2028          

SEK

     140,000,000       10,596  

Pay

3 mo. STIBOR

     2.09%       09/16/2028          

SEK

     30,000,000       —  

Pay

3 mo. STIBOR

     2.08%       09/16/2028          

SEK

     10,000,000       693  

Pay

3 mo. STIBOR

     2.30%       03/18/2031          

SEK

     8,000,000       633  

Pay

3 mo. STIBOR

     2.31%       03/18/2031          

SEK

     8,000,000       1,176  

Pay

3 mo. STIBOR

     2.57%       03/18/2031          

SEK

     16,000,000       23,889  

Pay

3 mo. STIBOR

     2.55%       03/18/2031          

SEK

     12,000,000       16,508  

Pay

3 mo. STIBOR

     2.36%       03/18/2031          

SEK

     8,000,000       3,200  

Pay

3 mo. STIBOR

     2.60%       03/18/2031          

SEK

     8,000,000       13,364  

Pay

3 mo. STIBOR

     2.65%       03/18/2031          

SEK

     8,000,000       15,096  

Pay

3 mo. STIBOR

     2.66%       03/18/2031          

SEK

     12,000,000       23,395  

Pay

3 mo. STIBOR

     2.34%       03/18/2031          

SEK

     16,000,000       4,939  

Pay

3 mo. STIBOR

     2.62%       03/18/2031          

SEK

     12,000,000       20,797  

Pay

3 mo. STIBOR

     2.56%       03/18/2031          

SEK

     8,000,000       11,569  

Pay

3 mo. STIBOR

     2.52%       03/18/2031          

SEK

     8,000,000       9,816  

Pay

3 mo. STIBOR

     2.32%       03/18/2031          

SEK

     12,000,000       2,076  

Pay

3 mo. STIBOR

     2.39%       03/18/2031          

SEK

     8,000,000       4,223  

Pay

3 mo. STIBOR

     2.60%       03/18/2031          

SEK

     16,000,000       26,226  

Pay

3 mo. STIBOR

     2.41%       03/18/2031          

SEK

     8,000,000       5,057  

Pay

3 mo. STIBOR

     2.53%       03/18/2031          

SEK

     8,000,000       10,442  

Pay

3 mo. STIBOR

     2.40%       03/18/2031          

SEK

     16,000,000       9,823  

Pay

3 mo. STIBOR

     2.62%       03/18/2031          

SEK

     12,000,000       20,985  

Pay

3 mo. STIBOR

     2.57%       03/18/2031          

SEK

     12,000,000       18,105  

Pay

3 mo. STIBOR

     2.44%       09/16/2031          

SEK

     4,000,000       1,334  

Pay

3 mo. STIBOR

     2.43%       09/16/2031          

SEK

     16,000,000       4,964  

Pay

3 mo. STIBOR

     2.42%       09/16/2031          

SEK

     72,000,000       18,996  

Pay

3 mo. STIBOR

     2.59%       03/18/2036          

SEK

     32,200,710       —  

Pay

3 mo. STIBOR

     2.80%       09/16/2036          

SEK

     4,000,000       2,509  

 

 

The accompanying notes are an integral part of the financial statements.
31

 

 

Abbey Capital Futures Strategy Fund

 

Consolidated Schedule of Investments (Concluded)

February 28, 2026 (Unaudited)

 

Pay/ Receive
Floating Rate

Floating Rate Index

  

Fixed Rate

    

Maturity Date

            

Notional Amount

    

Value /
Unrealized
Appreciation
(Depreciation)

  

Pay

3 mo. STIBOR

     2.82%       09/16/2036          

SEK

     4,000,000     $ 3,300  

Pay

3 mo. STIBOR

     2.76%       09/16/2036          

SEK

     4,000,000       —  

Pay

3 mo. STIBOR

     2.82%       09/16/2036          

SEK

     10,000,000       8,733  

Pay

3 mo. STIBOR

     2.80%       09/16/2036          

SEK

     4,000,000       2,490  

Pay

3 mo. STIBOR

     2.78%       09/16/2036          

SEK

     4,000,000     $ 1,795  

Total Interest Rate Swaps

                                           $ 1,636,652  

 

Bank of America Securities, Inc. is the counterparty for the interest rate swaps in the Fund.

 

There were no upfront premiums paid or received on the interest rate swaps.

 

Interest rate swaps generally settle net cash flows on a monthly basis, except for Mexican TIIE-based swaps, which settle on a 28-day cycle.

 

BKBM - New Zealand Bank Bill Benchmark was 2.49% as of February 28, 2026.

 

BUBOR - Budapest Interbank Offered Rate was 6.15% as of February 28, 2026.

 

JIBAR - Johannesburg Interbank Agreed Rate was -0.08% as of February 28, 2026.

 

NIBOR - Norwegian Interbank Offered Rate was 4.17% as of February 28, 2026.

 

PRIBOR - Prague Interbank Offered Rate was 3.48% as of February 28, 2026.

 

SARON - Swiss Average Rate Overnight was 6.63% as of February 28, 2026.

 

SORA - Singapore Overnight Rate Average was 1.15% as of February 28, 2026.

 

STIBOR - Stockholm Interbank Offered Rate was 2.20% as of February 28, 2026.

 

TIIE - Mexican Interbank Equilibrium Interest Rate was 7.31% as of February 28, 2026.

 

WIBOR - Warsaw Interbank Offered Rate was 3.90% as of February 28, 2026.

 

CHF -

Swiss Franc

  

NZD -

New Zealand Dollar

CZK -

Czech Koruna

  

PLN -

Polish Zloty

HUF -

Hungarian Forint

  

SEK -

Swedish Krona

MXN -

Mexican Peso

  

SGD -

Singapore Dollar

NOK -

Norwegian Krone

  

ZAR -

South African Rand

 

The accompanying notes are an integral part of the financial statements.
32

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2026 (UNAUDITED)

 

ASSETS

        

Investments, at value (cost $1,834,365,789)

  $ 1,834,586,120  

Cash and cash equivalents

    151,704,829  

Foreign currency deposits with broker for futures contracts (cost $6,300,823)

    6,525,137  

Deposit with brokers:

        

Futures contracts

    283,581,202  

Forward foreign currency contracts

    36,304,432  

Receivables for:

        

Capital shares sold

    2,978,278  

Interest receivable

    388,619  

Unrealized appreciation on futures contracts

    148,374,604  

Unrealized appreciation on forward foreign currency contracts

    22,815,906  

Unrealized appreciation on interest rate swaps

    3,769,245  

Prepaid expenses and other assets

    87,045  

Total assets

    2,491,115,417  
         

LIABILITIES

        

Payables for:

        

Advisory fees

    3,143,478  

Capital shares redeemed

    2,419,328  

Unrealized depreciation on futures contracts

    43,900,838  

Unrealized depreciation on forward foreign currency contracts

    18,323,992  

Unrealized depreciation on interest rate swaps

    2,132,593  

Other accrued expenses and liabilities

    491,984  

Total liabilities

    70,412,213  

Net assets

  $ 2,420,703,204  
         

NET ASSETS CONSIST OF:

        

Par value

  $ 206,765  

Paid-in capital

    2,243,829,857  

Total distributable earnings/(losses)

    176,666,582  

Net assets

  $ 2,420,703,204  
         

CLASS A SHARES:

        

Net assets

  $ 17,568,655  

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)

    1,510,286  

Net asset value and redemption price per share

  $ 11.63  

Maximum offering price per share (100/94.25 of $11.63)

  $ 12.34  
         

CLASS I SHARES:

        

Net assets

  $ 2,395,970,319  

Shares outstanding ($0.001 par value, 500,000,000 shares authorized)

    204,608,361  

Net asset value, offering and redemption price per share

  $ 11.71  
         

CLASS C SHARES:

        

Net assets

  $ 7,164,230  

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)

    646,762  

Net asset value, offering and redemption price per share

  $ 11.08  

 

 

The accompanying notes are an integral part of the financial statements.
33

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME

        

Interest

  $ 42,938,846  

Total investment income

    42,938,846  

EXPENSES

        

Advisory fees

    20,755,460  

Administration and accounting services fees

    158,426  

Transfer agent fees

    107,696  

Directors fees

    102,756  

Legal fees

    66,591  

Printing and shareholder reporting fees

    63,942  

Officers fees

    59,768  

Registration and filing fees

    51,929  

Custodian fees

    51,483  

Distribution fees (Class C Shares)

    25,903  

Distribution fees (Class A Shares)

    21,770  

Other expenses

    62,817  

Total expenses before waivers and/or reimbursements

    21,528,541  

Less: waivers and/or reimbursements

    (468,857 )

Net expenses after waivers and/or reimbursements

    21,059,684  

Net investment income/(loss)

    21,879,162  

NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS

        

Net realized gain/(loss) from:

        

Investments

    116,698  

Futures contracts

    157,525,147  

Foreign currency transactions

    1,145,692  

Forward foreign currency contracts

    38,456,985  

Net change in unrealized appreciation/(depreciation) on:

        

Investments

    (218,905 )

Interest rate swaps

    1,636,652  

Futures contracts

    61,540,289  

Foreign currency translations

    100,188  

Forward foreign currency contracts

    665,937  

Net realized and unrealized gain/(loss) from investments

    260,968,683  

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 282,847,845  

 

 

The accompanying notes are an integral part of the financial statements.
34

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

 

   

PERIOD
Ended
February 28,
2026
(Unaudited)

    

Year
Ended
August 31,
2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 21,879,162     $ 61,242,506  

Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts, interest rate swaps

    197,244,522       (208,037,326 )

Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts, interest rate swaps

    63,724,161       44,624,385  

Net increase/(decrease) in net assets resulting from operations

    282,847,845       (102,170,435 )

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Class A

    (226,677 )     (356,826 )

Class I

    (30,540,920 )     (54,735,728 )

Class C

    (79,557 )     (72,722 )

Net decrease in net assets from dividends and distributions to shareholders

    (30,847,154 )     (55,165,276 )

CAPITAL SHARE TRANSACTIONS:

                

Class A Shares

               

Proceeds from shares sold

    6,075,409       17,956,657  

Proceeds from reinvestment of distributions

    174,494       278,439  

Shares redeemed

    (7,434,255 )     (21,990,626 )

Total from Class A Shares

    (1,184,352 )     (3,755,530 )

Class I Shares

               

Proceeds from shares sold

    346,350,948       1,207,675,903  

Proceeds from reinvestment of distributions

    20,849,121       35,065,728  

Shares redeemed

    (518,435,173 )     (1,472,184,635 )

Total from Class I Shares

    (151,235,104 )     (229,443,004 )

Class C Shares

               

Proceeds from shares sold

    684,891       1,657,464  

Proceeds from reinvestment of distributions

    55,550       51,424  

Shares redeemed

    (1,154,737 )     (3,211,047 )

Total from Class C Shares

    (414,296 )     (1,502,159 )

Net increase/(decrease) in net assets from capital share transactions

    (152,833,752 )     (234,700,693 )

Total increase/(decrease) in net assets

    99,166,939       (392,036,404 )

NET ASSETS:

                

Beginning of period

    2,321,536,265       2,713,572,669  

End of period

  $ 2,420,703,204     $ 2,321,536,265  

 

 

The accompanying notes are an integral part of the financial statements.
35

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)

 

   

PERIOD
Ended
February 28,
2026
(Unaudited)

    

Year
Ended
August 31,
2025

  

SHARE TRANSACTIONS:

                

Class A Shares

               

Shares sold

    551,218       1,655,674  

Shares reinvested

    16,023       25,734  

Shares redeemed

    (675,115 )     (2,047,590 )

Total Class A Shares

    (107,874 )     (366,182 )

Class I Shares

               

Shares sold

    31,098,336       111,635,749  

Shares reinvested

    1,902,292       3,225,918  

Shares redeemed

    (46,566,464 )     (136,467,600 )

Total Class I Shares

    (13,565,836 )     (21,605,933 )

Class C Shares

               

Shares sold

    65,020       159,328  

Shares reinvested

    5,347       4,949  

Shares redeemed

    (110,663 )     (311,022 )

Total Class C Shares

    (40,296 )     (146,745 )

Net increase in shares outstanding

    (13,714,006 )     (22,118,860 )

 

 

The accompanying notes are an integral part of the financial statements.
36

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

CLASS A SHARES

  
   

PERIOD
Ended
February 28,
2026
(Unaudited)

    

Year
Ended
August 31,
2025

    

Year
Ended
August 31,
2024

    

Year
Ended
August 31,
2023

    

Year
Ended
August 31,
2022

    

Year
Ended
August 31,
2021

  

Per Share Operating Performance

Net asset value, beginning of period

  $ 10.47     $ 11.10     $ 11.40     $ 13.56     $ 11.95     $ 11.28  

Net investment income/(loss)(1)

    0.08       0.23       0.33       0.22       (0.19 )     (0.24 )

Net realized and unrealized gain/(loss) from investments

    1.22       (0.68 )     (0.52 )     (0.60 )     2.20       1.07  

Net increase/(decrease) in net assets resulting from operations

    1.30       (0.45 )     (0.19 )     (0.38 )     2.01       0.83  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.14 )     (0.18 )     (0.11 )     (1.11 )     (0.27 )     (0.16 )

Net realized capital gains

    —       —       —       (0.67 )     (0.13 )     —  

Total dividends and distributions to shareholders

    (0.14 )     (0.18 )     (0.11 )     (1.78 )     (0.40 )     (0.16 )

Net asset value, end of period

  $ 11.63     $ 10.47     $ 11.10     $ 11.40     $ 13.56     $ 11.95  

Total investment return/(loss)(2)

    12.50 %     (4.07 )%     (1.67 )%     (3.05 )%     17.40 %     7.42 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 17,569     $ 16,940     $ 22,031     $ 83,783     $ 113,480     $ 21,395  

Ratio of expenses to average net assets with waivers and/or reimbursements(3)

    2.04 %(6)     2.04 %     2.04 %     2.04 %     2.04 %     2.04 %

Ratio of expenses to average net assets without waivers and/or reimbursements(3)

    2.08 %(6)     2.10 %     2.10 %     2.11 %     2.10 %     2.14 %

Ratio of net investment income/(loss) to average net assets

    1.44 %(6)     2.16 %     2.85 %     1.80 %     (1.47 )%     (2.03 )%

Portfolio turnover rate(4)

    0 %(5)     0 %     0 %     0 %     0 %     0 %

 

(1)

Calculated based on average shares outstanding for the period.

(2)

Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total return does not reflect any applicable sales charge.

(3)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares.

(4)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

(5)

Not Annualized

(6)

Annualized

 

The accompanying notes are an integral part of the financial statements.
37

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS (CONTINUED)

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

Class I Shares

  
   

PERIOD
Ended
February 28,
2026
(Unaudited)

    

Year
Ended
August 31,
2025

    

Year
Ended
August 31,
2024

    

Year
Ended
August 31,
2023

    

Year
Ended
August 31,
2022

    

Year
Ended
August 31,
2021

  

Per Share Operating Performance

Net asset value, beginning of period

  $ 10.53     $ 11.19     $ 11.57     $ 13.72     $ 12.07     $ 11.38  

Net investment income/(loss)(1)

    0.09       0.26       0.36       0.25       (0.15 )     (0.21 )

Net realized and unrealized gain/(loss) from investments

    1.24       (0.69 )     (0.51 )     (0.61 )     2.22       1.08  

Net increase/(decrease) in net assets resulting from operations

    1.33       (0.43 )     (0.15 )     (0.36 )     2.07       0.87  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.15 )     (0.23 )     (0.23 )     (1.12 )     (0.29 )     (0.18 )

Net realized capital gains

    —       —       —       (0.67 )     (0.13 )     —  

Total dividends and distributions to shareholders

    (0.15 )     (0.23 )     (0.23 )     (1.79 )     (0.42 )     (0.18 )

Net asset value, end of period

  $ 11.71     $ 10.53     $ 11.19     $ 11.57     $ 13.72     $ 12.07  

Total investment return/(loss)(2)

    12.60 %     (3.89 )%     (1.32 )%     (2.83 )%     17.72 %     7.74 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 2,395,970     $ 2,297,730     $ 2,682,705     $ 2,650,349     $ 2,564,701     $ 1,132,714  

Ratio of expenses to average net assets with waivers and/or reimbursements(3)

    1.79 %(6)     1.79 %     1.79 %     1.79 %     1.79 %     1.79 %

Ratio of expenses to average net assets without waivers and/or reimbursements(3)

    1.83 %(6)     1.85 %     1.85 %     1.86 %     1.85 %     1.89 %

Ratio of net investment income/(loss) to average net assets

    1.87 %(6)     2.40 %     3.10 %     2.05 %     (1.22 )%     (1.78 )%

Portfolio turnover rate(4)

    0 %(5)     0 %     0 %     0 %     0 %     0 %

 

(1)

Calculated based on average shares outstanding for the period.

(2)

Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares.

(4)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

(5)

Not Annualized

(6)

Annualized

 

The accompanying notes are an integral part of the financial statements.
38

 

 

ABBEY CAPITAL FUTURES STRATEGY FUND

 

CONSOLIDATED FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

Class C Shares

  
   

PERIOD
Ended
February 28,
2026
(Unaudited)

    

Year
Ended
August 31,
2025

    

Year
Ended
August 31,
2024

    

Year
Ended
August 31,
2023

    

Year
Ended
August 31,
2022

    

Year
Ended
August 31,
2021

  

Per Share Operating Performance

Net asset value, beginning of period

  $ 9.99     $ 10.60     $ 10.95     $ 13.12     $ 11.60     $ 10.98  

Net investment income/(loss)(1)

    0.04       0.15       0.23       0.12       (0.27 )     (0.32 )

Net realized and unrealized gain/(loss) from investments

    1.17       (0.66 )     (0.48 )     (0.57 )     2.13       1.05  

Net increase/(decrease) in net assets resulting from operations

    1.21       (0.51 )     (0.25 )     (0.45 )     1.86       0.73  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.12 )     (0.10 )     (0.10 )     (1.05 )     (0.21 )     (0.11 )

Net realized capital gains

    —       —       —       (0.67 )     (0.13 )     —  

Total dividends and distributions to shareholders

    (0.12 )     (0.10 )     (0.10 )     (1.72 )     (0.34 )     (0.11 )

Net asset value, end of period

  $ 11.08     $ 9.99     $ 10.60     $ 10.95     $ 13.12     $ 11.60  

Total investment return/(loss)(2)

    12.08 %     (4.88 )%     (2.29 )%     (3.77 )%     16.48 %     6.72 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 7,164     $ 6,866     $ 8,837     $ 9,469     $ 9,078     $ 5,524  

Ratio of expenses to average net assets with waivers and/or reimbursements(3)

    2.79 %(6)     2.79 %     2.79 %     2.79 %     2.79 %     2.79 %

Ratio of expenses to average net assets without waivers and/or reimbursements(3)

    2.83 %(6)     2.85 %     2.85 %     2.86 %     2.85 %     2.89 %

Ratio of net investment income/(loss) to average net assets

    0.88 %(6)     1.45 %     2.10 %     1.05 %     (2.22 )%     (2.78 )%

Portfolio turnover rate(4)

    0 %(5)     0 %     0 %     0 %     0 %     0 %

 

(1)

Calculated based on average shares outstanding for the period.

(2)

Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares.

(4)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

(5)

Not Annualized

(6)

Annualized

 

The accompanying notes are an integral part of the financial statements.
39

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements

February 28, 2026 (Unaudited)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Abbey Capital Futures Strategy Fund (the “Fund”), which commenced investment operations on July 1, 2014. The Fund is authorized to offer four classes of shares, Class A Shares, Class I Shares, Class C Shares and Class T Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.75%. Front-end sales charges may be reduced or waived under certain circumstances. Class T Shares are not currently available for sale.

 

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

CONSOLIDATION OF SUBSIDIARIES – The Managed Futures strategy is achieved by the Fund investing up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands. The Cayman Subsidiary invests all or substantially all of its assets in segregated portfolios of the Abbey Capital Offshore Fund SPC (the “SPC”), a wholly-owned subsidiary of the Cayman Subsidiary organized under the acts of the Cayman Islands. The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets.

 

The Fund may also invest a portion of its assets in segregated series of another wholly-owned subsidiary of the Fund, the Abbey Capital Onshore Series LLC (the “Onshore Subsidiary”), a Delaware series limited liability company.

 

The consolidated financial statements of the Fund include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the current fiscal period, the net assets of the Cayman Subsidiary and SPC were $510,008,678, which represented 21.07% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $707,736,533, which represented 29.24% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined

 

40

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, (“Rule 2a-5”) the Fund has designated Abbey Capital Limited (the “Adviser” or “Abbey Capital”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Short-Term Investments

  $ 1,834,586,120     $ —     $ —     $ 1,834,586,120  

Commodity Contracts

                               

Futures Contracts

    80,892,407       —       —       80,892,407  

Equity Contracts

                               

Futures Contracts

    44,112,023       —       —       44,112,023  

Foreign Currency Contracts

                               

Forward Foreign Currency Contracts

    —       22,815,906       —       22,815,906  

Futures Contracts

    5,183,926       —       —       5,183,926  

Interest Rate Contracts

                               

Futures Contracts

    19,684,090       —       —       19,684,090  

Interest Rate Swaps

    —       3,769,245       —       3,769,245  

Total Assets

  $ 1,984,458,566     $ 26,585,151     $ —     $ 2,011,043,717  

 

41

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Commodity Contracts

                                

Futures Contracts

  $ (29,875,859 )   $ —     $ —     $ (29,875,859 )

Equity Contracts

                               

Futures Contracts

    (2,506,416 )     —       —       (2,506,416 )

Foreign Currency Contracts

                               

Forward Foreign Currency Contracts

    —       (18,323,992 )     —       (18,323,992 )

Futures Contracts

    (6,371,038 )     —       —       (6,371,038 )

Interest Rate Contracts

                               

Futures Contracts

    (6,645,366 )     —       —       (6,645,366 )

Interest Rate Swaps

    —       (2,132,593 )     —       (2,132,593 )

Total Liabilities

  $ (45,398,680 )   $ (20,456,585 )   $ —     $ (65,855,265 )

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no Level 3 transfers.

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the current fiscal period include forward foreign currency contracts, futures contracts, and interest rate swaps.

 

During the current fiscal period, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies, interest rates and commodities (through investment in the Cayman Subsidiary, the SPC and the Onshore Subsidiary), to gain investment exposure in accordance with its investment objective.

 

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

 

42

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The following tables list the fair values and location on the Consolidated Statement of Assets and Liabilities of the Fund’s derivative holdings as of the end of the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT
OF ASSETS AND
LIABILITIES
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

ASSET DERIVATIVES

Forward Contracts (a)

     Unrealized appreciation on forward foreign currency contracts       —       —       22,815,906       —       22,815,906  

Futures Contracts (a)

     Unrealized appreciation on futures contracts       44,112,023       19,684,090       5,183,926       80,892,407       149,872,446  

Interest Rate Swaps (a)

     Unrealized appreciation on interest rate swaps       —       3,769,245       —       —       3,769,245  

Total Value- Assets

           $ 44,112,023     $ 23,453,335     $ 27,999,832     $ 80,892,407     $ 176,457,597  

LIABILITY DERIVATIVES

Forward Contracts (a)

     Unrealized depreciation on forward foreign currency contracts       —       —       (18,323,992 )     —       (18,323,992 )

Futures Contracts (a)

     Unrealized depreciation on futures contracts       (2,506,416 )     (6,645,366 )     (6,371,038 )     (29,875,859 )     (45,398,680 )

Interest Rate Swaps (a)

     Unrealized depreciation on interest rate swaps       —       (2,132,593 )     —       —       (2,132,593 )

Total Value- Liabilities

   $ (2,506,416 )   $ (8,777,959 )   $ (24,695,030 )   $ (29,875,859 )   $ (65,855,265 )

 

(a)

This amount represents the cumulative appreciation/(depreciation) of forwards contracts, futures contracts, and interest rate swaps as reported on the Consolidated Portfolio of Investments.

 

43

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

REALIZED GAIN/(LOSS)

Futures Contracts

     Net realized gain/(loss) from futures contracts     $ 97,457,951     $ (37,171,137 )   $ 11,721,069     $ 85,517,264     $ 157,525,147  

Forward Contracts

     Net realized gain/(loss) from forward foreign currency contracts       —       —       38,456,985       —       38,456,985  

Total Realized Gain/(Loss)

   $ 97,457,951     $ (37,171,137 )   $ 50,178,054     $ 85,517,264     $ 195,982,132  

 

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts     $ 18,832,908     $ 13,653,332     $ 256,221     $ 28,797,829     $ 61,540,289  

Forward Contracts

     Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts       —       —       665,937       —       665,937  

Interest Rate Swaps

     Net change in unrealized appreciation/(depreciation) on interest rate swaps       —       1,636,652       —       —       1,636,652  

Total Change in Unrealized Appreciation/(Depreciation)

   $ 18,832,908     $ 15,289,984     $ 922,158     $ 28,797,829     $ 63,842,878  

 

44

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

 

FUND

  

LONG FUTURES
NOTIONAL
AMOUNT

    

SHORT FUTURES
NOTIONAL
AMOUNT

    

FORWARD
FOREIGN
CURRENCY
CONTRACTS —
PAYABLE
(VALUE AT TRADE
DATE)

    

FORWARD
FOREIGN
CURRENCY
CONTRACTS —
RECEIVABLE
(VALUE AT TRADE
DATE)

    

INTEREST
RATE SWAPS
CONTRACTS —
PAYABLE
(VALUE AT TRADE
DATE)

    

INTEREST
RATE SWAPS
CONTRACTS —
RECEIVABLE
(VALUE AT TRADE
DATE)

  

Abbey Capital Futures Strategy Fund

  $ 11,033,972,233     $ (6,701,059,404 )   $ (5,611,878,963 )   $ 5,614,203,091     $ (710,864 )   $ 1,256,415  

 

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

 

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

 

           

GROSS AMOUNT NOT
OFFSET IN CONSOLIDATED
STATEMENT OF
ASSETS AND LIABILITIES

                            

GROSS AMOUNT NOT
OFFSET IN CONSOLIDATED
STATEMENT OF
ASSETS AND LIABILITIES

          

DESCRIPTION

  

GROSS AMOUNT
PRESENTED
IN THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
RECEIVED

    

NET
AMOUNT(1)

            

GROSS AMOUNT
PRESENTED
IN THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
PLEDGED(2)

    

NET
AMOUNT(3)

  
   

ASSETS

            

LIABILITIES

  

Forward Foreign Currency Contracts

  $ 22,815,906     $ (18,323,992 )   $ —     $ 4,491,914             $ 18,323,992     $ (18,323,992 )   $ —     $ —  

Interest Rate Swaps

   $ 3,769,245     $ (2,132,593 )   $ —     $ 1,636,652             $ 2,132,593     $ (2,132,593 )   $ —     $ —  

 

(1)

Net amount represents the net amount receivable from the counterparty in the event of default.

(2)

Actual collateral pledged may be more than the amount shown.

(3)

Net amount represents the net amount payable to the counterparty in the event of default.

 

USE OF ESTIMATES — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s

 

45

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

The Cayman Subsidiary is registered as an “exempted company” and the SPC as an “exempted segregated portfolio company” pursuant to the Companies Act (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no act that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income. For U.S. federal income tax purposes, the Cayman Subsidiary is treated as a “controlled foreign corporation.” The SPC is treated as an entity disregarded from its owner, the Cayman Subsidiary, for U.S. income tax purposes. The Onshore Subsidiary is treated as an entity disregarded from its owner, the Fund, for U.S. income tax purposes.

 

SEC RULE 18F-4 — Rule 18f-4 under the 1940 Act (“Rule 18f-4”) provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

 

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency

 

46

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

 

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

 

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

 

COUNTERPARTY RISK — The derivative contracts entered into by the Fund, the SPC or Onshore Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

 

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

 

OPTIONS — An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The Fund may use futures contracts and related options for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. As of the end of the current fiscal period, the Fund has no options.

 

47

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

OPTIONS WRITTEN — The Fund may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the current fiscal period, the Fund has no written options.

 

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to potentially unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund uses forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment objective. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

48

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

SWAP CONTRACTS — Swap contracts are marked-to-market daily using third-party pricing vendor quotations, or counterparty or clearinghouse prices, and the change in value, if any, is recorded as an unrealized gain or loss. Interest rate swaps are valued by pricing vendors who utilize matrix pricing which considers a discounted cash flow model based on the terms of the contract, including the notional amount and contract maturity, and multiple inputs, including, where applicable, yield curves, prepayment rates, and currency exchange rates, or by counterparty or clearinghouse-supplied prices. Interest rate swaps are generally categorized in Level 2 of the fair value hierarchy.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

Operating segments — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each Fund’s investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Abbey Capital Limited serves as the investment adviser to the Fund and the Cayman Subsidiary, Onshore Subsidiary and SPC. The Adviser allocates the assets of the Onshore Subsidiary and SPC (via the Cayman Subsidiary) to one or more Trading Advisers unaffiliated with the Adviser (each, a “Trading Adviser” together, the “Trading Advisers”) to manage. The Adviser also has the ultimate responsibility to oversee the Trading Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Fund compensates the Adviser for its services at an annual rate of 1.77% based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears. The Adviser compensates the Trading Advisers out of the Advisory Fee.

 

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Caps”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

 

 

EXPENSE CAPS

FUND

CLASS A

CLASS I

CLASS C

CLASS T

Abbey Capital Futures Strategy Fund

2.04%

1.79%

2.79%

2.04%

 

If at any time the Fund’s total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which

 

49

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

such waiver or reimbursement was made, provided such reimbursement does not cause the Fund’s ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

 

   

EXPIRATION AUGUST 31,

  

FUND

  

2026

    

2027

    

2028

    

2029

    

TOTAL

  

Abbey Capital Futures Strategy Fund

  $ 934,672     $ 1,582,258     $ 1,366,423     $ 468,858     $ 4,352,211  

 

Aspect Capital Limited, Crabel Capital Management, LLC, Episteme Capital Partners (UK), LLP, Graham Capital Management, LP, P/E Global LLC, QMS Capital Management LP, Revolution Capital Management, LLC, R.G. Niederhoffer Capital Management, Inc., Systematica Investments Limited (acting as the general partner of Systematica Investments LP), Tudor Investment Corporation, Welton Investment Partners, LLC and Winton Capital Management Limited each served as a Trading Adviser to the Fund during the current fiscal period.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

The Board has adopted a Plan of Distribution for the Class A Shares, Class C Shares and Class T Shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund’s distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and Class T Shares and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

 

3. Director And Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director of Marketing & Business Development of the

 

50

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments and derivative transactions) by the Fund.

 

5. Federal Income Tax Information

 

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows(a):

 

FUND

  

FEDERAL TAX
COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Abbey Capital Futures Strategy Fund

  $ 2,207,846,449     $ 632,969     $ (155,824,119 )   $ (155,191,150 )

 

(a)

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

Permanent differences as of August 31, 2025, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

Abbey Capital Futures Strategy Fund

  $ 538,551,897     $ (538,551,897 )

 

As of August 31, 2025, the components of distributable earnings/(deficits) on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

CAPITAL LOSS
CARRYFORWARDS

    

QUALIFIED
LATE-YEAR
LOSSES

    

OTHER
TEMPORARY
DIFFERENCES

  

Abbey Capital Futures Strategy Fund

  $ 24,131,581     $ —     $ (358,785,961 )   $ (100,029,046 )   $ —     $ —  

 

51

 

 

Abbey Capital Futures Strategy Fund

 

Notes To Consolidated Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

The differences between the book and tax basis components of distributable earnings/(deficits) relate principally to the timing of recognition of income and gains of the Cayman Subsidiary for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

Abbey Capital Futures Strategy Fund

  $ 55,165,276     $ —     $ 55,165,276  

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund had $35,921,856 of unlimited short-term and $61,849,814 of unlimited long-term capital loss carryforwards to offset future capital gains.

 

6. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the consolidated financial statements.

 

52

 

 

Abbey Capital Futures Strategy Fund

 

Other Information

(Unaudited)

 

Information on Proxy Voting

 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6484 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

 

53

 

 

Investment Adviser
Abbey Capital Limited
8 St. Stephen’s Green
Dublin 2, Ireland

 

Administrator and Transfer Agent
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

 

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

Abbey Capital Multi Asset Fund

of

 

THE RBB FUND, INC.

 

 

semi-Annual Financial Statements

 

 

 

 

February 28, 2026
(unaudited)

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments

February 28, 2026 (unaudited)

 

   

Shares

    

Value

  

EXCHANGE TRADED FUNDS — 49.6%

Vanguard S&P 500 ETF (a)

    748,285     $ 472,197,766  

TOTAL EXCHANGE TRADED FUNDS (Cost $469,200,669)

    472,197,766  

 

   

Par

          

SHORT-TERM INVESTMENTS

U.S. TREASURY BILLS — 25.3%

3.79%, 03/12/2026 (b)

    3,873,000       3,869,106  

3.78%, 03/19/2026 (b)

    1,390,000       1,387,630  

3.64%, 03/26/2026 (b)

    11,661,000       11,632,729  

3.62%, 04/02/2026 (b)

    1,605,000       1,600,004  

3.70%, 04/09/2026 (b)

    3,370,000       3,357,132  

3.60%, 04/16/2026 (b)

    1,634,000       1,626,612  

3.71%, 04/23/2026 (b)

    5,694,000       5,664,350  

3.76%, 04/30/2026 (b)

    1,503,000       1,494,074  

3.77%, 05/14/2026 (b)

    5,013,000       4,976,558  

3.68%, 05/28/2026 (b)

    7,643,000       7,576,852  

3.64%, 06/04/2026 (b)

    3,603,000       3,569,430  

3.54%, 06/11/2026 (b)

    17,278,000       17,105,674  

3.54%, 07/02/2026 (b)

    55,873,000       55,198,924  

3.55%, 07/09/2026 (b)

    18,218,000       17,985,925  

3.56%, 07/16/2026 (b)

    20,133,000       19,864,202  

3.58%, 07/23/2026 (b)

    18,367,000       18,109,824  

3.58%, 07/30/2026 (b)

    21,996,000       21,673,392  

3.56%, 08/06/2026 (b)

    21,967,000       21,630,740  

3.55%, 08/13/2026 (b)

    6,643,000       6,536,767  

3.58%, 08/20/2026 (b)

    10,698,000       10,519,828  

3.57%, 08/27/2026 (b)

    5,889,000       5,786,796  

TOTAL U.S. TREASURY BILLS (Cost $241,168,444)

    241,166,549  

TOTAL INVESTMENTS — 74.9% (Cost $710,369,113)

    713,364,315  

Other Assets in Excess of Liabilities — 25.1%

    239,023,772  

TOTAL NET ASSETS — 100.0%

  $ 952,388,087  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

(b)

The rate shown is the annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Futures contracts outstanding as of February 28, 2026 were as follows:

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

10 Year U.S. Ultra Treasury Notes

    81       06/18/2026     $ 9,455,484     $ 77,094  

3 Month Canadian Overnight Repo Rate Average

    178       09/15/2026       31,905,722       3,885  

3 Month Canadian Overnight Repo Rate Average

    554       12/15/2026       99,317,309       159,956  

3 Month Canadian Overnight Repo Rate Average

    52       03/16/2027       9,319,343       11,996  

3 Month Canadian Overnight Repo Rate Average

    59       06/15/2027       10,568,463       14,699  

3 Month Canadian Overnight Repo Rate Average

    42       09/14/2027       7,519,079       9,384  

3 Month Canadian Overnight Repo Rate Average

    20       12/14/2027       3,578,315       513  

3 Month Euribor

    12       09/14/2026       3,474,082       (2,408 )

3 Month Euribor

    276       12/14/2026       79,920,183       21,917  

3 Month Euribor

    148       03/15/2027       42,849,192       12,953  

3 Month Euribor

    631       06/14/2027       182,632,192       93,361  

3 Month Euribor

    48       09/13/2027       13,887,819       8,611  

3 Month Euribor

    173       12/13/2027       50,033,572       71,088  

3 Month Euribor

    102       03/13/2028       29,486,004       27,103  

3 Month Euribor

    190       06/19/2028       54,896,846       47,161  

3 Month Euribor

    19       09/18/2028       5,486,878       4,239  

3 Month Euribor

    225       12/18/2028       64,942,958       60,232  

3 Month Euribor

    10       03/19/2029       2,885,024       2,437  

3 Month Euribor

    20       06/18/2029       5,767,686       4,638  

3 Month New Zealand Treasury Bill

    32       06/10/2026       19,075,768       1,796  

3 Month New Zealand Treasury Bill

    25       09/16/2026       14,899,293       3,036  

3 Month Swiss Average Overnight Rate

    1       12/15/2026       325,584       (49 )

30 Day Federal Funds Rate

    1       02/26/2027       404,282       271  

3-Month Secured Overnight Financing Rate

    35       03/16/2027       8,482,688       5,338  

3-Month Secured Overnight Financing Rate

    53       06/15/2027       12,855,813       10,888  

3-Month Secured Overnight Financing Rate

    149       09/14/2027       36,154,850       41,887  

3-Month Secured Overnight Financing Rate

    224       12/14/2027       54,353,600       88,125  

3-Month Secured Overnight Financing Rate

    71       03/14/2028       17,224,600       25,263  

3-Month Secured Overnight Financing Rate

    70       06/20/2028       16,975,000       26,613  

3-Month Secured Overnight Financing Rate

    80       09/19/2028       19,391,000       32,463  

3-Month Secured Overnight Financing Rate

    445       12/19/2028       107,812,375       267,737  

3-Month Secured Overnight Financing Rate

    41       03/20/2029       9,928,150       13,325  

3-Month Secured Overnight Financing Rate

    31       06/18/2029       7,502,775       10,750  

3-Month Secured Overnight Financing Rate

    13       09/18/2029       3,144,700       5,200  

3-Month Secured Overnight Financing Rate

    13       12/18/2029       3,143,075       5,037  

3-Month Secured Overnight Financing Rate

    16       03/19/2030       3,866,600       6,425  

Amsterdam Exchanges Index

    6       03/20/2026       1,458,303       41,552  

Arabica Coffee

    3       05/18/2026       315,844       (24,206 )

ASX SPI 200 Index

    192       03/19/2026       31,323,878       730,976  

AUD/USD Cross Currency Rate

    520       03/16/2026       36,992,800       1,524,342  

Australian Government 10 Year Bonds

    94       03/16/2026       7,396,720       1,888  

Australian Government 3 Year Bonds

    27       03/16/2026       2,016,883       409  

Brazilian Real/US Dollar Cross Currency Rate

    1       03/31/2026       19,320       —  

Brent Crude Oil

    4       03/31/2026       291,480       7,760  

Brent Crude Oil

    193       03/31/2026       14,063,910       608,220  

Brent Crude Oil

    30       04/30/2026       2,168,700       121,340  

Brent Crude Oil

    16       05/29/2026       1,145,760       43,500  

Brent Crude Oil

    7       10/30/2026       480,480       13,880  

British Pound/US Dollar Cross Currency Rate

    278       03/16/2026       23,421,500       (253,163 )

 

The accompanying notes are an integral part of the financial statements.
2

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

CAC40 10 Euro Index

    395       03/20/2026     $ 40,108,619     $ 531,301  

Canadian 10 Year Government Bonds

    940       06/19/2026       84,652,029       310,363  

Canadian 5 Year Bonds

    413       06/19/2026       34,915,993       78,949  

Canadian Canola Oil

    89       05/14/2026       897,406       3,730  

Canadian Canola Oil

    15       07/14/2026       153,623       207  

Canadian Dollar/US Dollar Cross Currency Rate

    137       03/17/2026       10,056,485       (13,840 )

Class III Milk

    5       04/28/2026       172,700       (60 )

Copper

    76       05/27/2026       11,513,050       320,438  

Copper

    1       07/29/2026       152,950       4,688  

Corn No. 2 Yellow

    332       05/14/2026       7,445,100       53,938  

Crude Oil

    252       03/20/2026       16,889,040       667,790  

Crude Oil

    93       04/21/2026       6,220,770       77,890  

Crude Oil

    17       05/19/2026       1,131,520       45,300  

Crude Oil

    7       06/22/2026       463,260       26,300  

Crude Oil

    2       07/21/2026       131,400       1,270  

Crude Oil

    10       11/20/2026       637,300       18,020  

Crude Soybean Oil

    510       05/14/2026       18,926,100       1,347,738  

Crude Soybean Oil

    61       07/14/2026       2,265,174       203,088  

Crude Soybean Oil

    17       12/14/2026       609,246       37,722  

Dollar Index

    2       03/16/2026       195,130       1,130  

Dow Jones Industrial Average Index

    98       03/20/2026       24,010,000       (74,575 )

Dow Jones U.S. Micro-Cap Total Stock Index

    2       03/20/2026       49,000       (607 )

E-mini Consumer Staples Select Sector

    3       03/20/2026       272,640       19,440  

E-mini Energy Select Sector

    1       03/20/2026       117,200       14,680  

E-mini Materials Sector

    2       03/20/2026       226,720       15,380  

Emini S&P 500 ESG Index

    2       03/20/2026       610,740       3,670  

Euro STOXX 50 Dividend Index

    1       12/18/2026       20,016       390  

EURO STOXX 50 Index

    2       03/20/2026       125,061       10,339  

Euro STOXX 50 Quanto Index

    388       03/20/2026       28,209,096       1,127,238  

Euro STOXX Banks Index

    31       03/20/2026       493,034       (11,358 )

Euro/Japanese Yen Cross Currency Rate

    57       03/16/2026       8,409,111       110,212  

Euro/Pound Sterling Cross Currency Rate

    1       03/16/2026       147,812       421  

Euro/US Dollar Cross Currency Rate

    224       03/16/2026       33,118,400       (60,683 )

Euro/US Dollar Cross Currency Rate

    5       03/16/2026       73,925       100  

Euro-BOBL

    781       03/06/2026       108,395,576       190,616  

Euro-BTP Future Jun26

    81       06/08/2026       11,669,873       17,677  

Euro-BTP Italian Government Bonds

    365       03/06/2026       52,983,245       727,027  

Euro-Bund

    429       03/06/2026       66,014,427       289,666  

Euro-OAT Future Jun26

    2       06/08/2026       291,713       449  

Euro-Schatz

    1,546       03/06/2026       195,517,458       33,043  

European Rapeseed

    74       04/30/2026       2,129,125       (12,909 )

European Rapeseed

    6       07/31/2026       167,049       931  

Feeder Cattle

    29       04/30/2026       5,092,400       (182,038 )

Feeder Cattle

    6       05/21/2026       1,041,600       (50,788 )

Financial Select Sector Index

    1       03/20/2026       158,290       (2,835 )

French Government Bonds

    549       03/06/2026       80,386,714       739,989  

FTSE 100 Index

    356       03/20/2026       52,323,167       3,826,004  

FTSE Bursa Malaysia KLCI Index

    22       03/31/2026       478,617       (9,149 )

FTSE China A50 Index

    318       03/30/2026       4,656,156       (68,792 )

FTSE MIB Index

    4       03/20/2026       223,422       13,612  

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

FTSE/JSE Top 40 Index

    125       03/19/2026     $ 9,429,155     $ 869,832  

FTSE/MIB Index

    44       03/20/2026       12,288,192       519,638  

German Stock Index

    53       03/20/2026       39,683,774       608,775  

Gold

    40       04/28/2026       20,991,600       1,421,700  

Gold

    2       06/26/2026       1,057,520       64,130  

Hang Seng China Enterprises Index

    39       03/30/2026       2,213,111       (51,902 )

Hang Seng Index

    120       03/30/2026       20,406,473       (1,112 )

Hang Seng Index

    17       03/30/2026       578,183       105  

Hard Red Winter Wheat

    24       05/14/2026       696,600       3,875  

IBEX 35 Composite Index

    6       03/20/2026       130,528       1,581  

IBEX 35 Index

    11       03/20/2026       2,393,014       31,273  

ICE 3 Month SONIA Rate

    37       09/15/2026       12,048,199       2,914  

ICE 3 Month SONIA Rate

    312       12/15/2026       101,711,252       74,626  

ICE 3 Month SONIA Rate

    654       03/16/2027       213,290,568       320,472  

ICE 3 Month SONIA Rate

    106       06/15/2027       34,566,460       43,715  

ICE 3 Month SONIA Rate

    710       09/14/2027       231,458,297       241,702  

ICE 3 Month SONIA Rate

    338       12/14/2027       110,135,945       167,362  

ICE 3 Month SONIA Rate

    98       03/14/2028       31,918,049       47,808  

ICE 3 Month SONIA Rate

    92       06/20/2028       29,949,935       44,388  

ICE 3 Month SONIA Rate

    144       09/19/2028       46,856,327       67,416  

ICE 3 Month SONIA Rate

    203       12/19/2028       66,023,628       92,196  

ICE 3 Month SONIA Rate

    20       03/20/2029       6,501,422       8,979  

ICE 3 Month SONIA Rate

    13       06/19/2029       4,223,953       5,643  

Industrial Select Sector Index

    2       03/20/2026       357,380       38,590  

JPNK400 Index

    1       03/12/2026       22,924       3,304  

Lean Hogs

    88       04/15/2026       3,369,520       (41,410 )

Lean Hogs

    250       06/12/2026       10,955,000       211,130  

Lean Hogs

    92       07/15/2026       4,109,640       51,900  

Light Sweet Crude Oil

    2       03/19/2026       67,020       5,058  

Live Cattle

    55       04/30/2026       5,108,950       (65,430 )

Live Cattle

    137       06/30/2026       12,557,420       (273,950 )

Live Cattle

    70       08/31/2026       6,378,400       (97,080 )

Live Cattle

    6       10/30/2026       545,340       (2,820 )

LME Aluminum Forward

    70       03/16/2026       5,493,863       472,850  

LME Aluminum Forward

    70       04/13/2026       5,506,847       30,583  

LME Aluminum Forward

    58       05/18/2026       4,556,930       26,187  

LME Copper Forward

    10       03/16/2026       3,325,215       359,829  

LME Copper Forward

    7       04/13/2026       2,331,991       30,928  

LME Copper Forward

    5       05/18/2026       1,668,912       44,560  

LME Lead Forward

    15       03/16/2026       722,951       (47,461 )

LME Lead Forward

    10       04/13/2026       485,917       (2,833 )

LME Nickel Forward

    25       03/16/2026       2,652,418       4,729  

LME Nickel Forward

    5       04/13/2026       532,524       (14,892 )

LME Nickel Forward

    3       05/18/2026       321,013       10,675  

LME Zinc Forward

    42       03/16/2026       3,475,143       224,389  

LME Zinc Forward

    43       04/13/2026       3,561,271       80,608  

LME Zinc Forward

    37       05/18/2026       3,070,491       (40,885 )

London Cocoa

    2       05/13/2026       55,443       (3,248 )

London Metals - Aluminum(a)

    562       03/16/2026       44,107,867       2,563,706  

London Metals - Aluminum(a)

    229       06/15/2026       18,004,495       244,516  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

London Metals - Copper(a)

    140       03/16/2026     $ 46,553,010     $ 7,727,235  

London Metals - Copper(a)

    40       06/15/2026       13,369,160       277,074  

London Metals - Lead(a)

    452       03/16/2026       21,784,931       (963,979 )

London Metals - Lead(a)

    26       06/15/2026       1,281,657       (9,309 )

London Metals - Nickel(a)

    173       03/16/2026       18,354,735       1,207,866  

London Metals - Nickel(a)

    29       06/15/2026       3,114,163       99,560  

London Metals - Tin(a)

    1       03/16/2026       288,610       109,260  

London Metals - Tin(a)

    1       06/15/2026       288,910       39,975  

London Metals - Zinc(a)

    339       03/16/2026       28,049,368       1,521,498  

London Metals - Zinc(a)

    139       06/15/2026       11,543,081       (126,063 )

Long Gilt

    654       06/26/2026       82,566,365       855,222  

Low Sulphur Gas Oil

    215       04/10/2026       15,974,500       1,088,550  

Low Sulphur Gas Oil

    23       05/12/2026       1,673,250       97,925  

Low Sulphur Gas Oil

    17       06/11/2026       1,213,800       63,325  

Low Sulphur Gas Oil

    4       07/10/2026       281,800       23,950  

Mexican Peso/US Dollar Cross Currency Rate

    443       03/16/2026       12,838,140       645,200  

Micro Gold

    2       04/28/2026       104,958       5,597  

MSCI EAFE Index

    35       03/20/2026       5,538,925       330,945  

MSCI Emerging Markets Index

    117       03/20/2026       9,381,645       1,048,132  

MSCI Singapore Index

    182       03/30/2026       6,641,007       (11,468 )

Nasdaq 100 Index

    32       03/20/2026       16,003,040       (313,582 )

New Zealand Dollar/US Dollar Cross Currency Rate

    9       03/16/2026       539,955       (2,130 )

Nifty 50 Index

    46       03/30/2026       2,326,220       (31,615 )

Nikkei 225 Index

    11       03/12/2026       2,066,836       205,968  

Nikkei 225 Index

    40       03/12/2026       15,137,835       1,755,862  

Nikkei 225 Index

    6       03/12/2026       1,761,450       171,625  

Nikkei 225 Index

    25       03/12/2026       946,115       103,608  

Nikkei 225 Index

    73       03/12/2026       13,808,600       1,547,088  

NY Harbor ULSD

    222       03/31/2026       24,205,104       1,505,410  

NY Harbor ULSD

    23       04/30/2026       2,445,332       135,559  

NY Harbor ULSD

    17       05/29/2026       1,775,361       104,790  

NY Harbor ULSD

    9       06/30/2026       929,653       74,537  

NY Harbor ULSD

    4       11/30/2026       403,855       36,784  

OMXS30 ESG Index

    3       03/20/2026       103,370       2,170  

OMXS30 Index

    360       03/20/2026       12,865,546       340,151  

Palladium

    13       06/26/2026       2,377,050       107,210  

Platinum

    31       04/28/2026       3,678,925       408,290  

Platinum

    2       12/23/2026       75,401       5,059  

Reformulated Gasoline Blendstock

    318       03/31/2026       30,525,138       1,374,593  

Reformulated Gasoline Blendstock

    34       04/30/2026       3,274,404       104,790  

Reformulated Gasoline Blendstock

    22       05/29/2026       2,108,938       95,915  

Reformulated Gasoline Blendstock

    6       06/30/2026       569,671       28,858  

Russell 2000 Index

    144       03/20/2026       18,969,840       (54,475 )

S&P 500 Index

    2       03/20/2026       68,890       (829 )

S&P 500 Index

    108       03/20/2026       37,200,600       (246,095 )

S&P Mid Cap 400 Index

    16       03/20/2026       5,724,640       173,175  

S&P Real Estate Select Sector Stock Index

    1       03/20/2026       53,775       350  

S&P/Toronto Stock Exchange 60 Index

    67       03/19/2026       19,367,399       1,010,813  

SGX FTSE Taiwan Index

    133       03/30/2026       15,083,530       420,007  

SGX Technically Specified Rubber 20

    2       04/30/2026       20,070       905  

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

SGX TSI Iron Ore

    205       04/30/2026     $ 2,016,380     $ 1,705  

SGX TSI Iron Ore

    3       06/30/2026       29,226       246  

Short-term Euro-BTP

    835       03/06/2026       106,290,307       182,309  

Silver

    15       05/27/2026       6,996,825       600,025  

South African Rand/US Dollar Cross Currency Rate

    2       03/16/2026       62,800       2,138  

Soybean Meal

    106       05/14/2026       3,397,300       28,870  

Soybeans

    469       05/14/2026       27,454,087       346,825  

Soybeans

    295       07/14/2026       17,445,563       519,338  

Soybeans

    38       11/13/2026       2,143,675       18,700  

STOXX 600 Bank Spread Index

    9       03/20/2026       196,019       11,111  

STOXX 600 Utilities Index

    8       03/20/2026       270,397       42,933  

STOXX Euro ESG-X Index

    34       03/20/2026       928,430       67,398  

STOXX Europe 600 Index

    79       03/20/2026       2,960,015       163,003  

STOXX Europe 600 Index

    2       03/20/2026       60,214       1,371  

Swiss Franc/US Dollar Cross Currency Rate

    72       03/16/2026       11,734,650       21,044  

Swiss Government Bonds

    1       03/06/2026       207,934       2,081  

Swiss Market Index

    21       03/20/2026       3,811,875       208,701  

Tokyo Price Index

    27       03/12/2026       683,710       89,235  

TOPIX Index

    92       03/12/2026       23,296,769       3,039,821  

Two Year Canadian Government Bonds

    460       06/19/2026       35,738,059       23,016  

U.S. Treasury 10 Year Notes

    1,042       06/18/2026       118,592,625       576,399  

U.S. Treasury 2 Year Notes

    866       06/30/2026       181,230,797       91,414  

U.S. Treasury 5 Year Note

    819       06/30/2026       90,205,172       338,375  

U.S. Treasury Long Bonds

    562       06/18/2026       66,579,438       503,004  

U.S. Treasury Ultra Bonds

    40       06/18/2026       4,863,750       52,531  

US 3 Year Notes

    8       06/30/2026       1,713,562       4,875  

Utilities Select Sector Index

    3       03/20/2026       288,870       9,160  

Wheat

    317       05/14/2026       9,375,275       330,088  

Wheat

    54       07/14/2026       1,616,625       35,638  

WTI Light Sweet Crude Oil

    6       03/19/2026       402,120       18,440  

WTI Light Sweet Crude Oil

    6       04/20/2026       401,340       21,260  

WTI Light Sweet Crude Oil

    2       05/18/2026       133,120       2,870  

WTI Light Sweet Crude Oil

    2       06/18/2026       132,360       2,500  

WTI Light Sweet Crude Oil

    2       07/20/2026       131,400       2,320  
                            $ 53,225,253  

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

1 Month Secured Overnight Financing Rate

    (19)       07/31/2026     $ 7,640,590     $ 1,521  

10 Year Japanese Government Bonds

    (20)       03/12/2026       1,701,021       (13,057 )

3 Month Euribor

    (3)       06/15/2026       868,210       15  

3 Month Euribor

    (15)       09/14/2026       4,342,602       (1,329 )

3 Month Euribor

    (7)       12/14/2026       2,026,961       (1,285 )

3 Month Swiss Average Overnight Rate

    (1)       09/15/2026       325,486       33  

3-Month Secured Overnight Financing Rate

    (48)       09/15/2026       11,584,200       538  

3-Month Secured Overnight Financing Rate

    (380)       12/15/2026       91,936,250       (52,100 )

3-Month Secured Overnight Financing Rate

    (340)       03/16/2027       82,403,250       (108,475 )

3-Month Secured Overnight Financing Rate

    (67)       09/14/2027       16,257,550       (51,910 )

3-Year Korea Treasury Bonds

    (180)       03/17/2026       13,206,257       (58,478 )

Arabica Coffee

    (62)       05/18/2026       6,527,438       187,013  

Arabica Coffee

    (11)       07/21/2026       1,138,088       41,850  

Arabica Coffee

    (3)       09/18/2026       305,325       11,550  

Australian Government 10 Year Bonds

    (965)       03/16/2026       75,934,421       (872,895 )

Australian Government 3 Year Bonds

    (2,565)       03/16/2026       191,603,907       (298,294 )

Australian 90 Day Bank Bills

    (327)       06/11/2026       230,317,855       152,342  

Australian 90 Day Bank Bills

    (1,031)       09/10/2026       725,993,193       224,462  

Australian 90 Day Bank Bills

    (166)       12/10/2026       116,888,390       49,924  

Australian 90 Day Bank Bills

    (104)       03/11/2027       73,236,640       (873 )

Australian 90 Day Bank Bills

    (31)       06/10/2027       21,832,283       963  

Australian 90 Day Bank Bills

    (34)       09/09/2027       23,946,838       (1,907 )

Australian 90 Day Bank Bills

    (26)       12/09/2027       18,313,182       (1,942 )

British Pound/US Dollar Cross Currency Rate

    (247)       03/16/2026       20,809,750       (11,613 )

Consumer Discretionary Select Sector Index

    (1)       03/20/2026       236,440       (1,480 )

Corn No. 2 Yellow

    (280)       05/14/2026       6,279,000       (177,900 )

Corn No. 2 Yellow

    (527)       07/14/2026       12,015,600       (395,525 )

Corn No. 2 Yellow

    (48)       09/14/2026       1,093,800       (25,050 )

Corn No. 2 Yellow

    (58)       12/14/2026       1,361,550       (16,513 )

Cotton No.2

    (402)       05/06/2026       13,187,610       (64,789 )

Cotton No.2

    (51)       07/09/2026       1,716,660       7,265  

Crude Palm Oil

    (11)       04/15/2026       284,824       1,632  

Crude Palm Oil

    (37)       05/15/2026       960,897       4,420  

Crude Palm Oil

    (16)       06/15/2026       415,934       520  

Dollar Index

    (240)       03/16/2026       23,415,600       34,718  

Dow Jones Industrial Average Index

    (46)       03/20/2026       11,270,000       (10,230 )

Euro BUXL 30 Year Bonds

    (100)       03/06/2026       13,453,699       (404,273 )

Euro/US Dollar Cross Currency Rate

    (10)       03/16/2026       1,478,500       (3,919 )

Euro-BOBL

    (135)       03/06/2026       18,736,751       (134,490 )

Euro-Bund

    (40)       03/06/2026       6,155,191       (90,180 )

Euro-Schatz

    (1,270)       03/06/2026       160,612,660       (315,526 )

Frozen Concentrated Orange Juice

    (17)       05/08/2026       462,825       (10,470 )

FTSE China A50 Index

    (1,113)       03/30/2026       16,296,546       20,150  

Hang Seng China Enterprises Index

    (3)       03/30/2026       34,048       176  

Hang Seng Index

    (21)       03/30/2026       3,571,133       4,129  

Hang Seng TECH Index

    (43)       03/30/2026       1,412,832       34,148  

Hard Red Winter Wheat

    (30)       05/14/2026       870,750       (43,762 )

Hard Red Winter Wheat

    (53)       07/14/2026       1,572,775       (79,662 )

ICE European Climate Exchange Emissions

    (28)       12/14/2026       2,325,531       56,173  

ICE European Climate Exchange Emissions

    (4)       12/20/2027       341,482       13,163  

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

Indian Rupee/US Dollar Cross Currency Rate

    (1)       03/25/2026     $ 54,810     $ 55  

Japanese 10 Year Government Bonds

    (133)       03/13/2026       113,100,887       12,135  

Japanese Yen/US Dollar Cross Currency Rate

    (577)       03/16/2026       46,286,219       117,431  

Live Cattle

    (9)       04/30/2026       836,010       3,840  

LME Aluminum Forward

    (70)       03/16/2026       5,493,862       (28,152 )

LME Aluminum Forward

    (70)       04/13/2026       5,506,847       (4,568 )

LME Aluminum Forward

    (1)       05/18/2026       78,568       (2,928 )

LME Copper Forward

    (10)       03/16/2026       3,325,215       (40,365 )

LME Copper Forward

    (7)       04/13/2026       2,331,991       13,904  

LME Lead Forward

    (15)       03/16/2026       722,951       19,603  

LME Lead Forward

    (10)       04/13/2026       485,917       27,705  

LME Lead Forward

    (15)       05/18/2026       734,501       3,921  

LME Nickel Forward

    (25)       03/16/2026       2,652,418       (436,018 )

LME Nickel Forward

    (5)       04/13/2026       532,524       (9,360 )

LME Nickel Forward

    (2)       05/18/2026       214,008       (8,727 )

LME Zinc Forward

    (42)       03/16/2026       3,475,143       (116,118 )

LME Zinc Forward

    (43)       04/13/2026       3,561,271       58,404  

LME Zinc Forward

    (1)       05/18/2026       82,986       216  

London Cocoa

    (62)       05/13/2026       1,718,718       936,593  

London Cocoa

    (35)       07/16/2026       993,828       506,152  

London Cocoa

    (9)       09/15/2026       259,922       86,304  

London Metals - Aluminum(a)

    (562)       03/16/2026       44,107,867       (1,137,829 )

London Metals - Aluminum(a)

    (25)       06/15/2026       1,965,556       (44,305 )

London Metals - Copper(a)

    (140)       03/16/2026       46,553,010       (1,621,764 )

London Metals - Copper(a)

    (2)       06/15/2026       668,458       (8,272 )

London Metals - Lead(a)

    (452)       03/16/2026       21,784,931       675,896  

London Metals - Lead(a)

    (192)       06/15/2026       9,464,544       70,931  

London Metals - Nickel(a)

    (173)       03/16/2026       18,354,735       (2,366,742 )

London Metals - Nickel(a)

    (7)       06/15/2026       751,695       (24,250 )

London Metals - Tin(a)

    (1)       03/16/2026       288,610       (40,610 )

London Metals - Tin(a)

    (1)       06/15/2026       288,910       (59,239 )

London Metals - Zinc(a)

    (339)       03/16/2026       28,049,368       (658,913 )

London Metals - Zinc(a)

    (10)       06/15/2026       830,437       1,531  

Lumber

    (2)       05/15/2026       32,038       316  

Maize

    (4)       06/05/2026       46,614       (1,787 )

MIAX Red Wheat FutJul26

    (17)       07/14/2026       533,162       (19,487 )

MIAX Red Wheat FutMay26

    (36)       05/14/2026       1,102,950       (50,313 )

Milling Wheat No. 2

    (406)       05/11/2026       4,833,276       (237,295 )

Milling Wheat No. 2

    (120)       09/10/2026       1,460,458       (75,755 )

Milling Wheat No. 2

    (15)       12/10/2026       187,653       (8,596 )

MSCI Singapore Index

    (9)       03/30/2026       328,401       (3,352 )

Nasdaq 100 Index

    (3)       03/20/2026       1,500,285       (7,900 )

Natural Gas

    (9)       03/26/2026       64,327       1,998  

Natural Gas

    (42)       03/27/2026       1,200,780       25,510  

Natural Gas

    (15)       03/30/2026       407,838       (21,362 )

Natural Gas

    (151)       04/28/2026       4,350,310       107,140  

Natural Gas

    (58)       05/27/2026       1,776,540       67,800  

Natural Gas

    (16)       06/26/2026       533,920       46,150  

Natural Gas

    (7)       09/28/2026       242,340       16,790  

New Zealand Dollar/US Dollar Cross Currency Rate

    (5)       03/16/2026       299,975       (375 )

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Description

  

Contracts
SOLD

    

Expiration
Date

    

Notional
VALUE

    

Value/
Unrealized
Appreciation
(Depreciation)

  

Nifty 50 Index

    (135)       03/30/2026     $ 6,826,950     $ 120,455  

NYSE FANG+ Index

    (2)       03/20/2026       144,876       9,338  

Oats

    (3)       05/14/2026       47,963       (163 )

Phelix DE Base Yearly

    (1)       12/29/2026       825,064       (12,421 )

Phelix DE Baseload Quarterly

    (1)       03/27/2026       182,424       (7,458 )

Robusta Coffee

    (67)       05/22/2026       2,428,080       69,200  

Robusta Coffee

    (30)       07/27/2026       1,065,600       36,260  

Rough Rice

    (15)       05/14/2026       322,350       4,420  

Russell 2000 Index

    (37)       03/20/2026       4,874,195       (9,145 )

S&P 500 Index

    (21)       03/20/2026       7,233,450       (30,975 )

SGX TSI Iron Ore

    (76)       04/30/2026       747,536       (22,636 )

SGX TSI Iron Ore

    (5)       05/29/2026       48,970       (170 )

Soybean Meal

    (31)       05/14/2026       993,550       (50,520 )

Soybean Meal

    (36)       07/14/2026       1,162,080       (28,320 )

Sugar #11

    (1,266)       04/30/2026       19,694,909       (2,262 )

Sugar #11

    (222)       06/30/2026       3,448,637       81,178  

Sugar #11

    (17)       09/30/2026       270,368       (2,453 )

Sugar #11

    (7)       02/26/2027       116,738       (2,498 )

U.S. Treasury 2 Year Notes

    (392)       06/30/2026       82,035,188       (129,372 )

U.S. Treasury Ultra Bonds

    (22)       06/18/2026       2,675,063       (28,406 )

UK Natural Gas

    (15)       03/30/2026       476,483       (15,666 )

US Cocoa

    (92)       05/13/2026       2,656,960       1,363,039  

US Cocoa

    (35)       07/16/2026       1,029,700       603,950  

US Dollar/Chinese Renminbi Cross Currency Rate

    (2)       03/16/2026       199,675       3,070  

US Dollar/Chinese Renminbi Cross Currency Rate

    (1)       03/16/2026       99,907       1,035  

Wheat

    (78)       05/14/2026       2,306,850       (174,013 )

Wheat

    (46)       07/14/2026       1,377,125       (94,850 )

Wheat

    (8)       09/14/2026       243,900       (18,550 )

Wheat

    (14)       12/14/2026       438,725       (40,725 )

White Maize

    (15)       07/24/2026       295,690       13,523  

White Sugar

    (105)       04/15/2026       2,140,425       59,690  

White Sugar

    (76)       07/16/2026       1,541,660       29,735  

White Sugar

    (20)       09/15/2026       405,000       (460 )

Yellow Maize

    (7)       07/24/2026       143,308       (1,044 )
                            $ (4,912,493 )

Net Unrealized Appreciation (Depreciation)

  $ 48,312,760  

 

(a)

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated Statement of Assets and Liabilities.

 

The accompanying notes are an integral part of the financial statements.
9

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Forward foreign currency contracts outstanding as of February 28, 2026 were as follows:

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/31/2026  

AUD

     10,000,000          

CAD

     9,637,913             $ 39,958  

SG Americas Securities LLC

     03/31/2026  

AUD

     5,444,560          

EUR

     3,250,000               27,079  

SG Americas Securities LLC

     03/31/2026  

AUD

     6,708,135          

GBP

     3,500,000               55,942  

SG Americas Securities LLC

     03/31/2026  

AUD

     4,200,000          

JPY

     455,932,260               60,583  

SG Americas Securities LLC

     03/31/2026  

AUD

     13,600,000          

NZD

     15,927,678               109,877  

SG Americas Securities LLC

     03/03/2026  

AUD

     18,974,660          

USD

     13,479,721               23,467  

SG Americas Securities LLC

     03/18/2026  

AUD

     82,540,992          

USD

     56,708,469               2,027,509  

SG Americas Securities LLC

     03/03/2026  

BRL

     93,128,459          

USD

     17,635,988               509,976  

SG Americas Securities LLC

     04/02/2026  

BRL

     72,759,631          

USD

     13,850,051               215,072  

SG Americas Securities LLC

     03/02/2026  

CAD

     201,723          

EUR

     125,000               182  

SG Americas Securities LLC

     03/31/2026  

CAD

     4,400,000          

JPY

     495,446,600               48,518  

SG Americas Securities LLC

     03/02/2026  

CAD

     61,298,894          

USD

     44,847,523               97,030  

SG Americas Securities LLC

     03/18/2026  

CAD

     47,737,883          

USD

     34,960,658               65,353  

SG Americas Securities LLC

     03/18/2026  

CHF

     8,547,679          

EUR

     9,350,000               84,087  

SG Americas Securities LLC

     03/31/2026  

CHF

     8,079,680          

EUR

     8,875,000               45,523  

SG Americas Securities LLC

     03/02/2026  

CHF

     130,302          

GBP

     125,000               1,075  

SG Americas Securities LLC

     03/31/2026  

CHF

     913,429          

GBP

     875,000               13,486  

SG Americas Securities LLC

     03/31/2026  

CHF

     2,000,000          

JPY

     398,622,800               51,789  

SG Americas Securities LLC

     03/02/2026  

CHF

     1,937,071          

USD

     2,507,827               12,435  

SG Americas Securities LLC

     03/03/2026  

CHF

     1,915,989          

USD

     2,479,951               13,152  

SG Americas Securities LLC

     03/18/2026  

CHF

     18,004,970          

USD

     23,240,935               232,075  

SG Americas Securities LLC

     03/18/2026  

CLP

     3,911,020,492          

USD

     4,300,021               181,077  

SG Americas Securities LLC

     03/18/2026  

CNH

     357,471,164          

USD

     51,605,171               571,095  

SG Americas Securities LLC

     03/31/2026  

CNH

     125,219,314          

USD

     18,200,000               94,770  

SG Americas Securities LLC

     04/15/2026  

CNH

     12,156,763          

USD

     1,776,312               1,347  

SG Americas Securities LLC

     03/18/2026  

COP

     15,407,053,293          

USD

     4,050,020               35,045  

SG Americas Securities LLC

     03/18/2026  

CZK

     70,609,673          

EUR

     2,900,000               13,515  

SG Americas Securities LLC

     03/02/2026  

EUR

     1,100,000          

GBP

     959,583               6,769  

SG Americas Securities LLC

     03/03/2026  

EUR

     600,000          

GBP

     526,052               165  

SG Americas Securities LLC

     03/18/2026  

EUR

     3,000,000          

GBP

     2,619,056               18,767  

SG Americas Securities LLC

     03/31/2026  

EUR

     6,800,000          

GBP

     5,936,523               47,972  

SG Americas Securities LLC

     03/02/2026  

EUR

     100,000          

JPY

     18,428,192               143  

SG Americas Securities LLC

     03/31/2026  

EUR

     4,500,000          

JPY

     819,198,622               65,844  

SG Americas Securities LLC

     03/18/2026  

EUR

     2,798,269          

PLN

     11,825,002               663  

SG Americas Securities LLC

     03/31/2026  

EUR

     100,000          

PLN

     422,476               142  

SG Americas Securities LLC

     03/18/2026  

EUR

     8,351,759          

SEK

     88,977,930               11,282  

SG Americas Securities LLC

     03/02/2026  

EUR

     1,958,536          

USD

     2,311,419               3,128  

SG Americas Securities LLC

     03/18/2026  

EUR

     43,228,000          

USD

     51,084,707               46,802  

SG Americas Securities LLC

     03/03/2026  

GBP

     125,000          

CHF

     129,415               60  

SG Americas Securities LLC

     03/31/2026  

GBP

     3,750,000          

JPY

     782,019,801               32,166  

SG Americas Securities LLC

     03/18/2026  

HUF

     1,618,305,353          

EUR

     4,250,000               40,792  

SG Americas Securities LLC

     03/31/2026  

HUF

     494,438,962          

EUR

     1,300,000               8,161  

SG Americas Securities LLC

     03/18/2026  

HUF

     3,758,649,491          

USD

     11,727,073               43,393  

SG Americas Securities LLC

     03/31/2026  

HUF

     1,670,341,270          

USD

     5,200,000               26,036  

SG Americas Securities LLC

     03/31/2026  

IDR

     5,046,011,000          

USD

     300,000               709  

SG Americas Securities LLC

     03/04/2026  

INR

     64,464,526          

USD

     700,000               8,378  

SG Americas Securities LLC

     03/02/2026  

JPY

     79,309,999          

GBP

     375,000               2,621  

SG Americas Securities LLC

     03/04/2026  

KRW

     8,871,090,543          

USD

     6,116,444               51,317  

SG Americas Securities LLC

     03/05/2026  

KRW

     1,448,997,632          

USD

     1,000,000               7,466  

 

The accompanying notes are an integral part of the financial statements.
10

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/09/2026  

KRW

     1,606,059,587          

USD

     1,100,000             $ 16,823  

SG Americas Securities LLC

     03/11/2026  

KRW

     1,610,083,141          

USD

     1,100,000               19,704  

SG Americas Securities LLC

     03/12/2026  

KRW

     2,622,555,333          

USD

     1,800,000               23,877  

SG Americas Securities LLC

     03/18/2026  

KRW

     31,432,801,939          

USD

     21,830,702               34,325  

SG Americas Securities LLC

     03/02/2026  

MXN

     450,865          

USD

     26,168               5  

SG Americas Securities LLC

     03/18/2026  

MXN

     550,447,150          

USD

     31,302,036               601,209  

SG Americas Securities LLC

     03/18/2026  

NOK

     190,059,397          

EUR

     16,541,972               420,208  

SG Americas Securities LLC

     03/31/2026  

NOK

     52,283,540          

EUR

     4,625,000               23,067  

SG Americas Securities LLC

     03/02/2026  

NOK

     2,870,540          

USD

     300,031               1,863  

SG Americas Securities LLC

     03/03/2026  

NOK

     2,191,021          

USD

     230,177               252  

SG Americas Securities LLC

     03/18/2026  

NOK

     108,331,414          

USD

     11,276,202               115,903  

SG Americas Securities LLC

     03/31/2026  

NZD

     5,800,000          

JPY

     537,391,460               32,813  

SG Americas Securities LLC

     03/02/2026  

NZD

     1,240,000          

USD

     742,605               1,291  

SG Americas Securities LLC

     03/03/2026  

NZD

     681,000          

USD

     406,854               1,704  

SG Americas Securities LLC

     03/18/2026  

NZD

     32,415,000          

USD

     19,384,687               74,929  

SG Americas Securities LLC

     03/18/2026  

PEN

     5,406,007          

USD

     1,600,000               10,761  

SG Americas Securities LLC

     03/18/2026  

PHP

     175,464,283          

USD

     3,000,000               40,938  

SG Americas Securities LLC

     03/18/2026  

PLN

     35,104,112          

EUR

     8,275,886               34,882  

SG Americas Securities LLC

     03/02/2026  

PLN

     2,862,916          

USD

     800,422               797  

SG Americas Securities LLC

     03/03/2026  

PLN

     2,619,390          

USD

     731,800               1,262  

SG Americas Securities LLC

     03/02/2026  

SEK

     1,000,000          

EUR

     93,724               29  

SG Americas Securities LLC

     03/03/2026  

SEK

     1,000,000          

EUR

     93,666               97  

SG Americas Securities LLC

     03/02/2026  

SEK

     2,714,161          

USD

     300,000               699  

SG Americas Securities LLC

     03/03/2026  

SEK

     904,725          

USD

     100,000               239  

SG Americas Securities LLC

     03/18/2026  

THB

     130,664,385          

USD

     4,200,000               10,492  

SG Americas Securities LLC

     03/18/2026  

TRY

     18,500,000          

USD

     403,326               11,127  

SG Americas Securities LLC

     03/05/2026  

TWD

     25,177,955          

USD

     800,000               7,014  

SG Americas Securities LLC

     03/09/2026  

TWD

     12,693,061          

USD

     400,000               6,959  

SG Americas Securities LLC

     03/11/2026  

TWD

     3,162,894          

USD

     100,000               1,422  

SG Americas Securities LLC

     03/12/2026  

TWD

     6,308,051          

USD

     200,000               2,291  

SG Americas Securities LLC

     03/18/2026  

TWD

     180,009,472          

USD

     5,740,782               34,435  

SG Americas Securities LLC

     03/31/2026  

TWD

     3,125,609          

USD

     100,000               371  

SG Americas Securities LLC

     04/07/2026  

TWD

     15,608,834          

USD

     500,000               1,434  

SG Americas Securities LLC

     03/02/2026  

USD

     424,268          

CAD

     578,458               140  

SG Americas Securities LLC

     03/04/2026  

USD

     700,000          

CLP

     607,555,820               3,848  

SG Americas Securities LLC

     03/12/2026  

USD

     100,000          

CLP

     85,805,170               1,685  

SG Americas Securities LLC

     03/17/2026  

USD

     100,000          

CLP

     85,346,170               2,213  

SG Americas Securities LLC

     03/18/2026  

USD

     1,149,995          

CLP

     998,261,471               6,225  

SG Americas Securities LLC

     03/24/2026  

USD

     300,000          

CLP

     260,323,000               1,739  

SG Americas Securities LLC

     03/02/2026  

USD

     3,594,749          

CNH

     24,571,786               12,584  

SG Americas Securities LLC

     03/03/2026  

USD

     1,612,704          

CNH

     11,054,090               1,090  

SG Americas Securities LLC

     03/31/2026  

USD

     2,600,000          

CNH

     17,794,489               193  

SG Americas Securities LLC

     03/04/2026  

USD

     500,000          

COP

     1,848,781,736               7,858  

SG Americas Securities LLC

     03/05/2026  

USD

     200,000          

COP

     729,251,368               5,922  

SG Americas Securities LLC

     03/11/2026  

USD

     200,000          

COP

     735,355,368               4,630  

SG Americas Securities LLC

     03/24/2026  

USD

     400,000          

COP

     1,485,920,000               6,703  

SG Americas Securities LLC

     03/31/2026  

USD

     100,000          

CZK

     2,049,061               48  

SG Americas Securities LLC

     03/31/2026  

USD

     2,220,635          

EUR

     1,875,000               1,210  

SG Americas Securities LLC

     03/02/2026  

USD

     46,547,211          

GBP

     34,531,586               10,702  

SG Americas Securities LLC

     03/03/2026  

USD

     2,542,429          

GBP

     1,885,555               1,362  

SG Americas Securities LLC

     03/18/2026  

USD

     40,030,225          

GBP

     29,578,000               167,610  

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/31/2026  

USD

     1,770,796          

GBP

     1,312,500             $ 1,831  

SG Americas Securities LLC

     03/02/2026  

USD

     181,208          

HUF

     57,594,660               643  

SG Americas Securities LLC

     03/03/2026  

USD

     138,141          

HUF

     44,009,455               175  

SG Americas Securities LLC

     03/25/2026  

USD

     4,600,000          

IDR

     77,144,314,650               1,954  

SG Americas Securities LLC

     03/18/2026  

USD

     3,000,000          

ILS

     9,372,045               7,650  

SG Americas Securities LLC

     03/05/2026  

USD

     3,800,000          

INR

     342,985,910               31,272  

SG Americas Securities LLC

     03/06/2026  

USD

     1,200,000          

INR

     108,344,844               9,577  

SG Americas Securities LLC

     03/10/2026  

USD

     1,700,000          

INR

     154,596,300               1,891  

SG Americas Securities LLC

     03/11/2026  

USD

     6,500,000          

INR

     589,798,035               22,042  

SG Americas Securities LLC

     03/12/2026  

USD

     2,600,000          

INR

     235,910,083               9,106  

SG Americas Securities LLC

     03/17/2026  

USD

     300,000          

INR

     27,228,900               1,066  

SG Americas Securities LLC

     03/18/2026  

USD

     26,608,429          

INR

     2,411,048,811               140,529  

SG Americas Securities LLC

     03/27/2026  

USD

     1,700,000          

INR

     154,886,320               809  

SG Americas Securities LLC

     03/30/2026  

USD

     10,900,000          

INR

     991,881,785               21,012  

SG Americas Securities LLC

     03/02/2026  

USD

     38,274,721          

JPY

     5,966,865,027               56,277  

SG Americas Securities LLC

     03/03/2026  

USD

     38,697,656          

JPY

     6,036,144,986               32,185  

SG Americas Securities LLC

     03/18/2026  

USD

     62,384,153          

JPY

     9,696,028,353               191,494  

SG Americas Securities LLC

     03/31/2026  

USD

     4,581,195          

JPY

     700,000,000               85,895  

SG Americas Securities LLC

     03/09/2026  

USD

     1,100,000          

KRW

     1,561,659,000               14,052  

SG Americas Securities LLC

     03/02/2026  

USD

     26,229          

MXN

     450,865               57  

SG Americas Securities LLC

     03/03/2026  

USD

     5,319          

MXN

     91,516               7  

SG Americas Securities LLC

     03/31/2026  

USD

     492,991          

MXN

     8,500,000               965  

SG Americas Securities LLC

     03/18/2026  

USD

     551,381          

NOK

     5,236,127               751  

SG Americas Securities LLC

     03/31/2026  

USD

     60,177          

NZD

     100,000               110  

SG Americas Securities LLC

     03/31/2026  

USD

     200,000          

PLN

     714,211               132  

SG Americas Securities LLC

     03/02/2026  

USD

     300,791          

SEK

     2,714,160               92  

SG Americas Securities LLC

     03/18/2026  

USD

     2,502,563          

SEK

     22,412,881               17,024  

SG Americas Securities LLC

     03/02/2026  

USD

     669,996          

SGD

     846,527               610  

SG Americas Securities LLC

     03/03/2026  

USD

     100,000          

SGD

     126,453               1  

SG Americas Securities LLC

     03/03/2026  

USD

     26,214          

ZAR

     416,502               65  

SG Americas Securities LLC

     03/18/2026  

ZAR

     250,226,197          

USD

     15,447,803               242,147  

SG Americas Securities LLC

     03/02/2026  

AUD

     19,321,660          

USD

     13,763,009               (12,860 )

SG Americas Securities LLC

     03/31/2026  

AUD

     9,000,000          

USD

     6,404,643               (683 )

SG Americas Securities LLC

     03/31/2026  

CAD

     9,500,000          

USD

     6,987,725               (13,419 )

SG Americas Securities LLC

     03/03/2026  

CHF

     258,677          

GBP

     250,000               (320 )

SG Americas Securities LLC

     03/31/2026  

CHF

     3,750,000          

USD

     4,900,007               (3,092 )

SG Americas Securities LLC

     03/04/2026  

CLP

     607,012,630          

USD

     700,000               (4,470 )

SG Americas Securities LLC

     03/12/2026  

CLP

     86,768,830          

USD

     100,000               (581 )

SG Americas Securities LLC

     03/17/2026  

CLP

     86,770,830          

USD

     100,000               (581 )

SG Americas Securities LLC

     03/24/2026  

CLP

     520,934,400          

USD

     600,000               (3,148 )

SG Americas Securities LLC

     03/31/2026  

CLP

     779,076,280          

USD

     900,000               (7,409 )

SG Americas Securities LLC

     03/02/2026  

CNH

     24,571,789          

USD

     3,591,397               (9,231 )

SG Americas Securities LLC

     03/03/2026  

CNH

     6,253,924          

USD

     912,787               (1,006 )

SG Americas Securities LLC

     03/04/2026  

COP

     1,830,530,000          

USD

     500,000               (12,716 )

SG Americas Securities LLC

     03/05/2026  

COP

     740,534,632          

USD

     200,000               (2,919 )

SG Americas Securities LLC

     03/11/2026  

COP

     741,424,632          

USD

     200,000               (3,017 )

SG Americas Securities LLC

     03/24/2026  

COP

     1,487,780,000          

USD

     400,000               (6,211 )

SG Americas Securities LLC

     03/26/2026  

COP

     373,341,316          

USD

     100,000               (1,240 )

SG Americas Securities LLC

     03/31/2026  

COP

     373,438,316          

USD

     100,000               (1,345 )

SG Americas Securities LLC

     03/31/2026  

CZK

     4,085,563          

USD

     200,000               (709 )

SG Americas Securities LLC

     03/02/2026  

EUR

     125,000          

CAD

     201,897               (310 )

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/31/2026  

EUR

     5,000,000          

CAD

     8,063,245             $ (1,064 )

SG Americas Securities LLC

     03/18/2026  

EUR

     1,250,000          

CHF

     1,138,857               (6,182 )

SG Americas Securities LLC

     03/18/2026  

EUR

     750,000          

CZK

     18,199,984               (514 )

SG Americas Securities LLC

     03/18/2026  

EUR

     1,150,000          

HUF

     437,221,778               (8,932 )

SG Americas Securities LLC

     03/31/2026  

EUR

     200,000          

HUF

     75,747,170               (253 )

SG Americas Securities LLC

     03/18/2026  

EUR

     18,300,000          

JPY

     3,381,301,190               (42,634 )

SG Americas Securities LLC

     03/18/2026  

EUR

     6,586,550          

NOK

     75,995,296               (200,857 )

SG Americas Securities LLC

     03/02/2026  

EUR

     93,719          

SEK

     1,000,000               (34 )

SG Americas Securities LLC

     03/03/2026  

EUR

     93,642          

SEK

     1,000,000               (126 )

SG Americas Securities LLC

     03/03/2026  

EUR

     1,646,000          

USD

     1,945,306               (12 )

SG Americas Securities LLC

     03/31/2026  

EUR

     6,125,000          

USD

     7,278,666               (28,544 )

SG Americas Securities LLC

     03/02/2026  

GBP

     125,000          

CHF

     130,384               (1,182 )

SG Americas Securities LLC

     03/31/2026  

GBP

     125,000          

CHF

     129,905               (1,162 )

SG Americas Securities LLC

     03/02/2026  

GBP

     962,673          

EUR

     1,100,000               (2,604 )

SG Americas Securities LLC

     03/03/2026  

GBP

     57,771          

EUR

     66,031               (183 )

SG Americas Securities LLC

     03/18/2026  

GBP

     2,556,396          

EUR

     2,950,000               (44,073 )

SG Americas Securities LLC

     03/31/2026  

GBP

     523,542          

EUR

     600,000               (4,595 )

SG Americas Securities LLC

     03/02/2026  

GBP

     375,000          

JPY

     78,975,574               (479 )

SG Americas Securities LLC

     03/02/2026  

GBP

     34,528,496          

USD

     46,774,316               (241,971 )

SG Americas Securities LLC

     03/03/2026  

GBP

     33,845,397          

USD

     45,612,771               (1,048 )

SG Americas Securities LLC

     03/18/2026  

GBP

     42,958,000          

USD

     58,026,146               (131,148 )

SG Americas Securities LLC

     03/31/2026  

GBP

     6,437,500          

USD

     8,763,889               (87,537 )

SG Americas Securities LLC

     03/02/2026  

HUF

     57,594,660          

USD

     181,173               (608 )

SG Americas Securities LLC

     03/03/2026  

HUF

     58,488          

USD

     184               (1 )

SG Americas Securities LLC

     03/25/2026  

IDR

     54,520,085,320          

USD

     3,250,000               (430 )

SG Americas Securities LLC

     03/02/2026  

ILS

     314,241          

USD

     100,921               (606 )

SG Americas Securities LLC

     03/18/2026  

ILS

     18,689,854          

USD

     6,050,000               (82,618 )

SG Americas Securities LLC

     03/31/2026  

ILS

     9,236,168          

USD

     3,000,000               (50,561 )

SG Americas Securities LLC

     03/05/2026  

INR

     343,495,091          

USD

     3,800,000               (25,677 )

SG Americas Securities LLC

     03/06/2026  

INR

     108,534,979          

USD

     1,200,000               (7,488 )

SG Americas Securities LLC

     03/10/2026  

INR

     154,724,946          

USD

     1,700,000               (478 )

SG Americas Securities LLC

     03/11/2026  

INR

     591,152,592          

USD

     6,500,000               (7,164 )

SG Americas Securities LLC

     03/12/2026  

INR

     235,903,090          

USD

     2,600,000               (9,182 )

SG Americas Securities LLC

     03/18/2026  

INR

     937,556,878          

USD

     10,319,691               (27,422 )

SG Americas Securities LLC

     03/30/2026  

INR

     9,108,160          

USD

     100,000               (101 )

SG Americas Securities LLC

     03/02/2026  

JPY

     18,420,602          

EUR

     100,000               (191 )

SG Americas Securities LLC

     03/18/2026  

JPY

     1,144,944,819          

EUR

     6,300,000               (107,897 )

SG Americas Securities LLC

     03/31/2026  

JPY

     109,305,786          

EUR

     600,000               (8,270 )

SG Americas Securities LLC

     03/31/2026  

JPY

     130,560,784          

GBP

     625,000               (3,922 )

SG Americas Securities LLC

     03/02/2026  

JPY

     5,966,538,192          

USD

     38,248,408               (32,057 )

SG Americas Securities LLC

     03/03/2026  

JPY

     7,085,000          

USD

     45,424               (40 )

SG Americas Securities LLC

     03/18/2026  

JPY

     4,851,980,380          

USD

     31,496,315               (374,545 )

SG Americas Securities LLC

     03/31/2026  

JPY

     75,000,000          

USD

     488,218               (6,578 )

SG Americas Securities LLC

     03/03/2026  

KRW

     439,555,709          

USD

     305,922               (322 )

SG Americas Securities LLC

     03/31/2026  

KRW

     859,159,000          

USD

     600,000               (2,077 )

SG Americas Securities LLC

     04/03/2026  

KRW

     1,845,766,726          

USD

     1,300,000               (15,333 )

SG Americas Securities LLC

     03/03/2026  

MXN

     91,516          

USD

     5,314               (2 )

SG Americas Securities LLC

     03/31/2026  

MXN

     135,500,000          

USD

     7,879,953               (36,478 )

SG Americas Securities LLC

     03/31/2026  

NOK

     35,138,395          

USD

     3,700,000               (5,175 )

SG Americas Securities LLC

     03/31/2026  

NZD

     6,000,000          

USD

     3,637,851               (33,853 )

SG Americas Securities LLC

     03/31/2026  

PHP

     17,291,900          

USD

     300,000               (445 )

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Continued)

February 28, 2026 (unaudited)

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/31/2026  

PLN

     5,491,154          

EUR

     1,300,000             $ (2,133 )

SG Americas Securities LLC

     03/18/2026  

PLN

     30,873,444          

USD

     8,723,546               (83,623 )

SG Americas Securities LLC

     03/31/2026  

PLN

     31,311,176          

USD

     8,800,000               (37,745 )

SG Americas Securities LLC

     03/18/2026  

SEK

     227,372,994          

EUR

     21,331,122               (15,996 )

SG Americas Securities LLC

     03/31/2026  

SEK

     65,978,019          

EUR

     6,250,000               (75,397 )

SG Americas Securities LLC

     03/31/2026  

SEK

     42,979,318          

NOK

     46,000,000               (66,795 )

SG Americas Securities LLC

     03/18/2026  

SEK

     114,344,804          

USD

     12,797,521               (116,935 )

SG Americas Securities LLC

     03/31/2026  

SEK

     39,072,914          

USD

     4,400,000               (63,424 )

SG Americas Securities LLC

     03/02/2026  

SGD

     846,526          

USD

     670,354               (969 )

SG Americas Securities LLC

     03/03/2026  

SGD

     126,453          

USD

     100,003               (4 )

SG Americas Securities LLC

     03/18/2026  

SGD

     29,132,958          

USD

     23,090,828               (24,493 )

SG Americas Securities LLC

     03/31/2026  

SGD

     14,466,920          

USD

     11,500,000               (33,623 )

SG Americas Securities LLC

     03/31/2026  

TRY

     171,462,487          

USD

     3,800,000               (952 )

SG Americas Securities LLC

     03/02/2026  

USD

     13,727,247          

AUD

     19,321,660               (22,902 )

SG Americas Securities LLC

     03/03/2026  

USD

     470,781          

AUD

     662,000               (327 )

SG Americas Securities LLC

     03/18/2026  

USD

     19,817,266          

AUD

     28,742,992               (636,180 )

SG Americas Securities LLC

     03/03/2026  

USD

     17,904,842          

BRL

     93,128,073               (241,047 )

SG Americas Securities LLC

     04/02/2026  

USD

     349,998          

BRL

     1,812,197               (316 )

SG Americas Securities LLC

     03/18/2026  

USD

     27,333,996          

CAD

     37,589,556               (246,032 )

SG Americas Securities LLC

     03/31/2026  

USD

     1,685,688          

CAD

     2,300,000               (2,828 )

SG Americas Securities LLC

     03/02/2026  

USD

     2,504,627          

CHF

     1,936,989               (15,527 )

SG Americas Securities LLC

     03/03/2026  

USD

     507,636          

CHF

     392,000               (2,439 )

SG Americas Securities LLC

     03/18/2026  

USD

     14,261,070          

CHF

     11,098,829               (208,432 )

SG Americas Securities LLC

     03/31/2026  

USD

     1,135,866          

CHF

     875,000               (6,747 )

SG Americas Securities LLC

     03/18/2026  

USD

     9,733,463          

CNH

     66,988,035               (44,068 )

SG Americas Securities LLC

     03/18/2026  

USD

     1,599,992          

COP

     6,163,271,255               (34,153 )

SG Americas Securities LLC

     04/06/2026  

USD

     200,000          

COP

     759,463,368               (360 )

SG Americas Securities LLC

     03/02/2026  

USD

     2,312,204          

EUR

     1,958,536               (2,343 )

SG Americas Securities LLC

     03/03/2026  

USD

     1,632,480          

EUR

     1,382,536               (1,444 )

SG Americas Securities LLC

     03/18/2026  

USD

     50,738,231          

EUR

     42,974,000               (92,838 )

SG Americas Securities LLC

     03/18/2026  

USD

     510,350          

HUF

     163,748,000               (2,438 )

SG Americas Securities LLC

     03/31/2026  

USD

     2,500,000          

IDR

     42,136,444,000               (11,051 )

SG Americas Securities LLC

     03/02/2026  

USD

     100,000          

ILS

     314,241               (315 )

SG Americas Securities LLC

     03/04/2026  

USD

     704,975          

INR

     64,464,526               (3,403 )

SG Americas Securities LLC

     03/03/2026  

USD

     300,000          

KRW

     439,555,701               (5,599 )

SG Americas Securities LLC

     03/04/2026  

USD

     6,100,000          

KRW

     8,871,090,541               (67,761 )

SG Americas Securities LLC

     03/05/2026  

USD

     1,000,000          

KRW

     1,447,601,073               (6,495 )

SG Americas Securities LLC

     03/10/2026  

USD

     200,000          

KRW

     293,592,874               (4,166 )

SG Americas Securities LLC

     03/18/2026  

USD

     29,586,351          

KRW

     43,263,952,212               (508,564 )

SG Americas Securities LLC

     03/23/2026  

USD

     6,100,000          

KRW

     8,841,462,000               (51,360 )

SG Americas Securities LLC

     03/24/2026  

USD

     1,000,000          

KRW

     1,448,090,000               (7,532 )

SG Americas Securities LLC

     03/31/2026  

USD

     2,700,000          

KRW

     3,909,602,470               (20,847 )

SG Americas Securities LLC

     03/18/2026  

USD

     2,074,078          

MXN

     36,414,107               (36,440 )

SG Americas Securities LLC

     03/02/2026  

USD

     301,535          

NOK

     2,870,541               (359 )

SG Americas Securities LLC

     03/02/2026  

USD

     742,596          

NZD

     1,240,000               (1,300 )

SG Americas Securities LLC

     03/03/2026  

USD

     108,543          

NZD

     181,000               (46 )

SG Americas Securities LLC

     03/18/2026  

USD

     10,314,879          

NZD

     17,535,000               (211,865 )

SG Americas Securities LLC

     03/18/2026  

USD

     450,000          

PEN

     1,514,875               (1,369 )

SG Americas Securities LLC

     03/18/2026  

USD

     2,350,000          

PHP

     139,142,668               (61,455 )

SG Americas Securities LLC

     03/31/2026  

USD

     100,000          

PHP

     5,823,800               (888 )

SG Americas Securities LLC

     03/02/2026  

USD

     800,130          

PLN

     2,862,917               (1,090 )

 

 

The accompanying notes are an integral part of the financial statements.
14

 

 

Abbey Capital Multi Asset Fund

 

Consolidated Schedule of Investments (Concluded)

February 28, 2026 (unaudited)

 

Counterparty

  

Settlement
Date

    

Currency
Purchased

            

Currency Sold

            

Unrealized
Appreciation
(Depreciation)

  

SG Americas Securities LLC

     03/03/2026  

USD

     300,000          

PLN

     1,072,835             $ (244 )

SG Americas Securities LLC

     03/18/2026  

USD

     2,039,362          

PLN

     7,298,441               (3,105 )

SG Americas Securities LLC

     03/03/2026  

USD

     39,835          

SEK

     359,755               (24 )

SG Americas Securities LLC

     03/18/2026  

USD

     7,187,343          

SGD

     9,146,495               (54,494 )

SG Americas Securities LLC

     04/15/2026  

USD

     512,074          

SGD

     647,053               (1,276 )

SG Americas Securities LLC

     03/18/2026  

USD

     2,250,000          

THB

     70,702,888               (28,310 )

SG Americas Securities LLC

     03/18/2026  

USD

     155,998          

TRY

     7,000,000               (822 )

SG Americas Securities LLC

     03/05/2026  

USD

     800,000          

TWD

     25,272,000               (10,028 )

SG Americas Securities LLC

     03/09/2026  

USD

     400,000          

TWD

     12,492,218               (520 )

SG Americas Securities LLC

     03/11/2026  

USD

     100,000          

TWD

     3,163,523               (1,442 )

SG Americas Securities LLC

     03/13/2026  

USD

     100,000          

TWD

     3,143,000               (799 )

SG Americas Securities LLC

     03/18/2026  

USD

     18,780,747          

TWD

     586,551,738               (37,505 )

SG Americas Securities LLC

     03/25/2026  

USD

     800,000          

TWD

     25,169,840               (7,938 )

SG Americas Securities LLC

     03/31/2026  

USD

     1,600,000          

TWD

     50,298,524               (15,211 )

SG Americas Securities LLC

     03/02/2026  

USD

     710,282          

ZAR

     11,313,868               (68 )

SG Americas Securities LLC

     03/18/2026  

USD

     3,751,731          

ZAR

     60,350,250               (32,415 )

SG Americas Securities LLC

     03/31/2026  

USD

     400,000          

ZAR

     6,406,421               (1,271 )

SG Americas Securities LLC

     03/02/2026  

ZAR

     11,313,868          

USD

     712,443               (2,093 )

SG Americas Securities LLC

     03/03/2026  

ZAR

     4,776,122          

USD

     299,945               (94 )

SG Americas Securities LLC

     03/31/2026  

ZAR

     94,190,667          

USD

     5,900,000               (290 )

Net Unrealized Appreciation (Depreciation)

  $ 2,701,912  

 

 

AUD -

Australian Dollars

BRL -

Brazilian Real

CAD -

Canadian Dollar

CHF -

Swiss Franc

CLP -

Chilean Peso

CNH -

Chinese Offshore Renminbi

COP -

Colombian Peso

CZK -

Czech Republic Koruna

EUR -

Euro

GBP -

British Pound

HUF -

Hungarian Forint

IDR -

Indonesian Rupiah

ILS -

Israeli New Shekel

INR -

Indian Rupee

JPY -

Japanese Yen

KRW -

South Korean Won

MXN -

Mexican Peso

NOK -

Norwegian Krone

NZD -

New Zealand Dollar

PEN -

Peruvian Sol

PHP -

Philippine Peso

PLN -

Polish Zloty

SEK -

Swedish Krona

SGD -

Singapore Dollar

THB -

Thai Baht

TRY -

Turkish Lira

TWD -

New Taiwan Dollar

USD -

United States Dollar

ZAR -

South African Rand

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

FEBRUARY 28, 2026 (UNAUDITED)

 

ASSETS

        

Investments, at value (cost $710,369,113)

  $ 713,364,315  

Cash and cash equivalents

    79,158,817  

Foreign currency deposits with broker for futures contracts (cost $13,073,345)

    13,035,420  

Deposit with brokers:

        

Futures contracts

    84,089,263  

Forward foreign currency contracts

    11,576,862  

Receivables for:

        

Capital shares sold

    1,986,809  

Interest receivable

    145,677  

Unrealized appreciation on futures contracts

    62,437,204  

Unrealized appreciation on forward foreign currency contracts

    7,714,198  

Prepaid expenses and other assets

    61,345  

Total assets

  $ 973,569,910  
         

LIABILITIES

        

Payables for:

        

Advisory fees

    1,223,735  

Capital shares redeemed

    409,125  

Unrealized depreciation on futures contracts

    14,124,444  

Unrealized depreciation on forward foreign currency contracts

    5,012,286  

Other accrued expenses and liabilities

    412,233  

Total liabilities

    21,181,823  

Net assets

  $ 952,388,087  
         

NET ASSETS CONSIST OF:

        

Par value

  $ 78,635  

Paid-in capital

    841,943,341  

Total distributable earnings/(losses)

    110,366,111  

Net assets

  $ 952,388,087  
         

CLASS A SHARES:

        

Net assets

  $ 5,856,541  

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)

    487,227  

Net asset value and redemption price per share

  $ 12.02  

Maximum offering price per share (100/94.25 of 12.02)

  $ 12.75  
         

CLASS I SHARES:

        

Net assets

  $ 932,009,285  

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)

    76,900,861  

Net asset value, offering and redemption price per share

  $ 12.12  
         

CLASS C SHARES:

        

Net assets

  $ 14,522,261  

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)

    1,246,882  

Net asset value, offering and redemption price per share

  $ 11.65  

 

 

The accompanying notes are an integral part of the financial statements.
16

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME

        

Interest

  $ 12,769,810  

Total investment income

    12,769,810  

EXPENSES

        

Advisory fees

    8,058,011  

Administration and accounting services fees

    83,309  

Legal fees

    60,545  

Registration and filing fees

    54,641  

Distribution fees (Class C Shares)

    54,500  

Director fees

    49,259  

Transfer agent fees

    44,126  

Printing and shareholder reporting fees

    42,287  

Officer fees

    25,845  

Custodian fees

    24,355  

Audit fees

    15,584  

Distribution fees (Class A Shares)

    7,505  

Other expenses

    38,212  

Total expenses before waivers and/or reimbursements

    8,558,179  

Less: waivers and/or reimbursements

    (319,131 )

Net expenses after waivers and/or reimbursements

    8,239,048  

Net investment income/(loss)

    4,530,762  

NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS

        

Net realized gain/(loss) from:

        

Investments

    492,147  

Futures contracts

    129,382,920  

Foreign currency transactions

    946,670  

Forward foreign currency contracts

    24,255,391  

Net change in unrealized appreciation/(depreciation) on:

        

Investments

    2,788,562  

Futures contracts

    (6,047,105 )

Foreign currency translations

    (38,827 )

Forward foreign currency contracts

    599,600  

Net realized and unrealized gain/(loss) from investments

    152,379,358  

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 156,910,120  

 

 

The accompanying notes are an integral part of the financial statements.
17

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

 

   

Period
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR
ENDED
AUGUST 31,
2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 4,530,762     $ 26,593,024  

Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts

    155,077,128       (86,133,109 )

Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts

    (2,697,770 )     44,684,121  

Net increase/(decrease) in net assets resulting from operations

    156,910,120       (14,855,964 )

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Class A

  $ (588,473 )   $ (378,388 )

Class I

    (94,755,218 )     (47,046,224 )

Class C

    (1,610,394 )     (705,624 )

Net decrease in net assets from dividends and distributions to shareholders

    (96,954,085 )     (48,130,236 )

CAPITAL SHARE TRANSACTIONS:

                

Class A Shares

               

Proceeds from shares sold

    1,841,969       6,764,844  

Proceeds from reinvestment of distributions

    459,215       325,284  

Shares redeemed

    (2,959,733 )     (7,123,067 )

Total from Class A Shares

    (658,549 )     (32,939 )

Class I Shares

               

Proceeds from shares sold

    165,967,653       592,911,174  

Proceeds from reinvestment of distributions

    61,615,417       32,239,748  

Shares redeemed

    (230,807,043 )     (687,486,210 )

Total from Class I Shares

    (3,223,973 )     (62,335,288 )

Class C Shares

               

Proceeds from shares sold

    2,397,867       6,306,682  

Proceeds from reinvestment of distributions

    1,226,776       557,289  

Shares redeemed

    (4,858,884 )     (5,634,850 )

Total from Class C Shares

    (1,234,241 )     1,229,121  

Net increase/(decrease) in net assets from capital share transactions

    (5,116,763 )     (61,139,106 )

Total increase/(decrease) in net assets

    54,839,272       (124,125,306 )

NET ASSETS:

                

Beginning of period

    897,548,815       1,021,674,121  

End of period

  $ 952,388,087     $ 897,548,815  

 

 

The accompanying notes are an integral part of the financial statements.
18

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)

 

   

Period
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR
ENDED
AUGUST 31,
2025

  

SHARE TRANSACTIONS:

                

Class A Shares

               

Shares sold

    155,009       585,411  

Shares reinvested

    41,371       27,778  

Shares redeemed

    (247,692 )     (639,281 )

Total Class A Shares

    (51,312 )     (26,092 )

Class I Shares

               

Shares sold

    14,179,531       51,769,324  

Shares reinvested

    5,506,293       2,739,146  

Shares redeemed

    (19,588,161 )     (61,972,402 )

Total Class I Shares

    97,663       (7,463,932 )

Class C Shares

               

Shares sold

    210,418       558,577  

Shares reinvested

    113,801       48,587  

Shares redeemed

    (427,556 )     (524,764 )

Total Class C Shares

    (103,337 )     82,400  

Net increase/(decrease) in shares outstanding

    (56,986 )     (7,407,624 )

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

CLASS A

  
   

Period
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR
ENDED
AUGUST 31,
2025

    

YEAR
ENDED
AUGUST 31,
2024

    

YEAR
ENDED
AUGUST 31,
2023

    

PERIOD
FEBRUARY 16,
2022 TO
AUGUST 31,
2022(1)

  

Per Share Operating Performance

                                        

Net asset value, beginning of period

  $ 11.33     $ 11.82     $ 11.51     $ 11.94     $ 11.21  

Net investment income/(loss)(2)

    0.05       0.27       0.34       0.23       (0.06 )

Net realized and unrealized gain/(loss) from investments

    1.97       (0.23 )     0.38       (0.21 )     0.79  

Net increase/(decrease) in net assets resulting from operations

    2.02       0.04       0.72       0.02       0.73  

Dividends and distributions to shareholders from:

                                        

Net investment income

    (0.22 )     (0.18 )     (0.10 )     (0.42 )     —  

Net realized capital gains

    (1.11 )     (0.35 )     (0.31 )     (0.03 )     —  

Total dividends and distributions to shareholders

    (1.33 )     (0.53 )     (0.41 )     (0.45 )     —  

Net asset value, end of period

  $ 12.02     $ 11.33     $ 11.82     $ 11.51     $ 11.94  

Total investment return/(loss)(3)

    18.73 %     0.18 %     6.61 %     0.24 %     6.51 %(4)

Ratios/Supplemental Data

                                        

Net assets, end of period (000’s omitted)

  $ 5,857     $ 6,104     $ 6,672     $ 1,661     $ 808  

Ratio of expenses to average net assets with waivers and/or reimbursements(6)

    2.04 %(5)     2.04 %     2.04 %     2.04 %     2.04 %(5)

Ratio of expenses to average net assets without waivers and/or reimbursements(6)

    2.11 %(5)     2.12 %     2.12 %     2.16 %     2.23 %(5)

Ratio of net investment income/(loss) to average net assets

    0.78 %(5)     2.36 %     2.88 %     1.99 %     (0.87 )%(5)

Portfolio turnover rate(7)

    11 %(4)     0 %     0 %     0 %     0 %(4)

 

(1)

Inception date of Class A Shares of the Fund was February 16, 2022.

(2)

Calculated based on average shares outstanding for the period.

(3)

Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total return does not reflect any applicable sales charge.

(4)

Not Annualized

(5)

Annualized

(6)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares.

(7)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

 

The accompanying notes are an integral part of the financial statements.
20

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED FINANCIAL HIGHLIGHTS (CONTINUED)

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

CLASS I

  
   

Period
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR
ENDED
AUGUST 31,
2025

    

YEAR
ENDED
AUGUST 31,
2024

    

YEAR
ENDED
AUGUST 31,
2023

    

YEAR
ENDED
AUGUST 31,
2022

    

YEAR
ENDED
AUGUST 31,
2021

  

Per Share Operating Performance

                                                

Net asset value, beginning of period

  $ 11.41     $ 11.87     $ 11.54     $ 11.96     $ 11.98     $ 11.07  

Net investment income/(loss)(1)

    0.06       0.30       0.38       0.26       (0.13 )     (0.21 )

Net realized and unrealized gain/(loss) from investments

    1.99       (0.22 )     0.37       (0.23 )     1.29       2.21  

Net increase/(decrease) in net assets resulting from operations

    2.05       0.08       0.75       0.03       1.16       2.00  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.23 )     (0.19 )     (0.11 )     (0.42 )     (0.34 )     (0.17 )

Net realized capital gains

    (1.11 )     (0.35 )     (0.31 )     (0.03 )     (0.84 )     (0.92 )

Total dividends and distributions to shareholders

    (1.34 )     (0.54 )     (0.42 )     (0.45 )     (1.18 )     (1.09 )

Net asset value, end of period

  $ 12.12     $ 11.41     $ 11.87     $ 11.54     $ 11.96     $ 11.98  

Total investment return/(loss)(2)

    18.87 %     0.49 %     6.88 %     0.38 %     10.40 %     19.72 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 932,009     $ 876,540     $ 1,000,319     $ 496,775     $ 341,815     $ 94,948  

Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)

    1.79 %(6)     1.79 %     1.79 %     1.79 %     1.79 %     1.84 %

Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3)

    1.79 %(6)     1.79 %     1.79 %     1.79 %     1.79 %     1.79 %

Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)

    1.86 %(6)     1.87 %     1.87 %     1.91 %     1.98 %     2.28 %

Ratio of net investment income/(loss) to average net assets

    1.01 %(6)     2.61 %     3.13 %     2.24 %     (1.12 )%     (1.80 )%

Portfolio turnover rate(4)

    11 %(5)     0 %     0 %     0 %     0 %     0 %

 

(1)

Calculated based on average shares outstanding for the period.

(2)

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the period reported and includes reinvestments of dividends and distributions, if any.

(3)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares.

(4)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

(5)

Not Annualized

(6)

Annualized

 

The accompanying notes are an integral part of the financial statements.
21

 

 

Abbey Capital Multi Asset Fund

 

CONSOLIDATED FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

CLASS C

  
   

Period
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR
ENDED
AUGUST 31,
2025

    

YEAR
ENDED
AUGUST 31,
2024

    

YEAR
ENDED
AUGUST 31,
2023

    

PERIOD
NOVEMBER 8,
2021
TO AUGUST 31,
2022(1)

  

Per Share Operating Performance

                                        

Net asset value, beginning of period

  $ 11.04     $ 11.59     $ 11.32     $ 11.85     $ 12.51  

Net investment income/(loss)(2)

    —       0.18       0.26       0.14       (0.18 )

Net realized and unrealized gain/(loss) from investments

    1.92       (0.22 )     0.38       (0.22 )     0.70  

Net increase/(decrease) in net assets resulting from operations

    1.92       (0.04 )     0.64       (0.08 )     0.52  

Dividends and distributions to shareholders from:

                                        

Net investment income

    (0.20 )     (0.16 )     (0.06 )     (0.42 )     (0.34 )

Net realized capital gains

    (1.11 )     (0.35 )     (0.31 )     (0.03 )     (0.84 )

Total dividends and distributions to shareholders

    (1.31 )     (0.51 )     (0.37 )     (0.45 )     (1.18 )

Net asset value, end of period

  $ 11.65     $ 11.04     $ 11.59     $ 11.32     $ 11.85  

Total investment return/(loss)(3)

    18.17 %     (0.55 )%     5.93 %     (0.63 )%     4.84 %(4)

Ratios/Supplemental Data

                                        

Net assets, end of period (000’s omitted)

  $ 14,522     $ 14,905     $ 14,684     $ 5,578     $ 624  

Ratio of expenses to average net assets with waivers and/or reimbursements(6)

    2.79 %(5)     2.79 %     2.79 %     2.79 %     2.79 %(5)

Ratio of expenses to average net assets without waivers and/or reimbursements(6)

    2.86 %(5)     2.87 %     2.87 %     2.91 %     2.98 %(5)

Ratio of net investment income/(loss) to average net assets

    0.02 %(5)     1.63 %     2.13 %     1.24 %     (1.88 )%(5)

Portfolio turnover rate(7)

    11 %(4)     0 %     0 %     0 %     0 %(4)

 

(1)

Inception date of Class C Shares of the Fund was November 8, 2021.

(2)

Calculated based on average shares outstanding for the period.

(3)

Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4)

Not annualized.

(5)

Annualized.

(6)

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares.

(7)

Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

 

The accompanying notes are an integral part of the financial statements.
22

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements

February 28, 2026 (unaudited)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Abbey Capital Multi Asset Fund (the “Fund”), which commenced investment operations on April 11, 2018. The Fund is authorized to offer three classes of shares, Class A Shares, Class I Shares and Class C Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.75%. Front-end sales charges may be reduced or waived under certain circumstances.

 

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy, a “Long U.S. Equity” strategy and a “Fixed Income” strategy.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

CONSOLIDATION OF SUBSIDIARIES — The Managed Futures strategy is achieved by the Fund investing up to 25% of its total assets in ACMAF Master Offshore Limited (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands. The Cayman Subsidiary invests all or substantially all of its assets in segregated portfolios of ACMAF Offshore SPC (the “SPC”), a wholly-owned subsidiary of the Cayman Subsidiary organized under the acts of the Cayman Islands. The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets.

 

The Fund may also invest a portion of its assets in segregated series of another wholly-owned subsidiary of the Fund, the ACMAF Onshore Series LLC (the “Onshore Subsidiary”), a Delaware series limited liability company.

 

The consolidated financial statements of the Fund include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the current fiscal period, the net assets of the Cayman Subsidiary and SPC were $203,210,670, which represented 21.34% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $144,813,438, which represented 15.21% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

23

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, (“Rule 2a-5”) the Fund has designated Abbey Capital Limited (the “Adviser” or “Abbey Capital”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Exchange Traded Funds

  $ 472,197,766     $ —     $ —     $ 472,197,766  

Short-Term Investments

    241,166,549       —       —       241,166,549  

Commodity Contracts

                               

Futures Contracts

    33,094,818       —       —       33,094,818  

Equity Contracts

                                

Futures Contracts

    19,485,219       —       —       19,485,219  

Foreign Currency Contracts

                                

Forward Foreign Currency Contracts

    —       7,714,198       —       7,714,198  

Futures Contracts

    2,479,344       —       —       2,479,344  

Interest Rate Contracts

                                

Futures Contracts

    7,933,820       —       —       7,933,820  

Total Assets

  $ 776,357,516     $ 7,714,198     $ —     $ 784,071,714  

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Commodity Contracts

                                

Futures Contracts

  $ (10,481,089 )   $ —     $ —     $ (10,481,089 )

Equity Contracts

                                

Futures Contracts

    (1,087,988 )     —       —       (1,087,988 )

Foreign Currency Contracts

                                

Forward Foreign Currency Contracts

    —       (5,012,286 )     —       (5,012,286 )

Futures Contracts

    (364,170 )     —       —       (364,170 )

Interest Rate Contracts

                                

Futures Contracts

    (2,747,194 )     —       —       (2,747,194 )

Total Liabilities

  $ (14,680,441 )   $ (5,012,286 )   $ —     $ (19,692,727 )

 

24

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no Level 3 transfers.

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the current fiscal period include forward foreign currency contracts and futures contracts.

 

During the current fiscal period, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies, interest rates and commodities (through investment in the Cayman Subsidiary, the SPC and the Onshore Subsidiary), to gain investment exposure in accordance with its investment objective.

 

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

 

25

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

The following tables list the fair values of the Fund’s derivative holdings and location on the Consolidated Statement of Assets and Liabilities as of the end of the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT
OF ASSETS AND
LIABILITIES
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

ASSET DERIVATIVES

Forward Contracts (a)

     Unrealized appreciation on forward foreign currency contracts     $ —     $ —     $ 7,714,198     $ —     $ 7,714,198  

Futures Contracts (a)

     Unrealized appreciation on futures contracts       19,485,219       7,933,820       2,479,344       33,094,818       62,993,201  

Total Value- Assets

           $ 19,485,219     $ 7,933,820     $ 10,193,542     $ 33,094,818     $ 70,707,399  
                                                 

LIABILITY DERIVATIVES

Forward Contracts (a)

     Unrealized depreciation on forward foreign currency contracts     $ —     $ —     $ (5,012,286 )   $ —     $ (5,012,286 )

Futures Contracts (a)

     Unrealized depreciation on futures contracts       (1,087,988 )     (2,747,194 )     (364,170 )     (10,481,089 )     (14,680,441 )

Total Value- Liabilities

   $ (1,087,988 )   $ (2,747,194 )   $ (5,376,456 )   $ (10,481,089 )   $ (19,692,727 )

 

(a)

This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

 

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

REALIZED GAIN/(LOSS)

Forward Contracts

     Net realized gain/(loss) from Forward Foreign Currency Contracts     $ —     $ —     $ 24,255,391     $ —     $ 24,255,391  

Futures Contracts

     Net realized gain/(loss) from Futures Contracts       95,505,036       (10,536,264 )     10,149,125       34,265,023       129,382,920  

Total Realized Gain/(Loss)

   $ 95,505,036     $ (10,536,264 )   $ 34,404,516     $ 34,265,023     $ 153,638,311  

 

26

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

COMMODITY
CONTRACTS

    

TOTAL

  

CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)

Forward Contracts

     Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts     $ —     $ —     $ 599,600     $ —     $ 599,600  

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts       (24,142,604 )     4,054,767       1,326,519       12,714,212       (6,047,105 )

Total Change in Unrealized Appreciation/(Depreciation)

   $ (24,142,604 )   $ 4,054,767     $ 1,926,119     $ 12,714,212     $ (5,447,505 )

 

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

 

FUND

  

LONG FUTURES
NOTIONAL
AMOUNT

    

SHORT FUTURES
NOTIONAL
AMOUNT

    

FORWARD
FOREIGN CURRENCY
CONTRACTS —
PAYABLE
(VALUE AT TRADE
DATE)

    

FORWARD
FOREIGN CURRENCY
CONTRACTS —
RECEIVABLE
(VALUE AT TRADE
DATE)

  

Abbey Capital Multi Asset Fund

  $ 4,007,277,103     $ (2,139,830,340 )   $ (1,873,415,650 )   $ 1,875,691,574  

 

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

 

27

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

 

           

GROSS AMOUNT NOT
OFFSET IN CONSOLIDATED
STATEMENT OF
ASSETS AND LIABILITIES

                            

GROSS AMOUNT NOT
OFFSET IN CONSOLIDATED
STATEMENT OF
ASSETS AND LIABILITIES

          

DESCRIPTION

  

GROSS AMOUNT
PRESENTED
IN THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
RECEIVED

    

NET
AMOUNT(1)

            

GROSS AMOUNT
PRESENTED
IN THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
PLEDGED(2)

    

NET
AMOUNT(3)

  
   

ASSETS

            

LIABILITIES

  

Forward Foreign Currency Contracts

  $ 7,714,198     $ (5,012,286 )   $ —     $ 2,701,912             $ 5,012,286     $ (5,012,286 )   $ —     $ —  

 

(1)

Net amount represents the net amount receivable from the counterparty in the event of default.

(2)

Actual collateral pledged may be more than the amount shown.

(3)

Net amount represents the net amount payable to the counterparty in the event of default.

 

USE OF ESTIMATES — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

28

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

The Cayman Subsidiary is registered as an “exempted company” and the SPC as an “exempted segregated portfolio company” pursuant to the Companies Act (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no act that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income. For U.S. federal income tax purposes, the Cayman Subsidiary is treated as a “controlled foreign corporation” and the SPC is treated as disregarded from its owner, the Cayman Subsidiary, for U.S. income tax purposes. The Onshore Subsidiary is treated as an entity disregarded from its owner, the Fund, for U.S. income tax purposes.

 

SEC RULE 18F-4 — Rule 18f-4 under the 1940 Act (“Rule 18f-4”) provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

 

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

 

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

 

29

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

FOREIGN SECURITIES MARKET RISK — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

 

COUNTERPARTY RISK — The derivative contracts entered into by the Fund, the Cayman Subsidiary, Onshore Subsidiary or the SPC may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

 

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

 

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to potentially unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund uses forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment objective. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

30

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each Fund’s investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Abbey Capital Limited serves as the investment adviser to the Fund, the Cayman Subsidiary, Onshore Subsidiary and the SPC. The Adviser allocates the assets of the Onshore Subsidiary and SPC (via the Cayman Subsidiary) to one or more Trading Advisers unaffiliated with the Adviser to manage. The Adviser also has the ultimate responsibility to oversee the trading advisers (each, a “Trading Adviser” together, the “Trading Advisers”), and to recommend their hiring, termination and replacement, subject to approval by the Board. The Fund compensates the Adviser for its services at an annual rate of 1.77% based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears. The Adviser compensates the Trading Advisers out of the Advisory Fee.

 

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Caps”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

 

   

EXPENSE CAPS

  

FUND

  

CLASS A

    

CLASS I

    

CLASS C

  

Abbey Capital Multi Asset Fund

    2.04%       1.79%       2.79%  

 

If at any time the Fund’s total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund’s ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

31

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

 

   

EXPIRATION AUGUST 31,

  

FUND

  

2026

    

2027

    

2028

    

2029

    

TOTAL

  

Abbey Capital Multi Asset Fund

  $ 261,112     $ 647,218     $ 844,605     $ 319,132     $ 2,072,067  

 

Aspect Capital Limited, Crabel Capital Management, LLC, Graham Capital Management L.P., Revolution Capital Management, LLC, Systematica Investments Limited, Tudor Investment Corporation, Welton Investment Partners, LLC and Winton Capital Management Limited each served as a Trading Adviser to the Fund during the current fiscal period.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

 

The Board has adopted a Plan of Distribution for the Class A Shares and Class C Shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund’s distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

 

3. Director And Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

 

32

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (continued)

February 28, 2026 (unaudited)

 

4. Purchases and Sales of Investment Securities

 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended February 28, 2026, were as follows:

 

   

Non-U.S. Government

    

U.S. Government

  

FUND

  

Purchases

    

Sales

    

Purchases

    

Sales

  

Abbey Capital Multi Asset Fund

  $ 577,797,487     $ 219,054,622     $ —     $ —  

 

5. Federal Income Tax Information

 

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows(a):

 

FUND

  

FEDERAL TAX
COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Abbey Capital Multi Asset Fund

  $ 818,702,995     $ 1,212,850     $ (48,276,097 )   $ (47,063,247 )

 

(a)

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

Permanent differences as of August 31, 2025, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

Abbey Capital Multi Asset Fund

  $ 90,617,103     $ (90,617,103 )

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

CAPITAL LOSS
CARRYFORWARDS

    

QUALIFIED
LATE-YEAR
LOSSES

    

OTHER
TEMPORARY
DIFFERENCES

  

Abbey Capital Multi Asset Fund

  $ 32,955,251     $ 17,247,286     $ 15,976,509     $ —     $ —     $ —  

 

33

 

 

Abbey Capital Multi Asset Fund

 

Notes To Consolidated Financial Statements (CONCLUDED)

February 28, 2026 (unaudited)

 

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains of the Cayman Subsidiary for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

Abbey Capital Multi Asset Fund

  $ 31,858,343     $ 16,271,893     $ 48,130,236  

 

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund had no unlimited short-term or long-term capital loss carryforwards to offset future capital gains.

 

6. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the consolidated financial statements.

 

34

 

 

Abbey Capital Multi Asset Fund

 

Other Information

(Unaudited)

 

Information on Proxy Voting

 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6484 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

 

35

 

 

Investment Adviser
Abbey Capital Limited
8 St. Stephen’s Green
Dublin 2, Ireland

 

Administrator and Transfer Agent
U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

 

Legal Counsel
Faegre Drinker Biddle & Reath LLP.
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

ADARA SMALLER COMPANIES FUND

 

of

 

The RBB Fund, Inc.

 

FINANCIAL STATEMENTS

 

February 28, 2026
(Unaudited)

 

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

COMMON STOCKS — 96.4%

Aerospace/Defense — 2.7%

AAR Corp. (a)

     11,755     $ 1,377,334  

Aerovironment, Inc. (a)

    1,433       361,474  

Amprius Technologies, Inc. (a)

    178,020       1,910,155  

Astronics Corp. (a)

    33,907       2,733,582  

ATI, Inc. (a)

    15,268       2,497,692  

Curtiss-Wright Corp.

    2,004       1,403,461  

Hexcel Corp.

    28,338       2,626,649  

Innovative Solutions and Support, Inc. (a)

    26,768       694,362  

Karman Holdings, Inc. (a)

    12,419       1,094,238  

Mercury Systems, Inc. (a)

    40,842       3,636,163  

Moog, Inc. - Class A

    1,762       594,552  

National Presto Industries, Inc.

    615       81,143  

TAT Technologies Ltd. (a)

    24,089       1,333,808  
              20,344,613  

Agriculture — 1.2%

Alico, Inc.

    111,460       4,601,069  

Darling Ingredients, Inc. (a)

    8,943       475,410  

Dole PLC

    130,720       2,096,749  

Fresh Del Monte Produce, Inc.

    6,955       298,578  

Turning Point Brands, Inc.

    11,347       1,554,425  

Vital Farms, Inc. (a)

    4,462       94,104  
              9,120,335  

Airlines — 0.3%

Allegiant Travel Co. (a)

    10,578       1,080,543  

Controladora Vuela Cia de Aviacion SAB de CV - ADR (a)

    44,205       381,047  

SkyWest, Inc. (a)

    8,137       846,899  
              2,308,489  

Apparel — 0.7%

Birkenstock Holding PLC (a)

    34,193       1,424,139  

Canada Goose Holdings, Inc. (a)

    45,904       565,078  

Carter’s, Inc.

    11,938       400,520  

Crocs, Inc. (a)

    1,693       153,572  

Kontoor Brands, Inc.

    4,168       271,795  

Lakeland Industries, Inc.

    301,580       2,765,489  
              5,580,593  

Auto Parts & Equipment — 1.3%

Adient PLC (a)

    18,535       450,771  

BorgWarner, Inc.

    6,155       354,343  

Cooper-Standard Holdings, Inc. (a)

    90,082       3,462,752  

Dorman Products, Inc. (a)

    1,368       161,232  

Fox Factory Holding Corp. (a)

    4,261       71,755  

Gentherm, Inc. (a)

    922       30,214  

Goodyear Tire & Rubber Co. (a)

    37,059       305,737  

Miller Industries, Inc.

    53,450       2,246,504  

Motorcar Parts of America, Inc. (a)

    271,480       2,807,103  

Standard Motor Products, Inc.

    6,173       244,945  
              10,135,356  

 

 

   

Shares

    

Value

  

Banks — 7.4%

Ameris Bancorp

    2,245     $ 174,347  

Atlantic Union Bankshares Corp.

    8,734       323,682  

Bankwell Financial Group, Inc.

    65,620       3,064,454  

Banner Corp.

    1,733       101,987  

Capital Bancorp, Inc.

    90,500       2,661,605  

Central Pacific Financial Corp.

    3,716       118,355  

City Holding Co.

    4,208       504,834  

Colony Bankcorp, Inc.

    148,967       2,954,016  

Columbia Banking System, Inc.

    7,350       209,107  

Commercial Bancgroup, Inc. (a)

    88,278       2,296,111  

Community Financial System, Inc.

    1,997       120,918  

ConnectOne Bancorp, Inc.

    5,049       133,950  

Customers Bancorp, Inc. (a)

    13,377       902,145  

Dime Community Bancshares, Inc.

    1,047       33,870  

Eastern Bankshares, Inc.

    5,441       106,426  

First BanCorp

    38,999       824,049  

First Business Financial Services, Inc.

    55,039       3,007,881  

First Commonwealth Financial Corp.

    18,699       327,793  

First Financial Bancorp

    24,036       674,691  

First Financial Bankshares, Inc.

    13,162       407,101  

First Hawaiian, Inc.

    13,502       334,310  

First Interstate BancSystem, Inc. - Class A

    7,996       276,742  

First Merchants Corp.

    2,329       91,017  

Five Star Bancorp

    65,920       2,566,266  

Fulton Financial Corp.

    91,394       1,869,007  

Glacier Bancorp, Inc.

    39,227       1,784,436  

Heritage Commerce Corp.

    7,938       98,669  

Hope Bancorp, Inc.

    27,648       311,316  

Horizon Bancorp, Inc.

    167,460       2,820,026  

Huntington Bancshares, Inc.

    78,186       1,313,525  

Independent Bank Corp.

    1,193       93,138  

Metropolitan Bank Holding Corp.

    45,516       3,830,171  

NBT Bancorp, Inc.

    1,326       56,647  

Northeast Bank

    42,330       4,693,550  

OFG Bancorp

    7,960       319,037  

Old National Bancorp

    10,450       241,395  

Orrstown Financial Services, Inc.

    57,596       2,070,000  

Park National Corp.

    737       121,259  

Parke Bancorp, Inc.

    114,621       3,193,341  

Peapack-Gladstone Financial Corp.

    2,621       87,777  

Preferred Bank

    1,275       111,843  

S&T Bancorp, Inc.

    8,702       363,831  

Seacoast Banking Corp. of Florida

    47,768       1,486,540  

Southside Bancshares, Inc.

    4,513       141,347  

Stellar Bancorp, Inc.

    2,051       77,241  

 

 

The accompanying notes are an integral part of the financial statements.
1

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Banks — (Continued)

Stock Yards Bancorp, Inc.

    1,084     $ 69,528  

TriCo Bancshares

    3,184       152,132  

UMB Financial Corp.

    4,909       568,855  

United Community Banks, Inc.

    12,730       409,524  

Unity Bancorp, Inc.

    62,170       3,306,822  

VersaBank

    230,570       3,804,405  

Walker & Dunlop, Inc.

    1,239       57,006  

Washington Trust Bancorp, Inc.

    4,356       146,754  

WesBanco, Inc.

    11,998       418,370  
              56,233,149  

Beverages — 0.7%

Coca-Cola Consolidated, Inc.

    2,790       564,696  

MGP Ingredients, Inc.

    4,882       92,758  

National Beverage Corp. (a)

    6,003       218,209  

Vita Coco Co., Inc. (a)

    76,778       4,457,731  
              5,333,394  

Biotechnology — 7.6%

AbCellera Biologics, Inc. (a)

    120,162       433,785  

Aktis Oncology, Inc. (a)

    17,086       343,941  

ANI Pharmaceuticals, Inc. (a)

    18,573       1,372,545  

Apogee Therapeutics, Inc. (a)

    27,157       1,900,990  

Arcellx, Inc. (a)

    10,461       1,190,357  

Arcus Biosciences, Inc. (a)

    6,260       127,516  

Arcutis Biotherapeutics, Inc. (a)

    79,198       2,135,970  

Arrowhead Pharmaceuticals, Inc. (a)

    8,589       543,426  

Bright Minds Biosciences, Inc. (a)

    20,238       1,696,349  

Celcuity, Inc. (a)

    18,589       2,076,577  

Cogent Biosciences, Inc. (a)

    17,449       677,894  

Crinetics Pharmaceuticals, Inc. (a)

    84,560       3,475,416  

Cullinan Therapeutics, Inc. (a)

    6,212       96,286  

Cytokinetics, Inc. (a)

    4,225       262,880  

Day One Biopharmaceuticals, Inc. (a)

    58,076       615,606  

Definium Therapeutics, Inc. (a)

    150,124       2,619,664  

Edgewise Therapeutics, Inc. (a)

    90,077       2,741,944  

Immunome, Inc. (a)

    132,949       2,906,265  

Invivyd, Inc. (a)

    386,139       652,575  

Keros Therapeutics, Inc. (a)

    9,554       135,571  

Kiniksa Pharmaceuticals International PLC (a)

    47,115       2,096,146  

Kura Oncology, Inc. (a)

    8,218       71,743  

Larimar Therapeutics, Inc. (a)

    128,283       681,183  

Ligand Pharmaceuticals, Inc. (a)

    10,063       1,995,594  

MBX Biosciences, Inc. (a)

    67,071       2,183,161  

NeoGenomics, Inc. (a)

    142,002       1,395,880  

Olema Pharmaceuticals, Inc. (a)

    23,910       578,622  

Praxis Precision Medicines, Inc. (a)

    19,393       6,530,593  

Precigen, Inc. (a)

    334,192       1,266,588  

Relay Therapeutics, Inc. (a)

    19,074       195,699  

Rocket Pharmaceuticals, Inc. (a)

    19,238       96,382  

Roivant Sciences Ltd. (a)

    39,876       1,154,011  

 

 

   

Shares

    

Value

  

Biotechnology — (Continued)

Scholar Rock Holding Corp. (a)

    47,981     $ 2,124,119  

Septerna, Inc. (a)

    77,166       2,239,357  

Structure Therapeutics, Inc. - ADR (a)

    49,731       3,132,058  

Tarsus Pharmaceuticals, Inc. (a)

    24,357       1,839,441  

Upstream Bio, Inc. (a)

    5,900       45,312  

Vericel Corp. (a)

    1,632       58,230  

Vir Biotechnology, Inc. (a)

    25,747       234,040  

WaVe Life Sciences Ltd. (a)

    115,024       1,602,284  

Xencor, Inc. (a)

    15,794       201,689  

Xenon Pharmaceuticals, Inc. (a)

    54,975       2,376,569  
              58,104,258  

Building Materials — 1.8%

AAON, Inc.

    6,180       625,416  

American Woodmark Corp. (a)

    1,043       52,254  

Apogee Enterprises, Inc.

    7,722       307,490  

Armstrong World Industries, Inc.

    4,753       824,645  

Boise Cascade Co.

    3,571       295,465  

Gibraltar Industries, Inc. (a)

    4,141       188,333  

LSI Industries, Inc.

    18,917       408,986  

Modine Manufacturing Co. (a)

    5,221       1,186,472  

NWPX Infrastructure, Inc. (a)

    43,110       3,345,336  

Simpson Manufacturing Co., Inc.

    2,069       400,496  

SPX Technologies, Inc. (a)

    4,521       1,025,996  

Titan America SA

    122,546       2,220,533  

UFP Industries, Inc.

    24,558       2,527,264  
              13,408,686  

Chemicals — 0.8%

AdvanSix, Inc.

    3,917       69,840  

Balchem Corp.

    1,142       207,193  

Celanese Corp.

    4,449       222,183  

Chemours Co.

    9,276       169,194  

FMC Corp.

    66,742       983,777  

Innospec, Inc.

    1,121       85,846  

Koppers Holdings, Inc.

    7,974       301,417  

Orion SA

    9,741       55,426  

Perimeter Solutions, Inc. (a)

    76,304       1,791,618  

Rogers Corp. (a)

    1,868       201,427  

Sensient Technologies Corp.

    14,971       1,520,006  

Stepan Co.

    2,701       137,454  

Tronox Holdings PLC

    51,301       383,732  
              6,129,113  

Coal — 0.2%

American Resources Corp. (a)

    184,224       552,672  

Warrior Met Coal, Inc.

    9,551       795,025  
              1,347,697  

Commercial Services — 5.4%

Acacia Research Corp. (a)

    319,200       1,337,448  

American Public Education, Inc. (a)

    99,639       4,565,459  

Andersen Group, Inc. (a)

    43,097       997,695  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Commercial Services — (Continued)

Arlo Technologies, Inc. (a)

    7,697     $ 120,766  

BGSF, Inc.

    150,010       912,061  

BrightView Holdings, Inc. (a)

    6,056       83,512  

Brink’s Co.

    4,054       473,385  

CoreCivic, Inc. (a)

    219,690       3,884,119  

Covista, Inc. (a)

    3,449       338,002  

CPI Card Group, Inc. (a)

    181,830       2,230,145  

EVERTEC, Inc.

    3,215       91,017  

Forrester Research, Inc. (a)

    278,210       1,663,696  

GEO Group, Inc. (a)

    38,619       580,830  

Herc Holdings, Inc.

    10,434       1,458,569  

Insperity, Inc.

    14,573       323,666  

John Wiley & Sons, Inc. - Class A

    13,184       408,968  

Kelly Services, Inc. - Class A

    83,790       813,601  

KinderCare Learning Cos., Inc. (a)

    24,790       86,765  

Lincoln Educational Services Corp. (a)

    87,643       3,176,182  

MarketAxess Holdings, Inc.

    1,203       230,976  

Matthews International Corp. - Class A

    5,499       145,338  

Paysafe Ltd. (a)

    14,167       88,685  

Perdoceo Education Corp.

    10,039       334,801  

Progyny, Inc. (a)

    37,967       671,636  

RCM Technologies, Inc. (a)

    111,780       2,113,760  

Rent-A-Center, Inc.

    3,409       73,123  

Repay Holdings Corp. (a)

    470,950       1,309,241  

Strategic Education, Inc.

    1,789       147,199  

Universal Technical Institute, Inc. (a)

    101,043       3,657,757  

USCB Financial Holdings, Inc.

    133,720       2,531,320  

Verra Mobility Corp. (a)

    66,966       1,119,002  

WEX, Inc. (a)

    10,417       1,554,112  

Willdan Group, Inc. (a)

    22,064       1,966,785  

WillScot Holdings Corp.

    74,046       1,600,134  
              41,089,755  

Computers — 1.1%

Amentum Holdings, Inc. (a)

    2,599       77,632  

ASGN, Inc. (a)

    2,386       102,359  

CACI International, Inc. - Class A (a)

    1,145       698,645  

Cantaloupe, Inc. (a)

    9,881       103,158  

ExlService Holdings, Inc. (a)

    7,485       233,906  

Figure Technology Solutions, Inc. - Class A (a)

    8,806       222,616  

Globant S.A. (a)

    9,164       456,001  

Insight Enterprises, Inc. (a)

    2,176       181,826  

MAXIMUS, Inc.

    21,944       1,659,186  

NCR Voyix Corp. (a)

    49,502       378,195  

One Stop Systems, Inc. (a)

    85,248       703,722  

Pitney Bowes, Inc.

    10,806       115,948  

Rimini Street, Inc. (a)

    618,600       2,301,192  

Science Applications International Corp.

    10,476       966,516  
              8,200,902  

 

 

   

Shares

    

Value

  

Cosmetics/Personal Care — 0.6%

Edgewell Personal Care Co.

    13,267     $ 301,691  

elf Beauty, Inc. (a)

    20,213       1,860,607  

Interparfums, Inc.

    17,319       1,745,409  

Oddity Tech Ltd. - Class A (a)

    2,475       29,131  

Perrigo Co. PLC

    57,354       758,220  

Prestige Brands Holdings, Inc. (a)

    3,474       240,748  
              4,935,806  

Distribution/Wholesale — 0.9%

G-III Apparel Group Ltd.

    19,012       581,577  

OPENLANE, Inc. (a)

    43,780       1,248,168  

Pool Corp.

    2,106       478,441  

SiteOne Landscape Supply, Inc. (a)

    8,978       1,282,866  

VSE Corp.

    13,959       3,169,670  

WESCO International, Inc.

    371       107,405  
              6,868,127  

Diversified Financial Services — 1.6%

Dave, Inc. (a)

    4,795       926,730  

Encore Capital Group, Inc. (a)

    3,458       236,147  

Enova International, Inc. (a)

    3,612       502,249  

Houlihan Lokey, Inc.

    7,469       1,223,198  

Interactive Brokers Group, Inc. - Class A

    12,252       872,220  

LendingClub Corp. (a)

    74,263       1,107,261  

Miami International Holdings, Inc. (a)

    30,497       1,299,172  

Moelis & Co. - Class A

    24,463       1,452,124  

Perella Weinberg Partners

    45,094       834,690  

Radian Group, Inc.

    22,816       787,608  

Silvercrest Asset Management Group, Inc. - Class A

    80,736       1,227,591  

Virtus Investment Partners, Inc.

    807       111,656  

WisdomTree, Inc.

    92,824       1,588,219  

World Acceptance Corp. (a)

    2,155       290,666  
              12,459,531  

Electric — 0.6%

Ameresco, Inc. - Class A (a)

    23,108       703,870  

Hawaiian Electric Industries, Inc. (a)

    39,161       606,604  

Northwestern Energy Group, Inc.

    24,889       1,741,234  

TXNM Energy, Inc.

    18,036       1,064,485  

Unitil Corp.

    2,272       118,848  
              4,235,041  

Electrical Components & Equipment — 1.8%

AZZ, Inc.

    13,809       1,877,748  

Belden, Inc.

    9,744       1,396,315  

Graham Corp. (a)

    26,385       2,142,990  

Littelfuse, Inc.

    1,079       380,304  

nLight, Inc. (a)

    84,505       4,748,336  

 

The accompanying notes are an integral part of the financial statements.
3

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Electrical Components & Equipment — (Continued)

Powell Industries, Inc.

    6,207     $ 3,249,985  
              13,795,678  

Electronics — 3.4%

Allient, Inc.

    28,771       1,894,283  

Applied Optoelectronics, Inc. (a)

    69,533       5,856,765  

Badger Meter, Inc.

    2,217       337,937  

Benchmark Electronics, Inc.

    4,446       257,023  

Brady Corp. - Class A

    2,928       270,372  

Coherent Corp. (a)

    3,416       884,505  

Comtech Telecommunications Corp. (a)

    181,070       908,971  

ESCO Technologies, Inc.

    9,976       2,766,245  

Ingram Micro Holding Corp.

    67,247       1,391,340  

Itron, Inc. (a)

    4,655       437,337  

Kimball Electronics, Inc. (a)

    125,980       3,148,240  

Knowles Corp. (a)

    7,352       199,754  

Mirion Technologies, Inc. (a)

    109,846       2,373,772  

OSI Systems, Inc. (a)

    1,136       323,987  

Plexus Corp. (a)

    2,641       512,697  

Sanmina Corp. (a)

    6,648       1,032,169  

SYNNEX Corp.

    830       130,152  

TTM Technologies, Inc. (a)

    8,548       891,044  

Vontier Corp.

    64,437       2,636,762  
              26,253,355  

Energy-Alternate Sources — 0.5%

Eos Energy Enterprises, Inc. (a)

    251,510       1,432,350  

Fluence Energy, Inc. (a)

    75,573       1,174,404  

REX American Resources Corp. (a)

    5,040       179,222  

Shoals Technologies Group, Inc. - Class A (a)

    87,290       517,630  

Sunrun, Inc. (a)

    7,050       93,413  

T1 Energy, Inc. (a)

    62,715       386,324  
              3,783,343  

Engineering & Construction — 3.2%

Bowman Consulting Group Ltd. (a)

    95,920       3,217,157  

Cardinal Infrastructure Group, Inc. - Class A (a)

    50,784       1,636,261  

Comfort Systems USA, Inc.

    4,006       5,726,056  

Construction Partners, Inc. - Class A (a)

    16,130       2,167,388  

EMCOR Group, Inc.

    4,741       3,435,423  

Energy Services of America Corp.

    37,817       590,702  

Exponent, Inc.

    2,780       202,328  

Mistras Group, Inc. (a)

    98,760       1,509,053  

MYR Group, Inc. (a)

    12,719       3,433,621  

Shimmick Corp. (a)

    171,820       608,243  

Sterling Construction Co., Inc. (a)

    2,024       866,535  

TopBuild Corp. (a)

    2,707       1,213,548  
              24,606,315  

 

 

   

Shares

    

Value

  

Entertainment — 1.5%

Atlanta Braves Holdings, Inc. - Class A (a)

    1,183     $ 57,269  

Cinemark Holdings, Inc.

    7,468       210,896  

IMAX Corp. (a)

    100,217       4,292,294  

Monarch Casino & Resort, Inc.

    3,215       308,962  

Pursuit Attractions and Hospitality, Inc. (a)

    58,560       2,035,546  

Rush Street Interactive, Inc. (a)

    50,500       997,375  

Scientific Games Corp. (a)

    6,167       579,328  

United Parks & Resorts, Inc. (a)

    43,272       1,505,433  

Vail Resorts, Inc.

    8,203       1,114,049  
              11,101,152  

Environmental Control — 0.6%

CECO Environmental Corp. (a)

    69,771       4,217,657  

PureCycle Technologies, Inc. (a)

    15,408       97,224  

Tetra Tech, Inc.

    15,990       573,082  
              4,887,963  

Food — 1.1%

B&G Foods, Inc.

    75,320       399,949  

Cal-Maine Foods, Inc.

    17,410       1,516,585  

Grocery Outlet Holding Corp. (a)

    24,595       242,999  

Ingles Markets, Inc. - Class A

    24,664       2,098,906  

J&J Snack Foods Corp.

    578       50,321  

Mama’s Creations, Inc. (a)

    62,725       1,075,106  

Nomad Foods Ltd.

    63,841       700,336  

Simply Good Foods Co. (a)

    71,760       1,224,226  

United Natural Foods, Inc. (a)

    19,944       762,060  

Weis Markets, Inc.

    1,995       135,181  
              8,205,669  

Gas — 0.5%

MDU Resources Group, Inc.

    81,982       1,695,388  

Northwest Natural Holding, Co.

    10,869       576,492  

Southwest Gas Holdings, Inc.

    18,079       1,594,025  
              3,865,905  

Hand/Machine Tools — 0.4%

Franklin Electric Co., Inc.

    1,896       188,880  

Hurco Cos., Inc. (a)

    66,830       1,183,559  

MSA Safety, Inc.

    7,173       1,401,676  
              2,774,115  

Healthcare-Products — 4.2%

ABIOMED Inc. (a)(b)

    1,453       0  

Adaptive Biotechnologies Corp. (a)

    180,658       2,894,141  

Albireo Pharma Inc. (a)(b)

    1,908       0  

Alphatec Holdings, Inc. (a)

    38,718       527,339  

AngioDynamics, Inc. (a)

    137,993       1,578,640  

AxoGen, Inc. (a)

    17,568       557,433  

CONMED Corp.

    7,956       365,976  

CryoLife, Inc. (a)

    3,328       128,128  

Embecta Corp.

    80,339       824,278  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Healthcare-Products — (Continued)

Enovis Corp. (a)

    37,759     $ 961,722  

Establishment Labs Holdings, Inc. (a)

    23,512       1,850,394  

Glaukos Corp. (a)

    7,294       878,198  

Guardant Health, Inc. (a)

    5,772       541,991  

Haemonetics Corp. (a)

    21,543       1,364,103  

ICU Medical, Inc. (a)

    13,304       2,003,316  

Kestra Medical Technologies Ltd. (a)

    34,412       801,111  

LeMaitre Vascular, Inc.

    934       101,040  

Masimo Corp. (a)

    2,530       443,636  

Merit Medical Systems, Inc. (a)

    3,088       238,332  

NeuroPace, Inc. (a)

    85,121       1,241,064  

OmniAb, Inc. (a)(b)

    370       0  

OmniAb, Inc. (a)(b)

    370       0  

Omnicell, Inc. (a)

    21,524       884,636  

Quanterix Corp. (a)

    88,002       576,413  

Repligen Corp. (a)

    10,285       1,323,988  

Sensus Healthcare, Inc. (a)

    310,940       1,277,963  

SI-BONE, Inc. (a)

    86,682       1,345,305  

Tactile Systems Technology, Inc. (a)

    57,039       1,670,672  

Tandem Diabetes Care, Inc. (a)

    122,678       3,103,753  

Teleflex, Inc.

    16,474       2,010,817  

TransMedics Group, Inc. (a)

    11,648       1,691,989  

West Pharmaceutical Services, Inc.

    2,836       721,308  
              31,907,686  

Healthcare-Services — 1.2%

Acadia Healthcare Co., Inc. (a)

    25,679       601,916  

Addus HomeCare Corp. (a)

    9,965       1,031,676  

Ardent Health, Inc. (a)

    8,307       78,003  

Chemed Corp.

    621       254,616  

Ensign Group, Inc.

    2,982       638,655  

Fortrea Holdings, Inc. (a)

    29,756       318,984  

HealthEquity, Inc. (a)

    1,801       137,758  

MEDNAX, Inc. (a)

    54,613       1,084,068  

National HealthCare Corp.

    3,006       491,481  

PACS Group, Inc. (a)

    5,433       198,359  

Park Dental Partners, Inc. (a)

    52,950       998,637  

Privia Health Group, Inc. (a)

    27,422       651,273  

RadNet, Inc. (a)

    23,798       1,661,338  

Surgery Partners, Inc. (a)

    56,275       872,263  

US Physical Therapy, Inc.

    1,232       102,207  
              9,121,234  

Home Builders — 1.5%

Cavco Industries, Inc. (a)

    4,065       2,346,562  

Century Communities, Inc.

    35,944       2,416,515  

Champion Homes, Inc. (a)

    11,150       1,042,302  

Installed Building Products, Inc.

    5,254       1,722,051  

LCI Industries

    11,343       1,510,888  

LGI Homes, Inc. (a)

    23,936       1,242,278  

M/I Homes, Inc. (a)

    5,874       835,048  

 

 

   

Shares

    

Value

  

Home Builders — (Continued)

Winnebago Industries, Inc.

    5,231     $ 208,665  
              11,324,309  

Home Furnishings — 0.8%

Hamilton Beach Brands Holding Co. - Class A

    134,440       2,559,738  

Leggett & Platt, Inc.

    39,904       466,079  

Sleep Number Corp. (a)

    386,380       2,383,964  

Universal Electronics, Inc. (a)

    137,160       517,093  
              5,926,874  

Household Products/Wares — 0.1%

Helen of Troy Ltd. (a)

    29,921       527,806  

Quanex Building Products Corp.

    1,957       40,177  

WD-40 Co.

    1,574       374,927  
              942,910  

Housewares — 0.1%

Central Garden & Pet Co. (a)

    1,215       47,616  

Central Garden & Pet Co. - Class A (a)

    303       10,465  

Lifetime Brands, Inc.

    192,700       637,837  
              695,918  

Insurance — 3.0%

American Integrity Insurance Group, Inc. (a)

    152,460       3,104,086  

Assured Guaranty Ltd.

    30,193       2,602,938  

Axis Capital Holdings Ltd.

    18,525       1,958,463  

Employers Holdings, Inc.

    3,627       149,976  

Exzeo Group, Inc. (a)

    40,768       683,272  

Genworth Financial, Inc. - Class A (a)

    312,972       2,641,484  

HCI Group, Inc.

    2,200       388,124  

Heritage Insurance Holdings, Inc. (a)

    158,887       4,428,181  

NMI Holdings, Inc. - Class A (a)

    30,647       1,204,733  

RLI Corp.

    2,956       184,218  

Safety Insurance Group, Inc.

    1,593       123,664  

Selective Insurance Group, Inc.

    3,866       324,899  

Stewart Information Services Corp.

    2,200       156,178  

White Mountains Insurance Group Ltd.

    2,047       4,545,384  
              22,495,600  

Internet — 1.9%

Bumble, Inc. - Class A (a)

    45,686       138,885  

DHI Group, Inc. (a)

    1,418,080       3,531,019  

ePlus, Inc.

    37,781       3,047,415  

Figs, Inc. - Class A (a)

    151,844       2,345,990  

QuinStreet, Inc. (a)

    5,337       62,550  

RealReal, Inc. (a)

    222,398       2,726,600  

Shutterstock, Inc.

    6,902       115,954  

TripAdvisor, Inc. (a)

    69,810       705,779  

Wix.com Ltd. (a)

    20,017       1,410,398  

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Internet — (Continued)

Yelp, Inc. (a)

    17,907     $ 399,147  
              14,483,737  

Investment Companies — 1.0%

Cannae Holdings, Inc.

    73,802       900,384  

Cipher Digital, Inc. (a)

    64,020       998,712  

Core Scientific, Inc. (a)

    44,536       755,776  

HA Sustainable Infrastructure Capital, Inc.

    3,141       114,709  

Hut 8 Corp. (a)

    16,168       860,623  

Innventure, Inc. (a)

    62,359       177,100  

Terawulf, Inc. (a)

    252,794       4,100,319  
              7,907,623  

Iron/Steel — 0.6%

Carpenter Technology Corp.

    11,908       4,740,218  
                 

Leisure Time — 0.6%

Callaway Golf Co. (a)

    8,836       124,234  

Lindblad Expeditions Holdings, Inc. (a)

    154,445       3,044,111  

OneSpaWorld Holdings Ltd.

    57,237       1,232,313  
              4,400,658  

Lodging — 0.2%

Boyd Gaming Corp.

    4,776       397,506  

Marcus Corp.

    65,620       1,104,385  
              1,501,891  

Machinery-Construction & Mining — 0.5%

Babcock & Wilcox Enterprises, Inc. (a)

    206,487       1,829,475  

BWX Technologies, Inc.

    8,167       1,682,238  
              3,511,713  

Machinery-Diversified — 1.8%

Albany International Corp. - Class A

    1,126       64,914  

Applied Industrial Technologies, Inc.

    7,177       2,028,077  

Chart Industries, Inc. (a)

    3,219       667,299  

Cognex Corp.

    25,298       1,376,211  

DXP Enterprises, Inc. (a)

    9,394       1,300,787  

Flowserve Corp.

    17,756       1,571,761  

Power Solutions International, Inc. (a)

    17,032       1,422,172  

Tennant Co.

    18,851       1,150,477  

Toro Co.

    5,348       528,703  

Twin Disc, Inc.

    207,255       3,769,968  
              13,880,369  

Media — 0.1%

Cable One, Inc.

    2,974       285,355  

Scholastic Corp.

    5,558       193,252  

Sinclair, Inc.

    17,962       293,499  
              772,106  

 

 

   

Shares

    

Value

  

Metal Fabricate/Hardware — 1.7%

Advanced Drainage Systems, Inc.

    11,066     $ 1,896,048  

Helios Technologies, Inc.

    15,220       1,085,490  

Janus International Group, Inc. (a)

    115,465       803,636  

Mueller Industries, Inc.

    11,950       1,409,622  

NN, Inc. (a)

    162,200       244,922  

Proto Labs, Inc. (a)

    28,413       1,763,879  

Standex International Corp.

    7,010       1,836,620  

Valmont Industries, Inc.

    3,207       1,474,996  

Xometry, Inc. - Class A (a)

    52,965       2,172,360  
              12,687,573  

Mining — 2.9%

Almonty Industries, Inc. (a)

    132,781       2,441,842  

Centrus Energy Corp. - Class A (a)

    9,441       1,912,652  

Century Aluminum Co. (a)

    18,637       960,924  

Energy Fuels, Inc. (a)

    111,247       2,371,786  

IAMGOLD Corp. (a)

    138,733       3,408,670  

Ivanhoe Electric, Inc. (a)

    156,284       2,686,522  

MP Materials Corp. (a)

    12,967       763,367  

Perpetua Resources Corp. (a)

    71,176       2,623,547  

United States Antimony Corp. (a)

    168,703       1,508,205  

Uranium Energy Corp. (a)

    173,345       2,657,379  

USA Rare Earth, Inc. (a)

    53,503       1,011,207  
              22,346,101  

Miscellaneous Manufacturing — 1.2%

Axon Enterprise, Inc. (a)

    5,340       2,896,416  

Core Molding Technologies, Inc. (a)

    56,370       1,028,752  

Enpro, Inc.

    4,961       1,283,163  

Fabrinet (a)

    5,595       3,052,800  

JBT Marel Corp.

    2,493       383,922  

Materion Corp.

    2,877       469,123  

Smith & Wesson Brands, Inc.

    7,143       85,002  
              9,199,178  

Office Furnishings — 0.0% (c)

Interface, Inc.

    11,644       366,670  
                 

Oil & Gas — 0.8%

Delek US Holdings, Inc.

    52,764       2,010,836  

Expand Energy Corp.

    9,762       1,053,515  

Helmerich & Payne, Inc.

    16,912       595,641  

Patterson-UTI Energy, Inc.

    112,890       960,694  

PBF Energy, Inc. - Class A

    5,245       186,722  

Range Resources Corp.

    29,237       1,206,903  

Talos Energy, Inc. (a)

    6,990       85,628  
              6,099,939  

Oil & Gas Services — 3.1%

DMC Global, Inc. (a)

    267,430       1,575,163  

DNOW, Inc. (a)

    63,972       753,590  

Flotek Industries, Inc. (a)

    74,530       1,144,036  

Helix Energy Solutions Group, Inc. (a)

    41,891       384,978  

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Continued)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Oil & Gas Services — (Continued)

Innovex International, Inc. (a)

    49,342     $ 1,300,162  

Kodiak Gas Services, Inc.

    38,820       2,118,407  

Liberty Energy, Inc.

    66,872       1,878,434  

National Energy Services Reunited Corp. (a)

    64,167       1,607,383  

Natural Gas Services Group, Inc.

    135,030       5,166,248  

Oceaneering International, Inc. (a)

    35,309       1,253,470  

Oil States International, Inc. (a)

    39,848       521,610  

Solaris Energy Infrastructure, Inc.

    48,421       2,403,134  

TETRA Technologies, Inc. (a)

    276,301       2,392,767  

Tidewater, Inc. (a)

    17,839       1,416,773  
              23,916,155  

Pharmaceuticals — 1.8%

Amphastar Pharmaceuticals, Inc. (a)

    6,771       136,977  

Amylyx Pharmaceuticals, Inc. (a)

    113,350       1,719,519  

Arvinas, Inc. (a)

    8,832       117,201  

BellRing Brands, Inc. (a)

    33,425       614,686  

Collegium Pharmaceutical, Inc. (a)

    2,619       109,134  

Corcept Therapeutics, Inc. (a)

    3,332       118,952  

Guardian Pharmacy Services, Inc. - Class A (a)

    37,681       1,262,690  

Indivior Pharmaceuticals, Inc. (a)

    66,751       2,184,093  

Madrigal Pharmaceuticals, Inc. (a)

    334       144,288  

Pacira BioSciences, Inc. (a)

    12,980       284,392  

Protagonist Therapeutics, Inc. (a)

    13,970       1,286,358  

Rhythm Pharmaceuticals, Inc. (a)

    14,901       1,381,770  

Spyre Therapeutics, Inc. (a)

    65,274       2,807,435  

Xeris Biopharma Holdings, Inc. (a)

    196,911       1,205,095  
              13,372,590  

Private Equity — 0.1%

Ridgepost Capital, Inc. - Class A

    117,916       951,582  
                 

Real Estate — 0.7%

Compass, Inc. - Class A (a)

    50,573       493,087  

Howard Hughes Holdings, Inc. (a)

    10,887       787,892  

Kennedy-Wilson Holdings, Inc.

    23,811       259,064  

McGrath RentCorp

    31,391       3,482,831  
              5,022,874  

REITS — 1.8%

Agree Realty Corp.

    1,641       132,068  

Alexander & Baldwin, Inc.

    4,543       94,449  

Alpine Income Property Trust, Inc.

    104,034       2,051,550  

Apollo Commercial Real Estate Finance, Inc.

    44,054       466,972  

Blackstone Mortgage Trust, Inc. - Class A

    6,106       117,296  

Brandywine Realty Trust

    72,030       229,776  

CareTrust REIT, Inc.

    7,113       288,930  

Centerspace

    2,329       146,494  

Chimera Investment Corp.

    35,803       487,279  

 

 

   

Shares

    

Value

  

REITS — (Continued)

Chiron Real Estate, Inc.

    43,148     $ 1,494,215  

DiamondRock Hospitality Co.

    13,130       131,825  

EastGroup Properties, Inc.

    2,590       508,443  

Getty Realty Corp.

    5,173       169,778  

Gladstone Commercial Corp.

    5,797       72,405  

Global Net Lease, Inc.

    24,433       230,159  

Kite Realty Group Trust

    7,450       194,073  

LXP Industrial Trust

    2,422       120,034  

Medical Properties Trust, Inc.

    67,175       386,928  

NETSTREIT Corp.

    3,764       78,178  

NexPoint Residential Trust, Inc.

    2,074       58,466  

Outfront Media, Inc. (a)

    49,235       1,418,460  

PennyMac Mortgage Investment Trust

    24,404       299,193  

Piedmont Realty Trust, Inc. - Class A

    33,537       254,546  

Rayonier, Inc.

    2,658       57,120  

Redwood Trust, Inc.

    77,920       471,416  

Regency Centers Corp.

    2,758       217,882  

Safehold, Inc.

    11,399       183,980  

Service Properties Trust

    43,046       99,006  

Sunrise Realty Trust, Inc.

    157,780       1,478,399  

Tanger, Inc.

    33,410       1,238,175  

TPG RE Finance Trust, Inc.

    8,617       72,900  

Whitestone REIT

    14,111       214,346  
              13,464,741  

Retail — 4.5%

Abercrombie & Fitch Co. - Class A (a)

    2,464       240,979  

Advance Auto Parts, Inc.

    2,595       137,976  

Asbury Automotive Group, Inc. (a)

    16,374       3,500,434  

BJ’s Restaurants, Inc. (a)

    7,047       267,716  

BlueLinx Holdings, Inc. (a)

    14,349       945,886  

Boot Barn Holdings, Inc. (a)

    10,772       2,038,278  

Buckle, Inc.

    2,951       158,026  

Build-A-Bear Workshop, Inc.

    62,300       3,031,518  

Casey’s General Stores, Inc.

    1,888       1,294,394  

FirstCash Holdings, Inc.

    2,930       564,875  

Five Below, Inc. (a)

    3,696       826,167  

Group 1 Automotive, Inc.

    2,270       739,430  

J Jill, Inc.

    102,700       1,773,629  

Kohl’s Corp.

    4,833       79,116  

Lithia Motors, Inc.

    382       106,800  

Murphy USA, Inc.

    7,520       2,938,365  

National Vision Holdings, Inc. (a)

    135,651       3,658,507  

Nu Skin Enterprises, Inc. - Class A

    35,505       301,082  

Ollie’s Bargain Outlet Holdings, Inc. (a)

    10,506       1,125,193  

Portillo’s, Inc. - Class A (a)

    61,118       326,370  

PriceSmart, Inc.

    17,479       2,702,603  

Red Robin Gourmet Burgers, Inc. (a)

    607,100       3,053,713  

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (CONTINUED)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Retail — (Continued)

RH (a)

    2,399     $ 397,538  

Shake Shack, Inc. - Class A (a)

    6,147       590,173  

Shoe Carnival, Inc.

    99,824       2,015,447  

Signet Jewelers Ltd.

    5,100       490,569  

Texas Roadhouse, Inc.

    2,804       512,767  

Tilly’s, Inc. - Class A (a)

    271,220       390,557  
              34,208,108  

Savings & Loans — 1.0%

Axos Financial, Inc. (a)

    3,461       300,484  

Banc of California, Inc.

    1,809       33,412  

Beacon Financial Corp.

    17,583       522,918  

FS Bancorp, Inc.

    81,284       3,211,531  

Home Bancorp, Inc.

    24,010       1,418,991  

Northfield Bancorp, Inc.

    9,880       131,799  

Northwest Bancshares, Inc.

    5,826       72,534  

OceanFirst Financial Corp.

    5,361       96,820  

Provident Financial Services, Inc.

    15,571       327,614  

Riverview Bancorp, Inc.

    295,120       1,578,892  
              7,694,995  

Semiconductors — 4.7%

Advanced Energy Industries, Inc.

    5,724       1,920,803  

Aehr Test Systems (a)

    22,302       834,764  

Allegro MicroSystems, Inc. (a)

    33,504       1,221,891  

Ambiq Micro, Inc. (a)

    29,283       898,988  

Amtech Systems, Inc. (a)

    158,540       2,068,947  

AXT, Inc. (a)

    80,921       3,066,906  

Camtek Ltd. (a)

    5,399       903,739  

Cirrus Logic, Inc. (a)

    3,525       497,448  

Cohu, Inc. (a)

    48,342       1,459,928  

FormFactor, Inc. (a)

    14,402       1,424,070  

inTEST Corp. (a)

    205,020       2,388,483  

Kulicke & Soffa Industries, Inc.

    6,419       447,533  

Lattice Semiconductor Corp. (a)

    13,177       1,259,985  

MKS, Inc.

    1,371       335,155  

Monolithic Power Systems, Inc.

    1,952       2,230,628  

Onto Innovation, Inc. (a)

    9,914       2,140,333  

Photronics, Inc. (a)

    7,595       284,281  

Power Integrations, Inc.

    6,328       303,238  

Semtech Corp. (a)

    19,761       1,782,837  

Silicon Motion Technology Corp. - ADR

    27,162       3,510,145  

SiTime Corp. (a)

    8,201       3,263,014  

Tower Semiconductor Ltd. (a)

    9,327       1,164,662  

Ultra Clean Holdings, Inc. (a)

    42,126       2,556,206  

Veeco Instruments, Inc. (a)

    3,472       106,104  
              36,070,088  

Software — 2.4%

ACI Worldwide, Inc. (a)

    15,290       606,707  

Alignment Healthcare, Inc. (a)

    92,535       1,778,523  

Asure Software, Inc. (a)

    243,790       2,228,241  

Blackbaud, Inc. (a)

    799       38,783  

 

 

   

Shares

    

Value

  

Software — (Continued)

Commvault Systems, Inc. (a)

    14,108     $ 1,200,309  

CSG Systems International, Inc.

    2,939       234,826  

DigitalOcean Holdings, Inc. (a)

    21,486       1,204,505  

Fastly, Inc. - Class A (a)

    102,912       1,967,677  

Genasys, Inc. (a)

    568,340       1,074,163  

Global-e Online Ltd. (a)

    34,477       1,205,661  

Innodata, Inc. (a)

    15,445       682,206  

LiveRamp Holdings, Inc. (a)

    2,185       59,366  

Planet Labs PBC (a)

    145,022       3,500,831  

Porch Group, Inc. (a)

    58,501       480,293  

Procore Technologies, Inc. (a)

    10,827       595,918  

Progress Software Corp. (a)

    5,306       222,215  

Smith Micro Software, Inc. (a)

    206,090       115,410  

Take-Two Interactive Software, Inc. (a)

    3,504       741,026  

Talkspace, Inc. (a)

    5,983       28,838  

Vertex, Inc. - Class A (a)

    43,726       633,153  
              18,598,651  

Telecommunications — 1.6%

Applied Digital Corp. (a)

    49,622       1,353,192  

Array Digital Infrastructure, Inc.

    8,331       405,970  

Aviat Networks, Inc. (a)

    146,250       3,662,100  

Frequency Electronics, Inc. (a)

    32,093       1,611,390  

IDT Corp. - Class B

    3,111       158,505  

InterDigital, Inc.

    869       318,515  

Iridium Communications, Inc.

    9,628       230,591  

LightPath Technologies, Inc. - Class A (a)

    166,382       1,735,364  

NetGear, Inc. (a)

    7,443       153,475  

Telephone & Data Systems, Inc.

    10,347       463,028  

Viavi Solutions, Inc. (a)

    23,640       702,344  

Vistance Networks, Inc. (a)

    80,792       1,419,515  
              12,213,989  

Textiles — 0.4%

UniFirst Corp.

    12,770       2,998,651  
                 

Toys/Games/Hobbies — 0.5%

JAKKS Pacific, Inc.

    170,640       3,730,190  
                 

Transportation — 1.7%

ArcBest Corp.

    23,944       2,458,091  

Genco Shipping & Trading Ltd.

    8,632       207,600  

GXO Logistics, Inc. (a)

    59,196       3,719,285  

Hub Group, Inc. - Class A

    26,107       1,124,428  

Ituran Location and Control Ltd.

    18,124       869,952  

Knight-Swift Transportation Holdings, Inc.

    1,873       117,849  

Marten Transport Ltd.

    7,327       99,574  

PAMT CORP (a)

    76,070       763,743  

Saia, Inc. (a)

    8,304       3,366,359  

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

ADARA SMALLER COMPANIES FUND

 


Schedule of Investments (Concluded)

as of February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Transportation — (Continued)

Scorpio Tankers, Inc.

    4,242     $ 335,457  
              13,062,338  

Water — 0.0% (c)

American States Water Co.

    1,758       131,024  

California Water Service Group

    1,969       88,762  
              219,786  

TOTAL COMMON STOCKS (Cost $459,523,545)

            734,945,385  
                 

TOTAL INVESTMENTS — 96.4% (Cost $459,523,545)

            734,945,385  

Other Assets in Excess of Liabilities — 3.6%

            27,832,193  

TOTAL NET ASSETS — 100.0%

          $ 762,777,578  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

 

(a)

Non-income producing security.

(b)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2026.

(c)

Represents less than 0.05% of net assets.

 

 

 

The accompanying notes are an integral part of the financial statements.
9

 

 

ADARA SMALLER COMPANIES FUND

 


STATEMENT of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

ASSETS:

        

Investments, at value

  $ 734,945,385  

Cash - interest bearing deposit account

    29,294,272  

Receivable for investments sold

    1,314,292  

Dividends receivable

    245,776  

Receivable for fund shares sold

    139,980  

Interest receivable

    72,793  

Cash

    18,713  

Prepaid expenses and other assets

    38,481  

Total assets

    766,069,692  
         

LIABILITIES:

        

Payable for investments purchased

    2,650,525  

Payable to Adviser

    482,218  

Payable for capital shares redeemed

    15,020  

Payable for shareholder servicing fees

    7,509  

Payable for expenses and other liabilities

    136,842  

Total liabilities

    3,292,114  

NET ASSETS

  $ 762,777,578  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 37,341  

Additional paid-in capital

    460,505,092  

Total distributable earnings

    302,235,145  

Total net assets

  $ 762,777,578  
         

Net assets

  $ 762,777,578  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    37,341,366  

Net asset value per share

  $ 20.43  
         

Investments, at cost

  $ 459,523,545  

 

 

The accompanying notes are an integral part of the financial statements.
10

 

 

ADARA SMALLER COMPANIES FUND

 


Statement of Operations

FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME:

        

Dividend income

  $ 3,028,944  

Less: issuance fees

    (2,437 )

Less: dividend withholding taxes

    (9,025 )

Interest income

    647,427  

Total investment income

    3,664,909  
         

EXPENSES:

        

Sub-advisory fees

    2,587,589  

Fund administration and accounting fees

    104,641  

Trustees’ fees

    41,431  

Transfer agent fees

    30,156  

Custodian fees

    26,248  

Compliance fees

    23,609  

Federal and state registration fees

    23,580  

Legal fees

    18,671  

Audit fees

    9,857  

Reports to shareholders

    5,223  

Other expenses and fees

    21,432  

Total expenses

    2,892,437  

NET INVESTMENT INCOME

    772,472  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments

    49,399,575  

Net realized gain (loss)

    49,399,575  

Net change in unrealized appreciation (depreciation) on:

        

Investments

    56,819,060  

Net change in unrealized appreciation (depreciation)

    56,819,060  

Net realized and unrealized gain (loss)

    106,218,635  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 106,991,107  

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

ADARA SMALLER COMPANIES FUND

 


Statements of Changes in Net Assets

 

 

  

For the
Period Ended
February 28, 2026
(Unaudited)

    

For the
Year Ended
August 31, 2025

  

OPERATIONS:

               

Net investment income (loss)

   $ 772,472     $ 1,655,753  

Net realized gain (loss)

    49,399,575       47,324,752  

Net change in unrealized appreciation (depreciation)

    56,819,060       28,568,138  

Net increase (decrease) in net assets from operations

    106,991,107       77,548,643  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

               

From earnings

    (59,820,239 )     (20,686,719 )

Total distributions to shareholders

    (59,820,239 )     (20,686,719 )
                 

CAPITAL TRANSACTIONS:

               

Shares sold

    32,495,430       52,119,089  

Shares issued from reinvestment of distributions

    52,757,376       18,720,449  

Shares redeemed

    (72,757,519 )     (28,485,844 )

Net increase (decrease) in net assets from capital transactions

    12,495,287       42,353,694  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    59,666,155       99,215,618  
                 

NET ASSETS:

               

Beginning of the period

    703,111,423       603,895,805  

End of the period

  $ 762,777,578     $ 703,111,423  
                 

SHARES TRANSACTIONS

               

Shares sold

    1,644,111       3,008,317  

Shares issued from reinvestment of distributions

    2,773,784       975,532  

Shares redeemed

    (3,576,033 )     (1,594,066 )

Total increase (decrease) in shares outstanding

    841,862       2,389,783  

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

ADARA SMALLER COMPANIES FUND

 


Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

 

  

For the
Period
Ended
February 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 19.26     $ 17.70     $ 15.26     $ 14.39     $ 21.47     $ 13.73  

INVESTMENT OPERATIONS:

                                                

Net investment income (loss)(a)

    0.02       0.05       0.07       0.07       0.02       (0.03 )

Net realized and unrealized gain (loss) on investments (b)

    2.88       2.12       2.46       0.85       (2.88 )     7.99  

Total from investment operations

    2.90       2.17       2.53       0.92       (2.86 )     7.96  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.02 )     (0.20 )     (0.09 )     (0.05 )     —       —  

Net realized gains

    (1.71 )     (0.41 )     —       —       (4.22 )     (0.22 )

Total distributions

    (1.73 )     (0.61 )     (0.09 )     (0.05 )     (4.22 )     (0.22 )

Net asset value, end of period

  $ 20.43     $ 19.26     $ 17.70     $ 15.26     $ 14.39     $ 21.47  

TOTAL RETURN (c)

    15.73 %     12.25 %     16.72 %     6.40 %     (16.93 )%     58.41 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 762,778     $ 703,111     $ 603,896     $ 482,440     $ 441,478     $ 536,177  

Ratio of expenses to average net assets (d)

    0.80 %     0.80 %     0.80 %     0.82 %     0.84 %     0.84 %

Ratio of net investment income (loss) to average net assets (d)

    0.21 %     0.26 %     0.43 %     0.50 %     0.10 %     (0.18 )%

Portfolio turnover rate (c)

    39 %     71 %     58 %     56 %     56 %     75 %

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(c)

Not annualized for periods less than one year.

 

(d)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.
13

 

 

ADARA SMALLER COMPANIES FUND

 


NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2026 (UNAUDITED)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Adara Smaller Companies Fund (the “Fund”), which commenced investment operations on October 21, 2014.

 

The Fund’s investment objective is to seek capital appreciation.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION – The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below), in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.    

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Altair Advisers, LLC, the Fund’s investment adviser (“Altair” or the “Adviser”), as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

● Level 1 —

Prices are determined using quoted prices in active markets for identical securities.

 

 

● Level 2 —

Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

● Level 3 —

Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

14

 

 

ADARA SMALLER COMPANIES FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments:

                                

Common Stocks

  $ 734,945,385     $ —     $ — (a)    $ 734,945,385  

Total Investments

  $ 734,945,385     $ —     $ — (a)    $ 734,945,385  

 

(a)

Amount is less than $0.50.

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no significant Level 3 transfers.

 

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund

 

15

 

 

ADARA SMALLER COMPANIES FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains (including net short-term capital gains), if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Altair Advisers, LLC serves as the investment adviser to the Fund. Aperio Group, LLC, Driehaus Capital Management, LLC, Pacific Ridge Capital Partners, LLC, Pier Capital, LLC and River Road Asset Management, LLC each serve as an investment sub-adviser (the “Sub-Advisers”) to the Fund.

 

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser’s investment team is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Company on behalf of the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to the supervision of the Adviser and the Board, and in accordance with the investment objective and restrictions of the Fund. The Fund compensates the Sub-Advisers for their services at an annual rate of 0.80% based on the Fund’s sub-advised average daily net assets (the “Sub-Advisory Fee”), not to exceed 1.00%, payable on a monthly basis in arrears.

 

The Fund is currently only available to clients of the Adviser and to other investors at the Fund’s discretion. The Adviser does not receive a separate management fee from the Fund. However, pursuant to the Fund’s investment advisory agreement with the Adviser, the Adviser is entitled to receive reimbursement for out-of-pocket expenses it incurs in connection with its compliance monitoring of Fund trading, up to 0.01% of the Fund’s average daily net assets. This amount is included in Investment management fees on the Statement of Operations.

 

16

 

 

ADARA SMALLER COMPANIES FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

 

3. Director and Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

 

FUND

  

PURCHASES

    

SALES

  

Adara Smaller Companies Fund

  $ 270,471,203     $ 295,405,052  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

5. Federal Income Tax Information

 

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

 

FUND

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

Net Unrealized
Appreciation/
(Depreciation)

  

Adara Smaller Companies Fund

  $ 439,472,327     $ 237,673,374     $ (23,422,257 )   $ 214,251,117  

 

17

 

 

ADARA SMALLER COMPANIES FUND

 


NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

CAPITAL LOSS
CARRYFORWARDS

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

QUALIFIED
LATE-YEAR
LOSSES

  

Adara Smaller Companies Fund

  $ —     $ 40,813,160     $ —     $ 214,251,117     $ —  

 

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

YEAR ENDED

    

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

Adara Smaller Companies Fund

    2025     $ 7,539,135     $ 13,147,584     $ 20,686,719  

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

The Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2025, the Fund had short-term capital loss carryforwards of $0.

 

6. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

18

 

 

ADARA SMALLER COMPANIES FUND

 


Other Information (Unaudited)

 

INFORMATION ON Proxy Voting

 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6482 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

19

 

 

Investment Adviser
Altair Advisers, LLC
225 West Washington Street, Suite 2400
Chicago, IL 60606

 

Administrator and Transfer Agent
U.S. Bank Global Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street, Suite 1800
Philadelphia, PA 19103

 

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

AQUARIUS INTERNATIONAL FUND

 

of

 

The RBB Fund, Inc.

 

FINANCIAL STATEMENTS

 

February 28, 2026
(Unaudited)

 

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

Sector Classification as of February 28, 2026

 

Value

    

% of Net
Assets

  

Financials

  $ 168,344,207       20.9 %

Industrials

    148,009,170       18.8  

Information Technology

    132,649,870       16.8  

Health Care

    67,686,328       8.8  

Materials

    63,170,116       8.0  

Communication Services

    54,106,593       6.8  

Consumer Discretionary

    46,036,487       5.3  

Energy

    38,229,022       4.7  

Consumer Staples

    34,228,323       4.2  

Utilities

    12,902,227       1.5  

Real Estate

    4,259,666       0.4  

Other Assets in Excess of Liabilities

    30,228,015       3.8  
    $ 799,850,024       100.0 %

 

 

The following table presents a summary by country of the schedule holdings of the Fund:

 

Country

  

Value

    

% of Net
Assets

  

United Kingdom

  $ 107,143,808       13.4 %

Japan

    104,231,481       13.0  

South Korea

    69,967,021       8.7  

Taiwan

    53,236,808       6.7  

France

    46,785,243       5.8  

China

    41,943,997       5.2  

Netherlands

    41,213,734       5.2  

Canada

    30,526,279       3.8  

India

    28,116,201       3.5  

Italy

    26,512,421       3.3  

Switzerland

    24,737,070       3.1  

Brazil

    22,793,668       2.9  

Australia

    19,347,034       2.4  

Germany

    17,766,822       2.2  

Hong Kong

    15,543,546       1.9  

Ireland

    15,532,653       1.9  

Finland

    11,722,225       1.5  

United States

    10,877,508       1.4  

Mexico

    10,795,647       1.4  

Denmark

    9,533,930       1.2  

Spain

    6,460,183       0.8  

Bermuda

    6,167,083       0.8  

Singapore

    5,813,138       0.7  

South Africa

    5,781,358       0.7  

Norway

    5,645,348       0.7  

Israel

    4,936,939       0.6  

Sweden

    3,410,170       0.4  

United Arab Emirates

    3,011,162       0.4  

Portugal

    2,312,413       0.3  

Hungary

    2,075,381       0.3  

Austria

    1,961,436       0.2  

Peru

  $ 1,834,082       0.2 %

Belgium

    1,446,276       0.2  

Indonesia

    1,400,624       0.2  

Greece

    1,376,617       0.2  

Turkey

    1,327,635       0.2  

Chile

    1,221,662       0.2  

Thailand

    1,039,425       0.1  

Saudi Arabia

    1,028,362       0.1  

Poland

    610,150       0.1  

Argentina

    509,810       0.1  

Uruguay

    504,425       0.1  

Luxembourg

    413,439       0.1  

New Zealand

    336,282       0.0 (a) 

Czech Republic

    324,765       0.0 (a) 

Panama

    250,746       0.0 (a) 

Colombia

    95,982       0.0 (a) 

Russia

    20       0.0 (a) 

Other Assets in Excess of Liabilities

    30,228,015       3.8  
    $ 799,850,024       100.0 %

 

(a)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of the financial statements.

 

1

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 95.9%

Argentina — 0.1%

Grupo Financiero Galicia SA - ADR

    11,367     $ 509,810  
                 

Australia — 2.4%

ANZ Group Holdings Ltd.

    5,980       170,194  

ASX, Ltd.

    1,716       64,667  

Bendigo & Adelaide Bank Ltd.

    12,614       96,063  

BHP Group Ltd. - ADR

    4,125       336,476  

BHP Group Ltd.

    126,375       5,127,685  

BlueScope Steel Ltd.

    6,357       126,636  

Brambles Ltd.

    3,197       57,015  

Cochlear Ltd.

    990       140,188  

Coles Group Ltd.

    3,923       57,532  

Commonwealth Bank Of Australia

    6,321       784,253  

Computershare Ltd.

    2,023       44,605  

CSL Ltd.

    2,493       260,983  

Endeavour Group Ltd.

    2,137       5,937  

Fortescue Ltd.

    5,658       84,990  

Goodman Group

    6,677       137,348  

GPT Group

    9,864       35,510  

Lottery Corp. Ltd.

    8,950       35,102  

Macquarie Group Ltd.

    1,008       152,974  

Macquarie Group, Ltd. - ADR

    1,081       164,647  

Mirvac Group

    19,373       28,257  

National Australia Bank Ltd. - ADR

    11,208       196,252  

National Australia Bank Ltd.

    7,689       267,981  

Northern Star Resources Ltd.

    182,511       4,000,583  

Orica Ltd.

    5,536       96,108  

Qantas Airways Ltd.

    8,392       59,394  

QBE Insurance Group Ltd.

    3,568       55,409  

REA Group Ltd.

    1,110       131,321  

Rio Tinto Ltd.

    16,785       1,995,394  

Santos Ltd.

    19,946       96,121  

Scentre Group

    14,492       39,393  

SEEK Ltd.

    4,272       50,420  

SGH Ltd.

    1,507       50,009  

Sonic Healthcare Ltd.

    180,468       3,062,617  

South32 Ltd.

    44,192       144,767  

Stockland

    11,630       42,294  

Suncorp Group Ltd.

    15,828       164,743  

Transurban Group

    6,702       68,325  

Washington H Soul Pattinson & Co. Ltd. Old

    2,269       61,726  

Wesfarmers Ltd.

    4,523       256,241  

Westpac Banking Corp.

    11,015       332,972  

Woodside Energy Group Ltd.

    7,097       144,899  

Woolworths Group Ltd.

    4,642       119,003  
              19,347,034  

Austria — 0.2%

ANDRITZ AG

    18,304       1,589,070  

Erste Group Bank AG

    494     $ 58,635  

OMV AG

    4,843       313,731  
              1,961,436  

Belgium — 0.2%

Ageas SA NV

    2,481       184,156  

Anheuser-Busch InBev SA/NV - ADR

    3,683       298,139  

D’ieteren Group

    282       60,974  

Elia Group SA/NV

    1,009       160,314  

Groupe Bruxelles Lambert SA

    635       63,716  

KBC Group NV

    799       108,211  

Lotus Bakeries NV

    6       74,623  

Sofina SA

    368       109,311  

Syensqo SA

    373       21,267  

UCB SA

    810       243,311  

Warehouses De Pauw CVA

    3,980       122,254  
              1,446,276  

Bermuda — 0.8%

Everest Group Ltd.

    5,807       1,948,191  

Hiscox Ltd.

    202,493       4,218,892  
              6,167,083  

Brazil — 2.6%

Axia Energia - ADR

    6,734       81,347  

Axia Energia - ADR (a)

    1,769       20,750  

B3 SA - Brasil Bolsa Balcao

    142,300       497,419  

Banco do Brasil SA - ADR

    22,592       119,964  

Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR

    11,318       339,653  

Cia de Saneamento Basico do Estado de Sao Paulo SABESP

    45,239       1,357,734  

Cia Siderurgica Nacional SA - ADR (a)

    41,580       69,854  

Direcional Engenharia SA

    194,814       622,842  

Embraer SA - ADR

    10,102       729,567  

Eneva SA (a)

    88,800       368,780  

Itau Unibanco Holding SA - ADR

    363,202       3,286,978  

Localiza Rent a Car SA - ADR

    4,006       45,668  

MBRF Global Foods Co. SA - ADR

    19,164       76,656  

NU Holdings Ltd. - Class A (a)

    215,115       3,222,423  

Petroleo Brasileiro SA - Petrobras - ADR

    10,959       182,248  

PRIO SA (a)

    454,758       4,765,356  

Rede D’Or Sao Luiz SA (b)

    108,000       854,267  

Suzano Papel e Celulose SA - ADR

    6,573       74,472  

Telefonica Brasil SA - ADR

    13,700       231,667  

TIM SA

    419,400       2,292,322  

Ultrapar Participacoes SA

    23,500       118,314  

Ultrapar Participacoes SA - ADR

    8,959       45,243  

 

 

The accompanying notes are an integral part of the financial statements.

 

2

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

As of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Brazil — 2.6% (Continued)

Vale SA - ADR

    58,699     $ 1,008,449  

XP, Inc. - Class A

    834       17,956  
              20,429,929  

Canada — 3.8%

Agnico Eagle Mines Ltd.

    1,913       481,311  

Agnico Eagle Mines Ltd.

    1,900       477,253  

Alimentation Couche-Tard, Inc.

    4,012       243,476  

Allied Gold Corp. (a)

    86,451       2,736,670  

Bank Montreal

    2,588       372,491  

Bank of Nova Scotia

    3,619       274,139  

Barrick Mining Corp.

    6,196       314,385  

BCE, Inc.

    4,684       123,236  

Brookfield Corp.

    5,038       220,866  

CAE, Inc. (a)

    1,578       46,772  

Cameco Corp.

    6,676       790,438  

Canadian Imperial Bank of Commerce

    2,982       301,063  

Canadian National Railway Co.

    3,433       385,148  

Canadian Natural Resources Ltd.

    11,652       510,008  

Canadian Pacific Kansas City Ltd.

    1,018       89,167  

Celestica, Inc. (a)

    359       99,669  

CGI, Inc.

    1,307       95,882  

Dollarama, Inc.

    1,557       229,227  

Enbridge, Inc.

    6,869       365,019  

Equinox Gold Corp. (a)

    224,039       4,204,683  

Fairfax Financial Holdings Ltd.

    155       266,780  

FirstService Corp.

    230       36,241  

Fortis, Inc.

    6,019       346,093  

Franco-Nevada Corp.

    1,038       291,273  

GFL Environmental, Inc.

    718       31,728  

Gildan Activewear, Inc.

    5,757       391,994  

Hammond Power Solutions, Inc.

    3,718       535,083  

Imperial Oil Ltd.

    2,792       327,502  

Kinross Gold Corp.

    77,208       2,853,874  

Kinross Gold Corp.

    3,369       124,619  

Magna International, Inc.

    3,010       189,781  

Manulife Financial Corp.

    6,860       243,804  

National Bank of Canada

    1,838       256,516  

Nutrien Ltd.

    59,689       4,489,201  

Nutrien Ltd.

    1,238       92,937  

Pembina Pipeline Corp.

    2,696       118,597  

Royal Bank Canada

    5,701       953,378  

Shopify, Inc. - Class A (a)

    3,733       450,685  

South Bow Corp.

    584       18,811  

Stantec, Inc.

    565       52,415  

Sun Life Financial, Inc.

    2,753       180,459  

Suncor Energy, Inc.

    1,529       86,419  

TC Energy Corp.

    5,100       328,287  

Teck Resources Ltd. - Class B

    8,215       483,781  

Teck Resources Ltd. - Class B

    60,417       3,548,261  

Thomson Reuters Corp.

    1,367       131,792  

Toronto-Dominion Bank

    6,970     $ 678,599  

Wheaton Precious Metals Corp.

    2,998       490,623  

WSP Global, Inc.

    979       165,843  
              30,526,279  

Chile — 0.2%

Antofagasta PLC

    8,790       505,011  

Cia Cervecerias Unidas SA - ADR

    4,167       55,588  

Sociedad Quimica y Minera de Chile SA - ADR (a)

    8,664       661,063  
              1,221,662  

China — 5.2%

AAC Technologies Holdings, Inc.

    32,000       152,108  

Advanced Micro-Fabrication Equipment, Inc. - Class A

    22,487       1,154,550  

Air China Ltd. - Class H (a)

    74,000       64,181  

Akeso, Inc. (a)(b)

    5,000       68,118  

ANTA Sports Products Ltd.

    5,561       60,175  

Baidu, Inc. - ADR (a)

    440       54,754  

Baidu, Inc. - Class A (a)

    64,050       994,910  

Bilibili, Inc. - ADR (a)

    4,363       121,728  

BYD Co. Ltd. - Class H

    12,000       144,661  

China Coal Energy Co. Ltd. - Class H

    44,000       73,070  

China Conch Environment Protection Holdings Ltd. (a)

    21,500       1,532  

China Construction Bank Corp. - Class H

    200,000       203,479  

China Jushi Co. Ltd. - Class A

    189,700       745,641  

China Merchants Bank Co. Ltd. - Class H

    154,063       958,380  

China Pacific Insurance Group Co. Ltd. - Class H

    40,400       184,909  

China Shenhua Energy Co. Ltd. - Class H

    178,500       1,023,429  

Contemporary Amperex Technology Co. Ltd. - Class A

    12,405       617,189  

ENN Energy Holdings Ltd.

    4,400       38,603  

Fuyao Glass Industry Group Co. Ltd. - Class H (b)

    6,400       53,109  

Guotai Haitong Securities Co. Ltd. - Class H (b)

    240,400       489,559  

H World Group Ltd. - ADR

    1,879       102,969  

Haier Smart Home Co. Ltd. - ADR

    4,117       55,703  

Haitian International Holdings Ltd.

    31,000       100,178  

Hansoh Pharmaceutical Group Co. Ltd. (b)

    16,000       71,232  

Hesai Group - ADR (a)

    9,480       255,486  

Industrial & Commercial Bank of China Ltd. - Class H

    1,737,000       1,428,610  

JD.com, Inc. - ADR

    5,286       140,238  

Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A

    65,100       535,586  

 

 

The accompanying notes are an integral part of the financial statements.

 

3

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

China — 5.2% (Continued)

KE Holdings, Inc. - ADR

    4,582     $ 75,374  

Lenovo Group Ltd.

    32,000       39,498  

Li Auto, Inc. - ADR (a)

    34       598  

Meituan - ADR (a)

    4,650       95,604  

NAURA Technology Group Co. Ltd. - Class A

    19,300       1,326,047  

NetEase, Inc. - ADR

    10,060       1,156,598  

NetEase, Inc.

    49,300       1,110,492  

New China Life Insurance Co. Ltd. - Class H

    45,800       322,305  

New Oriental Education & Technology Group, Inc. - ADR

    2,260       123,509  

Nongfu Spring Co. Ltd. - Class H (b)

    9,600       57,919  

PetroChina Co. Ltd. - Class H

    1,312,000       1,597,978  

PICC Property & Casualty Co. Ltd. - Class H

    48,000       99,041  

Ping An Insurance Group Co. of China Ltd. - Class H

    172,000       1,487,911  

Pop Mart International Group Ltd. (b)

    3,200       94,153  

RLX Technology, Inc. - ADR

    23,295       56,374  

Shanghai Pharmaceuticals Holding Co. Ltd. - Class H

    39,800       59,161  

Shenzhou International Group Holdings Ltd.

    65,900       529,972  

Sieyuan Electric Co. Ltd. - Class A

    25,100       783,868  

Sinopharm Group Co. Ltd. - Class H

    36,400       98,136  

Sinotruk Hong Kong Ltd.

    19,500       102,653  

Sunac Services Holdings Ltd. (b)

    619       105  

Sunresin New Materials Co. Ltd. - Class A

    64,700       704,446  

TAL Education Group - ADR (a)

    7,594       79,965  

Tencent Holdings Ltd. - ADR

    24,871       1,634,025  

Tencent Holdings Ltd.

    239,830       15,779,335  

Tencent Music Entertainment Group - ADR

    129,822       1,895,401  

Tongcheng Travel Holdings Ltd.

    430,000       1,132,769  

Weichai Power Co. Ltd. - Class H

    24,000       99,872  

WuXi AppTec Co. Ltd. - Class H (b)

    63,400       962,175  

Wuxi Biologics Cayman, Inc. (a)(b)

    17,000       87,282  

Xiaomi Corp. - ADR (a)

    2,247       49,569  

XPeng, Inc. - ADR (a)

    2,396       42,074  

Yangzijiang Shipbuilding Holdings Ltd.

    26,600       90,918  

Yum China Holdings, Inc.

    1,455       79,894  

Zijin Mining Group Co. Ltd. - Class H

    24,000       137,373  

ZTE Corp. - Class H

    16,600       57,516  
              41,943,997  

Colombia — 0.0% (c)

Grupo Cibest SA - ADR

    1,414     $ 95,982  
                 

Czech Republic — 0.0% (c)

CSG NV (a)

    8,635       324,765  
                 

Denmark — 1.2%

AP Moller - Maersk AS - Class B

    28       69,520  

Carlsberg A/S - Class B

    1,277       198,659  

Danske Bank AS

    125,960       6,571,902  

DSV AS - ADR

    826       106,414  

DSV AS

    208       53,689  

Genmab AS (a)

    372       109,527  

Novo Nordisk AS - ADR

    12,898       483,030  

Novo Nordisk AS

    46,645       1,764,279  

Novonesis Novozymes B

    1,601       95,206  

Vestas Wind Systems AS

    3,196       81,704  
              9,533,930  

Finland — 1.5%

Elisa OYJ

    1,277       65,592  

Fortum Oyj

    2,493       58,290  

Kone Oyj - Class B

    51,183       3,858,854  

Mandatum Oyj

    2,616       21,095  

Neste Oyj

    2,862       71,518  

Nordea Bank Abp

    151,624       2,936,353  

Nordea Bank Abp

    93       1,800  

Orion Oyj - Class B

    672       53,832  

Sampo Oyj

    409,718       4,540,945  

Wartsila OYJ Abp

    2,624       113,946  
              11,722,225  

France — 5.8%

Accor SA

    35,891       2,083,299  

Air Liquide SA

    18,737       3,939,930  

Air Liquide SA - ADR

    2,142       89,964  

Airbus Group SE

    1,871       406,293  

AXA SA

    3,534       172,820  

BioMerieux

    235       27,775  

BNP Paribas SA

    3,223       361,884  

Bouygues SA

    2,565       158,738  

Bureau Veritas SA

    139,610       4,851,655  

Canal+ SA

    3,398       14,113  

Capgemini SE

    15,710       1,985,381  

Cie de Saint-Gobain SA

    20,776       2,105,476  

Cie Generale des Etablissements Michelin SCA

    86,159       3,484,374  

Danone SA

    3,796       326,452  

Dassault Aviation SA

    263       105,631  

Eiffage SA

    428       73,805  

Engie SA - ADR

    8,968       304,464  

Essilor International Cie Generale d’Opitque SA

    1,232       326,094  

EssilorLuxottica SA - ADR

    144       19,152  

 

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

France — 5.8% (Continued)

Eurazeo SA

    19,441     $ 1,142,399  

Getlink SE

    1,582       34,349  

Havas NV

    340       6,930  

Hermes International SCA

    123       295,626  

Ipsen SA

    10,158       1,982,868  

Kering SA

    247       82,829  

Legrand SA

    1,347       243,978  

L’Oreal SA - ADR

    3,400       317,798  

L’Oreal SA

    261       122,291  

Louis Hachette Group

    3,398       6,880  

LVMH Moet Hennessy Louis Vuitton SE - ADR

    2,495       318,611  

LVMH Moet Hennessy Louis Vuitton SE

    493       315,037  

Orange SA

    13,221       284,814  

Pernod Ricard SA

    14,737       1,359,938  

Pernod Ricard SA - ADR

    3,440       63,743  

Publicis Groupe SA

    2,188       194,831  

Rexel SA

    50,820       2,200,908  

Safran SA

    1,176       473,621  

Sanofi SA - ADR

    6,502       316,387  

Sanofi SA

    50,222       4,911,781  

Sartorius Stedim Biotech

    191       41,276  

Schneider Electric SE

    1,256       410,473  

Schneider Electric SE - ADR

    4,025       262,470  

Societe Generale SA

    2,392       207,292  

SPIE SA

    41,676       2,580,049  

Thales SA

    7,675       2,329,495  

TotalEnergies SE

    7,259       583,188  

Unibail-Rodamco-Westfield

    938       117,520  

Vallourec SACA

    185,336       4,336,260  

Vinci SA

    2,155       357,700  

Vinci SA - ADR

    1,124       46,601  
              46,785,243  

Germany — 2.2%

Allianz SE - ADR

    8,610       387,192  

Allianz SE

    644       289,206  

Aumovio SE (a)

    261       12,946  

BASF SE

    2,932       167,945  

Bayer AG

    2,559       126,621  

Bayerische Motoren Werke AG - ADR

    3,309       116,576  

Bayerische Motoren Werke AG

    509       53,345  

Beiersdorf AG

    260       32,889  

Commerzbank AG

    18,102       734,392  

Covestro AG (a)(b)

    695       49,749  

Daimler AG

    3,623       250,670  

Daimler Truck Holding AG

    1,811       91,372  

Delivery Hero SE (a)(b)

    1,653       38,019  

Deutsche Bank AG

    8,776       310,846  

Deutsche Boerse AG

    15,098       4,126,179  

Deutsche Boerse AG - ADR

    2,810       76,854  

Deutsche Post AG - ADR

    1,603     $ 94,449  

Deutsche Telekom AG - ADR

    5,690       229,193  

Deutsche Telekom AG

    1,461       58,674  

E.ON SE

    7,701       179,078  

Fresenius Medical Care AG

    918       42,760  

Fresenius SE & Co. KGaA

    1,112       66,661  

Hannover Rueck SE

    421       127,572  

Heidelberg Materials AG

    446       99,365  

Henkel AG & Co. KGaA

    1,341       121,452  

Infineon Technologies AG

    1,482       79,872  

KION Group AG

    1,235       83,818  

Knorr-Bremse AG

    679       88,872  

Merck KGaA

    587       88,940  

MTU Aero Engines AG - ADR

    562       120,763  

Muenchener Rueckversicherungs-Gesellschaft AG

    633       413,111  

Rheinmetall AG

    673       1,331,311  

RWE AG

    3,207       206,302  

SAP SE - ADR

    3,821       770,046  

Schaeffler AG

    1,003       12,219  

Siemens AG

    8,807       2,546,490  

Siemens Energy AG

    8,883       1,720,440  

TeamViewer SE - ADR (a)

    4,442       11,794  

Volkswagen AG

    1,057       126,304  

Zalando SE (a)(b)

    91,598       2,226,723  
              17,711,010  

Greece — 0.2%

National Bank of Greece SA

    84,628       1,376,617  
                 

Hong Kong — 1.9%

AIA Group Ltd. - ADR

    7,624       336,752  

Alibaba Group Holding Ltd. - ADR

    7,061       1,017,561  

Alibaba Group Holding Ltd.

    335,000       6,062,408  

BOC Hong Kong Holdings Ltd.

    28,000       160,153  

BYD Electronic International Co. Ltd.

    23,500       96,426  

China Merchants Port Holdings Co. Ltd.

    60,000       134,059  

China Resources Power Holdings Co. Ltd.

    14,000       33,376  

CK Asset Holdings Ltd.

    8,500       53,931  

CK Hutchison Holdings Ltd.

    256,500       2,111,970  

CK Infrastructure Holdings Ltd.

    8,000       67,837  

CLP Holdings Ltd.

    20,000       189,522  

Futu Holdings Ltd. - ADR (a)

    852       126,812  

Galaxy Entertainment Group Ltd.

    13,000       69,175  

Geely Automobile Holdings, Ltd.

    31,000       63,994  

Henderson Land Development Co. Ltd.

    23,000       103,966  

HKT Trust & HKT Ltd.

    54,000       85,123  

 

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Hong Kong — 1.9% (Continued)

Hong Kong Exchanges & Clearing Ltd.

    580     $ 30,986  

Hongkong Land Holdings Ltd.

    7,900       68,397  

Jardine Matheson Holdings, Ltd.

    4,800       395,713  

MTR Corp. Ltd.

    16,500       78,580  

Power Assets Holdings Ltd.

    11,000       89,156  

Prudential PLC

    124,072       1,900,354  

Sun Hung Kai Properties Ltd.

    9,000       167,316  

Swire Pacific Ltd. - Class A

    4,000       42,968  

Techtronic Industries Co. Ltd.

    60,500       979,839  

WH Group Ltd. (b)

    52,500       66,033  

Wharf Holdings Ltd.

    14,000       46,348  

Zijin Gold International Co. Ltd. (a)

    32,700       964,791  
              15,543,546  

Hungary — 0.3%

OTP Bank, PLC

    16,833       2,075,381  
                 

India — 3.5%

Adani Ports & Special Economic Zone Ltd.

    86,352       1,445,592  

Axis Bank Ltd.

    86,972       1,324,736  

Bajaj Finance Ltd.

    328,386       3,601,452  

Bharat Electronics Ltd.

    243,812       1,193,813  

Bharti Airtel Ltd.

    69,498       1,438,941  

BSE Ltd.

    33,485       999,030  

Dr Reddy’s Laboratories Ltd. - ADR

    40,549       583,095  

Eternal Ltd. (a)

    209,531       567,018  

GMR Airports Ltd. (a)

    520,586       576,798  

HDFC Bank Ltd. - ADR

    205,775       6,553,934  

HDFC Bank Ltd.

    367,247       3,589,840  

Hindustan Copper Ltd.

    52,198       325,419  

ICICI Bank Ltd. - ADR

    63,941       1,950,840  

Infosys Ltd. - ADR

    40,505       584,892  

Mahindra & Mahindra Ltd.

    10,796       403,516  

Max Healthcare Institute Ltd.

    18,453       222,117  

One 97 Communications Ltd. (a)

    20,812       251,655  

Reliance Industries Ltd.

    72,882       1,118,545  

UltraTech Cement Ltd.

    6,544       912,410  

Wipro Ltd. - ADR

    212,864       472,558  
              28,116,201  

Indonesia — 0.2%

Astra International Tbk PT - ADR

    3,615       30,004  

Bank Central Asia Tbk PT

    1,263,600       539,544  

Bank Mandiri Persero Tbk PT - ADR

    9,299       115,680  

Bank Rakyat Indonesia Persero Tbk PT - ADR

    8,191       94,033  

Telekomunikasi Indonesia Persero Tbk PT

    2,942,700       621,363  
              1,400,624  

Ireland — 1.9%

AerCap Holdings NV

    44,600     $ 6,665,024  

AIB Group PLC

    197,530       2,050,322  

Aon PLC - Class A

    15,009       5,035,069  

DCC PLC

    452       31,519  

Experian PLC

    3,571       134,410  

ICON PLC (a)

    11,458       1,239,068  

Kingspan Group PLC

    554       54,848  

PDD Holdings, Inc. - ADR (a)

    3,108       322,393  
              15,532,653  

Israel — 0.6%

Check Point Software Technologies Ltd. (a)

    11,651       1,771,768  

Elbit Systems Ltd.

    666       512,181  

ICL Group Ltd.

    12,592       60,442  

Nice Ltd. - ADR (a)

    613       71,261  

Nova Ltd. (a)

    489       214,602  

Teva Pharmaceutical Industries Ltd. - ADR (a)

    3,884       131,512  

Tower Semiconductor Ltd. (a)

    17,200       2,147,764  

Wix.com Ltd. (a)

    389       27,409  
              4,936,939  

Italy — 3.3%

Enel SpA

    394,610       4,745,165  

Eni SpA

    9,979       233,057  

Ferrari NV

    642       243,909  

Ferrari NV

    141       53,273  

FinecoBank Banca Fineco SpA

    217,182       5,111,181  

Generali

    1,602       68,215  

Intesa Sanpaolo

    31,407       215,501  

Iveco Group NV

    1,324       29,992  

Leonardo SpA

    79,489       5,355,262  

Mediobanca Banca di Credito Finanziario SpA

    3,974       86,104  

Prysmian SpA

    641       77,209  

Recordati SPA

    80,522       4,600,538  

Saipem SpA

    1,252,039       5,264,298  

UniCredit SpA

    5,035       428,717  
              26,512,421  

Japan — 13.0%

Advantest Corp.

    2,400       415,607  

Aeon Co. Ltd.

    15,600       222,088  

Aisin Corp.

    3,300       58,577  

Ajinomoto Co., Inc.

    3,000       95,418  

Asahi Kasei Corp.

    230,600       2,717,721  

Bandai Namco Holdings, Inc.

    2,400       65,069  

BayCurrent, Inc.

    100,700       2,924,083  

Bridgestone Corp.

    6,600       159,325  

Canon, Inc.

    2,700       81,599  

Central Japan Railway Co.

    2,100       61,983  

Chiba Bank Ltd.

    4,900       72,882  

Chugai Pharmaceutical Co. Ltd.

    51,800       3,492,892  

 

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Japan — 13.0% (Continued)

Daifuku Co. Ltd.

    1,800     $ 74,299  

Dai-ichi Life Holdings, Inc.

    26,768       274,676  

Daiichi Sankyo Co. Ltd. - ADR

    876       17,091  

Daiichi Sankyo Co. Ltd.

    648       12,762  

Daikin Industries Ltd.

    149       18,931  

Daito Trust Construction Co. Ltd.

    800       18,422  

Daiwa House Industry Co. Ltd.

    1,500       54,130  

Denso Corp.

    7,600       109,044  

Disco Corp.

    3,300       1,586,658  

East Japan Railway Co.

    1,400       34,581  

FANUC Corp.

    1,700       76,976  

Fast Retailing Co. Ltd.

    841       368,747  

Fuji Electric Co. Ltd.

    24,200       2,144,963  

FUJIFILM Holdings Corp.

    5,400       111,046  

Fujikura Ltd.

    1,400       239,054  

Fujitsu Ltd.

    5,300       118,152  

Fukuoka Financial Group, Inc.

    3,000       131,221  

GMO Payment Gateway, Inc.

    18,500       959,378  

Hamamatsu Photonics KK

    4,190       54,020  

Hikari Tsushin, Inc.

    8,200       2,318,262  

Hitachi Construction Machinery Co. Ltd.

    46,500       2,089,199  

Hitachi Ltd. - ADR

    18,300       610,671  

Hitachi Ltd.

    220,205       7,208,920  

Honda Motor Co. Ltd. - ADR

    1,291       38,937  

Honda Motor Co. Ltd.

    5,400       54,094  

Hoshizaki Corp.

    800       28,114  

Hoya Corp.

    870       157,146  

Hoya Corp. - ADR

    487       87,738  

Ibiden Co. Ltd.

    12,400       754,032  

IHI Corp.

    2,800       76,601  

Inpex Corp.

    6,228       152,042  

ITOCHU Corp. - ADR

    4,260       61,387  

ITOCHU Corp.

    18,500       267,858  

Japan Airlines Co. Ltd.

    2,600       53,720  

Japan Post Bank Co. Ltd.

    3,700       72,435  

Japan Post Insurance Co. Ltd.

    47,500       1,550,443  

Japan Real Estate Investment Corp.

    229       190,665  

Japan Tobacco, Inc.

    26,200       1,002,396  

Kansai Electric Power Co., Inc.

    3,700       66,828  

KDDI Corp.

    390,796       6,712,905  

Keyence Corp.

    1,000       421,452  

Kioxia Holdings Corp. (a)

    59,000       7,973,521  

Kokusai Electric Corp.

    32,000       1,313,211  

Komatsu Ltd.

    4,400       211,202  

Konami Group Corp.

    400       53,377  

Lasertec Corp.

    200       43,121  

LY Corp.

    14,900       36,829  

Marubeni Corp.

    2,800       107,150  

McDonald’s Holdings Co. Japan Ltd.

    2,600       123,711  

MEIJI Holdings Co. Ltd.

    5,100     $ 131,571  

Mitsubishi Chemical Group Corp.

    167,300       1,241,490  

Mitsubishi Corp.

    12,300       415,070  

Mitsubishi Electric Corp.

    96,900       3,688,307  

Mitsubishi Estate Co. Ltd.

    3,100       104,542  

Mitsubishi Heavy Industries Ltd.

    11,300       360,220  

Mitsubishi UFJ Financial Group, Inc. - ADR

    53,334       994,146  

Mitsui & Co. Ltd.

    10,718       401,815  

Mitsui OSK Lines Ltd.

    9,000       333,942  

Mizuho Financial Group, Inc.

    3,500       156,149  

MS&AD Insurance Group Holdings, Inc.

    2,700       75,239  

Murata Manufacturing Co. Ltd. - ADR

    86       1,126  

Murata Manufacturing Co. Ltd.

    2,657       69,480  

NEC Corp.

    2,500       69,308  

Nexon Co. Ltd.

    2,300       48,856  

Nintendo Co. Ltd. - ADR

    5,760       80,986  

Nintendo Co. Ltd.

    100       5,656  

Nippon Building Fund Inc.

    338       314,442  

Nippon Sanso Holdings Corp.

    79,700       3,057,667  

Nippon Steel Corp.

    40,000       162,500  

Nippon Yusen KK

    1,500       51,504  

Nisshin Seifun Group, Inc.

    2,700       37,760  

Nitori Holdings Co. Ltd.

    3,700       74,120  

Nomura Research Institute Ltd.

    64,000       1,755,915  

NTT, Inc. - ADR

    984       24,000  

NTT, Inc.

    1,200       1,174  

Osaka Gas Co. Ltd.

    39,800       1,661,412  

Otsuka Holdings Co. Ltd.

    1,000       68,910  

Pan Pacific International Holdings Corp.

    7,500       50,122  

Panasonic Holdings Corp.

    4,500       72,567  

Rakus Co. Ltd.

    130,600       730,144  

Rakuten Bank Ltd. (a)

    43,900       1,785,999  

Rakuten Group, Inc. (a)

    7,200       38,224  

Recruit Holdings Co. Ltd.

    4,392       191,119  

Resona Holdings, Inc.

    274,200       3,345,739  

Sansan, Inc. (a)

    61,900       465,725  

SBI Holdings, Inc.

    5,200       111,221  

SCREEN Holdings Co. Ltd.

    700       102,044  

Secom Co. Ltd.

    3,500       135,791  

Sekisui House Ltd.

    4,000       97,721  

Seven & i Holdings Co. Ltd.

    4,400       62,051  

Seven & i Holdings Co. Ltd. - ADR

    2,700       37,854  

Shin-Etsu Chemical Co. Ltd. - ADR

    6,860       134,730  

Shin-Etsu Chemical Co. Ltd.

    3,270       128,745  

Shionogi & Co. Ltd.

    3,300       77,921  

Shizuoka Financial Group, Inc.

    3,900       78,401  

 

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Japan — 13.0% (Continued)

SMC Corp.

    7,900     $ 3,778,992  

SoftBank Corp.

    28,000       38,298  

SoftBank Group Corp.

    10,800       276,544  

Sompo Holdings, Inc.

    1,800       71,414  

Sony Group Corp. - ADR

    24,030       554,132  

Sony Group Corp.

    167,600       3,852,833  

Sugi Holdings Co. Ltd.

    68,800       1,581,609  

Sumitomo Corp.

    4,000       169,853  

Sumitomo Electric Industries, Ltd.

    3,200       211,453  

Sumitomo Heavy Industries Ltd.

    2,000       78,869  

Sumitomo Metal Mining Co. Ltd.

    2,000       162,436  

Sumitomo Mitsui Financial Group, Inc.

    109,900       4,147,141  

Sumitomo Mitsui Financial Group, Inc. - ADR

    56,610       1,270,328  

Sumitomo Mitsui Trust Group, Inc.

    1,600       55,790  

Sumitomo Realty & Development Co. Ltd.

    2,600       87,897  

Suzuken Co. Ltd.

    49,300       2,079,614  

Suzuki Motor Corp.

    258,000       3,901,830  

T&D Holdings, Inc.

    5,200       140,049  

Taisei Corp.

    1,800       233,885  

Takeda Pharmaceutical Co. Ltd.

    5,200       194,621  

TDK Corp.

    8,800       135,946  

Terumo Corp.

    324       4,384  

Toho Co. Ltd.

    5,500       55,118  

Tokio Marine Holdings, Inc.

    5,500       228,424  

Tokyo Electron Ltd.

    1,200       337,650  

Tokyo Electron Ltd. - ADR

    1,572       222,234  

Tokyo Gas Co. Ltd.

    1,500       73,634  

TOTO, Ltd.

    52,300       2,038,160  

Toyo Suisan Kaisha Ltd.

    42,400       3,335,282  

Toyota Industries Corp.

    600       77,705  

Toyota Motor Corp. - ADR

    2,161       523,783  

Toyota Motor Corp.

    7,100       172,021  

Toyota Tsusho Corp.

    2,700       120,692  

Tsuruha Holdings, Inc.

    3,800       63,875  

United Urban Investment Corp.

    51       60,563  

USS Co. Ltd.

    3,400       41,297  

Yokogawa Electric Corp.

    2,100       83,763  

Yokohama Financial Group, Inc.

    11,723       126,575  
              104,231,481  

Luxembourg — 0.1%

Eurofins Scientific SE (a)

    725       58,421  

Millicom International Cellular SA

    3,930       286,458  

Reinet Investments SCA

    1,940       68,560  
              413,439  

Mexico — 1.4%

America Movil SAB de CV - ADR

    148,856       3,873,233  

Arca Continental SAB de CV

    46,100     $ 556,508  

Coca-Cola Femsa SA De CV - ADR

    23,352       2,595,575  

Fomento Economico Mexicano SAB de CV - ADR

    11,025       1,238,328  

Grupo Aeroportuario del Pacifico SAB de CV - ADR

    392       102,218  

Grupo Aeroportuario del Sureste SAB de CV - ADR

    471       169,405  

Grupo Financiero Banorte SAB de CV

    136,600       1,553,268  

Grupo Financiero Banorte SAB de CV - ADR

    1,349       76,879  

Vista Energy SAB de CV - ADR (a)

    9,627       555,863  

Wal-Mart de Mexico SAB de CV - ADR

    2,289       74,370  
              10,795,647  

Netherlands — 5.2%

ABN AMRO Bank NV (b)

    138,982       4,654,894  

Adyen NV (a)(b)

    1,246       1,463,213  

Aegon Ltd.

    14,288       108,737  

Argenx SE - ADR (a)

    319       244,647  

ASM International NV

    2,951       2,488,837  

ASML Holding NV

    1,368       1,984,366  

ASML Holding NV

    3,266       4,750,097  

BE Semiconductor Industries NV

    395       88,515  

Euronext NV (b)

    39,799       6,575,467  

Ferrovial SE

    3,150       234,766  

Heineken Holding NV

    2,322       201,147  

Heineken NV

    22,327       2,067,901  

IMCD NV

    21,628       2,083,641  

ING Groep NV

    7,103       204,942  

JDE Peet’s NV

    2,304       86,376  

Koninklijke Ahold Delhaize NV

    120,870       5,965,592  

Koninklijke Ahold Delhaize NV - ADR

    4,031       198,688  

Magnum Ice Cream Co. NV (a)

    2,200       34,914  

NN Group NV

    3,039       249,252  

Prosus NV

    31,393       1,613,602  

QIAGEN NV

    59,051       2,935,971  

Stellantis NV

    5,160       42,024  

Wolters Kluwer

    35,675       2,882,025  

Wolters Kluwer NV - ADR

    667       54,120  
              41,213,734  

New Zealand — 0.0% (c)

Auckland International Airport Ltd.

    13,450       73,903  

Fisher & Paykel Healthcare Corp. Ltd.

    6,540       159,885  

Infratil Ltd.

    7,199       48,398  

Meridian Energy Ltd.

    15,956       54,096  
              336,282  

 

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Norway — 0.7%

Aker BP ASA

    3,025     $ 91,907  

DNB Bank ASA

    138,475       4,383,346  

Equinor ASA - ADR

    2,925       87,253  

Kongsberg Gruppen ASA

    1,685       68,329  

Norsk Hydro ASA

    109,341       1,014,513  
              5,645,348  

Panama — 0.0% (c)

Copa Holdings SA - Class A

    1,809       250,746  
                 

Peru — 0.2%

Credicorp Ltd.

    5,295       1,834,082  
                 

Poland — 0.1%

Powszechny Zaklad Ubezpieczen SA

    32,205       610,150  
                 

Portugal — 0.3%

Galp Energia SGPS SA

    103,969       2,256,014  

Jeronimo Martins SGPS SA

    2,146       56,399  
              2,312,413  

Russia — 0.0% (c)

GMK Norilskiy Nickel PAO - ADR (a)(d)

    2,034       20  

Polyus PJSC (a)(d)

    17,190       0  

T-Tekhnologii MKPAO - GDR (a)(d)

    3,732       0  
              20  

Saudi Arabia — 0.1%

Etihad Etisalat Co.

    17,220       294,759  

Saudi National Bank

    66,019       733,603  
              1,028,362  

Singapore — 0.7%

Ascendas Real Estate Investment Trust

    23,000       48,857  

BOC Aviation Ltd. (b)

    6,200       68,855  

CapitaLand Investment Ltd.

    23,000       55,581  

CapitaLand Mall Trust

    25,715       49,750  

DBS Group Holdings Ltd. - ADR

    2,449       440,330  

DBS Group Holdings Ltd.

    81,710       3,680,644  

Jardine Cycle & Carriage Ltd.

    4,000       111,658  

JOYY, Inc. - ADR

    2,046       122,085  

Keppel Ltd.

    9,600       99,155  

Oversea-Chinese Banking Corp. Ltd.

    9,000       152,309  

Sea Ltd. - ADR (a)

    1,743       189,028  

Singapore Airlines Ltd.

    7,700       43,669  

Singapore Exchange Ltd.

    6,000       86,164  

Singapore Technologies Engineering Ltd.

    8,400       66,099  

Singapore Telecommunications Ltd.

    60,600       241,101  

Trip.com Group Ltd. - ADR

    2,602     $ 136,917  

United Overseas Bank Ltd.

    6,000       175,065  

Wilmar International Ltd.

    16,500       45,871  
              5,813,138  

South Africa — 0.7%

Aspen Pharmacare Holdings Ltd. - ADR

    6,986       60,429  

Bid Corp. Ltd.

    1,987       52,426  

Bidvest Group Ltd.

    2,568       40,677  

Capitec Bank Holdings Ltd.

    5,763       1,717,255  

FirstRand Ltd.

    25,812       160,850  

Gold Fields, Ltd. - ADR

    4,549       267,663  

Harmony Gold Mining Co. Ltd. - ADR

    2,853       64,906  

Impala Platinum Holdings, Ltd.

    24,492       544,107  

MTN Group Ltd.

    157,624       2,050,235  

Naspers Ltd. - ADR

    23,900       267,202  

Nedbank Group Ltd. - ADR

    2,666       52,947  

Sanlam Ltd. - ADR

    5,156       69,658  

Sasol Ltd. (a)

    12,990       118,360  

Standard Bank Group Ltd.

    9,099       183,249  

Valterra Platinum Ltd. - ADR

    4,728       92,007  

Valterra Platinum Ltd.

    340       39,387  
              5,781,358  

South Korea — 8.7%

APR Corp.

    3,855       837,461  

Celltrion, Inc.

    1,079       178,641  

Hana Financial Group, Inc.

    16,986       1,436,799  

Hanwha Aerospace Co. Ltd.

    655       544,491  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

    7,168       2,242,188  

Hyosung Heavy Industries Corp.

    426       835,042  

Hyundai Mobis Co. Ltd.

    1,722       618,977  

Hyundai Motor Co.

    3,393       1,590,721  

KB Financial Group, Inc. - ADR

    6,431       707,410  

KB Financial Group, Inc.

    14,874       1,641,615  

Korea Electric Power Corp.

    14,210       571,159  

KT Corp. - ADR (a)

    48,933       1,164,605  

KT Corp.

    59,121       2,630,867  

KT&G Corp.

    9,019       1,021,913  

LG Chem Ltd.

    462       134,340  

LIG Nex1 Co. Ltd. (a)

    4,435       1,565,635  

NAVER Corp.

    19,566       3,456,420  

NongShim Co. Ltd. (a)

    4,598       1,373,406  

POSCO Holdings, Inc.

    2,241       643,168  

POSCO Holdings, Inc. - ADR

    3,580       249,132  

Samsung Electronics Co. Ltd.

    165,742       24,806,826  

Samsung Fire & Marine Insurance Co. Ltd.

    7,074       2,606,340  

Samsung Heavy Industries Co. Ltd. (a)

    31,164       627,276  

 

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

South Korea — 8.7% (Continued)

Shinhan Financial Group Co. Ltd. - ADR

    9,162     $ 612,113  

SK hynix, Inc.

    22,955       16,972,755  

SK Telecom Co. Ltd. - ADR

    3       91  

Tokai Carbon Korea Co. Ltd.

    3,480       545,148  

Woori Financial Group, Inc. - ADR

    4,696       352,482  
              69,967,021  

Spain — 0.8%

Acciona SA

    369       107,090  

Aena SME SA (b)

    2,010       63,352  

Amadeus IT Group SA - ADR

    1,437       89,151  

Banco Bilbao Vizcaya Argentaria SA

    92,814       2,149,721  

Banco Bilbao Vizcaya Argentaria SA - ADR

    7,661       177,199  

Banco Santander SA

    119,992       1,513,347  

CaixaBank SA

    92,414       1,139,030  

EDP Renovaveis SA

    5,230       82,624  

Grifols SA - ADR

    6,482       58,986  

Iberdrola SA

    16,392       386,905  

Iberdrola SA - ADR

    1,618       152,901  

Industria de Diseno Textil SA

    3,811       254,489  

Naturgy Energy Group SA

    2,048       63,741  

Repsol SA

    7,844       177,514  

Telefonica SA

    9,725       44,133  
              6,460,183  

Sweden — 0.4%

Alfa Laval AB

    1,251       73,836  

Alleima AB

    657       5,983  

Assa Abloy AB - Class B

    2,940       125,141  

Atlas Copco AB - ADR

    6,624       142,813  

Atlas Copco AB - Class A

    6,804       146,383  

Boliden AB (a)

    2,900       229,877  

Electrolux AB - Class B (a)

    972       8,159  

Epiroc AB

    4,564       137,105  

EQT AB

    1,545       47,619  

Essity AB - Class B

    5,178       164,477  

H & M Hennes & Mauritz AB - Class B

    6,863       146,318  

Hexagon AB - Class B

    4,953       56,347  

Investor AB (a)

    1,630       67,990  

L E Lundbergforetagen AB - Class B

    2,728       178,589  

Saab AB

    15,934       1,163,453  

Sandvik AB

    2,323       102,377  

Spotify Technology SA (a)

    281       144,698  

Svenska Cellulosa AB SCA - Class B

    8,928       121,205  

Swedish Orphan Biovitrum AB (a)

    1,614       70,526  

Tele2 AB - Class B

    3,689       77,853  

Telefonaktiebolaget LM Ericsson - Class B

    5,013     $ 57,950  

Volvo AB - Class B

    3,636       141,471  
              3,410,170  

Switzerland — 3.1%

ABB Ltd.

    4,533       422,187  

ABB Ltd. - ADR

    879       81,562  

Accelleron Industries AG

    226       21,318  

Alcon AG

    1,673       145,852  

Banque Cantonale Vaudoise (a)

    429       65,631  

Barry Callebaut AG

    47       88,340  

BKW AG

    258       50,697  

Chocoladefabriken Lindt & Spruengli AG

    20       330,193  

Cie Financiere Richemont SA - ADR

    12,160       246,848  

Coca-Cola HBC AG

    11,680       758,167  

EMS-Chemie Holding AG

    143       118,636  

Galderma Group AG

    334       63,029  

Geberit AG

    202       169,853  

Givaudan SA

    61       245,000  

Givaudan SA - ADR

    600       48,210  

Helvetia Baloise Holding AG

    528       137,166  

LafargeHolcim Ltd.

    2,013       185,058  

Logitech International SA

    444       40,826  

Lonza Group AG

    291       202,403  

Lonza Group AG - ADR

    370       25,652  

Nestle SA

    826       90,249  

Nestle SA - ADR

    9,402       1,025,194  

Novartis AG - ADR

    6,575       1,108,677  

Novartis AG

    16,031       2,695,482  

Partners Group Holding AG

    95       105,569  

Roche Holding AG - ADR

    20,048       1,193,858  

Roche Holdings AG

    19,241       9,156,820  

Sandoz Group AG

    30,459       2,683,202  

Sandoz Group AG - ADR

    1,166       102,631  

Schindler Holding AG

    651       237,320  

SGS SA

    1,024       129,357  

Sika AG

    409       84,480  

Sonova Holding AG

    331       86,294  

STMicroelectronics NV

    2,229       74,917  

Swiss Life Holding AG

    208       238,193  

Swiss Prime Site AG

    798       152,274  

Swiss Re AG

    157       27,638  

Swisscom AG

    528       495,264  

Swissquote Group Holding SA

    980       522,882  

UBS Group AG

    13,717       569,939  

Zurich Insurance Group AG - ADR

    7,180       270,327  

Zurich Insurance Group AG

    318       239,875  
              24,737,070  

 

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (Continued)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Taiwan — 6.7%

Accton Technology Corp.

    4,000     $ 176,021  

ASE Technology Holding Co. Ltd.

    174,000       2,096,626  

ASE Technology Holding Co. Ltd. - ADR

    6,033       146,542  

ASPEED Technology, Inc.

    3,000       925,989  

Cathay Financial Holding Co. Ltd.

    51,000       129,336  

Chroma ATE, Inc.

    22,000       955,987  

Chunghwa Telecom Co. Ltd.

    115,000       494,899  

Chunghwa Telecom Co. Ltd. - ADR

    4,171       180,354  

CTBC Financial Holding Co. Ltd.

    1,128,000       2,006,553  

Delta Electronics, Inc.

    39,000       1,758,659  

Formosa Plastic Corp.

    43,000       70,536  

Fubon Financial Holding Co. Ltd.

    37,925       113,744  

Hon Hai Precision Industry Co. Ltd.

    87,353       668,145  

King Slide Works Co. Ltd.

    34,000       3,658,915  

Kinik Co.

    29,000       478,631  

MediaTek, Inc.

    38,000       2,340,784  

Mega Financial Holding Co. Ltd.

    56,000       72,041  

Quanta Computer, Inc.

    14,000       128,481  

Taiwan Semiconductor Manufacturing Co. Ltd.

    341,861       21,331,509  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    33,924       12,707,252  

Unimicron Technology Corp.

    18,000       272,276  

United Microelectronics Corp. - ADR

    36,418       380,204  

Universal Microwave Technology, Inc.

    21,360       1,078,776  

Vanguard International Semiconductor Corp.

    237,000       1,004,738  

Wistron Corp.

    14,000       59,810  
              53,236,808  

Thailand — 0.1%

Fabrinet (a)

    1,905       1,039,425  
                 

Turkey — 0.2%

BIM Birlesik Magazalar AS

    71,783       1,093,333  

Turkcell Iletisim Hizmetleri AS - ADR

    34,763       234,302  
              1,327,635  

United Arab Emirates — 0.4%

Abu Dhabi Community Bank.

    152,085       627,622  

Aldar Properties PJSC

    402,848       1,184,549  

Dubai Electricity & Water Authority PJSC

    442,974       361,978  

Emaar Properties PJSC

    189,652       837,013  
              3,011,162  

United Kingdom — 13.4%

3i Group PLC

    3,463     $ 154,713  

Admiral Group PLC

    116,586       4,657,566  

Ashtead Group PLC

    61,745       4,422,610  

Associated British Foods PLC

    1,593       42,425  

AstraZeneca PLC

    6,005       1,251,742  

AstraZeneca PLC

    50,456       10,617,623  

Autotrader Group PLC (b)

    5,141       34,054  

Babcock International Group PLC

    251,473       4,593,796  

BAE Systems PLC - ADR

    2,426       281,416  

BAE Systems PLC

    338,413       9,663,601  

Barclays PLC

    126,063       765,169  

BP PLC - ADR

    1       39  

British American Tobacco PLC - ADR

    8,945       560,404  

BT Group PLC

    20,707       60,353  

Bunzl PLC

    135,968       4,011,863  

Coca-Cola Europacific Partners PLC

    1,477       163,105  

Compass Group PLC

    143,874       4,405,937  

Compass Group PLC - ADR

    7,353       225,884  

Diageo PLC - ADR

    1,518       135,861  

Diploma PLC

    43,339       3,310,476  

Endeavour Mining PLC

    64,098       4,612,161  

Endeavour Mining PLC

    1,096       78,307  

GSK PLC - ADR

    5,851       345,970  

Haleon PLC - ADR

    8,472       93,785  

Halma PLC

    1,292       72,701  

Hikma Pharmaceuticals PLC

    183,459       3,253,663  

HSBC Holdings PLC - ADR

    9,910       923,216  

IMI PLC

    31,897       1,237,595  

Imperial Brands PLC - ADR

    4,457       199,807  

Informa PLC

    204,034       2,304,423  

InterContinental Hotels Group PLC

    1,515       208,192  

Intertek Group PLC

    1,279       81,498  

J Sainsbury PLC

    13,361       62,841  

Legal & General Group PLC

    36,815       134,477  

Lloyds Banking Group PLC - ADR

    29,724       164,968  

London Stock Exchange Group PLC

    26,956       3,211,641  

London Stock Exchange Group PLC - ADR (a)

    2,464       73,797  

M&G PLC

    12,144       51,854  

National Grid PLC - ADR

    2,605       244,271  

National Grid PLC

    5,579       104,365  

NatWest Group PLC

    316,100       2,624,402  

Next PLC

    952       173,493  

Nomad Foods Ltd.

    108,138       1,186,274  

Pearson PLC - ADR

    15,198       196,054  

Reckitt Benckiser Group PLC - ADR

    14,376       252,443  

 

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

AQUARIUS INTERNATIONAL FUND

 


Schedule of Investments (ConCLUDED)

as of FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

United Kingdom — 13.4% (Continued)

RELX PLC

    45,772     $ 1,598,976  

RELX PLC - ADR

    7,297       253,863  

Rentokil Initial PLC

    7,414       45,806  

Rio Tinto PLC - ADR

    2,114       210,005  

Rolls-Royce Holdings PLC

    23,167       416,592  

Segro PLC

    2,361       26,727  

Severn Trent PLC

    3,066       135,332  

Shell PLC

    114,202       4,783,124  

Shell PLC - ADR

    92,743       7,744,968  

Smith & Nephew PLC

    2,921       53,922  

Smiths Group PLC

    53,444       1,975,851  

SSE PLC - ADR

    5,415       198,730  

Standard Chartered PLC

    30,319       747,893  

Tesco PLC

    24,237       156,899  

Unilever PLC - ADR

    9,780       721,275  

Weir Group PLC

    281,638       13,358,218  

Whitbread PLC

    1,412       49,437  

Wise PLC - Class A (a)

    294,760       3,415,355  
              107,143,808  

United States — 1.4%

BeOne Medicines Ltd. - ADR (a)

    3,359       1,064,769  

Brookfield Asset Management Ltd.

    1,009       47,171  

Ferguson Enterprises, Inc.

    11,803       3,077,750  

Palo Alto Networks, Inc. (a)

    1,267       188,754  

PriceSmart, Inc.

    3,659       565,755  

RB Global, Inc.

    1,064       107,421  

Restaurant Brands International, Inc.

    3,260       233,775  

Seagate Technology Holdings PLC

    1,268       517,141  

SharkNinja, Inc. (a)

    8,562       1,052,013  

SiTime Corp. (a)

    1,934       769,500  

Southern Copper Corp.

    14,904       3,253,459  
              10,877,508  

Uruguay — 0.1%

MercadoLibre, Inc. (a)

    287       504,425  

TOTAL COMMON STOCKS (Cost $511,987,700)

            767,202,458  

 

 

   

Shares

    

Value

  

PREFERRED STOCKS — 0.3%

                

Brazil — 0.3%

                

Banco Bradesco SA

    572,400     $ 2,363,739  
                 

Germany — 0.0% (c)

                

Porsche Auto SE

    1,320       55,812  

TOTAL PREFERRED STOCKS (Cost $2,049,327)

            2,419,551  
                 

TOTAL INVESTMENTS — 96.2% (Cost $514,037,027)

            769,622,009  

Other Assets in Excess of Liabilities — 3.8%

            30,228,015  

TOTAL NET ASSETS — 100.0%

           $ 799,850,024  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

GDR - Global Depositary Receipt

 

PJSC - Public Joint Stock Company

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $17,978,278 or 2.2% of the Fund’s net assets.

 

(c)

Represents less than 0.05% of net assets.

 

(d)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $20 or 0.0% of net assets as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

12

 

 

AQUARIUS INTERNATIONAL FUND

 


STATEMENT of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

ASSETS:

        

Investments, at value

  $ 769,622,009  

Cash - interest bearing deposit account

    30,165,050  

Receivable for investments sold

    4,726,601  

Dividends receivable

    864,743  

Receivable for fund shares sold

    774,567  

Dividend tax reclaims receivable

    703,220  

Interest receivable

    72,645  

Cash

    26,154  

Foreign currency, at value

    15,524  

Prepaid expenses and other assets

    36,392  

Total assets

    807,006,905  
         

LIABILITIES:

        

Payable for investments purchased

    6,362,770  

Payable to Adviser

    530,058  

Payable for capital shares redeemed

    53,540  

Payable for shareholder servicing fees

    11,592  

Payable for expenses and other liabilities

    198,921  

Total liabilities

    7,156,881  

NET ASSETS

  $ 799,850,024  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 51,486  

Additional paid-in capital

    519,344,377  

Total distributable earnings

    280,454,161  

Total net assets

  $ 799,850,024  
         

Net assets

  $ 799,850,024  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    51,486,413  

Net asset value per share

    15.54  

Investments, at cost

    514,037,027  

Foreign currency, at cost

  $ 16,013  

 

 

The accompanying notes are an integral part of the financial statements.

 

13

 

 

AQUARIUS INTERNATIONAL FUND

 


Statement of Operations

FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME:

        

Dividend income

  $ 5,034,180  

Less: issuance fees

    (50,686 )

Less: dividend withholding taxes

    (380,791 )

Interest income

    569,104  

Other income

    67  

Total investment income

    5,171,874  
         

EXPENSES:

        

Sub-advisory fees

    1,863,764  

Fund administration and accounting fees

    194,685  

Custodian fees

    179,650  

Compliance fees

    47,304  

Transfer agent fees

    36,607  

Trustees’ fees

    29,247  

Legal fees

    16,623  

Audit fees

    16,239  

Federal and state registration fees

    15,156  

Reports to shareholders

    5,190  

Other expenses and fees

    30,125  

Total expenses

    2,434,590  

NET INVESTMENT INCOME

    2,737,284  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments

    40,227,494  

Other investments

    739  

Foreign currency translation

    (333,074 )

Net realized gain (loss)

    39,895,159  

Net change in unrealized appreciation (depreciation) on:

        

Investments

    84,838,507  

Foreign currency translation

    18,401  

Net change in unrealized appreciation (depreciation)

    84,856,908  

Net realized and unrealized gain (loss)

    124,752,067  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 127,489,351  

 

 

The accompanying notes are an integral part of the financial statements.

 

14

 

 

AQUARIUS INTERNATIONAL FUND

 


Statements of Changes in Net Assets

 

   

For the
Period Ended
February 28, 2026
(Unaudited)

    

For the
Year Ended
August 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 2,737,284     $ 11,684,320  

Net realized gain (loss)

    39,895,159       19,497,903  

Net change in unrealized appreciation (depreciation)

    84,856,908       51,628,870  

Net increase (decrease) in net assets from operations

    127,489,351       82,811,093  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (15,843,411 )     (9,827,963 )

Total distributions to shareholders

    (15,843,411 )     (9,827,963 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    45,902,243       73,428,337  

Shares issued from reinvestment of distributions

    13,029,183       8,355,699  

Shares redeemed

    (58,719,139 )     (48,209,671 )

Net increase (decrease) in net assets from capital transactions

    212,287       33,574,365  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    111,858,227       106,557,495  
                 

NET ASSETS:

                

Beginning of the period

    687,991,797     581,434,302  

End of the period

  $ 799,850,024     $ 687,991,797  
                 

SHARES TRANSACTIONS

                

Shares sold

    3,258,460       6,228,229  

Shares issued from reinvestment of distributions

    948,957       731,672  

Shares redeemed

    (4,106,210 )     (3,935,918 )

Total increase (decrease) in shares outstanding

    101,207       3,023,983  

 

 

The accompanying notes are an integral part of the financial statements.

 

15

 

 

AQUARIUS INTERNATIONAL FUND

 


Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
Period
Ended
February 28,
2026
(Unaudited)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 13.39     $ 12.02     $ 10.28     $ 9.29     $ 11.97     $ 9.93  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.05       0.23       0.21       0.21       0.16       0.12  

Net realized and unrealized gain (loss) on investments (b)

    2.41       1.34       1.76       0.89       (2.69 )     2.00  

Total from investment operations

    2.46       1.57       1.97       1.10       (2.53 )     2.12  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.30 )     (0.20 )     (0.23 )     (0.11 )     (0.15 )     (0.08 )

Net realized gains

    (0.01 )     —       —       —       —       —  

Total distributions

    (0.31 )     (0.20 )     (0.23 )     (0.11 )     (0.15 )     (0.08 )

Net asset value, end of period

  $ 15.54     $ 13.39     $ 12.02     $ 10.28     $ 9.29     $ 11.97  
                                                 

TOTAL RETURN (c)

    18.73 %     13.32 %     19.53 %     11.89 %     (21.38 )%     21.46 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 799,850     $ 687,992     $ 581,434     $ 451,597     $ 355,666     $ 382,824  

Ratio of expenses to average net assets (d)

    0.67 %     0.67 %     0.69 %     0.70 %     0.73 %     0.75 %

Ratio of net investment income (loss) to average net assets (d)

    0.76 %     1.90 %     1.97 %     2.16 %     1.48 %     1.08 %

Portfolio turnover rate (c)

    37 %     64 %     59 %     78 %     52 %     48 %

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(c)

Not annualized for periods less than one year.

 

(d)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

16

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2026 (UNAUDITED)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Aquarius International Fund (the “Fund”), which commenced investment operations on April 17, 2018.

 

The Fund’s investment objective is to seek capital appreciation.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION – The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”).

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Altair Advisers, LLC, the Fund’s investment adviser (“Altair” or the “Adviser”), as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Valuation Designee may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant

 

17

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Valuation Designee may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

 

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

● Level 1

— Prices are determined using quoted prices in active markets for identical securities.

 

 

● Level 2

— Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

● Level 3

— Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

Level 1

   

Level 2

   

Level 3

   

Total

 

Investments:

                                

Common Stocks

  $ 186,715,733     $ 580,486,705     $ 20     $ 767,202,458  

Preferred Stocks

    2,363,739       55,812       –       2,419,551  

Total Investments

  $ 189,079,472     $ 580,542,517     $ 20     $ 769,622,009  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no significant Level 3 transfers.

 

18

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains (including net short-term capital gains), if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

EMERGING MARKETS RISK — The Fund will invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets,

 

19

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. Further, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.

 

FOREIGN SECURITIES RISK — The Fund will invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments, accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject, limited information about foreign companies, less liquidity in foreign markets and less protection to the shareholders in foreign markets.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

Altair Advisers, LLC serves as the investment adviser to the Fund. Aperio Group, LLC, Boston Partners Global Investors, Inc., Driehaus Capital Management, LLC, and Mawer Investment Management, Ltd. each served as an investment sub-adviser (the “Sub-Advisers”) to the Fund during the current fiscal period.

 

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser’s investment team is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Company on behalf of the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to the supervision of the Adviser and the Board, and in accordance with the investment objective and restrictions of the Fund. The Fund compensates the Sub-Advisers for their services at an annual rate of 0.67% based on the Fund’s sub-advised average daily net assets (the “Sub-Advisory Fee”), not to exceed 0.90%, payable on a monthly basis in arrears.

 

20

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

The Fund is currently only available to clients of the Adviser and to other investors at the Fund’s discretion. The Adviser does not receive a separate management fee from the Fund. However, pursuant to the Fund’s investment advisory agreement with the Adviser, the Adviser is entitled to receive reimbursement for compliance expenses in connection with managing the Fund, up to 0.03% of the Fund’s average daily net assets. This amount is included in Investment management fees on the Statement of Operations.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

 

3. DIRECTOR AND OFFICER COMPENSATION

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

 

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

 

FUND

  

PURCHASES

    

SALES

  

Aquarius International Fund

  $ 260,981,326     $ 274,524,696  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

5. FEDERAL INCOME TAX INFORMATION

 

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

21

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

As of August 31, 2025, the federal tax cost, which includes foreign currency, and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

 

FUND

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

Net Unrealized
Appreciation/
(Depreciation)

  

Aquarius International Fund

  $ 496,392,824     $ 183,619,098     $ (19,574,077 )   $ 164,045,021  

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

Permanent differences as of August 31, 2025, primarily attributed to foreign currency. There were no permanent differences between distributable earnings/(loss) and paid in capital.

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

CAPITAL LOSS
CARRYFORWARDS

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

QUALIFIED
LATE-YEAR
LOSSES

  

Aquarius International Fund

  $ 11,065,063     $ —     $ (6,333,301 )   $ 164,045,021     $ —  

 

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

Year
Ended

    

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

Aquarius International Fund

    2025     $ 9,827,963     $ —     $ 9,827,963  

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

The Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2025, the Fund had short-term capital loss carryforwards of $6,333,301 and long-term carryforwards of $0. During the fiscal year, the Fund utilized $19,806,969 of carryforward capital losses.

 

22

 

 

AQUARIUS INTERNATIONAL FUND

 


NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

6. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

23

 

 

AQUARIUS INTERNATIONAL FUND

 


Other Information (Unaudited)

 

INFORMATION ON Proxy Voting

 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6482 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

24

 

 

Investment Adviser
Altair Advisers, LLC
225 West Washington Street, Suite 2400
Chicago, IL 60606

 

Administrator and Transfer Agent
U.S. Bank Global Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street, Suite 1800
Philadelphia, PA 19103

 

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

  

 

 

Table of Contents

     

Schedule of Investments

1

Statements of Assets and Liabilities

33

Statements of Operations

36

Statements of Changes in Net Assets

39

Financial Highlights

45

Notes to Financial Statements

56

 

 

 

 

BOSTON PARTNERS ALL-CAP VALUE FUND

 

Schedule of Investments

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

Value

  

COMMON STOCKS — 96.8%

Communication Services — 6.8%

Alphabet, Inc. - Class A

    109,566     $ 34,158,296  

Match Group, Inc.

    135,662       4,286,919  

Meta Platforms, Inc. - Class A

    39,973       25,909,699  

Omnicom Group, Inc. (a)

    95,308       8,128,819  

Walt Disney Co.

    148,984       15,798,264  
              88,281,997  

Consumer Discretionary — 3.6%

Booking Holdings, Inc.

    3,948       16,736,954  

LKQ Corp.

    130,513       4,321,285  

NVR, Inc. (b)

    1,660       12,479,531  

TopBuild Corp. (b)

    11,289       5,060,859  

Wyndham Hotels & Resorts, Inc.

    98,340       8,044,212  
              46,642,841  

Consumer Staples — 4.5%

Coca-Cola Europacific Partners PLC

    43,012       4,749,815  

Keurig Dr Pepper, Inc. (a)

    338,410       10,247,055  

Philip Morris International, Inc.

    153,665       28,709,232  

Sysco Corp.

    154,510       14,085,132  
              57,791,234  

Energy — 4.5%

BP PLC - ADR

    84,726       3,292,452  

Canadian Natural Resources Ltd. (a)

    161,821       7,082,905  

ConocoPhillips

    63,105       7,159,893  

Exxon Mobil Corp.

    43,793       6,678,432  

Halliburton Co.

    172,945       6,226,020  

Phillips 66

    30,426       4,695,645  

Range Resources Corp.

    238,235       9,834,341  

Shell PLC - ADR

    60,167       5,024,546  

SLB Ltd.

    158,081       8,115,879  
              58,110,113  

Financials — 27.4% (c)

Allstate Corp.

    36,155       7,755,971  

American International Group, Inc.

    228,689       18,407,178  

Aon PLC - Class A

    26,161       8,776,231  

Bank of America Corp.

    695,656       34,664,539  

Capital One Financial Corp.

    51,455       10,066,656  

Chubb Ltd.

    62,290       21,232,169  

Citigroup, Inc.

    114,733       12,642,429  

Corpay, Inc. (b)

    89,242       29,012,574  

Credit Acceptance Corp. (a)(b)

    12,310       5,824,846  

Fidelity National Information Services, Inc.

    87,243       4,445,903  

First American Financial Corp.

    216,111       15,151,542  

Global Payments, Inc.

    78,516       6,003,333  

Goldman Sachs Group, Inc.

    20,405       17,539,526  

JPMorgan Chase & Co.

    86,781       26,060,334  

Loews Corp.

    157,395       17,316,598  

LPL Financial Holdings, Inc.

    34,018       10,218,327  

Markel Group, Inc. (b)

    8,960       18,569,331  

Renaissance Holdings Ltd.

    51,684       15,632,343  

Travelers Cos., Inc.

    40,734       12,572,142  

Visa, Inc. - Class A

    54,251       17,367,915  

Wells Fargo & Co.

    288,809       23,523,493  

WEX, Inc. (a)(b)

    50,297       7,503,810  

White Mountains Insurance Group Ltd.

    6,324       14,042,505  
              354,329,695  

Health Care — 15.2%

AbbVie, Inc.

    109,062     $ 25,311,109  

Amgen, Inc.

    41,513       16,113,686  

Cencora, Inc.

    46,783       17,409,826  

Cigna Group

    41,993       12,170,411  

Elevance Health, Inc.

    17,794       5,694,080  

GE HealthCare Technologies, Inc.

    85,669       7,219,327  

Johnson & Johnson

    134,419       33,393,712  

McKesson Corp.

    10,769       10,632,988  

Medtronic PLC

    234,187       22,870,702  

Merck & Co., Inc. (a)

    81,560       10,098,759  

Sanofi SA - ADR

    426,731       20,764,730  

UnitedHealth Group, Inc.

    27,252       7,992,194  

Zimmer Biomet Holdings, Inc.

    72,152       7,102,643  
              196,774,167  

Industrials — 11.6%

Acuity, Inc.

    26,531       8,001,484  

Allegion PLC

    79,849       12,867,666  

Allison Transmission Holdings, Inc.

    100,759       12,625,103  

AMETEK, Inc.

    33,401       7,990,187  

EnerSys

    26,663       4,430,058  

Equifax, Inc.

    22,254       4,650,196  

Expeditors International of Washington, Inc.

    56,439       8,185,348  

Huron Consulting Group, Inc. (b)

    59,191       8,369,607  

Landstar System, Inc.

    40,896       6,664,003  

Masco Corp.

    66,269       4,746,186  

Middleby Corp. (b)

    43,768       7,390,665  

Resideo Technologies, Inc. (b)

    164,361       6,360,771  

Robert Half, Inc. (a)

    84,030       2,052,013  

Science Applications International Corp.

    77,467       7,147,105  

Sensata Technologies Holding PLC

    171,686       6,410,755  

SS&C Technologies Holdings, Inc.

    196,192       14,771,296  

Textron, Inc.

    78,653       7,759,118  

Uber Technologies, Inc. (b)

    90,401       6,818,043  

Westinghouse Air Brake Technologies Corp.

    46,563       12,290,304  
              149,529,908  

Information Technology — 21.6%

Accenture PLC - Class A

    37,930       7,916,750  

Adobe, Inc. (b)

    15,247       4,000,965  

Analog Devices, Inc.

    53,178       18,920,201  

Applied Materials, Inc.

    33,927       12,631,022  

Arrow Electronics, Inc. (b)

    115,613       17,591,674  

CDW Corp.

    149,557       18,341,670  

Check Point Software Technologies Ltd. (b)

    109,448       16,643,757  

Cisco Systems, Inc.

    274,872       21,841,329  

Cognizant Technology Solutions Corp. - Class A

    241,047       15,530,658  

Flex Ltd. (b)

    300,247       18,921,566  

Gen Digital, Inc.

    96,756       2,183,783  

Jabil, Inc.

    57,576       15,257,064  

KLA Corp.

    7,235       11,030,119  

Lam Research Corp.

    53,950       12,618,366  

Microchip Technology, Inc.

    192,748       14,386,711  

Micron Technology, Inc.

    57,202       23,588,389  

 

 

The accompanying notes are an integral part of the financial statements.

 

1

 

 

 

BOSTON PARTNERS ALL-CAP VALUE FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

Value

  

Information Technology — 21.6% (continued)

        

Nice Ltd. - ADR (a)(b)

    56,598     $ 6,579,517  

Oracle Corp.

    94,164       13,691,446  

QUALCOMM, Inc.

    46,208       6,578,171  

Roper Technologies, Inc.

    8,004       2,799,239  

TD SYNNEX Corp.

    59,823       9,380,845  

Zebra Technologies Corp. - Class A (b)

    40,769       9,130,625  
              279,563,867  

Materials — 1.5%

CRH PLC

    154,856       18,579,623  
                 

Real Estate — 0.1%

Fermi, Inc. (b)

    142,006       1,415,800  

TOTAL COMMON STOCKS (Cost $655,077,752)

            1,251,019,245  
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    38,632,507       38,632,507  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $38,632,507)

            38,632,507  
                 

TOTAL INVESTMENTS — 99.8% (Cost $693,710,259)

            1,289,651,752  

Other Assets in Excess of Liabilities — 0.2%

    0.00192       2,479,611  

TOTAL NET ASSETS — 100.0%

          $ 1,292,131,363  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $38,083,673.

(b)

Non-income producing security.

(c)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

 

 

 

The accompanying notes are an integral part of the financial statements.

 

2

 

 

 

BOSTON PARTNERS ALL-CAP VALUE FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Investments:

                                

Common Stocks

  $ 1,251,019,245     $ —     $ —     $ 1,251,019,245  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       38,632,507  

Total Investments

  $ 1,251,019,245     $ —     $ —     $ 1,289,651,752  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $38,632,507 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

The accompanying notes are an integral part of the financial statements.

 

3

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 97.8%

Australia — 0.9%

Sonic Healthcare Ltd.

    158,466     $ 2,689,233  
                 

Bermuda — 1.5%

Everest Group Ltd.

    4,153       1,393,290  

Hiscox Ltd.

    91,644       1,909,380  

RenaissanceRe Holdings Ltd.

    5,114       1,546,781  
              4,849,451  

Denmark — 1.1%

Danske Bank AS

    66,424       3,465,640  
                 

Finland — 1.5%

Nordea Bank Abp

    240,784       4,663,027  
                 

France — 14.1%

Accor SA

    21,526       1,249,480  

Airbus Group SE

    11,538       2,505,511  

Alten SA

    8,666       648,519  

BNP Paribas SA

    14,201       1,594,513  

Bureau Veritas SA

    102,637       3,566,788  

Capgemini SE

    18,429       2,329,000  

Cie de Saint-Gobain SA

    28,595       2,897,867  

Cie Generale des Etablissements Michelin SCA

    42,122       1,703,465  

Eiffage SA

    18,249       3,146,905  

Elis SA

    84,075       2,697,382  

Ipsen SA

    14,498       2,830,047  

Rexel SA

    121,271       5,251,994  

Sanofi SA

    15,174       1,484,038  

SPIE SA

    71,309       4,414,549  

TotalEnergies SE

    52,379       4,195,643  

Vallourec SACA

    159,691       3,736,250  
              44,251,951  

Germany — 1.7%

Deutsche Telekom AG

    99,459       3,994,289  

Siemens AG

    4,980       1,439,937  
              5,434,226  

Hong Kong — 1.2%

Prudential PLC

    241,895       3,704,995  
                 

Ireland — 3.6%

AIB Group PLC

    362,267       3,760,259  

Glanbia PLC

    99,537       2,058,227  

Kerry Group PLC - Class A

    29,905       2,657,226  

Ryanair Holdings PLC - ADR (a)

    42,843       2,891,474  
              11,367,186  

Israel — 0.6%

Check Point Software Technologies Ltd. (b)

    12,636       1,921,557  
                 

Italy — 3.2%

Enel SpA

    198,950       2,392,363  

Italgas SpA

    119,569       1,540,958  

Lottomatica Group SpA

    48,800       1,181,158  

Saipem SpA (a)

    687,685       2,891,426  

UniCredit SpA

    23,498       2,000,793  
              10,006,698  

Japan — 5.8%

Fuji Electric Co. Ltd.

    21,400     $ 1,896,785  

Japan Post Insurance Co. Ltd.

    16,500       538,575  

Mitsubishi Chemical Group Corp.

    164,700       1,222,196  

Mitsubishi UFJ Financial Group, Inc.

    80,700       1,498,116  

Nippon Gas Co. Ltd.

    26,400       528,483  

Renesas Electronics Corp.

    193,600       3,651,065  

Sugi Holdings Co. Ltd.

    95,100       2,186,207  

Sumitomo Mitsui Financial Group, Inc.

    41,000       1,547,159  

Suzuki Motor Corp.

    169,100       2,557,362  

Toyo Suisan Kaisha Ltd.

    31,200       2,454,264  
              18,080,212  

Netherlands — 3.7%

ABN AMRO Bank NV (c)

    60,559       2,028,289  

Heineken NV

    17,549       1,625,368  

ING Groep NV

    149,378       4,309,994  

Koninklijke Ahold NV

    74,511       3,677,523  
              11,641,174  

Portugal — 0.7%

Galp Energia SGPS SA

    101,278       2,197,622  
                 

South Korea — 2.0%

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

    4,585       1,434,212  

KB Financial Group, Inc.

    14,430       1,592,612  

KT Corp.

    40,949       1,822,218  

Samsung Fire & Marine Insurance Co. Ltd.

    3,894       1,434,703  
              6,283,745  

Spain — 3.5%

Amadeus IT Group SA

    20,576       1,272,666  

Banco Bilbao Vizcaya Argentaria SA

    204,899       4,745,790  

Bankinter SA

    177,875       2,951,543  

Grifols SA

    169,099       2,121,514  
              11,091,513  

Sweden — 0.6%

Loomis AB

    35,944       1,815,504  
                 

Switzerland — 2.5%

Aptiv PLC (a)(b)

    19,637       1,444,105  

Glencore PLC

    452,513       3,269,695  

Sandoz Group AG

    35,416       3,119,876  
              7,833,676  

United Kingdom — 13.1%

Admiral Group PLC

    59,832       2,390,266  

AstraZeneca PLC

    22,768       4,791,146  

Coca-Cola Europacific Partners PLC

    26,151       2,887,855  

Hikma Pharmaceuticals PLC

    127,542       2,261,970  

IMI PLC

    82,264       3,191,821  

Informa PLC

    327,525       3,699,169  

Marks & Spencer Group PLC

    729,783       3,901,501  

NatWest Group PLC

    524,199       4,352,132  

Shell PLC

    95,725       4,009,251  

SSE PLC

    68,868       2,489,269  

Tesco PLC

    649,386       4,203,835  

Weir Group PLC

    64,275       3,048,592  
              41,226,807  

 

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

United States — 36.5% (d)

AbbVie, Inc.

    10,404     $ 2,414,560  

Acuity, Inc.

    5,766       1,738,968  

Allstate Corp.

    12,349       2,649,107  

Amgen, Inc.

    8,795       3,413,867  

Aon PLC - Class A

    8,135       2,729,048  

Bank of America Corp.

    70,530       3,514,510  

Biogen, Inc. (b)

    11,944       2,291,098  

CDW Corp.

    16,195       1,986,155  

Cencora, Inc.

    5,643       2,099,986  

Charles Schwab Corp.

    21,125       2,011,100  

Chubb Ltd.

    7,521       2,563,608  

Cigna Group

    7,446       2,158,000  

Cisco Systems, Inc.

    29,907       2,376,410  

ConocoPhillips

    20,881       2,369,158  

CRH PLC

    45,373       5,429,730  

Cummins, Inc.

    4,138       2,416,054  

Diamondback Energy, Inc.

    11,428       1,989,386  

DuPont de Nemours, Inc.

    33,166       1,659,627  

East West Bancorp, Inc.

    16,802       1,838,979  

EPAM Systems, Inc. (a)(b)

    9,214       1,299,174  

FedEx Corp.

    8,126       3,144,762  

Fifth Third Bancorp

    43,807       2,167,132  

Flowserve Corp.

    25,475       2,255,047  

Freeport-McMoRan, Inc.

    56,695       3,859,796  

GE HealthCare Technologies, Inc.

    34,674       2,921,978  

Gen Digital, Inc.

    122,012       2,753,811  

Goldman Sachs Group, Inc.

    2,246       1,930,594  

HCA Healthcare, Inc.

    3,538       1,874,079  

Huntington Bancshares, Inc.

    126,808       2,130,374  

IQVIA Holdings, Inc. (b)

    10,080       1,802,405  

Johnson & Johnson

    9,226       2,292,015  

JPMorgan Chase & Co.

    9,424       2,830,027  

KBR, Inc.

    20,248       855,073  

Labcorp Holdings, Inc. (a)

    13,907       4,020,792  

Leidos Holdings, Inc.

    7,170       1,255,467  

M&T Bank Corp.

    10,273       2,229,036  

Marathon Petroleum Corp.

    7,394       1,465,565  

NetApp, Inc.

    22,045       2,183,116  

Range Resources Corp.

    76,902       3,174,515  

Resideo Technologies, Inc. (b)

    196       7,585  

SLB Ltd.

    50,920       2,614,233  

Tenet Healthcare Corp. (b)

    12,542       3,002,429  

Textron, Inc.

    41,040       4,048,596  

T-Mobile US, Inc.

    14,258       3,095,269  

United Rentals, Inc.

    2,491       2,092,440  

US Foods Holding Corp. (b)

    16,732       1,616,479  

Walt Disney Co.

    35,862       3,802,807  
              114,373,947  

TOTAL COMMON STOCKS (Cost $213,787,825)

            306,898,164  

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (e)

    7,744,556     $ 7,744,556  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,744,556)

            7,744,556  
                 

TOTAL INVESTMENTS — 100.3% (Cost $221,532,381)

            314,642,720  

Liabilities in Excess of Other Assets — (0.3)%

            (1,029,332 )

TOTAL NET ASSETS — 100.0%

          $ 313,613,388  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $7,528,832.

(b)

Non-income producing security.

(c)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $2,028,289 or 0.6% of the Fund’s net assets.

(d)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

(e)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Investments:

                                

Common Stocks

  $ 130,385,939     $ 176,512,225     $ —     $ 306,898,164  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       7,744,556  

Total Investments

  $ 130,385,939     $ 176,512,225     $ —     $ 314,642,720  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $7,744,556 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

Allocation of Portfolio Holdings by Country
as of FEBRUARY 28, 2026

 

COUNTRY

  

Value

    

% of Net
Assets

  

France

  $ 44,251,951       14.1 %

United Kingdom

    41,226,807       13.1  

Japan

    18,080,212       5.8  

Netherlands

    11,641,174       3.7  

Ireland

    11,367,186       3.6  

Spain

    11,091,513       3.5  

Italy

    10,006,698       3.2  

Switzerland

    7,833,676       2.5  

South Korea

    6,283,745       2.0  

Germany

    5,434,226       1.7  

Bermuda

    4,849,451       1.5  

Finland

    4,663,027       1.5  

Hong Kong

    3,704,995       1.2  

Denmark

    3,465,640       1.1  

Australia

    2,689,233       0.9  

Portugal

    2,197,622       0.7  

Israel

    1,921,557       0.6  

Sweden

    1,815,504       0.6  

United States

    122,118,503       39.0  

Liabilities in Excess of Other Assets

    (1,029,332 )     (0.3 )
    $ 313,613,388       100.0 %

 

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

SECTOR CLASSIFICATION
as of FEBRUARY 28, 2026

 

SECTOR

  

Value

    

% of Net
Assets

  

Financials

  $ 78,021,372       24.8 %

Industrials

    58,013,313       18.5  

Health Care

    47,589,033       15.3  

Energy

    28,643,049       9.1  

Consumer Staples

    27,268,485       8.6  

Information Technology

    19,148,807       6.0  

Communication Services

    16,413,752       5.3  

Materials

    15,441,044       4.8  

Consumer Discretionary

    9,408,236       3.1  

Utilities

    6,951,073       2.3  

Investments Purchased with Proceeds from Securities Lending

    7,744,556       2.5  

Other Assets in Excess of Liabilities

    (1,029,332 )     (0.3 )
    $ 313,613,388       100.0 %

 

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 95.3%

Communication Services — 4.5%

Alphabet, Inc. - Class A (a)

    9,831     $ 3,064,912  

Cars.com, Inc. (b)(c)

    34,316       293,059  

DoubleDown Interactive Co. Ltd. - ADR (a)(b)

    71,931       657,449  

EverQuote, Inc. - Class A (b)

    18,184       287,307  

Gravity Co. Ltd. - ADR (b)

    10,631       691,228  
              4,993,955  

Consumer Discretionary — 8.5%

Abercrombie & Fitch Co. - Class A (b)

    8,432       824,650  

Arcos Dorados Holdings, Inc. - Class A (a)

    200,156       1,761,373  

Carriage Services, Inc. (a)

    22,607       1,041,504  

Cavco Industries, Inc. (b)(c)

    1,909       1,101,989  

El Pollo Loco Holdings, Inc. (b)

    31,470       348,058  

Frontdoor, Inc. (b)

    21,377       1,465,821  

JD.com, Inc. - Class A

    47,636       632,401  

Johnson Outdoors, Inc. - Class A

    8,021       388,938  

Leon’s Furniture Ltd.

    23,307       486,798  

Perdoceo Education Corp. (a)

    13,499       450,192  

Super Group SGHC Ltd. (a)

    81,353       870,477  
              9,372,201  

Consumer Staples — 4.7%

Ambev SA - ADR (a)(c)

    253,043       799,616  

British American Tobacco PLC - ADR (a)

    34,691       2,173,391  

Maplebear, Inc. (b)

    13,110       491,756  

PriceSmart, Inc.

    6,520       1,008,122  

US Foods Holding Corp. (b)

    7,163       692,018  
              5,164,903  
                 

Energy — 0.4%

Weatherford International PLC

    4,747       500,619  
                 

Financials — 25.0% (d)

Acadian Asset Management, Inc.

    30,751       1,656,249  

American Integrity Insurance Group, Inc. (a)(b)

    31,798       647,407  

Banco Bilbao Vizcaya Argentaria SA - ADR (a)

    47,591       1,100,780  

Bank of America Corp. (a)

    22,008       1,096,659  

BGC Group, Inc. - Class A (a)

    198,970       1,894,194  

Citigroup, Inc. (a)

    13,172       1,451,423  

Exzeo Group, Inc. (b)(c)

    29,898       501,091  

Fairfax Financial Holdings Ltd. (c)

    1,260       2,168,441  

FinVolution Group - ADR (a)

    63,817       358,652  

Fiserv, Inc. (b)

    6,713       418,153  

Hamilton Insurance Group Ltd. - Class B (a)(b)

    65,281       2,062,227  

Heritage Insurance Holdings, Inc. (a)(b)

    29,394       819,211  

Intercontinental Exchange, Inc.

    3,303       542,121  

Intercorp Financial Services, Inc.

    13,897       672,337  

Jiayin Group, Inc. - ADR

    17,890       115,927  

KB Financial Group, Inc. - ADR (c)

    18,274       2,010,140  

Lincoln National Corp.

    13,636       467,715  

Marex Group PLC

    27,927       1,213,707  

NewtekOne, Inc. (a)

    44,451       545,858  

Northeast Bank (c)

    3,708       411,143  

Financials — 25.0% (d) (continued)

                

Northeast Community Bancorp, Inc.

    16,022     $ 387,732  

Oppenheimer Holdings, Inc. - Class A

    12,607       1,087,858  

Popular, Inc.

    5,126       693,855  

Rithm Capital Corp. (a)

    64,898       652,225  

SiriusPoint Ltd. (b)

    34,532       730,007  

Stifel Financial Corp.

    10,967       812,069  

Up Fintech Holding Ltd. - ADR (b)

    74,160       579,931  

Virtu Financial, Inc. - Class A

    14,706       608,975  

Visa, Inc. - Class A

    2,509       803,231  

Wells Fargo & Co. (a)

    13,853       1,128,327  
              27,637,645  

Health Care — 11.3%

AstraZeneca PLC

    5,993       1,249,241  

Catalyst Pharmaceuticals, Inc. (a)(b)

    67,756       1,563,809  

Cigna Group (a)

    1,904       551,817  

Cross Country Healthcare, Inc. (b)

    67,385       586,250  

GE HealthCare Technologies, Inc.

    9,964       839,666  

Harmony Biosciences Holdings, Inc. (b)

    13,247       378,069  

HCA Healthcare, Inc. (a)

    1,084       574,195  

ICON PLC (b)(c)

    4,820       521,235  

Johnson & Johnson (a)

    7,288       1,810,558  

Medtronic PLC (a)

    9,111       889,780  

Novartis AG - ADR (c)

    6,227       1,049,997  

Quest Diagnostics, Inc.

    3,675       778,769  

Sandoz Group AG - ADR

    6,104       537,274  

Select Medical Holdings Corp.

    27,451       410,941  

Tenet Healthcare Corp. (b)

    3,177       760,542  
              12,502,143  

Industrials — 9.3%

Barrett Business Services, Inc. (a)

    24,542       681,531  

CACI International, Inc. - Class A (b)

    1,110       677,289  

Euroseas Ltd.

    10,702       735,656  

Everus Construction Group, Inc. (b)

    6,081       735,011  

Galliford Try Holdings PLC

    366,301       2,708,612  

Herc Holdings, Inc.

    3,791       529,944  

KBR, Inc.

    12,696       536,152  

Nextpower, Inc. - Class A (b)(c)

    6,494       682,519  

Public Policy Holding Co., Inc.

    29,653       355,613  

Quanta Services, Inc. (a)

    1,537       865,454  

RCM Technologies, Inc. (b)

    16,451       311,089  

Sterling Infrastructure, Inc. (a)(b)

    2,294       982,130  

Uber Technologies, Inc. (b)

    6,020       454,028  
              10,255,028  

Information Technology — 22.0%

ACI Worldwide, Inc. (b)

    13,036       517,268  

Adeia, Inc. (a)

    69,465       1,437,231  

Broadcom, Inc.

    5,398       1,724,931  

CDW Corp.

    7,184       881,046  

Cognizant Technology Solutions Corp. - Class A (a)

    11,541       743,587  

Commvault Systems, Inc. (b)

    5,987       509,374  

Dell Technologies, Inc. - Class C (c)

    11,367       1,683,225  

EPAM Systems, Inc. (b)

    4,209       593,469  

HubSpot, Inc. (b)

    4,750       1,256,423  

InterDigital, Inc. (c)

    3,890       1,425,802  

LiveRamp Holdings, Inc. (b)

    16,467       447,408  

 

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Information Technology — 22.0% (continued)

        

Microchip Technology, Inc. (c)

    3,625     $ 270,570  

Nice Ltd. - ADR (b)(c)

    3,361       390,716  

Okta, Inc. (b)

    11,863       860,068  

Open Text Corp.

    17,530       434,218  

Oracle Corp. (a)

    3,077       447,396  

Photronics, Inc. (a)(b)(c)

    47,169       1,765,536  

QUALCOMM, Inc. (a)

    3,627       516,340  

RingCentral, Inc. - Class A (a)(b)(c)

    45,996       1,676,554  

Salesforce, Inc.

    4,150       808,378  

Samsung Electronics Co. Ltd.

    21,309       3,189,346  

Silicon Motion Technology Corp. - ADR

    5,289       683,497  

Telefonaktiebolaget LM Ericsson - ADR (a)(c)

    87,601       1,016,172  

Twilio, Inc. - Class A (b)

    9,113       1,102,308  
              24,380,863  

Materials — 5.0%

Ferroglobe PLC (a)

    131,860       673,805  

Glencore PLC - ADR (a)

    53,806       771,578  

Methanex Corp. (c)

    19,028       961,485  

Mosaic Co.

    20,745       577,541  

Pan American Silver Corp.

    21,720       1,492,164  

Taseko Mines Ltd. (a)(b)

    66,083       586,817  

Ternium SA - ADR (a)(c)

    11,482       499,122  
              5,562,512  

Real Estate — 3.0%

Kennedy-Wilson Holdings, Inc.

    43,249       470,549  

Newmark Group, Inc. - Class A (a)

    103,036       1,496,083  

Park Hotels & Resorts, Inc. (a)

    54,365       614,868  

Pebblebrook Hotel Trust (a)

    55,424       711,090  
              3,292,590  

Utilities — 1.6%

NRG Energy, Inc.

    5,965       1,067,497  

Xcel Energy, Inc.

    8,709       725,982  
              1,793,479  

TOTAL COMMON STOCKS (Cost $73,405,363)

            105,455,938  

 

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Notional
Amount

    

Contracts

    

Value

  

PURCHASED OPTIONS — 0.1% (b)

                        

Put Options — 0.1% (e)(f)

                        

Catalyst Pharmaceuticals, Inc., Expiration: 06/18/2026; Exercise Price: $20.00

    1,562,516       677       67,700  

Perdoceo Education Corp., Expiration: 03/20/2026; Exercise Price: $25.00

    503,585       151       5,662  

TOTAL PURCHASED OPTIONS (Cost $98,545)

                    73,362  
           

Units

          

SHORT-TERM INVESTMENTS

                        

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.3%

                        

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (g)

            11,377,342       11,377,342  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,377,342)

                    11,377,342  
           

Shares

          

MONEY MARKET FUNDS — 0.8%

                        

MSILF Prime Portfolio - Institutional Class, 3.70% (g)

            952,510       952,789  

TOTAL MONEY MARKET FUNDS (Cost $952,789)

                    952,789  
                         

TOTAL INVESTMENTS — 106.5% (Cost $85,834,039)

                    117,859,431  

Liabilities in Excess of Other Assets — (6.5)%

            (0.06456 )     (7,147,196 )

TOTAL NET ASSETS — 100.0%

                  $ 110,712,235  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

All or a portion of the security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of February 28, 2026 was $31,237,056.

(b)

Non-income producing security.

(c)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $11,243,626.

(d)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(e)

100 shares per contract.

(f)

Exchange-traded.

(g)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

SCHEDULE OF SECURITIES
SOLD SHORT

  

Shares

    

Value

  

COMMON STOCKS — (18.4)%

Communication Services — (1.6)%

AST SpaceMobile, Inc.

    (4,761 )   $ (377,024 )

Boston Omaha Corp. - Class A

    (15,923 )     (196,649 )

CTC Communications Group, Inc. (a)

    (98,900 )     0  

Ibotta, Inc. - Class A

    (5,814 )     (145,176 )

Newsmax, Inc.

    (44,549 )     (265,066 )

Stubhub Holdings, Inc. - Class A

    (14,854 )     (142,153 )

Telesat Corp.

    (19,751 )     (620,181 )
              (1,746,249 )

Consumer Discretionary — (2.6)%

Acushnet Holdings Corp.

    (4,842 )     (495,482 )

Brunello Cucinelli SpA

    (2,126 )     (205,722 )

Cava Group, Inc.

    (2,736 )     (225,638 )

Goodyear Tire & Rubber Co.

    (24,163 )     (199,345 )

GoPro, Inc. - Class A

    (134,866 )     (130,523 )

Petco Health & Wellness Co., Inc.

    (35,944 )     (91,657 )

Pop Mart International Group Ltd.

    (8,600 )     (253,037 )

Qsound Labs, Inc. (a)

    (4,440 )     0  

QuantumScape Corp.

    (34,168 )     (236,443 )

Rivian Automotive, Inc. - Class A

    (33,741 )     (517,249 )

Serve Robotics, Inc.

    (18,781 )     (187,622 )

Shake Shack, Inc. - Class A

    (2,794 )     (268,252 )

Venu Holding Corp.

    (25,152 )     (129,533 )
              (2,940,503 )

Consumer Staples — (2.2)%

Amish Naturals, Inc. (a)

    (25,959 )     0  

Brown-Forman Corp. - Class B

    (8,909 )     (257,114 )

Costco Wholesale Corp.

    (363 )     (366,917 )

Hershey Co.

    (1,997 )     (471,851 )

Mama’s Creations, Inc.

    (44,642 )     (765,164 )

Marzetti Co.

    (1,791 )     (294,333 )

Westrock Coffee Co.

    (56,622 )     (250,269 )
              (2,405,648 )

Energy — (1.0)%

Beard Co. (a)

    (9,710 )     0  

Calumet, Inc.

    (25,021 )     (674,566 )

Comstock Resources, Inc.

    (21,052 )     (412,830 )
              (1,087,396 )

Financials — (0.9)%

Bakkt, Inc.

    (22,289 )     (213,083 )

Commonwealth Bank of Australia

    (3,333 )     (413,529 )

Innventure, Inc.

    (40,486 )     (114,980 )

StepStone Group, Inc. - Class A

    (5,012 )     (216,218 )
              (957,810 )

Health Care — (0.9)%

AirSculpt Technologies, Inc.

    (48,963 )     (77,361 )

BodyTel Scientific, Inc. (a)

    (4,840 )     0  

CareView Communications, Inc.

    (165,489 )     (4,220 )

Establishment Labs Holdings, Inc.

    (7,708 )     (606,620 )

Hims & Hers Health, Inc.

    (5,545 )     (80,513 )

Stevanato Group SpA

    (17,003 )     (263,887 )
              (1,032,601 )

Industrials — (3.0)%

Ameresco, Inc. - Class A

    (8,132 )   $ (247,701 )

Amprius Technologies, Inc.

    (29,915 )     (320,988 )

Applied Energetics, Inc.

    (71,523 )     (78,818 )

Construction Partners, Inc. - Class A

    (2,238 )     (300,720 )

Corporate Resource Services, Inc. (a)

    (218,896 )     (22 )

DynaMotive Energy Systems Corp. (a)

    (72,185 )     (7 )

Ener1, Inc. (a)

    (102,820 )     (10 )

Hertz Global Holdings, Inc.

    (56,552 )     (256,746 )

Limbach Holdings, Inc.

    (2,055 )     (187,868 )

NANO Nuclear Energy, Inc.

    (10,257 )     (272,734 )

NuScale Power Corp.

    (14,156 )     (181,905 )

Palladyne AI Corp.

    (44,379 )     (311,984 )

Redwire Corp.

    (45,431 )     (412,059 )

Richtech Robotics, Inc. - Class B

    (192,868 )     (480,241 )

Sky Harbour Group Corp.

    (25,875 )     (227,183 )

Valence Technology, Inc. (a)

    (27,585 )     (3 )
              (3,278,989 )

Information Technology — (5.0)%

Aehr Test Systems

    (10,077 )     (377,182 )

Aeluma, Inc.

    (14,248 )     (220,417 )

Aeva Technologies, Inc.

    (13,073 )     (173,348 )

Amplitude, Inc. - Class A

    (19,539 )     (142,635 )

ANTs software, Inc. (a)

    (10,334 )     (1 )

Atomera, Inc.

    (76,819 )     (387,168 )

BigBear.ai Holdings, Inc.

    (69,071 )     (273,521 )

C3.ai, Inc. - Class A

    (23,089 )     (183,558 )

Consygen, Inc. (a)

    (200 )     0  

D-Wave Quantum, Inc.

    (16,182 )     (303,898 )

Entegris, Inc.

    (3,515 )     (465,562 )

Evolv Technologies Holdings, Inc.

    (76,145 )     (403,568 )

Figma, Inc. - Class A

    (7,462 )     (219,308 )

Interliant, Inc. (a)

    (600 )     0  

Lightwave Logic, Inc.

    (93,759 )     (413,477 )

MicroVision, Inc.

    (203,899 )     (159,265 )

Nestor, Inc. (a)

    (15,200 )     (1 )

NextNav, Inc.

    (34,021 )     (547,398 )

Palantir Technologies, Inc. - Class A

    (1,551 )     (212,782 )

PAR Technology Corp.

    (9,541 )     (156,377 )

POET Technologies, Inc.

    (45,303 )     (271,818 )

Rigetti Computing, Inc.

    (12,668 )     (220,677 )

SoundHound AI, Inc. - Class A

    (30,717 )     (264,166 )

Tiger Telematics, Inc. (a)

    (6,510 )     0  

Tucows, Inc. - Class A

    (7,781 )     (141,303 )

Uni-Pixel, Inc. (a)

    (19,665 )     (2 )

Worldgate Communications, Inc. (a)

    (582,655 )     (58 )

XRiver Corp. (a)

    (34,156 )     0  
              (5,537,490 )

Materials — (1.1)%

PureCycle Technologies, Inc.

    (40,016 )     (252,501 )

TMC the metals co, Inc.

    (151,285 )     (948,557 )
              (1,201,058 )

 

 

The accompanying notes are an integral part of the financial statements.

 

12

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

SCHEDULE OF SECURITIES
SOLD SHORT

  

Shares

    

Value

  

Utilities — (0.1)%

Oklo, Inc.

    (2,205 )   $ (138,805 )

TOTAL COMMON STOCKS (Proceeds $25,199,817)

            (20,326,549 )
                 

TOTAL SECURITIES SOLD SHORT - (18.4)% (Proceeds $25,199,817)

          $ (20,326,549 )

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $(104) or 0.0% of net assets as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

13

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Investments:

                                

Common Stocks

  $ 98,569,966     $ 6,885,972     $ —     $ 105,455,938  

Purchased Options

    67,700       5,662       —       73,362  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       11,377,342  

Money Market Funds

    952,789       —       —       952,789  

Total Investments

  $ 99,590,455     $ 6,891,634     $ —     $ 117,859,431  
                                 

Liabilities:

                                

Investments:

                                

Common Stocks

  $ (19,454,157 )   $ (872,288 )   $ (104 )   $ (20,326,549 )

Total Investments

  $ (19,454,157 )   $ (872,288 )   $ (104 )   $ (20,326,549 )

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $11,377,342 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no significant transfers into or out of Level 3 during the reporting year as compared to the security classifications from the prior year’s annual report.

 

The accompanying notes are an integral part of the financial statements.

 

14

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 96.6%

Communication Services — 3.6%

Alphabet, Inc. - Class A (a)

    17,001     $ 5,300,232  

Deutsche Telekom AG

    31,473       1,263,961  

Informa PLC

    271,538       3,066,834  

Meta Platforms, Inc. - Class A

    1,856       1,203,022  

Nexstar Media Group, Inc.

    11,100       2,786,322  

Omnicom Group, Inc.

    21,129       1,802,092  

T-Mobile US, Inc. (a)

    9,994       2,169,598  

Walt Disney Co.

    37,179       3,942,461  
              21,534,522  

Consumer Discretionary — 9.7%

Aptiv PLC (b)

    21,424       1,575,521  

AutoNation, Inc. (b)

    9,730       1,898,907  

AutoZone, Inc. (b)

    824       3,094,598  

Best Buy Co., Inc.

    16,539       1,024,922  

Booking Holdings, Inc.

    1,139       4,828,620  

Boyd Gaming Corp.

    59,503       4,952,435  

Churchill Downs, Inc.

    24,672       2,268,097  

Covista, Inc. (b)

    15,617       1,530,466  

Darden Restaurants, Inc.

    10,064       2,152,186  

eBay, Inc.

    24,707       2,244,878  

Flutter Entertainment PLC (b)

    18,783       1,943,849  

Frontdoor, Inc. (a)(b)

    132,779       9,104,656  

Home Depot, Inc.

    4,456       1,696,488  

Lennar Corp. - Class A

    20,478       2,341,864  

LKQ Corp.

    51,845       1,716,588  

Lowe’s Cos., Inc.

    3,333       881,812  

Restaurant Brands International, Inc.

    15,028       1,077,658  

Ross Stores, Inc.

    15,734       3,235,540  

TJX Cos., Inc. (a)

    22,551       3,645,595  

Valvoline, Inc. (b)

    54,888       2,074,766  

Wyndham Hotels & Resorts, Inc.

    37,901       3,100,302  

Yum! Brands, Inc.

    14,328       2,409,396  
              58,799,144  

Consumer Staples — 6.0%

British American Tobacco PLC - ADR

    40,695       2,549,542  

Coca-Cola Co.

    46,946       3,828,916  

Coca-Cola Consolidated, Inc.

    15,115       3,059,276  

Coca-Cola Europacific Partners PLC

    19,527       2,156,366  

Glanbia PLC

    54,076       1,118,184  

Kerry Group PLC - Class A

    8,351       742,033  

Maplebear, Inc. (b)

    46,290       1,736,338  

McCormick & Co., Inc.

    31,575       2,243,088  

Philip Morris International, Inc.

    18,583       3,471,862  

Primo Brands Corp.

    72,981       1,655,209  

Sysco Corp.

    39,675       3,616,773  

Toyo Suisan Kaisha Ltd.

    18,410       1,448,173  

US Foods Holding Corp. (a)(b)

    58,355       5,637,676  

Walmart, Inc.

    25,363       3,245,196  
              36,508,632  

Energy — 0.8%

Cheniere Energy, Inc.

    10,034       2,365,315  

Permian Resources Corp.

    62,746       1,147,624  

Rockpoint Gas Storage, Inc. - Class A

    63,091       1,311,727  
              4,824,666  

Financials — 17.1%

Admiral Group PLC

    34,316     $ 1,370,911  

AIB Group PLC

    101,989       1,058,625  

Allstate Corp.

    14,006       3,004,567  

American Express Co.

    5,212       1,609,987  

Ameriprise Financial, Inc. (a)

    5,831       2,741,270  

Aon PLC - Class A

    12,326       4,135,003  

Apollo Global Management, Inc.

    10,228       1,069,849  

Arthur J Gallagher & Co.

    7,692       1,755,314  

Baldwin Insurance Group, Inc. - Class A (b)

    44,607       1,036,221  

Bank of America Corp. (a)

    110,611       5,511,746  

Berkshire Hathaway, Inc. - Class B (a)(b)

    5,684       2,870,136  

Brown & Brown, Inc.

    16,050       1,152,711  

Capital One Financial Corp.

    5,516       1,079,150  

Charles Schwab Corp.

    23,310       2,219,112  

Chubb Ltd.

    9,232       3,146,819  

Corpay, Inc. (b)

    10,736       3,490,274  

Danske Bank AS

    19,046       993,716  

East West Bancorp, Inc.

    18,647       2,040,914  

Equitable Holdings, Inc.

    11,184       449,820  

Evercore, Inc. - Class A

    5,460       1,686,266  

Everest Group Ltd.

    5,418       1,817,685  

Fidelity National Information Services, Inc.

    30,308       1,544,496  

Fifth Third Bancorp (a)

    31,099       1,538,467  

First American Financial Corp.

    16,035       1,124,214  

Global Payments, Inc.

    23,947       1,830,988  

Goldman Sachs Group, Inc. (a)

    1,349       1,159,560  

Hiscox Ltd.

    110,570       2,303,699  

Huntington Bancshares, Inc. (a)

    114,041       1,915,889  

ING Groep NV

    71,848       2,073,026  

Intercontinental Exchange, Inc.

    6,589       1,081,453  

JPMorgan Chase & Co. (a)

    24,952       7,493,086  

LPL Financial Holdings, Inc.

    12,046       3,618,377  

M&T Bank Corp.

    8,993       1,951,301  

Markel Group, Inc. (a)(b)

    1,815       3,761,533  

Morgan Stanley

    8,687       1,446,472  

NatWest Group PLC

    216,365       1,796,358  

Nordea Bank Abp

    103,634       2,006,978  

Progressive Corp.

    9,308       1,988,747  

Renaissance Holdings Ltd.

    8,972       2,713,671  

Synchrony Financial (a)

    18,098       1,250,753  

Travelers Cos., Inc.

    6,831       2,108,320  

Visa, Inc. - Class A

    8,422       2,696,219  

Voya Financial, Inc.

    6,702       448,230  

Wells Fargo & Co. (a)

    82,627       6,729,969  

WEX, Inc. (b)

    12,203       1,820,566  

White Mountains Insurance Group Ltd.

    1,164       2,584,674  
              103,227,142  

Health Care — 11.0%

Abbott Laboratories (a)

    10,485       1,219,930  

AbbVie, Inc. (a)

    32,262       7,487,365  

Amgen, Inc.

    12,937       5,021,626  

AstraZeneca PLC

    12,717       2,676,080  

Biogen, Inc. (b)

    15,584       2,989,323  

Bristol-Myers Squibb Co.

    35,181       2,194,239  

Cencora, Inc.

    8,829       3,285,624  

 

 

The accompanying notes are an integral part of the financial statements.

 

15

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Health Care — 11.0% (continued)

                

Centene Corp. (b)

    1,571     $ 70,506  

Cigna Group (a)

    7,344       2,128,438  

CVS Health Corp.

    33,573       2,682,483  

Elevance Health, Inc. (a)

    1,592       509,440  

GE HealthCare Technologies, Inc.

    29,144       2,455,965  

Grifols SA

    51,387       644,701  

Halozyme Therapeutics, Inc. (b)

    19,849       1,380,101  

HCA Healthcare, Inc.

    2,320       1,228,904  

Humana, Inc.

    1,797       342,400  

ICON PLC (b)

    2,826       305,604  

Ipsen SA

    2,996       584,827  

IQVIA Holdings, Inc. (b)

    14,110       2,523,009  

Johnson & Johnson

    21,990       5,462,976  

Labcorp Holdings, Inc.

    7,985       2,308,623  

McKesson Corp.

    3,354       3,311,639  

Medtronic PLC

    26,716       2,609,084  

Merck & Co., Inc.

    2,330       288,501  

Molina Healthcare, Inc. (a)(b)

    861       132,637  

Novartis AG - ADR

    9,385       1,582,499  

Novo Nordisk AS

    34,417       1,301,773  

Pfizer, Inc.

    3,133       86,627  

QIAGEN NV

    20,785       1,035,093  

Quest Diagnostics, Inc.

    8,349       1,769,237  

Sandoz Group AG

    15,765       1,388,774  

Sanofi SA

    1,070       104,647  

Stryker Corp.

    666       258,048  

Tenet Healthcare Corp. (b)

    6,799       1,627,613  

UCB SA

    208       62,480  

UnitedHealth Group, Inc.

    11,570       3,393,134  

Zimmer Biomet Holdings, Inc.

    1,572       154,748  
              66,608,698  

Industrials — 20.1%

3M Co.

    17,297       2,859,540  

Acuity, Inc.

    3,430       1,034,454  

AECOM Technology Corp.

    30,249       2,963,797  

Airbus Group SE

    11,363       2,467,509  

Allegion PLC

    17,216       2,774,358  

Allison Transmission Holdings, Inc.

    25,685       3,218,330  

American Superconductor Corp. (b)

    54,322       1,769,811  

AMETEK, Inc. (a)

    8,609       2,059,445  

Brink’s Co.

    39,894       4,658,422  

Builders FirstSource, Inc. (b)

    23,086       2,407,639  

CACI International, Inc. - Class A (b)

    1,707       1,041,560  

Canadian Pacific Kansas City Ltd.

    21,007       1,840,003  

Carrier Global Corp.

    33,867       2,181,035  

CH Robinson Worldwide, Inc.

    20,630       3,821,707  

Cummins, Inc.

    3,853       2,249,651  

Delta Air Lines, Inc.

    22,472       1,476,410  

DNOW, Inc. (b)

    154,702       1,822,390  

Dover Corp.

    11,344       2,558,072  

Equifax, Inc.

    12,679       2,649,404  

Esab Corp.

    21,654       2,732,085  

Expeditors International of Washington, Inc.

    14,994       2,174,580  

FedEx Corp.

    7,415       2,869,605  

HNI Corp.

    70,895       3,187,439  

Honeywell International, Inc.

    11,806       2,875,824  

Industrials — 20.1% (continued)

                

Howmet Aerospace, Inc. (a)

    15,060     $ 3,953,702  

Hubbell, Inc.

    6,493       3,322,014  

Huron Consulting Group, Inc. (b)

    16,969       2,399,417  

IDEX Corp.

    14,391       3,014,483  

IMI PLC

    68,031       2,639,584  

Jacobs Solutions, Inc.

    33,414       4,606,454  

KBR, Inc.

    60,170       2,540,979  

L3Harris Technologies, Inc.

    15,875       5,787,072  

Leidos Holdings, Inc. (a)

    9,649       1,689,540  

Masco Corp. (a)

    24,131       1,728,262  

Masterbrand, Inc. (a)(b)

    219,217       2,218,476  

Matson, Inc.

    10,315       1,713,631  

Middleby Corp. (b)

    8,641       1,459,119  

Nordson Corp.

    8,802       2,582,859  

Old Dominion Freight Line, Inc.

    12,633       2,565,131  

Otis Worldwide Corp.

    19,836       1,836,020  

Parker-Hannifin Corp. (a)

    1,710       1,725,698  

Rexel SA

    58,164       2,518,962  

Siemens AG

    4,369       1,263,270  

SS&C Technologies Holdings, Inc. (a)

    29,300       2,205,997  

TriNet Group, Inc.

    1,342       51,103  

Uber Technologies, Inc. (b)

    42,800       3,227,976  

UFP Industries, Inc.

    23,490       2,417,356  

United Airlines Holdings, Inc. (b)

    17,446       1,854,510  

Upwork, Inc. (a)(b)

    190,634       2,558,308  
              121,572,993  

Information Technology — 11.6%

Adeia, Inc. (a)

    114,691       2,372,957  

Applied Materials, Inc.

    6,715       2,499,994  

Arrow Electronics, Inc. (a)(b)

    8,125       1,236,300  

Broadcom, Inc.

    14,051       4,489,997  

Capgemini SE

    7,568       956,420  

CDW Corp.

    13,326       1,634,301  

Celestica, Inc. (b)

    6,789       1,884,830  

Check Point Software Technologies Ltd. (b)

    7,171       1,090,494  

Dell Technologies, Inc. - Class C

    11,024       1,632,434  

EPAM Systems, Inc. (b)

    14,812       2,088,492  

Flex Ltd. (a)(b)

    77,825       4,904,532  

Gen Digital, Inc. (a)

    89,154       2,012,206  

InterDigital, Inc.

    13,040       4,779,551  

Jabil, Inc. (a)

    8,441       2,236,781  

Keysight Technologies, Inc. (b)

    11,128       3,419,968  

Lam Research Corp.

    18,739       4,382,865  

Microchip Technology, Inc. (a)

    26,735       1,995,500  

Micron Technology, Inc.

    6,120       2,523,704  

NetApp, Inc.

    16,265       1,610,723  

Nice Ltd. - ADR (b)

    9,992       1,161,570  

NXP Semiconductors NV

    5,775       1,310,983  

Oracle Corp. (a)

    8,682       1,262,363  

Qnity Electronics, Inc.

    24,120       3,057,451  

Salesforce, Inc.

    7,018       1,367,036  

Samsung Electronics Co. Ltd.

    40,832       6,111,380  

Seagate Technology Holdings PLC

    10,316       4,207,277  

Trimble, Inc. (b)

    26,089       1,744,571  

Vontier Corp.

    31,829       1,302,443  

Zebra Technologies Corp. - Class A (b)

    4,862       1,088,894  
              70,366,017  

 

 

The accompanying notes are an integral part of the financial statements.

 

16

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Materials — 5.2%

Allied Gold Corp. (b)

    50,860     $ 1,610,010  

Almonty Industries, Inc. (b)

    127,945       2,352,909  

Ball Corp.

    41,400       2,779,182  

Barrick Mining Corp.

    45,693       2,318,463  

CRH PLC

    25,473       3,056,250  

DuPont de Nemours, Inc.

    34,240       1,713,370  

Endeavour Mining PLC

    20,382       1,466,584  

Equinox Gold Corp. (b)

    109,415       2,053,461  

Freeport-McMoRan, Inc.

    34,721       2,363,806  

Louisiana-Pacific Corp.

    18,087       1,532,692  

Methanex Corp.

    76,045       3,842,554  

OR Royalties, Inc.

    56,295       2,667,311  

Royal Gold, Inc.

    13,038       3,908,662  
              31,665,254  

Real Estate — 2.9%

BXP, Inc.

    29,066       1,673,620  

COPT Defense Properties

    58,934       1,872,923  

Essential Properties Realty Trust, Inc.

    98,773       3,352,356  

Extra Space Storage, Inc.

    11,338       1,712,378  

Invitation Homes, Inc.

    26,640       701,698  

Jones Lang LaSalle, Inc. (b)

    8,599       2,713,414  

Kimco Realty Corp.

    95,733       2,254,512  

Lamar Advertising Co. - Class A (a)

    10,860       1,495,856  

Regency Centers Corp. (a)

    21,393       1,690,047  
              17,466,804  

Utilities — 8.6%

American Electric Power Co., Inc.

    20,805       2,784,125  

CenterPoint Energy, Inc. (a)

    91,294       3,971,289  

Enel SpA

    154,501       1,857,867  

Entergy Corp.

    44,799       4,798,421  

FirstEnergy Corp. (a)

    83,998       4,297,338  

NextEra Energy, Inc.

    17,682       1,658,041  

NiSource, Inc. (a)

    88,773       4,198,963  

NRG Energy, Inc.

    24,726       4,424,965  

OGE Energy Corp.

    83,040       4,080,586  

PPL Corp. (a)

    97,303       3,792,871  

Southern Co.

    34,277       3,337,894  

SSE PLC

    104,108       3,763,036  

Talen Energy Corp. (b)

    8,485       3,147,680  

Vistra Energy Corp.

    13,586       2,362,470  

Xcel Energy, Inc.

    40,857       3,405,839  
              51,881,385  

TOTAL COMMON STOCKS (Cost $396,133,403)

            584,455,257  
   

Par

          

CONVERTIBLE NOTES — 0.1%

Andrada Mining Ltd., 12.00%, 07/31/2026 (c)

    GBP 700,000       929,019  

TOTAL CONVERTIBLE NOTES (Cost $915,464)

            929,019  

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS — 0.0% (d)

BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Institutional Class, 3.55% (a)(e)

    2,256     $ 2,256  

Federated Hermes U.S. Treasury Cash Reserves - Institutional Class, 3.52% (a)(e)

    2,257       2,257  

Fidelity Treasury Portfolio - Class I, 3.56% (a)(e)

    2,257       2,257  

Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 3.55% (a)(e)

    2,257       2,257  

TOTAL MONEY MARKET FUNDS (Cost $9,027)

            9,027  
                 

TOTAL INVESTMENTS — 96.7% (Cost $397,057,894)

            585,393,303  

Other Assets in Excess of Liabilities — 3.3%

            19,834,003  

TOTAL NET ASSETS — 100.0%

          $ 605,227,306  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

GBP - British Pound

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

All or a portion of the security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of February 28, 2026 was $102,973,440.

(b)

Non-income producing security.

(c)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $929,019 or 0.2% of net assets as of February 28, 2026.

(d)

Represents less than 0.05% of net assets.

(e)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

17

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

Schedule of Securities
Sold Short

  

Shares

    

Value

  

COMMON STOCKS — (14.9)%

Communication Services — (1.0)%

Dentsu Group, Inc.

    (76,600 )   $ (1,445,506 )

Grindr, Inc.

    (74,485 )     (847,639 )

Lumen Technologies, Inc.

    (130,733 )     (929,512 )

Newsmax, Inc.

    (104,724 )     (623,108 )

Roblox Corp. - Class A

    (14,892 )     (1,022,485 )

TELUS Corp.

    (73,184 )     (1,003,292 )
              (5,871,542 )

Consumer Discretionary — (2.8)%

Birkenstock Holding PLC

    (14,714 )     (612,838 )

Breville Group Ltd.

    (58,520 )     (1,326,028 )

CarMax, Inc.

    (17,935 )     (774,254 )

Carvana Co.

    (1,980 )     (661,637 )

Cava Group, Inc.

    (13,891 )     (1,145,591 )

Floor & Decor Holdings, Inc. - Class A

    (7,338 )     (506,982 )

Hilton Grand Vacations, Inc.

    (42,493 )     (1,910,485 )

InterContinental Hotels Group PLC

    (4,810 )     (660,992 )

LGI Homes, Inc.

    (25,875 )     (1,342,913 )

Livewire Group, Inc.

    (45,853 )     (77,033 )

Meritage Homes Corp.

    (18,381 )     (1,386,295 )

MGM Resorts International

    (49,131 )     (1,810,969 )

Moncler SpA

    (11,559 )     (797,377 )

NIKE, Inc. - Class B

    (13,536 )     (841,668 )

Nokian Renkaat Oyj

    (26,887 )     (338,253 )

On Holding AG - Class A

    (10,227 )     (475,351 )

QuantumScape Corp.

    (24,708 )     (170,979 )

Shake Shack, Inc. - Class A

    (9,161 )     (879,548 )

Texas Roadhouse, Inc.

    (5,628 )     (1,029,192 )
              (16,748,385 )

Consumer Staples — (2.0)%

Brown-Forman Corp. - Class B

    (53,916 )     (1,556,016 )

Campbell’s Co.

    (51,859 )     (1,397,600 )

Church & Dwight Co., Inc.

    (13,433 )     (1,408,584 )

Costco Wholesale Corp.

    (1,056 )     (1,067,394 )

Coty, Inc. - Class A

    (275,942 )     (692,614 )

Ezaki Glico Co. Ltd.

    (25,100 )     (975,096 )

Hershey Co.

    (2,320 )     (548,170 )

Hormel Foods Corp.

    (40,215 )     (1,029,504 )

Kikkoman Corp.

    (45,900 )     (441,368 )

Kraft Heinz Co.

    (58,872 )     (1,448,840 )

Lotus Bakeries NV

    (81 )     (1,007,412 )

Sprouts Farmers Market, Inc.

    (5,968 )     (440,856 )
              (12,013,454 )

Energy — (0.3)%

Dorchester Minerals LP

    (10,974 )     (285,214 )

Occidental Petroleum Corp.

    (15,677 )     (832,135 )

Repsol SA

    (14,985 )     (339,119 )

Technip Energies NV

    (9,195 )     (398,410 )
              (1,854,878 )

Financials — (2.1)%

Aozora Bank Ltd.

    (155,800 )     (2,815,712 )

Block, Inc.

    (15,706 )     (1,000,472 )

goeasy Ltd.

    (10,749 )     (846,177 )

Jack Henry & Associates, Inc.

    (3,579 )     (581,444 )

Financials — (2.1)% (continued)

                

Kinsale Capital Group, Inc.

    (3,229 )   $ (1,258,245 )

LIFENET INSURANCE CO

    (99,300 )     (1,420,860 )

Selective Insurance Group, Inc.

    (6,955 )     (584,498 )

SoFi Technologies, Inc.

    (65,842 )     (1,169,354 )

StepStone Group, Inc. - Class A

    (23,173 )     (999,683 )

T Rowe Price Group, Inc.

    (9,472 )     (896,335 )

Toast, Inc. - Class A

    (29,253 )     (798,899 )

Trupanion, Inc.

    (8,076 )     (214,337 )
              (12,586,016 )

Health Care — (1.4)%

10X Genomics, Inc. - Class A

    (38,620 )     (890,191 )

Ambu AS - Class B

    (21,027 )     (266,489 )

Anavex Life Sciences Corp.

    (110,879 )     (491,194 )

ARS Pharmaceuticals, Inc.

    (56,534 )     (524,635 )

Carl Zeiss Meditec AG

    (9,672 )     (308,516 )

Claritev Corp.

    (9,274 )     (124,921 )

Hims & Hers Health, Inc.

    (9,503 )     (137,984 )

ImmunityBio, Inc.

    (70,583 )     (690,302 )

Krystal Biotech, Inc.

    (1,472 )     (405,742 )

LENZ Therapeutics, Inc.

    (21,561 )     (290,858 )

Medline, Inc.

    (14,702 )     (698,492 )

Mesoblast Ltd. - ADR

    (28,324 )     (448,935 )

Moderna, Inc.

    (15,996 )     (856,906 )

Neogen Corp.

    (84,068 )     (944,084 )

Omada Health, Inc.

    (29,099 )     (357,336 )

Oxford Nanopore Technologies PLC

    (209,272 )     (375,080 )

Recursion Pharmaceuticals, Inc. - Class A

    (65,617 )     (240,814 )

TransMedics Group, Inc.

    (4,635 )     (673,280 )
              (8,725,759 )

Industrials — (1.8)%

Alliance Laundry Holdings, Inc.

    (31,804 )     (713,364 )

Arcosa, Inc.

    (11,566 )     (1,243,114 )

Ashtead Group PLC

    (3,689 )     (264,232 )

Eos Energy Enterprises, Inc.

    (51,046 )     (290,707 )

Fastenal Co.

    (6,867 )     (316,157 )

GrafTech International Ltd.

    (19,903 )     (138,326 )

Hexcel Corp.

    (12,344 )     (1,144,165 )

Husqvarna AB - Class B

    (137,264 )     (660,051 )

Kadant, Inc.

    (718 )     (243,524 )

Kornit Digital Ltd.

    (17,511 )     (267,743 )

Kuehne + Nagel International AG

    (4,227 )     (983,527 )

Mitsui OSK Lines Ltd.

    (25,500 )     (946,168 )

Proto Labs, Inc.

    (59,198 )     (3,675,012 )

Shoals Technologies Group, Inc. - Class A

    (52,463 )     (311,105 )
              (11,197,195 )

Information Technology — (1.1)%

Amdocs Ltd.

    (15,132 )     (1,056,214 )

Cognex Corp.

    (72,120 )     (3,923,328 )

Power Integrations, Inc.

    (37,457 )     (1,794,939 )
              (6,774,481 )

 

 

The accompanying notes are an integral part of the financial statements.

 

18

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

Schedule of Securities
Sold Short

  

Shares

    

Value

  

Materials — (0.7)%

Antofagasta PLC

    (4,739 )   $ (272,269 )

BASF SE

    (29,692 )     (1,700,763 )

International Paper Co.

    (45,046 )     (1,961,753 )

Ryerson Holding Corp.

    (12,992 )     (339,871 )
              (4,274,656 )

Real Estate — (1.3)%

Aroundtown SA

    (199,268 )     (719,231 )

Mid-America Apartment Communities, Inc.

    (10,308 )     (1,379,829 )

Nomura Real Estate Master Fund, Inc.

    (1,393 )     (1,488,757 )

Segro PLC

    (148,919 )     (1,685,823 )

Unibail-Rodamco-Westfield

    (20,008 )     (2,506,755 )
              (7,780,395 )

Utilities — (0.4)%

Verbund AG - Class A

    (30,133 )     (2,145,588 )

TOTAL COMMON STOCKS (Proceeds $95,996,824)

            (89,972,349 )
                 

PREFERRED STOCKS — (0.1)%

Consumer Discretionary — (0.1)%

Dr Ing hc F Porsche AG, 0.00%

    (20,347 )     (991,950 )

TOTAL PREFERRED STOCKS (Proceeds $1,681,991)

            (991,950 )
                 

TOTAL SECURITIES SOLD SHORT — (15.0)% (Proceeds $97,678,815)

          $ (90,964,299 )

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

The accompanying notes are an integral part of the financial statements.

 

19

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

Contracts For Difference held by the Fund at February 28, 2026, are as follows:

 

Reference
Entity

  

Counterparty

    

Pay/
Receive
Reference
Entity

    

Financing
Rate

    

Payment
Frequency

    

Maturity
Date

  

Notional
Amount

  

Value/
Unrealized
Appreciation
(Depreciation)

  

Acer, Inc.

    Goldman Sachs       Pay       EFFR + (6.00)%       Termination       12/13/2028       $ (730,409 )   $ (13,323 )

Acer, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.60)%       Termination       12/29/2027         (207,183 )     74,656  

Acushnet Holdings Corp.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       10/06/2027         (344,033 )     (122,632 )

Acushnet Holdings Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,119,900 )     (203,528 )

Amcor PLC

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,744,090 )     (275,312 )

American Airlines Group, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (697,938 )     (9,306 )

Ascendis Pharma AS

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (844,803 )     (89,646 )

Bank of Hawaii Corp.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       12/13/2028         (910,983 )     (102,659 )

Bank of Hawaii Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,978,052 )     (222,907 )

Blackstone, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (1,790,452 )     751,452  

Caris Life Sciences, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (6.83)%       Termination       08/24/2028         (434,299 )     403,974  

Cincinnati Financial Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,064,886 )     (13,881 )

Commonwealth Bank of Australia

    Morgan Stanley       Pay       RBA + (0.55)%       Termination       12/02/2028  

AUD

     (4,911,362 )     (468,031 )

Compal Electronics, Inc.

    Goldman Sachs       Pay       EFFR + (4.75)%       Termination       12/13/2028         (670,297 )     (18,445 )

Corcept Therapeutics, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (270,927 )     363,679  

Cracker Barrel Old Country Store, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (4.10)%       Termination       08/24/2028         (487,332 )     245,985  

Cracker Barrel Old Country Store, Inc.

    Morgan Stanley       Pay       EFFR + (1.19)%       Termination       12/13/2028         (542,236 )     (106,105 )

CVB Financial Corp.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       10/08/2026         (1,008,998 )     (114,046 )

CVB Financial Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (53,613 )     925  

Dick’s Sporting Goods, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (1,433,962 )     133,373  

Digital Realty Trust, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,508,149 )     (113,818 )

Entegris, Inc.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       04/09/2028         (509,270 )     (245,645 )

Entegris, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,247,149 )     (402,635 )

EQT AB

    J.P. Morgan Securities, Inc.       Pay       STIBOR + (0.30)%       Termination       08/27/2028  

SEK

     (22,439,371 )     508,392  

First Financial Bankshares, Inc.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,491,321 )     20,417  

First Financial Bankshares, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (854,318 )     6,928  

Fortis, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (2,108,065 )     (245,755 )

Fuji Media Holdings, Inc.

    J.P. Morgan Securities, Inc.       Pay       MUTAN + (1.25)%       Termination       08/30/2028  

JPY

     (238,494,600 )     (140,105 )

Fuji Media Holdings, Inc.

    Morgan Stanley       Pay       TONA + (4.63)%       Termination       02/11/2029  

JPY

     (37,600,500 )     8,909  

Glacier Bancorp, Inc.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,689,772 )     (82,010 )

Glacier Bancorp, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,480,654 )     (71,860 )

Greif, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (2,248,773 )     (170,225 )

Hayward Holdings, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (2,785,664 )     43,895  

 

The accompanying notes are an integral part of the financial statements.

 

20

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

Reference
Entity

  

Counterparty

    

Pay/
Receive
Reference
Entity

    

Financing
Rate

    

Payment
Frequency

    

Maturity
Date

  

Notional
Amount

  

Value/
Unrealized
Appreciation
(Depreciation)

  

Hinge Health, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.58)%       Termination       08/24/2028       $ (588,378 )   $ 197,464  

Hyatt Hotels Corp.

    HSBC Bank       Pay       SOFR + (0.15)%       Termination       12/03/2028         (234,014 )     1,713  

Hyatt Hotels Corp.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (1,406,504 )     (193,742 )

Infosys Ltd.

    Goldman Sachs       Pay       EFFR + (8.05)%       Termination       10/08/2028         (343,080 )     39,987  

Infosys Ltd.

    Morgan Stanley       Pay       EFFR + (8.34)%       Termination       12/13/2028         (1,401,055 )     331,077  

KB Home

    HSBC Bank       Pay       SOFR + (0.15)%       Termination       12/03/2028         (529,685 )     7,662  

KB Home

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (2,163,055 )     (40,453 )

Kimberly-Clark Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,309,643 )     (111,350 )

Kinsale Capital Group, Inc.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       09/23/2026         (135,995 )     24,936  

Kinsale Capital Group, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (125,474 )     (10,490 )

Lemonade, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.49)%       Termination       08/24/2028         (340,294 )     73,464  

Liberty Global Ltd.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (2,196,276 )     (226,336 )

Madrigal Pharmaceuticals, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (443,232 )     144,633  

Moelis & Co.

    HSBC Bank       Pay       SOFR + (0.15)%       Termination       12/03/2028         (189,299 )     14,117  

Moelis & Co.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (2,136,485 )     309,687  

National Beverage Corp.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       12/13/2028         (303,995 )     (19,384 )

National Beverage Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (518,569 )     (30,779 )

Novanta, Inc.

    Goldman Sachs       Pay       EFFR + (0.25)%       Termination       09/02/2026         (2,677,173 )     225,925  

Novanta, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (449,937 )     (60,503 )

Pan Jit International, Inc.

    Goldman Sachs       Pay       EFFR + (7.75)%       Termination       12/13/2028         (2,557,387 )     2,114  

RLI Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (727,586 )     436  

Sagax AB

    Goldman Sachs       Pay       STIBOR + (0.40)%       Termination       01/16/2028  

SEK

     (10,490,293 )     152,813  

Sagax AB

    Morgan Stanley       Pay       STIBOR + (0.55)%       Termination       08/29/2027  

SEK

     (4,824,087 )     253,765  

SDI Corp.

    Goldman Sachs       Pay       EFFR + (6.25)%       Termination       12/13/2028         (400,468 )     (27,421 )

Service Corp. International

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (2,974,332 )     (57,182 )

Shenzhen Goodix Technology Co. Ltd.

    Morgan Stanley       Pay       EFFR + (8.07)%       Termination       08/05/2026         (1,212,772 )     (351,088 )

Shenzhen Goodix Technology Co. Ltd.

    Morgan Stanley       Pay       EFFR + (8.07)%       Termination       08/08/2026         (276,357 )     (19,987 )

Simpson Manufacturing Co., Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (1,788,200 )     (58,016 )

SL Green Realty Corp.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (1,406,343 )     190,868  

Spirax Group PLC

    J.P. Morgan Securities, Inc.       Pay       SONIA + (0.30)%       Termination       08/30/2028  

GBP

     (290,034 )     (27,422 )

Stora Enso Oyj

    J.P. Morgan Securities, Inc.       Pay       EUSTR + (0.30)%       Termination       08/27/2028  

EUR

     (1,774,738 )     (318,989 )

Swiss Re AG

    J.P. Morgan Securities, Inc.       Pay       SARON + (0.30)%       Termination       08/27/2028  

CHF

     (773,691 )     76,531  

Swiss Re AG

    UBS AG       Pay       SARON + (0.30)%       Termination       01/10/2029  

CHF

     (92,582 )     (4,638 )

Tetra Tech, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (946,749 )     (7,523 )

Texas Capital Bancshares, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (2,113,182 )     (173,161 )

TG Therapeutics, Inc.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028         (430,949 )     14,014  

 

 

The accompanying notes are an integral part of the financial statements.

 

21

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

Reference
Entity

  

Counterparty

    

Pay/
Receive
Reference
Entity

    

Financing
Rate

    

Payment
Frequency

    

Maturity
Date

  

Notional
Amount

  

Value/
Unrealized
Appreciation
(Depreciation)

  

Tractor Supply Co.

    Morgan Stanley       Pay       EFFR + (0.25)%       Termination       12/13/2028       $ (1,259,816 )   $ 30,035  

Treasury Wine Estates Ltd.

    Goldman Sachs       Pay       RBA + (0.50)%       Termination       01/16/2028  

AUD

     (133,948 )     119,192  

Treasury Wine Estates Ltd.

    Morgan Stanley       Pay       RBA + (0.55)%       Termination       12/02/2028  

AUD

     (434,292 )     90,557  

United Natural Foods, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (892,929 )     (240,877 )

United Parks & Resorts, Inc.

    J.P. Morgan Securities, Inc.       Pay       OBFR + (0.25)%       Termination       08/24/2028         (774,182 )     291,193  

VAT Group AG

    Morgan Stanley       Pay       SARON + 0.45%       Termination       12/13/2028  

CHF

     (2,738,959 )     (979,406 )

Zurich Insurance Group AG

    J.P. Morgan Securities, Inc.       Pay       SARON + (0.30)%       Termination       08/27/2028  

CHF

     (967,280 )     27,058  

Zurich Insurance Group AG

    UBS AG       Pay       SARON + (0.30)%       Termination       01/10/2029  

CHF

     (115,539 )     5,243  

Net Unrealized Appreciation (Depreciation)

                                      (1,003,552 )

 

 

There are no upfront payments or receipts associated with total return swaps in the Fund as of February 28, 2026.

 

Notional Amount is in USD unless otherwise indicated.

 

EFFR - Effective Federal Funds Rate was 0.036400000000 as of February 28, 2026.

EUSTR - Euro Short-Term Rate was 0 as of February 28, 2026.

MUTAN - Bank of Japan Uncollateralized Overnight Call Rate was 0 as of February 28, 2026.

OBFR - Overnight Bank Funding Rate was 0.036300000000 as of February 28, 2026.

RBA - Reserve Bank of Australia Cash Rate was 0.040900000000 as of February 28, 2026.

SARON - Swiss Average Rate Overnight was 0 as of February 28, 2026.

SOFR - Secured Overnight Financing Rate was 0.036800000000 as of February 28, 2026.

SONIA - Sterling Overnight Index Average was 0 as of February 28, 2026.

STIBOR - Stockholm Interbank Offered Rate was 0.022460000000 as of February 28, 2026.

TONA - Tokyo Overnight Average Rate was 0 as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

22

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Investments:

                                

Common Stocks

  $ 536,045,784     $ 48,409,473     $ —     $ 584,455,257  

Convertible Notes

    —       —       929,019       929,019  

Money Market Funds

    9,027       —       —       9,027  

Total Investments

  $ 536,054,811     $ 48,409,473     $ 929,019     $ 585,393,303  
                                 

Other Financial Instruments:

                                

Total Return Swaps *

  $ —     $ 5,187,069     $ —     $ 5,187,069  

Total Other Financial Instruments

  $ —     $ 5,187,069     $ —     $ 5,187,069  
                                 

Liabilities:

                                

Investments:

                                

Common Stocks

  $ (65,171,724 )   $ (24,800,625 )   $ —     $ (89,972,349 )

Preferred Stocks

    —       (991,950 )     —       (991,950 )

Total Investments

  $ (65,171,724 )   $ (25,792,575 )   $ —     $ (90,964,299 )
                                 

Other Financial Instruments:

                                

Total Return Swaps *

  $ —     $ (6,190,621 )   $ —     $ (6,190,621 )

Total Other Financial Instruments

  $ —     $ (6,190,621 )   $ —     $ (6,190,621 )

 

*

The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of February 28, 2026.

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no significant transfers into or out of Level 3 during the reporting year as compared to the security classifications from the prior year’s annual report.

 

The accompanying notes are an integral part of the financial statements.

 

23

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 97.3%

Communication Services — 2.7%

Cargurus, Inc. (a)

    222,934     $ 6,844,074  

EverQuote, Inc. - Class A (a)

    158,930       2,511,094  

Magnite, Inc. (a)

    587,567       8,002,662  

Stagwell, Inc. (a)(b)

    703,958       3,393,078  
              20,750,908  

Consumer Discretionary — 12.5%

Boyd Gaming Corp.

    45,868       3,817,594  

Carriage Services, Inc.

    118,170       5,444,092  

Cavco Industries, Inc. (a)(b)

    7,319       4,224,966  

Churchill Downs, Inc.

    43,033       3,956,024  

Covista, Inc. (a)

    60,909       5,969,082  

Frontdoor, Inc. (a)

    154,298       10,580,214  

Grand Canyon Education, Inc. (a)

    51,222       8,147,883  

Green Brick Partners, Inc. (a)(b)

    44,902       3,307,481  

Group 1 Automotive, Inc. (b)

    16,939       5,517,710  

Installed Building Products, Inc. (b)

    8,331       2,730,569  

Laureate Education, Inc. (a)

    286,950       9,279,963  

LCI Industries

    22,229       2,960,903  

Lear Corp.

    34,326       4,505,287  

Murphy USA, Inc. (b)

    14,033       5,483,254  

Taylor Morrison Home Corp. (a)

    69,875       4,604,064  

Valvoline, Inc. (a)(b)

    143,644       5,429,743  

Visteon Corp. (b)

    44,390       4,246,791  

Winnebago Industries, Inc. (b)

    70,969       2,830,953  

Wyndham Hotels & Resorts, Inc. (b)

    53,086       4,342,435  
              97,379,008  

Consumer Staples — 1.4%

Nature’s Sunshine Products, Inc. (a)

    157,316       4,354,507  

PriceSmart, Inc. (b)

    20,421       3,157,495  

Spectrum Brands Holdings, Inc.

    47,618       3,732,299  
              11,244,301  

Energy — 6.4%

Archrock, Inc.

    152,156       5,375,671  

Bristow Group, Inc. (a)

    104,291       4,974,681  

Helix Energy Solutions Group, Inc. (a)

    357,763       3,287,842  

National Energy Services Reunited Corp. (a)

    400,702       10,037,585  

Oceaneering International, Inc. (a)

    105,690       3,751,995  

South Bow Corp.

    172,024       5,540,893  

Tidewater, Inc. (a)(b)

    89,330       7,094,589  

Viper Energy, Inc. - Class A (b)

    80,838       3,762,200  

Weatherford International PLC

    55,348       5,837,000  
              49,662,456  

Financials — 28.6% (c)

AMERISAFE, Inc.

    50,157       1,631,607  

Assured Guaranty Ltd.

    81,642       7,038,357  

Axis Capital Holdings Ltd.

    54,724       5,785,421  

Axos Financial, Inc. (a)(b)

    56,965       4,945,701  

Baldwin Insurance Group, Inc. - Class A (a)

    105,846       2,458,803  

Bar Harbor Bankshares

    141,210       4,555,435  

BGC Group, Inc. - Class A

    427,987       4,074,436  

Byline Bancorp, Inc.

    177,998       5,553,538  

Citizens Community Bancorp, Inc.

    167,375       2,913,999  

Columbia Banking System, Inc. (b)

    124,862       3,552,324  

Financials — 28.6% (c) (continued)

                

ConnectOne Bancorp, Inc.

    144,258     $ 3,827,165  

Credit Acceptance Corp. (a)(b)

    7,196       3,405,003  

Essent Group Ltd.

    59,960       3,647,966  

Euronet Worldwide, Inc. (a)

    45,249       3,147,068  

EVERTEC, Inc.

    99,831       2,826,216  

EZCORP, Inc. - Class A (a)(b)

    107,670       2,856,485  

Federal Agricultural Mortgage Corp. - Class C

    51,420       8,106,877  

First American Financial Corp.

    113,560       7,961,692  

First Bancorp/Southern Pines NC (b)

    84,935       4,823,459  

First Mid Bancshares, Inc.

    114,873       4,710,942  

FirstCash Holdings, Inc.

    62,337       12,017,950  

Global Indemnity Group LLC - Class A

    109,107       3,145,555  

Hamilton Insurance Group Ltd. - Class B (a)

    122,455       3,868,353  

Hancock Whitney Corp. (b)

    99,362       6,539,013  

Heritage Commerce Corp.

    284,512       3,536,484  

Heritage Financial Corp.

    157,513       4,159,918  

Home BancShares, Inc. (b)

    184,122       5,055,990  

James River Group Holdings, Inc.

    602,153       4,215,071  

NCR Atleos Corp. (a)

    77,907       3,449,722  

Nicolet Bankshares, Inc. (b)

    54,401       8,310,297  

Northeast Bank (b)

    73,527       8,152,674  

Northrim BanCorp, Inc.

    149,900       3,521,151  

Old Second Bancorp, Inc.

    326,806       6,415,202  

Oppenheimer Holdings, Inc. - Class A

    76,870       6,633,112  

PennyMac Financial Services, Inc. (b)

    52,007       4,781,004  

PennyMac Mortgage Investment Trust (b)

    292,243       3,582,899  

Preferred Bank (b)

    68,675       6,024,171  

Red River Bancshares, Inc.

    56,266       4,990,794  

Redwood Trust, Inc.

    431,243       2,609,020  

Silvercrest Asset Management Group, Inc. - Class A

    171,440       2,606,745  

South Plains Financial, Inc.

    75,540       3,094,118  

Stewart Information Services Corp.

    78,426       5,567,462  

StoneX Group, Inc. (a)(b)

    83,699       10,671,623  

Voya Financial, Inc.

    48,139       3,219,536  

WEX, Inc. (a)(b)

    32,694       4,877,618  

White Mountains Insurance Group Ltd.

    1,504       3,339,647  
              222,207,623  

Health Care — 6.8%

Addus HomeCare Corp. (a)

    49,625       5,137,676  

Aveanna Healthcare Holdings, Inc. (a)

    514,433       3,786,227  

Catalyst Pharmaceuticals, Inc. (a)

    190,842       4,404,633  

Cross Country Healthcare, Inc. (a)

    349,122       3,037,361  

Guardian Pharmacy Services, Inc. - Class A (a)

    212,786       7,130,459  

Haemonetics Corp. (a)

    77,694       4,919,584  

Halozyme Therapeutics, Inc. (a)

    81,443       5,662,732  

Harmony Biosciences Holdings, Inc. (a)

    147,528       4,210,449  

Lantheus Holdings, Inc. (a)

    47,013       3,521,744  

Omnicell, Inc. (a)

    120,574       4,955,592  

Option Care Health, Inc. (a)

    185,724       6,028,601  
              52,795,058  

 

 

The accompanying notes are an integral part of the financial statements.

 

24

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Industrials — 19.3%

ABM Industries, Inc.

    93,961     $ 4,181,265  

AZZ, Inc.

    28,624       3,892,292  

Brink’s Co.

    80,838       9,439,453  

Civeo Corp. (b)

    119,623       3,312,361  

Columbus McKinnon Corp.

    151,957       2,884,144  

Concentrix Corp. (b)

    71,665       2,350,612  

CRA International, Inc.

    27,467       4,742,452  

DNOW, Inc. (a)

    192,123       2,263,209  

DXP Enterprises, Inc. (a)

    9,722       1,346,205  

EnerSys

    34,121       5,669,204  

First Advantage Corp. (a)(b)

    346,449       3,987,628  

FTI Consulting, Inc. (a)

    14,854       2,442,295  

Gibraltar Industries, Inc. (a)

    82,658       3,759,286  

Granite Construction, Inc. (b)

    64,654       8,693,377  

Griffon Corp.

    41,396       3,528,595  

HNI Corp.

    144,127       6,479,950  

Huron Consulting Group, Inc. (a)(b)

    46,885       6,629,539  

IBEX Holdings Ltd. (a)

    204,421       5,907,767  

Janus International Group, Inc. (a)(b)

    424,421       2,953,970  

Karat Packaging, Inc.

    119,177       2,937,713  

KBR, Inc.

    94,554       3,993,015  

Korn Ferry

    49,406       3,096,274  

Landstar System, Inc.

    23,956       3,903,630  

Legalzoom.com, Inc. (a)

    763,878       5,370,062  

LSI Industries, Inc.

    256,544       5,546,481  

Matson, Inc.

    40,055       6,654,337  

Maximus, Inc.

    84,153       6,362,808  

Mayville Engineering Co., Inc. (a)

    165,726       3,480,246  

Primoris Services Corp.

    54,750       8,251,920  

Robert Half, Inc. (b)

    89,761       2,191,964  

Sensata Technologies Holding PLC

    145,327       5,426,510  

Sterling Infrastructure, Inc. (a)(b)

    6,652       2,847,921  

Upwork, Inc. (a)(b)

    427,693       5,739,640  
              150,266,125  

Information Technology — 14.5%

A10 Networks, Inc.

    203,922       3,927,538  

Adeia, Inc.

    353,965       7,323,536  

Arrow Electronics, Inc. (a)

    33,937       5,163,854  

ASGN, Inc. (a)

    72,795       3,122,905  

Avnet, Inc.

    74,756       4,921,935  

Axcelis Technologies, Inc. (a)(b)

    48,130       3,976,019  

Bel Fuse, Inc. - Class B (b)

    46,667       10,719,877  

Belden, Inc. (b)

    42,355       6,069,471  

Benchmark Electronics, Inc.

    109,008       6,301,752  

Cirrus Logic, Inc. (a)

    29,955       4,227,250  

Daktronics, Inc. (a)

    236,709       6,102,358  

Dolby Laboratories, Inc. - Class A

    52,994       3,527,811  

EPAM Systems, Inc. (a)

    23,929       3,373,989  

Insight Enterprises, Inc. (a)

    27,271       2,278,765  

InterDigital, Inc. (b)

    20,543       7,529,626  

Littelfuse, Inc.

    7,842       2,763,991  

LiveRamp Holdings, Inc. (a)

    168,348       4,574,015  

OSI Systems, Inc. (a)(b)

    15,004       4,279,141  

Penguin Solutions, Inc. (a)

    292,412       6,076,321  

Photronics, Inc. (a)

    123,271       4,614,034  

Qorvo, Inc. (a)

    33,106       2,744,487  

Teradata Corp. (a)

    108,354       3,412,067  

Information Technology — 14.5% (continued)

        

Vontier Corp.

    97,881     $ 4,005,291  

Yext, Inc. (a)

    376,938       2,141,008  
              113,177,041  

Materials — 3.1%

Ashland, Inc.

    49,949       3,114,820  

Commercial Metals Co.

    72,910       5,344,303  

Element Solutions, Inc.

    160,045       5,615,979  

Graphic Packaging Holding Co.

    197,058       2,410,019  

Myers Industries, Inc.

    161,976       3,623,403  

OR Royalties, Inc.

    85,168       4,036,112  
              24,144,636  

Real Estate — 1.8%

BRT Apartments Corp.

    92,031       1,350,095  

Cousins Properties, Inc.

    93,702       2,170,138  

CTO Realty Growth, Inc.

    126,434       2,462,934  

Essential Properties Realty Trust, Inc.

    111,187       3,773,687  

First Industrial Realty Trust, Inc.

    65,525       4,137,249  
              13,894,103  

Utilities — 0.2%

Pure Cycle Corp. (a)

    142,370       1,504,851  

TOTAL COMMON STOCKS (Cost $612,158,280)

            757,026,110  
                 

CLOSED-END FUNDS — 0.4%

Golub Capital BDC, Inc. (b)

    215,317       2,581,650  

TOTAL CLOSED-END FUNDS (Cost $3,326,487)

            2,581,650  
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.9%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    92,801,420       92,801,420  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $92,801,420)

            92,801,420  
                 

TOTAL INVESTMENTS — 109.6% (Cost $708,286,187)

            852,409,180  

Liabilities in Excess of Other Assets — (9.6)%

            (74,442,700 )

TOTAL NET ASSETS — 100.0%

          $ 777,966,480  

 

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

PLC - Public Limited Company

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

The accompanying notes are an integral part of the financial statements.

 

25

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $88,690,803.

(c)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

 

 

The accompanying notes are an integral part of the financial statements.

 

26

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Investments:

                                

Common Stocks

  $ 757,026,110     $ —     $ —     $ 757,026,110  

Closed-End Funds

    2,581,650       —       —       2,581,650  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       92,801,420  

Total Investments

  $ 759,607,760     $ —     $ —     $ 852,409,180  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $92,801,420 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

The accompanying notes are an integral part of the financial statements.

 

27

 

 

 

WPG PARTNERS SELECT SMALL CAP VALUE FUND

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 92.4%

        

Communication Services — 2.0%

                

IAC, Inc. (a)

    109,363     $ 4,190,790  
                 

Consumer Discretionary — 9.6%

                

Academy Sports & Outdoors, Inc.

    34,606       2,080,859  

Driven Brands Holdings, Inc. (a)

    182,608       2,008,688  

Holley, Inc. (a)

    799,604       3,262,384  

National Vision Holdings, Inc. (a)

    232,943       6,282,473  

Tri Pointe Homes, Inc. (a)

    137,450       6,363,935  
              19,998,339  

Energy — 8.9%

                

BKV Corp. (a)

    278,130       8,713,813  

Liberty Energy, Inc.

    123,540       3,470,238  

National Energy Services Reunited Corp. (a)

    100,917       2,527,971  

Scorpio Tankers, Inc.

    48,060       3,800,585  
              18,512,607  

Financials — 10.2%

                

American Integrity Insurance Group, Inc. (a)

    188,018       3,828,046  

BGC Group, Inc. - Class A

    518,952       4,940,423  

First BanCorp

    209,158       4,419,509  

Northpointe Bancshares, Inc.

    164,518       2,971,195  

Peapack-Gladstone Financial Corp.

    43,130       1,444,424  

Perella Weinberg Partners

    197,401       3,653,892  
              21,257,489  

Health Care — 16.4%

                

AMN Healthcare Services, Inc. (a)

    176,379       3,435,863  

CareDx, Inc. (a)

    230,122       4,317,089  

Cross Country Healthcare, Inc. (a)

    254,647       2,215,429  

Cytek Biosciences, Inc. (a)

    692,936       3,104,353  

ICON PLC (a)

    32,172       3,479,080  

Innoviva, Inc. (a)

    238,962       5,486,568  

Mesa Laboratories, Inc.

    27,244       2,630,953  

Option Care Health, Inc. (a)

    65,045       2,111,361  

PTC Therapeutics, Inc. (a)

    76,116       5,190,350  

Teleflex, Inc.

    17,905       2,185,484  
              34,156,530  

Industrials — 17.1%

                

BrightView Holdings, Inc. (a)

    213,975       2,950,715  

Custom Truck One Source, Inc. (a)

    256,880       1,839,261  

Marten Transport Ltd.

    216,303       2,939,558  

Maximus, Inc.

    31,921       2,413,547  

MYR Group, Inc. (a)

    9,525       2,571,369  

Proficient Auto Logistics, Inc. (a)

    309,874       2,345,746  

Regal Rexnord Corp.

    19,023       4,203,703  

RXO, Inc. (a)

    199,555       3,184,898  

Star Bulk Carriers Corp.

    185,087       4,865,937  

TrueBlue, Inc. (a)

    303,666       1,284,507  

Tutor Perini Corp.

    54,835       4,132,914  

V2X, Inc. (a)

    38,904       2,713,554  
              35,445,709  

Information Technology — 17.4%

                

8x8, Inc. (a)

    927,046     $ 1,983,878  

Littelfuse, Inc.

    13,438       4,736,358  

NCR Voyix Corp. (a)

    360,342       2,753,013  

Onto Innovation, Inc. (a)

    16,800       3,626,952  

Pegasystems, Inc.

    69,977       3,060,094  

Silicon Motion Technology Corp. - ADR

    31,909       4,123,600  

Teradata Corp. (a)

    273,411       8,609,712  

Ultra Clean Holdings, Inc. (a)

    120,322       7,301,139  
              36,194,746  

Materials — 7.2%

                

Century Aluminum Co. (a)

    39,055       2,013,676  

Huntsman Corp.

    332,350       4,204,227  

Ingevity Corp. (a)

    45,753       3,295,589  

Kronos Worldwide, Inc.

    415,763       2,415,583  

thyssenkrupp AG

    251,440       3,102,586  
              15,031,661  

Real Estate — 3.6%

                

Broadstone Net Lease, Inc.

    272,693       5,287,517  

National Storage Affiliates Trust

    61,245       2,144,800  
              7,432,317  

TOTAL COMMON STOCKS (Cost $157,842,359)

            192,220,188  
                 

TOTAL INVESTMENTS — 92.4% (Cost $157,842,359)

            192,220,188  

Other Assets in Excess of Liabilities — 7.6%

            15,771,118  

TOTAL NET ASSETS — 100.0%

          $ 207,991,306  

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

Non-income producing security.

 

The accompanying notes are an integral part of the financial statements.

 

28

 

 

 

WPG PARTNERS SELECT SMALL CAP VALUE FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Investments:

                                

Common Stocks

  $ 189,117,602     $ 3,102,586     $ —     $ 192,220,188  

Total Investments

  $ 189,117,602     $ 3,102,586     $ —     $ 192,220,188  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

The accompanying notes are an integral part of the financial statements.

 

29

 

 

 

WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND

 

SCHEDULE OF INVESTMENTS

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 98.0%

        

Communication Services — 1.8%

                

Cargurus, Inc. (a)

    6,104     $ 187,393  

IAC, Inc. (a)

    11,397       436,733  
              624,126  

Consumer Discretionary — 5.0%

                

Academy Sports & Outdoors, Inc. (b)

    5,714       343,583  

ADT, Inc.

    49,378       396,011  

Advance Auto Parts, Inc. (b)

    4,145       220,390  

Century Communities, Inc.

    4,538       305,090  

Dave & Buster’s Entertainment, Inc. (a)

    4,223       62,162  

Driven Brands Holdings, Inc. (a)(b)

    30,778       338,558  

Fox Factory Holding Corp. (a)

    7,158       120,541  
              1,786,335  

Consumer Staples — 1.1%

                

Post Holdings, Inc. (a)(b)

    2,535       269,470  

Vital Farms, Inc. (a)

    6,408       135,145  
              404,615  

Energy — 8.8%

                

Antero Resources Corp. (a)

    4,424       162,848  

Atlas Energy Solutions, Inc. (b)

    19,883       191,473  

BKV Corp. (a)(b)

    25,539       800,137  

DHT Holdings, Inc.

    22,363       435,855  

Expro Group Holdings NV (a)

    12,122       216,499  

Liberty Energy, Inc.

    14,014       393,653  

Northern Oil & Gas, Inc. (b)

    3,443       94,992  

Scorpio Tankers, Inc.

    7,776       614,926  

SM Energy Co.

    8,819       203,984  
              3,114,367  

Financials — 15.9%

                

BGC Group, Inc. - Class A

    72,453       689,753  

CNO Financial Group, Inc.

    12,427       519,573  

Enterprise Financial Services Corp.

    12,447       710,724  

First BanCorp (b)

    20,438       431,855  

FirstCash Holdings, Inc.

    606       116,831  

Hanover Insurance Group, Inc.

    1,659       299,665  

National Bank Holdings Corp. - Class A (b)

    12,251       489,917  

Popular, Inc.

    1,250       169,200  

Primerica, Inc.

    1,349       342,187  

Prosperity Bancshares, Inc.

    7,267       511,379  

Slide Insurance Holdings, Inc. (a)

    18,306       347,814  

Webster Financial Corp. (b)

    5,049       364,184  

WesBanco, Inc.

    18,535       646,315  
              5,639,397  

Health Care — 10.0%

                

Aveanna Healthcare Holdings, Inc. (a)

    45,715       336,462  

Bio-Rad Laboratories, Inc. - Class A (a)

    856       238,345  

Haemonetics Corp. (a)

    2,989       189,264  

Halozyme Therapeutics, Inc. (a)

    3,642       253,228  

ICON PLC (a)(b)

    2,530       273,594  

Integer Holdings Corp. (a)

    1,031       89,367  

Option Care Health, Inc. (a)(b)

    22,270       722,884  

Phreesia, Inc. (a)(b)

    22,614       278,831  

PTC Therapeutics, Inc. (a)

    8,833       602,322  

Teleflex, Inc.

    4,590       560,256  
              3,544,553  

Industrials — 17.6%

                

ABM Industries, Inc.

    10,563     $ 470,053  

Arcosa, Inc.

    2,346       252,148  

BrightView Holdings, Inc. (a)

    41,448       571,568  

GXO Logistics, Inc. (a)

    8,331       523,437  

Hillman Solutions Corp. (a)

    39,368       322,818  

Hub Group, Inc. - Class A

    8,615       371,048  

Knight-Swift Transportation Holdings, Inc.

    7,042       443,083  

ManpowerGroup, Inc.

    8,965       250,751  

Maximus, Inc.

    6,296       476,040  

MYR Group, Inc. (a)

    1,655       446,784  

Regal Rexnord Corp.

    2,468       545,379  

RXO, Inc. (a)

    23,344       372,570  

Star Bulk Carriers Corp.

    20,076       527,798  

Timken Co.

    3,105       336,520  

UFP Industries, Inc.

    3,327       342,381  
              6,252,378  

Information Technology — 14.9%

                

ASGN, Inc. (a)

    6,933       297,426  

Crane NXT Co. (b)

    10,326       498,643  

Diodes, Inc. (a)

    3,393       231,504  

Littelfuse, Inc.

    1,453       512,124  

NCR Voyix Corp. (a)

    37,979       290,160  

Onto Innovation, Inc. (a)

    2,053       443,222  

Pegasystems, Inc.

    6,091       266,359  

Ralliant Corp.

    6,423       294,751  

Semtech Corp. (a)

    3,526       318,116  

Silicon Motion Technology Corp. - ADR (b)

    4,392       567,578  

Teradata Corp. (a)

    28,362       893,119  

Ultra Clean Holdings, Inc. (a)

    10,936       663,597  
              5,276,599  

Materials — 11.9%

                

Alcoa Corp.

    3,487       216,473  

Ashland, Inc.

    8,961       558,808  

Capstone Copper Corp. (a)

    38,751       400,848  

Celanese Corp., Series A

    5,045       251,947  

Commercial Metals Co.

    4,638       339,966  

Constellium SE (a)

    8,648       215,249  

Huntsman Corp. (b)

    34,483       436,210  

Ingevity Corp. (a)

    3,902       281,061  

Louisiana-Pacific Corp.

    4,194       355,400  

Sonoco Products Co. (b)

    4,654       262,811  

thyssenkrupp AG

    31,610       390,044  

Warrior Met Coal, Inc.

    5,914       492,281  
              4,201,098  

Real Estate — 5.9%

                

Brixmor Property Group, Inc. (b)

    18,292       553,699  

Broadstone Net Lease, Inc.

    23,961       464,604  

Getty Realty Corp. (b)

    16,617       545,370  

National Storage Affiliates Trust (b)

    8,751       306,460  

Newmark Group, Inc. - Class A

    15,695       227,891  
              2,098,024  

 

 

The accompanying notes are an integral part of the financial statements.

 

30

 

 

 

WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND

 

SCHEDULE OF INVESTMENTS (CONTINUED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Utilities — 5.1%

                

Black Hills Corp.

    6,403     $ 471,645  

IDACORP, Inc.

    2,473       356,038  

Portland General Electric Co. (b)

    8,341       450,080  

Spire, Inc.

    5,711       523,185  
              1,800,948  

TOTAL COMMON STOCKS (Cost $28,446,823)

            34,742,440  
   

Units

          

SHORT-TERM INVESTMENTS

                

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.5%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    5,831,045       5,831,045  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,831,045)

            5,831,045  
                 

TOTAL INVESTMENTS — 114.5% (Cost $34,277,868)

            40,573,485  

Liabilities in Excess of Other Assets — (14.5)%

            (5,126,884 )

TOTAL NET ASSETS — 100.0%

          $ 35,446,601  

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $5,662,021.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

31

 

 

 

WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND

 

SCHEDULE OF INVESTMENTS (CONCLUDED)

AS OF FEBRUARY 28, 2026 (UNAUDITED)

 

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2026 is as follows (see Notes to Schedule of Investments):

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Investments:

                                

Common Stocks

  $ 34,352,396     $ 390,044     $ —     $ 34,742,440  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       5,831,045  

Total Investments

  $ 34,352,396     $ 390,044     $ —     $ 40,573,485  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $5,831,045 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

The accompanying notes are an integral part of the financial statements.

 

32

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

Statements of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Boston
Partners
All-Cap
Value Fund

    

Boston
Partners
Global
Equity Fund

  

ASSETS:

                

Investments, at value

  $ 1,289,651,752     $ 314,642,720  

Cash and cash equivalents

    41,165,054       5,176,145  

Dividends receivable

    1,124,742       327,663  

Dividend tax reclaims receivable

    359,957       534,549  

Receivable for fund shares sold

    306,364       645,538  

Interest receivable

    114,190       8,980  

Security lending income receivable

    8,427       1,203  

Deposits with brokers for contracts for difference

    —       —  

Deposits with brokers for securities sold short

     —       —  

Receivable for investments sold

    —       657,704  

Foreign currency, at value

    —       —  

Unrealized appreciation on swap contracts

    —       —  

Prepaid expenses and other assets

    92,332       31,605  

Total assets

    1,332,822,818       322,026,107  

LIABILITIES:

                

Securities sold short, at value

    —       —  

Payable upon return of securities loaned

    38,632,507       7,744,556  

Payable for capital shares redeemed

    883,287       —  

Payable to Adviser

    769,968       222,798  

Payable for distribution and shareholder servicing fees

    75,600       12,562  

Unrealized depreciation on swap contracts

    —       —  

Dividends payable

    —       —  

Interest payable

    —       106  

Payable for investments purchased

    —       360,666  

Payable for expenses and other liabilities

    330,093       72,031  

Total liabilities

    40,691,455       8,412,719  

NET ASSETS

  $ 1,292,131,363     $ 313,613,388  

NET ASSETS CONSISTS OF:

                

Capital stock ($0.001 and 0.001 per share)

  $ 38,643     $ 10,515  

Additional paid-in capital

    597,800,524       209,102,189  

Total distributable earnings

    694,292,196       104,500,684  

Total net assets

  $ 1,292,131,363     $ 313,613,388  

Institutional Class

                

Net assets

  $ 1,092,771,610     $ 313,613,388  

Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)

    32,633,369       10,514,950  

Net asset value per share

    33.49       29.83  

Investor Class

                

Net assets

  $ 199,359,753     $ —  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    6,009,587       —  

Net asset value per share

    33.17       —  

COST:

                

Investments, at cost

  $ 693,710,259     $ 221,532,381  

Foreign currency, at cost

    —       —  

PROCEEDS:

                

Securities sold short proceeds

    —       —  

LOANED SECURITIES:

                

at value (included in investments)

    38,083,673       7,528,832  

 

 

The accompanying notes are an integral part of the financial statements.

 

33

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Boston
Partners
Long/Short
Equity Fund

    

Boston
Partners
Long/Short
Research
Fund

    

Boston
Partners
Small Cap
Value Fund II

  

ASSETS:

                        

Investments, at value

  $ 117,859,431     $ 585,393,303     $ 852,409,180  

Cash and cash equivalents

    2,675,931       12,657,350       18,678,530  

Dividends receivable

    69,234       500,652       403,794  

Dividend tax reclaims receivable

    29,509       772,472       3,805  

Receivable for fund shares sold

    1,252,782       331,388       871,785  

Interest receivable

    8,659       134,258       36,648  

Security lending income receivable

    1,616       —       9,914  

Deposits with brokers for contracts for difference

    —       900,000       —  

Deposits with brokers for securities sold short

    20,657,984       64,503,124       —  

Receivable for investments sold

    39,792       3,622,734       1,870,421  

Foreign currency, at value

    1,762,518       34,830,628       —  

Unrealized appreciation on swap contracts(1)

    —       5,187,069       —  

Prepaid expenses and other assets

    47,582       148,465       30,104  

Total assets

    144,405,038       708,981,443       874,314,181  

LIABILITIES

                       

Securities sold short, at value

    20,326,549       90,964,299       —  

Payable upon return of securities loaned

    11,377,342       —       92,801,420  

Payable for capital shares redeemed

    1,004,717       469,618       380,027  

Payable to Adviser

    138,913       512,641       560,011  

Payable for distribution and shareholder servicing fees

    4,632       4,576       60,184  

Unrealized depreciation on swap contracts(1)

    —       6,190,621       —  

Dividends payable

    9,507       113,904       —  

Interest payable

    43       —       4,004  

Payable for investments purchased

    786,007       5,361,698       2,392,077  

Payable for expenses and other liabilities

    45,093       136,780       149,978  

Total liabilities

    33,692,803       103,754,137       96,347,701  

NET ASSETS

  $ 110,712,235     $ 605,227,306     $ 777,966,480  

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001, and 0.001 per share)

  $ 7,830     $ 41,210     $ 28,539  

Additional paid-in capital

    73,253,600       380,925,958       604,512,344  

Total distributable earnings

    37,450,805       224,286,523       173,425,597  

Total net assets

  $ 110,712,235     $ 605,253,691     $ 777,966,480  

Institutional Class

                        

Net assets

  $ 86,861,498     $ 596,593,133     $ 724,380,959  

Capital shares issued and outstanding (100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001 and 0.001 par value)

    5,678,615       40,588,679       26,426,577  

Net asset value per share

  $ 15.30       14.70       27.41  

Investor Class

                        

Net assets

  $ 23,850,737     $ 8,634,173     $ 53,585,521  

Capital shares issued and outstanding (100,000,000, 100,000,000, and 100,000,000 shares authorized, 0.001, 0.001, and 0.001 par value)

    2,151,318       620,943       2,111,956  

Net asset value per share

    11.09       13.90       25.37  

COST:

                        

Investments, at cost

  $ 85,834,039     $ 397,057,894     $ 708,286,187  

Foreign currency, at cost

    1,703,998       34,461,909       —  

PROCEEDS:

                        

Securities sold short proceeds

    25,199,817       97,678,815       —  

LOANED SECURITIES:

                        

at value (included in investments)

    11,243,626       —       88,690,803  

 

(1)

Primary risk exposure is equity contracts

 

The accompanying notes are an integral part of the financial statements.

 

34

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

WPG Partners
Select Small
Cap
Value Fund

    

WPG Partners
Small Cap
Value
Diversified
Fund

  

ASSETS:

                

Investments, at value

  $ 192,220,188     $ 40,573,485  

Cash and cash equivalents

    14,680,094       1,011,743  

Receivable for investments sold

    5,675,681       89,899  

Dividends receivable

    72,989       30,844  

Interest receivable

    22,071       2,681  

Receivable for fund shares sold

    20,827       —  

Dividend tax reclaims receivable

    8,079       1,094  

Security lending income receivable

    —       708  

Deposits with brokers for contracts for difference

    —       —  

Deposits with brokers for securities sold short

    —       —  

Unrealized appreciation on swap contracts.

     —       —  

Dividend tax reclaims receivable

    —       —  

Prepaid expenses and other assets

    24,752       12,313  

Total assets

    212,724,681       41,722,767  

LIABILITIES:

                

Securities sold short, at value

    —       —  

Payable for investments purchased

    4,458,910       282,728  

Payable to Adviser

    147,841       21,552  

Payable for capital shares redeemed

    32,420       100,000  

Payable for distribution and shareholder servicing fees

    3,505       403  

Interest payable

    100       228  

Payable upon return of securities loaned

    —       5,831,045  

Payable to custodian foreign currency, at value

    —       1,760  

Payable for expenses and other liabilities

    90,599       38,450  

Total liabilities

    4,733,375       6,276,166  

NET ASSETS

  $ 207,991,306     $ 35,446,601  

NET ASSETS CONSISTS OF:

                

Capital stock ($0.001 and 0.001 per share)

  $ 16,149     $ 1,706  

Additional paid-in capital

    169,816,120       27,123,474  

Total distributable earnings

    38,159,037       8,321,421  

Total net assets

  $ 207,991,306     $ 35,446,601  

Institutional

                

Net assets

  $ 207,991,306     $ 35,446,601  

Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)

    16,148,529       1,705,750  

Net asset value per share

    12.88       20.78  

COST:

                

Investments, at cost

  $ 157,842,359     $ 34,277,868  

PROCEEDS:

                

Foreign currency proceeds

    —       1,767  

LOANED SECURITIES:

                

at value (included in investments)

    —       5,662,021  

 

 

The accompanying notes are an integral part of the financial statements.

 

35

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

Statements of Operations

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Boston
Partners
All-Cap
Value Fund

    

Boston
Partners
Global
Equity Fund

  

INVESTMENT INCOME:

                

Dividend income

  $ 8,899,762     $ 2,007,759  

Less: issuance fees

    (18,099 )     (1,629 )

Less: dividend withholding taxes

    (21,916 )     (76,316 )

Interest income

    589,351       107,382  

Securities lending income

    97,399       7,347  

Other income

    —       —  

Total investment income

    9,546,497       2,044,543  

EXPENSES:

                

Investment advisory fee

    4,501,607       1,288,088  

Transfer agent fees

    436,814       113,805  

Distribution expenses - Investor Class

    251,324       —  

Legal fees

    175,069       39,709  

Fund administration and accounting fees

    134,957       43,568  

Trustees’ fees

    119,128       25,717  

Compliance fees

    110,787       30,639  

Custodian fees

    23,983       29,855  

Federal and state registration fees

    21,943       17,952  

Reports to shareholders

    17,969       1,206  

Audit fees

    7,893       14,959  

Interest expense

    4,150       1,055  

Dividends expenses

    —       —  

Other expenses and fees

    40,326       10,403  

Total expenses

    5,845,950       1,616,956  

Expense reimbursement by Adviser

    (445,783 )     (256,254 )

Net expenses

    5,400,167       1,360,702  

NET INVESTMENT INCOME/(LOSS)

    4,146,330       683,841  
                 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments

    83,562,903       18,538,753  

In-kind redemptions

    20,793,975       —  

Securities sold short

    —       —  

Swap contracts

    —       —  

Foreign currency translation

    —       (9,783 )

Net realized gain (loss)

    104,356,878       18,528,970  

Net change in unrealized appreciation (depreciation) on:

                

Investments

    1,915,892       23,047,956  

Securities sold short

    —       —  

Swap contracts

    —       —  

Foreign currency translation

    1,543       (1,939 )

Net change in unrealized appreciation (depreciation)

    1,917,435       23,046,017  

Net realized and unrealized gain (loss)

    106,274,313       41,574,987  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 110,420,643     $ 42,258,828  

 

 

The accompanying notes are an integral part of the financial statements.

 

36

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF OPERATIONS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Boston
Partners
Long/Short
Equity Fund

   

Boston
Partners
Long/Short
Research
Fund

    

Boston
Partners
Small Cap
Value Fund II

  

INVESTMENT INCOME:

                        

Dividend income

  $ 732,448     $ 3,952,298     $ 4,941,053  

Less: issuance fees

    (4,980 )     (2,009 )     (79 )

Less: dividend withholding taxes

    (26,786 )     (37,227 )     (30,945 )

Interest income

    58,868       141,738       404,433  

Securities lending income

    23,122       —       65,066  

Other income

    —       (9,143 )     —  

Prime broker interest income

    256,847       1,127,413       —  

Total investment income

    1,039,519       5,173,070       5,379,528  

EXPENSES:

                        

Investment advisory fee

    1,078,375       3,491,966       2,912,966  

Investment advisory fee - recouped

    —       —       11,888  

Transfer agent fees

    30,246       144,221       212,363  

Distribution expenses - Investor Class

    25,308       10,820       65,612  

Legal fees

    11,294       77,096       67,659  

Fund administration and accounting fees

    21,358       92,141       66,304  

Trustees’ fees

    7,471       50,002       42,935  

Compliance fees

    8,377       44,513       52,847  

Custodian fees

    10,608       25,279       13,848  

Federal and state registration fees

    19,939       20,893       31,569  

Reports to shareholders

    1,141       5,382       7,051  

Audit fees

    10,632       13,532       7,894  

Interest expense

    —       —       —  

Dividends expenses

    23,189       527,151       —  

Other expenses and fees

    5,234       19,247       18,360  

Prime broker interest expense

    110,064       93,639       —  

Total expenses

    1,363,236       4,615,882       3,511,296  

Expense reimbursement by Adviser

    (265,290 )     —       (52,935 )

Net expenses

    1,097,946       4,615,882       3,458,361  

NET INVESTMENT INCOME/(LOSS)

    (58,427 )     557,188       1,921,167  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments

    3,860,993       37,816,732       31,746,637  

In-kind redemptions

    —       —       5,429,819  

Securities sold short

    (1,998,159 )     769,269       —  

Swap contracts(1)

    —       (758,882 )     —  

Foreign currency translation

    (312,779 )     451,788       —  

Net realized gain (loss)

    1,550,055       38,278,907       37,176,456  

Net change in unrealized appreciation (depreciation) on:

                        

Investments

    7,432,996       20,205,208       (5,642,226 )

Securities sold short

    2,647,749       (2,587,469 )     —  

Swap contracts(1)

    —       (1,678,337 )     —  

Foreign currency translation

    278,687       (518,701 )     —  

Net change in unrealized appreciation (depreciation)

    10,359,432       15,420,701       (5,642,226 )

Net realized and unrealized gain (loss)

    11,909,487       53,699,608       31,534,230  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 11,851,060     $ 54,256,796     $ 33,455,397  

 

(1)

Primary risk exposure is equity contracts

 

The accompanying notes are an integral part of the financial statements.

 

37

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF OPERATIONS (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

WPG Partners
Select Small
Cap
Value Fund

    

WPG Partners
Small Cap
Value
Diversified
Fund

  

INVESTMENT INCOME:

                

Dividend income

  $ 3,273,890     $ 469,162  

Less: issuance fees

    (2,000 )     (258 )

Less: dividend withholding taxes

    (16,962 )     (2,898 )

Interest income

    128,557       16,340  

Securities lending income

    —       6,672  

Total investment income

    3,383,485       489,018  

EXPENSES:

                

Investment advisory fee

    847,408       131,157  

Investment advisory fee - recouped

    26,695       —  

Transfer agent fees

    37,554       6,749  

Fund administration and accounting fees

    29,057       13,824  

Legal fees

    23,647       2,464  

Federal and state registration fees

    23,425       13,723  

Compliance fees

    11,781       2,129  

Custodian fees

    11,282       10,339  

Audit fees

    7,894       7,893  

Trustees’ fees

    6,313       2,020  

Reports to shareholders

    5,115       —  

Interest expense

    2,414       —  

Other expenses and fees

    4,844       2,196  

Total expenses

    1,037,429       192,494  

Expense reimbursement by Adviser

    —       (12,154 )

Net expenses

    1,037,429       180,340  

NET INVESTMENT INCOME

    2,346,056       308,678  
                 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments

    15,162,981       2,068,965  

Foreign currency translation

    (6,038 )     (819 )

Net realized gain (loss)

    15,156,943       2,068,146  

Net change in unrealized appreciation (depreciation) on:

                

Investments

    16,949,836       1,802,049  

Foreign currency translation

    380       35  

Net change in unrealized appreciation (depreciation)

    16,950,216       1,802,084  

Net realized and unrealized gain (loss)

    32,107,159       3,870,230  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 34,453,215     $ 4,178,908  

 

 

The accompanying notes are an integral part of the financial statements.

 

38

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

Statements of Changes in Net Assets

 

   

Boston Partners
All-Cap Value Fund

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                

Net investment income/(loss)

  $ 4,146,330     $ 11,483,688  

Net realized gain/(loss) from investments and foreign currencies

    104,356,878       143,550,107  

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    1,917,435       (43,935,729 )

Net increase/(decrease) in net assets resulting from operations

    110,420,643       111,098,066  
                 

Dividends and distributions to shareholders:

                

Institutional Class

    (93,370,317 )     (115,942,510 )

Investor Class

    (17,472,519 )     (19,479,841 )

Net decrease in net assets from dividends and distributions to shareholders

    (110,842,836 )     (135,422,351 )
                 

Capital transactions:

                

Institutional Class

               

Proceeds from shares sold

    99,141,252       103,855,302  

Reinvestment of distributions

    76,151,653       92,688,487  

Shares redeemed

    (166,246,165 )     (363,671,223 )

Investor Class

               

Proceeds from shares sold

    4,999,562       10,161,894  

Reinvestment of distributions

    16,520,815       18,446,970  

Shares redeemed

    (24,128,491 )     (44,006,445 )

Net increase/(decrease) in net assets from capital transactions

    6,438,626       (182,525,015 )

Total increase/(decrease) in net assets

    6,016,433       (206,849,300 )
                 

Net assets:

                

Beginning of period

    1,286,114,930       1,492,964,230  

End of period

  $ 1,292,131,363     $ 1,286,114,930  
                 

Share transactions:

                

Institutional Class

               

Shares sold

    2,947,898       3,266,267  

Shares reinvested

    2,326,662       2,983,215  

Shares redeemed

    (4,910,500 )     (11,446,582 )

Net increase/(decrease)

    364,060       (5,197,100 )

Investor Class

               

Shares sold

    149,743       317,807  

Shares reinvested

    509,273       597,569  

Shares redeemed

    (724,184 )     (1,375,919 )

Net increase/(decrease)

    298,892       (460,543 )

 

 

The accompanying notes are an integral part of the financial statements.

 

39

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

 

   

Boston Partners
Global Equity Fund

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                

Net investment income/(loss)

  $ 683,841     $ 4,886,958  

Net realized gain/(loss) from investments and foreign currencies

    18,528,970       20,894,526  

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    23,046,017       16,055,765  

Net increase/(decrease) in net assets resulting from operations

    42,258,828       41,837,249  
                 

Dividends and distributions to shareholders:

                

Institutional Class

    (27,370,105 )     (11,307,608 )

Investor Class

    —       —  

Net decrease in net assets from dividends and distributions to shareholders

    (27,370,105 )     (11,307,608 )
                 

Capital transactions:

                

Institutional Class

               

Proceeds from shares sold

    19,352,198       22,287,855  

Reinvestment of distributions

    25,576,548       10,762,707  

Shares redeemed

    (23,375,707 )     (31,056,072 )

Investor Class

               

Proceeds from shares sold

    —       —  

Reinvestment of distributions

    —       —  

Shares redeemed

    —       —  

Net increase/(decrease) in net assets from capital transactions

    21,553,039       1,994,490  

Total increase/(decrease) in net assets

    36,441,762       32,524,131  
                 

Net assets:

                

Beginning of period

    277,171,626       244,647,495  

End of period

  $ 313,613,388     $ 277,171,626  
                 

Share transactions:

                

Institutional Class

               

Shares sold

    674,259       898,831  

Shares reinvested

    931,411       458,768  

Shares redeemed

    (834,984 )     (1,229,367 )

Net increase/(decrease)

    770,686       128,232  

 

 

The accompanying notes are an integral part of the financial statements.

 

40

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

 

   

Boston Partners
Long/Short Equity Fund

    

Boston Partners
Long/Short Research Fund

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                                

Net investment income/(loss)

  $ (58,427 )   $ 189,925     $ 557,188     $ 3,578,945  

Net realized gain/(loss) from investments and foreign currencies

    1,550,055       10,009,849       38,278,907       57,618,772  

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    10,359,432       1,534,410       15,420,701       (18,628,706 )

Net increase/(decrease) in net assets resulting from operations

    11,851,060       11,734,184       54,256,796       42,569,011  
                                 

Dividends and distributions to shareholders:

                                

Institutional Class

    (5,691,316 )     (8,827,226 )     (53,473,902 )     (59,554,854 )

Investor Class

    (1,968,589 )     (3,581,735 )     (894,697 )     (849,904 )

Net decrease in net assets from dividends and distributions to shareholders

    (7,659,905 )     (12,408,961 )     (54,368,599 )     (60,404,758 )
                                 

Capital transactions:

                                

Institutional Class

                               

Proceeds from shares sold

    47,113,995       20,751,764       80,106,497       144,517,472  

Reinvestment of distributions

    5,595,183       8,511,483       29,751,662       31,639,246  

Shares redeemed

    (32,091,930 )     (14,344,409 )     (43,174,757 )     (212,550,287 )

Investor Class

                               

Proceeds from shares sold

    6,908,624       5,499,897       906,834       2,245,684  

Reinvestment of distributions

    1,943,791       3,529,613       894,697       849,904  

Shares redeemed

    (4,178,286 )     (4,937,584 )     (1,961,184 )     (1,976,343 )

Net increase/(decrease) in net assets from capital transactions

    25,291,377       19,010,764       66,523,749       (35,274,324 )

Total increase/(decrease) in net assets

    29,482,532       18,335,987       66,411,946       (53,110,071 )
                                 

Net assets:

                                

Beginning of period

    81,229,703       62,893,716       538,841,745       591,951,816  

End of period

  $ 110,712,235     $ 81,229,703     $ 605,253,691     $ 538,841,745  
                                 

Share transactions:

                                

Institutional Class

                               

Shares sold

    3,166,071       1,585,879       5,536,013       10,159,559  

Shares reinvested

    389,095       671,782       2,113,044       2,291,039  

Shares redeemed

    (2,192,395 )     (1,103,856 )     (2,937,140 )     (15,290,264 )

Net increase/(decrease)

    1,362,771       1,153,805       4,711,917       (2,839,666 )

Investor Class

                               

Shares sold

    641,443       539,982       65,792       165,585  

Shares reinvested

    186,365       372,715       67,119       64,533  

Shares redeemed

    (382,351 )     (495,654 )     (142,356 )     (146,975 )

Net increase/(decrease)

    1,808,228       417,043       4,702,472       83,143  

 

 

The accompanying notes are an integral part of the financial statements.

 

41

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

 

   

Boston Partners
Small Cap Value Fund II

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                

Net investment income/(loss)

  $ 1,921,167     $ 3,586,403  

Net realized gain/(loss) from investments and foreign currencies

    37,176,456       60,342,362  

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    (5,642,226 )     (2,144,927 )

Net increase/(decrease) in net assets resulting from operations

    33,455,397       61,783,838  
                 

Dividends and distributions to shareholders:

                

Institutional Class

    (44,970,154 )     (66,484,637 )

Investor Class

    (3,922,327 )     (7,573,971 )

Net decrease in net assets from dividends and distributions to shareholders

    (48,892,481 )     (74,058,608 )
                 

Capital transactions:

                

Institutional Class

               

Proceeds from shares sold

    208,482,454       139,949,131  

Reinvestment of distributions

    44,066,619       64,990,134  

Shares redeemed

    (100,322,533 )     (151,668,934 )

Investor Class

               

Proceeds from shares sold

    1,076,618       2,012,228  

Reinvestment of distributions

    3,791,538       7,332,895  

Shares redeemed

    (4,331,488 )     (9,874,530 )

Net increase/(decrease) in net assets from capital transactions

    152,763,208       52,740,924  

Total increase/(decrease) in net assets

    137,326,124       40,466,154  
                 

Net assets:

                

Beginning of period

    640,640,356       600,174,202  

End of period

  $ 777,966,480     $ 640,640,356  
                 

Share transactions:

                

Institutional Class

               

Shares sold

    7,631,049       5,249,893  

Shares reinvested

    1,662,891       2,407,042  

Shares redeemed

    (3,667,231 )     (5,634,391 )

Net increase/(decrease)

    5,626,709       2,022,544  

Investor Class

               

Shares sold

    42,477       80,685  

Shares reinvested

    154,504       291,219  

Shares redeemed

    (171,259 )     (398,157 )

Net increase/(decrease)

    5,652,431       (26,253 )

 

 

The accompanying notes are an integral part of the financial statements.

 

42

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)

 

   

WPG Partners
Select Small Cap Value Fund

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                

Net investment income/(loss)

  $ 2,346,056     $ 445,029  

Net realized gain/(loss) from investments and foreign currencies

    15,156,943       (2,803,505 )

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    16,950,216       (211,582 )

Net increase/(decrease) in net assets resulting from operations

    34,453,215       (2,570,058 )
                 

Dividends and distributions to shareholders:

                

Institutional Class

    (8,708,068 )     (5,331,430 )

Net decrease in net assets from dividends and distributions to shareholders

    (8,708,068 )     (5,331,430 )
                 

Capital transactions:

                

Institutional Class

               

Proceeds from shares sold

    18,721,642       125,679,607  

Reinvestment of distributions

    6,866,238       4,074,306  

Shares redeemed

    (32,753,398 )     (56,070,384 )

Net increase/(decrease) in net assets from capital transactions

    (7,165,518 )     73,683,529  

Total increase/(decrease) in net assets

    18,579,629       65,782,041  
                 

Net assets:

                

Beginning of period

    189,411,677       123,629,636  

End of period

  $ 207,991,306     $ 189,411,677  
                 

Share transactions:

                

Institutional Class

               

Shares sold

    1,576,791       11,698,764  

Shares reinvested

    593,453       346,749  

Shares redeemed

    (2,840,102 )     (5,455,668 )

Net increase/(decrease)

    (669,858 )     6,589,845  

 

 

The accompanying notes are an integral part of the financial statements.

 

43

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)

 

   

WPG Partners
Small Cap Value
Diversified Fund

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

  

Increase/(decrease) in net assets from operations:

                

Net investment income/(loss)

  $ 308,678     $ 256,398  

Net realized gain/(loss) from investments and foreign currencies

    2,068,146       2,860,594  

Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation

    1,802,084       (2,785,994 )

Net increase/(decrease) in net assets resulting from operations

    4,178,908       330,998  
                 

Dividends and distributions to shareholders:

                

Institutional Class

    (3,003,927 )     (1,976,316 )

Net decrease in net assets from dividends and distributions to shareholders

    (3,003,927 )     (1,976,316 )
                 

Capital transactions:

                

Institutional Class

               

Proceeds from shares sold

    252,717       2,138,827  

Reinvestment of distributions

    2,865,186       1,907,591  

Shares redeemed

    (1,258,803 )     (3,066,734 )

Net increase/(decrease) in net assets from capital transactions

    1,859,100       979,684  

Total increase/(decrease) in net assets

    3,034,081       (665,633 )
                 

Net assets:

                

Beginning of period

    32,412,520       33,078,153  

End of period

  $ 35,446,601     $ 32,412,520  
                 

Share transactions:

                

Institutional Class

               

Shares sold

    12,664       108,046  

Shares reinvested

    149,775       95,332  

Shares redeemed

    (63,100 )     (162,749 )

Net increase/(decrease)

    99,339       40,629  

 

 

The accompanying notes are an integral part of the financial statements.

 

44

 

 

 

BOSTON PARTNERS ALL-CAP VALUE FUND

 

Financial Highlights

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 33.58     $ 33.97     $ 31.76     $ 30.78     $ 33.77     $ 24.53  

Net Investment Income/(Loss)*

    0.11       0.28       0.30       0.41       0.33       0.26  

Net Realized and Unrealized Gain/(Loss) on Investments

    2.80       2.49       5.29       3.16       (1.51 )     9.43  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    2.91       2.77       5.59       3.57       (1.18 )     9.69  

Dividends to Shareholders from Net Investment Income

    (0.30 )     (0.30 )     (0.52 )     (0.31 )     (0.33 )     (0.21 )

Distributions to Shareholders from Net Realized Gains

    (2.70 )     (2.86 )     (2.86 )     (2.28 )     (1.48 )     (0.24 )

Total Dividend and Distributions to Shareholders

    (3.00 )     (3.16 )     (3.38 )     (2.59 )     (1.81 )     (0.45 )

Net Asset Value, End of Period

  $ 33.49     $ 33.58     $ 33.97     $ 31.76     $ 30.78     $ 33.77  

Total Investment Return1

    8.88 %     8.90 %     19.04 %     12.00 %     (3.76 )%     39.91 %

Net Assets, End of Period (000)

  $ 1,092,772     $ 1,083,763     $ 1,272,666     $ 1,164,397     $ 1,200,629     $ 1,653,698  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    0.80 %3     0.80 %     0.80 %     0.80 %     0.80 %     0.80 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    0.87 %3     0.85 %     0.85 %     0.84 %     0.86 %     0.83 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.68 %3     0.87 %     0.96 %     1.35 %     1.00 %     0.86 %

Portfolio Turnover Rate

    10 %4     37 %     24 %     33 %     29 %     33 %

 

 

*

Calculated based on average shares outstanding for the period.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

 

The accompanying notes are an integral part of the financial statements.

 

45

 

 

 

BOSTON PARTNERS ALL-CAP VALUE FUND

 

FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Investor Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 33.31     $ 33.71     $ 31.53     $ 30.58     $ 33.56     $ 24.39  

Net Investment Income/(Loss)*

    0.07       0.20       0.22       0.33       0.25       0.18  

Net Realized and Unrealized Gain/(Loss) on Investments

    2.76       2.48       5.26       3.13       (1.51 )     9.38  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    2.83       2.68       5.48       3.46       (1.26 )     9.56  

Dividends to Shareholders from Net Investment Income

    (0.27 )     (0.22 )     (0.44 )     (0.23 )     (0.24 )     (0.15 )

Distributions to Shareholders from Net Realized Gains

    (2.70 )     (2.86 )     (2.86 )     (2.28 )     (1.48 )     (0.24 )

Total Dividend and Distributions to Shareholders

    (2.97 )     (3.08 )     (3.30 )     (2.51 )     (1.72 )     (0.39 )

Net Asset Value, End of Period

  $ 33.17     $ 33.31     $ 33.71     $ 31.53     $ 30.58     $ 33.56  

Total Investment Return1

    8.71 %     8.65 %     18.77 %     11.68 %     (4.00 )%     39.57 %

Net Assets, End of Period (000)

  $ 199,360     $ 202,352     $ 220,298     $ 228,631     $ 230,437     $ 279,306  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.05 %3     1.05 %     1.05 %     1.05 %     1.05 %     1.05 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.12 %3     1.10 %     1.10 %     1.09 %     1.11 %     1.08 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.43 %3     0.62 %     0.71 %     1.10 %     0.75 %     0.61 %

Portfolio Turnover Rate

    10 %4     37 %     24 %     33 %     29 %     33 %

 

 

*

Calculated based on average shares outstanding for the period.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

 

The accompanying notes are an integral part of the financial statements.

 

46

 

 

 

BOSTON PARTNERS GLOBAL EQUITY FUND

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 28.44     $ 25.44     $ 21.23     $ 18.69     $ 20.74     $ 15.15  

Net Investment Income/(Loss)*

    0.07       0.50       0.45       0.45       0.39       0.25  

Net Realized and Unrealized Gain/(Loss) on Investments

    4.12       3.70       4.19       2.39       (2.08 )     5.69  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    4.19       4.20       4.64       2.84       (1.69 )     5.94  

Dividends to Shareholders from Net Investment Income

    (0.54 )     (0.47 )     (0.43 )     (0.30 )     (0.36 )     (0.35 )

Distributions to Shareholders from Net Realized Gains

    (2.26 )     (0.73 )     —       —       —       —  

Total Dividend and Distributions to Shareholders

    (2.80 )     (1.20 )     (0.43 )     (0.30 )     (0.36 )     (0.35 )

Net Asset Value, End of Period

  $ 29.83     $ 28.44     $ 25.44     $ 21.23     $ 18.69     $ 20.74  

Total Investment Return1

    15.58 %     17.49 %     22.17 %     15.28 %     (8.27 )%     39.66 %

Net Assets, End of Period (000)

  $ 313,613     $ 277,172     $ 244,647     $ 212,164     $ 171,407     $ 183,433  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    0.95 %3     0.95 %     0.95 %     0.95 %     0.95 %     0.95 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.13 %3     1.11 %     1.11 %     1.11 %     1.13 %     1.04 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.48 %3     1.98 %     1.98 %     2.20 %     1.94 %     1.38 %

Portfolio Turnover Rate

    30 %4     55 %     48 %     51 %     59 %     88 %

 

 

*

Calculated based on average shares outstanding for the period.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

47

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 14.53     $ 15.04     $ 14.99     $ 14.73     $ 14.21     $ 15.15  

Net Investment Income/(Loss)*

    (0.00 )(b)     0.05       0.06       0.07       (0.13 )     (0.12 )

Net Realized and Unrealized Gain/(Loss) on Investments

    1.92       2.15       2.96       1.96       1.29       3.69  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.92       2.20       3.02       2.03       1.16       3.57  

Dividends to Shareholders from Net Investment Income

    (0.01 )     (0.08 )     (0.27 )     —       —       —  

Distributions to Shareholders from Net Realized Gains

    (1.14 )     (2.63 )     (2.70 )     (1.77 )     (0.64 )     (4.51 )

Total Dividend and Distributions to Shareholders

    (1.15 )     (2.71 )     (2.97 )     (1.77 )     (0.64 )     (4.51 )

Redemption fee per share

    0.00 (b)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 15.30     $ 14.53     $ 15.04     $ 14.99     $ 14.73     $ 14.21  

Total Investment Return1

    13.75 %     17.30 %     23.51 %     14.69 %     8.35 %     29.08 %

Net Assets, End of Period (000)

  $ 86,861     $ 62,729     $ 47,563     $ 56,303     $ 54,733     $ 49,551  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    2.01 %3     2.37 %     2.04 %     2.02 %     2.55 %     2.60 %

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any (Excluding Dividend and Interest Expense and borrowing expense on securities sold short)

    1.96 %3     1.96 %     1.96 %     1.96 %     1.96 %     1.97 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    2.57 %3     2.98 %     2.72 %     2.67 %     3.18 %     3.14 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    (0.07 )%3     0.34 %     0.43 %     0.50 %     (0.87 )%     (0.91 )%

Portfolio Turnover Rate

    46 %4     54 %     35 %     44 %     40 %     31 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

48

 

 

 

BOSTON PARTNERS LONG/SHORT EQUITY FUND

 

FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Investor Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 10.85     $ 11.90     $ 12.45     $ 12.54     $ 12.22     $ 13.64  

Net Investment Income/(Loss)*

    (0.02 )     0.01       0.02       0.03       (0.14 )     (0.14 )

Net Realized and Unrealized Gain/(Loss) on Investments

    1.41       1.63       2.38       1.65       1.10       3.23  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.39       1.64       2.40       1.68       0.96       3.09  

Dividends to Shareholders from Net Investment Income

    (0.01 )     (0.06 )     (0.25 )     —       —       —  

Distributions to Shareholders from Net Realized Gains

    (1.14 )     (2.63 )     (2.70 )     (1.77 )     (0.64 )     (4.51 )

Total Dividend and Distributions to Shareholders

    (1.15 )     (2.69 )     (2.95 )     (1.77 )     (0.64 )     (4.51 )

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 11.09     $ 10.85     $ 11.90     $ 12.45     $ 12.54     $ 12.22  

Total Investment Return1

    13.52 %     17.00 %     23.26 %     14.44 %     8.07 %     28.71 %

Net Assets, End of Period (000)

  $ 23,851     $ 18,501     $ 15,331     $ 11,748     $ 11,720     $ 11,571  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    2.27 %3     2.62 %     2.29 %     2.27 %     2.80 %     2.85 %

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any (Excluding Dividend and Interest Expense and borrowing expense on securities sold short)

    2.21 %3     2.21 %     2.21 %     2.21 %     2.21 %     2.22 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    2.82 %3     3.23 %     2.97 %     2.92 %     3.43 %     3.39 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    (0.33 )%3     0.09 %     0.18 %     0.25 %     (1.12 )%     (1.16 )%

Portfolio Turnover Rate

    46 %4     54 %     35 %     44 %     40 %     31 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

49

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 14.77     $ 15.09     $ 14.15     $ 15.98     $ 16.82     $ 13.31  

Net Investment Income/(Loss)*

    0.01       0.09       0.12       0.16       (0.02 )     (0.10 )

Net Realized and Unrealized Gain/(Loss) on Investments

    1.42       1.13       2.32       0.95       1.18       3.61  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.43       1.22       2.44       1.11       1.16       3.51  

Dividends to Shareholders from Net Investment Income

    (0.15 )     (0.12 )     (0.34 )     (0.22 )     —       —  

Distributions to Shareholders from Net Realized Gains

    (1.35 )     (1.42 )     (1.16 )     (2.72 )     (2.00 )     —  

Total Dividend and Distributions to Shareholders

    (1.50 )     (1.54 )     (1.50 )     (2.94 )     (2.00 )     —  

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 14.70     $ 14.77     $ 15.09     $ 14.15     $ 15.98     $ 16.82  

Total Investment Return1

    10.10 %     8.85 %     18.79 %     7.16 %     7.17 %     26.37 %

Net Assets, End of Period (000)

  $ 596,593     $ 529,974     $ 584,044     $ 688,944     $ 801,913     $ 808,565  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.62 %3     1.92 %     1.90 %     1.88 %     1.95 %     2.15 %

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any (Excluding Dividend and Interest Expense and borrowing expense on securities sold short)

    1.43 %3     1.41 %     1.40 %     1.40 %     1.40 %     1.40 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.62 %3     1.92 %     1.90 %     1.88 %     1.95 %     2.15 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.20 %3     0.64 %     0.88 %     1.12 %     (0.10 )%     (0.66 )%

Portfolio Turnover Rate

    28 %4     65 %     53 %     54 %     85 %     61 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

50

 

 

 

BOSTON PARTNERS LONG/SHORT RESEARCH FUND

 

FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Investor Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 14.08     $ 14.45     $ 13.62     $ 15.48     $ 16.39     $ 13.01  

Net Investment Income/(Loss)*

    (0.00 )(b)     0.05       0.09       0.12       (0.05 )     (0.13 )

Net Realized and Unrealized Gain/(Loss) on Investments

    1.33       1.09       2.21       0.92       1.14       3.51  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.33       1.14       2.30       1.04       1.09       3.38  

Dividends to Shareholders from Net Investment Income

    (0.15 )     (0.10 )     (0.31 )     (0.18 )     —       —  

Distributions to Shareholders from Net Realized Gains

    (1.35 )     (1.42 )     (1.16 )     (2.72 )     (2.00 )     —  

Total Dividend and Distributions to Shareholders

    (1.50 )     (1.52 )     (1.47 )     (2.90 )     (2.00 )     —  

Redemption fee per share

    0.00 (b)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 13.91     $ 14.07     $ 14.45     $ 13.62     $ 15.48     $ 16.39  

Total Investment Return1

    9.88 %     8.58 %     18.43 %     6.92 %     6.91 %     25.98 %

Net Assets, End of Period (000)

  $ 8,634     $ 8,868     $ 7,907     $ 7,483     $ 11,989     $ 10,220  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.87 %3     2.17 %     2.15 %     2.13 %     2.20 %     2.40 %

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any (Excluding Dividend and Interest Expense and borrowing expense on securities sold short)

    1.68 %3     1.66 %     1.65 %     1.65 %     1.65 %     1.65 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.87 %3     2.17 %     2.15 %     2.13 %     2.20 %     2.40 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    (0.04 )%3     0.39 %     0.63 %     0.87 %     (0.35 )%     (0.91 )%

Portfolio Turnover Rate

    28 %4     65 %     53 %     54 %     85 %     61 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

51

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 28.17     $ 28.91     $ 27.43     $ 27.51     $ 32.34     $ 21.06  

Net Investment Income/(Loss)*

    0.08       0.18       0.22       0.24       0.18       0.15  

Net Realized and Unrealized Gain/(Loss) on Investments

    1.12       2.83       4.57       1.60       (2.86 )     11.27  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.20       3.01       4.79       1.84       (2.68 )     11.42  

Dividends to Shareholders from Net Investment Income

    (0.17 )     (0.23 )     (0.25 )     (0.26 )     (0.12 )     (0.14 )

Distributions to Shareholders from Net Realized Gains

    (1.79 )     (3.52 )     (3.06 )     (1.66 )     (2.03 )     —  

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Total Dividend and Distributions to Shareholders

    (1.96 )     (3.75 )     (3.31 )     (1.92 )     (2.15 )     (0.14 )

Net Asset Value, End of Period

  $ 27.41     $ 28.17     $ 28.91     $ 27.43     $ 27.51     $ 32.34  

Total Investment Return1

    4.52 %     10.97 %     19.09 %     7.17 %     (8.88 )%     54.40 %

Net Assets, End of Period (000)

  $ 724,381     $ 585,921     $ 542,807     $ 533,633     $ 688,375     $ 776,442  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    0.99 %3     0.99 %     0.99 %     0.99 %     0.99 %     0.99 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.00 %3     1.02 %     1.03 %     1.04 %     1.02 %     1.01 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.58 %3     0.65 %     0.84 %     0.91 %     0.61 %     0.52 %

Portfolio Turnover Rate

    44 %4     70 %     55 %     65 %     24 %     33 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

52

 

 

 

BOSTON PARTNERS SMALL CAP VALUE FUND II

 

FINANCIAL HIGHLIGHTS (CONCLUDED)

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Investor Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 26.23     $ 27.16     $ 25.95     $ 26.12     $ 30.81     $ 20.07  

Net Investment Income/(Loss)*

    0.04       0.10       0.15       0.17       0.10       0.07  

Net Realized and Unrealized Gain/(Loss) on Investments

    1.04       2.65       4.30       1.51       (2.72 )     10.75  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    1.08       2.75       4.45       1.68       (2.62 )     10.82  

Dividends to Shareholders from Net Investment Income

    (0.15 )     (0.16 )     (0.18 )     (0.19 )     (0.04 )     (0.08 )

Distributions to Shareholders from Net Realized Gains

    (1.79 )     (3.52 )     (3.06 )     (1.66 )     (2.03 )     —  

Total Dividend and Distributions to Shareholders

    (1.94 )     (3.68 )     (3.24 )     (1.85 )     (2.07 )     (0.08 )

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 25.37     $ 26.23     $ 27.16     $ 25.95     $ 26.12     $ 30.81  

Total Investment Return1

    4.38 %     10.69 %     18.80 %     6.90 %     (9.11 )%     54.01 %

Net Assets, End of Period (000)

  $ 53,586     $ 54,719     $ 57,367     $ 61,041     $ 82,898     $ 104,282  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.24 %3     1.24 %     1.24 %     1.24 %     1.24 %     1.24 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.25 %3     1.27 %     1.28 %     1.29 %     1.27 %     1.26 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    0.35 %3     0.40 %     0.59 %     0.66 %     0.36 %     0.27 %

Portfolio Turnover Rate

    44 %4     70 %     55 %     65 %     24 %     33 %

 

 

*

Calculated based on average shares outstanding.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

53

 

 

 

WPG PARTNERS SELECT SMALL CAP VALUE FUND

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Period
December 29,
2021**
through
August 31,
2022

  

Net Asset Value, Beginning of Period

  $ 11.26     $ 12.09     $ 11.82     $ 9.40     $ 10.00  

Net Investment Income/(Loss)*

    0.15       0.03       —       0.07       (0.01 )

Net Realized and Unrealized Gain/(Loss) on Investments

    2.05       (0.48 )     1.82       2.37       (0.59 )

Net Increase/(Decrease) in Net Assets Resulting from Operations

    2.20       (0.45 )     1.82       2.44       (0.60 )

Dividends to Shareholders from Net Investment Income

    (0.19 )     (0.01 )     (0.06 )     —       —  

Distributions to Shareholders from Net Realized Gains

    (0.39 )     (0.37 )     (1.49 )     (0.02 )     —  

Total Dividend and Distributions to Shareholders

    (0.58 )     (0.38 )     (1.55 )     (0.02 )     —  

Net Asset Value, End of Period

  $ 12.88     $ 11.26     $ 12.09     $ 11.82     $ 9.40  

Total Investment Return1

    20.15 %     (3.86 )%     18.12 %     25.94 %     (6.00 )%

Net Assets, End of Period (000)

  $ 207,991     $ 189,412     $ 123,630     $ 107,329     $ 17,845  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.07 %3     1.10 %     1.10 %     1.10 %     1.10 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.10 %3     1.13 %     1.13 %     1.16 %     2.93 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    2.49 %3     0.28 %     0.02 %     0.65 %     (0.22 )%

Portfolio Turnover Rate

    89 %4     155 %     160 %     118 %     70 %

 

 

*

Calculated based on average shares outstanding.

**

Commencement of operations.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

54

 

 

 

WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND

 

FINANCIAL HIGHLIGHTS

 

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional Class

  
   

For the
Six Months
Ended
February 28,
2026
(UNAUDITED)

    

For the
Year Ended
August 31,
2025

    

For the
Year Ended
August 31,
2024

    

For the
Year Ended
August 31,
2023

    

For the
Year Ended
August 31,
2022

    

For the
Year Ended
August 31,
2021

  

Net Asset Value, Beginning of Period

  $ 20.18     $ 21.13     $ 18.81     $ 19.92     $ 19.33     $ 11.96  

Net Investment Income/(Loss)*

    0.19       0.16       0.16       0.20       0.09       0.07  

Net Realized and Unrealized Gain/(Loss) on Investments**

    2.32       0.12       3.56       1.80       0.80       7.39  

Net Increase/(Decrease) in Net Assets Resulting from Operations

    2.51       0.28       3.72       2.00       0.89       7.46  

Dividends to Shareholders from Net Investment Income

    (0.16 )     (0.16 )     (0.21 )     (0.09 )     (0.07 )     (0.09 )

Distributions to Shareholders from Net Realized Gains

    (1.75 )     (1.07 )     (1.19 )     (3.02 )     (0.23 )     —  

Total Dividend and Distributions to Shareholders

    (1.91 )     (1.23 )     (1.40 )     (3.11 )     (0.30 )     (0.09 )

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Net Asset Value, End of Period

  $ 20.78     $ 20.18     $ 21.13     $ 18.81     $ 19.92     $ 19.33  

Total Investment Return1

    13.26 %     1.39 %     20.99 %     11.35 %     4.59 %     62.66 %

Net Assets, End of Period (000)

  $ 35,447     $ 32,413     $ 33,078     $ 29,263     $ 32,264     $ 27,602  

Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any2

    1.10 %3     1.10 %     1.10 %     1.10 %     1.10 %     1.10 %

Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any

    1.17 %3     1.21 %     1.27 %     1.32 %     1.26 %     1.28 %

Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements

    1.88 %3     0.81 %     0.84 %     1.06 %     0.44 %     0.40 %

Portfolio Turnover Rate

    51 %4     92 %     74 %     90 %     92 %     114 %

 

 

*

Calculated based on average shares outstanding.

**

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

1

Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.

2

The expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

3

Annualized

4

Not Annualized

 

The accompanying notes are an integral part of the financial statements.

 

55

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

Notes to Financial Statements

FEBRUARY 28, 2026 (UNAUDITED)

 

1.

ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), WPG Partners Select Small Cap Value Fund (“WPG Select Small Cap Value Fund”) and WPG Partners Small Cap Value Diversified Fund (“WPG Small Cap Value Diversified Fund”) (each, a “Fund” and collectively, the “Funds”). As of the end of the reporting period, the Funds (other than the BP Global Equity Fund, WPG Select Small Cap Value Fund and WPG Small Cap Value Diversified Fund) each offer two classes of shares, Institutional Class and Investor Class. The BP Global Equity Fund, WPG Select Small Cap Value Fund and WPG Small Cap Value Diversified Fund are single class funds, offering only the Institutional Class of shares.

 

The investment objective of BP All-Cap Value Fund and BP Small Cap Value Fund II is to seek long-term growth of capital primarily through investment in equity securities. The investment objective of BP Global Equity Fund is to seek long-term capital growth. The investment objective of the WPG Select Small Cap Value Fund is to seek long-term capital appreciation. The investment objective of BP Long/Short Equity Fund is to seek long-term capital appreciation while reducing exposure to general equity market risk. The investment objective of WPG Small Cap Value Diversified Fund is to seek capital appreciation by investing primarily in common stocks, securities convertible into common stocks and in special situations. The investment objective of BP Long/Short Research Fund is to seek long-term total return.

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services-Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — The Funds’ value their investments at fair value. Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Securities listed or traded on U.S. exchanges, including swaps contracts, are valued at the last sales prices on the exchange where they are principally traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

 

56

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Boston Partners Global Investors, Inc. (“Boston Partners” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 — Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 — Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A summary of the inputs used to value each Fund’s investments as of the end of the reporting period is included in each Fund’s Schedule of Investments.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Funds had no significant level 3 investments or transfers.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Offering costs are amortized for a new fund and accrued over a 12-month period from the inception date of the fund. Offering costs are charged directly to the fund in which they are incurred. Expenses and fees, including investment advisory, offering costs, and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

57

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify or continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

SEC RULE 18f-4 — Rule 18f-4 under the 1940 Act (“Rule 18f-4”) provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Each of the BP Long/Short Equity Fund and BP Long/Short Research Fund as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. Each of the BP All-Cap Value Fund, BP Small Cap Value Fund II, WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, and BP Global Equity Fund, as a limited derivatives user (as defined in Rule 18f-4), is not subject to the full requirements of Rule 18f-4. The Funds are required to comply with Rule18f-4 and have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statements of Operations.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value. The Funds consider investments in the U.S Bank Money Market Deposit Account, a U.S. dollar-denominated deposit account offered through U.S. Bank, to be a cash equivalent. The Funds are exposed to the credit risk of U.S. Bank through the holding of this cash equivalent. This cash equivalent is presented on the Statements of Assets and Liabilities within Cash and cash equivalents.

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

 

CURRENCY RISK — The Funds invest in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Funds may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Funds’ NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Funds are determined on the basis of U.S. dollars, the Funds may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Funds’ holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Funds’ holdings in foreign securities.

 

FOREIGN SECURITIES MARKET RISK — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

 

INTERNATIONAL CONFLICT RISK — The ongoing Russia-Ukraine war and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. Additionally, armed conflict in the Middle East and South America and related events could cause significant impacts on

 

58

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

global markets. The price and liquidity of investments may fluctuate widely as a result of these conflicts and related events. How long the armed conflicts and related events will last cannot be predicted. These tensions and any related events could have a significant impact on a Fund’s performance and the value of a Fund’s investments, even beyond any direct exposure that the Funds may have to issuers located in these countries.

 

SHORT SALES — When the Adviser believes that a security is overvalued, the BP Long/Short Equity Fund and BP Long/Short Research Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

 

In accordance with the terms of its prime brokerage agreements, a Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest income or interest expense. During the current fiscal period, the BP Long/Short Equity Fund and BP Long/Short Research Fund had net income/(charges) of $146,783 and $1,033,774 respectively, on borrowed securities. Such amounts are included in prime broker interest income and prime broker interest expense on the Statements of Operations.

 

As of the end of the reporting period, the BP Long/Short Equity Fund and BP Long/Short Research Fund were invested in securities sold short. Information regarding values of securities and deposits pledged as collateral is included in the Schedules of Investments and Statements of Assets and Liabilities, respectively.

 

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), BP Long/Short Equity Fund and BP Long/Short Research Fund may borrow from Goldman Sachs to the extent necessary to maintain required margin cash deposits on short positions. Interest on such borrowings is charged to the Fund based on the overnight rate plus an agreed upon spread.

 

The BP Long/Short Equity Fund and BP Long/Short Research fund borrowed a maximum of $6,230,343 and $11,013,336, respectively. At the end of the reporting period, BP Long/Short Equity Fund and BP Long/Short Research Fund had no loans outstanding. The BP Long/Short Equity Fund and BP Long/Short Research Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:

 

 

BP LONG/SHORT EQUITY FUND

  
 

DAYS
UTILIZED

    

AVERAGE DAILY
BORROWINGS

    

WEIGHTED AVERAGE
INTEREST RATE

  
    35       AUD 42,968       4.28 %
    87       EUR 10,468       2.37 %
    36       HKD 228,010       2.56 %
    149       USD 1,992,750       4.38 %

 

59

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

BP LONG/SHORT RESEARCH FUND

DAYS
UTILIZED

  

AVERAGE DAILY
BORROWINGS

    

WEIGHTED AVERAGE
INTEREST RATE

  

73

     AUD 50,055       4.16 %

98

     CAD 112,747       2.66 %

105

     CHF 8,103       0.40 %

51

     DKK 100,427       2.15 %

117

     EUR 197,380       2.37 %

123

     GBP 71,038       4.19 %

56

     HKD 1,781,475       3.79 %

94

     JPY 18,243,544       0.98 %

81

     SEK 358,530       2.19 %

89

     USD 1,421,959       4.57 %

 

The BP Long/Short Equity Fund and BP Long/Short Research Fund incurred interest expense during the current fiscal period on such borrowings in the amount of $36,387 and $22,031, respectively.

 

CONTRACTS FOR DIFFERENCE — The BP Long/Short Equity Fund and BP Long/Short Research Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of a CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of a CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFDs.

 

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Schedule of Investments. As of the end of the reporting period, BP Long/Short Equity Fund and BP Long/Short Research Fund had cash deposits for CFDs, which were pledged as collateral. Information regarding values and deposits pledged as collateral is included in the Schedules of Investments and Statements of Assets and Liabilities, respectively. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of the end of the reporting period, the BP Long/Short Research Fund held CFDs. Information regarding fair value of CFDs held at period-end is included in the Statements of Assets and Liabilities. Information regarding realized gain/(loss) and change in unrealized appreciation/(depreciation) during the reporting period is included in the Statements of Operations.

 

During the current fiscal period, the average volume of CFDs was as follows:

 

FUND

  

NOTIONAL AMOUNT
LONG

    

NOTIONAL AMOUNT
SHORT

  

BP Long/Short Equity Fund

  $ —     $ 25,637  

BP Long/Short Research Fund

    —       79,835,211  

 

60

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

The following is a summary of CFD’s that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) as of the end of the reporting period:

 

           

GROSS AMOUNT NOT
OFFSET IN THE STATEMENT OF
ASSETS AND LIABILITIES

            

GROSS AMOUNT NOT
OFFSET IN THE STATEMENT OF
ASSETS AND LIABILITIES

  

FUND

  

GROSS
AMOUNTS OF
RECOGNIZED
ASSETS

    

FINANCIAL
INSTRUMENTS

    

CASH
COLLATERAL
RECEIVED

    

NET
AMOUNT1

    

GROSS
AMOUNTS OF
RECOGNIZED
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

CASH
COLLATERAL
PLEDGED2

    

NET
AMOUNT3

  

BP Long/Short Research Fund

                                                                

Goldman Sachs

  $ 585,384     $ (585,384 )   $ —     $ —     $ (745,565 )   $ 585,384     $ 160,181     $ —  

HSBC Bank

    23,492       —       —       23,492       —       —       —       —  

J.P. Morgan Securities, Inc.

    2,827,437       (1,642,303 )     —       1,185,134       (1,642,303 )     1,642,303       —       —  

Morgan Stanley

    1,745,513       (1,745,513 )     —       —       (3,798,115 )     1,745,513       —       (2,052,602 )

UBS AG

    5,243       (4,638 )     —       605       (4,638 )     4,638       —       —  

Total

  $ 5,187,069     $ (3,977,838 )   $ —     $ 1,209,231     $ (6,190,621 )   $ 3,977,838     $ 160,181     $ (2,052,602 )

 

1

Net amount represents the net amount receivable from the counterparty in the event of default.

2

Actual collateral pledged may be more than the amount shown.

3

Net amount represents the net amount payable to the counterparty in the event of default.

 

OPTIONS — Financial derivatives instruments, such as option contracts, derive their value from the performance of an underlying asset or index. The Funds may purchase and sell(write) put options and call options on securities or indices in standardized contracts listed on securities exchanges. The Funds may also purchase and sell (write) over-the-counter (“OTC”) put options and call options.

 

A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the options contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.

 

The Funds may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse,

 

61

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, the Funds did not hold purchased or written options. Information regarding realized gain/(loss) and change in unrealized appreciation/(depreciation) of options during the reporting period is included in the Statements of Operations.

 

During the current fiscal period, the Funds’ average quarterly volume of options transactions was as follows:

 

FUND

  

PURCHASED
OPTIONS
(COST)

    

WRITTEN OPTIONS
(PROCEEDS)

  

BP Long/Short Equity Fund

  $ 22,760     $ —  

BP Long/Short Research Fund

    —       —  

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the series’ prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISERS AND OTHER SERVICES

 

Boston Partners Global Investors, Inc. serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

 

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: short sale dividend expense, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation for all the Funds is in effect until December 31, 2027 and may not be terminated without the approval of the Board.

 

           

EXPENSE CAPS

  

FUND

  

ADVISORY FEE

    

INSTITUTIONAL
CLASS

   

INVESTOR
CLASS

 

BP All-Cap Value Fund

    0.70 %     0.80 %     1.05 %

BP Global Equity Fund

    0.90       0.95       N/A  

BP Long/Short Equity Fund

    2.25       1.96       2.21  

BP Long/Short Research Fund

    1.25       1.50       1.75  

BP Small Cap Value Fund II

    0.85       0.99       1.24  

WPG Select Small Cap Value Fund

    0.90       1.10       N/A  

WPG Small Cap Value Diversified Fund*

    0.80       1.10       N/A  

 

*

0.80% of net asset up to $500 million, 0.75% of net assets in excess of $500 million.

 

The Adviser may recoup from each Fund fees and expenses previously paid, waived, or absorbed for a period of three years after such fees or expenses were incurred, provided that the repayments do not cause the Funds’ operating expenses (excluding brokerage commissions, short sale dividend expense, taxes, interest expense, and any extraordinary expenses) to exceed the Expense Caps of each class of each Fund provided such reimbursement does not cause the Funds’ ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

62

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

During the current fiscal period, investment advisory fees recouped were as follows:

 

FUND

  

RECOUPMENTS

  

BP Small Cap Value Fund II

  $ 11,888  

WPG Select Small Cap Value Fund

    26,695  

 

As of the end of the reporting period, the Funds had amounts available for recoupment as of August 31 as follows:

 

FUND

  

2026

    

2027

    

2028

    

2029

    

TOTAL

  

BP All-Cap Value Fund

  $ 581,154     $ 650,637     $ 657,804     $ 445,783     $ 2,335,378  

BP Global Equity Fund

    312,531       357,823       394,414     $ 256,254     $ 1,321,022  

BP Long/Short Equity Fund

    440,825       414,321       416,555     $ 265,290     $ 1,536,991  

BP Small Cap Value Fund II

    301,845       231,790       196,442     $ 52,935     $ 783,012  

WPG Select Small Cap Value Fund

    26,270       39,014       47,132     $ —     $ 112,416  

WPG Small Cap Value Diversified Fund

    64,117       51,465       36,289     $ 12,154     $ 164,024  

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

 

The Board has approved a Distribution Agreement for the Funds and adopted separate Plans of Distribution for the Investor Class Shares of each Fund (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Quasar Distributors, LLC (the “Underwriter”) is entitled to receive from each Fund a distribution fee with respect to the Investor Class Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Investor Class Shares. Amounts paid to the Distributor under the Plans may be used by the Distributor to cover expenses that are related to (i) the sale of the Investor Class Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Investor Class Shares, all as set forth in the Plans.

 

3. DIRECTOR AND OFFICER COMPENSATION

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

 

63

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Funds were as follows:

 

FUND

  

PURCHASES

    

SALES

  

BP All-Cap Value Fund

  $ 120,940,891     $ 243,137,195  

BP Global Equity Fund

    84,387,981       86,378,342  

BP Long/Short Equity Fund

    60,511,260       42,536,937  

BP Long/Short Research Fund

    152,918,401       157,083,123  

BP Small Cap Value Fund II

    398,209,298       293,998,201  

WPG Select Small Cap Value Fund

    162,758,493       180,766,342  

WPG Small Cap Value Diversified Fund

    16,484,944       17,353,695  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

5. CAPITAL SHARE TRANSACTIONS

 

As of the end of the reporting period, each class of each Fund has 100,000,000 shares of $0.001 par value common stock authorized except for the Institutional Class Shares of the BP Long/Short Research Fund and WPG Small Cap Value Diversified Fund, which have 750,000,000 shares and 50,000,000 shares, respectively, of $0.001 par value common stock authorized.

 

6. RESTRICTED SECURITIES

 

Each Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of each Fund’s Schedule of Investments.

 

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

 

7. FEDERAL INCOME TAX INFORMATION

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments, including derivatives and foreign currency, held by each Fund were as follows:

 

FUND

  

FEDERAL
TAX COST

   

UNREALIZED
APPRECIATION

   

UNREALIZED
(DEPRECIATION)

   

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

 

BP All-Cap Value Fund

  $ 764,873,615     $ 596,705,636     $ (6,018,038 )   $ 590,687,598  

BP Global Equity Fund

    206,166,343       74,761,924       (7,242,179 )     67,519,745  

BP Long/Short Equity Fund

    41,919,980       32,116,188       (6,412,161 )     25,704,027  

BP Long/Short Research Fund

    281,454,998       194,135,861       (18,783,749 )     175,352,112  

BP Small Cap Value Fund II

    552,188,816       168,533,425       (22,311,561 )     146,221,864  

WPG Select Small Cap Value Fund

    166,375,832       27,091,669       (15,352,609 )     11,739,060  

WPG Small Cap Value Diversified Fund

    33,081,498       5,909,555       (1,767,014 )     4,142,541  

 

64

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

The following permanent differences as of August 31, 2025 were reclassified among the following accounts. They are primarily attributable to deemed distributions due to shareholder redemptions and investments in partnerships.

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

BP All-Cap Value Fund

  $ (15,304,321 )   $ 15,304,321  

BP Global Equity Fund

    (735,708 )     735,708  

BP Long/Short Equity Fund

    (893,953 )     893,953  

BP Long/Short Research Fund

    (13,169,470 )     13,169,470  

BP Small Cap Value Fund II

    (4,756,490 )     4,756,490  

WPG Select Small Cap Value Fund

    (941,667 )     941,667  

WPG Small Cap Value Diversified Fund

    (218,333 )     218,333  

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

CAPITAL LOSS
CARRYFORWARDS

    

QUALIFIED
LATE-YEAR LOSS
DEFERRAL

    

OTHER
TEMPORARY
DIFFERENCES

    

UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

BP All-Cap Value Fund

  $ 7,898,743     $ 96,128,048     $ —     $ —     $ —     $ 590,687,598  

BP Global Equity Fund

    8,432,265       13,659,951       —       —       —       67,519,745  

BP Long/Short Equity Fund

    2,304,806       5,355,099       —       —       (104,282 )     25,704,027  

BP Long/Short Research Fund

    5,382,747       44,223,778       —       —       (560,311 )     175,352,112  

BP Small Cap Value Fund II

    3,536,944       39,103,873       —       —       —       146,221,864  

WPG Select Small Cap Value Fund

    445,518       229,312       —       —       —       11,739,060  

WPG Small Cap Value Diversified Fund

    365,764       2,638,136       —       —       —       4,142,531  

 

The temporary differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

   

2025

  

FUND

  

ORDINARY
INCOME

   

LONG-TERM
GAINS

   

TOTAL

  

BP All-Cap Value Fund

  $ 14,315,274     $ 121,107,077     $ 135,422,351  

BP Global Equity Fund

    4,444,770       6,862,838       11,307,608  

BP Long/Short Equity Fund

    5,977,261       6,431,700       12,408,961  

BP Long/Short Research Fund

    4,599,811       55,804,947       60,404,758  

BP Small Cap Value Fund II

    7,882,656       66,175,952       74,058,608  

WPG Select Small Cap Value Fund

    3,800,237       1,531,193       5,331,430  

WPG Small Cap Value Diversified Fund

    898,973       1,077,343       1,976,316  

 

65

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

 

8. SECURITIES LENDING

 

The Funds may make secured loans of their Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, each Fund’s lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation to the securities lending agent, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. The Funds bear the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

MARKET VALUE
OF SECURITIES
LOANED

   

MARKET VALUE OF
COLLATERAL

   

INCOME RECEIVED
FROM SECURITIES
LENDING

 

BP All-Cap Value Fund

  $ 38,083,673     $ 38,632,507     $ 97,399  

BP Global Equity Fund

    7,528,832       7,744,556       7,347  

BP Long/Short Equity Fund

    11,243,626       11,377,342       23,122  

BP Small Cap Value Fund II

    88,690,803       92,801,420       65,065  

WPG Small Cap Value Diversified Fund

    5,662,021       5,831,045       6,673  

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to

 

66

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNT NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS AMOUNT
OF RECOGNIZED
ASSETS

   

GROSS
AMOUNTS
OFFSET IN
THE STATEMENTS
OF ASSETS
AND LIABILITIES

   

NET AMOUNT
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS
AND LIABILITIES

   

FINANCIAL
INSTRUMENTS1

   

CASH
COLLATERAL
RECEIVED

   

NET AMOUNT

  

BP All-Cap Value Fund

  $ 38,083,673       —     $ 38,083,673     $ (38,083,673 )     —       —  

BP Global Equity Fund

    7,528,832       —       7,528,832       (7,528,832 )     —       —  

BP Long/Short Equity Fund

    11,243,626       —       11,243,626       (11,243,626 )     —       —  

BP Small Cap Value Fund II

    88,690,803       —       88,690,803       (88,690,803 )     —       —  

WPG Small Cap Value Diversified Fund

    5,662,021       —       5,662,021       (5,662,021 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.

9. LINE OF CREDIT

 

The Company, on behalf of the Funds, has established a line of credit (“LoC”) with the Custodian to be used for temporary or emergency purposes, primarily for financing redemption payments. Any loan issued to a Fund utilizing the LoC (each, a “Borrowing Fund” and together, the “Borrowing Funds”) is secured by securities held in the Borrowing Fund’s portfolio. This is a 181-day LoC. Borrowing under the LoC is limited to the lesser of (i) $100,000,000, (ii) 20.0% of the gross market value of a Borrowing Fund, or (iii) 33 1/3% of the net market value of the unencumbered assets of a Borrowing Fund. The amount eligible to be borrowed must also be less than 300% of the market value of the assets pledged as collateral. The interest rate paid by the Borrowing Funds on outstanding borrowings is equal to the prime lending rate of the Custodian, which was 6.75% at February 28, 2026. Interest expense is included in Other expenses on the Statements of Operations.

 

During the current fiscal period, the Funds’ line of credit facility activity was as follows:

 

FUND

  

TOTAL
AMOUNT OF
DAYS
BORROWED

   

AVERAGE
BORROWINGS

   

MAXIMUM
AMOUNT
OUTSTANDING

   

INTEREST
EXPENSE

   

AVERAGE
INTEREST RATE

 

BP All-Cap Value Fund

    2     $ 10,710,500     $ 19,206,000     $ 4,150       6.83 %

BP Global Equity Fund

    5       1,463,600       5,066,000       1,372       6.79 %

BP Long/Short Equity Fund

    7       2,665,143       11,827,000       3,668       6.92 %

BP Long/Short Research Fund

    35       2,807,886       25,979,000       19,226       7.15 %

WPG Partners Select Small Cap Value Fund

    2       5,948,500       7,213,000       2,313       7.00 %

 

10. SUBSEQUENT EVENTS

 

The investment objectives of the Funds changed as of March 1, 2026. The investment objective of the BP All-Cap Value Fund, the BP Global Equity Fund, the BP Small Cap Value Fund II, the WPG Select Small Cap Value Fund, and the WPG Small Cap Value Diversified Fund is to seek long-term growth of capital and outperformance of its benchmark net of fees. The investment objective of the BP Long/Short Equity Fund and the BP Long/Short Research Fund is to seek long-term growth of capital with reduced exposure to general equity market risk.

 

Effective as of March 1, 2026, the Adviser has contractually agreed to lower its investment advisory fee for the BP Long/Short Equity Fund to 1.60% of the Fund’s average daily net assets. The Adviser has also agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.70% or 1.95% of the average daily net assets attributable to the Fund’s Institutional Class shares or Investor Class shares, respectively.

 

67

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

OTHER INFORMATION

FEBRUARY 28, 2026 (UNAUDITED)

 

Boston Partners Long/Short Equity Fund

 

As required by the 1940 Act, the Board, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the proposed amendment of the investment advisory agreement (the “Investment Advisory Agreement”) between Boston Partners and the Company on behalf of the Boston Partners Long/Short Equity Fund (for this section only, the “Fund”) to effect a reduction in the advisory fee payable by the Fund at a meeting of the Board held on February 18-19, 2026 (the “Meeting”). In addition to materials presented at the Meeting, the Board considered certain information and materials regarding the performance of the Fund, comparative expense information regarding the Fund, and the Investment Advisory Agreement that had previously been presented to the Board at a meeting held on May 13-14, 2025. At the Meeting, the Board, including all of the Independent Directors, approved the proposed amendment to the Investment Advisory Agreement for a term ending August 16, 2026. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement, the Board considered information provided by Boston Partners with the assistance and advice of counsel to the Independent Directors and the Company.

 

In considering the proposed amendment to the Investment Advisory Agreement between the Company and Boston Partners with respect to the Fund, the Directors took into account all the materials provided prior to and during the Meeting and at other meetings throughout the past year, including at the meeting held on May 13-14, 2025, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Boston Partners, and discussed the proposed amendment to the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Boston Partners were present. Among other things, the Directors considered (i) the nature, extent, and quality of Boston Partners’ services provided to the Fund; (ii) descriptions of the experience and qualifications of Boston Partners personnel providing those services; (iii) Boston Partners’ investment philosophies and processes; (iv) Boston Partners’ assets under management and client descriptions; (v) Boston Partners’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Boston Partners’ current advisory fee arrangements with the Company and other similarly managed clients, including the proposed reduction in both the Fund’s advisory fee payable under the amended Investment Advisory Agreement and the proposed reduction in the maximum limit to the total operating expenses the Fund would bear; (vii) Boston Partners’ compliance procedures; (viii) Boston Partners’ financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group and its benchmark for the year ended December 31, 2024; and (xi) updated performance information as of December 31, 2025 comparing the performance of the Fund to the performance of its Benchmark.

 

As part of their review, the Directors considered the nature, extent, and quality of the services provided by Boston Partners. The Directors concluded that Boston Partners had substantial resources to provide services to the Fund and that Boston Partners’ services had been acceptable.

 

The Directors also considered the investment performance of the Fund. Information on the Fund’s investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2024. The Directors considered the Fund’s investment performance in light of its investment objectives and investment strategies. The Directors concluded that the investment performance of the Fund as compared to its benchmark and Peer Group was acceptable.

 

In reaching this conclusion, the Directors noted that the Fund outperformed its primary benchmark, the S&P 500 Index, for the one-year, three-year, five-year and since-inception periods ended December 31, 2025, and underperformed its benchmark for the ten-year period ended December 31, 2025. The Directors noted that the Fund outperformed the median of its Peer Group for the one-year, three-year, five-year, and ten-year periods ended December 31, 2024, equaled the median of its Peer Group for the since-inception period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month period ended December 31, 2024. The Directors also noted that the Fund had received a 4-star Overall Morningstar Rating as of December 31, 2025 among 81 funds in Morningstar’s Long-Short Equity category.

 

The Board also considered the proposed lower advisory fee rate payable by the Fund under the amended Investment Advisory Agreement. In this regard, information on the advisory fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) was compared to similar information for its Peer Group. The Directors noted that Boston Partners had agreed to further reduce the maximum limit to the total operating expenses that the Fund would bear, and that Boston Partners had contractually agreed to waive management fees and reimburse expenses to achieve this agreed-upon total annual operating expense level through at least December 31, 2027.

 

68

 

 

 

BOSTON PARTNERS INVESTMENT FUNDS

 

OTHER INFORMATION (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

The Directors noted that, before the implementation of the proposed reduction in the advisory fee payable under the Investment Advisory Agreement, the Fund’s net advisory fee was above the median of its Peer Group as of December 31, 2024. The Directors further noted that, while the Fund’s net advisory fee would still be higher than the Peer Group average after the implementation of the proposed reduction to the advisory fee in the amended Investment Advisory Agreement, such reduced advisory fee would be more in line with the average net advisory fee of other industry peers that Boston Partners deemed to be direct competitors to the Fund.

 

After reviewing the information regarding the Fund’s costs, profitability and economies of scale, and after considering Boston Partners’ services, the Directors concluded that the proposed investment advisory fees to be paid by the Fund were fair and reasonable and that the amended Investment Advisory Agreement should be approved for the period ending August 16, 2026.

 

69

 

 

 

 

 

 

 

 

 

 

Campbell Systematic Macro Fund

 

of

 

THE RBB FUND, INC.

 

 

Class A (TICKER: EBSAX)

Class C (TICKER: EBSCX)

Class I (TICKER: EBSIX)

Financial Statements

 

 

February 28, 2026
(Unaudited)

 

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

 

 

Campbell Systematic Macro Fund

 

Consolidated Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY BILLS — 73.1%

        

3.93%, 03/05/2026 (a)

  $ 250,000,000     $ 249,924,893  

3.74%, 04/09/2026 (a)

    260,000,000       259,007,198  

3.72%, 05/14/2026 (a)

    200,000,000       198,546,084  

3.60%, 06/04/2026 (a)

    225,000,000       222,903,605  

3.50%, 07/09/2026 (a)

    220,000,000       217,197,475  

3.57%, 08/06/2026 (a)

    300,000,000       295,407,750  

TOTAL U.S. TREASURY BILLS (Cost $1,442,909,071)

             1,442,987,005  
                 
   

Shares

          

MONEY MARKET FUNDS — 2.4%

        

BlackRock Liquidity Funds T-Fund - Institutional Class, 3.56% (b)

    47,389,892       47,389,892  

TOTAL MONEY MARKET FUNDS (Cost $47,389,892)

            47,389,892  
                 

TOTAL INVESTMENTS — 75.5% (Cost $1,490,298,963)

            1,490,376,897  

Other Assets in Excess of Liabilities — 24.5%

            482,509,396  

TOTAL NET ASSETS — 100.0%

           $ 1,972,886,293  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

Campbell Systematic Macro Fund

 

Consolidated Schedule of INVESTMENTS (CONTINUED)

February 28, 2026 (Unaudited)

 

Futures contracts outstanding as of February 28, 2026 were as follows:

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
Value

    

Value/
Unrealized
Appreciation
(Depreciation)

  

3 Month Euribor

    3,779       03/15/2027     $ 1,094,102,013     $ 517,635  

Arabica Coffee

    269       05/18/2026       28,320,656       (80,350 )

ASX SPI 200 Index

    44       03/19/2026       7,178,389       25,247  

Brent Crude Oil

    736       04/30/2026       53,205,440       1,137,114  

CAC40 10 Euro Index

    773       03/20/2026       78,491,043       726,491  

Canadian 10 Year Government Bonds

    3,400       06/19/2026       306,188,190       1,912,428  

Canadian Canola Oil

    1,219       05/14/2026       12,291,431       137,448  

Copper

    19       05/27/2026       2,878,262       81,166  

Corn No. 2 Yellow

    2,599       05/14/2026       58,282,575       100,988  

Dow Jones Industrial Average Index

    37       03/20/2026       9,065,000       (77,213 )

Euro STOXX 50 Quanto Index

    543       03/20/2026       39,478,194       (27,315 )

EURO-BOBL

    4,924       06/08/2026       687,129,302       1,330,267  

Euro-BTP

    1,084       06/08/2026       156,174,593       248,471  

Euro-Bund

    5,045       06/08/2026       770,183,502       1,207,871  

EURO-BUXL 30Y

    31       06/08/2026       4,150,867       23,523  

Euro-OAT

    947       06/08/2026       138,126,313       266,633  

EURO-SCHATZ

    7,950       06/08/2026       1,005,034,207       42,941  

Feeder Cattle

    470       04/30/2026       82,532,000       (3,111,819 )

FTSE 100 Index

    939       03/20/2026       138,009,703       3,591,358  

FTSE China A50 Index

    449       03/30/2026       6,574,258       (60,938 )

FTSE/JSE Top 40 Index

    930       03/19/2026       70,152,910       3,376,043  

FTSE/MIB Index

    253       03/20/2026       70,657,106       2,858,578  

Hang Seng China Enterprises Index

    33       03/30/2026       1,872,632       (45,105 )

IBEX 35 Index

    359       03/20/2026       78,099,288       1,967,407  

ICE 3 Month SONIA Rate

    7,234       06/15/2027       2,358,997,817       2,880,874  

Lean Hogs

    409       04/15/2026       15,660,610       68,297  

Live Cattle

    1,459       04/30/2026       135,526,510       (4,895,076 )

London Metals - Aluminum(a)

    2,631       03/16/2026       206,490,746       10,458,125  

London Metals - Aluminum(a)

    878       06/15/2026       69,030,336       1,313,940  

London Metals - Copper(a)

    1,208       03/16/2026       401,685,972       55,014,443  

London Metals - Copper(a)

    109       06/15/2026       36,430,961       1,057,402  

London Metals - Lead(a)

    1,653       03/16/2026       79,669,228       (3,729,436 )

London Metals - Nickel(a)

    1,047       03/16/2026       111,083,281       11,371,093  

London Metals - Nickel(a)

    48       06/15/2026       5,154,477       (41 )

London Metals - Zinc(a)

    3,866       03/16/2026       319,878,639       9,469,747  

London Metals - Zinc(a)

    203       06/15/2026       16,857,881       (322,138 )

Long Gilt

    6,038       06/26/2026       762,287,023       8,907,840  

Low Sulphur Gas Oil

    788       04/10/2026       58,548,400       4,218,595  

MSCI Singapore Index

    1,126       03/30/2026       41,086,671       (316,342 )

Nasdaq 100 Index

    168       03/20/2026       84,015,960       (14,913 )

Natural Gas

    597       03/27/2026       17,068,230       (608,535 )

Natural Gas

    380       04/29/2026       10,526,293       220,522  

NY Harbor ULSD

    74       03/31/2026       8,068,368       229,128  

OMXS30 Index

    1,960       03/20/2026       70,045,749       1,750,811  

Physcial Electricity Index

    203       04/29/2026       12,723,006       379,299  

Reformulated Gasoline Blendstock

    730       03/31/2026       70,073,430       2,734,021  

Robusta Coffee

    866       05/22/2026       31,383,840       (2,208,339 )

Russell 2000 Index

    16       03/20/2026       2,107,760       (5,701 )

S&P 500 Index

    11       03/20/2026       3,788,950       (8,575 )

 

The accompanying notes are an integral part of the financial statements.
2

 

 

Campbell Systematic Macro Fund

 

Consolidated Schedule of INVESTMENTS (Continued)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
Value

    

Value/
Unrealized
Appreciation
(Depreciation)

  

S&P/Toronto Stock Exchange 60 Index

    178       03/19/2026     $ 51,453,686     $ 750,436  

SGX FTSE Taiwan Index

    209       03/30/2026       23,702,690       629,592  

SGX TSI Iron Ore

    521       04/30/2026       5,124,556       150,517  

Soybeans

    856       05/14/2026       50,108,100       1,209,290  

TOPIX Index

    70       03/12/2026       17,725,803       794,166  

U.S. Treasury 10 Year Notes

    4,769       06/18/2026       542,771,813       2,653,688  

U.S. Treasury 5 Year Note

    5,034       06/30/2026       554,447,906       1,617,618  

U.S. Treasury Long Bonds

    2,849       06/18/2026       337,517,469       3,062,548  

U.S. Treasury Ultra Bonds

    279       06/18/2026       33,924,656       316,455  

UK Natural Gas

    125       04/29/2026       4,072,241       75,925  

US Cocoa

    281       05/13/2026       8,115,280       (472,249 )

Wheat

    1,605       05/14/2026       47,467,875       2,172,828  
                            $ 127,074,724  

 

 

 

 

Description

  

Contracts
Sold

    

Expiration
Date

    

Notional
Value

    

Value/
Unrealized
Appreciation
(Depreciation)

  

3 Month Canadian Overnight Repo Rate Average

    (505)       09/14/2027     $ 90,407,976     $ (62,902 )

3-Month Secured Overnight Financing Rate

    (2,504)       09/14/2027       607,595,600       (681,884 )

Austrailian Government 10 Year Bonds

    (9,438)       03/16/2026       742,662,255       (8,375,564 )

Austrailian Government 3 Year Bonds

    (194)       03/16/2026       14,491,680       (24,292 )

Australian 90 Day Bank Bills

    (4,504)       03/11/2027       3,171,716,739       (522,735 )

Cotton No.2

    (510)       05/06/2026       16,730,550       (443,725 )

Crude Oil

    (115)       03/20/2026       7,707,300       (231,438 )

Crude Soybean Oil

    (819)       05/14/2026       30,393,090       (2,890,117 )

German Stock Index

    (72)       03/20/2026       53,910,033       (135,498 )

Gold

    (79)       04/28/2026       41,458,410       (514,455 )

Hang Seng Index

    (127)       03/30/2026       21,596,850       (64,991 )

Hard Red Winter Wheat

    (49)       05/14/2026       1,422,225       (4,923 )

ICE European Climate Exchange Emissions

    (49)       12/14/2026       4,069,679       818,326  

Japanese 10 Year Government Bonds

    (353)       03/13/2026       300,185,061       (472,282 )

London Metals - Aluminum(a)

    (2,631)       03/16/2026       206,490,746       (9,600,320 )

London Metals - Aluminum(a)

    (620)       06/15/2026       48,745,795       (375,742 )

London Metals - Copper(a)

    (1,208)       03/16/2026       401,685,972       (39,106,521 )

London Metals - Copper(a)

    (223)       06/15/2026       74,533,068       (1,001,387 )

London Metals - Lead(a)

    (1,653)       03/16/2026       79,669,228       3,533,368  

London Metals - Lead(a)

    (642)       06/15/2026       31,647,069       87,296  

London Metals - Nickel(a)

    (1,047)       03/16/2026       111,083,280       (7,428,679 )

London Metals - Nickel(a)

    (428)       06/15/2026       45,960,754       (1,524,297 )

London Metals - Zinc(a)

    (3,866)       03/16/2026       319,878,639       (19,771,737 )

London Metals - Zinc(a)

    (998)       06/15/2026       82,877,662       841,806  

MSCI EAFE Index

    (11)       03/20/2026       1,740,805       (95,384 )

MSCI Emerging Markets Index

    (31)       03/20/2026       2,485,735       (152,836 )

Nifty 50 Index

    (170)       03/30/2026       8,596,900       118,765  

Nikkei 225 Index

    (184)       03/12/2026       69,634,041       (458,329 )

Palladium

    (39)       06/26/2026       7,131,150       (215,566 )

Platinum

    (15)       04/28/2026       1,780,125       (211,382 )

S&P Mid Cap 400 Index

    (13)       03/20/2026       4,651,270       (3,379 )

 

The accompanying notes are an integral part of the financial statements.
3

 

 

Campbell Systematic Macro Fund

 

Consolidated Schedule of INVESTMENTS (Concluded)

February 28, 2026 (Unaudited)

 

Description

  

Contracts
Sold

    

Expiration
Date

    

Notional
Value

    

Value/
Unrealized
Appreciation
(Depreciation)

  

Silver

    (70)       05/27/2026     $ 32,651,850     $ (1,603,023 )

Soybean Meal

    (559)       05/14/2026       17,915,950       (882,168 )

Sugar #11

    (2,240)       04/30/2026       34,847,232       (390,163 )

U.S. Treasury 2 Year Notes

    (3,632)       06/30/2026       760,081,127       (1,346,710 )
                            $ (93,192,868 )

Net Unrealized Appreciation (Depreciation)

                           $ 33,881,856  

 

 

 

 

The Fund has recorded an asset of $10,286,922 as of February 28, 2026 related to the current day’s variation margin related to these contracts.

 

(a)

London Metal Exchange (“LME”) futures contracts settle on their respective maturity date, and do not have daily cash movements like other futures contracts. The unrealized appreciation on these contracts is a receivable for unsettled open futures contracts and the unrealized depreciation is a payable for unsettled open futures contracts on the Fund’s consolidated Stement of Assets and Liabilities.

 

The accompanying notes are an integral part of the financial statements.
4

 

 

Campbell Systematic Macro Fund

 

CONSOLIDATED Schedule of INVESTMENTS

February 28, 2026 (Unaudited)

 

Forwards contracts outstanding as of February 28, 2026 were as follows:

 

Counterparty

  

Settlement
Date

            

Currency
Purchased

            

Currency Sold

    

Unrealized
Appreciation
(Depreciation)

  

UBS AG

     03/18/2026          

AUD

     893,100,000          

USD

     604,657,825     $ 30,870,050  

UBS AG

     03/18/2026          

BRL

     1,382,200,000          

USD

     249,382,785       18,829,511  

UBS AG

     03/18/2026          

CAD

     780,050,000          

USD

     570,710,624       1,623,917  

UBS AG

     03/18/2026          

CHF

     284,000,000          

USD

     363,472,745       6,776,976  

UBS AG

     03/18/2026          

CLP

     111,840,000,000          

USD

     124,261,795       3,880,208  

UBS AG

     03/18/2026          

CNH

     223,100,000          

USD

     32,096,233       467,303  

UBS AG

     03/18/2026          

COP

     455,760,000,000          

USD

     116,900,136       3,941,219  

UBS AG

     03/18/2026          

CZK

     4,158,800,000          

USD

     202,127,460       702,964  

UBS AG

     03/18/2026          

EUR

     1,636,350,000          

USD

     1,923,791,254       11,737,658  

UBS AG

     03/18/2026          

GBP

     1,773,300,000          

USD

     2,387,821,631       2,075,453  

UBS AG

     03/18/2026          

HUF

     92,838,000,000          

USD

     281,300,977       9,427,516  

UBS AG

     03/25/2026          

IDR

     5,101,425,000,000          

USD

     303,095,618       965,496  

UBS AG

     03/18/2026          

KRW

     296,205,000,000          

USD

     203,065,883       2,977,804  

UBS AG

     03/18/2026          

MXN

     5,310,600,000          

USD

     295,712,724       12,083,173  

UBS AG

     03/18/2026          

NOK

     6,571,500,000          

USD

     658,750,008       32,307,325  

UBS AG

     03/18/2026          

NZD

     1,385,600,000          

USD

     814,568,370       17,245,439  

UBS AG

     03/18/2026          

PHP

     11,358,000,000          

USD

     192,056,003       4,787,304  

UBS AG

     03/18/2026          

PLN

     1,051,200,000          

USD

     293,065,960       1,111,989  

UBS AG

     03/18/2026          

SGD

     97,053,000          

USD

     76,053,310       789,452  

UBS AG

     03/18/2026          

TWD

     2,634,300,000          

USD

     84,400,663       115,190  

UBS AG

     03/18/2026          

USD

     6,716,840          

COP

     25,140,000,000       51,157  

UBS AG

     03/18/2026          

USD

     2,553,576,081          

GBP

     1,891,300,000       4,649,020  

UBS AG

     03/18/2026          

USD

     1,202,646,826          

JPY

     186,940,500,000       3,565,473  

UBS AG

     03/18/2026          

ZAR

     4,690,400,000          

USD

     278,388,225       15,714,244  

UBS AG

     03/18/2026          

INR

     33,065,000,000          

USD

     364,733,016       (1,753,582 )

UBS AG

     03/18/2026          

JPY

     193,063,500,000          

USD

     1,246,072,169       (7,716,421 )

UBS AG

     03/18/2026          

SEK

     1,824,750,000          

USD

     203,260,653       (899,924 )

UBS AG

     03/18/2026          

USD

     614,562,009          

AUD

     905,250,000       (29,611,777 )

UBS AG

     03/18/2026          

USD

     110,005,953          

BRL

     583,600,000       (3,240,101 )

UBS AG

     03/18/2026          

USD

     876,578,196          

CAD

     1,200,900,000       (4,540,387 )

UBS AG

     03/18/2026          

USD

     528,814,196          

CHF

     416,100,000       (13,653,793 )

UBS AG

     03/18/2026          

USD

     98,774,321          

CLP

     86,330,000,000       (139,298 )

UBS AG

     03/18/2026          

USD

     95,111,901          

CNH

     665,200,000       (1,980,273 )

UBS AG

     03/18/2026          

USD

     211,485,789          

CZK

     4,380,400,000       (2,152,374 )

UBS AG

     03/18/2026          

USD

     2,370,406,609          

EUR

     2,012,100,000       (9,571,833 )

UBS AG

     03/18/2026          

USD

     177,228,458          

HUF

     57,975,000,000       (4,324,186 )

UBS AG

     03/25/2026          

USD

     296,321,884          

IDR

     4,986,450,000,000       (886,355 )

UBS AG

     03/18/2026          

USD

     286,199,043          

INR

     26,201,000,000       (1,429,088 )

UBS AG

     03/18/2026          

USD

     137,026,521          

KRW

     197,880,000,000       (621,138 )

UBS AG

     03/18/2026          

USD

     367,402,154          

MXN

     6,552,900,000       (12,395,935 )

UBS AG

     03/18/2026          

USD

     275,146,675          

NOK

     2,683,500,000       (7,049,529 )

UBS AG

     03/18/2026          

USD

     912,374,059          

NZD

     1,562,250,000       (25,487,605 )

UBS AG

     03/18/2026          

USD

     101,151,273          

PHP

     5,928,750,000       (1,598,750 )

UBS AG

     03/18/2026          

USD

     232,366,949          

PLN

     840,000,000       (2,706,755 )

UBS AG

     03/18/2026          

USD

     413,039,071          

SEK

     3,764,850,000       (4,474,446 )

UBS AG

     03/18/2026          

USD

     171,041,069          

SGD

     219,606,000       (2,834,356 )

UBS AG

     03/18/2026          

USD

     18,685,277          

TWD

     589,500,000       (227,564 )

UBS AG

     03/18/2026          

USD

     265,374,878          

ZAR

     4,302,000,000       (4,373,719 )

Net Unrealized Appreciation (Depreciation)

  $ 43,026,652  

 

The accompanying notes are an integral part of the financial statements.
5

 

 

Campbell Systematic Macro Fund

 

CONSOLIDATED Schedule of INVESTMENTS (Concluded)

February 28, 2026 (Unaudited)

 

AUD - Australian Dollars   KRW - South Korean Won
BRL - Brazilian Real   MXN - Mexican Peso
CAD - Canadian Dollar   NOK - Norwegian Krone
CHF - Swiss Franc   NZD - New Zealand Dollar
CLP - Chilean Peso   PHP - Philippine Peso
CNH - Chinese Offshore Renminbi   PLN - Polish Zloty
COP - Colombian Peso   SEK - Swedish Krona
CZK - Czech Republic Koruna   SGD - Singapore Dollar
EUR - Euro   TWD - New Taiwan Dollar
GBP - British Pound   USD - United States Dollar
HUF - Hungarian Forint   ZAR - South African Rand
IDR - Indonesian Rupiah      
INR - Indian Rupee      
JPY - Japanese Yen      

 

The accompanying notes are an integral part of the financial statements.
6

 

 

Campbell Systematic Macro Fund

 

Consolidated Statement of Assets and Liabilities

February 28, 2026 (Unaudited)

 

ASSETS:

        

Short-term investments, at value (cost $1,490,298,963)

  $ 1,490,376,897  

Deposit at broker for future contracts

    222,282,733  

Cash - interest bearing deposit account

    184,454,503  

Unrealized appreciation on futures contracts

    148,458,370  

Unrealized appreciation on forward foreign currency contracts

    186,695,839  

Receivable for fund shares sold

    3,667,898  

Interest receivable

    634,492  

Total assets

    2,236,570,732  

LIABILITIES:

        

Unrealized depreciation on futures contracts

    114,576,514  

Unrealized depreciation on forward foreign contracts

    143,669,187  

Payable to Adviser

    2,282,576  

Payable for capital shares redeemed

    1,235,627  

Payable for expenses and other liabilities

    1,920,535  

Total liabilities

    263,684,439  

NET ASSETS

  $ 1,972,886,293  

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 201,701  

Additional paid-in capital

    1,934,381,712  

Total distributable earnings

    38,302,880  

Total net assets

  $ 1,972,886,293  

Class A

        

Net assets

  $ 48,748,161  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    5,043,760  

Net asset value per share

  $ 9.67  

Max offering price per share (net asset value per share divided by 0.965)(1)

  $ 10.02  
         

Class C

        

Net assets

    21,199,741  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    2,358,406  

Net asset value per share

  $ 8.99  
         

Class I

        

Net assets

  1,902,938,391  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    194,299,212  

Net asset value per share

  $ 9.79  

Investments, at cost

  $ 1,490,298,963  

Foreign currency, at cost

  $ 44,149,664  

 

 

(1)

Reflects a maximum sales charge of 3.50%.

 

The accompanying notes are an integral part of the financial statements.
7

 

 

Campbell Systematic Macro Fund

 

Consolidated Statement of Operations

For the Period Ended February 28, 2026 (Unaudited)

 

INVESTMENT INCOME:

        

Interest income

  $ 35,622,771  

Total investment income

    35,622,771  

EXPENSES:

        

Investment advisory fee

    15,959,202  

Transfer agent fees

    1,595,952  

Compliance fees

    248,516  

Reports to shareholders

    228,211  

Trustees’ fees

    172,900  

Distribution expenses - Class C

    82,350  

Distribution expenses - Class A

    62,930  

Fund administration and accounting fees

    138,687  

Federal and state registration fees

    133,661  

Legal fees

    42,954  

Shareholder service costs - Class C

    27,450  

Custodian fees

    25,976  

Audit fees

    18,701  

Other expenses and fees

    16,697  

Total expenses

    18,754,187  

Expense reimbursement by Adviser

    (1,551,821 )

Net expenses

    17,202,366  

NET INVESTMENT INCOME

    18,420,405  

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

        

Futures contracts

    48,088,134  

Forward currency contracts

    (75,403,744 )

Foreign currency translation

    2,976,168  

Net realized gain (loss)

    (24,339,442 )

Net change in unrealized appreciation (depreciation) on:

        

Investments

    (315,809 )

Future contracts

    7,248,889  

Forward currency contracts

    75,741,392  

Foreign currency translation

    (74,366 )

Net change in unrealized appreciation (depreciation)

    82,600,106  

Net realized and unrealized gain (loss)

    58,260,664  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 76,681,069  

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

Campbell Systematic Macro Fund

 

Consolidated Statements of Changes in Net Assets

 

   

For the
Period Ended
February 28,
2026
(Unaudited)

    

For the
Year Ended
August 31,
2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 18,420,405     $ 38,542,102  

Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts

    (24,339,442 )     (2,225,780 )

Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts

    82,600,106       (9,445,861 )

Net increase/(decrease) in net assets resulting from operations

    76,681,069       26,870,461  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:

                

Distributable earnings

               

Class A Shares

    (1,510,072 )     (1,420,635 )

Class C Shares

    (583,867 )     (364,758 )

Class I Shares

    (57,982,343 )     (37,163,038 )

Total distributable earnings

    (60,076,282 )     (38,948,431 )

Net decrease in net assets from dividends and distributions to shareholders

    (60,076,282 )     (38,948,431 )
                 

CAPITAL SHARE TRANSACTIONS:

                

Class A Shares

               

Proceeds from shares sold

    7,061,700       20,988,989  

Proceeds from reinvestment of distributions

    1,493,743       1,412,399  

Shares redeemed

    (12,267,348 )     (24,360,331 )

Total from Class A Shares

    (3,711,905 )     (1,958,943 )

Class C Shares

               

Proceeds from shares sold

    2,753,690       7,099,091  

Proceeds from reinvestment of distributions

    578,750       361,630  

Shares redeemed

    (4,495,122 )     (3,446,361 )

Total from Class C Shares

    (1,162,682 )     4,014,360  

Class I Shares

               

Proceeds from shares sold

    429,282,593       1,183,826,586  

Proceeds from reinvestment of distributions

    50,430,512       33,469,034  

Shares redeemed

    (485,485,102 )     (485,223,860 )

Total from Class I Shares

    (5,771,997 )     732,071,760  

Net increase/(decrease) in net assets from capital share transactions

    (10,646,584 )     734,127,177  

Total increase/(decrease) in net assets

    5,958,203       722,049,207  

 

 

The accompanying notes are an integral part of the financial statements.
9

 

 

Campbell Systematic Macro Fund

 

Consolidated Statements of Changes in Net Assets (Concluded)

 

   

For the
Period Ended
February 28,
2026
(Unaudited)

    

For the
Year Ended
August 31,
2025

  

NET ASSETS:

                

Beginning of period

  $ 1,966,928,090     $ 1,244,878,883  

End of period

  $ 1,972,886,293     $ 1,966,928,090  
                 

SHARE TRANSACTIONS:

                

Class A Shares

               

Shares sold

    748,910       2,149,736  

Shares reinvested

    159,248       148,674  

Shares redeemed

    (1,306,566 )     (2,517,992 )

Total from Class A Shares

    (398,408 )     (219,582 )

Class C Shares

               

Shares sold

    311,962       776,735  

Shares reinvested

    66,219       40,678  

Shares redeemed

    (509,641 )     (378,480 )

Total from Class C Shares

    (131,408 )     438,933  

Class I Shares

               

Shares sold

    44,488,983       119,207,029  

Shares reinvested

    5,308,475       3,482,730  

Shares redeemed

    (50,529,478 )     (49,030,020 )

Total from Class I Shares

    (732,020 )     73,659,739  

Net increase/(decrease) in shares outstanding

    (1,261,888 )     73,879,090  

 

 

The accompanying notes are an integral part of the financial statements.
10

 

 

Campbell Systematic Macro Fund

 

Consolidated Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

Class A

  
   

For the
Period
Ended
February 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

Per Share Operating Performance

                                                

Net asset value, beginning of period

  $ 9.57     $ 9.53     $ 9.37     $ 10.65     $ 8.76     $ 7.55  

Net investment income/(loss)(1)

    0.07       0.20       0.25       0.16       (0.11 )     (0.16 )

Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (2)

    0.31       0.09       0.04       (0.05 )     2.57       1.37  

Net increase/(decrease) in net assets resulting from operations

    0.38       0.29       0.29       0.11       2.46       1.21  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.28 )     (0.12 )     (0.13 )     (0.20 )     (0.48 )     —  

Net realized capital gain

    —       (0.13 )     —       (1.19 )     (0.09 )     —  

Return of capital

    —                                          

Total dividends and distributions to shareholders

    (0.28 )     (0.25 )     (0.13 )     (1.39 )     (0.57 )     —  

Net asset value, end of period

  $ 9.67     $ 9.57     $ 9.53     $ 9.37     $ 10.65     $ 8.76  

Total investment return (3)

    3.92 %     3.06 %     3.15 %     0.93 %     30.09 %     16.03 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 48,748     $ 52,105     $ 53,942     $ 61,813     $ 65,549     $ 12,613  

Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (4)

    1.82 %(7)     2.00 %     2.00 %     2.00 %     2.00 %     2.03 %

Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments(5)

    1.98 %(7)     2.09 %     2.09 %     2.12 %     2.16 %     2.36 %

Ratio of net investment income/(loss) to average net assets

    1.57 %(7)     2.09 %     2.67 %     1.71 %     (1.32 )%     (1.93 )%

Portfolio turnover rate (6)

    0 %     0 %     0 %     0 %     0 %     0 %

 

 

(1)

Calculated based on average shares outstanding for the period.

(2)

The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3)

Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(4) Ratio of net expenses to average net assets excluding interest expense

2.00%

2.00%

2.00%

2.00%

2.00%

 

(5) Ratio of gross expenses to average net assets excluding interest expense

2.09%

2.09%

2.12%

2.16%

2.33%

 

(6)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(7)

Annualized.

 

The accompanying notes are an integral part of the financial statements.
11

 

 

Campbell Systematic Macro Fund

 

Consolidated Financial Highlights (Continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

Class C

  
   

For the
Period
Ended
February 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

Per Share Operating Performance

                                               

Net asset value, beginning of period

  $ 8.91     $ 8.88     $ 8.72     $ 10.02     $ 8.38     $ 7.28  

Net investment income/(loss)(1)

    0.04       0.12       0.17       0.09       (0.20 )     (0.21 )

Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (2)

    0.28       0.08       0.04       (0.05 )     2.45       1.31  

Net increase/(decrease) in net assets resulting from operations

    0.32       0.20       0.21       0.04       2.25       1.10  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.24 )     (0.04 )     (0.05 )     (0.15 )     (0.52 )     —  

Net realized capital gain

    —       (0.13 )     —       (1.19 )     (0.09 )     —  

Total dividends and distributions to shareholders

    (0.24 )     (0.17 )     (0.05 )     (1.34 )     (0.61 )     —  

Net asset value, end of period

  $ 8.99     $ 8.91     $ 8.88     $ 8.72     $ 10.02     $ 8.38  

Total investment return (3)

    3.62 %     2.26 %     2.38 %     0.22 %     29.13 %     15.11 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 21,200     $ 22,196     $ 18,205     $ 18,610     $ 15,654     $ 9,079  

Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (4)

    2.58 %(7)     2.75 %     2.75 %     2.75 %     2.75 %     2.78 %

Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (5)

    2.74 %(7)     2.84 %     2.84 %     2.87 %     2.91 %     3.11 %

Ratio of net investment income/(loss) to average net assets

    0.82 %(7)     1.34 %     1.92 %     0.96 %     (2.07 )%     (2.67 )%

Portfolio turnover rate (6)

    0 %     0 %     0 %     0 %     0 %     0 %

 

 

(1)

Calculated based on average shares outstanding for the period.

(2)

The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3)

Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(4) Ratio of net expenses to average net assets excluding interest expense

2.75%

2.75%

2.75%

2.75%

2.75%

 

(5) Ratio of gross expenses to average net assets excluding interest expense

2.84%

2.84%

2.87%

2.91%

3.08%

 

(6)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(7)

Annualized.

 

The accompanying notes are an integral part of the financial statements.
12

 

 

Campbell Systematic Macro Fund

 

Consolidated Financial Highlights (Concluded)

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

 

   

Class I

  
   

For the
Period
Ended
February 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

Per Share Operating Performance

                                               

Net asset value, beginning of period

  $ 9.70     $ 9.66     $ 9.51     $ 10.77     $ 8.90     $ 7.65  

Net investment income/(loss)(1)

    0.09       0.23       0.27       0.20       (0.09 )     (0.14 )

Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (2)

    0.30       0.09       0.04       (0.05 )     2.59       1.39  

Net increase/(decrease) in net assets resulting from operations

    0.39       0.32       0.31       0.15       2.50       1.25  

Dividends and distributions to shareholders from:

                                                

Net investment income

    (0.30 )     (0.15 )     (0.16 )     (0.22 )     (0.54 )     —  

Net realized capital gain

    —       (0.13 )     —       (1.19 )     (0.09 )     —  

Total dividends and distributions to shareholders

    (0.30 )     (0.28 )     (0.16 )     (1.41 )     (0.63 )     —  

Net asset value, end of period

  $ 9.79     $ 9.70     $ 9.66     $ 9.51     $ 10.77     $ 8.90  

Total investment return (3)

    4.07 %     3.38 %     3.42 %     1.25 %     30.35 %     16.34 %

Ratios/Supplemental Data

                                                

Net assets, end of period (000’s omitted)

  $ 1,902,939     $ 1,892,627     $ 1,172,732     $ 783,009     $ 555,072     $ 119,324  

Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (4)

    1.58 %(7)     1.75 %     1.75 %     1.75 %     1.75 %     1.78 %

Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (5)

    1.74 %(7)     1.84 %     1.84 %     1.87 %     1.91 %     2.11 %

Ratio of net investment income/(loss) to average net assets

    1.82 %(7)     2.34 %     2.92 %     1.96 %     (1.07 )%     (1.68 )%

Portfolio turnover rate (6)

    0 %     0 %     0 %     0 %     0 %     0 %

 

 

(1)

Calculated based on average shares outstanding for the period.

(2)

The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3)

Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(4) Ratio of net expenses to average net assets excluding interest expense

1.75%

1.75%

1.75%

1.75%

1.75%

 

(5) Ratio of gross expenses to average net assets excluding interest expense

1.84%

1.84%

1.87%

1.91%

2.08%

 

(6)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(7)

Annualized.

 

The accompanying notes are an integral part of the financial statements.
13

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Campbell Systematic Macro Fund (the “Fund”), which commenced investment operations on March 4, 2013. The Fund currently offers Class A shares, Class C shares and Class I shares. Class A shares and Class I shares commenced operations on March 4, 2013. Class C shares commenced operations on February 11, 2014.

 

Class C shares and Class I shares are offered at net asset value. Class A shares are offered at net asset value plus a maximum sales charge of 3.50%. Prior to February 16, 2021, Class A shares were offered at net asset value plus a maximum sales charge of 5.75%. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on redemptions of Class C shares made within twelve months after a purchase of such shares. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

 

The Fund’s investment objective is to seek capital appreciation over the medium to long-term.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

CONSOLIDATION OF SUBSIDIARY — The Campbell Systematic Macro Program is achieved by the Fund investing up to 25% of its total assets in the Campbell Systematic Macro Offshore Limited Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of the Subsidiary in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of February 28, 2026 the net assets of the Subsidiary were $165,177,036, which represented 8.4% of the Fund’s net assets.

 

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

14

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

    

TOTAL

  

Short-Term Investments

  $ 1,490,376,897     $ —     $ —     $ 1,490,376,897  

Commodity Contracts

                               

Futures Contracts

    106,880,683       —       —       106,880,683  

Equity Contracts

                               

Futures Contracts

    16,588,894       —       —       16,588,894  

Interest Rate Contracts

                               

Futures Contracts

    24,988,793       —       —       24,988,793  

Foreign Exchange Contracts

                               

Forward Foreign Currency Contracts

    —       186,695,841       —       186,695,841  

Total Assets

  $ 1,638,835,267     $ 186,695,841     $ —     $ 1,825,531,108  

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

    

TOTAL

  

Commodity Contracts

                                

Futures Contracts

  $ (101,623,626 )   $ —     $ —     $ (101,623,626 )

Equity Contracts

                               

Futures Contracts

    (1,466,519 )     —       —       (1,466,519 )

Interest Rate Contracts

                               

Futures Contracts

    (11,486,369 )     —       —       (11,486,369 )

Foreign Exchange Contracts

                               

Forward Foreign Currency Contracts

    —       (143,669,189 )     —       (143,669,189 )

Total Liabilities

  $ (114,576,514 )   $ (143,669,189 )   $ —     $ (258,245,703 )

 

15

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Fund had no Level 3 purchases, sales, or transfers.

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the current fiscal period include forward foreign currency contracts and futures contracts.

 

During the current fiscal period, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies and commodities (through investment in the Subsidiary), to gain investment exposure in accordance with its investment objective.

 

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

 

16

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The following table lists the fair values of the Fund’s derivative holdings as of the end of the current fiscal period, grouped by contract type and risk exposure category.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES
LOCATION

    

COMMODITY
CONTRACTS

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

TOTAL

  

ASSET DERIVATIVES

Futures Contracts (a)

     Unrealized appreciation on futures contracts     $ 106,880,683     $ 16,588,894     $ 24,988,793     $ —     $ 148,458,370  

Forward Contracts (a)

     Unrealized appreciation on forward foreign currency contracts       —       —       —       186,695,841       186,695,841  

Total Value - Assets

           $ 106,880,683     $ 16,588,894     $ 24,988,793     $ 186,695,841     $ 335,154,211  

LIABILITY DERIVATIVES

Futures Contracts (a)

     Unrealized depreciation on futures contracts     $ (101,623,626 )   $ (1,466,519 )   $ (11,486,369 )   $ —     $ (114,576,514 )

Forward Contracts (a)

     Unrealized depreciation on forward foreign currency contracts       —       —       —       (143,669,189 )     (143,669,189 )

Total Value - Liabilities

           $ (101,623,626 )   $ (1,466,519 )   $ (11,486,369 )   $ (143,669,189 )   $ (258,245,703 )

 

(a)

This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Portfolio of Investments.

 

17

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

COMMODITY
CONTRACTS

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

TOTAL

  

REALIZED GAIN (LOSS)

Futures Contracts

     Net realized gain/(loss) from futures contracts     $ 92,664,230     $ 19,359,398     $ (63,003,237 )   $ —     $ 49,020,391  

Forward Contracts

     Net realized gain/(loss) from forward foreign currency contracts       —       —       —       (75,403,744 )     (75,403,744 )

Total Realized Gain/(Loss)

 

   $ 92,664,230     $ 19,359,398     $ (63,003,237 )   $ (75,403,744 )   $ (26,383,353 )

 

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

 

DERIVATIVE TYPE

  

CONSOLIDATED
STATEMENT OF
OPERATIONS
LOCATION

    

COMMODITY
CONTRACTS

    

EQUITY
CONTRACTS

    

INTEREST
RATE
CONTRACTS

    

FOREIGN
CURRENCY
CONTRACTS

    

TOTAL

  

CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts     $ (18,648,276 )   $ 9,906,128     $ 15,991,039     $ —     $ 7,248,891  

Forward Contracts

     Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts       —       —       —       75,741,391       75,741,391  

Total Change in Unrealized Appreciation/(Depreciation)

           $ (18,648,276 )   $ 9,906,128     $ 15,991,039     $ 75,741,391     $ 82,990,282  

 

18

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

 

FUND

  

LONG FUTURES
NOTIONAL AMOUNT

    

SHORT FUTURES
NOTIONAL AMOUNT

    

FORWARD
FOREIGN CURRENCY
CONTRACTS-PAYABLE
(VALUE AT TRADE DATE)

    

FORWARD FOREIGN
CURRENCY CONTRACTS-
RECEIVABLE (VALUE AT
TRADE DATE)

  

Campbell Systematic Macro Fund

    $9,167,033,643       (5,375,875,355)       $(24,811,803,245)       $24,746,190,621  

 

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

 

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

 

           

GROSS AMOUNT NOT OFFSET IN
CONSOLIDATED STATEMENT OF
ASSETS AND LIABILITIES

                      

GROSS AMOUNT NOT OFFSET
IN CONSOLIDATED STATEMENT
OF ASSETS AND LIABILITIES

          

DESCRIPTION

  

GROSS
AMOUNT
PRESENTED IN
THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
RECEIVED

    

NET
AMOUNT(1)

      

GROSS
AMOUNT
PRESENTED IN
THE
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS

    

COLLATERAL
PLEDGED(2)

    

NET
AMOUNT(3)

  
   

ASSETS

      

LIABILITIES

  

Forward Foreign Currency Contracts

  $ 186,695,840     $ (143,669,189 )   $ —     $ 43,026,651       $ (143,669,189 )   $ 143,669,189     $ —     $ —  

 

(1)

Net amount represents the net amount receivable from the counterparty in the event of default.

(2)

Actual collateral pledged may be more than the amount shown.

(3)

Net amount represents the net amount payable to the counterparty in the event of default.

 

USE OF ESTIMATES — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund

 

19

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

For tax purposes, the Subsidiary is an exempted Cayman Islands investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax.

 

SEC RULE 18F-4 — Rule 18f-4 under the 1940 Act (“Rule 18f-4”), provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

 

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

 

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

 

CURRENCY RISK — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

 

COMMODITY SECTOR RISK — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand

 

20

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

 

EMERGING MARKETS RISK — The Fund will invest in emerging markets, which may carry more risk than investing in developed foreign markets. Risks associated with investing in emerging markets include limited information about companies in these countries, greater political and economic uncertainties compared to developed foreign markets, underdeveloped securities markets and legal systems, potentially high inflation rates, and the influence of foreign governments over the private sector. Further, investments in certain emerging markets are subject to an elevated risk of loss resulting from market manipulation and the imposition of exchange controls (including repatriation restrictions). The legal rights and remedies available for investors in emerging markets may be more limited than the rights and remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors in emerging markets may be limited.

 

FOREIGN SECURITIES RISK — The Fund will invest in foreign securities and is subject to risks associated with foreign markets, such as adverse political, social and economic developments, accounting standards or governmental supervision that is not consistent with that to which U.S. companies are subject, limited information about foreign companies, less liquidity in foreign markets and less protection to the shareholders in foreign markets.

 

COUNTERPARTY RISK — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

 

FUTURES CONTRACTS — The Fund uses futures contracts in the normal course of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

 

FORWARD FOREIGN CURRENCY CONTRACTS — The Fund uses forward foreign currency contracts (“forward contracts”) in the normal course of pursuing its investment objectives. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an off setting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

 

21

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

CREDIT RISK — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) serves as the investment adviser to the Fund. The Adviser is a wholly-owned subsidiary of Campbell & Company, LP. The Fund compensates the Adviser for its services at an annual rate of 1.64% based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears.

 

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

 

 

EXPENSE CAP

FUND

CLASS A

CLASS C

CLASS I

Campbell Systematic Macro Fund

2.00%

2.75%

1.75%

 

If at any time the Fund’s total annual Fund operating expenses for a year are less than the Expense Cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund’s ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

22

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (continued)

February 28, 2026 (Unaudited)

 

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

 

EXPIRATION

August 31, 2026

  

August 31, 2027

    

August 31, 2028

    

August 31, 2029

    

Total

  

$ 34,279

   $ 951,565     $ 1,446,663     $ 1,551,821     $ 3,984,328  

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A shares and Class C shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor is entitled to receive from the Fund a distribution fee with respect to the shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

 

3. Director and Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, there were no purchases and sales of investment securities (excluding short-term investments and derivative transactions) or long-term U.S. Government securities by the Fund.

 

23

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (CONtinuED)

February 28, 2026 (Unaudited)

 

5. Federal Income Tax Information

 

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows(a):

 

FUND

  

FEDERAL TAX
COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Campbell Systematic Macro Fund

  $ 1,738,360,224     $ 22,000,713     $ (17,198,693 )   $ 4,802,020  

 

(a)

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to futures and forwards not regulated by Section 1256 of the Internal Revenue Code and timing difference related to taxable income from a wholly owned controlled foreign corporation.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

The following permanent differences as of August 31, 2025, primarily attributable to investments in wholly-owned controlled foreign corporation were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

Campbell Systematic Macro Fund

  $ 53,291,796     $ (53,291,796 )

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

POST-OCTOBER
LOSS
DEFERRAL

   

OTHER
TEMPORARY
DIFFERENCES

    

UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Campbell Systematic Macro Fund

  $ 60,076,281     $ —     $ (68,465,424 )   $ (257,250 )   $ 4,802,020  

 

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains of the Subsidiary for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

YEARS ENDED

    

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

Campbell Systematic Macro Fund

    2025     $ 38,948,431     $ —     $ 38,948,431  

 

24

 

 

Campbell Systematic Macro Fund

 

Notes to Consolidated Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, the Fund had $68,465,424 of qualified late year losses.

 

6. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the consolidated financial statements.

 

25

 

 

Campbell Systematic Macro Fund

 

Other Information

(Unaudited)

 

Proxy Voting

 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling 1-844-261-6488 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

26

 

 

Investment Adviser
Campbell & Company Investment Adviser LLC
2850 Quarry Lake Drive
Baltimore, Maryland 21209

 

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter
Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

 

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

FREE MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND

 

of

 

The RBB Fund, Inc.

 

Financial Statements

 

February 28, 2026
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

 

 

FREE MARKET FUNDS

 

FREE MARKET U.S. EQUITY FUND

 

Schedule of Investments
FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 99.9%

DFA U.S. Large Company Portfolio - Class Institutional

    6,358,783     $ 290,596,405  

DFA U.S. Micro Cap Portfolio - Class Institutional

    22,902,264       776,844,800  

DFA U.S. Small Cap Portfolio - Class Institutional

    13,766,426       778,491,393  

DFA U.S. Small Cap Value Portfolio - Class Institutional (a)

    23,270,835       1,328,299,282  

Dimensional U.S. Large Cap Value Portfolio III - Class Institutional

    23,569,930       922,055,656  

iShares Core S&P 500 ETF

    708,078       488,134,812  

iShares MSCI USA Value Factor ETF (b)

    2,455,658       370,288,670  

U.S. Large Cap Value Series

    2,825,615       298,017,662  

TOTAL OPEN-END FUNDS (Cost $2,534,528,295)

            5,252,728,680  
                 
   

Units

          

SHORT-TERM INVESTMENTS – 0.01%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.0% (d)

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    169,675       169,675  
                 
   

Shares

          

MONEY MARKET FUNDS — 0.1%

Invesco Government & Agency Portfolio - Institutional Class, 3.59% (c)

    5,244,695       5,244,695  

TOTAL SHORT-TERM INVESTMENTS (Cost $5,414,370)

            5,414,370  

TOTAL INVESTMENTS — 100.0% (Cost $2,539,942,665)

            5,258,143,050  

Liabilities in Excess of Other Assets — (0.0)% (d)

            (1,604,333 )

TOTAL NET ASSETS — 100.0%

          $ 5,256,538,717  

 

 

Percentages are stated as a percent of net assets.

 

ETF – Exchange-Traded Fund

 

LLC – Limited Liability Company

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $165,869.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

(d)

Represents less than 0.05% of net assets.

 

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the financial statements.

 

1

 

 

FREE MARKET FUNDS

 

FREE MARKET INTERNATIONAL EQUITY FUND

 

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 99.9%

DFA Emerging Markets Small Cap Portfolio - Class Institutional

    7,382,617     $ 215,055,647  

DFA Emerging Markets Value Portfolio - Class Institutional

    5,186,402       220,681,390  

DFA International Small Cap Value Portfolio - Class Institutional (a)

    50,611,237       1,793,662,239  

DFA International Value Portfolio III - Class Institutional

    28,073,767       774,274,495  

Dimensional International Small Cap ETF (b)

    11,919,623       441,383,640  

International Value Series

    9,902,536       565,632,848  

iShares Core MSCI EAFE ETF

    2,242,147       220,447,893  

iShares Core MSCI Emerging Markets ETF

    3,060,757       234,943,707  

TOTAL OPEN-END FUNDS (Cost $2,375,714,137)

            4,466,081,859  
                 
   

Units

          

SHORT-TERM INVESTMENTS – 0.5%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    17,546,200       17,546,200  
                 
   

SHARES

          

MONEY MARKET FUNDS — 0.1%

Invesco Government & Agency Portfolio - Institutional Class, 3.59% (c)

    4,390,730       4,390,730  

TOTAL SHORT-TERM INVESTMENTS (Cost $21,936,930)

            21,936,930  

TOTAL INVESTMENTS — 100.4% (Cost $2,397,651,067)

            4,488,018,789  

Liabilities in Excess of Other Assets — (0.4)%

            (19,458,830 )

TOTAL NET ASSETS — 100.0%

          $ 4,468,559,959  

 

 

Percentages are stated as a percent of net assets.

 

ETF – Exchange-Traded Fund

 

LLC – Limited Liability Company

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $17,211,544.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the financial statements.

 

2

 

 

FREE MARKET FUNDS

 

FREE MARKET FIXED INCOME FUND

 

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 99.4%

                

DFA Intermediate Government Fixed Income Portfolio - Class Institutional

    17,036,755     $ 195,070,846  

DFA One-Year Fixed Income Portfolio - Class Institutional

    45,702,297       468,448,546  

DFA Short-Term Government Portfolio - Class Institutional

    12,960,894       129,608,945  

DFA Two-Year Global Fixed Income Portfolio - Class Institutional

    82,491,936       809,245,888  

Dimensional Inflation-Protected Securities ETF

    3,841,766       162,621,955  

iShares 1-5 Year Investment Grade Corporate Bond ETF (a)

    14,616,538       778,038,317  

iShares 5-10 Year Investment Grade Corporate Bond ETF (a)

    3,563,668       194,255,542  

iShares Core International Aggregate Bond ETF (a)

    9,582,279       487,354,710  

TOTAL OPEN-END FUNDS (Cost $3,249,951,381)

            3,224,644,749  
                 
   

Units

          

SHORT-TERM INVESTMENTS – 6.1%

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.5%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (b)

    177,502,554       177,502,554  
                 
   

Shares

          

MONEY MARKET FUNDS — 0.6%

Invesco Government & Agency Portfolio - Institutional Class, 3.59% (b)

    18,957,332       18,957,332  

TOTAL SHORT-TERM INVESTMENTS (Cost $196,459,886)

            196,459,886  

TOTAL INVESTMENTS — 105.5% (Cost $3,446,411,267)

            3,421,104,635  

Liabilities in Excess of Other Assets — (5.5)%

            (177,867,995 )

TOTAL NET ASSETS — 100.0%

          $ 3,243,236,640  

 

 

Percentages are stated as a percent of net assets.

 

ETF – Exchange-Traded Fund

 

LLC – Limited Liability Company

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $173,576,651.

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

Portfolio holdings are subject to change at any time.

 

The accompanying notes are an integral part of the financial statements.

 

3

 

 

FREE MARKET FUNDS

 

Statements of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Free Market
U.S. Equity
Fund

    

Free Market
International
Equity Fund

    

Free Market
Fixed Income
Fund

  

ASSETS:

                        

Investments, at value

  $ 5,258,143,050     $ 4,488,018,789     $ 3,421,104,635  

Receivable for fund shares sold

    2,311,100       1,607,672       2,009,515  

Dividends receivable

    18,257       9,762       50,770  

Security lending income receivable

    997       2,651       9,978  

Prepaid expenses and other assets

    186,956       256,410       62,969  

Total assets

    5,260,660,360       4,489,895,284       3,423,237,867  

LIABILITIES:

                        

Payable upon return of securities loaned

    169,675       17,546,200       177,502,554  

Payable to Adviser

    1,962,591       1,635,590       1,210,776  

Payable for capital shares redeemed

    1,451,333       1,496,642       906,409  

Payable for shareholder servicing fees

    38,308       268,470       —  

Payable for expenses and other liabilities

    499,736       388,423       381,488  

Total liabilities

    4,121,643       21,335,325       180,001,227  

NET ASSETS

  $ 5,256,538,717     $ 4,468,559,959     $ 3,243,236,640  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001 and 0.001 per share)

  $ 184,294     $ 254,291     $ 320,837  

Additional paid-in capital

    2,557,271,385       2,303,031,116       3,303,506,201  

Total distributable earnings/(accumulated losses)

    2,699,083,038       2,165,274,552       (60,590,398 )

Total net assets

  $ 5,256,538,717     $ 4,468,559,959     $ 3,243,236,640  
                         

Class L

                        

Net assets

  $ 5,256,538,717     $ 4,468,559,959     $ 3,243,236,640  

Capital shares issued and outstanding (100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001 and 0.001 par value)

    184,294,005       254,290,533       320,837,216  

Net asset value per share

  $ 28.52     $ 17.57     $ 10.11  
                         

COST:

                        

Investments, at cost

  $ 2,637,427,519     $ 2,540,601,721     $ 3,442,203,523  
                         

LOANED SECURITIES:

                        

at value (included in investments)

  $ 165,869     $ 17,211,544     $ 173,576,651  

 

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

FREE MARKET FUNDS

 

Statements of Operations

FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

Free Market
U.S. Equity
Fund

    

Free Market
International
Equity Fund

    

Free Market
Fixed Income
Fund

  

INVESTMENT INCOME:

                        

Dividend income

  $ 34,059,078     $ 74,687,359     $ 72,634,836  

Securities lending income

    6,204       82,308       58,335  

Total investment income

    34,065,282       74,769,667       72,693,171  
                         

EXPENSES:

                        

Investment advisory fee

    11,574,733       9,752,501       7,505,869  

Trustees’ fees

    237,358       275,388       244,597  

Compliance fees

    242,024       253,930       187,476  

Fund administration and accounting fees

    228,927       193,768       158,209  

Legal fees

    126,938       96,985       95,594  

Federal and state registration fees

    55,196       42,302       48,219  

Transfer agent fees

    42,212       43,507       44,253  

Custodian fees

    68,275       38,782       33,636  

Reports to shareholders

    29,341       35,041       27,414  

Audit fees

    844       883       846  

Shareholder service costs - Class L

    7,915       30,671       —  

Other expenses and fees

    90,412       71,872       56,773  

Total expenses

    12,704,175       10,835,630       8,402,886  

NET INVESTMENT INCOME

    21,361,107       63,934,037       64,290,285  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments

    13,048,955       84,988,634       —  

Distributions received from other investment companies

    —       53,825,316       —  

Net realized gain (loss)

    13,048,955       138,813,950       —  

Net change in unrealized appreciation (depreciation) on:

                        

Investments

    548,868,403       683,668,577       5,142,990  

Net change in unrealized appreciation (depreciation)

    548,868,403       683,668,577       5,142,990  

Net realized and unrealized gain (loss)

    561,917,358       822,482,527       5,142,990  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 583,278,465     $ 886,416,564     $ 69,433,275  

 

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

FREE MARKET U.S. EQUITY FUND

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 21,361,107     $ 44,243,821  

Net realized gain (loss)

    13,048,955       91,783,284  

Net change in unrealized appreciation (depreciation)

    548,868,403       237,522,566  

Net increase (decrease) in net assets from operations

    583,278,465       373,549,671  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (89,646,347 )     (154,518,979 )

Total distributions to shareholders

    (89,646,347 )     (154,518,979 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    354,069,944       632,201,143  

Shares issued from reinvestment of distributions - Class L

    89,561,753       154,352,458  

Shares redeemed - Class L

    (271,872,742 )     (715,622,248 )

Net increase (decrease) in net assets from capital transactions

    171,758,955       70,931,353  

NET INCREASE (DECREASE) IN NET ASSETS

    665,391,073       289,962,045  
                 

NET ASSETS:

                

Beginning of the period

    4,591,147,644       4,301,185,599  

End of the period

  $ 5,256,538,717     $ 4,591,147,644  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    13,199,310       26,511,980  

Shares issued from reinvestment of distributions - Class L

    3,341,856       6,420,651  

Shares redeemed - Class L

    (10,047,210 )     (29,293,338 )

Total increase (decrease) in shares outstanding

    6,493,956       3,639,293  

 

 

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

FREE MARKET INTERNATIONAL EQUITY FUND

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 63,934,037     $ 108,324,622  

Net realized gain (loss)

    138,813,950       83,345,902  

Net change in unrealized appreciation (depreciation)

    683,668,577       553,864,393  

Net increase (decrease) in net assets from operations

    886,416,564       745,534,917  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (181,190,424 )     (109,536,909 )

Total distributions to shareholders

    (181,190,424 )     (109,536,909 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    218,813,495       432,541,599  

Shares issued from reinvestment of distributions - Class L

    181,019,054       109,445,428  

Shares redeemed - Class L

    (451,301,987 )     (646,629,997 )

Net increase (decrease) in net assets from capital transactions

    (51,469,438 )     (104,642,970 )

NET INCREASE (DECREASE) IN NET ASSETS

    653,756,702       531,355,038  
                 

NET ASSETS:

                

Beginning of the period

    3,814,803,257       3,283,448,219  

End of the period

  $ 4,468,559,959     $ 3,814,803,257  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    13,738,571       34,426,799  

Shares issued from reinvestment of distributions - Class L

    11,626,143       9,592,062  

Shares redeemed - Class L

    (28,528,961 )     (50,803,673 )

Total increase (decrease) in shares outstanding

    (3,164,247 )     (6,784,812 )

 

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

FREE MARKET FIXED INCOME FUND

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 64,290,285     $ 117,616,476  

Net realized gain (loss)

    —       (16,879,856 )

Net change in unrealized appreciation (depreciation)

    5,142,990       19,381,807  

Net increase (decrease) in net assets from operations

    69,433,275       120,118,427  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (84,957,642 )     (106,899,138 )

Total distributions to shareholders

    (84,957,642 )     (106,899,138 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    378,957,166       462,057,165  

Shares issued from reinvestment of distributions - Class L

    84,854,138       106,780,333  

Shares redeemed - Class L

    (149,892,983 )     (528,152,175 )

Net increase (decrease) in net assets from capital transactions

    313,918,321       40,685,323  

NET INCREASE (DECREASE) IN NET ASSETS

    298,393,954       53,904,612  
                 

NET ASSETS:

                

Beginning of the period

    2,944,842,686       2,890,938,074  

End of the period

  $ 3,243,236,640     $ 2,944,842,686  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    37,549,117       45,904,400  

Shares issued from reinvestment of distributions - Class L

    8,450,738       10,782,119  

Shares redeemed - Class L

    (14,828,597 )     (52,489,494 )

Total increase (decrease) in shares outstanding

    31,171,258       4,197,025  

 

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

FREE MARKET FUNDS

 

FREE MARKET U.S. EQUITY FUND

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY
28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 25.82     $ 24.70     $ 21.37     $ 21.07     $ 23.59     $ 16.06  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.12       0.25       0.24       0.24       0.21       0.21  

Net realized and unrealized gain (loss) on investments(b)

    3.07       1.78       4.00       1.68       (1.69 )     7.62  

Total from investment operations

    3.19       2.03       4.24       1.92       (1.48 )     7.83  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.24 )     (0.25 )     (0.25 )     (0.21 )     (0.41 )     (0.08 )

Net realized gains

    (0.25 )     (0.66 )     (0.66 )     (1.41 )     (0.63 )     (0.22 )

Total distributions

    (0.49 )     (0.91 )     (0.91 )     (1.62 )     (1.04 )     (0.30 )

Net asset value, end of period

  $ 28.52     $ 25.82     $ 24.70     $ 21.37     $ 21.07     $ 23.59  

TOTAL RETURN (c)

    12.50 %     8.52 %     20.30 %     9.92 %     (6.77 )%     49.28 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (d)

                                                

Net assets, end of period (in thousands)

  $ 5,256,539     $ 4,591,148     $ 4,301,186     $ 3,678,899     $ 3,292,855     $ 3,635,318  

Ratio of expenses to average net assets (e)

    0.53 %     0.54 %     0.54 %     0.55 %     0.56 %     0.55 %

Ratio of net investment income (loss) to average net assets (e)

    0.89 %     1.05 %     1.08 %     1.18 %     0.92 %     1.05 %

Portfolio turnover rate (c)

    1 %     6 %     4 %     2 %     7 %     5 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

FREE MARKET FUNDS

 

FREE MARKET INTERNATIONAL EQUITY FUND

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY
28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 14.82     $ 12.43     $ 10.81     $ 9.66     $ 11.60     $ 8.89  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.25       0.41       0.33       0.27       0.34       0.18  

Net realized and unrealized gain (loss) on investments(b)

    3.23       2.40       1.57       1.22       (2.13 )     2.84  

Total from investment operations

    3.48       2.81       1.90       1.49       (1.79 )     3.02  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.73 )     (0.42 )     (0.28 )     (0.34 )     (0.15 )     (0.13 )

Net realized gains

    —       —       —       —       —       (0.18 )

Total distributions

    (0.73 )     (0.42 )     (0.28 )     (0.34 )     (0.15 )     (0.31 )

Net asset value, end of period

  $ 17.57     $ 14.82     $ 12.43     $ 10.81     $ 9.66     $ 11.60  

TOTAL RETURN (c)

    24.10 %     23.60 %     17.86 %     15.82 %     (15.63 )%     34.43 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (d)

                                                

Net assets, end of period (in thousands)

  $ 4,468,560     $ 3,814,803     $ 3,283,448     $ 2,825,629     $ 2,395,377     $ 2,682,213  

Ratio of expenses to average net assets (e)

    0.54 %     0.55 %     0.55 %     0.55 %     0.56 %     0.56 %

Ratio of net investment income (loss) to average net assets (e)

    3.21 %     3.22 %     2.92 %     2.68 %     3.08 %     1.70 %

Portfolio turnover rate (c)

    3 %     5 %     13 %     3 %     2 %     5 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

FREE MARKET FUNDS

 

FREE MARKET FIXED INCOME FUND

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY
28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 10.17     $ 10.13     $ 9.82     $ 9.82     $ 10.56     $ 10.61  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.21       0.41       0.32       0.17       0.05       0.03  

Net realized and unrealized gain (loss) on investments(b)

    0.01       0.01       0.29       (0.01 )     (0.74 )     — (2) 

Total from investment operations

    0.22       0.42       0.61       0.16       (0.69 )     0.03  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.28 )     (0.38 )     (0.30 )     (0.16 )     (0.05 )     (0.05 )

Net realized gains

    —       —       —       —       —       (0.03 )

Return of capital

    —       —       —       —       —       — (2) 

Total distributions

    (0.28 )     (0.38 )     (0.30 )     (0.16 )     (0.05 )     (0.08 )

Net asset value, end of period

  $ 10.11     $ 10.17     $ 10.13     $ 9.82     $ 9.82     $ 10.56  

TOTAL RETURN (d)

    2.25 %     4.26 %     6.30 %     1.62 %     (6.51 )%     0.31 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (e)

                                                

Net assets, end of period (in thousands)

  $ 3,243,237     $ 2,944,843     $ 2,890,938     $ 2,785,355     $ 2,749,164     $ 2,820,610  

Ratio of expenses to average net assets (f)

    0.55 %     0.54 %     0.55 %     0.55 %     0.56 %     0.56 %

Ratio of net investment income (loss) to average net assets (f)

    4.22 %     4.08 %     3.20 %     1.72 %     0.51 %     0.27 %

Portfolio turnover rate (d)

    — %     15 %     8 %     3 %     3 %     2 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Amount represents less than $0.005 per share.

(d)

Not annualized for periods less than one year.

(e)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements

FEBRUARY 28, 2026 (UNAUDITED)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Free Market U.S. Equity Fund, the Free Market International Equity Fund and the Free Market Fixed Income Fund (each a “Fund” and collectively, the “Funds”). Each Fund operates as a “fund of funds” and commenced investment operations on December 31, 2007.

 

Free Market U.S. Equity Fund and Free Market International Equity Fund’s investment objective is to seek long-term capital appreciation. Free Market Fixed Income Fund’s investment objective is to seek total return (consisting of current income and capital appreciation).

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

INVESTMENT COMPANY SECURITIES — The Funds pursue their investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Funds invest in shares of ETFs and underlying funds their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives, as well as the allocation of each Fund’s assets among the ETFs and underlying funds. Accordingly, the Funds’ investment performance will be influenced by the investment strategies of and risks associated with the ETFs and underlying funds in direct proportion to the amount of assets the Funds allocate to the ETFs and underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Funds invest in a number of different underlying funds, including underlying funds that are portfolios of DFA Investment Dimensions Group Inc., and Dimensional Investment Group Inc. (collectively, “DFA Underlying Funds”) and iShares by BlackRock (“iShares Underlying Funds”). Information about DFA Underlying Funds’ and iShares Underlying Funds’ risks may be found in such DFA Underlying Funds’ and iShares Underlying Funds’ annual or semiannual report to shareholders, which can be found at us.dimensional.com and iShares.com, respectively. Additional information about derivatives related risks, if applicable, may also be found in each such DFA Underlying Funds’ or iShares Underlying Funds’ annual or semiannual report to shareholders. The annual and semiannual reports to shareholders for the underlying funds may also be found by visiting the U.S. Securities and Exchange Commission’s (the “SEC”) website at http://www.sec.gov.

 

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Fund’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). Investments in ETFs are valued at their last reported sale price. As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board” and such members thereof, “Directors”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

 

12

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Matson Money, Inc. (“Matson Money” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Funds’ investments carried at fair value:

 

FREE MARKET U.S. EQUITY Fund

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

TOTAL

 

Investments:

                                

Open-End Funds

  $ 4,954,711,018     $ —     $ —     $ 4,954,711,018  

Investments Measured at Net Asset Value*

    —       —       —       298,017,662  

Investments Purchased with Proceeds from Securities Lending*

    —       —       —       169,675  

Money Market Funds

    5,244,695       —       —       5,244,695  

Total Investments**

  $ 4,959,955,713     $ —     $ —     $ 5,258,143,050  

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

13

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

FREE MARKET INTERNATIONAL EQUITY Fund

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

TOTAL

 

Investments:

                                

Open-End Funds

  $ 3,900,449,011     $ —     $ —     $ 3,900,449,011  

Investments Measured at Net Asset Value*

    —       —       —       565,632,848  

Investments Purchased with Proceeds from Securities Lending*

    —       —       —       17,546,200  

Money Market Funds

    4,390,730       —       —       4,390,730  

Total Investments**

  $ 3,904,839,741     $ —     $ —     $ 4,488,018,789  

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

FREE MARKET FIXED INCOME Fund

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

TOTAL

 

Investments:

                                

Open-End Funds

  $ 3,224,644,749     $ —     $ —     $ 3,224,644,749  

Investments Purchased with Proceeds from Securities Lending*

    —       —       —       177,502,554  

Money Market Funds

    18,957,332       —       —       18,957,332  

Total Investments**

  $ 3,243,602,081     $ —     $ —     $ 3,421,104,635  

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when a Fund had an amount

 

14

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Funds had no Level 3 transfers.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds. In addition to the net annual operating expenses that the Funds bear directly, the shareholders indirectly bear the Funds’ pro-rata expenses of the underlying mutual funds in which each Fund invests.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Fund with the exception of the Free Market Fixed Income Fund which declares and pays quarterly dividends from net investment income. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

MARKET RISK — The value of a Fund’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Fund, and you could lose money.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

15

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss for such claims is considered to be remote.

 

For additional information about the DFA Underlying Funds’ and iShares Underlying Funds’ valuation policies, refer to the DFA Underlying Funds’ and iShares Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com and iShares.com, respectively.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the series’ prospectus. The Chief Operating Decision Maker (“CODM”) of the Funds is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Matson Money, Inc. serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following tables.

 

AVERAGE DAILY NET ASSETS

  

ADVISORY FEE

  

For the first $1 billion

    0.50 %

Over $1 billion to $3 billion

    0.49  

Over $3 billion to $5 billion

    0.48  

Over $5 billion

    0.47  

 

Effective June 1, 2025, the Advisory Fee was updated to:

 

AVERAGE DAILY NET ASSETS

  

ADVISORY FEE

  

For the first $1 billion

    0.50 %

Over $1 billion to $3 billion

    0.49  

Over $3 billion to $4 billion

    0.48  

Over $4 billion

    0.35  

 

The Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses exceed the rates (“Expense Caps”) shown in the following table annually of each Fund’s average daily net assets. The Adviser may not recoup waived management fees or reimbursed expenses. The Adviser may discontinue these arrangements at any time.

 

FUND

  

EXPENSE CAPS

  

Free Market U.S. Equity Fund

    1.13 %

Free Market International Equity Fund

    1.35  

Free Market Fixed Income Fund

    1.00  

 

16

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (CONTINUED)

February 28, 2026 (Unaudited)

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Vigilant Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Funds’ shares pursuant to a distribution agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

 

3. Director and Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, aggregate purchase and sales of investment securities (excluding short-term investments) of the Funds were as follows:

 

FUND

  

Purchases

    

Sales

  

Free Market U.S. Equity Fund

  $ 147,282,859     $ 46,000,078  

Free Market International Equity Fund

    134,899,575       251,232,863  

Free Market Fixed Income Fund

    289,716,621       —  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

5. Federal Income Tax Information

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

17

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (CONTINUED)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

 

FUND

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Free Market U.S. Equity Fund

  $ 2,457,111,636     $ 2,169,331,982     $ (24,365,450 )   $ 2,144,966,532  

Free Market International Equity Fund

    2,431,341,356       1,422,194,478       (29,130,360 )     1,393,064,118  

Free Market Fixed Income Fund

    2,997,777,955       24,167,811       (53,402,280 )     (29,234,469 )

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

The following permanent differences as of August 31, 2025, primarily attributable to equalization, short term dividend reclass, distribution reclass, and dividend reclass, were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

Paid-In
Capital

  

Free Market U.S. Equity Fund

  $ 60,484,388     $ 2,385,696,724  

Free Market International Equity Fund

    92,419,413       2,354,754,845  

Free Market Fixed Income Fund

    23,405,958       2,989,908,717  

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

Undistributed
Ordinary Income

    

Undistributed
Long-Term
Capital Gains

    

Capital Loss
CarryForwards

    

NET Unrealized
Appreciation/
(Depreciation)

  

Free Market U.S. Equity Fund

  $ 14,955,064     $ 45,529,324     $ —     $ 2,144,966,532  

Free Market International Equity Fund

    92,419,413       —       (25,435,119 )     1,393,064,118  

Free Market Fixed Income Fund

    23,405,958       —       (39,237,520 )     (29,234,469 )

 

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes and are inclusive of underlying partnerships and investments. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

 

18

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (CONTINUED)

February 28, 2026 (Unaudited)

 

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

Ordinary
Income

    

Long-Term
Gains

    

RETURN OF
CAPITAL

    

Total

  

Free Market U.S. Equity Fund

  $ 42,663,107     $ 111,855,872     $ —     $ 154,518,979  

Free Market International Equity Fund

    109,536,909       —       —       109,536,909  

Free Market Fixed Income Fund

    106,899,138       —       —       106,899,138  

 

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

 

The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Free Market International Equity Fund had $17,708,629 of short-term capital loss carryforwards and $7,726,490 of long-term capital loss carryforwards, the Free Market Fixed Income Fund had $4,169,280 of short-term capital loss carryforwards and $35,068,240 of long-term capital loss carryforwards.

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

Market Value
of Securities
Loaned

    

Market Value of
Collateral

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

Free Market U.S. Equity Fund

  $ 165,869     $ 169,675     $ 6,204  

Free Market International Equity Fund

    17,211,544       17,546,200       82,308  

Free Market Fixed Income Fund

    173,576,651       177,502,554       58,335  

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency),

 

19

 

 

FREE MARKET FUNDS

 

Notes to Financial Statements (concluded)

February 28, 2026 (Unaudited)

 

to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS
AMOUNTS OF
RECOGNIZED
ASSETS

    

GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

Net
Amount2

  

Free Market U.S. Equity Fund

  $ 165,869     $ —     $ 165,869       (165,869 )   $ —     $ —  

Free Market International Equity Fund

    17,211,544       —       17,211,544       (17,211,544 )     —       —  

Free Market Fixed Income Fund

    173,576,651       —       173,576,651       (173,576,651 )     —       —  

 

7. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

20

 

 

FREE MARKET FUNDS

 

Other Information

(Unaudited)

 

Information on Proxy Voting

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling Free Market Funds at 513-204-8000 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

21

 

 

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

 

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

MATSON MONEY U.S. EQUITY VI PORTFOLIO
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
MATSON MONEY FIXED INCOME VI PORTFOLIO

 

of

 

The RBB Fund, Inc.

 

Financial Statements

 

February 28, 2026
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This report is submitted for the general information of the shareholders of the Portfolios. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Portfolios.

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

 

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 99.2%

        

DFA U.S. Large Cap Value Portfolio III - Class Institutional (a)

    205,174     $ 8,026,388  

DFA U.S. Large Company Portfolio - Class Institutional

    91,255       4,170,346  

DFA U.S. Micro Cap Portfolio - Class Institutional

    135,438       4,594,068  

DFA U.S. Small Cap Portfolio - Class Institutional

    81,295       4,597,250  

DFA U.S. Small Cap Value Portfolio - Class Institutional

    53,274       3,040,882  

DFA VA U.S. Large Value Portfolio

    32,933       1,246,184  

DFA VA U.S. Targeted Value Portfolio

    187,288       4,567,948  

TOTAL OPEN-END FUNDS (Cost $21,583,646)

            30,243,066  
                 

SHORT-TERM INVESTMENTS – 0.9%

        

MONEY MARKET FUNDS — 0.9%

        

STIT-Government & Agency Portfolio - Institutional Class, 3.59% (b)

    285,698       285,698  

TOTAL MONEY MARKET FUNDS (Cost $285,698)

            285,698  

TOTAL INVESTMENTS — 100.1% (Cost $21,869,344)

            30,528,764  

Liabilities in Excess of Other Assets — (0.1)%

            (27,564 )

TOTAL NET ASSETS — 100.0%

           $ 30,501,200  

 

 

Percentages are stated as a percent of net assets.

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

1

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

 

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 99.3%

        

DFA Emerging Markets Small Cap Portfolio - Class Institutional

    41,367     $ 1,205,032  

DFA Emerging Markets Value Portfolio - Class Institutional

    29,062       1,236,574  

DFA International Small Cap Value Portfolio - Class Institutional (a)

    198,745       7,043,529  

DFA International Value Portfolio III - Class Institutional (a)

    272,231       7,508,141  

DFA VA International Small Portfolio

    258,107       4,245,868  

DFA VA International Value Portfolio

    60,059       1,249,234  

iShares Core MSCI EAFE ETF

    10,080       991,066  

iShares Core MSCI Emerging Markets ETF

    17,074       1,310,600  

TOTAL OPEN-END FUNDS (Cost $15,394,410)

            24,790,044  
                 

SHORT-TERM INVESTMENTS – 0.9%

        

MONEY MARKET FUNDS — 0.9%

        

STIT-Government & Agency Portfolio - Institutional Class, 3.59% (b)

    226,011       226,011  

TOTAL MONEY MARKET FUNDS (Cost $226,011)

            226,011  

TOTAL INVESTMENTS — 100.2% (Cost $15,620,421)

            25,016,055  

Liabilities in Excess of Other Assets — (0.2)%

            (46,335 )

TOTAL NET ASSETS — 100.0%

           $ 24,969,720  

 

 

Percentages are stated as a percent of net assets.

ETF - Exchange Traded Fund

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

2

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

 

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SHARES

    

VALUE

  

OPEN-END FUNDS — 98.5%

        

DFA Intermediate Government Fixed Income Portfolio - Class Institutional

    136,490     $ 1,562,811  

DFA One-Year Fixed Income Portfolio - Class Institutional

    286,832       2,940,029  

DFA Short-Term Government Portfolio - Class Institutional

    102,402       1,024,018  

DFA Two-Year Global Fixed Income Portfolio - Class Institutional

    392,490       3,850,326  

Dimensional Inflation-Protected Securities ETF

    30,602       1,295,383  

iShares 1-5 Year Investment Grade Corporate Bond ETF (a)

    115,924       6,170,635  

iShares 5-10 Year Investment Grade Corporate Bond ETF (a)

    28,501       1,553,589  

iShares Core International Aggregate Bond ETF

    76,355       3,883,415  

VA Global Bond Portfolio

    260,860       2,574,689  

VA Short-Term Fixed Income Portfolio

    50,542       511,989  

TOTAL OPEN-END FUNDS (Cost $25,607,683)

            25,366,884  
                 
   

Units

          

SHORT-TERM INVESTMENTS – 20.0%

        

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.5%

        

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (b)

    4,760,971       4,760,971  

 

   

Shares

    

Value

  

MONEY MARKET FUNDS — 1.5%

        

STIT-Government & Agency Portfolio - Institutional Class, 3.59% (b)

    380,682     $ 380,682  

TOTAL SHORT-TERM INVESTMENTS (Cost $5,141,653)

            5,141,653  

TOTAL INVESTMENTS — 118.5% (Cost $30,749,336)

            30,508,537  

Liabilities in Excess of Other Assets — (18.5)%

            (4,768,695 )

TOTAL NET ASSETS — 100.0%

           $ 25,739,842  

 

 

Percentages are stated as a percent of net assets.

ETF - Exchange Traded Fund

LLC - Limited Liability Company

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $4,650,412.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.

 

3

 

 

MATSON MONEY VI PORTFOLIOS

 

Statements of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

   

MATSON MONEY
U.S. EQUITY
VI PORTFOLIO

    

MATSON MONEY
INTERNATIONAL
EQUITY
VI PORTFOLIO

    

MATSON MONEY
FIXED INCOME
VI PORTFOLIO

  

ASSETS:

                        

Investments, at value

  $ 30,528,764     $ 25,016,055     $ 30,508,537  

Receivable for fund shares sold

    —       —       21,698  

Security lending income receivable

    —       17       2,038  

Dividends receivable

    756       598       1,098  

Prepaid expenses and other assets

    102       237       86  

Total assets

    30,529,622       25,016,907       30,533,457  
                         

LIABILITIES:

                        

Payable upon return of securities loaned

    —       —       4,760,971  

Payable to Adviser

    11,726       9,363       9,823  

Payable for audit fees

    3,742       3,743       8,835  

Payable for fund administration and accounting fees

    5,545       5,376       5,814  

Payable for expenses and other liabilities

    1,616       1,645       1,629  

Payable for shareholder servicing fees

    —       —       1,571  

Payable for printing and mailing

    1,473       1,132       1,433  

Payable for capital shares redeemed

    1,674       24,055       —  

Payable for expenses and other liabilities

    2,646       1,873       3,539  

Total liabilities

    28,422       47,187       4,793,615  

NET ASSETS

  $ 30,501,200     $ 24,969,720     $ 25,739,842  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001 and 0.001 per share)

  $ 861     $ 673     $ 1,060  

Additional paid-in capital

    21,135,636       15,022,025       26,798,425  

Total distributable earnings/(accumulated losses)

    9,364,703       9,947,022       (1,059,643 )

Total net assets

  $ 30,501,200     $ 24,969,720     $ 25,739,842  
                         

Class L

                        

Net assets

  $ 30,501,200     $ 24,969,720     $ 25,739,842  

Capital shares issued and outstanding (100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001 and 0.001 par value)

    861,114       672,579       1,059,624  

Net asset value per share

  $ 35.42     $ 37.13     $ 24.29  
                         

COST:

                        

Investments, at cost

  $ 21,869,344     $ 15,620,421     $ 30,749,336  
                         

LOANED SECURITIES:

                        

at value (included in investments)

  $ —     $ —     $ 4,650,412  

 

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

MATSON MONEY VI PORTFOLIOS

 

Statements of Operations

FOR THE period ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

MATSON MONEY
U.S. EQUITY
VI PORTFOLIO

    

MATSON MONEY
INTERNATIONAL
EQUITY
VI PORTFOLIO

    

MATSON MONEY
FIXED INCOME
VI PORTFOLIO

  

INVESTMENT INCOME:

                        

Dividend income

  $ 342,406     $ 625,695     $ 656,021  

Securities lending income

    —       712       5,720  

Total investment income

    342,406       626,407       661,741  
                         

EXPENSES:

                        

Investment advisory fee

    72,630       57,069       63,343  

Fund administration and accounting fees

    5,375       5,320       5,964  

Audit fees

    760       760       5,857  

Trustees’ fees

    2,851       2,279       2,762  

Compliance fees

    2,531       1,952       2,365  

Transfer agent fees

    24       —       1,583  

Custodian fees

    727       1,009       1,455  

Reports to shareholders

    366       491       399  

Legal fees

    202       172       187  

Other expenses and fees

    104       82       94  

Total expenses

    85,570       69,134       84,009  

NET INVESTMENT INCOME

    256,836       557,273       577,732  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments

    964,338       906,509       (30,230 )

Distributions received from other investment companies

    333,985       367,735       —  

Net realized gain (loss)

    1,298,323       1,274,244       (30,230 )

Net change in unrealized appreciation (depreciation) on:

                        

Investments

    1,633,395       3,011,822       28,872  

Net change in unrealized appreciation (depreciation)

    1,633,395       3,011,822       28,872  

Net realized and unrealized gain (loss)

    2,931,718       4,286,066       (1,358 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,188,554     $ 4,843,339     $ 576,374  

 

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

MATSON MONEY U.S. EQUITY VI PORTFOLIO

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 256,836     $ 213,074  

Net realized gain (loss)

    1,298,323       1,765,593  

Net change in unrealized appreciation (depreciation)

    1,633,395       352,294  

Net increase (decrease) in net assets from operations

    3,188,554       2,330,961  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (2,054,164 )     (2,675,128 )

Total distributions to shareholders

    (2,054,164 )     (2,675,128 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    394,363       2,852,803  

Shares issued from reinvestment of distributions - Class L

    2,054,164       2,675,128  

Shares redeemed - Class L

    (2,393,664 )     (4,176,491 )

Net increase (decrease) in net assets from capital transactions

    54,863       1,351,440  

NET INCREASE (DECREASE) IN NET ASSETS

    1,189,253       1,007,273  
                 

NET ASSETS:

                

Beginning of the period

    29,311,947       28,304,674  

End of the period

  $ 30,501,200     $ 29,311,947  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    11,355       90,322  

Shares issued from reinvestment of distributions - Class L

    61,539       83,702  

Shares redeemed - Class L

    (69,078 )     (123,441 )

Total increase (decrease) in shares outstanding

    3,816       50,583  

 

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 557,273     $ 644,001  

Net realized gain (loss)

    1,274,244       1,152,737  

Net change in unrealized appreciation (depreciation)

    3,011,822       2,524,818  

Net increase (decrease) in net assets from operations

    4,843,339       4,321,556  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (1,909,549 )     (981,218 )

Total distributions to shareholders

    (1,909,549 )     (981,218 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    313,500       2,053,034  

Shares issued from reinvestment of distributions - Class L

    1,909,549       981,218  

Shares redeemed - Class L

    (2,671,103 )     (4,847,639 )

Net increase (decrease) in net assets from capital transactions

    (448,054 )     (1,813,387 )

NET INCREASE (DECREASE) IN NET ASSETS

    2,485,736       1,526,951  
                 

NET ASSETS:

                

Beginning of the period

    22,483,984       20,957,033  

End of the period

  $ 24,969,720     $ 22,483,984  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    8,969       73,240  

Shares issued from reinvestment of distributions - Class L

    57,795       38,434  

Shares redeemed - Class L

    (77,829 )     (170,344 )

Total increase (decrease) in shares outstanding

    (11,065 )     (58,670 )

 

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

MATSON MONEY FIXED INCOME VI PORTFOLIO

 

Statements of Changes in Net Assets

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 577,732     $ 947,386  

Net realized gain (loss)

    (30,230 )     (166,655 )

Net change in unrealized appreciation (depreciation)

    28,872       214,061  

Net increase (decrease) in net assets from operations

    576,374       994,792  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Class L

    (850,596 )     (916,426 )

Total distributions to shareholders

    (850,596 )     (916,426 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Class L

    2,237,489       1,870,932  

Shares issued from reinvestment of distributions - Class L

    850,596       916,426  

Shares redeemed - Class L

    (1,995,970 )     (3,696,779 )

Net increase (decrease) in net assets from capital transactions

    1,092,115       (909,421 )

NET INCREASE (DECREASE) IN NET ASSETS

    817,893       (831,055 )
                 

NET ASSETS:

                

Beginning of the period

    24,921,949       25,753,004  

End of the period

  $ 25,739,842     $ 24,921,949  
                 

SHARES TRANSACTIONS

                

Shares sold - Class L

    91,502       76,641  

Shares issued from reinvestment of distributions - Class L

    35,353       38,651  

Shares redeemed - Class L

    (81,442 )     (152,499 )

Total increase (decrease) in shares outstanding

    45,413       (37,207 )

 

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 34.19     $ 35.09     $ 31.58     $ 31.90     $ 36.70     $ 25.62  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.30       0.25       0.27       0.28       0.23       0.25  

Net realized and unrealized gain (loss) on investments (b)

    3.45       2.29       5.74       2.62       (2.37 )     12.06  

Total from investment operations

    3.75       2.54       6.01       2.90       (2.14 )     12.31  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.41 )     (0.29 )     (0.33 )     (0.26 )     (0.34 )     (0.29 )

Net realized gains

    (2.11 )     (3.15 )     (2.17 )     (2.96 )     (2.32 )     (0.94 )

Total distributions

    (2.52 )     (3.44 )     (2.50 )     (3.22 )     (2.66 )     (1.23 )

Net asset value, end of period

  $ 35.42     $ 34.19     $ 35.09     $ 31.58     $ 31.90     $ 36.70  

TOTAL RETURN (c)

    11.42 %     7.94 %     19.90 %     10.14 %     (6.64 )%     49.31 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (d)

                                                

Net assets, end of period (in thousands)

  $ 30,501     $ 29,312     $ 28,305     $ 27,771     $ 27,817     $ 31,796  

Ratio of expenses to average net assets (e)

    0.59 %     0.73 %     0.76 %     0.74 %     0.73 %     0.74 %

Ratio of net investment income (loss) to average net assets (e)

    1.77 %     0.78 %     0.84 %     0.90 %     0.65 %     0.77 %

Portfolio turnover rate (c)

    2 %     11 %     8 %     9 %     15 %     18 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 32.89     $ 28.23     $ 24.83     $ 22.22     $ 28.00     $ 21.35  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.83       0.87       0.73       0.61       0.73       0.37  

Net realized and unrealized gain (loss) on investments (b)

    6.39       5.11       3.46       2.73       (4.87 )     6.80  

Total from investment operations

    7.22       5.98       4.19       3.34       (4.14 )     7.17  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (1.19 )     (0.81 )     (0.79 )     (0.50 )     (0.82 )     (0.35 )

Net realized gains

    (1.79 )     (0.51 )     —       (0.23 )     (0.82 )     (0.17 )

Total distributions

    (2.98 )     (1.32 )     (0.79 )     (0.73 )     (1.64 )     (0.52 )

Net asset value, end of period

  $ 37.13     $ 32.89     $ 28.23     $ 24.83     $ 22.22     $ 28.00  

TOTAL RETURN (c)

    23.07 %     22.54 %     17.23 %     15.39 %     (15.66 )%     33.96 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (d)

                                                

Net assets, end of period (in thousands)

  $ 24,970     $ 22,484     $ 20,957     $ 20,351     $ 19,100     $ 22,780  

Ratio of expenses to average net assets (e)

    0.61 %     0.78 %     0.83 %     0.80 %     0.80 %     0.80 %

Ratio of net investment income (loss) to average net assets (e)

    4.88 %     3.07 %     2.84 %     2.60 %     2.86 %     1.48 %

Portfolio turnover rate (c)

    4 %     11 %     6 %     11 %     11 %     18 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

 

Financial Highlights

 

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

YEAR ENDED
AUGUST 31,
2025

    

YEAR ENDED
AUGUST 31,
2024

    

YEAR ENDED
AUGUST 31,
2023

    

YEAR ENDED
AUGUST 31,
2022

    

YEAR ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 24.57     $ 24.49     $ 23.70     $ 23.67     $ 25.55     $ 25.66  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.55       0.91       0.74       0.37       0.10       0.02  

Net realized and unrealized gain (loss) on investments (b)

    —       0.05       0.69       (0.05 )     (1.90 )     0.04  

Total from investment operations

    0.55       0.96       1.43       0.32       (1.80 )     0.06  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.83 )     (0.88 )     (0.64 )     (0.29 )     (0.08 )     (0.16 )

Net realized capital gains

    —       —       —       —       —       —  

Return of capital

    —       —       —       —       —       (0.01 )

Total distributions

    (0.83 )     (0.88 )     (0.64 )     (0.29 )     (0.08 )     (0.17 )

Net asset value, end of period

  $ 24.29     $ 24.57     $ 24.49     $ 23.70     $ 23.67     $ 25.55  

TOTAL RETURN (c)

    2.28 %     4.04 %     6.12 %     1.36 %     (7.08 )%     0.22 %
                                                 

SUPPLEMENTAL DATA AND RATIOS: (d)

                                                

Net assets, end of period (in thousands)

  $ 25,740     $ 24,922     $ 25,753     $ 26,927     $ 28,299     $ 33,103  

Ratio of expenses to average net assets (e)

    0.66 %     0.75 %     0.76 %     0.74 %     0.73 %     0.73 %

Ratio of net investment income (loss) to average net assets (e)

    4.56 %     3.74 %     3.10 %     1.59 %     0.39 %     0.07 %

Portfolio turnover rate (c)

    6 %     19 %     15 %     8 %     7 %     8 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements

FEBRUARY 28, 2026 (UNAUDITED)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Matson Money U.S. Equity VI Portfolio, the Matson Money International Equity VI Portfolio and the Matson Money Fixed Income VI Portfolio (each, a “Portfolio” and collectively, the “Portfolios”). Each Portfolio operates as a “fund of funds” and commenced investment operations on February 18, 2014. Shares of the Portfolios are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

 

Matson Money U.S. Equity VI Portfolio and Matson Money International Equity VI Portfolio’s investment objective is to seek long-term capital appreciation. Matson Money Fixed Income VI Portfolio’s investment objective is to seek total return (consisting of current income and capital appreciation).

 

The Portfolios are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Portfolios is February 28, 2026 (the “current fiscal period”).

 

INVESTMENT COMPANY SECURITIES — The Portfolios pursue their investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Portfolio invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Portfolio will incur higher expenses, many of which may be duplicative. Furthermore, because the Portfolios invest in shares of ETFs and underlying funds their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives, as well as the allocation of each Portfolio’s assets among the ETFs and underlying funds. Accordingly, the Portfolios’ investment performance will be influenced by the investment strategies of and risks associated with the ETFs and underlying funds in direct proportion to the amount of assets the Portfolios allocate to the ETFs and underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Portfolios invest in a number of different underlying funds, including underlying funds that are portfolios of DFA Investment Dimensions Group Inc., and Dimensional Investment Group Inc. (collectively, “DFA Underlying Funds”) and iShares by BlackRock (“iShares Underlying Funds”). Information about DFA Underlying Funds’ and iShares Underlying Funds’ risks may be found in such DFA Underlying Funds’ and iShares Underlying Funds’ annual or semiannual report to shareholders, which can be found at us.dimensional.com and iShares.com, respectively. Additional information about derivatives related risks, if applicable, may also be found in each such DFA Underlying Funds’ or iShares Underlying Funds’ annual or semiannual report to shareholders. The annual and semiannual reports to shareholders for the underlying funds may also be found by visiting the U.S. Securities and Exchange Commission (the “SEC”) website at http://www.sec.gov.

 

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Portfolio’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). Investments in ETFs are valued at their last reported sale price. As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the

 

12

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

“Board” and such members thereof, “Directors”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

 

The Board has adopted a pricing and valuation policy for use by each Portfolio and its Valuation Designee (as defined below) in calculating a Portfolio’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Matson Money, Inc. (“Matson Money” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee, in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Portfolios’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 — Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 — Prices are determined using significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Portfolios’ investments carried at fair value:

 

MATSON MONEY U.S. EQUITY VI PORTFOLIO

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

TOTAL

 

Investments:

                                

Open-End Funds

  $ 24,428,934     $ —     $ —     $ 24,428,934  

Investments Measured at Net Asset Value*

    —       —       —       5,814,132  

Money Market Funds

    285,698       —       —       285,698  

Total Investments**

  $ 24,714,632     $ —     $ —     $ 30,528,764  

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

13

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

    

TOTAL

 

Investments:

                                

Open-End Funds

  $ 19,294,942     $ —     $ —     $ 19,294,942  

Investments Measured at Net Asset Value*

    —       —       —       5,495,102  

Money Market Funds

    226,011       —       —       226,011  

Total Investments**

  $ 19,520,953     $ —     $ —     $ 25,016,055  

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

MATSON MONEY FIXED INCOME VI PORTFOLIO

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

TOTAL

 

Investments:

                                

Open-End Funds

  $ 22,280,206     $ —     $ —     $ 22,280,206  

Investments Measured at Net Asset Value*

    —       —       —       3,086,678  

Investments Purchased with Proceeds from Securities Lending*

    —       —       —       4,760,971  

Money Market Funds

    380,682       —       —       380,682  

Total Investments**

  $ 22,660,888     $ —     $ —     $ 30,508,537  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

*

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

 

**

Please refer to the Schedule of Investments for further details.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Portfolios’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Portfolios may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Portfolio to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchases and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when a Portfolio had an amount of

 

14

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Portfolio had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Portfolios had no Level 3 transfers.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Portfolios record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Portfolio’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Portfolios. In addition to the net annual operating expenses that the Portfolios bear directly, the shareholders indirectly bear the Portfolios’ pro-rata expenses of the underlying mutual funds in which each Portfolio invests.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Portfolio. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Portfolio’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

MARKET RISK — The value of a Portfolio’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Portfolio, and you could lose money.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER — In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. Each Portfolio’s maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future, and, therefore, cannot be estimated; however, the Portfolios expect the risk of material loss for such claims to be remote.

 

15

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

For additional information about the DFA Underlying Funds’ and iShares Underlying Funds’ valuation policies, refer to the DFA Underlying Funds’ and iShares Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com and iShares.com, respectively.

 

OPERATING SEGMENTS -- are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the series’ prospectus. The Chief Operating Decision Maker (“CODM”) of the Portfolios is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Portfolio’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Portfolio’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Matson Money, Inc. serves as the investment adviser to each Portfolio. Each Portfolio compensates the Adviser for its services at an annual rate based on each Portfolio’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

 

PORTFOLIO

  

ADVISORY FEE

  

For the first $1 billion

    0.50 %

Over $1 billion to $5 billion

    0.49  

Over $5 billion

    0.47  

 

Effective June 1, 2025, the Advisory Fee was updated to:

 

AVERAGE DAILY NET ASSETS

  

ADVISORY FEE

  

For the first $1 billion

    0.50 %

Over $1 billion to $3 billion

    0.49  

Over $3 billion to $4 billion

    0.48  

Over $4 billion

    0.35  

 

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Portfolio operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Portfolio’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and certain of these expenses could cause total annual Portfolio operating expenses to exceed the Expense Caps: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2026.

 

PORTFOLIO

  

EXPENSE
CAP

  

Matson Money U.S. Equity VI Portfolio

    1.13 %

Matson Money International Equity VI Portfolio

    1.35  

Matson Money Fixed Income VI Portfolio

    1.00  

 

16

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

Effective September 1, 2019, if at any time a Portfolio’s total annual Portfolio operating expenses for a year are less than the Expense Cap, the Adviser is entitled to reimbursement by the Portfolio of the advisory fees forgone and other payments remitted by the Adviser to the Portfolio within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Portfolio to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement. As of the end of the reporting period, the Portfolios had no amounts available for recoupment.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as administrator for the Portfolios. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Portfolios’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Portfolios. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Vigilant Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Portfolios’ shares pursuant to a distribution agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

 

3. Director and Officer Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Portfolios or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Portfolios were as follows:

 

PORTFOLIO

  

PURCHASES

    

SALES

  

Matson Money U.S. Equity VI Portfolio

  $ 695,000     $ 2,193,841  

Matson Money International Equity VI Portfolio

    1,028,225       2,505,760  

Matson Money Fixed Income VI Portfolio

    1,971,134       1,447,886  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

17

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

5. Federal Income Tax Information

 

The Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Portfolios have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Portfolios are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Portfolio were as follows:

 

PORTFOLIO

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Matson Money U.S. Equity VI Portfolio

  $ 22,573,451     $ 7,033,083     $ (211,316 )   $ 6,821,767  

Matson Money International Equity VI Portfolio

    16,636,036       6,422,212       (492,820 )     5,929,392  

Matson Money Fixed Income VI Portfolio

    25,674,305       312,676       (791,121 )     (478,445 )

 

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

As of August 31, 2025, there were no permanent differences between distributable earnings/(loss) and paid in capital.

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

PORTFOLIO

  

Undistributed
Ordinary
Income

    

Undistributed
Long-Term
Capital Gains

    

Capital Loss
CarryForwards

    

Net
Unrealized
Appreciation/
(Depreciation)

  

Matson Money U.S. Equity VI Portfolio

  $ 49,087     $ 1,359,459     $ —     $ 6,821,767  

Matson Money International Equity VI Portfolio

    160,089       923,751       —       5,929,392  

Matson Money Fixed Income VI Portfolio

    260,635       —       (567,612 )     (478,445 )

 

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

 

The tax character of distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

18

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

PORTFOLIO

  

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

RETURN OF
CAPITAL

    

TOTAL

  

Matson Money U.S. Equity VI Portfolio

  $ 227,887     $ 2,447,241       —     $ 2,675,128  

Matson Money International Equity VI Portfolio

    603,814       377,404       —       981,218  

Matson Money Fixed Income VI Portfolio

    916,426       —       —       916,426  

 

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Portfolios may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. The Matson Money Fixed Income Portfolio deferred qualified late-year losses of $567,612, which will be treated as arising on the first business day of the following fiscal year.

 

The Portfolios are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Portfolios had no unexpiring short-term or long-term losses.

 

6. SECURITIES LENDING

 

The Portfolios may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Portfolios is determined. When the collateral falls below specified amounts, the Portfolios’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Portfolios will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Portfolios will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Portfolios to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

 

FUND

 

MARKET VALUE
OF SECURITIES
LOANED

    

MARKET VALUE
OF COLLATERAL

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

Matson Money U.S. Equity Portfolio

  $ —     $ —     $ —  

Matson Money International Equity Portfolio

    —       —       712  

Matson Money Fixed Income Portfolio

    4,650,412       4,760,971       5,719  

 

Securities lending transactions are entered into by the Portfolios’ securities lending agent on behalf of the Portfolios under a Master Securities Lending Agreement (“MSLA”) which permits the Portfolios’ securities lending agent on behalf of the Portfolios under certain circumstances including an event of default (such as bankruptcy or

 

19

 

 

MATSON MONEY VI PORTFOLIOS

 

Notes to Financial Statements (concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

insolvency), to offset amounts payable on behalf of the Portfolios to the same counterparty against amounts to be received and create one single net payment due to or from the Portfolios. The following table is a summary of the Portfolios’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

  

PORTFOLIO

  

GROSS
AMOUNTS OF
RECOGNIZED
ASSETS

    

GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET
AMOUNT2

  

Matson Money U.S. Equity Portfolio

  $ —     $ —     $ —     $ —     $ —     $ —  

Matson Money International Equity Portfolio

    —       —       —       —       —       —  

Matson Money Fixed Income Portfolio

    4,650,412       —       4,650,412       (4,650,412 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

 

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

7. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Portfolios through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

 

20

 

 

MATSON MONEY VI PORTFOLIOS

 

Other Information

(Unaudited)

 

Information on Proxy Voting

 

Policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling Matson Money Funds at 513-204-8000 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

21

 

 

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

 

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

Financial Statements

Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.

2/28/26
(UNAUDITED)

 

Motley Fool Global Opportunities ETF

Motley Fool Mid-Cap Growth ETF

Motley Fool 100 Index ETF

Motley Fool Small-Cap Growth ETF

Motley Fool Capital Efficiency 100 Index ETF

Motley Fool Next Index ETF

Motley Fool Innovative Growth Factor ETF

Motley Fool Momentum Factor ETF

Motley Fool Value Factor ETF

 

 

 

 

Motley Fool global opportunities ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

Allocation of Portfolio Holdings by Country as of February 28, 2026

  

Values

    

% of Net
Assets

  

United States

  $ 201,412,820       55.5 %

United Kingdom

    41,666,705       11.5  

Philippines

    20,052,975       5.5  

Canada

    19,933,627       5.5  

Taiwan

    14,683,536       4.0  

Japan

    14,131,536       3.9  

Thailand

    10,962,252       3.0  

Ireland

    10,761,639       3.0  

China

    10,622,669       2.9  

Argentina

    7,598,018       2.1  

Germany

    6,653,486       1.8  

Spain

    5,605,768       1.5  

Israel

    5,356,597       1.5  

Netherlands

    3,237,304       0.9  

Kenya

    992,248       0.3  

United Arab Emirates

    0       — (a) 

Liabilities in Excess of Other Assets

    (10,474,232 )     (2.9 )
    $ 363,196,948       100.0 %

 

(a)

Represents less than 0.05% of net assets.

 

Sector Classification as of February 28, 2026

  

Values

    

% of Net
Assets

  

Industrials

  $ 86,095,030       23.8 %

Financials

    62,523,171       17.2  

Communication Services

    52,674,152       14.5  

Information Technology

    40,155,054       11.0  

Consumer Discretionary

    37,947,037       10.4  

Real Estate

    25,004,721       6.9  

Health Care

    22,689,042       6.3  

Consumer Staples

    21,146,450       5.8  

Materials

    6,653,486       1.8  

Investments Purchased with Proceeds from Securities Lending

    18,783,037       5.2  

Liabilities in Excess of Other Assets

    (10,474,232 )     (2.9 )
    $ 363,196,948       100.0 %

 

The accompanying notes are an integral part of these financial statements.
1

 

 

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 97.7%

Argentina — 2.1%

MercadoLibre, Inc. (a)

    4,323     $ 7,598,018  
                 

Canada — 5.5%

Canadian National Railway Co. (b)

    49,782       5,585,042  

Waste Connections, Inc.

    83,359       14,348,585  
              19,933,627  

China — 2.9%

Yum China Holdings, Inc.

    193,456       10,622,669  
                 

Germany — 1.8%

Symrise AG

    72,582       6,653,486  
                 

Ireland — 3.0%

ICON PLC (a)(b)

    29,238       3,161,797  

Kerry Group PLC - Class A

    68,883       6,128,830  

Kerry Group PLC - Class A

    17,485       1,471,012  
              10,761,639  

Israel — 1.5%

Cellebrite DI Ltd. (a)

    401,544       5,356,597  
                 

Japan — 3.9%

Nintendo Co. Ltd.

    245,342       14,131,536  
                 

Kenya — 0.3%

Safaricom PLC

    4,000,000       992,248  
                 

Netherlands — 0.9%

Universal Music Group NV

    143,368       3,237,304  
                 

Philippines — 5.5%

International Container Terminal Services, Inc.

    1,610,522       20,052,975  
                 

Spain — 1.5%

Cellnex Telecom SA (c)

    147,611       5,605,768  
                 

Taiwan — 4.0%

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    39,200       14,683,536  
                 

Thailand — 3.0%

Fabrinet (a)

    20,091     $ 10,962,252  
                 

United Arab Emirates — 0.0% (d)

NMC Health PLC (a)(e)

    485,482       0  
                 

United Kingdom — 11.5%

Aon PLC - Class A

    26,867       9,013,072  

Ashtead Group PLC

    93,881       6,738,410  

Close Brothers Group PLC (a)

    1,513,834       10,114,940  

London Stock Exchange Group PLC

    79,641       9,509,309  

RELX PLC - ADR (b)

    86,500       3,009,335  

Rentokil Initial PLC - ADR (b)

    103,791       3,246,582  

System1 Group PLC

    13,138       35,057  
              41,666,705  

United States — 50.3% (f)

Alphabet, Inc. - Class C

    81,405       25,351,959  

Alphatec Holdings, Inc. (a)

    351,023       4,780,933  

Amazon.com, Inc. (a)

    93,935       19,726,350  

American Tower Corp.

    48,458       9,297,152  

Axon Enterprise, Inc. (a)

    20,688       11,221,171  

Brookfield Asset Management Ltd. (b)

    178,508       8,345,249  

Costco Wholesale Corp.

    13,402       13,546,608  

DexCom, Inc. (a)

    116,877       8,582,278  

Equinix, Inc.

    11,538       11,241,012  

Fastenal Co.

    211,244       9,725,674  

Mastercard, Inc. - Class A

    27,736       14,345,336  

Netflix, Inc. (a)

    34,500       3,320,280  

Salesforce, Inc.

    33,125       6,452,419  

SBA Communications Corp.

    22,204       4,466,557  

ServiceNow, Inc. (a)

    25,000       2,700,250  

StoneX Group, Inc. (a)

    87,806       11,195,265  

Waters Corp. (a)

    19,300       6,164,034  

Watsco, Inc. (b)

    29,155       12,167,256  
              182,629,783  

TOTAL COMMON STOCKS (Cost $190,203,849)

            354,888,143  

 

 

The accompanying notes are an integral part of these financial statements.
2

 

 

Motley Fool global opportunities ETF

Schedule of Investments (concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

                

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (g)

    18,783,037     $ 18,783,037  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $18,783,037)

            18,783,037  
                 

TOTAL INVESTMENTS — 102.9% (Cost $208,986,886)

            373,671,180  

Liabilities in Excess of Other Assets — (2.9)%

            (10,474,232 )

TOTAL NET ASSETS — 100.0%

           $ 363,196,948  

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

LLC - Limited Liability Company

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $18,622,417.

 

(c)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $5,605,768 or 1.5% of the Fund’s net assets.

 

(d)

Represents less than 0.05% of net assets.

 

(e)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2026.

 

(f)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.

 

(g)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of these financial statements.
3

 

 

Motley Fool mid-cap growth ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.0%

Aerospace & Defense — 3.0%

Axon Enterprise, Inc. (a)

    7,323     $ 3,971,995  
                 

Air Freight & Logistics — 5.5%

GXO Logistics, Inc. (a)

    115,246       7,240,906  
                 

Building Products — 0.1%

Carlisle Cos., Inc.

    246       97,113  
                 

Capital Markets — 7.9%

Morningstar, Inc.

    9,919       1,816,566  

StoneX Group, Inc. (a)

    66,937       8,534,467  
              10,351,033  

Consumer Staples Distribution & Retail — 2.2%

Performance Food Group Co. (a)

    29,223       2,836,384  
                 

Financial Services — 3.8%

Toast, Inc. - Class A (a)

    180,942       4,941,526  
                 

Health Care Equipment & Supplies — 14.6%

Alphatec Holdings, Inc. (a)

    328,965       4,480,503  

Cooper Cos., Inc. (a)(b)

    31,582       2,642,466  

DexCom, Inc. (a)

    87,997       6,461,620  

Penumbra, Inc. (a)(b)

    16,213       5,583,595  
              19,168,184  

Health Care Providers & Services — 4.1%

HealthEquity, Inc. (a)

    70,733       5,410,367  
                 

Hotels, Restaurants & Leisure — 3.6%

Wingstop, Inc. (b)

    18,113       4,700,505  
                 

Insurance — 4.1%

Brown & Brown, Inc.

    74,309       5,336,872  

Goosehead Insurance, Inc. - Class A (a)(b)

    670       36,314  
              5,373,186  

IT Services — 2.7%

MongoDB, Inc. (a)

    10,652       3,498,863  
                 

Life Sciences Tools & Services — 6.6%

Waters Corp. (a)

    12,580     $ 4,017,801  

West Pharmaceutical Services, Inc.

    18,386       4,676,295  
              8,694,096  

Professional Services — 4.5%

Broadridge Financial Solutions, Inc.

    31,765       5,904,161  
                 

Software — 15.0%

Alarm.com Holdings, Inc. (a)

    54,971       2,630,362  

Datadog, Inc. - Class A (a)

    35,027       3,921,623  

Guidewire Software, Inc. (a)

    30,901       4,490,533  

HubSpot, Inc. (a)

    11,210       2,965,157  

Monday.com Ltd. (a)(b)

    21,529       1,563,867  

Tyler Technologies, Inc. (a)

    11,503       4,079,999  
              19,651,541  

Specialized REITs — 4.3%

SBA Communications Corp.

    27,682       5,568,511  
                 

Specialty Retail — 3.3%

Tractor Supply Co.

    82,788       4,291,730  
                 

Trading Companies & Distributors — 13.7%

Fastenal Co.

    67,305       3,098,722  

QXO, Inc. (a)

    329,598       7,893,872  

SiteOne Landscape Supply, Inc. (a)(b)

    32,582       4,655,642  

Watsco, Inc. (b)

    5,497       2,294,063  
              17,942,299  

TOTAL COMMON STOCKS (Cost $97,107,232)

            129,642,400  

 

 

 

The accompanying notes are an integral part of these financial statements.
4

 

 

Motley Fool mid-cap growth ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    8,534,209     $ 8,534,209  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,534,209)

            8,534,209  
                 

TOTAL INVESTMENTS — 105.5% (Cost $105,641,441)

            138,176,609  

Liabilities in Excess of Other Assets — (5.5)%

            (7,164,100 )

TOTAL NET ASSETS — 100.0%

           $ 131,012,509  

 

 

Percentages are stated as a percent of net assets.    

 

LLC - Limited Liability Company

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $8,353,062.

 

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of these financial statements.
5

 

 

Motley Fool 100 Index ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.8%

Altaba, Inc. - Escrow Shares (a)(b)

    8,565     $ 8,479  
                 

Aerospace & Defense — 1.3%

Axon Enterprise, Inc. (b)

    6,374       3,457,258  

Howmet Aerospace, Inc.

    37,903       9,950,674  

Rocket Lab Corp. (b)

    52,886       3,654,423  

TransDigm Group, Inc.

    5,322       6,933,448  
              23,995,803  

Air Freight & Logistics — 0.5%

FedEx Corp.

    21,930       8,486,910  
                 

Automobiles — 3.5%

Ford Motor Co.

    372,366       5,246,637  

Tesla, Inc. (b)

    150,804       60,700,118  
              65,946,755  

Banks — 2.3%

JPMorgan Chase & Co.

    126,035       37,848,311  

Truist Financial Corp.

    119,401       5,887,663  
              43,735,974  

Beverages — 0.4%

Monster Beverage Corp. (b)

    91,120       7,772,536  
                 

Biotechnology — 2.8%

Alnylam Pharmaceuticals, Inc. (b)

    12,317       4,100,576  

Amgen, Inc.

    50,221       19,493,783  

Gilead Sciences, Inc.

    115,712       17,235,302  

Vertex Pharmaceuticals, Inc. (b)

    23,666       11,757,979  
              52,587,640  

Broadline Retail — 4.6%

Amazon.com, Inc. (b)

    375,794       78,916,740  

Coupang, Inc. (b)

    170,360       3,250,469  

eBay, Inc.

    43,424       3,945,504  
              86,112,713  

Capital Markets — 2.6%

CME Group, Inc.

    33,698       10,766,511  

Goldman Sachs Group, Inc.

    29,453       25,316,915  

Intercontinental Exchange, Inc.

    53,184       8,729,090  

Capital Markets — 2.6% (continued)

        

Nasdaq, Inc.

    53,371     $ 4,674,232  
              49,486,748  

Chemicals — 0.9%

Ecolab, Inc.

    26,413       8,144,449  

Sherwin-Williams Co.

    22,995       8,337,757  
              16,482,206  

Commercial Services & Supplies — 1.1%

Cintas Corp.

    37,312       7,504,563  

Copart, Inc. (b)

    90,286       3,438,994  

Waste Management, Inc.

    37,567       9,047,636  
              19,991,193  

Communications Equipment — 1.2%

Arista Networks, Inc. (b)

    119,727       15,983,555  

Motorola Solutions, Inc.

    15,517       7,483,228  
              23,466,783  

Consumer Staples Distribution & Retail — 4.7%

Costco Wholesale Corp.

    41,400       41,846,706  

Walmart, Inc.

    361,647       46,272,734  
              88,119,440  

Electronic Equipment, Instruments & Components — 0.6%

Corning, Inc.

    80,722       12,138,974  
                 

Entertainment — 3.5%

Netflix, Inc. (b)

    425,103       40,911,913  

ROBLOX Corp. - Class A (b)

    65,618       4,505,332  

Take-Two Interactive Software, Inc. (b)

    17,225       3,642,743  

Walt Disney Co.

    166,554       17,661,386  
              66,721,374  

Financial Services — 8.2%

Berkshire Hathaway, Inc. - Class B (b)

    85,490       43,168,175  

Block, Inc. (b)

    56,688       3,611,026  

Mastercard, Inc. - Class A

    83,500       43,187,035  

PayPal Holdings, Inc.

    39,776       1,838,049  

Rocket Cos., Inc. - Class A

    266,354       4,844,979  

Visa, Inc. - Class A

    178,412       57,116,818  
              153,766,082  

Ground Transportation — 1.8%

Old Dominion Freight Line, Inc.

    19,440       3,947,292  

 

 

The accompanying notes are an integral part of these financial statements.
6

 

 

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Ground Transportation — 1.8% (continued)

Uber Technologies, Inc. (b)

    196,315     $ 14,806,077  

Union Pacific Corp. (c)

    55,320       14,658,694  
              33,412,063  

Health Care Equipment & Supplies — 1.7%

DexCom, Inc. (b)

    36,352       2,669,327  

GE HealthCare Technologies, Inc.

    42,487       3,580,380  

IDEXX Laboratories, Inc. (b)

    7,442       4,887,385  

Intuitive Surgical, Inc. (b)

    33,071       16,651,579  

ResMed, Inc.

    13,594       3,483,598  
              31,272,269  

Health Care Providers & Services — 1.7%

CVS Health Corp.

    118,756       9,488,604  

HCA Healthcare, Inc.

    21,300       11,282,610  

McKesson Corp.

    11,593       11,446,581  
              32,217,795  

Health Care Technology — 0.2%

Veeva Systems, Inc. - Class A (b)

    15,327       2,789,667  
                 

Hotels, Restaurants & Leisure — 2.7%

Airbnb, Inc. - Class A (b)

    56,391       7,618,988  

Booking Holdings, Inc.

    3,003       12,730,768  

Chipotle Mexican Grill, Inc. (b)

    123,058       4,580,219  

DoorDash, Inc. - Class A (b)

    40,625       7,169,094  

Marriott International, Inc. - Class A

    25,035       8,555,210  

Starbucks Corp.

    106,081       10,398,060  
              51,052,339  

Industrial Conglomerates — 0.4%

3M Co.

    49,558       8,192,929  
                 

Insurance — 0.6%

Progressive Corp.

    55,407       11,838,260  
                 

Interactive Media & Services — 10.9%

Alphabet, Inc. - Class C

    423,860       132,002,720  

Meta Platforms, Inc. - Class A

    110,943       71,911,033  

Reddit, Inc. - Class A (b)

    9,948       1,450,518  
              205,364,271  

IT Services — 0.8%

Cloudflare, Inc. - Class A (b)

    32,956     $ 5,674,694  

Cognizant Technology Solutions Corp. - Class A

    45,035       2,901,605  

Snowflake, Inc. - Class A (b)

    32,659       5,500,102  
              14,076,401  

Machinery — 0.4%

Cummins, Inc.

    12,868       7,513,239  
                 

Oil, Gas & Consumable Fuels — 2.2%

Chevron Corp.

    185,014       34,553,215  

Kinder Morgan, Inc.

    209,785       6,979,547  
              41,532,762  

Pharmaceuticals — 0.6%

Bristol-Myers Squibb Co.

    189,941       11,846,620  
                 

Real Estate Management & Development — 0.1%

CoStar Group, Inc. (b)

    39,523       1,763,911  
                 

Semiconductors & Semiconductor Equipment — 15.0%

Advanced Micro Devices, Inc. (b)

    163,890       32,812,417  

Broadcom, Inc.

    216,669       69,236,579  

Lam Research Corp.

    121,835       28,495,988  

NVIDIA Corp.

    860,501       152,472,172  
              283,017,156  

Software — 11.2%

Adobe Systems, Inc. (b)

    39,052       10,247,635  

AppLovin Corp. - Class A (b)

    33,487       14,559,143  

Autodesk, Inc. (b)

    19,733       4,851,753  

Crowdstrike Holdings, Inc. - Class A (b)

    23,627       8,788,771  

Datadog, Inc. - Class A (b)

    32,698       3,660,868  

Fair Isaac Corp. (b)

    2,207       3,110,458  

Fortinet, Inc. (b)

    69,388       5,483,734  

Intuit, Inc.

    19,905       8,141,742  

Microsoft Corp.

    260,669       102,375,143  

Palo Alto Networks, Inc. (b)

    65,098       9,694,394  

Salesforce, Inc.

    84,612       16,481,572  

ServiceNow, Inc. (b)

    86,595       9,353,126  

Synopsys, Inc. (b)

    17,884       7,403,976  

Workday, Inc. - Class A (b)

    22,398       2,995,956  

 

 

The accompanying notes are an integral part of these financial statements.
7

 

 

Motley Fool 100 Index ETF

Schedule of Investments (concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Software — 11.2% (continued)

                

Zoom Communications, Inc. - Class A (b)

    27,621     $ 2,042,297  

Zscaler, Inc. (b)

    14,861       2,184,418  
              211,374,986  

Specialized REITs — 1.2%

American Tower Corp.

    43,661       8,376,800  

Digital Realty Trust, Inc.

    32,091       5,686,525  

Equinix, Inc.

    9,151       8,915,453  
              22,978,778  

Specialty Retail — 1.1%

Carvana Co. (b)(c)

    13,175       4,402,558  

TJX Cos., Inc.

    103,591       16,746,521  
              21,149,079  

Technology Hardware, Storage & Peripherals — 7.3%

Apple, Inc.

    518,239       136,908,379  
                 

Textiles, Apparel & Luxury Goods — 0.5%

NIKE, Inc. - Class B

    137,844       8,571,140  
                 

Wireless Telecommunication Services — 1.2%

T-Mobile US, Inc.

    104,341       22,651,388  

TOTAL COMMON STOCKS (Cost $1,474,672,964)

            1,878,343,042  

 

 

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.8%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    14,922,796     $ 14,922,796  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $14,922,796)

            14,922,796  
                 

TOTAL INVESTMENTS — 100.6% (Cost $1,489,595,760)

            1,893,265,838  

Liabilities in Excess of Other Assets — (0.6)%

            (11,569,107 )

TOTAL NET ASSETS — 100.0%

           $ 1,881,696,731  

 

 

Percentages are stated as a percent of net assets.    

 

LLC - Limited Liability Company

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $8,479 or 0.0% of net assets as of February 28, 2026.

 

(b)

Non-income producing security.

 

(c)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $14,555,617.

 

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of these financial statements.
8

 

 

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 97.1%

Aerospace & Defense — 7.6%

Hexcel Corp. (a)

    35,091     $ 3,252,585  

Leonardo DRS, Inc.

    46,254       2,006,961  
              5,259,546  

Air Freight & Logistics — 5.2%

GXO Logistics, Inc. (b)

    56,976       3,579,802  
                 

Automobile Components — 0.3%

Gentex Corp.

    8,358       195,577  
                 

Banks — 4.6%

Live Oak Bancshares, Inc.

    59,721       2,166,081  

Towne Bank/Portsmouth VA

    30,014       1,028,279  
              3,194,360  

Biotechnology — 5.2%

ADMA Biologics, Inc. (b)

    107,589       1,675,161  

Ultragenyx Pharmaceutical, Inc. (b)

    83,491       1,952,854  
              3,628,015  

Building Products — 0.2%

Trex Co., Inc. (a)(b)

    3,033       125,627  
                 

Capital Markets — 7.4%

StoneX Group, Inc. (b)

    40,216       5,127,540  
                 

Chemicals — 2.9%

Eastman Chemical Co.

    26,263       1,983,119  
                 

Diversified Consumer Services — 3.8%

Frontdoor, Inc. (b)

    38,001       2,605,729  
                 

Electronic Equipment, Instruments & Components — 7.1%

Evolv Technologies Holdings, Inc. (b)

    386,392       2,047,877  

IPG Photonics Corp. (b)

    21,738       2,860,069  
              4,907,946  

Financial Services — 3.6%

Toast, Inc. - Class A (b)

    90,324       2,466,748  
                 

Ground Transportation — 0.2%

RXO, Inc. (b)

    10,195     $ 162,712  
                 

Health Care Equipment & Supplies — 10.9%

Alphatec Holdings, Inc. (b)

    197,464       2,689,460  

Penumbra, Inc. (a)(b)

    8,190       2,820,554  

UFP Technologies, Inc. (a)(b)

    9,754       2,053,997  
              7,564,011  

Health Care Providers & Services — 3.1%

HealthEquity, Inc. (a)(b)

    27,728       2,120,915  
                 

Industrial REITs — 2.4%

STAG Industrial, Inc.

    42,263       1,657,555  
                 

Insurance — 2.4%

Goosehead Insurance, Inc. - Class A (a)(b)

    30,598       1,658,412  
                 

Oil, Gas & Consumable Fuels — 0.3%

Northern Oil & Gas, Inc. (a)

    8,593       237,081  
                 

Personal Care Products — 0.2%

BellRing Brands, Inc. (b)

    9,050       166,430  
                 

Professional Services — 3.1%

Verra Mobility Corp. (b)

    127,992       2,138,746  
                 

Retail REITs — 2.8%

Agree Realty Corp.

    24,380       1,962,102  
                 

Semiconductors & Semiconductor Equipment — 5.0%

SiTime Corp. (b)

    4,980       1,981,442  

Ultra Clean Holdings, Inc. (b)

    25,000       1,517,000  
              3,498,442  

Software — 7.7%

Alarm.com Holdings, Inc. (b)

    1,406       67,277  

LiveRamp Holdings, Inc. (b)

    90,452       2,457,581  

nCino, Inc. (b)

    92,208       1,488,237  

Q2 Holdings, Inc. (b)

    27,228       1,310,211  
              5,323,306  

 

 

The accompanying notes are an integral part of these financial statements.
9

 

 

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Specialty Retail — 1.4%

Warby Parker, Inc. - Class A (a)(b)

    37,595     $ 940,251  
                 

Textiles, Apparel & Luxury Goods — 0.2%

Crocs, Inc. (b)

    1,608       145,862  
                 

Trading Companies & Distributors — 9.5%

Herc Holdings, Inc. (a)

    20,280       2,834,941  

QXO, Inc. (b)

    109,616       2,625,303  

SiteOne Landscape Supply, Inc. (b)

    7,879       1,125,831  
              6,586,075  

TOTAL COMMON STOCKS (Cost $57,596,994)

            67,235,909  

 

 

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.4%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    8,584,376     $ 8,584,376  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,584,376)

            8,584,376  
                 

TOTAL INVESTMENTS — 109.5% (Cost $66,181,370)

            75,820,285  

Liabilities in Excess of Other Assets — (9.5)%

            (6,556,443 )

TOTAL NET ASSETS — 100.0%

           $ 69,263,842  

 

 

Percentages are stated as a percent of net assets.    

 

LLC - Limited Liability Company

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $8,274,083.

 

(b)

Non-income producing security.

 

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of these financial statements.
10

 

 

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.9%

Air Freight & Logistics — 1.0%

FedEx Corp.

    2,398     $ 928,026  
                 

Automobile Components — 0.0% (a)

Phinia, Inc.

    354       25,711  
                 

Beverages — 0.9%

Monster Beverage Corp. (b)

    9,437       804,976  
                 

Biotechnology — 2.5%

Exelixis, Inc. (b)

    3,689       162,537  

Gilead Sciences, Inc.

    14,000       2,085,300  

Iovance Biotherapeutics, Inc. (b)

    4,009       15,475  
              2,263,312  

Broadline Retail — 5.1%

Amazon.com, Inc. (b)

    19,295       4,051,950  

eBay, Inc.

    4,538       412,323  

Etsy, Inc. (b)

    1,191       65,362  

Ollie’s Bargain Outlet Holdings, Inc. (b)

    610       65,331  
              4,594,966  

Capital Markets — 0.1%

Donnelley Financial Solutions, Inc. (b)

    387       19,257  

PJT Partners, Inc. - Class A

    295       43,566  
              62,823  

Chemicals — 2.3%

Ecolab, Inc.

    2,785       858,755  

RPM International, Inc.

    1,397       159,425  

Sherwin-Williams Co.

    2,935       1,064,202  
              2,082,382  

Commercial Services & Supplies — 1.6%

Cintas Corp.

    5,080       1,021,740  

Rollins, Inc.

    7,000       426,230  
              1,447,970  

Communications Equipment — 2.7%

Arista Networks, Inc. (b)

    12,022       1,604,937  

Motorola Solutions, Inc.

    1,724       831,416  
              2,436,353  
                 

Construction & Engineering — 0.4%

EMCOR Group, Inc.

    478     $ 346,368  
                 

Consumer Staples Distribution & Retail — 12.5%

Casey’s General Stores, Inc.

    383       262,581  

Costco Wholesale Corp.

    5,175       5,230,838  

Maplebear, Inc. (b)

    3,331       124,946  

Sprouts Farmers Market, Inc. (b)

    1,440       106,373  

Sysco Corp.

    5,706       520,159  

United Natural Foods, Inc. (b)

    858       32,784  

Walmart, Inc.

    39,047       4,996,064  
              11,273,745  

Distributors — 0.1%

LKQ Corp.

    2,305       76,319  
                 

Entertainment — 5.1%

Netflix, Inc. (b)

    46,700       4,494,408  

Roku, Inc. (b)

    1,489       146,533  
              4,640,941  

Financial Services — 9.0%

Jack Henry & Associates, Inc.

    808       131,268  

Mastercard, Inc. - Class A

    7,673       3,968,552  

Visa, Inc. - Class A

    12,591       4,030,883  
              8,130,703  

Ground Transportation — 2.1%

Old Dominion Freight Line, Inc.

    2,214       449,552  

Union Pacific Corp.

    5,364       1,421,353  
              1,870,905  

Health Care Equipment & Supplies — 3.8%

Align Technology, Inc. (b)

    714       135,731  

IDEXX Laboratories, Inc. (b)

    1,127       740,135  

Insulet Corp. (b)

    770       189,890  

Intuitive Surgical, Inc. (b)

    3,680       1,852,917  

ResMed, Inc.

    1,525       390,796  

Solventum Corp. (b)

    1,636       121,391  
              3,430,860  

Health Care Providers & Services — 2.8%

CVS Health Corp.

    10,851       866,995  

HCA Healthcare, Inc.

    3,119       1,652,134  
              2,519,129  

 

 

The accompanying notes are an integral part of these financial statements.
11

 

 

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Hotels, Restaurants & Leisure — 2.4%

Booking Holdings, Inc.

    353     $ 1,496,490  

Chipotle Mexican Grill, Inc. (b)

    17,345       645,581  
              2,142,071  

Household Durables — 0.1%

TopBuild Corp. (b)

    253       113,420  
                 

Interactive Media & Services — 10.1%

Alphabet, Inc. - Class C

    14,260       4,440,992  

Match Group, Inc.

    3,118       98,529  

Meta Platforms, Inc. - Class A

    6,744       4,371,326  

Pinterest, Inc. - Class A (b)

    9,678       165,784  
              9,076,631  

IT Services — 1.0%

Cognizant Technology Solutions Corp. - Class A

    5,042       324,856  

Gartner, Inc. (b)

    930       146,196  

GoDaddy, Inc. - Class A (b)

    1,454       126,731  

Kyndryl Holdings, Inc. (b)

    2,025       24,968  

MongoDB, Inc. (b)

    823       270,331  
              893,082  

Leisure Products — 0.2%

Hasbro, Inc.

    1,530       152,373  
                 

Life Sciences Tools & Services — 0.2%

Medpace Holdings, Inc. (b)

    352       159,020  
                 

Machinery — 0.1%

Tennant Co.

    209       12,755  

Toro Co.

    1,043       103,111  
              115,866  

Media — 0.3%

New York Times Co. - Class A

    2,190       174,740  

Trade Desk, Inc. - Class A (b)

    4,814       114,670  
              289,410  

Personal Care Products — 0.1%

elf Beauty, Inc. (b)

    708       65,171  
                 

Pharmaceuticals — 1.7%

Bristol-Myers Squibb Co.

    24,152       1,506,360  
                 

Semiconductors & Semiconductor Equipment — 9.0%

Cirrus Logic, Inc. (b)

    574     $ 81,003  

Impinj, Inc. (b)

    308       37,779  

Lam Research Corp.

    15,408       3,603,777  

NVIDIA Corp.

    24,287       4,303,414  

Universal Display Corp.

    422       45,023  
              8,070,996  

Software — 12.2%

Adobe Systems, Inc. (b)

    5,050       1,325,171  

Appfolio, Inc. - Class A (b)

    439       78,037  

Appian Corp. - Class A (b)

    974       25,977  

Asana, Inc. - Class A (b)

    2,616       18,574  

Autodesk, Inc. (b)

    2,584       635,328  

Crowdstrike Holdings, Inc. - Class A (b)

    2,268       843,651  

Docusign, Inc. (b)

    2,877       129,666  

Fair Isaac Corp. (b)

    404       569,382  

Figma, Inc. - Class A (b)

    5,195       152,681  

Fortinet, Inc. (b)

    7,305       577,314  

HubSpot, Inc. (b)

    742       196,266  

Manhattan Associates, Inc. (b)

    731       98,999  

Microsoft Corp.

    9,070       3,562,152  

Nutanix, Inc. - Class A (b)

    2,994       114,610  

Palo Alto Networks, Inc. (b)

    6,484       965,597  

Samsara, Inc. - Class A (b)

    6,057       175,047  

ServiceNow, Inc. (b)

    9,820       1,060,658  

ServiceTitan, Inc. - Class A (b)

    1,234       89,329  

Workday, Inc. - Class A (b)

    2,565       343,094  
              10,961,533  

Specialty Retail — 4.2%

Five Below, Inc. (b)

    619       138,365  

Stitch Fix, Inc. - Class A (b)

    1,873       6,237  

TJX Cos., Inc.

    15,043       2,431,851  

Tractor Supply Co.

    6,639       344,166  

Ulta Beauty, Inc. (b)

    658       450,592  

Williams-Sonoma, Inc.

    1,603       329,657  

Winmark Corp.

    90       41,062  
              3,741,930  

 

 

The accompanying notes are an integral part of these financial statements.
12

 

 

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Technology Hardware, Storage & Peripherals — 5.0%

Apple, Inc.

    16,231     $ 4,287,906  

Pure Storage, Inc. - Class A (b)

    3,983       255,788  
              4,543,694  

Textiles, Apparel & Luxury Goods — 1.1%

NIKE, Inc. - Class B

    15,734       978,340  

Under Armour, Inc. - Class A (b)

    5,003       37,122  
              1,015,462  

Tobacco — 0.0% (a)

Turning Point Brands, Inc.

    205       28,083  
                 

Trading Companies & Distributors — 0.2%

Watsco, Inc.

    410       171,105  

TOTAL COMMON STOCKS (Cost $81,709,986)

            89,981,696  
                 

TOTAL INVESTMENTS — 99.9% (Cost $81,709,986)

            89,981,696  

Other Assets in Excess of Liabilities — 0.1%

            96,774  

TOTAL NET ASSETS — 100.0%

           $ 90,078,470  

 

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Represents less than 0.05% of net assets.

 

(b)

Non-income producing security.

 

The accompanying notes are an integral part of these financial statements.
13

 

 

MOTLEY FOOL next index ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

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Value

  

COMMON STOCKS — 99.8%

Aerospace & Defense — 3.3%

AeroVironment, Inc. (a)

    764     $ 192,719  

HEICO Corp.

    1,855       592,598  

Textron, Inc.

    2,702       266,553  
              1,051,870  

Air Freight & Logistics — 0.3%

GXO Logistics, Inc. (a)

    1,748       109,827  
                 

Automobile Components — 0.8%

BorgWarner, Inc.

    3,282       188,945  

Phinia, Inc.

    598       43,433  

XPEL, Inc. (a)

    423       18,028  
              250,406  

Banks — 0.7%

Axos Financial, Inc. (a)

    864       75,012  

Western Alliance Bancorp

    1,668       133,974  
              208,986  

Beverages — 0.7%

Celsius Holdings, Inc. (a)

    3,955       212,027  
                 

Biotechnology — 6.0%

AnaptysBio, Inc. (a)

    428       23,561  

Ardelyx, Inc. (a)

    3,611       23,652  

Biogen, Inc. (a)

    2,251       431,787  

BioMarin Pharmaceutical, Inc. (a)

    2,947       181,918  

Bridgebio Pharma, Inc. (a)

    2,945       195,784  

Cullinan Therapeutics, Inc. (a)

    878       13,609  

Editas Medicine, Inc. (a)

    1,354       2,979  

Emergent BioSolutions, Inc. (a)

    817       6,659  

Exelixis, Inc. (a)

    4,130       181,968  

Ionis Pharmaceuticals, Inc. (a)

    2,480       201,252  

Iovance Biotherapeutics, Inc. (a)

    5,899       22,770  

Moderna, Inc. (a)

    5,995       321,152  

Neurocrine Biosciences, Inc. (a)

    1,529       202,210  

REGENXBIO, Inc. (a)

    752       6,798  

TG Therapeutics, Inc. (a)

    2,172       65,355  

Viking Therapeutics, Inc. (a)

    1,719       58,171  
              1,939,625  

Broadline Retail — 0.6%

Etsy, Inc. (a)

    1,514     $ 83,088  

Ollie’s Bargain Outlet Holdings, Inc. (a)

    936       100,246  
              183,334  

Building Products — 0.2%

Trex Co., Inc. (a)

    1,638       67,846  
                 

Capital Markets — 5.0%

Affiliated Managers Group, Inc.

    432       132,270  

Cboe Global Markets, Inc.

    1,606       481,350  

Donnelley Financial Solutions, Inc. (a)

    394       19,605  

FactSet Research Systems, Inc.

    575       124,666  

Houlihan Lokey, Inc.

    1,077       176,380  

Interactive Brokers Group, Inc. - Class A

    6,831       486,299  

Jefferies Financial Group, Inc.

    3,165       140,526  

PJT Partners, Inc. - Class A

    372       54,937  
              1,616,033  

Chemicals — 0.9%

Perimeter Solutions, Inc. (a)

    2,237       52,525  

RPM International, Inc.

    1,968       224,588  
              277,113  

Commercial Services & Supplies — 2.5%

Rollins, Inc.

    7,379       449,307  

Veralto Corp.

    3,808       371,014  
              820,321  

Communications Equipment — 2.2%

Ubiquiti, Inc.

    929       712,534  
                 

Construction & Engineering — 5.6%

Comfort Systems USA, Inc.

    523       747,560  

EMCOR Group, Inc.

    688       498,539  

MasTec, Inc. (a)

    1,193       355,538  

Sterling Infrastructure, Inc. (a)

    470       201,221  
              1,802,858  

Consumer Finance — 1.6%

Bread Financial Holdings, Inc.

    702       49,744  

Nelnet, Inc. - Class A

    553       71,591  

 

 

The accompanying notes are an integral part of these financial statements.
14

 

 

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Consumer Finance — 1.6% (continued)

        

SoFi Technologies, Inc. (a)

    19,280     $ 342,413  

Upstart Holdings, Inc. (a)

    1,471       40,055  
              503,803  

Consumer Staples Distribution & Retail — 4.2%

Casey’s General Stores, Inc.

    570       390,786  

Maplebear, Inc. (a)

    4,026       151,015  

Sprouts Farmers Market, Inc. (a)

    1,446       106,816  

Sysco Corp.

    7,343       669,388  

United Natural Foods, Inc. (a)

    924       35,306  
              1,353,311  

Distributors — 0.4%

LKQ Corp.

    3,926       129,990  
                 

Diversified Consumer Services — 0.2%

Duolingo, Inc. (a)

    708       71,508  
                 

Diversified Telecommunication Services — 1.0%

AST SpaceMobile, Inc. (a)

    4,174       330,539  

Bandwidth, Inc. - Class A (a)

    469       6,951  
              337,490  

Electronic Equipment, Instruments & Components — 3.2%

Aeva Technologies, Inc. (a)

    859       11,390  

Cognex Corp.

    2,566       139,591  

Coherent Corp. (a)

    2,401       621,691  

IPG Photonics Corp. (a)

    648       85,257  

Zebra Technologies Corp. - Class A (a)

    779       174,465  
              1,032,394  

Entertainment — 2.5%

Live Nation Entertainment, Inc. (a)

    3,513       569,598  

Roku, Inc. (a)

    2,271       223,489  
              793,087  

Financial Services — 1.9%

Euronet Worldwide, Inc. (a)

    643       44,721  

Jack Henry & Associates, Inc.

    1,112       180,655  

Marqeta, Inc. - Class A (a)

    6,842       26,273  

Shift4 Payments, Inc. - Class A (a)

    1,050       46,273  

Toast, Inc. - Class A (a)

    9,005       245,927  

Financial Services — 1.9% (continued)

        

WEX, Inc. (a)

    526     $ 78,474  
              622,323  

Food Products — 1.5%

Darling Ingredients, Inc. (a)

    2,416       128,434  

Freshpet, Inc. (a)

    746       63,000  

McCormick & Co., Inc.

    4,116       292,401  

Vital Farms, Inc. (a)

    665       14,025  
              497,860  

Ground Transportation — 1.7%

RXO, Inc. (a)

    2,506       39,996  

U-Haul Holding Co. (a)

    2,798       141,746  

XPO, Inc. (a)

    1,800       378,846  
              560,588  

Health Care Equipment & Supplies — 3.4%

Align Technology, Inc. (a)

    1,102       209,490  

ClearPoint Neuro, Inc. (a)

    452       5,682  

Globus Medical, Inc. - Class A (a)

    2,053       195,979  

Insulet Corp. (a)

    1,081       266,585  

Masimo Corp. (a)

    825       144,664  

Solventum Corp. (a)

    2,660       197,372  

TransMedics Group, Inc. (a)

    523       75,971  
              1,095,743  

Health Care Providers & Services — 1.8%

Fulgent Genetics, Inc. (a)

    471       7,221  

Guardant Health, Inc. (a)

    1,972       185,171  

Progyny, Inc. (a)

    1,316       23,280  

Quest Diagnostics, Inc.

    1,707       361,730  
              577,402  

Health Care Technology — 0.3%

Doximity, Inc. - Class A (a)

    2,886       70,794  

Teladoc, Inc. (a)

    2,700       14,202  
              84,996  

Hotels, Restaurants & Leisure — 3.0%

Cava Group, Inc. (a)

    1,772       146,137  

Dutch Bros, Inc. - Class A (a)

    1,888       101,215  

Hyatt Hotels Corp. - Class A

    1,457       235,305  

Planet Fitness, Inc. - Class A (a)

    1,273       104,577  

Texas Roadhouse, Inc.

    1,017       185,979  

 

 

The accompanying notes are an integral part of these financial statements.
15

 

 

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Hotels, Restaurants & Leisure — 3.0% (continued)

Vail Resorts, Inc.

    549     $ 74,560  

Wingstop, Inc.

    427       110,811  
              958,584  

Household Durables — 2.0%

Dream Finders Homes, Inc. - Class A (a)

    1,421       25,677  

Meritage Homes Corp.

    1,087       81,982  

NVR, Inc. (a)

    46       345,818  

TopBuild Corp. (a)

    429       192,321  
              645,798  

Household Products — 0.1%

Spectrum Brands Holdings, Inc.

    361       28,295  
                 

Industrial REITs — 0.4%

STAG Industrial, Inc.

    2,865       112,365  
                 

Insurance — 2.6%

CNA Financial Corp.

    4,151       199,331  

Hagerty, Inc. - Class A (a)

    1,511       17,739  

Kinsale Capital Group, Inc.

    359       139,892  

Lemonade, Inc. (a)

    1,143       59,139  

Markel Group, Inc. (a)

    195       404,132  

Root, Inc. (a)

    231       11,984  

Trupanion, Inc. (a)

    660       17,516  
              849,733  

Interactive Media & Services — 0.9%

Match Group, Inc.

    3,620       114,392  

Pinterest, Inc. - Class A (a)

    10,359       177,450  
              291,842  

IT Services — 4.0%

Gartner, Inc. (a)

    1,107       174,020  

GoDaddy, Inc. - Class A (a)

    2,074       180,770  

Kyndryl Holdings, Inc. (a)

    3,506       43,229  

MongoDB, Inc. (a)

    1,250       410,588  

Okta, Inc. (a)

    2,716       196,910  

Twilio, Inc. - Class A (a)

    2,327       281,474  
              1,286,991  

Leisure Products — 0.7%

Hasbro, Inc.

    2,154       214,517  
                 

Life Sciences Tools & Services — 1.9%

Illumina, Inc. (a)

    2,343     $ 315,040  

Lifecore Biomedical, Inc. (a)

    602       4,334  

Medpace Holdings, Inc. (a)

    433       195,612  

Repligen Corp. (a)

    864       111,223  
              626,209  

Machinery — 4.1%

Blue Bird Corp. (a)

    483       28,145  

Middleby Corp. (a)

    777       131,204  

Proto Labs, Inc. (a)

    365       22,659  

RBC Bearings, Inc. (a)

    484       278,745  

Tennant Co.

    285       17,394  

Toro Co.

    1,498       148,092  

Westinghouse Air Brake Technologies Corp.

    2,623       692,341  
              1,318,580  

Media — 1.3%

Boston Omaha Corp. - Class A (a)

    514       6,348  

Magnite, Inc. (a)

    2,135       29,079  

New York Times Co. - Class A

    2,491       198,757  

PubMatic, Inc. - Class A (a)

    701       5,678  

Trade Desk, Inc. - Class A (a)

    7,187       171,194  
              411,056  

Metals & Mining — 0.5%

MP Materials Corp. (a)

    2,723       160,303  
                 

Oil, Gas & Consumable Fuels — 1.8%

EQT Corp.

    9,341       573,724  

Vitesse Energy, Inc.

    595       11,490  
              585,214  

Passenger Airlines — 0.3%

Alaska Air Group, Inc. (a)

    1,763       90,971  
                 

Personal Care Products — 0.3%

elf Beauty, Inc. (a)

    904       83,213  
                 

Pharmaceuticals — 0.5%

Axsome Therapeutics, Inc. (a)

    772       126,523  

Nektar Therapeutics (a)

    301       20,763  
              147,286  

 

 

The accompanying notes are an integral part of these financial statements.
16

 

 

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Professional Services — 2.2%

Broadridge Financial Solutions, Inc.

    1,792     $ 333,079  

Paycom Software, Inc.

    842       105,949  

SS&C Technologies Holdings, Inc.

    3,742       281,735  
              720,763  

Real Estate Management & Development — 0.5%

Zillow Group, Inc. - Class C (a)

    3,702       165,183  
                 

Residential REITs — 0.7%

Invitation Homes, Inc.

    9,110       239,957  
                 

Semiconductors & Semiconductor Equipment — 3.9%

Astera Labs, Inc. (a)

    2,585       307,176  

Cirrus Logic, Inc. (a)

    784       110,638  

Enphase Energy, Inc. (a)

    1,998       84,456  

First Solar, Inc. (a)

    1,611       317,689  

Impinj, Inc. (a)

    461       56,546  

SiTime Corp. (a)

    402       159,948  

Skyworks Solutions, Inc.

    2,280       135,842  

Universal Display Corp.

    726       77,457  
              1,249,752  

Software — 6.8%

Appfolio, Inc. - Class A (a)

    553       98,301  

Appian Corp. - Class A (a)

    1,134       30,244  

Asana, Inc. - Class A (a)

    3,607       25,610  

Blackbaud, Inc. (a)

    721       34,997  

BlackLine, Inc. (a)

    913       32,183  

Box, Inc. - Class A (a)

    2,198       51,763  

Braze, Inc. - Class A (a)

    1,700       32,283  

Docusign, Inc. (a)

    3,072       138,455  

Figma, Inc. - Class A (a)

    7,366       216,487  

Gitlab, Inc. - Class A (a)

    2,571       67,617  

HubSpot, Inc. (a)

    804       212,666  

Manhattan Associates, Inc. (a)

    925       125,273  

Nutanix, Inc. - Class A (a)

    4,130       158,096  

Q2 Holdings, Inc. (a)

    958       46,099  

Rubrik, Inc. - Class A (a)

    2,974       154,529  

Samsara, Inc. - Class A (a)

    8,835       255,332  

ServiceTitan, Inc. - Class A (a)

    1,431       103,590  

Software — 6.8% (continued)

                

Tyler Technologies, Inc. (a)

    660     $ 234,096  

Unity Software, Inc. (a)

    6,553       119,461  

Varonis Systems, Inc. (a)

    1,803       41,649  
              2,178,731  

Specialty Retail — 6.2%

Camping World Holdings, Inc. - Class A

    961       7,996  

CarMax, Inc. (a)

    2,195       94,758  

Chewy, Inc. - Class A (a)

    6,363       174,473  

Five Below, Inc. (a)

    846       189,106  

GameStop Corp. - Class A (a)

    6,869       165,062  

RH (a)

    290       48,056  

Stitch Fix, Inc. - Class A (a)

    1,993       6,637  

Tractor Supply Co.

    8,102       420,008  

Ulta Beauty, Inc. (a)

    670       458,809  

Warby Parker, Inc. - Class A (a)

    1,863       46,594  

Williams-Sonoma, Inc.

    1,832       376,751  

Winmark Corp.

    56       25,549  
              2,013,799  

Technology Hardware, Storage & Peripherals — 1.0%

Pure Storage, Inc. - Class A (a)

    5,062       325,082  
                 

Textiles, Apparel & Luxury Goods — 0.1%

Under Armour, Inc. - Class A (a)

    6,386       47,384  
                 

Tobacco — 0.1%

Turning Point Brands, Inc.

    292       40,001  
                 

Trading Companies & Distributors — 1.4%

Watsco, Inc.

    585       244,138  

WESCO International, Inc.

    747       216,256  
              460,394  

 

 

The accompanying notes are an integral part of these financial statements.
17

 

 

MOTLEY FOOL next index ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Transportation Infrastructure — 0.0% (b)

Sky Harbour Group Corp. (a)

    518     $ 4,548  

TOTAL COMMON STOCKS (Cost $29,396,146)

            32,169,826  
                 

TOTAL INVESTMENTS — 99.8% (Cost $29,396,146)

            32,169,826  

Other Assets in Excess of Liabilities — 0.2%

            76,250  

TOTAL NET ASSETS — 100.0%

           $ 32,246,076  

 

 

Percentages are stated as a percent of net assets.

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of these financial statements.
18

 

 

Motley Fool Innovative Growth Factor ETF

Schedule of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.5%

Aerospace & Defense — 0.9%

Rocket Lab Corp. (a)

    753     $ 52,032  
                 

Beverages — 1.3%

Monster Beverage Corp. (a)

    913       77,879  
                 

Biotechnology — 7.4%

Alnylam Pharmaceuticals, Inc. (a)

    377       125,511  

AnaptysBio, Inc. (a)

    48       2,642  

Ardelyx, Inc. (a)

    318       2,083  

BioMarin Pharmaceutical, Inc. (a)

    196       12,099  

Bridgebio Pharma, Inc. (a)

    518       34,437  

Cullinan Therapeutics, Inc. (a)

    177       2,744  

Exelixis, Inc. (a)

    763       33,618  

Gilead Sciences, Inc.

    1,347       200,636  

Iovance Biotherapeutics, Inc. (a)

    770       2,972  

Neurocrine Biosciences, Inc. (a)

    102       13,490  

REGENXBIO, Inc. (a)

    60       542  

TG Therapeutics, Inc. (a)

    170       5,115  

Viking Therapeutics, Inc. (a)

    336       11,370  
              447,259  

Broadline Retail — 5.5%

Amazon.com, Inc. (a)

    1,345       282,450  

eBay, Inc.

    480       43,613  

Etsy, Inc. (a)

    162       8,890  
              334,953  

Capital Markets — 0.1%

Donnelley Financial Solutions, Inc. (a)

    41       2,040  

PJT Partners, Inc. - Class A

    34       5,021  
              7,061  

Consumer Staples Distribution & Retail — 0.3%

Maplebear, Inc. (a)

    421       15,792  

United Natural Foods, Inc. (a)

    67       2,560  
              18,352  

Electronic Equipment, Instruments & Components — 0.4%

Aeva Technologies, Inc. (a)

    121     $ 1,604  

Cognex Corp.

    224       12,186  

IPG Photonics Corp. (a)

    58       7,631  
              21,421  

Entertainment — 2.8%

Live Nation Entertainment, Inc. (a)

    205       33,239  

ROBLOX Corp. - Class A (a)

    1,058       72,642  

Roku, Inc. (a)

    141       13,876  

Take-Two Interactive Software, Inc. (a)

    228       48,217  
              167,974  

Financial Services — 5.4%

Berkshire Hathaway, Inc. - Class B (a)

    599       302,465  

Toast, Inc. - Class A (a)

    758       20,701  
              323,166  

Ground Transportation — 2.9%

Uber Technologies, Inc. (a)

    2,286       172,410  
                 

Health Care Equipment & Supplies — 2.1%

DexCom, Inc. (a)

    464       34,072  

Globus Medical, Inc. - Class A (a)

    108       10,310  

IDEXX Laboratories, Inc. (a)

    69       45,314  

Insulet Corp. (a)

    119       29,347  

TransMedics Group, Inc. (a)

    36       5,229  
              124,272  
                 

Health Care Providers & Services — 2.7%

Guardant Health, Inc. (a)

    292       27,419  

HCA Healthcare, Inc.

    255       135,073  
              162,492  

Hotels, Restaurants & Leisure — 5.5%

Airbnb, Inc. - Class A (a)

    735       99,306  

Booking Holdings, Inc.

    43       182,292  

Chipotle Mexican Grill, Inc. (a)

    1,402       52,182  
              333,780  

 

 

The accompanying notes are an integral part of these financial statements.
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Insurance — 0.1%

Lemonade, Inc. (a)

    96     $ 4,967  
                 

Interactive Media & Services — 11.6%

Alphabet, Inc. - Class C

    999       311,118  

Match Group, Inc.

    397       12,545  

Meta Platforms, Inc. - Class A

    470       304,645  

Pinterest, Inc. - Class A (a)

    1,191       20,402  

Reddit, Inc. - Class A (a)

    363       52,929  
              701,639  

IT Services — 2.8%

GoDaddy, Inc. - Class A (a)

    138       12,028  

MongoDB, Inc. (a)

    116       38,103  

Snowflake, Inc. - Class A (a)

    604       101,720  

Twilio, Inc. - Class A (a)

    166       20,079  
              171,930  

Leisure Products — 0.4%

Hasbro, Inc.

    246       24,499  
                 

Life Sciences Tools & Services — 0.9%

Illumina, Inc. (a)

    222       29,850  

Lifecore Biomedical, Inc. (a)

    56       403  

Medpace Holdings, Inc. (a)

    55       24,847  
              55,100  

Machinery — 0.1%

Blue Bird Corp. (a)

    52       3,030  

Tennant Co.

    14       855  
              3,885  

Media — 0.2%

New York Times Co. - Class A

    182       14,522  
                 

Oil, Gas & Consumable Fuels — 6.3%

Chevron Corp.

    2,020       377,255  
                 

Personal Care Products — 0.1%

elf Beauty, Inc. (a)

    88       8,100  
                 

Pharmaceuticals — 2.8%

Axsome Therapeutics, Inc. (a)

    111       18,192  

Bristol-Myers Squibb Co.

    2,452       152,931  
              171,123  

Professional Services — 0.1%

Paycom Software, Inc.

    50     $ 6,292  
                 

Real Estate Management & Development — 0.2%

Zillow Group, Inc. - Class C (a)

    291       12,984  
                 

Semiconductors & Semiconductor Equipment — 10.4%

Astera Labs, Inc. (a)

    230       27,331  

Cirrus Logic, Inc. (a)

    43       6,068  

First Solar, Inc. (a)

    118       23,270  

Impinj, Inc. (a)

    44       5,397  

Lam Research Corp.

    1,141       266,869  

NVIDIA Corp.

    1,702       301,577  
              630,512  

Software — 13.9%

Adobe Systems, Inc. (a)

    625       164,006  

Appfolio, Inc. - Class A (a)

    66       11,732  

Appian Corp. - Class A (a)

    178       4,747  

AppLovin Corp. - Class A (a)

    495       215,211  

Asana, Inc. - Class A (a)

    474       3,366  

Autodesk, Inc. (a)

    229       56,304  

Box, Inc. - Class A (a)

    169       3,980  

Crowdstrike Holdings, Inc. - Class A (a)

    285       106,014  

Datadog, Inc. - Class A (a)

    578       64,713  

Docusign, Inc. (a)

    272       12,259  

Fair Isaac Corp. (a)

    25       35,234  

Gitlab, Inc. - Class A (a)

    218       5,733  

Guidewire Software, Inc. (a)

    108       15,695  

HubSpot, Inc. (a)

    114       30,154  

Nutanix, Inc. - Class A (a)

    348       13,322  

Q2 Holdings, Inc. (a)

    77       3,705  

Samsara, Inc. - Class A (a)

    974       28,149  

Workday, Inc. - Class A (a)

    268       35,848  

Zscaler, Inc. (a)

    178       26,164  
              836,336  

Specialty Retail — 5.1%

Chewy, Inc. - Class A (a)

    590       16,178  

Stitch Fix, Inc. - Class A (a)

    333       1,109  

TJX Cos., Inc.

    1,352       218,564  

Ulta Beauty, Inc. (a)

    66       45,196  

 

 

The accompanying notes are an integral part of these financial statements.
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Specialty Retail — 5.1% (continued)

Williams-Sonoma, Inc.

    122     $ 25,089  

Winmark Corp.

    4       1,825  
              307,961  

Technology Hardware, Storage & Peripherals — 5.4%

Apple, Inc.

    1,100       290,598  

Pure Storage, Inc. - Class A (a)

    562       36,092  
              326,690  

Textiles, Apparel & Luxury Goods — 1.8%

Kontoor Brands, Inc.

    80       5,217  

NIKE, Inc. - Class B

    1,689       105,022  
              110,239  

TOTAL COMMON STOCKS (Cost $6,330,613)

            6,007,085  
                 

TOTAL INVESTMENTS — 99.5% (Cost $6,330,613)

            6,007,085  

Other Assets in Excess of Liabilities — 0.5%

            30,969  

TOTAL NET ASSETS — 100.0%

           $ 6,038,054  

 

 

Percentages are stated as a percent of net assets.

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

The accompanying notes are an integral part of these financial statements.
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COMMON STOCKS — 99.4%

Aerospace & Defense — 4.5%

AeroVironment, Inc. (a)

    35     $ 8,829  

Axon Enterprise, Inc. (a)

    1       542  

HEICO Corp.

    1       320  

Howmet Aerospace, Inc.

    531       139,403  

Rocket Lab Corp. (a)

    968       66,889  
              215,983  

Automobile Components — 0.2%

BorgWarner, Inc.

    126       7,254  
                 

Automobiles — 4.7%

Ford Motor Co.

    2,882       40,607  

Tesla, Inc. (a)

    464       186,765  
              227,372  

Banks — 4.5%

JPMorgan Chase & Co.

    721       216,516  
                 

Beverages — 0.7%

Monster Beverage Corp. (a)

    412       35,144  
                 

Biotechnology — 8.2%

Alnylam Pharmaceuticals, Inc. (a)

    173       57,595  

Amgen, Inc.

    294       114,119  

AnaptysBio, Inc. (a)

    49       2,697  

Bridgebio Pharma, Inc. (a)

    361       23,999  

Emergent BioSolutions, Inc. (a)

    31       253  

Exelixis, Inc. (a)

    151       6,653  

Gilead Sciences, Inc.

    1,096       163,249  

Ionis Pharmaceuticals, Inc. (a)

    277       22,479  
              391,044  

Broadline Retail — 0.0% (b)

Coupang, Inc. (a)

    24       458  

eBay, Inc.

    5       454  
              912  

Capital Markets — 4.8%

Affiliated Managers Group, Inc.

    24       7,349  

Cboe Global Markets, Inc.

    32       9,591  

Charles Schwab Corp.

    15       1,428  

Goldman Sachs Group, Inc.

    223       191,684  

Capital Markets — 4.8% (continued)

Interactive Brokers Group, Inc. - Class A

    269     $ 19,150  

Nasdaq, Inc.

    4       350  
              229,552  

Chemicals — 0.1%

Perimeter Solutions, Inc. (a)

    197       4,625  
                 

Commercial Services & Supplies — 0.2%

Rollins, Inc.

    156       9,499  
                 

Communications Equipment — 3.4%

Arista Networks, Inc. (a)

    818       109,203  

Ubiquiti, Inc.

    72       55,223  
              164,426  

Construction & Engineering — 2.9%

Comfort Systems USA, Inc.

    56       80,045  

EMCOR Group, Inc.

    26       18,840  

MasTec, Inc. (a)

    79       23,543  

Sterling Infrastructure, Inc. (a)

    39       16,697  
              139,125  

Consumer Finance — 0.7%

Bread Financial Holdings, Inc.

    24       1,701  

SoFi Technologies, Inc. (a)

    1,691       30,032  
              31,733  

Consumer Staples Distribution & Retail — 5.8%

Casey’s General Stores, Inc.

    24       16,454  

United Natural Foods, Inc. (a)

    28       1,070  

Walmart, Inc.

    2,048       262,042  
              279,566  

Diversified Telecommunication Services — 0.8%

AST SpaceMobile, Inc. (a)

    468       37,061  
                 

Electric Utilities — 0.0% (b)

Constellation Energy Corp.

    5       1,649  
                 

Electronic Equipment, Instruments & Components — 4.8%

Aeva Technologies, Inc. (a)

    96       1,273  

Coherent Corp. (a)

    243       62,920  

Corning, Inc.

    1,104       166,019  
              230,212  

 

 

The accompanying notes are an integral part of these financial statements.
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Entertainment — 0.7%

Electronic Arts, Inc.

    2     $ 401  

Live Nation Entertainment, Inc. (a)

    3       486  

Netflix, Inc. (a)

    56       5,390  

ROBLOX Corp. - Class A (a)

    417       28,631  

Take-Two Interactive Software, Inc. (a)

    2       423  
              35,331  

Financial Services — 0.0% (b)

Rocket Cos., Inc. - Class A

    15       273  
                 

Ground Transportation — 0.0% (b)

Uber Technologies, Inc. (a)

    26       1,961  
                 

Health Care Equipment & Supplies — 1.9%

Globus Medical, Inc. - Class A (a)

    51       4,869  

IDEXX Laboratories, Inc. (a)

    35       22,986  

Insulet Corp. (a)

    25       6,165  

Intuitive Surgical, Inc. (a)

    108       54,379  

TransMedics Group, Inc. (a)

    24       3,486  
              91,885  

Health Care Providers & Services — 4.2%

CVS Health Corp.

    580       46,342  

Fulgent Genetics, Inc. (a)

    11       169  

Guardant Health, Inc. (a)

    204       19,155  

HCA Healthcare, Inc.

    147       77,866  

McKesson Corp.

    51       50,356  

Quest Diagnostics, Inc.

    34       7,205  
              201,093  

Hotels, Restaurants & Leisure — 0.0% (b)

DoorDash, Inc. - Class A (a)

    6       1,059  
                 

Industrial Conglomerates — 0.7%

3M Co.

    198       32,733  
                 

Insurance — 0.1%

Hagerty, Inc. - Class A (a)

    31       364  

Lemonade, Inc. (a)

    123       6,364  
              6,728  

Interactive Media & Services — 5.3%

Alphabet, Inc. - Class C

    747     $ 232,638  

Meta Platforms, Inc. - Class A

    5       3,241  

Reddit, Inc. - Class A (a)

    113       16,477  
              252,356  

IT Services — 4.0%

Cloudflare, Inc. - Class A (a)

    267       45,975  

DigitalOcean Holdings, Inc. (a)

    31       1,738  

Fastly, Inc. - Class A (a)

    57       1,090  

International Business Machines Corp.

    368       88,397  

MongoDB, Inc. (a)

    37       12,153  

Snowflake, Inc. - Class A (a)

    200       33,682  

Twilio, Inc. - Class A (a)

    59       7,137  
              190,172  

Leisure Products — 0.1%

Hasbro, Inc.

    50       4,979  
                 

Life Sciences Tools & Services — 0.4%

Illumina, Inc. (a)

    54       7,261  

Medpace Holdings, Inc. (a)

    26       11,746  
              19,007  

Machinery — 1.4%

Blue Bird Corp. (a)

    24       1,398  

Cummins, Inc.

    87       50,797  

RBC Bearings, Inc. (a)

    24       13,822  
              66,017  

Media — 0.1%

New York Times Co. - Class A

    52       4,149  
                 

Metals & Mining — 0.4%

MP Materials Corp. (a)

    341       20,075  
                 

Oil, Gas & Consumable Fuels — 0.3%

EQT Corp.

    202       12,407  
                 

Pharmaceuticals — 0.1%

Axsome Therapeutics, Inc. (a)

    30       4,917  
                 

 

 

The accompanying notes are an integral part of these financial statements.
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Semiconductors & Semiconductor Equipment — 21.0%

Advanced Micro Devices, Inc. (a)

    1,066     $ 213,424  

Astera Labs, Inc. (a)

    145       17,230  

Broadcom, Inc.

    677       216,336  

First Solar, Inc. (a)

    103       20,312  

Lam Research Corp.

    1,307       305,694  

NVIDIA Corp.

    1,254       222,196  

SiTime Corp. (a)

    24       9,549  
              1,004,741  

Software — 4.4%

Appian Corp. - Class A (a)

    11       294  

AppLovin Corp. - Class A (a)

    316       137,387  

Crowdstrike Holdings, Inc. - Class A (a)

    103       38,314  

Datadog, Inc. - Class A (a)

    107       11,980  

Microsoft Corp.

    8       3,142  

Unity Software, Inc. (a)

    384       7,000  

Zoom Communications, Inc. - Class A (a)

    4       296  

Zscaler, Inc. (a)

    72       10,583  
              208,996  

Specialty Retail — 2.8%

Carvana Co. (a)

    168       56,139  

Five Below, Inc. (a)

    52       11,624  

TJX Cos., Inc.

    396       64,017  
              131,780  

Technology Hardware, Storage & Peripherals — 4.9%

Apple, Inc.

    845     $ 223,232  

Pure Storage, Inc. - Class A (a)

    170       10,917  
              234,149  

Tobacco — 0.1%

Turning Point Brands, Inc.

    24       3,288  
                 

Trading Companies & Distributors — 0.2%

WESCO International, Inc.

    29       8,395  
                 

Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc.

    8       1,737  

TOTAL COMMON STOCKS (Cost $4,766,859)

            4,759,901  
                 

TOTAL INVESTMENTS — 99.4% (Cost $4,766,859)

            4,759,901  

Other Assets in Excess of Liabilities — 0.6%

            30,522  

TOTAL NET ASSETS — 100.0%

           $ 4,790,423  

 

 

Percentages are stated as a percent of net assets.    

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of these financial statements.
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COMMON STOCKS — 99.4%

Aerospace & Defense — 0.9%

Textron, Inc.

    592     $ 58,401  
                 

Air Freight & Logistics — 6.0%

FedEx Corp.

    1,016       393,192  
                 

Automobile Components — 0.2%

Phinia, Inc.

    122       8,861  

XPEL, Inc. (a)

    40       1,705  
              10,566  

Banks — 3.6%

Axos Financial, Inc. (a)

    190       16,496  

Truist Financial Corp.

    4,464       220,120  
              236,616  

Beverages — 0.9%

Molson Coors Beverage Co. - Class B

    1,239       60,699  
                 

Biotechnology — 8.7%

Amgen, Inc.

    920       357,107  

Biogen, Inc. (a)

    522       100,130  

BioMarin Pharmaceutical, Inc. (a)

    687       42,409  

Emergent BioSolutions, Inc. (a)

    382       3,113  

Exelixis, Inc. (a)

    866       38,156  

Neurocrine Biosciences, Inc. (a)

    188       24,863  
              565,778  

Broadline Retail — 2.5%

eBay, Inc.

    1,552       141,014  

Etsy, Inc. (a)

    435       23,873  
              164,887  

Capital Markets — 1.0%

Affiliated Managers Group, Inc.

    53       16,227  

Donnelley Financial Solutions, Inc. (a)

    139       6,917  

Houlihan Lokey, Inc.

    144       23,583  

PJT Partners, Inc. - Class A

    107       15,802  
              62,529  

Construction & Engineering — 0.6%

MasTec, Inc. (a)

    137       40,829  

Consumer Finance — 0.6%

Bread Financial Holdings, Inc.

    264     $ 18,707  

Nelnet, Inc. - Class A

    156       20,196  
              38,903  

Consumer Staples Distribution & Retail — 8.9%

Maplebear, Inc. (a)

    789       29,595  

Sprouts Farmers Market, Inc. (a)

    478       35,310  

Sysco Corp.

    1,603       146,130  

United Natural Foods, Inc. (a)

    448       17,118  

Walmart, Inc.

    2,737       350,199  
              578,352  

Distributors — 0.7%

LKQ Corp.

    1,361       45,063  
                 

Diversified Telecommunication Services — 0.0% (b)

Bandwidth, Inc. - Class A (a)

    129       1,912  
                 

Electronic Equipment, Instruments & Components — 0.5%

IPG Photonics Corp. (a)

    119       15,657  

Zebra Technologies Corp. - Class A (a)

    91       20,380  
              36,037  

Entertainment — 4.4%

Walt Disney Co.

    2,701       286,414  
                 

Financial Services — 3.6%

Euronet Worldwide, Inc. (a)

    191       13,284  

Marqeta, Inc. - Class A (a)

    2,222       8,532  

PayPal Holdings, Inc.

    4,151       191,818  

WEX, Inc. (a)

    130       19,395  
              233,029  

Food Products — 0.6%

Darling Ingredients, Inc. (a)

    609       32,374  

Freshpet, Inc. (a)

    81       6,841  
              39,215  

Ground Transportation — 4.5%

RXO, Inc. (a)

    556       8,874  

Union Pacific Corp.

    1,074       284,588  
              293,462  

 

 

The accompanying notes are an integral part of these financial statements.
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Motley Fool Value Factor ETF

Schedule of Investments (Continued)

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Health Care Equipment & Supplies — 1.3%

Align Technology, Inc. (a)

    255     $ 48,475  

Globus Medical, Inc. - Class A (a)

    225       21,479  

Masimo Corp. (a)

    100       17,535  
              87,489  

Health Care Providers & Services — 5.3%

Fulgent Genetics, Inc. (a)

    160       2,453  

HCA Healthcare, Inc.

    641       339,537  

Progyny, Inc. (a)

    145       2,565  
              344,555  

Hotels, Restaurants & Leisure — 2.6%

Airbnb, Inc. - Class A (a)

    1,153       155,782  

Vail Resorts, Inc.

    81       11,000  
              166,782  

Household Durables — 1.4%

Meritage Homes Corp.

    234       17,648  

NVR, Inc. (a)

    7       52,625  

TopBuild Corp. (a)

    43       19,277  
              89,550  

Household Products — 0.2%

Spectrum Brands Holdings, Inc.

    166       13,011  
                 

Insurance — 1.0%

CNA Financial Corp.

    1,214       58,296  

Hagerty, Inc. - Class A (a)

    388       4,555  

Root, Inc. (a)

    86       4,462  
              67,313  

Interactive Media & Services — 1.0%

Match Group, Inc.

    929       29,357  

Pinterest, Inc. - Class A (a)

    1,949       33,386  
              62,743  

IT Services — 3.2%

Cognizant Technology Solutions Corp. - Class A

    1,027       66,170  

Fastly, Inc. - Class A (a)

    310       5,927  

Gartner, Inc. (a)

    230       36,156  

GoDaddy, Inc. - Class A (a)

    331       28,850  

Kyndryl Holdings, Inc. (a)

    1,468       18,100  

Okta, Inc. (a)

    302       21,895  

IT Services — 3.2% (continued)

Twilio, Inc. - Class A (a)

    292     $ 35,320  
              212,418  

Leisure Products — 0.5%

Hasbro, Inc.

    339       33,761  
                 

Life Sciences Tools & Services — 0.8%

Illumina, Inc. (a)

    229       30,791  

Medpace Holdings, Inc. (a)

    50       22,588  
              53,379  

Machinery — 1.0%

Blue Bird Corp. (a)

    65       3,787  

Middleby Corp. (a)

    133       22,458  

Tennant Co.

    88       5,371  

Toro Co.

    337       33,316  
              64,932  

Media — 0.7%

New York Times Co. - Class A

    254       20,267  

PubMatic, Inc. - Class A (a)

    331       2,681  

Trade Desk, Inc. - Class A (a)

    961       22,891  
              45,839  

Oil, Gas & Consumable Fuels — 10.9%

Chevron Corp.

    2,039       380,804  

EQT Corp.

    2,936       180,329  

Kinder Morgan, Inc.

    4,472       148,783  

Vitesse Energy, Inc.

    207       3,997  
              713,913  

Passenger Airlines — 0.5%

Alaska Air Group, Inc. (a)

    591       30,496  
                 

Professional Services — 0.3%

Paycom Software, Inc.

    136       17,113  
                 

Real Estate Management & Development — 0.4%

Zillow Group, Inc. - Class C (a)

    611       27,263  
                 

Residential REITs — 0.7%

Invitation Homes, Inc.

    1,630       42,934  
                 

 

 

The accompanying notes are an integral part of these financial statements.
26

 

 

Motley Fool Value Factor ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Semiconductors & Semiconductor Equipment — 0.5%

Cirrus Logic, Inc. (a)

    144     $ 20,321  

Enphase Energy, Inc. (a)

    326       13,780  
              34,101  

Software — 5.0%

Adobe Systems, Inc. (a)

    847       222,261  

Asana, Inc. - Class A (a)

    553       3,926  

BlackLine, Inc. (a)

    195       6,874  

Docusign, Inc. (a)

    584       26,321  

Zoom Communications, Inc. - Class A (a)

    927       68,543  
              327,925  

Specialty Retail — 3.6%

CarMax, Inc. (a)

    809       34,925  

Chewy, Inc. - Class A (a)

    1,321       36,222  

Stitch Fix, Inc. - Class A (a)

    692       2,304  

Tractor Supply Co.

    987       51,166  

Ulta Beauty, Inc. (a)

    91       62,316  

Williams-Sonoma, Inc.

    248       51,001  
              237,934  

Textiles, Apparel & Luxury Goods — 4.7%

Kontoor Brands, Inc.

    162       10,564  

NIKE, Inc. - Class B

    4,406       273,965  

Under Armour, Inc. - Class A (a)

    2,652       19,678  
              304,207  

Trading Companies & Distributors — 0.4%

Watsco, Inc.

    70     $ 29,213  
                 

Wireless Telecommunication Services — 5.2%

T-Mobile US, Inc.

    1,558       338,226  

TOTAL COMMON STOCKS (Cost $6,335,312)

            6,490,981  
                 

TOTAL INVESTMENTS — 99.4% (Cost $6,335,312)

            6,490,981  

Other Assets in Excess of Liabilities — 0.6%

            39,104  

TOTAL NET ASSETS — 100.0%

           $ 6,530,085  

 

 

Percentages are stated as a percent of net assets.    

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of these financial statements.
27

 

 

Motley Fool ETFs

Statements of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Motley Fool
Global
Opportunities
ETF

    

Motley Fool
Mid-Cap
Growth ETF

    

Motley Fool
100 Index ETF

    

Motley Fool
Small-Cap
Growth ETF

    

Motley Fool
Capital
Efficiency 100
Index ETF

  

ASSETS:

                                        

Investments, at value

  $ 373,671,180     $ 138,176,609     $ 1,893,265,838     $ 75,820,285     $ 89,981,696  

Cash - interest bearing deposit account

    8,417,470       1,430,021       2,726,744       2,046,008       38,417  

Dividends receivable

    172,111       20,484       1,340,168       20,584       38,739  

Interest receivable

    8,218       3,743       9,127       5,362       306  

Security lending income receivable

    3,825       1,623       2,519       1,132       —  

Cash

    3,231       2,256,000       2,033       —       2,863,880  

Receivable for investments sold

    31       —       —       —       54,851  

Dividend tax reclaims receivable

    21,109       —       —       —       —  

Prepaid expenses and other assets

    185       6       —       —       —  

Total assets

    382,297,360       141,888,486       1,897,346,429       77,893,371       92,977,889  
                                         

LIABILITIES:

                                        

Payable upon return of securities loaned

    18,783,037       8,534,209       14,922,796       8,584,376       —  

Payable to Adviser

    234,949       85,768       726,902       45,153       35,539  

Payable for investments purchased

    82,426       —       —       —       —  

Payable for capital shares redeemed

    —       2,256,000       —       —       2,863,880  

Total liabilities

    19,100,412       10,875,977       15,649,698       8,629,529       2,899,419  

NET ASSETS

  $ 363,196,948     $ 131,012,509     $ 1,881,696,731     $ 69,263,842     $ 90,078,470  
                                         

NET ASSETS CONSISTS OF:

                                        

Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share)

  $ 11,994     $ 5,843     $ 27,125     $ 1,950     $ 3,125  

Additional paid-in capital

    202,338,810       88,385,998       1,306,244,978       78,037,385       77,728,774  

Total distributable earnings/(accumulated losses)

    160,846,144       42,620,668       575,424,628       (8,775,493 )     12,346,571  

Total net assets

  $ 363,196,948     $ 131,012,509     $ 1,881,696,731     $ 69,263,842     $ 90,078,470  
                                         

Net assets

  $ 363,196,948     $ 131,012,509     $ 1,881,696,731     $ 69,263,842     $ 90,078,470  

Capital shares issued and outstanding (100,000,000, 100,000,000, 100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001, 0.001, 0.001 and 0.001 par value)

    11,993,873       5,842,511       27,125,000       1,950,000       3,125,000  

Net asset value per share

  $ 30.28     $ 22.42     $ 69.37     $ 35.52     $ 28.83  
                                         

COST:

                                        

Investments, at cost

  $ 208,986,886     $ 105,641,441     $ 1,489,595,760     $ 66,181,370     $ 81,709,986  
                                         

LOANED SECURITIES:

                                        

at value (included in investments)

  $ 18,622,417     $ 8,353,062     $ 14,555,617     $ 8,274,083     $ —  

 

 

The accompanying notes are an integral part of these financial statements.
28

 

 

Motley Fool ETFs

Statements of Assets and Liabilities (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Motley Fool
Next Index ETF

    

Motley Fool
Innovative
Growth
Factor ETF

    

Motley Fool
Momentum
Factor ETF

    

Motley Fool
Value Factor
ETF

  

ASSETS:

                                

Investments, at value

  $ 32,169,826     $ 6,007,085     $ 4,759,901     $ 6,490,981  

Receivable for fund shares sold

    —       —       1,210,414       —  

Cash - interest bearing deposit account

    65,324       28,762       71,629       27,550  

Dividends receivable

    23,070       4,370       2,155       13,401  

Interest receivable

    164       89       83       151  

Security lending income receivable

    —       —       —       —  

Total assets

    32,258,384       6,040,306       6,044,182       6,532,083  
                                 

LIABILITIES:

                                

Payable to custodian

    —       —       1,210,422       —  

Payable for investments purchased

    —       —       41,954       —  

Payable to Adviser

    12,308       2,252       1,383       1,998  

Payable upon return of securities loaned

    —       —       —       —  

Total liabilities

    12,308       2,252       1,253,759       1,998  

NET ASSETS

  $ 32,246,076     $ 6,038,054     $ 4,790,423     $ 6,530,085  
                                 

NET ASSETS CONSISTS OF:

                                

Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)

  $ 1,500     $ 320     $ 240     $ 310  

Additional paid-in capital

    30,341,624       6,377,330       4,799,382       6,361,321  

Total distributable earnings/(accumulated losses)

    1,902,952       (339,596 )     (9,199 )     168,454  

Total net assets

  $ 32,246,076     $ 6,038,054     $ 4,790,423     $ 6,530,085  
                                 

Net assets

  $ 32,246,076     $ 6,038,054     $ 4,790,423     $ 6,530,085  

Capital shares issued and outstanding (100,000,000, 100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001, 0.001 and 0.001 par value)

    1,500,000       320,000       240,000       310,000  

Net asset value per share

  $ 21.50     $ 18.87     $ 19.96     $ 21.06  
                                 

COST:

                                

Investments, at cost

  $ 29,396,146     $ 6,330,613     $ 4,766,859     $ 6,335,312  
                                 

LOANED SECURITIES:

                                

at value (included in investments)

  $ —     $ —     $ —     $ —  

 

 

The accompanying notes are an integral part of these financial statements.
29

 

 

Motley Fool ETFs

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

Motley Fool
Global
Opportunities
ETF

    

Motley Fool
Mid-Cap
Growth ETF

    

Motley Fool
100 Index ETF

    

Motley Fool
Small-Cap
Growth ETF

    

Motley Fool
Capital
Efficiency 100
Index ETF

  

INVESTMENT INCOME:

                                        

Dividend income

  $ 1,546,406     $ 296,912     $ 6,462,303     $ 225,045     $ 316,838  

Less: dividend withholding taxes

    (78,156 )     —       —       —       —  

Less: issuance fees

    (4,720 )     —       —       —       —  

Interest income

    64,247       44,528       73,151       24,689       3,422  

Securities lending income

    21,396       11,721       14,124       8,582       —  

Total investment income

    1,549,173       353,161       6,549,578       258,316       320,260  
                                         

EXPENSES:

                                        

Investment advisory fee

    1,602,018       636,773       4,584,195       306,049       244,913  

Total expenses

    1,602,018       636,773       4,584,195       306,049       244,913  

NET INVESTMENT INCOME/(LOSS)

    (52,845 )     (283,612 )     1,965,383       (47,733 )     75,347  
                                         

REALIZED AND UNREALIZED GAIN (LOSS)

                                        

Net realized gain (loss) from:

                                        

Investments

    (8,209,253 )     (2,208,792 )     (10,980,688 )     (4,084,598 )     (341,911 )

In-kind redemptions

    15,075,811       13,561,652       200,761,022       1,890,911       5,384,292  

Other investments

    8,483       —       —       —       —  

Foreign currency translation

    (5,505 )     —       —       —       —  

Net realized gain (loss)

    6,869,536       11,352,860       189,780,334       (2,193,687 )     5,042,381  

Net change in unrealized appreciation (depreciation) on:

                                        

Investments

    (10,024,588 )     (33,571,021 )     (141,310,690 )     1,137,752       (3,685,197 )

Foreign currency translation

    (64 )     —       —       —       —  

Net change in unrealized appreciation (depreciation)

    (10,024,652 )     (33,571,021 )     (141,310,690 )     1,137,752       (3,685,197 )

Net realized and unrealized gain (loss)

    (3,155,116 )     (22,218,161 )     48,469,644       (1,055,935 )     1,357,184  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (3,207,961 )   $ (22,501,773 )   $ 50,435,027     $ (1,103,668 )   $ 1,432,531  

 

 

The accompanying notes are an integral part of these financial statements.
30

 

 

Motley Fool ETFs

Statements of Operations (CONCLUDED)

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

Motley Fool
Next Index ETF

    

Motley Fool
Innovative
Growth
Factor ETF(a)

    

Motley Fool
Momentum
Factor ETF(a)

    

Motley Fool
Value Factor
ETF(a)

  

INVESTMENT INCOME:

                                

Dividend income

  $ 95,290     $ 5,834     $ 3,214     $ 15,796  

Interest income

    3,093       205       207       285  

Securities lending income

    —       —       —       —  

Total investment income

    98,383       6,039       3,421       16,081  
                                 

EXPENSES:

                                

Investment advisory fee

    82,970       4,258       2,721       3,692  

Total expenses

    82,970       4,258       2,721       3,692  

NET INVESTMENT INCOME/(LOSS)

    15,413       1,781       700       12,389  
                                 

REALIZED AND UNREALIZED GAIN (LOSS)

                                

Net realized gain (loss) from:

                                

Investments

    (302,992 )     (17,849 )     (2,941 )     396  

In-kind redemptions

    1,345,507       —       —       —  

Net realized gain (loss)

    1,042,515       (17,849 )     (2,941 )     396  

Net change in unrealized appreciation (depreciation) on:

                                

Investments

    (909,360 )     (323,528 )     (6,958 )     155,669  

Net change in unrealized appreciation (depreciation)

    (909,360 )     (323,528 )     (6,958 )     155,669  

Net realized and unrealized gain (loss)

    133,155       (341,377 )     (9,899 )     156,065  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 148,568     $ (339,596 )   $ (9,199 )   $ 168,454  

 

(a)

Inception date of the Fund was December 8, 2025.

 

The accompanying notes are an integral part of these financial statements.
31

 

 

MOTLEY FOOL Global Opportunities ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ (52,845 )   $ 6,980,025  

Net realized gain (loss)

    6,869,536       28,366,413  

Net change in unrealized appreciation (depreciation)

    (10,024,652 )     8,447,545  

Net increase (decrease) in net assets from operations

    (3,207,961 )     43,793,983  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (1,011,696 )     (54,078,022 )

Total distributions to shareholders

    (1,011,696 )     (54,078,022 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    —       35,624,610  

Shares redeemed

    (33,957,002 )     (64,429,553 )

ETF transaction fees

    —       117  

Net increase (decrease) in net assets from capital transactions

    (33,957,002 )     (28,804,826 )
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (38,176,659 )     (39,088,865 )
                 

NET ASSETS:

                

Beginning of the period

    401,373,607       440,462,472  

End of the period

  $ 363,196,948     $ 401,373,607  
                 

SHARES TRANSACTIONS

                

Shares sold

    —       1,150,000  

Shares redeemed

    (1,125,000 )     (2,075,000 )

Total increase (decrease) in shares outstanding

    (1,125,000 )     (925,000 )

 

 

The accompanying notes are an integral part of these financial statements.
32

 

 

MOTLEY FOOL Mid-Cap Growth ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ (283,612 )   $ (109,000 )

Net realized gain (loss)

    11,352,860       19,096,795  

Net change in unrealized appreciation (depreciation)

    (33,571,021 )     (7,224,956 )

Net increase (decrease) in net assets from operations

    (22,501,773 )     11,762,839  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (91,578 )     (28,997,279 )

Total distributions to shareholders

    (91,578 )     (28,997,279 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    7,105,190       28,015,973  

Shares redeemed

    (27,994,500 )     (39,425,335 )

Net increase (decrease) in net assets from capital transactions

    (20,889,310 )     (11,409,362 )
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (43,482,661 )     (28,643,802 )
                 

NET ASSETS:

                

Beginning of the period

    174,495,170       203,138,972  

End of the period

  $ 131,012,509     $ 174,495,170  
                 

SHARES TRANSACTIONS

                

Shares sold

    300,000       1,025,000  

Shares redeemed

    (1,175,000 )     (1,425,000 )

Total increase (decrease) in shares outstanding

    (875,000 )     (400,000 )

 

 

The accompanying notes are an integral part of these financial statements.
33

 

 

Motley Fool 100 Index ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 1,965,383     $ 2,234,779  

Net realized gain (loss)

    189,780,334       62,318,933  

Net change in unrealized appreciation (depreciation)

    (141,310,690 )     202,512,458  

Net increase (decrease) in net assets from operations

    50,435,027       267,066,170  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (2,692,754 )     (4,844,626 )

Total distributions to shareholders

    (2,692,754 )     (4,844,626 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    519,891,052       519,253,178  

Shares redeemed

    (327,752,884 )     (109,543,270 )

Net increase (decrease) in net assets from capital transactions

    192,138,168       409,709,908  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    239,880,441       671,931,452  
                 

NET ASSETS:

                

Beginning of the period

    1,641,816,290       969,884,838  

End of the period

  $ 1,881,696,731     $ 1,641,816,290  
                 

SHARES TRANSACTIONS

                

Shares sold

    7,275,000       8,675,000  

Shares redeemed

    (4,575,000 )     (1,875,000 )

Total increase (decrease) in shares outstanding

    2,700,000       6,800,000  

 

 

The accompanying notes are an integral part of these financial statements.
34

 

 

Motley Fool Small-Cap Growth ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ (47,733 )   $ 24,052  

Net realized gain (loss)

    (2,193,687 )     6,924,943  

Net change in unrealized appreciation (depreciation)

    1,137,752       (1,067,365 )

Net increase (decrease) in net assets from operations

    (1,103,668 )     5,881,630  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    —       —  

Total distributions to shareholders

    —       —  
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    —       16,235,780  

Shares redeemed

    (8,720,107 )     (21,278,473 )

Net increase (decrease) in net assets from capital transactions

    (8,720,107 )     (5,042,693 )
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (9,823,775 )     838,937  
                 

NET ASSETS:

                

Beginning of the period

    79,087,617       78,248,680  

End of the period

  $ 69,263,842     $ 79,087,617  
                 

SHARES TRANSACTIONS

                

Shares sold

    —       425,000  

Shares redeemed

    (250,000 )     (625,000 )

Total increase (decrease) in shares outstanding

    (250,000 )     (200,000 )

 

 

The accompanying notes are an integral part of these financial statements.
35

 

 

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 75,347     $ 172,024  

Net realized gain (loss)

    5,042,381       6,390,434  

Net change in unrealized appreciation (depreciation)

    (3,685,197 )     1,735,080  

Net increase (decrease) in net assets from operations

    1,432,531       8,297,538  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (310,016 )     (300,784 )

Total distributions to shareholders

    (310,016 )     (300,784 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    2,944,800       66,243,602  

Shares redeemed

    (17,393,757 )     (18,161,781 )

Net increase (decrease) in net assets from capital transactions

    (14,448,957 )     48,081,821  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (13,326,442 )     56,078,575  
                 

NET ASSETS:

                

Beginning of the period

    103,404,912       47,326,338  

End of the period

  $ 90,078,470     $ 103,404,913  
                 

SHARES TRANSACTIONS

                

Shares sold

    100,000       2,450,000  

Shares redeemed

    (600,000 )     (675,000 )

Total increase (decrease) in shares outstanding

    (500,000 )     1,775,000  

 

 

The accompanying notes are an integral part of these financial statements.
36

 

 

MOTLEY FOOL NEXT INDEX ETF

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 15,413     $ 11,908  

Net realized gain (loss)

    1,042,515       451,913  

Net change in unrealized appreciation (depreciation)

    (909,360 )     3,881,478  

Net increase (decrease) in net assets from operations

    148,568       4,345,299  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (16,941 )     (18,172 )

Total distributions to shareholders

    (16,941 )     (18,172 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    2,726,432       7,143,650  

Shares redeemed

    (3,814,027 )     (2,783,303 )

Net increase (decrease) in net assets from capital transactions

    (1,087,595 )     4,360,347  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (955,968 )     8,687,474  
                 

NET ASSETS:

                

Beginning of the period

    33,202,044       24,514,571  

End of the period

  $ 32,246,076     $ 33,202,045  
                 

SHARES TRANSACTIONS

                

Shares sold

    125,000       350,000  

Shares redeemed

    (175,000 )     (150,000 )

Total increase (decrease) in shares outstanding

    (50,000 )     200,000  

 

 

The accompanying notes are an integral part of these financial statements.
37

 

 

Motley Fool Innovative Growth Factor ETF

Statement of Changes in Net Assets

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

OPERATIONS:

        

Net investment income (loss)

  $ 1,781  

Net realized gain (loss)

    (17,849 )

Net change in unrealized appreciation (depreciation)

    (323,528 )

Net increase (decrease) in net assets from operations

    (339,596 )
         

DISTRIBUTIONS TO SHAREHOLDERS:

        

From earnings

    —  

Total distributions to shareholders

    —  
         

CAPITAL TRANSACTIONS:

        

Shares sold

    6,377,650  

Shares redeemed

    —  

ETF transaction fees

    —  

Net increase (decrease) in net assets from capital transactions

    6,377,650  
         

NET INCREASE (DECREASE) IN NET ASSETS

    6,038,054  
         

NET ASSETS:

        

Beginning of the period

    —  

End of the period

  $ 6,038,054  
         

SHARES TRANSACTIONS

        

Shares sold

    320,000  

Shares redeemed

    —  

Total increase (decrease) in shares outstanding

    320,000  

 

(a)

Inception date of the Fund was December 8, 2025.

 

The accompanying notes are an integral part of these financial statements.
38

 

 

Motley Fool Momentum Factor ETF

Statement of Changes in Net Assets

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

OPERATIONS:

        

Net investment income (loss)

  $ 700  

Net realized gain (loss)

    (2,941 )

Net change in unrealized appreciation (depreciation)

    (6,958 )

Net increase (decrease) in net assets from operations

    (9,199 )
         

DISTRIBUTIONS TO SHAREHOLDERS:

        

From earnings

    —  

Total distributions to shareholders

    —  
         

CAPITAL TRANSACTIONS:

        

Shares sold

    4,799,622  

Shares redeemed

    —  

Net increase (decrease) in net assets from capital transactions

    4,799,622  
         

NET INCREASE (DECREASE) IN NET ASSETS

    4,790,423  
         

NET ASSETS:

        

Beginning of the period

    —  

End of the period

  $ 4,790,423  
         

SHARES TRANSACTIONS

        

Shares sold

    240,000  

Shares redeemed

    —  

Total increase (decrease) in shares outstanding

    240,000  

 

(a)

Inception date of the Fund was December 8, 2025.

 

The accompanying notes are an integral part of these financial statements.
39

 

 

Motley Fool Value Factor ETF

Statement of Changes in Net Assets

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

OPERATIONS:

        

Net investment income (loss)

  $ 12,389  

Net realized gain (loss)

    396  

Net change in unrealized appreciation (depreciation)

    155,669  

Net increase (decrease) in net assets from operations

    168,454  
         

CAPITAL TRANSACTIONS:

        

Shares sold

    6,361,631  

Net increase (decrease) in net assets from capital transactions

    6,361,631  
         

NET INCREASE (DECREASE) IN NET ASSETS

    6,530,085  
         

NET ASSETS:

        

Beginning of the period

    —  

End of the period

  $ 6,530,085  
         

SHARES TRANSACTIONS

        

Shares sold

    310,000  

Total increase (decrease) in shares outstanding

    310,000  

 

(a)

Inception date of the Fund was December 8, 2025.

 

The accompanying notes are an integral part of these financial statements.
40

 

 

MOTLEY FOOL Global Opportunities ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022

    

For the
YEAR
ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 30.60     $ 31.36     $ 27.35     $ 24.75     $ 37.03     $ 30.17  

INVESTMENT OPERATIONS:

                                                

Net investment income (loss)(a)

    (0.00 )(b)     0.51       0.15       0.11       0.30       (0.05 )

Net realized and unrealized gain (loss) on investments (c)

    (0.24 )     2.68       5.36       2.65       (10.00 )     9.03  

Total from investment operations

    (0.24 )     3.19       5.51       2.76       (9.70 )     8.98  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.08 )     (0.12 )     (0.10 )     (0.06 )     (0.77 )     —  

Net realized gains

    —       (3.83 )     (1.40 )     (0.10 )     (1.81 )     (2.12 )

Total distributions

    (0.08 )     (3.95 )     (1.50 )     (0.16 )     (2.58 )     (2.12 )

Redemption fee per share

    0.00 (b)      0.00 (c)      —       —       —       —  

Net asset value, end of period

  $ 30.28     $ 30.60     $ 31.36     $ 27.35     $ 24.75     $ 37.03  

TOTAL RETURN (d)

    (0.75 )%     10.59 %     21.00 %     11.24 %     (27.61 )%     30.86 %

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 363,197     $ 401,374     $ 440,462     $ 429,966     $ 433,652     $ 181,509  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/recoupment(e)

    0.85 %     0.85 %     0.85 %     0.85 %     0.88 %     0.98 %

After expense reimbursement/recoupment(e)

    0.85 %     0.85 %     0.85 %     0.85 %     0.87 %     0.95 %

Ratio of net investment income (loss) to average net assets (e)

    (0.01 )%     1.69 %     0.51 %     0.45 %     1.08 %     (0.16 )%

Portfolio turnover rate (d)(f)

    2 %     15 %     38 %     4 %     14 %     12 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Amount represents less than $0.005 per share.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
41

 

 

MOTLEY FOOL Mid-Cap Growth ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022

    

For the
YEAR
ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 25.98     $ 28.54     $ 24.62     $ 22.68     $ 33.20     $ 29.79  

INVESTMENT OPERATIONS:

                                                

Net investment income (loss)(a)

    (0.02 )     (0.02 )     0.02       0.07       (0.04 )     (0.09 )

Net realized and unrealized gain (loss) on investments (b)

    (3.53 )     1.65       4.54       1.87       (8.38 )     6.90  

Total from investment operations

    (3.55 )     1.63       4.56       1.94       (8.42 )     6.81  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    —       (0.02 )     (0.06 )     —       —       —  

Net realized gains

    (0.01 )     (4.17 )     (0.58 )     —       (2.10 )     (3.40 )

Total distributions

    (0.01 )     (4.19 )     (0.64 )     —       (2.10 )     (3.40 )

Redemption fee per share

    0.00 (c)      —       —       —       —       —  

Net asset value, end of period

  $ 22.42     $ 25.98     $ 28.54     $ 24.62     $ 22.68     $ 33.20  

TOTAL RETURN (d)

    (13.62 )%     5.22 %     18.95 %     8.58 %     (26.66 )%     24.38 %

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 131,013     $ 174,495     $ 203,139     $ 194,346     $ 209,044     $ 54,460  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/recoupment(e)

    0.85 %     0.85 %     0.85 %     0.85 %     0.88 %     0.98 %

After expense reimbursement/recoupment(e)

    0.85 %     0.85 %     0.85 %     0.85 %     0.90 %     0.95 %

Ratio of net investment income (loss) to average net assets (e)

    (0.19 )%     (0.06 )%     0.08 %     0.29 %     (0.17 )%     (0.30 )%

Portfolio turnover rate (d)(f)

    21 %     33 %     31 %     18 %     2 %     15 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(c)

Amount represents less than $0.005 per share.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
42

 

 

Motley Fool 100 Index ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022

    

For the
YEAR
ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 67.22     $ 55.03     $ 41.55     $ 33.99     $ 42.16     $ 33.67  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.08       0.11       0.13       0.13       0.08       0.05  

Net realized and unrealized gain (loss) on investments (b)

    2.17       12.33       13.41       7.57       (8.15 )     8.59  

Total from investment operations

    2.25       12.44       13.54       7.70       (8.07 )     8.64  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.08 )     (0.10 )     (0.06 )     (0.14 )     (0.02 )     (0.10 )

Net realized gains

    (0.02 )     (0.15 )     —       —       (0.08 )     (0.05 )

Total distributions

    (0.10 )     (0.25 )     (0.06 )     (0.14 )     (0.10 )     (0.15 )

Net asset value, end of period

  $ 69.37     $ 67.22     $ 55.03     $ 41.55     $ 33.99     $ 42.16  

TOTAL RETURN (c)

    3.35 %     22.63 %     32.61 %     22.71 %     (19.18 )%     25.74 %

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 1,881,697     $ 1,641,816     $ 969,885     $ 549,523     $ 417,269     $ 528,011  

Ratio of expenses to average net assets (d)

    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %     0.50 %

Ratio of net investment income (loss) to average net assets (d)

    0.21 %     0.18 %     0.27 %     0.37 %     0.20 %     0.15 %

Portfolio turnover rate (c)(e)

    23 %     31 %     24 %     6 %     15 %     23 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(c)

Not annualized for periods less than one year.

 

(d)

Annualized for periods less than one year.

 

(e)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
43

 

 

MOTLEY FOOL Small-Cap Growth ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022

    

For the
YEAR
ENDED
AUGUST 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 35.95     $ 32.60     $ 29.14     $ 25.18     $ 40.73     $ 32.59  

INVESTMENT OPERATIONS:

                                                

Net investment income (loss)(a)

    (0.02 )     0.01       (0.04 )     0.04       (0.15 )     (0.19 )

Net realized and unrealized gain (loss) on investments (b)

    (0.41 )     3.34       3.50       4.00       (14.53 )     10.48  

Total from investment operations

    (0.43 )     3.35       3.46       4.04       (14.68 )     10.29  

Net realized gains

    —       —       —       (0.08 )     (0.87 )     (2.15 )

Total distributions

    —       —       —       (0.08 )     (0.87 )     (2.15 )

Net asset value, end of period

  $ 35.52     $ 35.95     $ 32.60     $ 29.14     $ 25.18     $ 40.73  

TOTAL RETURN (c)

    (1.19 )%     10.26 %     11.87 %     16.13 %     (36.66 )%     32.00 %

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 69,264     $ 79,088     $ 78,249     $ 72,855     $ 78,050     $ 189,382  

Ratio of expenses to average net assets (d)

    0.85 %     0.85 %     0.85 %     0.85 %     0.85 %     0.85 %

Ratio of net investment income (loss) to average net assets (d)

    (0.13 )%     0.03 %     (0.16 )%     0.15 %     (0.46 )%     (0.51 )%

Portfolio turnover rate (c)(e)

    22 %     40 %     30 %     62 %     11 %     21 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(c)

Not annualized for periods less than one year.

 

(d)

Annualized for periods less than one year.

 

(e)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
44

 

 

Motley Fool CAPITAL EFFICIENCY 100 INDEX ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022(a)

  

PER SHARE DATA:

                                        

Net asset value, beginning of period

  $ 28.53     $ 25.58     $ 19.12     $ 15.37     $ 20.00  

INVESTMENT OPERATIONS:

                                        

Net investment income(b)

    0.02       0.06       0.10       0.09       0.05  

Net realized and unrealized gain (loss) on investments (c)

    0.37       3.00       6.45       3.72       (4.68 )

Total from investment operations

    0.39       3.06       6.55       3.81       (4.63 )

LESS DISTRIBUTIONS FROM:

                                        

Net investment income

    (0.05 )     (0.06 )     (0.09 )     (0.06 )     —  

Net realized gains

    (0.04 )     (0.05 )     —       —       —  

Total distributions

    (0.09 )     (0.11 )     (0.09 )     (0.06 )     —  

Net asset value, end of period

  $ 28.83     $ 28.53     $ 25.58     $ 19.12     $ 15.37  

TOTAL RETURN (d)

    1.38 %     11.98 %     34.44 %     24.81 %     (23.13 )%

SUPPLEMENTAL DATA AND RATIOS:

                                        

Net assets, end of period (in thousands)

  $ 90,078     $ 103,405     $ 47,326     $ 22,460     $ 20,754  

Ratio of expenses to average net assets (e)

    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %

Ratio of net investment income (loss) to average net assets (e)

    0.15 %     0.23 %     0.43 %     0.53 %     0.50 %

Portfolio turnover rate (d)(f)

    20 %     33 %     35 %     25 %     17 %

 

 

(a)

Inception date of the Fund was December 30, 2021.

 

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
45

 

 

MOTLEY FOOL NEXT INDEX ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
ENDED
AUGUST 31,
2025

    

For the
YEAR
ENDED
AUGUST 31,
2024

    

For the
YEAR
ENDED
AUGUST 31,
2023

    

For the
YEAR
ENDED
AUGUST 31,
2022(a)

  

PER SHARE DATA:

                                        

Net asset value, beginning of period

  $ 21.42     $ 18.16     $ 15.77     $ 15.02     $ 20.00  

INVESTMENT OPERATIONS:

                                        

Net investment income(b)

    0.01       0.01       0.02       0.02       0.03  

Net realized and unrealized gain (loss) on investments (c)

    0.08       3.26       2.40       0.76       (5.01 )

Total from investment operations

    0.09       3.27       2.42       0.78       (4.98 )

LESS DISTRIBUTIONS FROM:

                                        

Net investment income

    (0.01 )     (0.01 )     —       —       —  

Net realized gains

    —       —       (0.03 )     (0.03 )     —  

Total distributions

    (0.01 )     (0.01 )     (0.03 )     (0.03 )     —  

Net asset value, end of period

  $ 21.50     $ 21.42     $ 18.16     $ 15.77     $ 15.02  

TOTAL RETURN (d)

    0.41 %     18.03 %     15.31 %     5.21 %     (24.88 )%

SUPPLEMENTAL DATA AND RATIOS:

                                        

Net assets, end of period (in thousands)

  $ 32,246     $ 33,202     $ 24,515     $ 29,183     $ 32,678  

Ratio of expenses to average net assets (e)

    0.50 %     0.50 %     0.50 %     0.50 %     0.50 %

Ratio of net investment income (loss) to average net assets (e)

    0.09 %     0.04 %     0.13 %     0.15 %     0.26 %

Portfolio turnover rate (d)(f)

    14 %     27 %     18 %     27 %     11 %

 

 

(a)

Inception date of the Fund was December 30, 2021.

 

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of these financial statements.
46

 

 

Motley Fool Innovative Growth Factor ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

PER SHARE DATA:

        

Net asset value, beginning of period

  $ 20.00  

INVESTMENT OPERATIONS:

        

Net investment income(b)

    0.01  

Net realized and unrealized gain (loss) on investments (c)

    (1.14 )

Total from investment operations

    (1.13 )

Net asset value, end of period

  $ 18.87  

TOTAL RETURN (d)

    (5.66 )%

SUPPLEMENTAL DATA AND RATIOS:

        

Net assets, end of period (in thousands)

  $ 6,038  

Ratio of expenses to average net assets (e)

    0.50 %

Ratio of net investment income (loss) to average net assets (e)

    0.21 %

Portfolio turnover rate (d)(f)

    19 %

 

 

(a)

Inception date of the Fund was December 8, 2025.

 

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
47

 

 

Motley Fool Momentum Factor ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

PER SHARE DATA:

        

Net asset value, beginning of period

  $ 20.00  

INVESTMENT OPERATIONS:

        

Net investment income(b)

    0.01  

Net realized and unrealized gain (loss) on investments (c)

    (0.05 )

Total from investment operations

    (0.04 )

Net asset value, end of period

  $ 19.96  

TOTAL RETURN (d)

    (0.20 )%

SUPPLEMENTAL DATA AND RATIOS:

        

Net assets, end of period (in thousands)

  $ 4,790  

Ratio of expenses to average net assets (e)

    0.50 %

Ratio of net investment income (loss) to average net assets (e)

    0.13 %

Portfolio turnover rate (d)(f)

    13 %

 

 

(a)

Inception date of the Fund was December 8, 2025.

 

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
48

 

 

Motley Fool Value Factor ETF

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Period
ended
February 28,
2026(a)
(Unaudited)

  

PER SHARE DATA:

        

Net asset value, beginning of period

  $ 20.00  

INVESTMENT OPERATIONS:

        

Net investment income(b)

    0.08  

Net realized and unrealized gain (loss) on investments (c)

    0.98  

Total from investment operations

    1.06  

Net asset value, end of period

  $ 21.06  

TOTAL RETURN (d)

    5.32 %

SUPPLEMENTAL DATA AND RATIOS:

        

Net assets, end of period (in thousands)

  $ 6,530  

Ratio of expenses to average net assets (e)

    0.50 %

Ratio of net investment income (loss) to average net assets (e)

    1.68 %

Portfolio turnover rate (d)(f)

    10 %

 

 

(a)

Inception date of the Fund was December 8, 2025.

 

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

 

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

 

(d)

Not annualized for periods less than one year.

 

(e)

Annualized for periods less than one year.

 

(f)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of these financial statements.
49

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements

FEBRUARY 28, 2026 (UNAUDITED)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Motley Fool Global Opportunities ETF (“Global Opportunities Fund”), the Motley Fool Mid-Cap Growth ETF (“Mid-Cap Growth Fund”), the Motley Fool 100 Index ETF (the “Fool 100 Fund”), the Motley Fool Small-Cap Growth ETF (“Small-Cap Growth Fund”), the Motley Fool Capital Efficiency 100 Index ETF (“Capital Efficiency Fund”), the Motley Fool Next Index ETF (“Next Fund”), the Motley Fool Innovative Growth Factor ETF (Innovative Growth Factor Fund), the Motley Fool Momentum Factor ETF (Momentum Factor Fund), and the Motley Fool Value Factor ETF (Value Factor Fund) (each a “Fund” and together the “Funds”). The Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund, Small-Cap Growth Fund, Capital Efficiency Fund, Next Fund Innovative Growth Factor Fund, Momentum Factor Fund, and Value Factor Fund commenced investment operations on June 17, 2014, June 17, 2014, January 29, 2018, October 29, 2018, December 30, 2021, December 30, 2021, December 8, 2025, December 8, 2025, and December 8, 2025, respectively.

 

The investment objective of each Fund is to achieve long-term capital appreciation.

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

 

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Motley Fool Asset Management, LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

50

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

 

MOTLEY FOOL GLOBAL OPPORTUNITIES ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 354,888,143     $ —     $ —     $ 354,888,143  

Investments Purchased with Proceeds From Securities Lending Collateral (a)

    —       —       —       18,783,037  

Total Assets

  $ 354,888,143     $ —     $ —     $ 373,671,180  

 

MOTLEY FOOL MID-CAP GROWTH ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 129,642,400     $ —     $ —     $ 129,642,400  

Investments Purchased with Proceeds From Securities Lending Collateral (a)

    —       —       —       8,534,209  

Total Assets

  $ 129,642,400     $ —     $ —     $ 138,176,609  

 

MOTLEY FOOL 100 INDEX ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 1,878,334,563     $ —     $ 8,479     $ 1,878,343,042  

Investments Purchased with Proceeds From Securities Lending Collateral (a)

    —       —       —       14,922,796  

Total Assets

  $ 1,878,334,563     $ —     $ 8,479     $ 1,893,265,838  

 

51

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

MOTLEY SMALL-CAP GROWTH ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 67,235,909     $ —     $ —     $ 67,235,909  

Investments Purchased with Proceeds From Securities Lending Collateral (a)

    —       —       —       8,584,376  

Total Assets

  $ 67,235,909     $ —     $ —     $ 75,820,285  

 

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 89,981,696     $ —     $ —     $ 89,981,696  

Total Assets

  $ 89,981,696     $ —     $ —     $ 89,981,696  

 

MOTLEY FOOL NEXT INDEX ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 32,169,826     $ —     $ —     $ 32,169,826  

Total Assets

  $ 32,169,826     $ —     $ —     $ 32,169,826  

 

MOTLEY FOOL INNOVATIVE GROWTH FACTOR ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 6,007,085     $ —     $ —     $ 6,007,085  

Total Assets

  $ 6,007,085     $ —     $ —     $ 6,007,085  

 

MOTLEY FOOL MOMENTUM FACTOR ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

  $ 4,759,901     $ —     $ —     $ 4,759,901  

Total Assets

  $ 4,759,901     $ —     $ —     $ 4,759,901  

 

MOTLEY FOOL VALUE FACTOR ETF

 

   

LEVEL 1

   

LEVEL 2

   

LEVEL 3

   

Total

  

Assets:

                                

Common Stocks

   $ 6,490,981     $ —     $ —     $ 6,490,981  

Total Assets

   $ 6,490,981     $ —     $ —     $ 6,490,981  

 

Refer to the Schedule of Investments for industry classifications.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

52

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments and related disclosures are presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Funds had no Level 3 transfers.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the Adviser is liable and responsible for most Fund expenses, including fees related to administration, custody, trustees and legal counsel as described in Note 3. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund pays dividends from its net investment income and distributes any net capital gains that it realizes. Dividends and capital gains distributions are generally paid once a year and as required to comply with federal excise tax requirements. Distributions to shareholders are determined in accordance with tax regulations and recorded on the ex dividend date. Additionally, each Fund reports details of distribution-related transactions on quarterly account statements. You may not receive a separate confirmation statement for these transactions.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Funds’ intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars as follows: (1) the values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates

 

53

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statements of Operations for the current period. The Funds do not isolate the portion of gains and losses on investments.

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

 

FIXED-INCOME SECURITIES — Each Fund may invest in bonds and other types of debt obligations of U.S. and foreign issuers. Fixed income securities purchased by a Fund may include, among others, bonds, notes, and debentures issued by corporations; debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities (“U.S. Government Securities”); municipal securities; mortgage-backed and asset-backed securities; and debt securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, or by government-owned, -controlled, or -sponsored entities, including central banks. These investments also include money market instruments and other types of obligations. Investors should recognize that, although securities ratings issued by S&P Global Ratings (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services©, Inc. (“Moody’s”), provide a generally useful guide as to credit risks, they do not offer any criteria to evaluate interest rate risk. Changes in interest rate levels generally cause fluctuations in the prices of fixed-income securities and will, therefore, cause fluctuations in the NAV per share of a Fund. Subsequent to the purchase of a fixed-income security by a Fund, the ratings or credit quality of such security may deteriorate. Any such subsequent adverse changes in the rating or quality of a security held by a Fund would not require a Fund to sell the security.

 

REAL ESTATE INVESTMENT TRUSTS — Real estate investment trusts (“REITs”) are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property type, and are subject to heavy cash-flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid entity level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code, affecting their tax status.

 

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

 

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

 

REITs often do not provide complete tax information until after the end of the calendar year. Consequently, because of the delay, it may be necessary for a Fund, if invested in REITs, to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent.

 

54

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

FOREIGN SECURITIES — The Global Opportunities Fund and the Mid-Cap Growth Fund may invest in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts (“ADRs”) and other depositary receipts (European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund’s exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets. Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less-developed countries.

 

The purchase of securities denominated in foreign currencies will subject the value of the Funds’ investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Funds may enter into forward foreign currency exchange contracts (“forward contracts”). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Funds will generally use forward contracts only to “lock in” the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell. In certain limited cases, it may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Funds against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates. The Funds will not enter into a forward contract if, as a result, forward contracts would represent more than 20% of a Fund’s total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds to certain risks.

 

Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or company evidencing ownership of the underlying securities of foreign issuers. EDRs and GDRs are receipts typically issued by foreign banks or trust companies, evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Generally, depositary receipts in registered form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. Depositary receipts generally involve the same risks as other investments in foreign securities. However, holders of ADRs and other depositary receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

 

PARTICIPATORY NOTES — A participatory note, as used by a Fund, is an instrument used by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership is not permitted (or is impractical.) In countries where direct ownership by a foreign investor, such as a Fund, is not allowed by local law, such as Saudi Arabia, an investor may gain exposure to the market through a participatory note, which derives its value from a group of underlying equity securities. A participatory note is intended (disregarding the effect of any fees and expenses) to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they invested in the underlying securities directly.

 

55

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

In addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment (where ownership by foreign investors is permitted) by reducing registration and transaction costs in acquiring and selling local registered shares. The Funds’ investment manager also believes that participatory notes can offer greater liquidity in markets that restrict the ability of the Funds to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory approvals.

 

The purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying securities. The Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note, also known as counterparty risk.

 

While the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights.

 

Participatory notes may not be traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to the Fund’s limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the series’ prospectus. The Chief Operating Decision Maker (“CODM”) of the Funds is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT adviser and other services

 

Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreements between the Adviser and the Company on behalf of each Fund. The Adviser is a wholly-owned subsidiary of Motley Fool Investment Management, LLC, which is a wholly owned subsidiary of The Motley Fool Holdings Inc. (“TMF Holdings”), a multimedia financial-services holding company that also owns The Motley Fool, which publishes investment information and analysis across a wide range of media, including investment newsletter services, websites, and books. TMF Holdings is controlled by David Gardner and Tom Gardner, along with other private shareholders. Each Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown on the following table.

 

FUND

  

ADVISORY FEE

  

Global Opportunities Fund

    0.85 %

Mid-Cap Growth Fund

    0.85 %

Fool 100 Fund

    0.50 %

Small-Cap Growth Fund

    0.85 %

Capital Efficiency Fund

    0.50 %

Next Fund

    0.50 %

Value Factor Fund

    0.50 %

Momentum Factor Fund

    0.50 %

 

56

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

FUND

  

ADVISORY FEE

  

Innovative Growth Factor Fund

    0.50 %

 

From the Advisory Fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

 

TRANSACTIONS WITH AFFILIATES — Advisers to investment companies, including the Motley Fool Asset Management Funds, are permitted under 17a-7 of the 1940 Act to purchase or sell securities directly between affiliated clients. When affecting these “cross” transactions, Rule 17a-7 imposes restrictions on how the trades are processed and reported. The specified conditions within Rule 17a-7 are outlined in procedures established by or under the direction of the Board of Directors. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another Fund complies with Rule 17a-7 under the 1940 Act.

 

During the current fiscal period, the Funds did not engage in any security transactions with affiliates.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

 

FUND

  

PURCHASES

    

SALES

  

Global Opportunities Fund

  $ 7,878,112     $ 14,801,280  

Mid-Cap Growth Fund

    32,240,426       31,023,429  

Fool 100 Fund

    447,459,015       428,334,040  

Small-Cap Growth Fund

    15,714,588       16,068,352  

Capital Efficiency Fund

    19,350,198       19,815,777  

Next Index Fund

    4,691,088       4,476,112  

Value Factor Fund

    573,518       454,758  

Momentum Factor Fund

    543,367       411,753  

Innovative Growth Factor Fund

    1,045,461       895,026  

 

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

 

57

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Funds were as follows:

 

FUND

  

PURCHASES

    

SALES

  

Global Opportunities Fund

  $ —     $ 31,755,437  

Mid-Cap Growth Fund

    7,013,680       27,513,701  

Fool 100 Fund

    497,384,716       325,142,002  

Small-Cap Growth Fund

    —       8,549,186  

Capital Efficiency Fund

    2,880,819       17,001,364  

Next Index Fund

    2,517,186       3,772,562  

Value Factor Fund

    6,216,155       —  

Momentum Factor Fund

    4,638,178       —  

Innovative Growth Factor Fund

    6,198,030       —  

 

4. SHARE TRANSACTIONS

 

Shares of the Funds are listed and trade on the Cboe BZX Exchange, Inc. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $250, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of each Fund have equal rights and privileges.

 

5. Federal Income tax information

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

58

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

As of August 31, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

 

FUND

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

Global Opportunities Fund

  $ 237,915,024     $ 188,571,792     $ (14,320,454 )   $ 174,251,338  

Mid-Cap Growth Fund

    115,082,532       67,022,377       (1,055,448 )     65,966,929  

Fool 100 Fund

    1,152,177,271       558,304,136       (33,314,514 )     524,989,622  

Small-Cap Growth Fund

    84,391,108       15,214,627       (6,981,078 )     8,233,549  

Capital Efficiency Fund

    91,933,466       14,976,371       (3,699,202 )     11,277,169  

Next Fund

    29,724,279       7,577,493       (4,221,948 )     3,355,545  

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

The following permanent differences as of August 31, 2025, primarily attributable to foreign currency transactions and in-kind redemptions gains, were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

Global Opportunities Fund

  $ (43,854,624 )   $ 43,854,624  

Mid-Cap Growth Fund

    (19,870,289 )     19,870,289  

Fool 100 Fund

    (71,017,264 )     71,017,264  

Small-Cap Growth Fund

    (5,801,701 )     5,801,701  

Capital Efficiency Fund

    (6,648,489 )     6,648,489  

Next Fund

    (538,963 )     538,963  

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

CAPITAL Loss
Carryover

    

Qualified
Late-Year
LOSS DEFERRAL

    

UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

Total

  

Global Opportunities Fund

  $ 324,339     $ —     $ (9,510,037 )   $ —     $ 174,251,499     $ 165,065,801  

Mid-Cap Growth Fund

    —       —       —       (752,910 )     65,966,929       65,214,019  

Fool 100 Fund

    2,208,441       484,292       —       —       524,989,622       527,682,355  

Small-Cap Growth Fund

    —       —       (15,905,374 )     —       8,233,549       (7,671,825 )

Capital Efficiency Fund

    118,053       —       —       (171,165 )     11,277,169       11,224,057  

Next Fund

    11,468       —       (1,595,687 )     —       3,355,545       1,771,326  

 

The differences between the book and tax basis components of distributable earnings (losses) relate primarily to the timing of recognition of income and gains for federal income tax purposes.

 

59

 

 

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

FUND

  

Tax
year

    

ORDINARY
INCOME

    

LONG-TERM
CAPITAL GAIN

    

TOTAL

  

Global Opportunities Fund

    2025     $ 9,031,118     $ 45,046,904     $ 54,078,022  

Mid-Cap Growth Fund

    2025       150,658       28,846,621       28,997,279  

Fool 100 Fund

    2025       3,057,626       1,787,000       4,844,626  

Small-Cap Growth Fund

    2025       —       —       —  

Capital Efficiency Fund

    2025       163,114       137,670       300,784  

Next Fund

    2025       18,172       —       18,172  

 

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025 any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. The Capital Efficiency Fund deferred $171,165 and the Mid-Cap Growth Fund deferred $752,911 post October loss which will be treated as arising on the first business day of the following fiscal year.

 

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2025, the Global Opportunities Fund had $9,510,037 of short-term capital loss carryforwards, the Next Fund had $1,241,915 of short-term capital loss carryforwards and $353,772 of long-term capital loss carryforwards, and the Small-Cap fund had $1,339,221 of short term capital loss carryforwards and $14,566,153 of long-term capital loss carryforwards.

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 100% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

MARKET VALUE OF
SECURITIES LOANED

    

MARKET VALUE OF
COLLATERAL

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

Global Opportunities Fund

  $ 18,622,417     $ 18,783,037     $ 21,396  

Mid-Cap Growth Fund

    8,353,062       8,534,209       11,721  

Fool 100 Fund

    14,555,617       14,922,796       14,124  

Small-Cap Growth Fund

    8,274,083       8,584,376       8,582  

 

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Motley Fool Asset Management ETFs

Notes to Financial Statements (concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS
AMOUNTS OF
RECOGNIZED
ASSETS

    

GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET
AMOUNT2

  

Global Opportunities Fund

  $ 18,622,417     $ —     $ 18,622,417     $ (18,622,417 )   $ —     $ —  

Mid-Cap Growth Fund

    8,353,062       —       8,534,209       (8,353,062 )     —       —  

Fool 100 Fund

    14,555,617       —       14,922,796       (14,555,617 )     —       —  

Small-Cap Growth Fund

    8,274,083       —       8,584,376       (8,274,083 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

 

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

7. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

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Motley Fool Asset Management ETFs

Notice to Shareholders

(Unaudited)

 

INFORMATION ON PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the SEC’s website at http://www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.fooletfs.com.

 

Approval of Investment Advisory Agreement

 

As required by the 1940 Act, the Board of Directors (“Directors”) of The RBB Fund, Inc. (the “Company”), including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of a new Investment Advisory Agreement (the “Investment Advisory Agreement”) by and between Motley Fool Asset Management, LLC (“MFAM”) and the Company, on behalf of the new Motley Fool Innovative Growth Factor ETF, Motley Fool Value Factor ETF, and Motley Fool Momentum Factor ETF (each a “Fund” and together the “Funds”), at a meeting held on September 10-11, 2025 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial period ending August 16, 2027. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement, the Board considered information provided by MFAM, with the assistance and advice of counsel to the Independent Directors and the Company.

 

In considering the approval of the Investment Advisory Agreement with respect to the Funds, the Directors took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of MFAM and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of MFAM were present. The Directors considered whether approval of the Investment Advisory Agreement would be in the best interests of each Fund and its shareholders and the overall fairness of the Investment Advisory Agreement. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Funds by MFAM ; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) MFAM’s investment philosophies and processes; (iv) MFAM’s assets under management and client descriptions; (v) MFAM’s soft dollar commission and trade allocation policies, as applicable; (vi) MFAM’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) MFAM’s compliance procedures; (viii) MFAM’s financial information and insurance coverage; (ix) MFAM’s profitability analysis relating to its proposed provision of services to the Funds; and (x) the extent to which economies of scale are relevant to the Funds. The Directors noted that the Funds had not yet commenced operations and, consequently, there was no performance information to review with respect to the Funds.

 

As part of their review, the Directors considered the nature, extent, and quality of the services to be provided by MFAM. The Directors concluded that MFAM had sufficient resources to provide services to each Fund.

 

62

 

 

Motley Fool Asset Management ETFs

Notice to Shareholders (concluded)

(Unaudited)

 

The Board also took into consideration that the advisory fee for each Fund was a “unitary fee,” meaning the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses. The Board noted that MFAM would be responsible for compensating the Funds’ other service providers and paying other expenses of the Funds out of MFAM’s own fees and resources.

 

After reviewing the information regarding MFAM’s estimated costs, profitability and economies of scale, and after considering the services to be provided by MFAM, the Directors concluded that the investment advisory fees to be paid by each Fund to MFAM were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2027.

 

63

 

 

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16th St. Suite 2900
Philadelphia, PA 19102-2529

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

SGI U.S. LARGE CAP CORE ETF

 

SGI DYNAMIC TACTICAL ETF

 

SGI ENHANCED GLOBAL INCOME ETF

 

SGI ENHANCED CORE ETF

 

SGI ENHANCED NASDAQ-100 ETF

 

SGI ENHANCED MARKET LEADERS ETF

 

of

 

The RBB Fund, Inc.

 

Financial Statements

 

February 28, 2026
(Unaudited)

 

 

SGI U.S. LARGE CAP CORE ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.5%

Aerospace/Defense — 0.6%

General Dynamics Corp.

    855     $ 305,278  

General Electric Co.

    1,775       607,511  
              912,789  

Airlines — 0.9%

Delta Air Lines, Inc.

    4,626       303,928  

United Airlines Holdings, Inc. (a)

    10,249       1,089,469  
              1,393,397  

Apparel — 2.0%

Deckers Outdoor Corp. (a)

    7,058       827,692  

Ralph Lauren Corp.

    3,638       1,319,139  

Tapestry, Inc.

    5,999       932,664  
              3,079,495  

Auto Manufacturers — 0.6%

Ford Motor Co.

    23,727       334,313  

General Motors Co.

    4,698       369,780  

Tesla, Inc. (a)

    767       308,725  
              1,012,818  

Banks — 5.6%

Bank of America Corp.

    58,300       2,905,089  

Bank of New York Mellon Corp.

    2,656       316,329  

Citigroup, Inc.

    4,709       518,885  

JPMorgan Chase & Co.

    9,307       2,794,892  

KeyCorp

    13,813       286,482  

Morgan Stanley

    3,188       530,834  

PNC Financial Services Group, Inc. (b)

    1,376       292,193  

State Street Corp.

    2,466       317,177  

US Bancorp

    5,954       325,446  

Wells Fargo & Co.

    5,055       411,730  
              8,699,057  

Beverages — 1.5%

Coca-Cola Co.

    4,141       337,740  

Monster Beverage Corp. (a)

    17,128       1,461,019  

PepsiCo, Inc.

    3,307       561,330  
              2,360,089  

Biotechnology — 4.2%

Biogen, Inc. (a)

    1,668       319,956  

Incyte Corp. (a)(b)

    10,381       1,051,284  

Regeneron Pharmaceuticals, Inc.

    5,244       4,099,077  

Vertex Pharmaceuticals, Inc. (a)

    2,061       1,023,967  
              6,494,284  

Building Materials — 0.2%

Trane Technologies PLC

    751       347,202  
                 

Chemicals — 1.0%

CF Industries Holdings, Inc.

    13,658       1,359,517  

Mosaic Co.

    8,520       237,197  
              1,596,714  

Commercial Services — 1.8%

Automatic Data Processing, Inc.

    3,908     $ 837,719  

Cintas Corp.

    8,037       1,616,482  

Moody’s Corp.

    685       327,149  
              2,781,350  

Computers — 7.4%

Apple, Inc.

    40,547       10,711,706  

Sandisk Corp./DE (a)

    1,289       818,979  
              11,530,685  

Cosmetics/Personal Care — 1.6%

Colgate-Palmolive Co.

    22,422       2,222,917  

Procter & Gamble Co.

    1,921       321,191  
              2,544,108  

Diversified Financial Services — 2.9%

Blackrock, Inc.

    194       206,266  

Charles Schwab Corp.

    5,486       522,267  

Interactive Brokers Group, Inc., Class A - Class A

    4,215       300,066  

Mastercard, Inc. - Class A

    5,756       2,977,061  

Visa, Inc. - Class A

    1,450       464,203  
              4,469,863  

Electric — 2.6%

Ameren Corp.

    2,844       322,168  

Constellation Energy Corp.

    962       317,345  

DTE Energy Co. (b)

    12,821       1,900,585  

Evergy, Inc.

    10,270       859,188  

Exelon Corp.

    6,957       344,163  

Vistra Corp.

    1,644       285,875  
              4,029,324  

Electronics — 0.5%

Amphenol Corp. - Class A

    3,382       493,975  

Garmin Ltd., (Switzerland) (b)

    1,411       356,743  
              850,718  

Engineering & Construction — 2.2%

Comfort Systems USA, Inc.

    278       397,365  

EMCOR Group, Inc.

    4,291       3,109,344  
              3,506,709  

Food — 0.4%

Sysco Corp.

    6,413       584,609  
                 

Healthcare-Products — 0.6%

Agilent Technologies, Inc.

    2,405       291,919  

Intuitive Surgical, Inc. (a)

    1,364       686,788  
              978,707  

Healthcare-Services — 0.5%

Centene Corp. (a)

    12,594       565,219  

Elevance Health, Inc.

    735       235,200  
              800,419  
                 

 

 

The accompanying notes are an integral part of the financial statements.
1

 

 

SGI U.S. LARGE CAP CORE ETF

 

Portfolio of Investments (Continued)

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Home Builders — 0.2%

PulteGroup, Inc. (b)

    2,178     $ 298,822  
                 

Insurance — 5.8%

Allstate Corp.

    4,946       1,061,016  

Berkshire Hathaway, Inc. - Class B (a)

    7,139       3,604,838  

Cincinnati Financial Corp.

    3,700       606,726  

Everest Group Ltd.

    1,728       579,727  

Hartford Insurance Group, Inc.

    2,257       317,853  

Loews Corp.

    2,900       319,058  

MetLife, Inc.

    4,140       298,370  

Progressive Corp.

    9,404       2,009,259  

Travelers Cos, Inc.

    994       306,788  
              9,103,635  

Internet — 15.3%

               

Airbnb, Inc. - Class A (a)

    2,503       338,180  

Alphabet, Inc. - Class A

    29,288       9,130,827  

Amazon.com, Inc. (a)

    29,829       6,264,090  

Booking Holdings, Inc.

    635       2,691,987  

DoorDash, Inc. - Class A (a)

    1,292       227,999  

Meta Platforms, Inc. - Class A

    7,567       4,904,778  

Netflix, Inc. (a)

    3,153       303,445  
              23,861,306  

Leisure Time — 0.3%

Carnival Corp.

    14,250       449,588  
                 

Machinery-Construction & Mining — 1.0%

Caterpillar, Inc.

    1,460       1,084,532  

GE Vernova, Inc.

    572       499,699  
              1,584,231  

Machinery-Diversified — 0.2%

Rockwell Automation, Inc.

    774       315,366  
                 

Media — 1.8%

Fox Corp. - Class B

    50,030       2,588,052  

News Corp. - Class A

    12,424       301,779  
              2,889,831  

Mining — 3.2%

Freeport-McMoRan, Inc.

    30,089       2,048,459  

Newmont Corp.

    22,194       2,885,220  
              4,933,679  

Miscellaneous Manufacturing — 0.6%

3M Co.

    2,536       419,252  

Textron, Inc.

    4,836       477,071  
              896,323  

Oil & Gas — 1.3%

Chevron Corp.

    1,709       319,173  

EOG Resources, Inc.

    3,589       445,323  

Exxon Mobil Corp.

    2,161       329,552  

Marathon Petroleum Corp.

    3,433       680,455  

Oil & Gas — 1.3% (Continued)

                

Phillips 66

    1,812     $ 279,646  
              2,054,149  

Pharmaceuticals — 3.6%

AbbVie, Inc.

    1,840       427,027  

Bristol-Myers Squibb Co.

    5,407       337,235  

Cardinal Health, Inc.

    2,130       488,260  

Cencora, Inc.

    888       330,460  

Eli Lilly & Co.

    2,148       2,259,674  

Merck & Co., Inc. (b)

    14,374       1,779,789  
              5,622,445  

Pipelines — 0.2%

ONEOK, Inc.

    3,250       269,003  
                 

Real Estate — 2.0%

CBRE Group, Inc. - Class A (a)

    19,453       2,872,430  

CoStar Group, Inc. (a)

    5,777       257,827  
              3,130,257  

REITS — 0.7%

Equinix, Inc.

    223       217,260  

Host Hotels & Resorts, Inc.

    26,628       521,642  

Welltower, Inc.

    1,606       332,635  
              1,071,537  

Retail — 1.6%

AutoZone, Inc. (a)

    47       176,512  

Costco Wholesale Corp.

    1,202       1,214,970  

Lululemon Athletica, Inc. (a)

    1,697       314,233  

Ross Stores, Inc.

    1,609       330,875  

TJX Cos., Inc.

    2,673       432,117  
              2,468,707  

Semiconductors — 16.0%

Analog Devices, Inc.

    1,880       668,885  

Applied Materials, Inc.

    1,993       741,994  

Broadcom, Inc.

    9,113       2,912,059  

KLA-Tencor Corp.

    235       358,269  

Lam Research Corp.

    13,098       3,063,491  

Micron Technology, Inc.

    9,193       3,790,917  

Monolithic Power Systems, Inc.

    206       235,405  

NVIDIA Corp.

    69,755       12,359,889  

QUALCOMM, Inc.

    2,923       416,118  

Texas Instruments, Inc.

    1,586       336,407  
              24,883,434  

Software — 7.2%

Adobe Systems, Inc. (a)

    2,199       577,040  

Autodesk, Inc. (a)

    1,493       367,084  

Cadence Design Systems, Inc. (a)(b)

    849       255,889  

Microsoft Corp.

    23,152       9,092,716  

Palantir Technologies, Inc. - Class A (a)

    6,626       909,021  
              11,201,750  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

SGI U.S. LARGE CAP CORE ETF

 

Portfolio of Investments (CONCLUDED)

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Telecommunications — 0.6%

Arista Networks, Inc. (a)

    4,031     $ 538,139  

T-Mobile US, Inc.

    1,504       326,503  
              864,642  

Transportation — 0.8%

CSX Corp.

    7,678       327,774  

FedEx Corp.

    1,669       645,903  

Union Pacific Corp. (b)

    1,134       300,487  
              1,274,164  

TOTAL COMMON STOCKS (Cost $140,715,860)

            155,145,206  
                 

EXCHANGE TRADED FUNDS — 0.4%

Vanguard S&P 500 ETF

    854       538,908  

TOTAL EXCHANGE TRADED FUNDS (Cost $541,954)

            538,908  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.4%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    3,813,688       3,813,688  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,813,688)

            3,813,688  
                 

TOTAL INVESTMENTS — 102.3% (Cost $145,071,502)

            159,497,802  

Liabilities in Excess of Other Assets — (2.3)%

            (3,618,425 )

TOTAL NET ASSETS — 100.0%

           $ 155,879,377  

 

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $3,793,009.

 

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
3

 

 

SGI DYNAMIC TACTICAL ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

EXCHANGE TRADED FUNDS — 99.9%

iShares Core S&P Mid-Cap ETF

    158,571     $ 11,336,241  

iShares MSCI ACWI ex U.S. ETF

    51,756       3,853,234  

iShares MSCI USA Momentum Factor ETF (a)

    43,089       10,899,794  

iShares U.S. Real Estate ETF (a)

    113,987       11,544,603  

Schwab International Equity ETF (a)

    143,522       3,879,400  

SGI U.S. Large Cap Core ETF (b)(c)

    637,563       24,743,820  

Vanguard Information Technology ETF (a)

    14,680       10,667,956  

Vanguard Total International Stock ETF

    49,894       4,181,616  

TOTAL EXCHANGE TRADED FUNDS (Cost $78,085,825)

            81,106,664  

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

                

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 24.6%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    19,978,975     $ 19,978,975  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $19,978,975)

            19,978,975  
                 

TOTAL INVESTMENTS — 124.5% (Cost $98,064,800)

            101,085,639  

Liabilities in Excess of Other Assets — (24.5)%

            (19,918,718 )

TOTAL NET ASSETS — 100.0%

           $ 81,166,921  

 

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $19,511,119.

 

(b)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

(c)

Affiliated security as defined by the Investment Company Act of 1940, as amended.

 

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
4

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

COMMON STOCKS — 90.1%

Aerospace/Defense — 1.8%

Lockheed Martin Corp.

    2,464     $ 1,621,509  

Thales SA - ADR

    958       58,409  
              1,679,918  

Airlines — 0.2%

Ryanair Holdings PLC - ADR

    3,016       203,550  
                 

Auto Manufacturers — 1.6%

Geely Automobile Holdings Ltd. - ADR (a)

    2,408       98,752  

Honda Motor Co. Ltd. - ADR

    18,656       562,665  

Mercedes-Benz Group AG - ADR

    20,528       355,750  

Toyota Motor Corp. - ADR

    1,111       269,284  

Volvo AB - ADR

    4,495       174,631  
              1,461,082  

Auto Parts & Equipment — 2.0%

Magna International, Inc.

    29,716       1,873,594  
                 

Banks — 21.4%

Banco Bilbao Vizcaya Argentaria SA - ADR

    85,724       1,982,796  

Banco Santander SA - ADR

    81,119       1,002,631  

Bank Hapoalim BM - ADR

    1,675       207,851  

Bank of America Corp.

    19,163       954,892  

Bank of China Ltd. - ADR

    28,137       414,936  

BNP Paribas SA - ADR

    10,124       567,754  

Canadian Imperial Bank of Commerce

    1,990       200,910  

China Construction Bank Corp. - ADR

    20,366       413,023  

China Merchants Bank Co. Ltd. - ADR

    5,301       165,179  

Citigroup, Inc.

    6,635       731,111  

Commerzbank AG - ADR

    4,907       200,009  

Credit Agricole SA - ADR

    18,867       208,292  

Danske Bank AS - ADR

    5,468       142,660  

DBS Group Holdings Ltd. - ADR

    3,892       699,782  

Deutsche Bank AG

    39,744       1,407,732  

DNB Bank ASA - ADR

    4,599       145,236  

ING Groep NV - ADR

    15,649       450,222  

Intesa Sanpaolo SpA - ADR

    30,571       1,254,940  

Itau Unibanco Holding SA - ADR

    75,433       682,669  

JPMorgan Chase & Co.

    6,833       2,051,950  

KBC Group NV - ADR

    3,778       254,618  

NatWest Group PLC - ADR (a)

    60,536       1,004,898  

Royal Bank of Canada

    4,132       690,994  

Societe Generale SA - ADR

    63,269       1,100,248  

Svenska Handelsbanken AB - ADR

    15,154       120,474  

Toronto-Dominion Bank

    3,487       339,494  

Banks — 21.4% (Continued)

                

UBS Group AG

    12,650     $ 524,090  

UniCredit SpA - ADR

    40,029       1,701,633  

United Overseas Bank Ltd. - ADR

    6,134       356,753  
              19,977,777  

Beverages — 2.4%

Coca-Cola Co.

    4,711       384,229  

PepsiCo, Inc.

    10,675       1,811,975  
              2,196,204  

Biotechnology — 0.6%

Amgen, Inc.

    485       188,258  

Gilead Sciences, Inc.

    2,349       349,883  
              538,141  

Chemicals — 0.8%

CF Industries Holdings, Inc.

    7,692       765,662  
                 

Commercial Services — 0.6%

Automatic Data Processing, Inc.

    2,770       593,777  
                 

Cosmetics/Personal Care — 2.6%

Colgate-Palmolive Co.

    24,075       2,386,795  
                 

Distribution/Wholesale — 0.6%

Mitsui & Co. Ltd. - ADR

    727       545,643  
                 

Diversified Financial Services — 2.9%

Hong Kong Exchanges & Clearing Ltd. - ADR

    7,653       412,726  

KB Financial Group, Inc. - ADR

    6,564       722,040  

Nomura Holdings, Inc. - ADR

    89,429       804,861  

ORIX Corp. - ADR

    21,326       758,140  
              2,697,767  

Electric — 5.8%

CMS Energy Corp.

    745       58,162  

DTE Energy Co.

    6,392       947,550  

E.ON SE - ADR

    10,973       255,452  

Enel SpA - ADR

    30,342       363,801  

Engie SA - ADR

    26,958       915,224  

Evergy, Inc.

    17,523       1,465,974  

National Grid PLC - ADR

    15,290       1,433,743  
              5,439,906  

Electronics — 0.6%

Garmin Ltd.

    1,141       288,479  

Honeywell International, Inc.

    1,300       316,667  
              605,146  

Engineering & Construction — 0.6%

Aena SME SA - ADR

    10,423       166,247  

Vinci SA - ADR

    10,657       441,839  
              608,086  

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Portfolio of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Food — 3.3%

Sysco Corp.

    14,270     $ 1,300,853  

Tesco PLC - ADR

    18,214       352,805  

Tyson Foods, Inc. - Class A

    22,425       1,457,401  
              3,111,059  

Forest Products & Paper — 0.2%

UPM-Kymmene Oyj - ADR

    6,396       203,201  
                 

Gas — 0.3%

NiSource, Inc.

    6,203       293,402  
                 

Hand/Machine Tools — 0.4%

Techtronic Industries Co. Ltd. - ADR

    4,086       331,375  
                 

Healthcare-Products — 0.2%

FUJIFILM Holdings Corp. - ADR

    16,277       167,002  
                 

Healthcare-Services — 0.7%

UnitedHealth Group, Inc.

    2,326       682,146  
                 

Home Builders — 0.2%

Sekisui House Ltd. - ADR

    5,919       144,956  
                 

Insurance — 5.2%

Allianz SE - ADR

    16,347       735,125  

AXA SA - ADR

    30,589       1,493,661  

Great-West Lifeco, Inc.

    1,275       61,825  

Manulife Financial Corp.

    14,110       501,469  

MS&AD Insurance Group Holdings, Inc. - ADR

    7,715       213,898  

NN Group NV - ADR

    3,291       133,878  

Ping An Insurance Group Co. of China Ltd. - ADR

    40,471       700,553  

Prudential Financial, Inc.

    1,324       130,255  

Zurich Insurance Group AG - ADR

    23,304       877,396  
              4,848,060  

Iron/Steel — 0.5%

Fortescue Ltd. - ADR

    7,200       214,632  

Nucor Corp.

    1,534       271,334  
              485,966  

Machinery-Construction & Mining — 1.0%

Komatsu Ltd. - ADR

    19,475       936,163  
                 

Media — 0.4%

Comcast Corp. - Class A

    13,184       408,177  
                 

Mining — 3.3%

Freeport-McMoRan, Inc.

    14,036       955,571  

Newmont Corp.

    10,559       1,372,670  

Rio Tinto PLC - ADR

    7,716       766,507  
              3,094,748  

Office-Business Equipment — 0.3%

       

Canon, Inc. - ADR

    9,160     $ 278,006  
                 

Oil & Gas — 5.9%

BP PLC - ADR

    10,544       409,740  

Chevron Corp.

    5,281       986,280  

Devon Energy Corp.

    13,558       590,180  

EOG Resources, Inc.

    3,228       400,530  

Exxon Mobil Corp.

    4,902       747,555  

Repsol SA - ADR

    12,528       281,629  

Shell PLC - ADR

    6,079       507,657  

Suncor Energy, Inc.

    5,149       291,021  

TotalEnergies SE

    6,246       501,804  

Woodside Energy Group Ltd. - ADR

    38,969       798,085  
              5,514,481  

Packaging & Containers — 0.3%

Amcor PLC

    5,642       273,242  
                 

Pharmaceuticals — 7.4%

AbbVie, Inc.

    3,675       852,894  

Astellas Pharma, Inc. - ADR

    10,299       170,037  

Bristol-Myers Squibb Co.

    16,474       1,027,483  

GSK PLC - ADR

    14,804       875,361  

Merck & Co., Inc.

    14,777       1,829,688  

Novartis AG - ADR

    1,451       244,668  

Novo Nordisk AS - ADR

    3,812       142,759  

Pfizer, Inc.

    33,919       937,860  

Takeda Pharmaceutical Co. Ltd. - ADR

    46,153       865,369  
              6,946,119  

Pipelines — 1.3%

ONEOK, Inc.

    14,193       1,174,755  
                 

Private Equity — 0.1%

3i Group PLC - ADR

    8,275       93,921  
                 

REITS — 1.6%

Annaly Capital Management, Inc.

    64,793       1,505,789  
                 

Retail — 0.9%

Best Buy Co., Inc.

    3,278       203,138  

Cie Financiere Richemont SA - ADR

    15,476       314,163  

CK Hutchison Holdings Ltd. - ADR

    16,761       137,272  

Home Depot, Inc.

    458       174,370  
              828,943  

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Portfolio of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

Semiconductors — 6.9%

Analog Devices, Inc.

    1,760     $ 626,190  

ASE Technology Holding Co. Ltd. - ADR

    30,128       731,809  

QUALCOMM, Inc.

    10,451       1,487,804  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    9,172       3,435,648  

Texas Instruments, Inc.

    972       206,171  
              6,487,622  

Software — 0.5%

NetEase, Inc. - ADR

    3,935       452,407  
                 

Telecommunications — 2.9%

Deutsche Telekom AG - ADR

    7,608       306,450  

NTT, Inc. - ADR

    11,409       278,266  

Orange SA - ADR

    12,477       266,883  

Singapore Telecommunications Ltd. - ADR

    10,944       435,571  

TELUS Corp.

    9,589       131,753  

Verizon Communications, Inc.

    5,485       275,018  

Vodafone Group PLC - ADR

    63,745       979,123  
              2,673,064  

Transportation — 1.5%

AP Moller - Maersk AS - ADR

    9,269       114,565  

United Parcel Service, Inc. - Class B

    10,920       1,266,283  
              1,380,848  

Water — 0.3%

United Utilities Group PLC - ADR

    6,478       243,119  

TOTAL COMMON STOCKS (Cost $71,018,182)

            84,131,619  
                 

EXCHANGE TRADED FUNDS — 9.1%

iShares Emerging Markets Dividend ETF

    79,788       2,807,739  

State Street SPDR S&P Emerging Markets Dividend ETF

    63,901       2,742,631  

WisdomTree Emerging Markets High Dividend Fund

    56,785       2,938,056  

TOTAL EXCHANGE TRADED FUNDS (Cost $7,085,056)

            8,488,426  
                 

PREFERRED STOCKS — 0.1%

Auto Manufacturers — 0.1%

               

Volkswagen AG

    11,547     $ 138,102  

TOTAL PREFERRED STOCKS (Cost $138,580)

            138,102  
                 

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS — 0.6%

First American Government Obligations Fund - Class X, 3.60% (b)

    563,427       563,427  

TOTAL MONEY MARKET FUNDS (Cost $563,427)

            563,427  
                 

TOTAL INVESTMENTS — 99.9% (Cost $78,805,245)

            93,321,574  

Other Assets in Excess of Liabilities — 0.1%

            81,445  

TOTAL NET ASSETS — 100.0%

           $ 93,403,019  

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

(a)

Non-income producing security.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
7

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Portfolio of Investments (concluded)

February 28, 2026 (Unaudited)

 

Allocation of Portfolio Holdings by
Country as of February 28, 2026

(% of Net Assets)

United States

  $ 44,844,044       47.8 %

United Kingdom

    6,666,874       7.2  

Japan

    5,994,290       6.5  

France

    5,554,114       5.9  

Taiwan

    4,167,457       4.5  

Canada

    4,091,060       4.3  

Spain

    3,433,303       3.7  

Germany

    3,398,620       3.6  

Italy

    3,320,374       3.5  

Switzerland

    2,522,038       2.7  

China

    2,146,098       2.3  

Singapore

    1,492,106       1.7  

Australia

    1,012,717       1.1  

Hong Kong

    980,125       1.1  

South Korea

    722,040       0.8  

Brazil

    682,669       0.7  

Netherlands

    584,100       0.7  

Denmark

    399,984       0.4  

Sweden

    295,105       0.3  

Belgium

    254,618       0.3  

Israel

    207,851       0.2  

Ireland

    203,550       0.2  

Finland

    203,201       0.2  

Norway

    145,236       0.2  

Other Assets in Excess of Liabilities

    81,445       0.1  
    $ 93,403,019       100.0 %

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

SGI ENHANCED CORE ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

OPEN-END FUNDS — 7.9%

                

North Capital Treasury Money Market Fund - Class Institutional

    25,264,073     $ 25,264,073  

TOTAL OPEN-END FUNDS (Cost $25,264,073)

            25,264,073  
                 

SHORT-TERM INVESTMENTS

                

MONEY MARKET FUNDS — 90.8%

        

Fidelity Government Cash Reserves, 3.41% (a)

    7,473,018       7,473,018  

First American Government Obligations Fund - Class X, 3.60% (a)

    1,343,432       1,343,432  

PIMCO Government Money Market Fund - Class M, 4.22% (a)

    8,570,750       8,570,750  

T Rowe Price US Treasury Money Fund, Inc. - Class I, 3.47% (a)

    48,433       48,433  

Vanguard Federal Money Market Fund - Class I, 3.62% (a)(b)

    137,287,472       137,287,472  

Vanguard Treasury Money Market Fund - Class I, 3.61% (a)(b)

    138,301,040       138,301,040  

TOTAL MONEY MARKET FUNDS (Cost $293,024,145)

            293,024,145  
                 

TOTAL INVESTMENTS — 98.7% (Cost $318,288,218)

            318,288,218  

Other Assets in Excess of Liabilities — 1.3%

            4,327,866  

TOTAL NET ASSETS — 100.0%

          $ 322,616,084  

 

 

Percentages are stated as a percent of net assets.

 

(a)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

(b)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

 

The accompanying notes are an integral part of the financial statements.
9

 

 

SGI ENHANCED CORE ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Concluded)

 

   

Notional Amount

    

Contracts

    

Value

  

WRITTEN OPTIONS — (0.0)%

                        

Put Options — (0.0)% (a)

                        

S&P 500 Index (b)(c)

                        

Expiration: 03/02/2026; Exercise Price: $6,125.00

  $ (6,878,880 )     (10 )   $ (100 )

Expiration: 03/02/2026; Exercise Price: $6,150.00

    (75,667,680 )     (110 )     (2,200 )

Expiration: 03/02/2026; Exercise Price: $6,175.00

    (68,788,800 )     (100 )     (1,200 )

TOTAL WRITTEN OPTIONS (Premiums received $4,146)

                  $ (3,500 )

 

 

Percentages are stated as a percent of net assets.

 

(a)

Represents less than 0.05% of net assets.

 

(b)

Exchange-traded.

 

(c)

100 shares per contract.

 

The accompanying notes are an integral part of the financial statements.
10

 

 

SGI ENHANCED NASDAQ-100 ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY BILLS — 28.5%

3.79%, 03/10/2026 (a)

  $ 20,000,000     $ 19,983,945  

TOTAL U.S. TREASURY BILLS (Cost $19,981,253)

            19,983,945  
                 
   

Shares

          

MONEY MARKET FUNDS — 6.1%

First American Government Obligations Fund - Class X, 3.60% (b)

    4,256,090       4,256,090  

TOTAL MONEY MARKET FUNDS (Cost $4,256,090)

            4,256,090  
                 

TOTAL INVESTMENTS — 34.6% (Cost $24,237,343)

            24,240,035  

Other Assets in Excess of Liabilities — 65.4%

            45,784,595  

TOTAL NET ASSETS — 100.0%

           $ 70,024,630  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

 

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
11

 

 

SGI ENHANCED NASDAQ-100 ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Continued)

 

   

Notional Amount

    

Contracts

    

Value

  

WRITTEN OPTIONS — (0.0)%

                        

Call Options — (0.0)% (a)

                        

S&P 500 Index (b)(c)

                        

Expiration: 03/02/2026; Exercise Price: $7,025.00

  $ (34,394,400 )     (50 )   $ (350 )

Expiration: 03/02/2026; Exercise Price: $7,030.00

    (6,878,880 )     (10 )     (70 )

Total Call Options

                    (420 )
                         

Put Options — (0.0)% (a)

                        

S&P 500 Index (b)(c)

                       

Expiration: 03/02/2026; Exercise Price: $6,490.00

    (34,394,400 )     (50 )     (1,750 )

Expiration: 03/02/2026; Exercise Price: $6,495.00

    (34,394,400 )     (50 )     (1,500 )

Expiration: 03/02/2026; Exercise Price: $6,510.00

    (34,394,400 )     (50 )     (1,750 )

Expiration: 03/02/2026; Exercise Price: $6,515.00

    (34,394,400 )     (50 )     (1,750 )

Expiration: 03/02/2026; Exercise Price: $6,520.00

    (68,788,800 )     (100 )     (3,500 )

Expiration: 03/02/2026; Exercise Price: $6,525.00

    (34,394,400 )     (50 )     (1,500 )

Expiration: 03/02/2026; Exercise Price: $6,530.00

    (34,394,400 )     (50 )     (1,750 )

Total Put Options

                    (13,500 )

TOTAL WRITTEN OPTIONS (Premiums received $14,100)

                  $ (13,920 )

 

 

Percentages are stated as a percent of net assets.

 

(a)

Represents less than 0.05% of net assets.

 

(b)

Exchange-traded.

 

(c)

100 shares per contract.

 

The accompanying notes are an integral part of the financial statements.
12

 

 

SGI ENHANCED NASDAQ-100 ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Concluded)

 

Description

  

Contracts
Purchased

    

Expiration
Date

    

Notional
Value

    

Value / Unrealized
Appreciation
(Depreciation)

  

Micro E-Mini Nasdaq 100 Future Mar 2026

    18       03/20/2026     $ 900,171     $ 1,851  

Nasdaq 100 Index

    131       03/20/2026       65,512,445       (729,732 )

Net Unrealized Appreciation (Depreciation)

                          $ (727,881 )

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

COMMON STOCKS — 99.0%

Automobiles & Components — 2.9%

General Motors Co.

    4,055     $ 319,169  

Tesla, Inc. (a)

    14,221       5,724,095  
              6,043,264  

Banks — 4.2%

Bank of America Corp.

    35,247       1,756,358  

Citigroup, Inc.

    9,492       1,045,923  

JPMorgan Chase & Co.

    14,169       4,254,951  

US Bancorp

    8,150       445,479  

Wells Fargo & Co.

    16,425       1,337,816  
              8,840,527  

Capital Goods — 4.3%

3M Co.

    2,456       406,026  

Boeing Co. (a)

    3,708       843,681  

Caterpillar, Inc.

    2,382       1,769,421  

Deere & Co.

    1,165       733,612  

Emerson Electric Co.

    2,880       434,160  

General Dynamics Corp.

    1,139       406,680  

General Electric Co.

    5,369       1,837,594  

Honeywell International, Inc.

    3,072       748,308  

Lockheed Martin Corp.

    1,023       673,216  

RTX Corp.

    6,230       1,262,323  
              9,115,021  

Consumer Discretionary Distribution & Retail — 6.2%

Amazon.com, Inc. (a)

    49,019       10,293,990  

Home Depot, Inc.

    5,130       1,953,094  

Lowe’s Cos., Inc.

    2,923       773,338  
              13,020,422  

Consumer Durables & Apparel — 0.2%

NIKE, Inc. - Class B

    5,632       350,198  
                 

Consumer Services — 1.1%

Booking Holdings, Inc.

    151       640,142  

McDonald’s Corp.

    3,645       1,243,164  

Starbucks Corp.

    5,715       560,184  
              2,443,490  

Consumer Staples Distribution & Retail — 1.8%

Costco Wholesale Corp.

    2,177       2,200,490  

Target Corp.

    2,145       244,080  

Walmart, Inc.

    11,273       1,442,380  
              3,886,950  

Energy — 2.7%

               

Chevron Corp.

    9,833       1,836,411  

ConocoPhillips

    6,235       707,423  

Exxon Mobil Corp.

    21,549       3,286,223  
              5,830,057  

Equity Real Estate Investment Trusts (REITs) — 0.4%

American Tower Corp.

    2,406     $ 461,615  

Simon Property Group, Inc.

    1,656       337,576  
              799,191  

Financial Services — 7.5%

American Express Co.

    2,695       832,485  

Bank of New York Mellon Corp.

    3,538       421,376  

Berkshire Hathaway, Inc. - Class B (a)

    9,579       4,836,916  

Blackrock, Inc.

    699       743,198  

Capital One Financial Corp.

    3,142       614,701  

Charles Schwab Corp.

    8,817       839,378  

Goldman Sachs Group, Inc.

    1,501       1,290,215  

Mastercard, Inc. - Class A

    4,185       2,164,524  

Morgan Stanley

    6,173       1,027,866  

PayPal Holdings, Inc.

    4,835       223,425  

Visa, Inc. - Class A

    8,647       2,768,251  
              15,762,335  

Food, Beverage & Tobacco — 2.5%

Altria Group, Inc.

    8,762       604,929  

Coca-Cola Co.

    19,949       1,627,040  

Mondelez International, Inc. - Class A

    7,067       435,186  

PepsiCo, Inc.

    7,077       1,201,250  

Philip Morris International, Inc.

    8,239       1,539,292  
              5,407,697  

Health Care Equipment & Services — 2.1%

Abbott Laboratories

    9,320       1,084,382  

CVS Health Corp.

    6,635       530,137  

Intuitive Surgical, Inc. (a)

    1,561       785,979  

Medtronic PLC

    6,717       655,982  

UnitedHealth Group, Inc.

    4,644       1,361,946  
              4,418,426  

Household & Personal Products — 1.2%

Colgate-Palmolive Co.

    4,173       413,711  

Procter & Gamble Co.

    12,347       2,064,419  
              2,478,130  

Insurance — 0.2%

American International Group, Inc.

    2,723       219,174  

MetLife, Inc.

    2,991       215,562  
              434,736  

Materials — 0.6%

Linde PLC

    2,371       1,204,658  
                 

 

 

The accompanying notes are an integral part of the financial statements.
14

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Continued)

 

   

Shares

    

Value

  

Media & Entertainment — 13.0%

Alphabet, Inc. - Class A

    53,121     $ 16,561,003  

Comcast Corp. - Class A

    19,121       591,986  

Meta Platforms, Inc. - Class A

    10,947       7,095,626  

Netflix, Inc. (a)

    21,788       2,096,877  

Versant Media Group, Inc. (a)

    697       23,224  

Walt Disney Co.

    9,289       985,006  
              27,353,722  

Pharmaceuticals, Biotechnology & Life Sciences — 7.8%

AbbVie, Inc.

    9,327       2,164,610  

Amgen, Inc.

    2,898       1,124,888  

Bristol-Myers Squibb Co.

    10,524       656,382  

Danaher Corp.

    3,098       652,563  

Eli Lilly & Co.

    4,049       4,259,507  

Gilead Sciences, Inc.

    6,686       995,880  

Johnson & Johnson

    12,623       3,135,932  

Merck & Co., Inc.

    12,819       1,587,248  

Pfizer, Inc.

    29,797       823,887  

Thermo Fisher Scientific, Inc.

    1,867       972,912  
              16,373,809  

Semiconductors & Semiconductor Equipment — 16.2%

Advanced Micro Devices, Inc. (a)

    8,245       1,650,731  

Broadcom, Inc.

    23,994       7,667,283  

Intel Corp. (a)

    21,927       1,000,091  

NVIDIA Corp.

    124,511       22,062,104  

QUALCOMM, Inc.

    5,253       747,817  

Texas Instruments, Inc.

    4,910       1,041,460  
              34,169,486  

Software & Services — 10.4%

Accenture PLC - Class A

    3,159       659,346  

Adobe, Inc. (a)

    2,067       542,401  

International Business Machines Corp.

    4,573       1,098,480  

Intuit, Inc.

    1,424       582,459  

Microsoft Corp.

    37,501       14,728,143  

Oracle Corp.

    8,457       1,229,648  

Palantir Technologies, Inc. - Class A (a)

    11,403       1,564,378  

Salesforce, Inc.

    4,828       940,446  

ServiceNow, Inc. (a)

    5,326       575,261  
              21,920,562  

Technology Hardware & Equipment — 10.2%

Apple, Inc.

    75,383     $ 19,914,681  

Cisco Systems, Inc.

    20,396       1,620,666  
              21,535,347  

Telecommunication Services — 1.3%

AT&T, Inc.

    38,448       1,076,928  

T-Mobile US, Inc.

    2,467       535,561  

Verizon Communications, Inc.

    22,743       1,140,334  
              2,752,823  

Transportation — 1.2%

FedEx Corp.

    1,047       405,189  

Uber Technologies, Inc. (a)

    10,668       804,581  

Union Pacific Corp.

    3,223       854,030  

United Parcel Service, Inc. - Class B

    3,570       413,977  
              2,477,777  

Utilities — 1.0%

Duke Energy Corp.

    4,091       535,307  

NextEra Energy, Inc.

    10,782       1,011,028  

Southern Co.

    5,872       571,816  
              2,118,151  

TOTAL COMMON STOCKS (Cost $149,493,207)

            208,736,779  

 

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Continued)

 

   

Notional Amount

    

Contracts

    

Value

  

PURCHASED OPTIONS — 0.0% (a)(b)

                        

Put Options — 0.0% (b)

                        

S&P 500 Index (c)(d)(e)

                       

Expiration: 03/06/2026; Exercise Price: $6,500.00

  $ 3,439,440       5     $ 2,700  

Expiration: 03/06/2026; Exercise Price: $6,525.00

    3,439,440       5       3,050  

Expiration: 03/06/2026; Exercise Price: $6,550.00

    3,439,440       5       3,900  

TOTAL PURCHASED OPTIONS (Cost $15,818)

                    9,650  
                         
           

Shares

          

SHORT-TERM INVESTMENTS

                        

MONEY MARKET FUNDS — 0.9%

                        

First American Government Obligations Fund - Class X, 3.60% (f)

            1,798,195       1,798,195  

TOTAL MONEY MARKET FUNDS (Cost $1,798,195)

                    1,798,195  
                         

TOTAL INVESTMENTS — 99.9% (Cost $151,307,220)

                    210,544,624  

Other Assets in Excess of Liabilities — 0.1%

                    289,645  

TOTAL NET ASSETS — 100.0%

                  $ 210,834,269  

 

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

(c)

Exchange-traded.

 

(d)

100 shares per contract.

 

(e)

Held in connection with written option contracts. See Schedule of Written Options for further information.

 

(f)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

 

The accompanying notes are an integral part of the financial statements.
16

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Portfolio of Investments

February 28, 2026 (Unaudited) (Concluded)

 

   

Notional Amount

    

Contracts

    

Value

  

WRITTEN OPTIONS — (0.0)%

                        

Put Options — (0.0)% (a)

                        

S&P 500 Index (b)(c)

                        

Expiration: 03/06/2026; Exercise Price: $6,600.00 (d)

  $ (3,439,440 )     (5 )   $ (5,250 )

Expiration: 03/06/2026; Exercise Price: $6,625.00 (d)

    (3,439,440 )     (5 )     (6,425 )

Expiration: 03/06/2026; Exercise Price: $6,650.00

    (3,439,440 )     (5 )     (7,400 )

TOTAL WRITTEN OPTIONS (Premiums received $27,892)

                  $ (19,075 )

 

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
17

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

 

   

SGI U.S.
Large Cap
CORE ETF

    

SGI
DYNAMIC
TACTICAL ETF

    

SGI
ENHANCED
GLOBAL
INCOME ETF

  

ASSETS:

                        

Investments in unaffiliated securities, at value

  $ 159,497,802     $ 76,341,819     $ 93,321,574  

Investments in affiliated securities, at value

    —       24,743,820       —  

Receivable for fund shares sold

    —       4,132,100       —  

Cash and cash equivalents

    222,033       102,311       —  

Security lending income receivable

    863       5,614       —  

Interest receivable

    603       227       622  

Receivable for investments sold

    —       —       9,499  

Dividends receivable

    56,381       —       90,677  

Dividend tax reclaims receivable

    —       —       6,210  

Deposit at broker for option contracts

    —       —       38,066  

Deposit at broker for other investments

    —       —       —  

Prepaid expenses and other assets

    —       —       177  

Total assets

    159,777,682       105,325,891       93,466,825  
                         

LIABILITIES:

                        

Written option, at value

    —       —       —  

Payable upon return of securities loaned

    3,813,688       19,978,975       —  

Payable for investments purchased

    —       4,129,131       —  

Payable to Adviser

    84,617       50,864       63,806  

Interest payable

    —       —       —  

Payable for capital shares redeemed

    —       —       —  

Payable to custodian

    —       —       —  

Payable for expenses and other liabilities

    —       —       —  

Total liabilities

    3,898,305       24,158,970       63,806  

NET ASSETS

  $ 155,879,377     $ 81,166,921     $ 93,403,019  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001, and 0.001 per share)

  $ 3,980     $ 2,750     $ 2,690  

Additional paid-in capital

    143,339,807       76,604,674       77,355,618  

Total distributable earnings/(accumulated losses)

    12,535,590       4,559,497       16,044,711  

Total net assets

  $ 155,879,377     $ 81,166,921     $ 93,403,019  
                         

Net assets

  $ 155,879,377     $ 81,166,921     $ 93,403,019  

Capital shares issued and outstanding (100,000,000, 100,000,000, and 100,000,000 shares authorized, 0.001, 0.001, and 0.001 par value)

    3,980,000       2,750,000       2,690,000  

Net asset value per share

  $ 39.17     $ 29.52     $ 34.72  
                         

COST:

                        

Investments in unaffiliated securities, at cost

  $ 145,071,502     $ 75,779,574     $ 78,805,245  

Investments in affiliated securities, at cost

  $ —     $ 22,285,226     $ —  
                         

PROCEEDS:

                        

Written options premium received

  $ —     $ —     $ —  

at value (included in investments)

  $ 3,793,009     $ 19,511,119     $ —  

 

 

The accompanying notes are an integral part of the financial statements.
18

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Assets and Liabilities (CONCLUDED)

February 28, 2026 (Unaudited)

 

   

SGI
ENHANCED
CORE ETF

    

SGI
Enhanced
Nasdaq-100
ETF

    

SGI
ENHANCED
MARKET
LEADERS ETF

  

ASSETS:

                        

Investments in unaffiliated securities, at value

  $ 318,288,218     $ 24,240,035     $ 210,544,624  

Investments in affiliated securities, at value

    —       —       —  

Receivable for fund shares sold

    —       —       1,926,630  

Cash and cash equivalents

    —       —       —  

Security lending income receivable

    —       —       —  

Interest receivable

    1,583       56,303       27  

Receivable for investments sold

    35,453       —       18,481  

Dividends receivable

    981,212       5,558       177,974  

Dividend tax reclaims receivable

    —       —       —  

Deposit at broker for option contracts

    5,912,260       —       59,658  

Deposit at broker for other investments

    —       45,781,472       —  

Prepaid expenses and other assets

    269       —       54,138  

Total assets

    325,218,995       70,083,368       212,781,532  
                         

LIABILITIES:

                        

Written option, at value

    3,500       13,920       19,075  

Payable upon return of securities loaned

    —       —       —  

Payable for investments purchased

    2,280       —       1,774,580  

Payable to Adviser

    262,125       44,810       75,921  

Interest payable

    254       —       225  

Payable for capital shares redeemed

    2,301,589       —       —  

Payable to custodian

    33,163       8       5,236  

Total liabilities

    2,602,911       58,738       1,947,263  

NET ASSETS

  $ 322,616,084     $ 70,024,630     $ 210,834,269  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001, and 0.001 per share)

  $ 12,610     $ 2,580     $ 6,566  

Additional paid-in capital

    320,832,174       71,396,797       58,793,735  

Total distributable earnings/(accumulated losses)

    1,771,300       (1,374,747 )     152,033,968  

Total net assets

  $ 322,616,084     $ 70,024,630     $ 210,834,269  
                         

Net assets

  $ 322,616,084     $ 70,024,630     $ 210,834,269  

Capital shares issued and outstanding (100,000,000, 100,000,000, and 100,000,000 shares authorized, 0.001, 0.001, and 0.001 par value)

    12,610,000       2,580,000       6,565,830  

Net asset value per share

  $ 25.58     $ 27.15     $ 32.11  
                         

COST:

                        

Investments in unaffiliated securities, at cost

  $ 318,288,218     $ 24,237,343     $ 151,307,220  

Investments in affiliated securities, at cost

  $ —     $ —     $ —  
                         

PROCEEDS:

                        

Written options premium received

  $ 4,146     $ 14,100     $ 27,892  

at value (included in investments)

  $ —     $ —     $ —  

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Operations

FOR THE SIX MONTHS ENDED February 28, 2026 (Unaudited)

 

   

SGI U.S.
Large Cap
CORE ETF

    

SGI
DYNAMIC
TACTICAL ETF

    

SGI
ENHANCED
GLOBAL
INCOME ETF

  

INVESTMENT INCOME:

                        

Dividend income from unaffiliated securities

  $ 601,262     $ 480,832     $ 1,349,257  

Dividend income from affiliated securities

    —       246,592       —  

Less: dividend withholding taxes

    —       —       (95,401 )

Less: issuance fees

    —       —       (25,868 )

Interest income from affiliated securities

    —       346,263       —  

Interest income

    4,541       —       6,020  

Securities lending income

    2,398       8,298       —  

Total investment income

    608,201       1,081,985       1,234,008  
                         

EXPENSES:

                        

Investment advisory fee

    465,586       322,322       397,761  

Interest expense

    —       335,623       2,611  

Total expenses

    465,586       657,945       400,372  

NET INVESTMENT INCOME

    142,615       424,040       833,636  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments in unaffiliated securities

    (3,318,072 )     (252,071 )     (2,202,144 )

Investments in affiliated securities

    —       143,534       —  

In-kind redemptions in unaffiliated securities

    8,114,563       2,953,315       6,448,704  

Written options expired or closed

    —       —       638,525  

Futures contracts

    —       —       —  

Distributions received from other investment companies

    —       255,675       —  

Net realized gain (loss)

    4,796,491       3,100,453       4,885,085  

Net change in unrealized appreciation (depreciation) on:

                        

Investments in unaffiliated securities

    5,232,125       (957,468 )     9,472,332  

Investments in affiliated securities

    —       893,380       —  

Written options

    —       —       —  

Future contracts

    —       —       —  

Net change in unrealized appreciation (depreciation)

    5,232,125       (64,088 )     9,472,332  

Net realized and unrealized gain (loss)

    10,028,616       3,036,365       14,357,417  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 10,171,231     $ 3,460,405     $ 15,191,053  

 

 

The accompanying notes are an integral part of the financial statements.
20

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Operations (Concluded)

FOR THE SIX MONTHS ENDED February 28, 2026 (Unaudited)

 

   

SGI
ENHANCED
CORE ETF

    

SGI
Enhanced
Nasdaq-100
ETF

    

SGI
ENHANCED
MARKET
LEADERS ETF

  

INVESTMENT INCOME:

                        

Dividend income from unaffiliated securities

  $ 6,822,400     $ 16,596     $ 1,182,412  

Dividend income from affiliated securities

    —       —       —  

Less: dividend withholding taxes

    —       —       —  

Less: issuance fees

    —       —       —  

Interest income from affiliated securities

    —       —       —  

Interest income

    186,188       516,056       —  

Securities lending income

    —       —       —  

Total investment income

    7,008,588       532,652       1,182,412  
                         

EXPENSES:

                        

Investment advisory fee

    1,803,550       245,271       490,536  

Interest expense

    254       —       43,583  

Total expenses

    1,803,804       245,271       534,119  

NET INVESTMENT INCOME

    5,204,784       287,381       648,293  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments in unaffiliated securities

    (400,203 )     5,342       261,835  

Investments in affiliated securities

    —       —       —  

In-kind redemptions in unaffiliated securities

    —       —       92,986,953  

Written options expired or closed

    7,041,354       1,273,272       148,795  

Futures contracts

    (8 )     4,547,084       —  

Distributions received from other investment companies

    —       —       —  

Net realized gain (loss)

    6,641,143       5,825,698       93,397,583  

Net change in unrealized appreciation (depreciation) on:

                        

Investments in unaffiliated securities

    410       (1,536 )     (82,672,111 )

Investments in affiliated securities

    —       —       —  

Written options

    2,782       180       8,817  

Future contracts

    —       (2,966,207 )     —  

Net change in unrealized appreciation (depreciation)

    3,192       (2,967,563 )     (82,663,294 )

Net realized and unrealized gain (loss)

    6,644,335       2,858,135       10,734,289  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 11,849,119     $ 3,145,516     $ 11,382,582  

 

 

The accompanying notes are an integral part of the financial statements.
21

 

 

SGI U.S. LARGE CAP CORE ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 142,615     $ 318,854  

Net realized gain (loss)

    4,796,491       3,783,398  

Net change in unrealized appreciation (depreciation)

    5,232,125       3,835,475  

Net increase (decrease) in net assets from operations

    10,171,231       7,937,727  
                 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (260,873 )     (7,743,637 )

Total distributions to shareholders

    (260,873 )     (7,743,637 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    90,757,064       105,666,696  

Shares redeemed

    (39,387,879 )     (103,552,522 )

Net increase (decrease) in net assets from capital transactions

    51,369,185       2,114,174  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    61,279,543       2,308,264  
                 

NET ASSETS:

                

Beginning of the period

    94,599,834       92,291,570  

End of the period

  $ 155,879,377     $ 94,599,834  
                 

SHARES TRANSACTIONS

                

Shares sold

    2,370,000       3,090,000  

Shares redeemed

    (1,045,000 )     (3,055,000 )

Total increase (decrease) in shares outstanding

    1,325,000       35,000  

 

 

The accompanying notes are an integral part of the financial statements.
22

 

 

SGI DYNAMIC TACTICAL ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 424,040     $ 902,257  

Net realized gain (loss)

    3,100,453       3,404,248  

Net change in unrealized appreciation (depreciation)

    (64,088 )     (2,200,409 )

Net increase (decrease) in net assets from operations

    3,460,405       2,106,096  
                 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (1,095,496 )     (5,828,622 )

Total distributions to shareholders

    (1,095,496 )     (5,828,622 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    46,123,277       53,828,580  

Shares redeemed

    (32,971,557 )     (44,064,499 )

Net increase (decrease) in net assets from capital transactions

    13,151,720       9,764,081  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    15,516,629       6,041,555  
                 

NET ASSETS:

                

Beginning of the period

    65,650,292       59,608,737  

End of the period

  $ 81,166,921     $ 65,650,292  
                 

SHARES TRANSACTIONS

                

Shares sold

    1,565,000       1,860,000  

Shares redeemed

    (1,120,000 )     (1,505,000 )

Total increase (decrease) in shares outstanding

    445,000       355,000  

 

 

The accompanying notes are an integral part of the financial statements.
23

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 833,636     $ 1,908,801  

Net realized gain (loss)

    4,885,085       5,653,226  

Net change in unrealized appreciation (depreciation)

    9,472,332       2,506,870  

Net increase (decrease) in net assets from operations

    15,191,053       10,068,897  
                 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (1,177,711 )     (2,819,840 )

Total distributions to shareholders

    (1,177,711 )     (2,819,840 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    37,229,574       110,834,454  

Shares redeemed

    (41,225,062 )     (102,936,974 )

Net increase (decrease) in net assets from capital transactions

    (3,995,488 )     7,897,480  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    10,017,854       15,146,537  
                 

NET ASSETS:

                

Beginning of the period

    83,385,165       68,238,628  

End of the period

  $ 93,403,019     $ 83,385,165  
                 

SHARES TRANSACTIONS

                

Shares sold

    1,195,000       4,090,000  

Shares redeemed

    (1,360,000 )     (3,780,000 )

Total increase (decrease) in shares outstanding

    (165,000 )     310,000  

 

 

The accompanying notes are an integral part of the financial statements.
24

 

 

SGI ENHANCED CORE ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 5,204,784     $ 10,097,411  

Net realized gain (loss)

    6,641,143       7,128,486  

Net change in unrealized appreciation (depreciation)

    3,192       (3,749 )

Net increase (decrease) in net assets from operations

    11,849,119       17,222,148  
                 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (13,126,275 )     (16,948,939 )

Total distributions to shareholders

    (13,126,275 )     (16,948,939 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    46,343,731       392,395,053  

Shares redeemed

    (211,542,099 )     (32,833,689 )

Net increase (decrease) in net assets from capital transactions

    (165,198,368 )     359,561,364  
                 

NET INCREASE (DECREASE) IN NET ASSETS

     (166,475,524 )     359,834,573  
                 

NET ASSETS:

                

Beginning of the period

    489,091,608       129,257,035  

End of the period

  $ 322,616,084     $ 489,091,608  
                 

SHARES TRANSACTIONS

                

Shares sold

    1,795,000       15,295,000  

Shares redeemed

    (8,215,000 )     (1,275,000 )

Total increase (decrease) in shares outstanding

    (6,420,000 )     14,020,000  

 

 

The accompanying notes are an integral part of the financial statements.
25

 

 

SGI ENHANCED NASDAQ-100 ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 287,381     $ 551,786  

Net realized gain (loss)

    5,825,698       1,267,468  

Net change in unrealized appreciation (depreciation)

    (2,967,563 )     2,341,213  

Net increase (decrease) in net assets from operations

    3,145,516       4,160,467  
                 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (8,052,430 )     (665,909 )

Total distributions to shareholders

    (8,052,430 )     (665,909 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    36,676,843       26,686,541  

Shares redeemed

    —       (2,479,910 )

Net increase (decrease) in net assets from capital transactions

    36,676,843       24,206,631  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    31,769,929       27,701,189  
                 

NET ASSETS:

                

Beginning of the period

    38,254,701       10,553,512  

End of the period

  $ 70,024,630     $ 38,254,701  
                 

SHARES TRANSACTIONS

                

Shares sold

    1,280,000       985,000  

Shares redeemed

    —       (100,000 )

Total increase (decrease) in shares outstanding

    1,280,000       885,000  

 

 

The accompanying notes are an integral part of the financial statements.
26

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
PERIOD ENDED
AUGUST 31,
2025

    

FOR THE
Year ENDED
December 31,
2024

  

OPERATIONS:

                        

Net investment income (loss)

  $ 648,293     $ 1,289,163     $ 2,208,685  

Net realized gain (loss)

    93,397,583       29,391,448       7,497,629  

Net change in unrealized appreciation (depreciation)

    (82,663,294 )     (12,655,189 )     11,040,746  

Net increase (decrease) in net assets from operations

    11,382,582       18,025,422       20,747,060  
                         

DISTRIBUTIONS TO SHAREHOLDERS:

                        

From earnings

    (1,885,206 )     (979,728 )     (2,235,984 )

Total distributions to shareholders

    (1,885,206 )     (979,728 )     (2,235,984 )
                         

CAPITAL TRANSACTIONS:

                        

Shares sold

    121,654,456       23,340,057       213,842  

Shares issued from reinvestment of distributions

    —       54,221       —  

Shares redeemed

    (106,028,038 )     (30,145,101 )     (7,784,477 )

Net increase (decrease) in net assets from capital transactions

    15,626,418       (6,750,823 )     (7,570,635 )
                         

NET INCREASE (DECREASE) IN NET ASSETS

    25,123,794       10,294,871       10,940,441  
                         

NET ASSETS:

                        

Beginning of the period

    185,710,475       175,415,604       164,475,163  

End of the period

  $ 210,834,269     $ 185,710,475     $ 175,415,604  
                         

SHARES TRANSACTIONS(a)

                        

Shares sold

    3,795,000       780,000       7,809  

Shares issued from reinvestment of distributions

    —       1,983       —  

Shares redeemed

    (3,310,000 )     (1,006,362 )     (293,520 )

Total increase (decrease) in shares outstanding

    485,000       (224,379 )     (285,711 )

 

 

(a)

Share activity prior to April 21, 2025 has been adjusted to reflect the impact of the 40.4632 for 1 share split that occurred on that date.

 

The accompanying notes are an integral part of the financial statements.
27

 

 

SGI U.S. LARGE CAP CORE ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Period
Ended
August 31,
2023(a)

  

PER SHARE DATA:

                                
                                 

Net asset value, beginning of period

  $ 35.63     $ 35.23     $ 28.01     $ 25.00  
                                 

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.05       0.12       0.19       0.11  

Net realized and unrealized gain (loss) on investments (c)

    3.58       3.13       7.47       2.90  

Total from investment operations

    3.63       3.25       7.66       3.01  
                                 

LESS DISTRIBUTIONS FROM:

                                

Net investment income

    (0.09 )     (0.26 )     (0.07 )     —  

Net realized gains

    —       (2.59 )     (0.37 )     —  

Total distributions

    (0.09 )     (2.85 )     (0.44 )     —  

Net asset value, end of period

  $ 39.17     $ 35.63     $ 35.23     $ 28.01  
                                 

TOTAL RETURN (d)

    10.17 %     9.99 %     27.67 %     12.03 %
                                 

SUPPLEMENTAL DATA AND RATIOS:

                               

Net assets, end of period (in thousands)

  $ 155,879     $ 94,600     $ 92,292     $ 98,025  

Ratio of expenses to average net assets (e)

    0.85 %     0.85 %     0.85 %     0.85 %

Ratio of net investment income (loss) to average net assets (e)

    0.26 %     0.35 %     0.61 %     1.01 %

Portfolio turnover rate (d)(f)

    46 %     145 %     225 %     95 %

 

 

(a)

Inception date of the Fund was March 30, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

The accompanying notes are an integral part of the financial statements.
28

 

 

SGI DYNAMIC TACTICAL ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Period
Ended
August 31,
2023(a)

  

PER SHARE DATA:

                                
                                 

Net asset value, beginning of period

  $ 28.48     $ 30.57     $ 25.98     $ 25.00  
                                 

INVESTMENT OPERATIONS:

                                

Net investment income(b)(c)

    0.18       0.42       0.22       0.13  

Net realized and unrealized gain (loss) on investments (d)

    1.34       0.49       4.61       0.85  

Total from investment operations

    1.52       0.91       4.83       0.98  
                                 

LESS DISTRIBUTIONS FROM:

                                

Net investment income

    (0.48 )     (1.30 )     (0.24 )     —  

Net realized gains

    —       (1.70 )     —       —  

Total distributions

    (0.48 )     (3.00 )     (0.24 )     —  

Net asset value, end of period

  $ 29.52     $ 28.48     $ 30.57     $ 25.98  
                                 

TOTAL RETURN (e)

    5.32 %     3.25 %     18.75 %     3.90 %
                                 

SUPPLEMENTAL DATA AND RATIOS:

                               

Net assets, end of period (in thousands)

  $ 81,167     $ 65,650     $ 59,609     $ 110,395  

Ratio of expenses to average net assets (f)

    0.95 %     0.95 %     0.95 %     0.95 %

Ratio of net investment income (loss) to average net assets (f)

    1.25 %     1.44 %     0.82 %     1.18 %

Portfolio turnover rate (e)(h)

    77 %     108 %     167 %     66 %

 

 

(a)

Inception date of the Fund was March 29, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

 

The accompanying notes are an integral part of the financial statements.
29

 

 

SGI ENHANCED GLOBAL INCOME ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
period
Ended
August 31,
2024(a)

  

PER SHARE DATA:

                        
                         

Net asset value, beginning of period

  $ 29.21     $ 26.81     $ 25.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)(c)

    0.31       0.67       0.32  

Net realized and unrealized gain (loss) on investments (d)

    5.66       2.73       1.68  

Total from investment operations

    5.97       3.40       2.00  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (0.42 )     (0.69 )     (0.19 )

Net realized gains

    (0.04 )     (0.31 )     —  

Total distributions

    (0.46 )     (1.00 )     (0.19 )

Net asset value, end of period

  $ 34.72     $ 29.21     $ 26.81  
                         

TOTAL RETURN (e)

    20.64 %     13.11 %     8.01 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                       

Net assets, end of period (in thousands)

  $ 93,403     $ 83,385     $ 68,239  

Ratio of expenses to average net assets (f)(g)

    0.99 %     1.00 %     1.14 %

Ratio of net investment income (loss) to average net assets (f)(g)

    2.05 %     2.47 %     2.46 %

Portfolio turnover rate (e)(h)

    43 %     231 %     158 %

 

 

(a)

Inception date of the Fund was February 28, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

 

The accompanying notes are an integral part of the financial statements.
30

 

 

SGI ENHANCED CORE ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
period
Ended
August 31,
2024(a)

  

PER SHARE DATA:

                        
                         

Net asset value, beginning of period

  $ 25.70     $ 25.80     $ 25.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    0.36       0.84       0.53  

Net realized and unrealized gain (loss) on investments (c)

    0.46       0.75       0.49  

Total from investment operations

    0.82       1.59       1.02  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (0.41 )     (0.97 )     (0.22 )

Net realized gains

    (0.53 )     (0.72 )     —  

Total distributions

    (0.94 )     (1.69 )     (0.22 )

Net asset value, end of period

  $ 25.58     $ 25.70     $ 25.80  
                         

TOTAL RETURN (d)

    3.24 %     6.34 %   4.10 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                        

Net assets, end of period (in thousands)

  $ 322,616     $ 489,092     $ 129,257  

Ratio of expenses to average net assets (e):

    0.98 %     0.98 %     0.99 %

Ratio of net investment income (loss) to average net assets (e)

    2.83 %     3.27 %     4.16 %

Portfolio turnover rate (d)(f)

    0 %     0 %     0 %

 

 

(a)

Inception date of the Fund was February 28, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

 

The accompanying notes are an integral part of the financial statements.
31

 

 

SGI ENHANCED NASDAQ-100 ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
Year
Ended
August 31,
2025

    

For the
Period
Ended
August 31,
2024(a)

  

PER SHARE DATA:

                        
                         

Net asset value, beginning of period

  $ 29.43     $ 25.43     $ 25.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    0.17       0.59       0.15  

Net realized and unrealized gain (loss) on investments (c)

    2.30       4.18       0.28  

Total from investment operations

    2.47       4.77       0.43  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (0.20 )     (0.52 )     —  

Net realized gains

    (4.56 )     (0.25 )     —  

Total distributions

    (4.76 )     (0.77 )     —  

Net asset value, end of period

  $ 27.15     $ 29.43     $ 25.43  
                         

TOTAL RETURN (d)

    8.10 %     19.08 %     1.70 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                        

Net assets, end of period (in thousands)

  $ 70,025     $ 38,255     $ 10,554  

Ratio of expenses to average net assets (e)

    0.98 %     0.98 %     1.18 %

Ratio of net investment income (loss) to average net assets (e)

    1.15 %     2.17 %     2.80 %

Portfolio turnover rate (d)(f)

    0 %     0 %     0 %

 

 

(a)

Inception date of the Fund was June 13, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

The accompanying notes are an integral part of the financial statements.
32

 

 

SGI ENHANCED MARKET LEADERS ETF

 

Financial Highlights

 

Contained below is per share operating performance data for share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

For the
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(Unaudited)

    

For the
period
Ended
August 31,
2025(a)**

    

For the
Year
Ended
December 31,
2024

    

For the
Year
Ended
December 31,
2023

    

For the
Year
Ended
December 31,
2022

    

For the
Year
Ended
December 31,
2021

    

For the
Year
Ended
December 31,
2020

  

PER SHARE DATA:*

                                                        
                                                         

Net asset value, beginning of year

  $ 30.54     $ 27.82     $ 24.95     $ 21.34     $ 25.33     $ 21.25     $ 19.68  
                                                         

INVESTMENT OPERATIONS:

                                                

Net investment income(b)(c)

    0.11       0.21       0.34       0.34       0.34       0.26       0.24  

Net realized and unrealized gain (loss) on investments(d)

    1.78       2.67       2.88       3.62       (3.98 )     4.09       1.57  

Total from investment operations

    1.89       2.88       3.22       3.96       (3.64 )     4.35       1.81  
                                                         

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.13 )     (0.16 )     (0.35 )     (0.35 )     (0.35 )     (0.27 )     (0.24 )

Net realized gains

    (0.19 )                                                

Return of capital

    —       —       (0.00 )(e)     —       —       —       —  

Total distributions

    (0.32 )     (0.16 )     (0.35 )     (0.35 )     (0.35 )     (0.27 )     (0.24 )

Net asset value, end of year

  $ 32.11     $ 30.54     $ 27.82     $ 24.95     $ 21.34     $ 25.33     $ 21.25  
                                                         

TOTAL RETURN(f)

     6.15 %     10.39 %     12.92 %     18.71 %     (14.34 )%     20.54 %     9.39 %
                                                         

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of year (in thousands)

  $ 210,834     $ 185,710     $ 175,416     $ 164,475     $ 161,818     $ 213,527     $ 209,441  

Ratio of expenses to average net assets:

                                                        

Before expense reimbursement/recoupment(g)

    0.54 %     0.59 %     0.48 %     0.52 %     0.47 %     0.56 %     0.81 %

After expense reimbursement/recoupment(g)

    0.54 %     0.59 %     0.48 %     0.52 %     0.47 %     0.57 %     0.83 %

Ratio of dividends, interest and borrowing expense to average net assets(g)

    0.04 %     0.00 %(h)     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %

Ratio of net investment income (loss) to average net assets(g)

    0.66 %     1.10 %     1.29 %     1.51 %     1.53 %     1.11 %     1.26 %

Portfolio turnover rate(f)(i)

    42 %     13 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %

 

 

*

Per share amounts have been adjusted to reflect the impact of the 40.4632 for 1 share split that occurred on April 21, 2025.

(**)

Effective as of the close of business on May 2, 2025, the Fund acquired all the assets and liabilities of the Chestnut Street Exchange Fund (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performance of the Predecessor Fund.

(a)

Effective August 31, 2025, the Fund changed its fiscal year end date to August 31.

(b)

Net investment income per share has been calculated based on average shares outstanding during the years.

(c)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(d)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

(e)

Amount represents less than $0.005 per share.

(f)

Not annualized for periods less than one year.

(g)

Annualized for periods less than one year.

(h)

Amount represents less than 0.005%.

(i)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
33

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF, SGI Enhanced Nasdaq-100 ETF and SGI Enhanced Market Leaders ETF (each, a “Fund” and collectively, the “Funds”), which commenced investment operations on March 30, 2023, March 29, 2023, February 28, 2024, February 28, 2024, June 13, 2024 and May 5, 2025, respectively.

 

Effective as of the close of business on May 2, 2025, the Chestnut Street Exchange Fund, an open-end management investment company established as a California Limited Partnership, was reorganized into SGI Enhanced Market Leaders ETF as a new series of RBB in a tax-free reorganization (the “Reorganization”). SGI Enhanced Market Leaders ETF acquired all the assets and liabilities of the Predecessor Fund in exchange for shares of SGI Enhanced Market Leaders ETF, which were distributed pro rata by the Predecessor Fund to its shareholders in complete liquidation and termination of the Predecessor Fund. The agreement and plan of reorganization pursuant to which the Reorganization was accomplished was approved by shareholders of the Predecessor Fund on April 9, 2025. The Predecessor Fund commenced operations on December 29, 1976. As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by SGI Enhanced Market Leaders ETF. Effective August 31, 2025, the SGI Enhanced Market Leaders ETF changed its fiscal year end date to August 31.

 

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities held by the Predecessor Fund on the date of Reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflects their historical cost basis as of the date of Reorganization. As a result of the Reorganization, SGI Enhanced Market Leaders ETF is the accounting successor. The Reorganization was accomplished by a tax-free exchange of SGI Enhanced ETF’s shares and value of net assets for the same shares and value of the Predecessor Fund’s shares. For financial reporting purposes, assets received and shares issued by SGI Enhanced Market Leaders ETF were recorded at fair value; however, the cost basis of the investments received from SGI Enhanced Market Leaders ETF was carried forward to align ongoing reporting of SGI Enhanced Market Leaders ETF’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the Reorganization, the net assets, fair value of investments, net unrealized appreciation and fund shares outstanding of the Predecessor Fund were as follows:

 

FUND

  

Net Assets

    

Fair Value of
Investments

    

Net Unrealized
Appreciation

    

Fund Shares
Outstanding

  

Chestnut Street Exchange Fund

   $ 166,962,449     $ 166,921,998     $ 146,065,549       6,175,830  

 

The investment objective of the SGI U.S. Large Cap Core ETF and the SGI Dynamic Tactical ETF is to provide long-term capital appreciation. The investment objective of the SGI Enhanced Global Income ETF and the SGI Enhanced Nasdaq-100 ETF is to seek income and capital appreciation. The objective of the SGI Enhanced Core ETF is to seek income. The investment objective of the SGI Enhanced Market Leaders ETF is to seek capital appreciation and current income.

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

34

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

INVESTMENT COMPANY SECURITIES – SGI Dynamic Tactical ETF pursues its investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Fund invests in underlying funds, it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Funds invest in shares of underlying funds, their performances are directly related to the ability of the underlying funds to meet their respective investment objectives, as well as the allocation of each Fund’s assets among the underlying funds. Accordingly, the Funds’ investment performance will be influenced by the investment strategies of and risks associated with the underlying funds in direct proportion to the amount of assets the Funds allocate to the underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Funds invest in a number of different underlying funds. Information about underlying funds in the underlying funds’ annual or semiannual report to shareholders can be found by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in ETFs are valued at their last reported sale price. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Summit Global Investments, LLC (the “Adviser” or “Summit”) as its “Valuation Designee” to perform all of the fair value determinations, as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

35

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing each Fund’s investments carried at fair value:

 

SGI U.S. LARGE CAP CORE ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments:

                                

Common Stocks

  $ 155,145,206     $ —     $ —     $ 155,145,206  

Exchange Traded Funds

    538,908       —       —       538,908  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       3,813,688  

Total Investments

  $ 155,684,114     $ —     $ —     $ 159,497,802  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $3,813,688 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

SGI DYNAMIC TACTICAL ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments:

                                

Exchange Traded Funds

  $ 81,106,664     $ —     $ —     $ 81,106,664  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       19,978,975  

Total Investments

  $ 81,106,664     $ —     $ —     $ 101,085,639  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $19,978,975 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

SGI ENHANCED GLOBAL INCOME ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments:

                                

Common Stocks

  $ 84,131,619     $ —     $ —     $ 84,131,619  

Exchange Traded Funds

    8,488,426       —       —       8,488,426  

Preferred Stocks

    138,102       —       —       138,102  

Money Market Funds

    563,427       —       —       563,427  

Total Investments

  $ 93,321,574     $ —     $ —     $ 93,321,574  

 

36

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

SGI ENHANCED CORE ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Assets:

                                

Investments:

                                

Open-End Funds

  $ —     $ 25,264,073     $ —     $ 25,264,073  

Money Market Funds

    1,343,432       291,680,713       —       293,024,145  

Total Investments

  $ 1,343,432     $ 316,944,786     $ —     $ 318,288,218  
                                 

Liabilities:

                                

Investments:

                                

Written Options

  $ —     $ (3,500 )   $ —     $ (3,500 )

Total Investments

  $ —     $ (3,500 )   $ —     $ (3,500 )

 

SGI ENHANCED NASDAQ-100 ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Assets:

                                

Investments:

                                

U.S. Treasury Bills

  $ —     $ 19,983,945     $ —     $ 19,983,945  

Money Market Funds

    4,256,090       —       —       4,256,090  

Total Investments

  $ 4,256,090     $ 19,983,945     $ —     $ 24,240,035  
                                 

Other Financial Instruments:

                                

Futures Contracts*

  $ 1,851     $ —     $ —     $ 1,851  

Total Other Financial Instruments

  $ 1,851     $ —     $ —     $ 1,851  
                                 

Liabilities:

                                

Investments:

                                

Written Options

  $ —     $ (13,920 )   $ —     $ (13,920 )

Total Investments

  $ —     $ (13,920 )   $ —     $ (13,920 )
                                 

Other Financial Instruments:

                                

Futures Contracts*

  $ (729,732 )   $ —     $ —     $ (729,732 )

Total Other Financial Instruments

  $ (729,732 )   $ —     $ —     $ (729,732 )

 

*

The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of February 28, 2026.

 

37

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

SGI Enhanced Market Leaders ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Assets:

                                

Investments:

                                

Common Stocks

  $ 208,736,779     $ —     $ —     $ 208,736,779  

Purchased Options

    3,900       5,750       —       9,650  

Money Market Funds

    1,798,195       —       —       1,798,195  

Total Investments

  $ 210,538,874     $ 5,750     $ —     $ 210,544,624  
                                 

Liabilities:

                                

Investments:

                                

Written Options

  $ (7,400 )   $ (11,675 )   $ —     $ (19,075 )

Total Investments

  $ (7,400 )   $ (11,675 )   $ —     $ (19,075 )

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Funds had no Level 3 purchases, sales, or transfers.

 

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include options and futures contracts.

 

During the current fiscal period, the SGI Enhanced Core ETF used options contracts to seek income in accordance with its investment objective.

 

During the current fiscal period, the SGI Enhanced Nasdaq-100 ETF used long futures contracts and options contracts to seek capital appreciation and income in accordance with its investment objective.

 

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Funds’ derivative instruments as of and for the current fiscal period.

 

38

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

The following table lists the fair values of the Funds’ derivative holdings as of the end of the current fiscal period, grouped by contract type and risk exposure category.

 

FUND

DERIVATIVE TYPE

  

STATEMENT OF
ASSETS AND
LIABILITIES LOCATION

    

VALUE

  

Liability Derivatives

SGI Enhanced Core ETF

Written Options

     Written options, at value     $ (3,500 )

Total Value - Liabilities

 

           $ (3,500 )
                   

SGI Enhanced Nasdaq-100 ETF

Written Options

     Written options, at value     $ (13,920 )

Total Value - Liabilities

 

 

   $ (13,920 )
                   

SGI Enhanced Market Leaders ETF

Written Options

     Written options, at value     $ (19,075 )

Total Value - Liabilities

 

 

   $ (19,075 )
                   

SGI Enhanced Nasdaq-100 ETF

Futures Contracts (a)

     Unrealized depreciation on futures contracts       (727,881 )

Total Value - Liabilities

 

 

   $ (727,881 )

 

(a)

This amount represent the cumulative appreciation/(deprecation) of futures contracts as reported on the Portfolio of Investments.

 

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period.

 

FUND

DERIVATIVE TYPE

  

STATEMENT OF
OPERATIONS LOCATION

    

VALUE

  

Realized Gain (Loss)

SGI Enhanced Core ETF

Written Options

     Net realized gain/(loss) from written options     $ 7,041,354  

SGI Enhanced Core ETF

Futures Contracts

     Net realized gain/(loss) from futures contracts       (8 )

Total Realized Gain/(Loss)

 

 

   $ 7,041,346  
                   

SGI Enhanced Nasdaq-100 ETF

Written Options

     Net realized gain/(loss) from written options     $ 1,273,272  

SGI Enhanced Nasdaq-100 ETF

Futures Contracts

     Net realized gain/(loss) from futures contracts       4,547,084  

Total Realized Gain/(Loss)

 

           $ 5,820,356  
                   

SGI Enhanced Global Income ETF

Written Options

     Net realized gain/(loss) from written options     $ 638,525  

SGI Enhanced Global Income ETF

Futures Contracts

     Net realized gain/(loss) from futures contracts       —  

Total Realized Gain/(Loss)

 

           $ 638,525  
                   

 

39

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

FUND

DERIVATIVE TYPE

  

STATEMENT OF
OPERATIONS LOCATION

    

VALUE

  

SGI Enhanced Market Leaders ETF

Written Options

     Net realized gain/(loss) from written options     $ 148,795  

SGI Enhanced Market Leaders ETF

Futures Contracts

     Net realized gain/(loss) from futures contracts       —  

Total Realized Gain/(Loss)

 

 

   $ 148,795  

 

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period.

 

FUND

DERIVATIVE TYPE

  

STATEMENT OF
OPERATIONS LOCATION

    

VALUE

  

Change in Unrealized Appreciation/(Depreciation)

SGI Enhanced Core ETF

Written Options

     Net change in unrealized appreciation/(depreciation) on written options     $ 2,782  

SGI Enhanced Core ETF

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts       —  

Total Change in Unrealized Appreciation/(Depreciation)

           $ 2,782  
                   

SGI Enhanced Nasdaq-100 ETF

Written Options

     Net change in unrealized appreciation/(depreciation) on written options       180  

SGI Enhanced Nasdaq-100 ETF

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts       (2,966,207 )

Total Change in Unrealized Appreciation/(Depreciation)

 

   $ (2,966,027 )
                   

SGI Enhanced Market Leaders ETF

Written Options

     Net change in unrealized appreciation/(depreciation) on written options       8,817  

SGI Enhanced Market Leaders ETF

Futures Contracts

     Net change in unrealized appreciation/(depreciation) on futures contracts       —  

Total Change in Unrealized Appreciation/(Depreciation)

 

   $ 8,817  

 

During the current fiscal period, the Funds’ quarterly average volume of derivatives was as follows:

 

FUND

  

WRITTEN OPTIONS
(PREMIUMS
RECEIVED)

    

Purchased
Options
(Cost)

    

LONG FUTURES
NOTIONAL
AMOUNT

  

SGI Enhanced Core ETF

  $ 19,276     $ 4,518     $ —  

SGI Enhanced Nasdaq-100 ETF

    5,211       59       43,880,067  

 

40

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

For financial reporting purposes, the Funds do not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty and master netting arrangement.

 

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the directors and counsel to the directors and the officers of the Company. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least quarterly to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. tax status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

Sec Rule 18f-4 — Rule 18f-4 under the 1940 Act (“Rule 18f-4”) provides for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Funds, as full derivatives users (as defined in Rule 18f-4), are subject to the full requirements of Rule 18f-4. The Funds are required to comply with Rule 18f-4 and have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

 

WRITTEN OPTIONS — The Funds may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The minimum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid

 

41

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

secondary market does not exist. The Funds also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, all of the Funds’ written options are exchange-traded options.

 

FUTURES CONTRACTS — The Funds use futures contracts in the normal course of pursuing their investment objective. Upon entering into a futures contract, a Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, a Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and a Fund basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects a Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects a Fund to unlimited risk of loss.

 

Cash and cash equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in each Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of each Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. Investment Adviser and Other Services

 

Summit Global Investments, LLC serves as the Adviser to the Funds. SG Trading Solutions, LLC (“SG Trading Solutions” or “Sub-Adviser”) serves as the investment sub-adviser to the Funds. Prior to May 5, 2025, pursuant to an investment advisory agreement with Mitchell Sinkler &, Inc. (“MS&S”) on behalf of the Managing General Partners of the Predecessor Fund (the “Prior Advisory Agreement”), the Predecessor Fund compensated MS&S at an annual rate of 0.10% of the average daily net assets of the Predecessor Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreement between the Adviser and the Company on behalf of each Fund (each, an “Investment Advisory Agreement” and together, the “Investment Advisory Agreements”). The Funds compensate the Adviser with a unitary management fee for its services at an annual rate of 0.85%, 0.95%, 0.98%, 0.98%, 0.98%, and 0.50% of

 

42

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

the average daily net assets of the SGI U.S. Large Cap Core ETF, the SGI Dynamic Tactical ETF, the SGI Enhanced Global Income ETF, the SGI Enhanced Core ETF, the SGI Enhanced Nasdaq-100 ETF and the SGI Enhanced Market Leaders ETF, respectively. The fee is paid monthly in arrears. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the costs of sub-advisory fees to SG Trading Solutions, transfer agency, custody, fund administration, legal, audit and other services. However, under each Investment Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. The Sub-Adviser is an affiliate of the Adviser. The Sub-Adviser implements rigorous quantitative and fundamental analysis to achieve best execution and is subject to oversight by the Adviser and the Board. Under the Sub-Advisory Agreement, the Sub-Adviser receives a fee from the Adviser, calculated daily and paid monthly, equal to 0.05% of the average daily net assets of each Fund.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

FUND

  

ADVISORY FEES

  

SGI U.S. Large Cap Core ETF

  $ 465,586  

SGI Dynamic Tactical ETF

    322,322  

SGI Enhanced Global Income ETF

    397,761  

SGI Enhanced Core ETF

    1,803,550  

SGI Enhanced Nasdaq-100 ETF

    245,271  

SGI Enhanced Market Leaders ETF

    491,055  

 

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding in-kind transactions, short-term investments and derivative transactions) of the Funds were as follows:

 

FUND

  

Purchases

    

Sales

  

SGI U.S. Large Cap Core ETF

  $ 143,563,895     $ 91,523,798  

SGI Dynamic Tactical ETF

    98,705,464       85,441,098  

SGI Enhanced Global Income ETF

    71,716,688       75,271,443  

SGI Enhanced Core ETF

    —       —  

SGI Enhanced Nasdaq-100 ETF

    —       —  

SGI Enhanced Market Leaders ETF

    201,911,456       188,380,229  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

43

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONtinued)

February 28, 2026 (Unaudited)

 

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

 

FUND

  

Purchases

    

Sales

  

SGI U.S. Large Cap Core ETF

  $ 90,614,548     $ 39,203,678  

SGI Dynamic Tactical ETF

    45,990,678       32,837,531  

SGI Enhanced Global Income ETF

    35,674,074       40,068,789  

SGI Enhanced Core ETF

    —       —  

SGI Enhanced Nasdaq-100 ETF

    —       —  

SGI Enhanced Market Leaders ETF

    113,922,743       105,911,193  

 

4. SHARE TRANSACTIONS

 

Shares of the SGI U.S. Large Cap Core ETF are listed and traded on the NYSE. Shares of the SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF, SGI Enhanced Nasdaq-100 ETF and SGI Enhanced Market Leaders ETF are listed and traded on the NASDAQ, Inc. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 5,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300 payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest with $0.001 par value per share. Shares of each Fund have equal rights and privileges.

 

5. Federal Income Tax Information

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

44

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONtinued)

February 28, 2026 (Unaudited)

 

Effective May 5, 2025, the SGI Enhanced Market Leaders ETF underwent a 40.4632 for 1 share split. The effect of the share split transaction was to multiply the number of outstanding shares of the Fund by a split factor of 40.4632:1 with a corresponding decrease in net asset value (NAV) per share. This event does not impact the overall net assets of each class of the Fund. The per share data presented in the Financial Highlights have been retroactively adjusted to reflect this share split.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the SGI U.S. Large Cap Core ETF, the SGI Dynamic Tactical ETF, the SGI Enhanced Global Income ETF, the SGI Enhanced Core ETF, the SGI Enhanced Nasdaq-100 ETF and SGI Enhanced Market Leaders ETF was as follows:

 

FUND

  

Federal Tax
Cost

    

Unrealized
Appreciation

    

Unrealized
(Depreciation)

    

Net Unrealized
Appreciation/
(Depreciation)

  

SGI U.S. Large Cap Core ETF

  $ 86,620,701     $ 9,194,175     $ (2,198,757 )   $ 6,995,418  

SGI Dynamic Tactical ETF

    62,405,596       3,084,927       (392,648 )     2,692,279  

SGI Enhanced Global Income ETF

    79,802,221       7,481,143       (4,382,578 )     3,098,565  

SGI Enhanced Core ETF

    413,383,917       2,761       (2,825 )     (64 )

SGI Enhanced Nasdaq-100 ETF

    20,333,785       4,228       —       4,228  

SGI Enhanced Market Leaders ETF

    43,795,773       142,528,330       (743,134 )     141,785,196  

 

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to wash sales.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds.

 

The following permanent differences as of August 31, 2025, primarily attributable to in-kind redemptions gain and loss, were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN CAPITAL

  

SGI U.S. Large Cap Core ETF

  $ (9,337,917 )   $ 9,337,917  

SGI Dynamic Tactical ETF

    (1,830,336 )     1,830,336  

SGI Enhanced Global Income ETF

    (8,229,015 )     8,229,015  

SGI Enhanced Core ETF

    —       —  

SGI Enhanced Nasdaq-100 ETF

    —       —  

SGI Enhanced Market Leaders ETF

    (29,073,806 )     29,073,806  

 

45

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONtinued)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

CAPITAL
LOSS CARRY
FORWARD

    

QUALIFIED
LATE-YEAR
LOSS
DEFERRAL

    

OTHER
TEMPORARY
DIFFERENCES

    

NET
UNREALZIED
APPRECIATION/
(DEPRECIATION)

    

TOTAL
DISTRIBUTABLE
EARNINGS

  

SGI U.S. Large Cap Core ETF

  $ —     $ —     $ —     $ (4,370,191 )   $ —     $ 6,995,418     $ 2,625,228  

SGI Dynamic Tactical ETF

    237,240       —       —       (734,931 )     —       2,692,279       2,194,588  

SGI Enhanced Global Income ETF

    70,511       95,165       —       (1,232,872 )     —       3,098,565       2,031,369  

SGI Enhanced Core ETF

    434,588       2,613,932       —       —       —       (64 )     3,048,456  

SGI Enhanced Nasdaq-100 ETF

    1,477,628       2,050,311       —       —       —       4,228       3,532,167  

SGI Enhanced Market Leaders ETF

    650,767       100,629       —       —       —       141,785,196       142,536,592  

 

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales.

 

The tax character of dividends and distributions paid during the six months ended August 31, 2025 was a follows:

 

FUND

  

ORDINARY
INCOME

    

2025 LONG-TERM
GAINS

    

TOTAL

  

SGI U.S. Large Cap Core ETF

  $ 7,694,442     $ 49,195     $ 7,743,637  

SGI Dynamic Tactical ETF

    4,326,673       1,501,949       5,828,622  

SGI Enhanced Global Income ETF

    2,298,906       520,934       2,819,840  

SGI Enhanced Core ETF

    14,134,310       2,814,629       16,948,939  

SGI Enhanced Nasdaq-100 ETF

    559,159       106,750       665,909  

SGI Enhanced Market Leaders ETF

    979,728       —       979,728  

 

The tax character of dividends and distributions paid during the six months ended August 31, 2025 was a follows:

 

FUND

  

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

SGI U.S. Large Cap Core ETF

  $ 1,543,545     $ 1,115     $ 1,544,660  

SGI Dynamic Tactical ETF

    972,668       —       972,668  

SGI Enhanced Global Income ETF

    435,871       —       435,871  

SGI Enhanced Core ETF

    881,035       —       881,035  

SGI Enhanced Nasdaq-100 ETF

    —       —       —  

SGI Enhanced Market Leaders ETF

    N/A       N/A       N/A  

 

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

 

46

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONtinued)

February 28, 2026 (Unaudited)

 

The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses.

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF and SGI Enhanced Global Income ETF had the following in Post-October Cap Losses: 4,370,191, 734,931 and 1,232,872, respectively.

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, each Fund’s lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation to the securities lending agent, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. The Funds bear the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

MARKET
VALUE OF
SECURITIES
LOANED

    

MARKET
VALUE OF
COLLATERAL

    

INCOME
RECEIVED
FROM SECURITIES
LENDING

  

SGI Dynamic Tactical ETF

  $ 19,511,119     $ 19,978,975       8,298  

SGI Large Cap Core ETF

    3,793,009       3,813,688       2,398  

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”), which permits the Funds securities lending agent on behalf of the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts

 

47

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

February 28, 2026 (Unaudited)

 

payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS
AMOUNTS
OF RECOGNIZED
ASSETS

    

GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF
ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET
AMOUNT2

  

SGI Dynamic Tactical ETF

  $ 19,511,119     $ —     $ 19,511,119     $ (19,511,119 )   $ —     $ —  

SGI Large Cap Core ETF

    3,793,009       —       3,793,009       (3,793,009 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.

 

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

7. TRANSACTIONS WITH AFFILIATES

 

The following issuers are affiliated with the Funds. The Funds are allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act, if certain requirement, such as being part of the same “group of investment companies” (as defined in Section 12(d)(1) of the 1940 Act) are met. As defined in Section (2)(a)(3) of the 1940 Act, such issuers are:

 

   

AUGUST 31, 2025

    

ADDITIONS

    

REDUCTIONS

  

ISSUER NAME

  

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

  

SGI Dynamic Tactical ETF

                                                

SGI Enhanced Core ETF

    725,806     $ 18,656,843       339,614     $ 8,723,104       (1,065,420 )   $ (27,305,349 )

SGI U.S. Large Cap Core ETF

    375,638       13,395,251       288,292       11,235,046       (26,367 )     (997,989 )
      1,101,444     $ 32,052,094       627,906     $ 19,958,150       (1,091,787 )   $ (28,303,338 )

 

   

February 28, 2026

  

ISSUER NAME

  

DIVIDEND
INCOME

    

CAPITAL GAIN
DISTRIBUTION

    

NET CHANGE
IN UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

REALIZED
GAIN/(LOSS)

    

SHARE
BALANCE

    

VALUE

    

COST

  

SGI Dynamic Tactical ETF

                                                        

SGI Enhanced Core ETF

  $ 213,300     $ 346,263     $ (28,031 )   $ (46,568 )     —     $ —     $ —  

SGI U.S. Large Cap Core ETF

    33,292       —       921,411       190,102       637,563       24,743,820       22,285,226  
    $ 246,592     $ 346,263     $ 893,380     $ 143,534       637,563     $ 24,743,820     $ 22,285,226  

 

48

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

On May 14, 2025, the Board, upon the recommendation of the Fund’s audit committee, dismissed Ernst & Young LLP (“E&Y”) as independent registered public accounting firm for the SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF and SGI Enhanced NASDAQ-100 ETF (for this section only, each a “Fund”) and selected Tait, Weller & Baker LLP (“Tait”) as the independent registered public accounting firm for each Fund. The reports by E&Y on the financial statements of the Fund for the fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, there were no (1) disagreements with E&Y on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K.

 

During each Fund’s fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, the Fund, nor anyone on its behalf, has consulted with Tait on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on each Fund’s financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K under the Securities Exchange Act of 1934, as amended) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

 

On September 11, 2025, the Board, upon the recommendation of the Fund’s audit committee, dismissed Cohen & Company, Ltd. (“Cohen & Co.”) as independent registered public accounting firm for the SGI Enhanced Market Leaders ETF (for this section only, the “Fund”) and selected Tait, Weller & Baker LLP (“Tait”) as the independent registered public accounting firm for the Fund. The reports by Cohen on the financial statements of the Fund for the fiscal years ended December 31, 2024 and December 31, 2023, and the reports by BBD, LLP (“BBD”) on financial statements for the Fund for the fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended December 31, 2024 and December 31, 2023, there were no (1) disagreements with Cohen & Co. on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K. During the fiscal years ended December 31, 2022, December 31, 2021 and December 31, 2020, there were no disagreements with BBD on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K.

 

During the Funds’ fiscal years ended December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021 and December 31, 2020, the Fund, nor anyone on its behalf, has consulted with Tait on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds’ financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K under the Securities Exchange Act of 1934, as amended) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

 

9. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

49

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

OTHER INFORMATION (Unaudited)

 

PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (855) 744-8500 and on the SEC’s website at http://www.sec.gov.

 

QUARTERLY PORTFOLIO SCHEDULES

 

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.sgiam.com.

 

50

 

 

Investment Adviser

Summit Global Investments, LLC
620 South Main Street
Bountiful, UT 84010

 

Investment Sub-Adviser

SG Trading Solutions, LLC
620 South Main Street
Bountiful, UT 84010

 

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101

 

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16th St. Suite 2900
Philadelphia, PA 19102-2529

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

 

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

SGI GLOBAL EQUITY FUND

 

SGI PRUDENT FUND

 

(Formerly known as the SGI Prudent Growth Fund)

 

SGI PEAK FUND

 

(Formerly known as the SGI Peak Growth Fund)

 

SGI SMALL CAP CORE FUND

 

of

 

The RBB Fund, Inc.

 

Financial Statements

 

February 28, 2026
(Unaudited)

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Portfolio of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Number
of Shares

    

Value

  

COMMON STOCKS — 99.4%

Aerospace/Defense — 0.5%

General Dynamics Corp.

    3,004     $ 1,072,578  
                 

Airlines — 0.7%

United Airlines Holdings, Inc. (a)

    13,585       1,444,085  
                 

Apparel — 0.5%

Deckers Outdoor Corp. (a)

    3,876       454,539  

Ralph Lauren Corp.

    1,384       501,838  
              956,377  

Banks — 1.2%

Bank of America Corp.

    13,309       663,187  

Bank of New York Mellon Corp.

    9,427       1,122,756  

KeyCorp

    32,502       674,092  
              2,460,035  

Beverages — 6.4%

Monster Beverage Corp. (a)

    75,456       6,436,397  

PepsiCo, Inc.

    38,369       6,512,754  
              12,949,151  

Biotechnology — 9.7%

BioMarin Pharmaceutical, Inc. (a)

    76,947       4,749,938  

Incyte Corp. (a)

    48,812       4,943,191  

Regeneron Pharmaceuticals, Inc.

    8,364       6,537,888  

United Therapeutics Corp. (a)

    4,554       2,294,761  

Vertex Pharmaceuticals, Inc. (a)

    2,261       1,123,333  
              19,649,111  

Chemicals — 1.3%

CF Industries Holdings, Inc.

    26,967       2,684,295  
                 

Commercial Services — 3.1%

Automatic Data Processing, Inc.

    25,242       5,410,875  

Cintas Corp.

    4,559       916,952  
              6,327,827  

Computers — 0.5%

Cognizant Technology Solutions Corp. - Class A

    8,948       576,520  

Crowdstrike Holdings, Inc. - Class A (a)

    879       326,970  
              903,490  

Cosmetics/Personal Care — 3.7%

Colgate-Palmolive Co.

    76,111       7,545,645  
                 

Diversified Financial Services — 4.7%

Cboe Global Markets, Inc.

    7,159       2,145,695  

CME Group, Inc.

    3,527       1,126,877  

Intercontinental Exchange, Inc.

    2,515       412,787  

Mastercard, Inc. - Class A

    11,410       5,901,366  
              9,586,725  

Electric — 11.2%

Ameren Corp.

    10,961     $ 1,241,662  

CMS Energy Corp.

    59,649       4,656,797  

Consolidated Edison, Inc.

    26,382       2,968,503  

DTE Energy Co.

    38,346       5,684,411  

Duke Energy Corp. (b)

    5,427       710,123  

Evergy, Inc.

    34,121       2,854,563  

Exelon Corp.

    62,216       3,077,826  

NRG Energy, Inc.

    3,052       546,186  

Public Service Enterprise Group, Inc.

    5,432       467,532  

Vistra Corp.

    2,278       396,121  
              22,603,724  

Electronics — 1.7%

Amphenol Corp. - Class A

    23,755       3,469,655  
                 

Engineering & Construction — 1.0%

EMCOR Group, Inc.

    2,891       2,094,876  
                 

Environmental Control — 1.1%

Waste Management, Inc.

    9,385       2,260,283  
                 

Food — 0.8%

Sysco Corp.

    5,671       516,968  

Tyson Foods, Inc. - Class A

    16,890       1,097,681  
              1,614,649  

Gas — 1.9%

Atmos Energy Corp. (b)

    8,407       1,570,344  

NiSource, Inc.

    48,131       2,276,596  
              3,846,940  

Healthcare-Products — 0.2%

Boston Scientific Corp. (a)

    5,739       441,042  
                 

Healthcare-Services — 0.8%

Centene Corp. (a)

    7,927       355,764  

Elevance Health, Inc.

    3,933       1,258,560  
              1,614,324  

Home Builders — 0.2%

NVR, Inc. (a)

    56       420,996  
                 

Insurance — 9.5%

Allstate Corp.

    9,171       1,967,363  

Arch Capital Group Ltd. (a)

    14,797       1,481,920  

Berkshire Hathaway, Inc. - Class B (a)

    6,063       3,061,512  

Cincinnati Financial Corp.

    2,575       422,248  

Everest Group Ltd.

    6,132       2,057,225  

Loews Corp.

    9,719       1,069,284  

Marsh & McLennan Cos., Inc.

    2,372       442,947  

Progressive Corp.

    32,015       6,840,325  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Portfolio of Investments (concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Number
of Shares

    

Value

  

Insurance — 9.5% (continued)

                

Travelers Cos., Inc.

    6,493     $ 2,004,000  
              19,346,824  

Internet — 6.9%

Alphabet, Inc. - Class C

    16,961       5,282,164  

Booking Holdings, Inc.

    164       695,253  

DoorDash, Inc. - Class A (a)

    2,244       395,999  

Meta Platforms, Inc. - Class A

    9,020       5,846,584  

Netflix, Inc. (a)

    3,820       367,637  

VeriSign, Inc.

    5,857       1,335,044  
              13,922,681  

Leisure Time — 0.2%

Carnival Corp.

    12,933       408,036  
                 

Media — 0.2%

Fox Corp. - Class B

    9,373       484,865  
                 

Mining — 5.1%

Freeport-McMoRan, Inc.

    32,861       2,237,177  

Newmont Corp.

    62,240       8,091,200  
              10,328,377  

Miscellaneous Manufacturing — 0.2%

Textron, Inc.

    4,696       463,260  
                 

Oil & Gas — 0.8%

EOG Resources, Inc.

    3,883       481,803  

Exxon Mobil Corp.

    3,913       596,732  

Marathon Petroleum Corp.

    2,409       477,488  
              1,556,023  

Pharmaceuticals — 8.7%

Cardinal Health, Inc.

    15,250       3,495,758  

Cencora, Inc.

    5,251       1,954,107  

Eli Lilly & Co.

    3,879       4,080,669  

McKesson Corp.

    3,250       3,208,953  

Merck & Co., Inc. (b)

    33,749       4,178,801  

Neurocrine Biosciences, Inc. (a)

    4,752       628,452  
              17,546,740  

Real Estate — 1.5%

CBRE Group, Inc. - Class A (a)

    20,095       2,967,228  
                 

REITS — 1.4%

Host Hotels & Resorts, Inc.

    24,153       473,157  

Simon Property Group, Inc.

    3,552       724,075  

Welltower, Inc.

    7,732       1,601,452  
              2,798,684  

Retail — 4.2%

AutoZone, Inc. (a)

    308       1,156,719  

Costco Wholesale Corp.

    6,411       6,480,175  

O’Reilly Automotive, Inc. (a)

    4,255       399,459  

Retail — 4.2% (continued)

                

Ross Stores, Inc.

    2,370     $ 487,367  
              8,523,720  

Semiconductors — 5.8%

Broadcom, Inc.

    1,354       432,670  

Micron Technology, Inc.

    17,743       7,316,681  

NVIDIA Corp.

    22,962       4,068,637  
              11,817,988  

Software — 3.1%

Adobe Systems, Inc. (a)

    4,809       1,261,930  

Cadence Design Systems, Inc. (a)

    1,209       364,393  

Microsoft Corp.

    6,499       2,552,417  

Palantir Technologies, Inc. - Class A (a)

    8,933       1,225,518  

Roper Technologies, Inc.

    1,489       520,748  

Salesforce.com, Inc.

    2,025       394,450  
              6,319,456  

Telecommunications — 0.6%

Arista Networks, Inc. (a)

    8,842       1,180,407  

TOTAL COMMON STOCKS (Cost $168,553,227)

            201,610,097  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.4%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    2,851,945       2,851,945  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,851,945)

            2,851,945  

TOTAL INVESTMENTS — 100.8% (Cost $171,405,172)

            204,462,042  

Liabilities in Excess of Other Assets — (0.8)%

            (1,610,475 )

TOTAL NET ASSETS — 100.0%

          $ 202,851,567  

 

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

REIT - Real Estate Investment Trust

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $2,895,670.

 

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
3

 

 

SGI GLOBAL EQUITY FUND

 

Portfolio of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 95.2%

Aerospace/Defense — 2.0%

Lockheed Martin Corp.

    480     $ 315,878  

Rolls-Royce Holdings PLC - ADR (a)

    52,807       983,266  

Thales SA - ADR

    5,085       310,033  
              1,609,177  

Auto Manufacturers — 0.3%

Honda Motor Co., Ltd. - ADR

    7,064       213,050  
                 

Auto Parts & Equipment — 1.8%

       

Magna International, Inc. (a)

    23,613       1,488,800  
                 

Banks — 6.2%

Bank of China Ltd. - ADR

    23,264       343,074  

BNP Paribas SA - ADR

    27,569       1,546,069  

China Construction Bank Corp. - ADR

    17,552       355,955  

DBS Group Holdings Ltd. - ADR

    1,730       311,054  

HDFC Bank Ltd. - ADR

    34,943       1,112,934  

ICICI Bank Ltd. - ADR

    35,207       1,074,166  

Woori Financial Group, Inc. - ADR (a)

    4,461       334,843  
              5,078,095  

Beverages — 8.5%

Coca-Cola Co.

    20,626       1,682,257  

Coca-Cola Femsa SAB de CV - ADR

    7,777       864,414  

Monster Beverage Corp. (b)

    26,455       2,256,611  

PepsiCo, Inc.

    12,716       2,158,414  
              6,961,696  

Biotechnology — 4.7%

Gilead Sciences, Inc.

    4,485       668,041  

Incyte Corp. (b)

    4,735       479,513  

Regeneron Pharmaceuticals, Inc.

    1,795       1,403,098  

United Therapeutics Corp. (b)

    1,108       558,321  

Vertex Pharmaceuticals, Inc. (b)

    1,397       694,072  
              3,803,045  

Commercial Services — 0.5%

Cintas Corp.

    2,205       443,492  
                 

Computers — 1.0%

Infosys Ltd. - ADR (a)

    45,192       652,572  

Lenovo Group Ltd. - ADR

    6,819       168,975  
              821,547  

Cosmetics/Personal Care — 2.6%

Colgate-Palmolive Co.

    21,609       2,142,316  
                 

Distribution/Wholesale — 0.7%

Mitsui & Co. Ltd. - ADR

    294     $ 220,659  

Sumitomo Corp. - ADR (a)

    7,502       319,435  
              540,094  

Diversified Financial Services — 3.1%

Cboe Global Markets, Inc.

    1,871       560,776  

CME Group, Inc.

    4,287       1,369,696  

Hong Kong Exchanges & Clearing Ltd. - ADR

    8,361       450,909  

Mastercard, Inc. - Class A

    323       167,059  
              2,548,440  

Electric — 7.5%

Ameren Corp.

    8,183       926,970  

CMS Energy Corp.

    12,839       1,002,341  

DTE Energy Co.

    5,751       852,528  

E.ON SE - ADR (a)

    10,826       252,029  

Evergy, Inc.

    13,978       1,169,400  

Korea Electric Power Corp. - ADR (a)(b)

    45,310       883,545  

National Grid PLC - ADR (a)

    9,039       847,587  

OGE Energy Corp. (a)

    3,708       182,211  
              6,116,611  

Electronics — 0.5%

Halma PLC - ADR

    3,413       390,925  
                 

Environmental Control — 1.1%

Waste Management, Inc.

    3,859       929,402  
                 

Food — 0.2%

Tesco PLC - ADR

    9,988       193,468  
                 

Gas — 1.6%

Atmos Energy Corp. (a)

    1,338       249,925  

National Fuel Gas Co. (a)

    11,461       1,043,295  
              1,293,220  

Healthcare-Products — 0.2%

FUJIFILM Holdings Corp. - ADR

    15,529       159,328  
                 

Insurance — 3.8%

AXA SA - ADR

    5,528       269,932  

Chubb Ltd., (Switzerland)

    1,424       485,385  

Fairfax Financial Holdings Ltd.

    254       437,130  

Manulife Financial Corp.

    12,084       429,465  

MS&AD Insurance Group Holdings, Inc. - ADR (a)

    8,015       222,216  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR

    25,260       331,664  

NN Group NV - ADR

    9,756       396,874  

Ping An Insurance Group Co. of China Ltd. - ADR

    29,516       510,922  
              3,083,588  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

SGI GLOBAL EQUITY FUND

 

Portfolio of Investments (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Internet — 3.4%

Booking Holdings, Inc.

    323     $ 1,369,310  

Tencent Holdings Ltd. - ADR

    15,846       1,041,082  

VeriSign, Inc.

    1,531       348,976  
              2,759,368  

Iron/Steel — 0.5%

POSCO Holdings, Inc. - ADR

    6,282       437,164  
                 

Leisure Time — 0.6%

BRP, Inc., (Canada)

    6,700       491,345  
                 

Machinery-Construction & Mining — 0.8%

Komatsu Ltd. - ADR

    14,435       693,890  
                 

Media — 1.2%

Fox Corp. - Class B

    18,577       960,988  
                 

Mining — 4.9%

First Quantum Minerals Ltd. (b)

    6,672       200,560  

Gold Fields Ltd. - ADR

    20,226       1,190,098  

Harmony Gold Mining Co. Ltd. - ADR

    28,072       638,638  

Impala Platinum Holdings Ltd. - ADR

    9,969       220,714  

Newmont Corp.

    11,795       1,533,350  

OR Royalties, Inc.

    4,748       225,008  
              4,008,368  

Office-Business Equipment — 0.2%

Canon, Inc., (Japan) - ADR

    6,411       194,574  
                 

Oil & Gas — 2.2%

Shell PLC - ADR

    21,732       1,814,839  
                 

Pharmaceuticals — 11.5%

AbbVie, Inc.

    3,408       790,929  

Cardinal Health, Inc.

    7,198       1,649,998  

Cencora, Inc.

    6,528       2,429,330  

Dr Reddy’s Laboratories Ltd. - ADR

    64,024       920,665  

Eli Lilly & Co.

    455       478,655  

McKesson Corp.

    805       794,833  

Merck & Co., Inc. (a)

    2,432       301,130  

Neurocrine Biosciences, Inc. (b)

    5,493       726,449  

Takeda Pharmaceutical Co. Ltd. - ADR (a)

    69,336       1,300,050  
              9,392,039  

Pipelines — 0.6%

Cheniere Energy, Inc.

    1,989       468,867  
                 

Private Equity — 0.4%

3i Group PLC - ADR

    25,768       292,467  
                 

Retail — 1.6%

AutoZone, Inc. (b)

    234     $ 878,806  

TJX Cos., Inc.

    2,827       457,013  
              1,335,819  

Semiconductors — 9.3%

Micron Technology, Inc.

    7,282       3,002,878  

NVIDIA Corp.

    4,614       817,555  

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

    4,867       1,823,081  

United Microelectronics Corp. - ADR (a)

    188,444       1,967,355  
              7,610,869  

Software — 3.5%

Adobe Systems, Inc. (b)

    1,682       441,374  

Autodesk, Inc. (b)

    2,614       642,704  

Cadence Design Systems, Inc. (b)

    549       165,469  

Microsoft Corp.

    2,186       858,530  

NetEase, Inc. - ADR

    1,462       168,086  

Roper Technologies, Inc.

    861       301,117  

Zoom Communications, Inc. - Class A (b)

    3,777       279,271  
              2,856,551  

Telecommunications — 7.3%

Arista Networks, Inc. (b)

    6,649       887,641  

Chunghwa Telecom Co. Ltd. - ADR

    18,350       793,454  

Cisco Systems, Inc.

    11,092       881,370  

Deutsche Telekom AG - ADR

    27,144       1,093,360  

Motorola Solutions, Inc.

    1,107       533,862  

NTT, Inc. - ADR

    19,730       481,215  

Singapore Telecommunications Ltd. - ADR

    8,406       334,559  

Telkom Indonesia Persero Tbk PT - ADR (a)

    13,244       281,700  

T-Mobile US, Inc.

    3,021       655,829  
              5,942,990  

Toys/Games/Hobbies — 0.2%

Nintendo Co. Ltd. - ADR (a)

    12,473       175,370  
                 

Transportation — 0.7%

Canadian National Railway Co. (a)

    5,112       573,515  

TOTAL COMMON STOCKS (Cost $66,629,713)

            77,825,317  
                 

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

SGI GLOBAL EQUITY FUND

 

Portfolio of Investments (Concluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

EXCHANGE TRADED FUNDS — 4.0%

        

Vanguard Emerging Markets ex-China ETF

    18,533     $ 1,648,140  

Vanguard FTSE Emerging Markets ETF (a)

    27,752       1,612,391  

TOTAL EXCHANGE TRADED FUNDS (Cost $3,096,133)

            3,260,531  
                 

 

   

UNITS

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.8%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (c)

    10,464,606     $ 10,464,606  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,464,606)

            10,464,606  

TOTAL INVESTMENTS — 112.0% (Cost $80,190,452)

            91,550,454  

Liabilities in Excess of Other Assets — (12.0)%

            (9,787,975 )

TOTAL NET ASSETS — 100.0%

          $ 81,762,479  

 

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

LLC - Limited Liability Company

 

PLC - Public Limited Company

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $10,118,757.

 

(b)

Non-income producing security.

 

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
6

 

 

SGI GLOBAL EQUITY FUND

 

Allocation of Portfolio Holdings by Country

as of FEBRUARY 28, 2026

 

COUNTRY

  

Value

    

% of Net
Assets

  

Taiwan

  $ 4,583,890       5.7 %

United Kingdom

    4,522,552       5.6  

Japan

    3,979,787       5.0  

Canada

    3,845,823       4.7  

India

    3,760,337       4.6  

China

    2,588,094       3.1  

France

    2,126,034       2.6  

South Africa

    2,049,450       2.5  

Germany

    1,677,053       2.0  

South Korea

    1,655,552       2.0  

Mexico

    864,414       1.0  

Singapore

    645,613       0.8  

Switzerland

    485,385       0.6  

Hong Kong

    450,909       0.5  

Netherlands

    396,874       0.5  

Indonesia

    281,700       0.3  

United States

    57,636,987       70.5  

Liabilities in Excess of Other Assets

    (9,787,975 )     (12.0 )

 

   $ 81,762,479       100.0 %

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

SGI GLOBAL EQUITY FUND

 

SECTOR CLASSIFICATION

as of FEBRUARY 28, 2026

 

SECTOR

  

Value

    

% of Net
Assets

  

Information Technology

  $ 14,517,557       17.8 %

Health Care

    13,195,084       16.2  

Financials

    11,002,590       13.5  

Consumer Staples

    9,297,480       11.3  

Utilities

    7,409,831       9.1  

Communication Services

    5,985,643       7.3  

Consumer Discretionary

    4,898,324       6.0  

Industrials

    4,789,570       5.8  

Materials

    4,445,532       5.4  

Exchange Traded Fund

    3,260,531       4.0  

Energy

    2,283,706       2.8  

Investments Purchased with Proceeds from Securities Lending

    10,464,606       12.8  

Liabilities in Excess of Other Assets

    (9,787,975 )     (12.0 )
    $ 81,762,479       100.0 %

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

SGI PRUDENT FUND

 

Portfolio of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

EXCHANGE TRADED FUNDS — 51.4%

iShares 7-10 Year Treasury Bond ETF

    7,460     $ 731,005  

iShares Core U.S. Aggregate Bond ETF

    53,650       5,440,110  

iShares iBoxx $High Yield Corporate Bond ETF

    8,850       714,372  

SGI Dynamic Tactical ETF (a)

    79,980       2,365,009  

SGI Enhanced Core ETF (a)

    273,060       6,983,783  

SGI Enhanced Global Income ETF (a)

    148,070       5,140,517  

SGI U.S. Large Cap Core ETF (a)

    47,750       1,853,177  

SPDR Bloomberg Emerging Markets Local Bond ETF

    32,690       715,257  

State Street Blackstone Senior Loan ETF

    22,060       879,973  

TOTAL EXCHANGE TRADED FUNDS (Cost $22,289,040)

            24,823,203  
                 

OPEN-END FUNDS — 46.7%

                

SGI Global Equity Fund - Class I (a)

    153,339     $ 5,253,390  

SGI Small Cap Core Fund - Class I (a)

    109,946       3,643,605  

SGI U.S. Large Cap Equity Fund - Class I (a)(b)

    730,467       13,637,822  

TOTAL OPEN-END FUNDS (Cost $20,865,371)

            22,534,817  

TOTAL INVESTMENTS — 98.1% (Cost $43,154,411)

            47,358,020  

Other Assets in Excess of Liabilities — 1.9%

            918,805  

TOTAL NET ASSETS — 100.0%

           $ 48,276,825  

 

 

Percentages are stated as a percent of net assets.

 

(a)

Affiliated security as defined by the Investment Company Act of 1940, as amended.

 

(b)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

The accompanying notes are an integral part of the financial statements.
9

 

 

SGI PEAK FUND

 

Portfolio of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

EXCHANGE TRADED FUNDS — 87.0%

SGI Dynamic Tactical ETF (a)

    210,050     $ 6,211,179  

SGI Enhanced Core ETF (a)

    48,480       1,239,924  

SGI Enhanced Global Income ETF (a)

    90,300       3,134,927  

SGI Enhanced Market Leaders ETF (a)

    115,300       3,702,537  

SGI Enhanced Nasdaq-100 ETF (a)

    551,070       14,959,401  

SGI U.S. Large Cap Core ETF (a)

    396,428       15,385,371  

SPDR Portfolio Developed World ex-US ETF

    50,990       2,542,871  

SPDR Portfolio Emerging Markets ETF

    49,540       2,502,265  

Vanguard FTSE Developed Markets ETF

    36,200       2,542,688  

Vanguard FTSE Emerging Markets ETF

    43,100       2,504,110  

TOTAL EXCHANGE TRADED FUNDS (Cost $50,668,907)

            54,725,273  
                 

OPEN-END FUNDS — 12.1%

SGI Small Cap Core Fund - Class I (a)

    229,458     $ 7,604,231  

TOTAL OPEN-END FUNDS (Cost $6,398,045)

            7,604,231  

TOTAL INVESTMENTS — 99.1% (Cost $57,066,952)

            62,329,504  

Other Assets in Excess of Liabilities — 0.9%

            548,803  

TOTAL NET ASSETS — 100.0%

          $ 62,878,307  

 

 

Percentages are stated as a percent of net assets.

 

(a)

Affiliated security as defined by the Investment Company Act of 1940, as amended.

 

The accompanying notes are an integral part of the financial statements.
10

 

 

SGI SMALL CAP CORE FUND

 

Portfolio of Investments

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

COMMON STOCKS — 98.7%

Agriculture — 1.2%

Andersons, Inc.

    22,569     $ 1,473,530  
                 

Airlines — 0.9%

SkyWest, Inc. (a)(b)

    10,902       1,134,680  
                 

Apparel — 0.7%

Carter’s, Inc.

    2,922       98,033  

Kontoor Brands, Inc.

    9,236       602,280  

Steven Madden Ltd.

    3,073       110,935  
              811,248  

Auto Parts & Equipment — 0.6%

Fox Factory Holding Corp. (a)

    3,200       53,888  

Phinia, Inc.

    1,585       115,119  

Standard Motor Products, Inc.

    14,043       557,226  
              726,233  

Banks — 6.9%

Atlantic Union Bankshares Corp.

    11,463       424,819  

Banco Latinoamericano de Comercio Exterior SA

    15,176       759,255  

Bancorp, Inc. (a)

    3,643       191,221  

BankUnited, Inc. (b)

    23,656       1,104,735  

Banner Corp. (b)

    2,598       152,892  

Central Pacific Financial Corp.

    11,978       381,499  

Customers Bancorp, Inc. (a)(b)

    15,335       1,034,193  

FB Financial Corp. (b)

    3,467       189,610  

Hanmi Financial Corp.

    34,605       903,537  

Northeast Community Bancorp, Inc.

    5,608       135,714  

Northrim BanCorp, Inc.

    17,262       405,484  

OFG Bancorp

    29,405       1,178,552  

Popular, Inc.

    9,449       1,279,017  

SmartFinancial, Inc.

    4,509       176,798  

South Plains Financial, Inc.

    1,541       63,119  

Westamerica BanCorp

    1,172       59,362  
              8,439,807  

Biotechnology — 2.5%

ACADIA Pharmaceuticals, Inc. (a)

    5,485       134,712  

ANI Pharmaceuticals, Inc. (a)

    1,442       106,564  

Arrowhead Pharmaceuticals, Inc. (a)

    17,287       1,093,748  

Innoviva, Inc. (a)

    23,626       542,453  

Ligand Pharmaceuticals, Inc. (a)

    1,937       384,126  

PTC Therapeutics, Inc. (a)

    6,220       424,142  

Sarepta Therapeutics, Inc. (a)

    7,783       130,443  

Veracyte, Inc. (a)

    5,886       215,369  

Xencor, Inc. (a)

    5,630       71,895  
              3,103,452  

Building Materials — 1.9%

Gibraltar Industries, Inc. (a)

    18,739     $ 852,250  

Griffon Corp.

    16,277       1,387,451  

LSI Industries, Inc.

    5,035       108,857  
              2,348,558  

Chemicals — 2.7%

Hawkins, Inc.

    1,597       238,112  

Innospec, Inc.

    14,634       1,120,672  

Intrepid Potash, Inc. (a)

    6,438       238,013  

Rogers Corp. (a)

    14,937       1,610,657  

Stepan Co.

    1,669       84,935  
              3,292,389  

Commercial Services — 5.3%

Adtalem Global Education, Inc. (a)

    5,180       507,640  

CPI Card Group, Inc. (a)

    3,949       48,435  

Grand Canyon Education, Inc. (a)

    4,714       749,856  

Korn/Ferry International

    16,672       1,044,834  

Perdoceo Education Corp.

    37,832       1,261,697  

PROG Holdings, Inc.

    35,240       1,240,800  

Progyny, Inc. (a)

    6,807       120,416  

Strategic Education, Inc.

    7,475       615,043  

Upbound Group, Inc.

    37,522       804,847  

Willdan Group, Inc. (a)

    907       80,850  
              6,474,418  

Computers — 0.0% (c)

DXC Technology Co. (a)

    4,263       53,671  
                 

Distribution/Wholesale — 0.7%

G-III Apparel Group Ltd.

    7,971       243,833  

Rush Enterprises, Inc. - Class B

    2,246       145,204  

ScanSource, Inc. (a)

    14,177       521,430  
              910,467  

Diversified Financial Services — 2.4%

Acadian Asset Management, Inc.

    22,224       1,196,985  

Enova International, Inc. (a)

    1,948       270,869  

Radian Group, Inc.

    31,868       1,100,083  

StoneX Group, Inc. (a)

    2,613       333,158  
              2,901,095  

Electric — 1.5%

Avista Corp.

    10,001       406,240  

Black Hills Corp.

    7,898       581,767  

Clearway Energy, Inc. - Class A

    23,010       828,820  

MGE Energy, Inc.

    735       60,285  
              1,877,112  

Electrical Components & Equipment — 0.5%

Insteel Industries, Inc.

    16,464       613,778  
                 

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

SGI SMALL CAP CORE FUND

 

Portfolio of Investments (CONtinued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Electronics — 1.4%

Benchmark Electronics, Inc.

    24,067     $ 1,391,313  

Itron, Inc. (a)

    3,488       327,698  
              1,719,011  

Engineering & Construction — 5.3%

EMCOR Group, Inc.

    1,701       1,232,579  

Everus Construction Group, Inc. (a)

    15,255       1,843,872  

Frontdoor, Inc. (a)

    19,943       1,367,491  

Primoris Services Corp.

    4,346       655,029  

Sterling Infrastructure, Inc. (a)

    3,138       1,343,472  
              6,442,443  

Food — 1.6%

Cal-Maine Foods, Inc.

    11,644       1,014,309  

J & J Snack Foods Corp.

    2,580       224,615  

Sprouts Farmers Market, Inc. (a)(b)

    7,520       555,502  

United Natural Foods, Inc. (a)

    3,505       133,926  
              1,928,352  

Forest Products & Paper — 0.1%

Sylvamo Corp.

    2,958       136,955  
                 

Gas — 1.6%

National Fuel Gas Co. (b)

    13,658       1,243,288  

New Jersey Resources Corp.

    9,165       497,110  

Northwest Natural Holding Co.

    3,533       187,390  
              1,927,788  

Hand/Machine Tools — 0.9%

Enerpac Tool Group Corp.

    5,887       240,190  

Franklin Electric Co., Inc.

    8,599       856,632  
              1,096,822  

Healthcare-Products — 2.6%

BioLife Solutions, Inc. (a)

    3,344       80,925  

Castle Biosciences, Inc. (a)

    13,718       405,641  

Glaukos Corp. (a)

    8,610       1,036,644  

iRadimed Corp.

    7,419       768,089  

LeMaitre Vascular, Inc.

    3,554       384,472  

Omnicell, Inc. (a)

    3,643       149,727  

TransMedics Group, Inc. (a)(b)

    1,225       177,944  

Utah Medical Products, Inc.

    2,481       165,259  
              3,168,701  

Healthcare-Services — 2.1%

Concentra Group Holdings Parent, Inc.

    9,642       231,022  

National HealthCare Corp.

    7,895       1,290,833  

Privia Health Group, Inc. (a)

    31,763       754,371  

Viemed Healthcare, Inc. (a)

    28,783       250,412  
              2,526,638  

Home Builders — 3.7%

Century Communities, Inc.

    16,948     $ 1,139,414  

M/I Homes, Inc. (a)

    9,085       1,291,524  

Meritage Homes Corp.

    6,442       485,856  

Tri Pointe Homes, Inc. (a)(b)

    31,648       1,465,302  

Winnebago Industries, Inc.

    2,769       110,455  
              4,492,551  

Home Furnishings — 0.9%

Sonos, Inc. (a)

    69,446       1,069,468  
                 

Housewares — 0.2%

Central Garden & Pet Co. - Class A (a)

    8,245       284,782  
                 

Insurance — 5.9%

Assured Guaranty Ltd.

    13,866       1,195,388  

Axis Capital Holdings Ltd.

    10,596       1,120,209  

Essent Group Ltd. (b)

    17,742       1,079,423  

HCI Group, Inc.

    1,315       231,992  

Jackson Financial, Inc. - Class A

    12,280       1,344,415  

Mercury General Corp.

    12,097       1,095,746  

NMI Holdings, Inc. - Class A (a)(b)

    29,734       1,168,844  
              7,236,017  

Internet — 2.6%

Cargurus, Inc. (a)

    38,874       1,193,432  

Etsy, Inc. (a)(b)

    3,977       218,258  

HealthStream, Inc.

    11,802       250,556  

QuinStreet, Inc. (a)

    46,524       545,261  

Yelp, Inc. (a)(b)

    40,472       902,121  
              3,109,628  

Machinery-Construction & Mining — 1.0%

Astec Industries, Inc.

    19,941       1,238,137  
                 

Machinery-Diversified — 1.4%

Albany International Corp. - Class A

    2,116       121,987  

CSW Industrials, Inc.

    742       218,393  

Mueller Water Products, Inc. - Class A

    46,248       1,384,203  
              1,724,583  

Metal Fabricate/Hardware — 2.7%

Mueller Industries, Inc. (b)

    10,552       1,244,714  

Proto Labs, Inc. (a)

    12,460       773,517  

Worthington Enterprises, Inc.

    18,086       1,012,997  

Worthington Steel, Inc.

    7,149       297,112  
              3,328,340  

Mining — 4.0%

Caledonia Mining Corp. PLC (b)

    12,916       409,954  

Century Aluminum Co. (a)(b)

    7,625       393,145  

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

SGI SMALL CAP CORE FUND

 

Portfolio of Investments (CONtinued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Mining — 4.0% (continued)

                

Coeur Mining, Inc. (a)(b)

    41,546     $ 1,127,974  

Constellium SE (a)

    33,245       827,468  

Hecla Mining Co.

    41,185       1,025,918  

Kaiser Aluminum Corp.

    8,696       1,131,698  
              4,916,157  

Miscellaneous Manufacturing — 0.8%

Materion Corp.

    4,385       715,018  

Trinity Industries, Inc.

    6,120       209,182  
              924,200  

Office Furnishings — 1.0%

Interface, Inc.

    39,147       1,232,739  
                 

Oil & Gas — 2.4%

California Resources Corp.

    5,971       351,334  

Crescent Energy Co. - Class A

    75,600       881,496  

Northern Oil & Gas, Inc.

    8,672       239,260  

Par Pacific Holdings, Inc. (a)

    4,385       187,108  

SM Energy Co.

    47,207       1,091,898  

Weatherford International PLC

    1,891       199,425  
              2,950,521  

Oil & Gas Services — 1.1%

Bristow Group, Inc. (a)

    21,828       1,041,196  

DNOW, Inc. (a)

    16,965       199,848  

Innovex International, Inc. (a)(b)

    3,130       82,475  
              1,323,519  

Pharmaceuticals — 2.2%

Alkermes PLC (a)

    11,691       351,899  

Catalyst Pharmaceuticals Partners, Inc. (a)

    48,283       1,114,372  

Harmony Biosciences Holdings, Inc. (a)

    27,034       771,550  

Phibro Animal Health Corp. - Class A

    2,772       151,324  

Supernus Pharmaceuticals, Inc. (a)

    4,436       242,782  
              2,631,927  

Real Estate — 1.1%

Cushman & Wakefield Ltd. (a)

    66,200       887,742  

Marcus & Millichap, Inc.

    5,390       142,350  

McGrath RentCorp

    2,314       256,738  
              1,286,830  

REITS — 5.8%

American Assets Trust, Inc.

    40,027       781,327  

CareTrust REIT, Inc.

    8,647       351,241  

DiamondRock Hospitality Co.

    62,984       632,359  

Easterly Government Properties, Inc.

    21,166       492,744  

Essential Properties Realty Trust, Inc.

    15,061       511,170  

REITS — 5.8% (continued)

                

Four Corners Property Trust, Inc.

    2,428     $ 61,963  

Innovative Industrial Properties, Inc.

    17,205       911,177  

LTC Properties, Inc.

    3,626       143,880  

Safehold, Inc.

    35,142       567,192  

Tanger, Inc.

    19,601       726,413  

Universal Health Realty Income Trust

    1,685       73,500  

Urban Edge Properties

    44,332       942,055  

Xenia Hotels & Resorts, Inc.

    53,682       820,261  
              7,015,282  

Retail — 2.5%

Abercrombie & Fitch Co. - Class A (a)

    4,225       413,205  

American Eagle Outfitters, Inc.

    12,523       307,690  

Bath & Body Works, Inc. (b)

    8,792       200,106  

Brinker International, Inc. (a)

    1,948       288,694  

Buckle, Inc.

    23,509       1,258,907  

PC Connection, Inc.

    1,031       62,840  

Urban Outfitters, Inc. (a)(b)

    3,981       263,542  

Victoria’s Secret & Co. (a)

    3,579       224,403  
              3,019,387  

Savings & Loans — 0.4%

Axos Financial, Inc. (a)

    5,436       471,953  
                 

Semiconductors — 6.2%

ACM Research, Inc. - Class A (a)

    4,228       235,415  

Alpha & Omega Semiconductor Ltd. (a)

    11,238       236,110  

Ambarella, Inc. (a)

    13,975       843,252  

Axcelis Technologies, Inc. (a)(b)

    7,998       660,715  

Cohu, Inc. (a)

    9,664       291,853  

Diodes, Inc. (a)

    19,927       1,359,619  

Kulicke & Soffa Industries, Inc.

    21,534       1,501,350  

MaxLinear, Inc. (a)

    65,746       1,145,953  

Photronics, Inc. (a)(b)

    2,560       95,821  

SiTime Corp. (a)

    1,659       660,083  

Ultra Clean Holdings, Inc. (a)(b)

    8,274       502,066  
              7,532,237  

Software — 1.4%

Appian Corp. - Class A (a)

    6,255       166,821  

CommVault Systems, Inc. (a)

    3,391       288,506  

DoubleVerify Holdings, Inc. (a)

    5,501       57,981  

LiveRamp Holdings, Inc. (a)

    16,450       446,946  

SPS Commerce, Inc. (a)(b)

    1,848       104,430  

Talkspace, Inc. (a)

    113,736       548,208  

Viant Technology, Inc. - Class A (a)

    8,747       88,607  
              1,701,499  

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

SGI SMALL CAP CORE FUND

 

Portfolio of Investments (CONcluded)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

Shares

    

Value

  

Telecommunications — 3.9%

A10 Networks, Inc. (b)

    65,563     $ 1,262,743  

Calix, Inc. (a)

    16,328       845,301  

Credo Technology Group Holding Ltd. (a)

    4,483       503,307  

Extreme Networks, Inc. (a)

    68,991       964,494  

Harmonic, Inc. (a)(b)

    86,740       922,046  

Iridium Communications, Inc.

    8,421       201,683  
              4,699,574  

Transportation — 3.7%

Dorian LPG Ltd.

    29,405       1,087,691  

Matson, Inc.

    7,391       1,227,867  

Schneider National, Inc. - Class B

    3,601       102,196  

Teekay Corp. Ltd.

    41,418       536,363  

Teekay Tankers Ltd.

    20,221       1,582,698  
              4,536,815  

Trucking & Leasing — 0.4%

Greenbrier Cos., Inc.

    8,188       461,967  

TOTAL COMMON STOCKS (Cost $105,905,906)

            120,295,261  
                 

EXCHANGE TRADED FUNDS — 1.0%

iShares Biotechnology ETF (b)

    3,471       608,709  

iShares U.S. Pharmaceuticals ETF

    6,729       617,991  

TOTAL EXCHANGE TRADED FUNDS (Cost $1,203,493)

            1,226,700  

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.8%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    8,292,824     $ 8,292,824  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $8,292,824)

            8,292,824  

TOTAL INVESTMENTS — 106.5% (Cost $115,402,223)

            129,814,785  

Liabilities in Excess of Other Assets — (6.5)%

            (7,877,564 )

TOTAL NET ASSETS — 100.0%

          $ 121,937,221  

 

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $8,014,036.

 

(c)

Represents less than 0.05% of net assets.

 

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
14

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Assets and Liabilities

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SGI U.S.
Large Cap
Equity Fund

    

SGI Global
Equity Fund

  

ASSETS:

                

Investments in unaffiliated securities, at value

  $ 204,462,042     $ 91,550,454  

Investments in affiliated securities, at value

    —       —  

Cash and cash equivalents

    —       629,115  

Receivable for fund shares sold

    286,121       102,262  

Dividends receivable

    90,441       61,681  

Dividend tax reclaims receivable

    —       43,705  

Security lending income receivable

    687       15,051  

Interest receivable

    1,898       1,220  

Receivable for investments sold

    1,908,114       —  

Receivable from Adviser

    —       —  

Prepaid expenses and other assets

    61,659       15,379  

Total assets

    206,810,962       92,418,867  
                 

LIABILITIES:

                

Payable upon return of securities loaned

    2,851,945       10,464,606  

Payable for capital shares redeemed

    56,601       68,723  

Payable to Adviser

    112,892       35,890  

Payable for fund administration and accounting fees

    33,211       34,181  

Payable for audit fees

    17,996       20,726  

Payable for distribution and shareholder servicing fees

    14,268       6,585  

Payable for printing and mailing

    21,129       3,700  

Distributions payable

    18,361       —  

Payable to custodian

    778,930       —  

Payable for expenses and other liabilities

    54,062       21,977  

Total liabilities

    3,959,395       10,656,388  

NET ASSETS

  $ 202,851,567     $ 81,762,479  
                 

NET ASSETS CONSISTS OF:

                

Capital stock ($0.001, and 0.001 per share)

  $ 10,865     $ 2,387  

Additional paid-in capital

    167,138,699       67,430,378  

Total distributable earnings

    35,702,003       14,329,714  

Total net assets

  $ 202,851,567     $ 81,762,479  
                 

Class I

                

Net assets

  $ 189,603,011     $ 81,762,479  

Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)

    10,154,174       2,386,751  

Net asset value per share

  $ 18.67     $ 34.26  
                 

Class A

                

Net assets

  $ 11,968,836          

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    637,458          

Net asset value per share

  $ 18.78          

Max offering price per share (net asset value per share divided by 0.9475)(1)

  $ 19.82          

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Assets and Liabilities (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SGI U.S.
Large Cap
Equity Fund

    

SGI Global
Equity Fund

  

Class C

                

Net assets

  $ 1,279,720          

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    73,197          

Net asset value per share

  $ 17.48          
                 

COST:

                

Investments in unaffiliated securities, at cost

  $ 171,405,172     $ 80,190,452  

Investments in affiliated securities, at cost

  $ —     $ —  

at value (included in investments)

  $ 2,895,670     $ 10,118,757  

 

 

(1) Reflects a maximum sales charge of 5.25%.

 

The accompanying notes are an integral part of the financial statements.
16

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Assets and Liabilities (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

SGI Prudent
Fund

    

SGI Peak
Fund

    

SGI Small
Cap Core
Fund

  

ASSETS:

                        

Investments in unaffiliated securities, at value

  $ 8,480,718     $ 10,091,934     $ 129,814,785  

Investments in affiliated securities, at value

    38,877,302       52,237,570       —  

Cash and cash equivalents

    829,150       595,856       445,569  

Receivable for fund shares sold

    277,816       132,412       176,893  

Dividends receivable

    —       —       60,599  

Dividend tax reclaims receivable

    —       —       130  

Security lending income receivable

    —       —       1,765  

Interest receivable

    1,991       2,660       1,269  

Receivable for investments sold

    —       —       —  

Receivable from Adviser

    1,737       1,387       —  

Prepaid expenses and other assets

    17,069       18,381       30,510  

Total assets

    48,485,783       63,080,200       130,531,520  
                         

LIABILITIES:

                        

Payable upon return of securities loaned

    —       —       8,292,824  

Payable for capital shares redeemed

    120,876       117,091       125,428  

Payable to Adviser

    —       —       84,305  

Payable for fund administration and accounting fees

    11,269       15,923       19,065  

Payable for audit fees

    17,477       17,474       22,145  

Payable for distribution and shareholder servicing fees

    29,565       39,035       —  

Payable for printing and mailing

    17,138       —       4,494  

Distributions payable

    —       —       —  

Payable to custodian

    —       —       —  

Payable for expenses and other liabilities

    12,633       12,370       46,038  

Total liabilities

    208,958       201,893       8,594,299  

NET ASSETS

  $ 48,276,825     $ 62,878,307     $ 121,937,221  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001 and 0.001 per share)

  $ 4,121     $ 4,749     $ 3,680  

Additional paid-in capital

    43,592,313       53,798,258       103,363,551  

Total distributable earnings

    4,680,391       9,075,300       18,569,990  

Total net assets

  $ 48,276,825     $ 62,878,307     $ 121,937,221  
                         

Class I

                        

Net assets

  $ 48,276,825     $ 62,878,307     $ 121,937,221  

Capital shares issued and outstanding (100,000,000, 100,000,000 and 100,000,000 shares authorized 0.001, 0.001 and 0.001 par value)

    4,120,967       4,748,821       3,679,686  

Net asset value per share

  $ 11.71     $ 13.24     $ 33.14  
                         

COST:

                        

Investments in unaffiliated securities, at cost

  $ 8,155,360     $ 8,791,775     $ 115,402,223  

Investments in affiliated securities, at cost

  $ 34,999,051     $ 48,275,177     $ —  

at value (included in investments)

  $ —     $ —     $ 8,014,036  

 

 

(1) Reflects a maximum sales charge of 5.25%.

 

The accompanying notes are an integral part of the financial statements.
17

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

SGI U.S.
Large Cap
Equity Fund

    

SGI Global
Equity Fund

  

INVESTMENT INCOME:

                

Dividend income from unaffiliated securities

  $ 1,773,005     $ 732,917  

Dividend income from affiliated securities

    —       —  

Less: issuance fees

    —       (28,664 )

Less: dividend withholding taxes

    —       (30,174 )

Interest income

    15,826       7,703  

Securities lending income

    2,946       60,038  

Total investment income

    1,791,777       741,820  
                 

EXPENSES:

                

Investment advisory fee

    747,384       309,862  

Advisory fees - recouped

    30,274       —  

Transfer agent fees

    115,087       42,286  

Fund administration and accounting fees

    28,752       7,961  

Compliance fees

    25,810       10,566  

Federal and state registration fees

    24,756       13,980  

Trustees’ fees

    24,536       11,262  

Legal fees

    23,386       10,250  

Distribution expenses - Class A

    16,051       —  

Custodian fees

    8,675       1,847  

Audit fees

    5,198       5,386  

Distribution expenses - Class C

    5,062       —  

Shareholder service costs - Class C

    1,687       —  

Reports to shareholders

    —       2,170  

Shareholder service costs - Class I

    —       —  

Other expenses and fees

    12,479       5,989  

Total expenses

    1,069,137       421,559  

Expense reimbursement by Adviser

    —       (49,725 )

Net expenses

    1,069,137       371,834  

NET INVESTMENT INCOME

    722,640       369,986  
                 

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:

                

Investments in unaffiliated securities

    4,681,507       6,279,612  

Investments in affiliated securities

    —       —  

Distributions received from other investment companies

    —       —  

Net realized gain (loss)

    4,681,507       6,279,612  

Net change in unrealized appreciation (depreciation) on:

                

Investments in unaffiliated securities

    17,247,839       5,078,718  

Investments in affiliated securities

    —       —  

Net change in unrealized appreciation (depreciation)

    17,247,839       5,078,718  

Net realized and unrealized gain (loss)

    21,929,346       11,358,330  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 22,651,986     $ 11,728,316  

 

 

The accompanying notes are an integral part of the financial statements.
18

 

 

SUMMIT GLOBAL INVESTMENTS

 

Statements of Operations (Concluded)

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

SGI Prudent
Fund

    

SGI Peak
Fund

    

SGI Small
Cap Core
Fund

  

INVESTMENT INCOME:

                        

Dividend income from unaffiliated securities

  $ 1,509,234     $ 1,314,369     $ 979,070  

Dividend income from affiliated securities

    222,676       269,749       —  

Less: issuance fees

    —       —       (9 )

Less: dividend withholding taxes

    —       —       (4,302 )

Interest income

    9,489       20,094       13,029  

Securities lending income

    —       —       5,578  

Total investment income

    1,741,399       1,604,212       993,366  
                         

EXPENSES:

                        

Investment advisory fee

    180,143       214,156       560,187  

Advisory fees - recouped

    —       7,597       45,033  

Transfer agent fees

    22,890       24,537       29,829  

Fund administration and accounting fees

    12,552       6,006       16,282  

Compliance fees

    5,656       5,673       10,374  

Federal and state registration fees

    13,567       13,231       14,652  

Trustees’ fees

    4,390       4,598       11,448  

Legal fees

    9,674       6,717       15,928  

Distribution expenses - Class A

    —       —       —  

Custodian fees

    619       781       5,047  

Audit fees

    5,198       5,198       5,195  

Distribution expenses - Class C

    —       —       —  

Shareholder service costs - Class C

    —       —       —  

Reports to shareholders

    7,625       922       4,093  

Other expenses and fees

    3,346       2,796       7,228  

Total expenses

    265,660       292,212       725,296  

Expense reimbursement by Adviser

    (186 )     (16 )     —  

Net expenses

    265,474       292,196       725,296  

NET INVESTMENT INCOME

    1,475,925       1,312,016       268,070  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

                        

Investments in unaffiliated securities

    (1,079 )     2,904,635       8,123,182  

Investments in affiliated securities

    (28,443 )     (92,529 )     —  

Distributions received from other investment companies

    892,690       1,367,791       —  

Net realized gain (loss)

    863,168       4,179,897       8,123,182  

Net change in unrealized appreciation (depreciation) on:

                        

Investments in unaffiliated securities

    99,164       (311,339 )     2,640,774  

Investments in affiliated securities

    1,560,458       310,044       —  

Net change in unrealized appreciation (depreciation)

    1,659,622       (1,295 )     2,640,774  

Net realized and unrealized gain (loss)

    2,522,790       4,178,602       10,763,956  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,998,715     $ 5,490,618     $ 11,032,026  

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Statements of Changes in Net Assets

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 722,640     $ 1,340,143  

Net realized gain/(loss) on investments

               

Unaffiliated investments

    4,681,507       23,009,203  

Net change in unrealized appreciation/(depreciation) on investments

               

Unaffiliated investments

    17,247,839       (16,709,274 )

Net increase/(decrease) in net assets resulting from operations

    22,651,986       7,640,072  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Distributable earnings

                

Class I Shares

    (15,959,091 )     (39,868,894 )

Class A Shares

    (979,000 )     (3,020,404 )

Class C Shares

    (110,926 )     (334,919 )

Total distributable earnings

    (17,049,017 )     (43,224,217 )

Net decrease in net assets from dividends and distributions to shareholders

    (17,049,017 )     (43,224,217 )
                 

INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:

Class I Shares

               

Proceeds from shares sold

    19,234,247       68,223,128  

Reinvestment of distributions

    15,900,985       39,704,202  

Shares redeemed

    (60,424,668 )     (77,118,822 )

Total from Class I Shares

    (25,289,436 )     30,808,508  

Class A Shares

               

Proceeds from shares sold

    73,645       149,216  

Reinvestment of distributions

    978,371       3,018,068  

Shares redeemed

    (3,372,913 )     (6,220,521 )

Total from Class A Shares

    (2,320,897 )     (3,053,237 )

Class C Shares

               

Proceeds from shares sold

    18,380       49,206  

Reinvestment of distributions

    110,926       334,919  

Shares redeemed

    (404,042 )     (379,966 )

Total from Class C Shares

    (274,736 )     4,159  

Net increase/(decrease) in net assets from capital share transactions

    (27,885,069 )     27,759,430  

Total increase/(decrease) in net assets

    (22,282,100 )     (7,824,715 )
                 

NET ASSETS:

                

Beginning of Period

    225,133,667       232,958,382  

End of Period

  $ 202,851,567     $ 225,133,667  
                 

 

 

The accompanying notes are an integral part of the financial statements.
20

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Statements of Changes in Net Assets (Concluded)

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

SHARES TRANSACTIONS:

                

Class I Shares

               

Shares sold

    1,045,913       3,667,331  

Shares reinvested

    897,852       2,264,929  

Shares redeemed

    (3,275,703 )     (4,178,479 )

Total from Class I Shares

    (1,331,938 )     1,753,781  

Class A Shares

               

Shares sold

    3,974       7,684  

Shares reinvested

    54,934       171,286  

Shares redeemed

    (182,055 )     (318,684 )

Total from Class A Shares

    (123,147 )     (139,714 )

Class C Shares

               

Shares sold

    1,067       2,768  

Shares reinvested

    6,678       20,188  

Shares redeemed

    (23,621 )     (21,780 )

Total from Class C Shares

    (15,876 )     1,176  

Net increase/(decrease) in shares outstanding

    (1,470,961 )     1,615,243  

 

 

The accompanying notes are an integral part of the financial statements.
21

 

 

SGI GLOBAL EQUITY FUND

 

Statements of Changes in Net Assets

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 369,986     $ 1,295,422  

Net realized gain/(loss) on investments

               

Unaffiliated investments

    6,279,612       7,720,266  

Net change in unrealized appreciation/(depreciation) on investments

               

Unaffiliated investments

    5,078,718       (6,576,114 )

Net increase/(decrease) in net assets resulting from operations

    11,728,316       2,439,574  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Total distributable earnings

    (8,918,454 )     (20,438,366 )

Net decrease in net assets from dividends and distributions to shareholders

    (8,918,454 )     (20,438,366 )
                 

INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:

Class I Shares

               

Proceeds from shares sold

    7,379,379       25,396,306  

Reinvestment of distributions

    8,900,525       20,397,349  

Shares redeemed

    (31,487,489 )     (41,821,871 )

Net increase/(decrease) in net assets from capital share transactions

    (15,207,585 )     3,971,784  

Total increase/(decrease) in net assets

    (12,397,723 )     (14,027,008 )
                 

NET ASSETS:

                

Beginning of Period

    94,160,202       108,187,210  

End of Period

  $ 81,762,479     $ 94,160,202  
                 

SHARES TRANSACTIONS:

                

Class I Shares

               

Shares sold

    218,558       752,844  

Shares reinvested

    281,842       653,552  

Shares redeemed

    (929,297 )     (1,271,091 )

Net increase/(decrease) in shares outstanding

    (428,897 )     135,305  

 

 

The accompanying notes are an integral part of the financial statements.
22

 

 

SGI PRUDENT FUND

 

Statements of Changes in Net Assets

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 1,475,925     $ 335,495  

Net realized gain/(loss) on investments

               

Unaffiliated investments

    (1,079 )     (58,182 )

Affiliated investments

    (28,443 )     29,129  

Distributions from affiliated investments

    892,690       2,413,647  

Net change in unrealized appreciation/(depreciation) on investments

                

Unaffiliated investments

    99,164       69,713  

Affiliated investments

    1,560,458       (715,635 )

Net increase/(decrease) in net assets resulting from operations

    3,998,715       2,074,167  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Total distributable earnings

    (2,532,477 )     (2,383,823 )

Net decrease in net assets from dividends and distributions to shareholders

    (2,532,477 )     (2,383,823 )
                 

INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:

Class I Shares

               

Proceeds from shares sold

    6,263,784       30,262,812  

Reinvestment of distributions

    2,532,477       2,383,823  

Shares redeemed

    (11,231,301 )     (10,020,490 )

Net increase/(decrease) in net assets from capital share transactions

    (2,435,040 )     22,626,145  

Total increase/(decrease) in net assets

    (968,802 )     22,316,489  
                 

NET ASSETS:

                

Beginning of Period

    49,245,627       26,929,138  

End of Period

  $ 48,276,825     $ 49,245,627  
                 

SHARES TRANSACTIONS:

                

Class I Shares

               

Shares sold

    541,328       2,740,495  

Shares reinvested

    225,510       220,724  

Shares redeemed

    (973,883 )     (890,629 )

Net increase/(decrease) in shares outstanding

    (207,045 )     2,070,590  

 

 

 

The accompanying notes are an integral part of the financial statements.
23

 

 

SGI PEAK FUND

 

Statements of Changes in Net Assets

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 1,312,016     $ 291,811  

Net realized gain/(loss) on investments

               

Unaffiliated investments

    2,904,635       (387,264 )

Affiliated investments

    (92,529 )     (131,909 )

Distributions from affiliated investments

    1,367,791       2,800,881  

Net change in unrealized appreciation/(depreciation) on investments

                

Unaffiliated investments

    (311,339 )     1,611,498  

Affiliated investments

     310,044       (491,426 )

Net increase/(decrease) in net assets resulting from operations

    5,490,618       3,693,591  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Total distributable earnings

    (1,791,543 )     (2,367,594 )

Net decrease in net assets from dividends and distributions to shareholders

    (1,791,543 )     (2,367,594 )
                 

INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:

Class I Shares

               

Proceeds from shares sold

    14,426,809       26,065,279  

Reinvestment of distributions

    1,791,543       2,367,594  

Shares redeemed

    (7,047,697 )     (7,757,476 )

Net increase/(decrease) in net assets from capital share transactions

    9,170,655       20,675,397  

Total increase/(decrease) in net assets

    12,869,730       22,001,394  
                 

NET ASSETS:

                

Beginning of Period

    50,008,577       28,007,183  

End of Period

  $ 62,878,307     $ 50,008,577  
                 

SHARES TRANSACTIONS:

                

Class I Shares

               

Shares sold

    1,116,283       2,254,290  

Shares reinvested

    139,855       207,866  

Shares redeemed

    (538,747 )     (656,580 )

Net increase/(decrease) in shares outstanding

    717,391       1,805,576  

 

 

The accompanying notes are an integral part of the financial statements.
24

 

 

SGI SMALL CAP CORE FUND

 

Statements of Changes in Net Assets

 

   

FOR THE SIX
MONTHS ENDED
FEBRUARY 28, 2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31, 2025

  

INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:

                

Net investment income/(loss)

  $ 268,070     $ 483,656  

Net realized gain/(loss) on investments

               

Unaffiliated investments

    8,123,182       9,453,421  

Net change in unrealized appreciation/(depreciation) on investments

                

Unaffiliated investments

    2,640,774       (3,783,409 )

Net increase/(decrease) in net assets resulting from operations

    11,032,026       6,153,668  
                 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:

                

Total distributable earnings

    (11,438,417 )     (2,591,942 )

Net decrease in net assets from dividends and distributions to shareholders

    (11,438,417 )     (2,591,942 )
                 

INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:

Class I Shares

               

Proceeds from shares sold

    10,764,174       24,491,431  

Reinvestment of distributions

    11,311,808       2,565,364  

Shares redeemed

    (20,742,909 )     (34,328,125 )

Net increase/(decrease) in net assets from capital share transactions

    1,333,073       (7,271,330 )

Total increase/(decrease) in net assets

    926,682       (3,709,604 )
                 

NET ASSETS:

                

Beginning of Period

    121,010,539       124,720,143  

End of Period

  $ 121,937,221     $ 121,010,539  
                 

SHARES TRANSACTIONS:

                

Class I Shares

               

Shares sold

    328,641       801,618  

Shares reinvested

    366,078       83,372  

Shares redeemed

    (632,240 )     (1,131,599 )

Net increase/(decrease) in shares outstanding

    62,479       (246,609 )

 

 

The accompanying notes are an integral part of the financial statements.
25

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Financial Highlights

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

Class I Shares

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 18.25     $ 21.74     $ 18.00     $ 17.85     $ 23.21     $ 19.55  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.06       0.12       0.13       0.18       0.17       0.03  

Net realized and unrealized gain (loss) on investments (b)

    1.92       0.44       4.47       0.88       (2.27 )     3.76  

Total from investment operations

    1.98       0.56       4.60       1.06       (2.10 )     3.79  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.12 )     (0.11 )     (0.17 )     (0.20 )     (0.04 )     (0.08 )

Net realized gains

    (1.44 )     (3.94 )     (0.69 )     (0.71 )     (3.22 )     (0.05 )

Total distributions

    (1.56 )     (4.05 )     (0.86 )     (0.91 )     (3.26 )     (0.13 )

Net asset value, end of period

  $ 18.67     $ 18.25     $ 21.74     $ 18.00     $ 17.85     $ 23.21  

TOTAL RETURN (c)

    11.30 %     3.30 %     26.51 %     6.02 %     (10.71 )%     19.46 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 189,603     $ 209,675     $ 211,534     $ 351,360     $ 391,548     $ 506,159  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (d)

    0.95 %     0.98 %     1.00 %     0.97 %     0.96 %     0.87 %

After expense reimbursement/ recoupment (d)

    0.98 %     0.98 %     0.98 %     0.98 %     0.92 %     0.87 %

Ratio of net investment income (loss) to average net assets (d)

    0.70 %     0.62 %     0.68 %     0.99 %     0.85 %     0.15 %

Portfolio turnover rate (c)(e)

    53 %     171 %     194 %     88 %     133 %     91 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

 

The accompanying notes are an integral part of the financial statements.
26

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

Class a Shares

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 18.32     $ 21.77     $ 18.02     $ 17.88     $ 23.25     $ 19.59  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.04       0.07       0.08       0.13       0.12       (0.02 )

Net realized and unrealized gain (loss) on investments (b)

    1.93       0.46       4.48       0.87       (2.27 )     3.77  

Total from investment operations

    1.97       0.53       4.56       1.00       (2.15 )     3.75  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.07 )     (0.04 )     (0.12 )     (0.15 )     —       (0.04 )

Net realized gains

    (1.44 )     (3.94 )     (0.69 )     (0.71 )     (3.22 )     (0.05 )

Total distributions

    (1.51 )     (3.98 )     (0.81 )     (0.86 )     (3.22 )     (0.09 )

Net asset value, end of period

  $ 18.78     $ 18.32     $ 21.77     $ 18.02     $ 17.88     $ 23.25  

TOTAL RETURN (c)

    11.16 %     3.13 %     26.19 %     5.69 %     (10.89 )%     19.20 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 11,969     $ 13,930     $ 19,601     $ 31,276     $ 28,285     $ 29,423  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (d)

    1.20 %     1.23 %     1.25 %     1.22 %     1.21 %     1.12 %

After expense reimbursement/ recoupment (d)

    1.23 %     1.23 %     1.22 %     1.23 %     1.17 %     1.12 %

Ratio of net investment income (loss) to average net assets (d)

    0.45 %     0.37 %     0.40 %     0.74 %     0.64 %     (0.09 )%

Portfolio turnover rate (c)(e)

    53 %     171 %     194 %     88 %     133 %     91 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

 

The accompanying notes are an integral part of the financial statements.
27

 

 

SGI U.S. LARGE CAP EQUITY FUND

 

Financial Highlights (concluded)

 

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

Class c Shares

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 17.15     $ 20.74     $ 17.22     $ 17.12     $ 22.54     $ 19.11  

INVESTMENT OPERATIONS:

                                                

Net investment loss(a)

    (0.02 )     (0.07 )     (0.06 )     —       (0.03 )     (0.17 )

Net realized and unrealized gain (loss) on investments (b)

    1.79       0.42       4.27       0.83       (2.17 )     3.65  

Total from investment operations

    1.77       0.35       4.21       0.83       (2.20 )     3.48  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    —       —       —       (0.02 )     —       0.00  

Net realized gains

    (1.44 )     (3.94 )     (0.69 )     (0.71 )     (3.22 )     (0.05 )

Total distributions

    (1.44 )     (3.94 )     (0.69 )     (0.73 )     (3.22 )     (0.05 )

Net asset value, end of period

  $ 17.48     $ 17.15     $ 20.74     $ 17.22     $ 17.12     $ 22.54  

TOTAL RETURN (c)

    10.74 %     2.31 %     25.23 %     4.93 %     (11.54 )%     18.25 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                                

Net assets, end of period (in thousands)

  $ 1,280     $ 1,528     $ 1,823     $ 2,297     $ 2,546     $ 2,917  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (d)

    1.95 %     1.98 %     2.00 %     1.97 %     1.96 %     1.87 %

After expense reimbursement/ recoupment (d)

    1.98 %     1.98 %     1.97 %     1.98 %     1.92 %     1.87 %

Ratio of net investment income (loss) to average net assets (d)

    (0.28 )%     (0.37 )%     (0.35 )%     (0.01 )%     (0.15 )%     (0.84 )%

Portfolio turnover rate (c)(e)

    53 %     171 %     194 %     88 %     133 %     91 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

(e)

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

 

The accompanying notes are an integral part of the financial statements.
28

 

 

SGI GLOBAL EQUITY FUND

 

Financial Highlights

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

Class I Shares

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 33.44     $ 40.36     $ 34.11     $ 33.16     $ 38.33     $ 32.93  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.14       0.45       0.52       0.45       0.45       0.38  

Net realized and unrealized gain (loss) on investments (b)

    4.32       0.21       6.18       1.62       (3.77 )     5.24  

Total from investment operations

    4.46       0.66       6.70       2.07       (3.32 )     5.62  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.69 )     (0.65 )     (0.45 )     (0.31 )     (0.58 )     (0.22 )

Net realized gains

    (2.95 )     (6.93 )     —       (0.81 )     (1.27 )     —  

Total distributions

    (3.64 )     (7.58 )     (0.45 )     (1.12 )     (1.85 )     (0.22 )

Net asset value, end of period

  $ 34.26     $ 33.44     $ 40.36     $ 34.11     $ 33.16     $ 38.33  

TOTAL RETURN (c)

    14.28 %     2.99 %     19.84 %     6.39 %     (9.20 )%     17.15 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 81,762     $ 94,160     $ 108,187     $ 150,297     $ 118,260     $ 112,035  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (d)

    0.95 %     1.06 %     1.05 %     1.00 %     1.01 %     1.10 %

After expense reimbursement/ recoupment (d)

    0.84 %     0.84 %     0.84 %     0.84 %     0.84 %     0.97 %

Ratio of net investment income (loss) to average net assets (d)

    0.84 %     1.30 %     1.45 %     1.37 %     1.24 %     1.26 %

Portfolio turnover rate (c)

    59 %     184 %     102 %     96 %     87 %     88 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Not annualized for periods less than one year.

(d)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.
29

 

 

SGI PRUDENT FUND

 

Financial Highlights

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

CLASS I SHARES

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 11.38     $ 11.93     $ 10.28     $ 9.80     $ 11.69     $ 10.60  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.35       0.10       0.06       0.03       0.02       (0.07 )

Net realized and unrealized gain (loss) on investments (b)

    0.61       0.32       1.64       0.46       (1.26 )     1.16  

Total from investment operations

    0.96       0.42       1.70       0.49       (1.24 )     1.09  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.40 )     (0.75 )     (0.05 )     (0.01 )     (0.40 )     — (c) 

Net realized gains

    (0.23 )     (0.22 )     —       —       (0.25 )     — (c) 

Total distributions

    (0.63 )     (0.97 )     (0.05 )     (0.01 )     (0.65 )     —  

Net asset value, end of period

  $ 11.71     $ 11.38     $ 11.93     $ 10.28     $ 9.80     $ 11.69  

TOTAL RETURN (d)

    8.65 %     3.95 %     16.62 %     5.04 %     (11.26 )%     10.34 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 48,277     $ 49,246     $ 26,929     $ 21,217     $ 15,527     $ 10,807  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (e)(f)

    1.11 %     1.16 %     1.31 %     1.37 %     1.61 %     1.75 %

After expense reimbursement/ recoupment (e)(f)

    1.11 %     1.16 %     1.31 %     1.47 %     1.70 %     1.70 %

Ratio of net investment income (loss) to average net assets (e)(f)

    6.14 %     0.88 %     0.52 %     0.26 %     0.23 %     (0.67 )%

Portfolio turnover rate (d)

    5 %     21 %     61 %     61 %     67 %     170 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Amount represents less than $0.005 per share.

(d)

Not annualized for periods less than one year.

(e)

Beginning on December 31, 2024, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

(f)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.
30

 

 

SGI PEAK FUND

 

Financial Highlights

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

CLASS I SHARES

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

For the
Year
Ended
August 31,
2021

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 12.41     $ 12.58     $ 10.61     $ 9.99     $ 12.63     $ 10.94  

INVESTMENT OPERATIONS:

                                                

Net investment income(a)

    0.29       0.09       (0.03 )     (0.06 )     (0.03 )     (0.14 )

Net realized and unrealized gain (loss) on investments (b)

    0.93       0.75       2.07       0.68       (1.27 )     1.83  

Total from investment operations

    1.22       0.84       2.04       0.62       (1.30 )     1.69  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.32 )     (0.85 )     (0.01 )     — (c)      (0.75 )     —  

Net realized gains

    (0.07 )     (0.16 )     (0.06 )     —       (0.59 )     —  

Total distributions

    (0.39 )     (1.01 )     (0.07 )     —       (1.34 )     —  

Net asset value, end of period

  $ 13.24     $ 12.41     $ 12.58     $ 10.61     $ 9.99     $ 12.63  

TOTAL RETURN (d)

    10.00 %     7.36 %     19.25 %     6.22 %     (11.64 )%     15.45 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 62,878     $ 50,009     $ 28,007     $ 19,555     $ 12,988     $ 10,940  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/ recoupment (e)(f)

    1.00 %     1.16 %     1.30 %     1.48 %     1.58 %     1.74 %

After expense reimbursement/ recoupment (e)(f)

    1.02 %     1.08 %     1.30 %     1.53 %     1.70 %     1.70 %

Ratio of net investment income (loss) to average net assets (e)(f)

    4.59 %     0.76 %     (0.26 )%     (0.55 )%     (0.29 )%     (1.17 )%

Portfolio turnover rate (d)

    35 %     81 %     44 %     26 %     88 %     178 %

 

 

(a)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(b)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(c)

Amount represents less than $0.005 per share.

(d)

Not annualized for periods less than one year.

(e)

Beginning on December 31, 2024, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.

(f)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.
31

 

 

SGI SMALL CAP CORE FUND

 

Financial Highlights

 

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

 

   

CLASS I SHARES

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
Year
Ended
August 31,
2025

    

For the
Year
Ended
August 31,
2024

    

For the
Year
Ended
August 31,
2023

    

For the
Year
Ended
August 31,
2022

    

FOR THE
YEAR
ENDED
AUGUST 31,
2021(a)

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 33.45     $ 32.28     $ 27.50     $ 25.53     $ 38.64     $ 28.16  

INVESTMENT OPERATIONS:

                                                

Net investment income(b)

    0.07       0.13       0.12       0.06       (0.10 )     (0.15 )

Net realized and unrealized gain (loss) on investments (c)

    2.92       1.71       4.66       2.06       (2.97 )     12.33  

Total from investment operations

    2.99       1.84       4.78       2.12       (3.07 )     12.18  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.13 )     (0.20 )     —       —       —       (0.07 )

Net realized gains

    (3.17 )     (0.47 )     —       (0.15 )     (10.04 )     (1.63 )

Total distributions

    (3.30 )     (0.67 )     —       (0.15 )     (10.04 )     (1.70 )

Net asset value, end of period

  $ 33.14     $ 33.45     $ 32.28     $ 27.50     $ 25.53     $ 38.64  

TOTAL RETURN (d)

    9.66 %     5.87 %     17.38 %     8.37 %     (9.93 )%     44.61 %
                                                 

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 121,937     $ 121,011     $ 124,720     $ 103,502     $ 89,836     $ 97,409  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement/recoupment(e)

    1.15 %     1.29 %     1.26 %     1.25 %     1.33 %     1.12 %

After expense reimbursement/ recoupment(e)

    1.23 %     1.23 %     1.23 %     1.23 %     1.23 %     1.07 %

Ratio of net investment income (loss) to average net assets (e)

    0.45 %     0.41 %     0.42 %     0.24 %     (0.34 )%     (0.37 )%

Portfolio turnover rate (d)

    71 %     168 %     211 %     197 %     270 %     314 %

 

 

(a)

Effective as of the close of business on March 15, 2021, the Adviser took over management of the SGI Small Cap Core Fund from its predecessor investment manager.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

 

The accompanying notes are an integral part of the financial statements.
32

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements

FEBRUARY 28, 2026 (UNAUDITED)

 

1. Organization and Significant Accounting Policies

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the SGI U.S. Large Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Fund, the SGI Peak Fund and the SGI Small Cap Core Fund (each, a “Fund” and collectively, the “Funds”). The SGI Small Cap Core Fund and the SGI U.S. Large Cap Equity Fund commenced investment operations on October 1, 1999 and February 29, 2012, respectively. The SGI Global Equity Fund commenced investment operations on April 1, 2009. The SGI Prudent Fund and the SGI Peak Fund commenced investment operations on June 8, 2020.

 

Effective as of the close of business on March 15, 2021, Summit Global Investments, LLC (“Summit” or the “Adviser”) took over management of the SGI Small Cap Core Fund from its predecessor investment manager.

 

As of the end of the reporting period, the SGI U.S. Large Cap Equity Fund and the SGI Global Equity Fund offer three classes of shares: Class I Shares, Class A Shares and Class C Shares. The SGI Prudent Fund, the SGI Peak Fund and the SGI Small Cap Core Fund each offer one class of shares: Class I Shares. As of the end of the reporting period, Class A Shares and Class C Shares of the SGI Global Equity Fund were not yet operational.

 

The investment objective of each of the SGI U.S. Large Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Fund and the SGI Small Cap Core Fund is to seek long-term capital appreciation. The investment objective of the SGI Peak Fund is to seek capital appreciation.

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

INVESTMENT COMPANY SECURITIES — SGI Prudent Fund and SGI Peak Fund pursue their investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Fund invests in underlying funds, it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Funds invest in shares of underlying funds, their performances are directly related to the ability of the underlying funds to meet their respective investment objectives, as well as the allocation of each Fund’s assets among the underlying funds. Accordingly, the Funds’ investment performance will be influenced by the investment strategies of and risks associated with the underlying funds in direct proportion to the amount of assets the Funds allocate to the underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Funds invest in a number of different underlying funds. Information about underlying funds in the underlying funds’ annual or semiannual report to shareholders can be found by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

 

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in ETFs are valued at their last reported sale price. Investments in other open-end investment companies, if any, are valued based on the NAV of those

 

33

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Summit as its “Valuation Designee” to perform all of the fair value determinations, as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing each Fund’s investments carried at fair value:

 

SGI U.S. LARGE CAP EQUITY FUND

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Common Stocks

  $ 201,610,097     $ —     $ —     $ 201,610,097  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       2,851,945  

Total Investments

  $ 201,610,097     $ —     $ —     $ 204,462,042  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $2,851,945 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

34

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

SGI GLOBAL EQUITY FUND

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Common Stocks

  $ 77,825,317     $ —     $ —     $ 77,825,317  

Exchange Traded Funds

    3,260,531       —       —       3,260,531  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       10,464,606  

Total Investments

  $ 81,085,848     $ —     $ —     $ 91,550,454  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $10,464,606 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

SGI PRUDENT FUND

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Exchange Traded Funds

  $ 24,823,203     $ —     $ —     $ 24,823,203  

Open-End Funds

    22,534,817       —       —       22,534,817  

Total Investments

  $ 47,358,020     $ —     $ —     $ 47,358,020  

 

SGI PEAK FUND

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Exchange Traded Funds

  $ 54,725,273     $ —     $ —     $ 54,725,273  

Open-End Funds

    7,604,231       —       —       7,604,231  

Total Investments

  $ 62,329,504     $ —     $ —     $ 62,329,504  

 

SGI SMALL CAP CORE FUND

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Common Stocks

  $ 120,295,261     $ —     $ —     $ 120,295,261  

Exchange Traded Funds

    1,226,700       —       —       1,226,700  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       8,292,824  

Total Investments

  $ 121,521,961     $ —     $ —     $ 129,814,785  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $8,292,824 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

35

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

During the current fiscal period, the Funds had no Level 3 purchases, sales, or transfers.

 

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. tax status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in

 

36

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (Continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

each Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of each Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

 

2. Investment Adviser and Other Services

 

Summit serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

 

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees*, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2026 for each Fund and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after a Fund’s respective contractual limitation expiration date.

 

*

Effective December 31, 2024, SGI Prudent Fund and SGI Peak Fund’s expense caps are now taking acquired fund fees into account.

 

           

EXPENSE CAPS

  

FUND

  

ADVISORY FEE

    

CLASS I

    

CLASS A

    

CLASS C

  

SGI U.S. Large Cap Equity Fund

    0.70 %     0.98 %     1.23 %     1.98 %

SGI Global Equity Fund

    0.70       0.84       1.09       1.84  

SGI Prudent Fund

    0.75       1.95 *     —       —  

SGI Peak Fund

    0.75       1.95 *     —       —  

SGI Small Cap Core Fund

    0.95       1.23       —       —  

 

*

Prior to December 31, 2024, the Adviser had contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses to 1.70% of the Fund’s average net assets attributable to Class I Shares.

 

Any waived or reimbursed expenses by the Advisor to the Funds (excluding any waivers related to acquired fund fees and expenses incurred by the Funds as a result of its investments in other investment companies managed by the Advisor), are subject to repayment by a Fund in the three years following the date the fees were waived or the expenses were paid, provided such reimbursement does not cause the Funds’ ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

37

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

During the current fiscal period, investment advisory fees recoupments were as follows:

 

FUND

  

GROSS ADVISORY
FEES

    

WAIVERS AND/OR
REIMBURSEMENTS

    

RECOUPMENTS

    

NET ADVISORY
FEES

  

SGI U.S. Large Cap Equity Fund

  $ 747,384     $ —     $ 30,274     $ 777,658  

SGI Global Equity Fund

    309,862       (49,725 )     —       260,137  

SGI Prudent Fund

    180,143       (186 )     —       179,957  

SGI Peak Fund

    214,156       (16 )     7,597       221,737  

SGI Small Cap Core Fund

    560,187       —       45,033       605,220  

 

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

 

FUND

  

AUGUST 31,
2026

    

AUGUST 31,
2027

    

AUGUST 31,
2028

    

AUGUST 31,
2029

  

SGI U.S. Large Cap Equity Fund

  $ —     $ 80,234     $ 69,657     $ —  

SGI Global Equity Fund

    111,699       280,270       220,407       49,725  

SGI Prudent Fund

    —       —       —       186  

SGI Peak Fund

    —       —       18,371       16  

SGI Small Cap Core Fund

    —       35,887       76,432       —  

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

 

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Funds pursuant to Rule 12b-1 of the 1940 Act. Under the Plan, the Distributor is entitled to receive from each Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of shareholders’ investments and may cost shareholders more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in each Fund’s Plan.

 

38

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

3. DIRECTOR AND OFFICER Compensation

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Assistant Treasurer, Assistant Secretary, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

 

4. Purchases and Sales of Investment Securities

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

 

FUND

  

PURCHASES

    

SALES

  

SGI U.S. Large Cap Equity Fund

  $ 112,856,341     $ 157,681,572  

SGI Global Equity Fund

    51,990,838       76,108,641  

SGI Prudent Fund

    2,493,903       5,543,527  

SGI Peak Fund

    30,254,570       19,886,037  

SGI Small Cap Core Fund

    83,553,115       93,652,537  

 

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

 

5. Federal Income Tax Information

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

 

FUND

  

FEDERAL TAX
COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

SGI U.S. Large Cap Equity Fund

  $ 209,548,622     $ 24,822,534     $ (9,865,231 )   $ 14,957,303  

SGI Global Equity Fund

    87,683,132       7,674,308       (1,512,118 )     6,162,190  

SGI Prudent Fund

    46,609,094       2,543,986       (375,536 )     2,168,450  

SGI Peak Fund

    44,154,173       5,263,847       (267,871 )     4,995,976  

SGI Small Cap Core Fund

    109,650,228       17,003,993       (5,795,329 )     11,208,664  

 

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to wash sales and investments in passive foreign investment companies.

 

39

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds.

 

The following permanent differences as of August 31, 2025, primarily attributable to equalization, were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN
CAPITAL

  

SGI U.S. Large Cap Equity Fund

  $ (5,471,753 )   $ 5,471,753  

SGI Global Equity Fund

    —       —  

SGI Prudent Fund

    —       —  

SGI Peak Fund

    —       —  

SGI Small Cap Core Fund

    —       —  

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

OTHER
TEMPORARY
DIFFERENCES

    

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

TOTAL

  

SGI U.S. Large Cap Equity Fund

  $ 12,248,581     $ 2,893,150     $ —     $ 14,957,303     $ 30,099,034  

SGI Global Equity Fund

    971,063       4,386,599       —       6,162,190       11,519,852  

SGI Prudent Fund

    126,717       927,186       (8,200 )     2,168,450       3,214,153  

SGI Peak Fund

    63,794       326,648       (10,193 )     4,995,976       5,376,225  

SGI Small Cap Core Fund

    2,857,945       4,909,772       —       11,208,664       18,976,381  

 

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales and investments in passive foreign investment companies.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

 

           

2025

          

FUND

  

ORDINARY
INCOME

    

LONG-TERM
GAINS

    

TOTAL

  

SGI U.S. Large Cap Equity Fund

  $ 34,539,508     $ 8,684,709     $ 43,224,217  

SGI Global Equity Fund

    6,262,395       14,175,971       20,438,366  

SGI Prudent Fund

    2,353,904       29,919       2,383,823  

SGI Peak Fund

    2,115,941       251,653       2,367,594  

SGI Small Cap Core Fund

    1,890,739       701,203       2,591,942  

 

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

 

40

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2025, the SGI Small Cap Core Fund utilized $466,633 of carry forward capital losses.

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

There were no post-October or late-year ordinary losses deferred during the year ended August 31, 2025.

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, each Fund’s lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation to the securities lending agent, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. The Funds bear the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

MARKET VALUE
OF SECURITIES
LOANED

    

MARKET VALUE
OF COLLATERAL

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

SGI U.S. Large Cap Equity Fund

  $ 2,895,670     $ 2,851,945     $ 2,949  

SGI Global Equity Fund

    10,118,757       10,464,606       60,038  

SGI Small Cap Core Fund

    8,014,036       8,292,824       5,578  

 

 

41

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONTINUED)

FEBRUARY 28, 2026 (UNAUDITED)

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”), which permits the Funds securities lending agent on behalf of the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

Gross Amount Not Offset in the Statement
of Assets and Liabilities

  

FUND

  

GROSS
AMOUNTS
OF
RECOGNIZED
ASSETS

    

GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET
AMOUNT2

  

SGI U.S. Large Cap Equity Fund

  $ 2,895,670       —     $ 2,895,670     $ (2,895,670 )     —       —  

SGI Global Equity Fund

    10,118,757       —       10,118,757       (10,118,757 )     —       —  

SGI Small Cap Core Fund

    8,014,036       —       8,014,036       (8,014,036 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.

 

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

7. TRANSACTIONS WITH AFFILIATES

 

The following issuers are affiliated with the Funds. The Funds are allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act if certain requirements, such as being part of the same “group of investment companies” (as defined in Section 12(d)(1) of the 1940 Act), are met. As defined in Section (2)(a)(3) of the 1940 Act, such issuers are:

 

   

AUGUST 31, 2025

    

ADDITIONS

    

REDUCTIONS

  

ISSUER NAME

  

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

  

SGI Prudent Fund

                                                

SGI Dynamic Tactical ETF

    85,280     $ 2,428,629       —     $ —       (5,300 )   $ (155,319 )

SGI Enhanced Core ETF

    278,460       7,157,814       —       —       (5,400 )     (139,983 )

SGI Enhanced Global Income ETF

    168,670       4,933,598       —       —       (20,600 )     (630,617 )

SGI Global Equity Fund

    157,809       5,277,126       22,291       718,846       (26,761 )     (890,932 )

SGI Small Cap Core Fund

    122,699       4,104,266       16,556       521,949       (29,309 )     (959,164 )

SGI U.S. Large Cap Core ETF

    55,400       1,975,564       —       —       (7,650 )     (288,861 )

SGI U.S. Large Cap Equity Fund

    782,412       14,279,014       70,347       1,253,108       (122,292 )     (2,239,752 )
      1,650,730     $ 40,156,011       109,194     $ 2,493,903       (217,312 )   $ (5,304,628 )

 

42

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (continued)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

AUGUST 31, 2025

    

ADDITIONS

    

REDUCTIONS

  

ISSUER NAME

  

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

    

SHARE
BALANCE

    

VALUE

  

SGI Peak Fund

                                                

SGI Dynamic Tactical ETF

    172,500     $ 4,912,507       42,550     $ 1,249,273       (5,000 )   $ (146,445 )

SGI Enhanced Core ETF

    188,580       4,847,449       48,500       1,255,401       (188,600 )     (4,814,902 )

SGI Enhanced Global Income ETF

    —       —       90,300       3,104,510       —       —  

SGI Enhanced Nasdaq-100 ETF

    312,700       9,207,545       248,370       6,887,250       (10,000 )     (277,086 )

SGI Enhanced Market Leaders ETF

    —       —       115,300       3,717,211       —       —  

SGI Small Cap Core Fund

    179,870       6,016,648       55,395       1,773,522       (5,807 )     (185,000 )

SGI U.S. Large Cap Core ETF

    275,278       9,816,413       128,650       4,953,249       (7,500 )     (297,492 )
      1,128,928     $ 34,800,562       729,065     $ 22,940,416       (216,907 )   $ (5,720,925 )

 

   

FEBRUARY 28, 2026

  

ISSUER NAME

  

DIVIDEND
INCOME

    

CAPITAL
GAIN
DISTRIBUTION

    

NET CHANGE IN
UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

REALIZED
GAIN/(LOSS)

    

SHARE
BALANCE

    

VALUE

    

COST

  

SGI Prudent Fund

                                                        

SGI Dynamic Tactical ETF

  $ 38,835     $ —       93,839     $ (2,141 )     79,980       2,365,009     $ 2,108,406  

SGI Enhanced Core ETF

    113,831       96,606       (33,207 )     (842 )     273,060       6,983,783       6,959,145  

SGI Enhanced Global Income ETF

    65,585       5,808       771,434       66,102       148,070       5,140,517       3,838,124  

SGI Global Equity Fund

    —       363,186       163,528       (15,179 )     153,339       5,253,390       4,812,695  

SGI Small Cap Core Fund

    —       183,112       (65,859 )     42,414       109,946       3,643,605       3,002,696  

SGI U.S. Large Cap Core ETF

    4,425       —       115,874       50,600       47,750       1,853,178       1,228,005  

SGI U.S. Large Cap Equity Fund

    —       243,978       514,850       (169,398 )     730,467       13,637,822       13,049,980  
    $ 222,676     $ 892,690       1,560,458     $ (28,444 )     1,542,612     $ 38,877,304     $ 34,999,051  
                                                         

 

 

43

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Notes to Financial Statements (CONCLUDED)

FEBRUARY 28, 2026 (UNAUDITED)

 

   

FEBRUARY 28, 2026

  

ISSUER NAME

  

DIVIDEND
INCOME

    

CAPITAL
GAIN
DISTRIBUTION

    

NET CHANGE IN
UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

REALIZED
GAIN/(LOSS)

    

SHARE
BALANCE

    

VALUE

    

COST

  

SGI Peak Fund

                                                        

SGI Dynamic Tactical ETF

  $ 97,614     $ —     $ 204,840     $ (8,997 )     210,050     $ 6,211,179     $ 5,708,686  

SGI Enhanced Core ETF

    80,156       80,409       (3,576 )     (44,447 )     48,480       1,239,924       1,237,602  

SGI Enhanced Global Income ETF

    —       —       30,417       —       90,300       3,134,927       3,104,510  

SGI Enhanced Nasdaq-100 ETF

    64,286     $ 943,319       (816,850 )     (41,458 )     551,070       14,959,401       14,891,986  

SGI Enhanced Market Leaders ETF

    —       —       (14,674 )     —       115,300       3,702,537       3,717,211  

SGI Small Cap Core Fund

    —       344,062       7,855       (8,795 )     229,458       7,604,231       6,398,046  

SGI U.S. Large Cap Core ETF

    27,692       —       902,032       11,168       396,428       15,385,371       13,217,136  
    $ 269,749     $ 1,367,791     $ 310,044     $ (92,529 )     1,641,086     $ 52,237,570     $ 48,275,177  

 

8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

On May 14, 2025, the Board, upon the recommendation of the Fund’s audit committee, dismissed Ernst & Young LLP (“E&Y”) as independent registered public accounting firm for each Fund and selected Tait, Weller & Baker LLP (“Tait”) as the independent registered public accounting firm for each Fund. The reports by E&Y on the financial statements of the Fund for the fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, there were no (1) disagreements with E&Y on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K.

 

During each Fund’s fiscal years ended August 31, 2024, August 31, 2023, August 31, 2022, August 31, 2021 and August 31, 2020, neither the Fund, nor anyone on its behalf, consulted with Tait on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on each Fund’s financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K under the Securities Exchange Act of 1934, as amended) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).

 

9. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

44

 

 

SUMMIT GLOBAL INVESTMENTS

 

 

Other Information (Unaudited)

 

Proxy Voting

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (855) 744-8500 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Schedules

 

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

45

 

 

Investment Adviser

Summit Global Investments, LLC
620 South Main Street
Bountiful, UT 84010

 

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101

 

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16th St. Suite 2900
Philadelphia, PA 19102-2529

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

F/m US Treasury 3 Month Bill Fund
(Formerly F/m US Treasury 3 Month Bill ETF)
ETF Class Shares | (Nasdaq: TBIL)
Institutional Class Shares | (Ticker: TBFMX)

F/m US Treasury 6 Month Bill ETF | (Nasdaq: XBIL)

F/m US Treasury 12 Month Bill ETF | (Nasdaq: OBIL)

F/m US Treasury 2 Year Note ETF | (Nasdaq: UTWO)

F/m US Treasury 3 Year Note ETF | (Nasdaq: UTRE)

F/m US Treasury 5 Year Note ETF | (Nasdaq: UFIV)

F/m US Treasury 7 Year Note ETF | (Nasdaq: USVN)

F/m US Treasury 10 Year Note ETF | (Nasdaq: UTEN)

F/m US Treasury 20 Year Bond ETF | (Nasdaq: UTWY)

F/m US Treasury 30 Year Bond ETF | (Nasdaq: UTHY)

Each a series of The RBB Fund, Inc.

 

F/m Investments LLC

 

 

 

F/m US Treasury 3 Month Bill FUND

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par / Shares

   

Value

  

U.S. TREASURY BILLS — 100.0%

        

3.63%, 05/28/2026 (a)(b)

  $ 6,466,204,000     $ 6,410,284,194  

TOTAL U.S. TREASURY BILLS (Cost $6,409,386,640)

            6,410,284,194  
                 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%

Money Market Funds — 0.3%

                

Goldman Sachs Square Government Fund - Institutional Class, 3.62% (c)

    19,529,415     $ 19,529,415  
                 

Repurchase Agreements — 44.1%

        

Bank of America Securities, 3.87%, dated 01/13/2025, matures 04/06/2026, repurchase price $1,454,000,000 (collateralized by corporate bonds 1.400%-8.250%, matures 03/15/2026-01/15/2036: total value $250,000,080)

    250,000,000       250,000,000  

CF Secured LLC, 3.78%, dated 02/26/2026, matures 03/02/2026, repurchase price $521,000,000 (collateralized by equities: total value $500,210,198)

    500,000,000       500,000,000  

J.P. Morgan Securities LLC

               

3.95%, dated 01/28/2026, matures 05/28/2026, repurchase price $2,200,833,333 (collateralized by bank loans: total value $551,673,834)

    950,000,000       950,000,000  

3.91%, dated 06/03/2025, matures 05/28/2026, repurchase price $2,694,526,389 (collateralized by collateralized loan obligations, 4.632%-6.679%, matures 07/15/2031-01/17/2039: total value $952,920,724)

    550,000,000       550,000,000  

MUFG Securities (Canada) Ltd.

               

3.83%, dated 10/08/2025, matures 04/06/2026, repurchase price $874,500,000 (collateralized by corporate bonds 1.500%-8.750%, matures 07/15/2026-02/12/2036: total value $300,894,340)

    300,000,000     $ 300,000,000  

3.88%, dated 07/01/2025, matures 04/06/2026, repurchase price $400,700,000 (collateralized by equities: total value $100,302,013)

    100,000,000       100,000,000  

3.90%, dated 12/15/2025, matures 04/06/2026, repurchase price $221,333,333 (collateralized by equities: total value $100,303,563)

    100,000,000       100,000,000  

3.85%, dated 07/01/2025, matures 04/06/2026, repurchase price $298,781,250 (collateralized by equities: total value $75,224,770)

    75,000,000       75,000,000  

TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,825,000,000)

          $ 2,825,000,000  
                 

TOTAL INVESTMENTS — 144.4% (Cost $9,253,916,055)

          $ 9,254,813,609  

Liabilities in Excess of Other Assets — (44.4)%

            (2,844,064,927 )

TOTAL NET ASSETS — 100.0%

           $ 6,410,748,682  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

SOFR - Secured Overnight Financing Rate

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $2,794,648,200.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

F/m US Treasury 6 Month Bill ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par / Shares

    

Value

  

U.S. TREASURY BILLS — 100.0%

        

3.59%, 08/27/2026 (a)(b)

  $ 752,145,000     $ 739,089,340  

TOTAL U.S. TREASURY BILLS (Cost $738,956,482)

            739,089,340  
                 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 34.6%

Money Market Funds — 0.8%

                

Goldman Sachs Square Government Fund - Institutional Class, 3.62% (c)

    5,887,777       5,887,777  
                 

Repurchase Agreements — 33.8%

        

J.P. Morgan Securities LLC, 3.91%, dated 02/25/2025, matures 05/28/2026, repurchase price $894,529,167 (collateralized by collateralized loan obligations, 1.500%-8.750%, matures 10/20/2031-04/20/2039: total value $150,456,500)

    150,000,000       150,000,000  

MUFG Securities (Canada) Ltd., 3.85%, dated 07/01/2025, matures 04/06/2026, repurchase price $398,375,000 (collateralized by equities: total value $100,299,667)

    100,000,000       100,000,000  

TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $250,000,000)

          $ 250,000,000  
                 

TOTAL INVESTMENTS — 134.6% (Cost $994,844,259)

          $ 994,977,117  

Liabilities in Excess of Other Assets — (34.6)%

            (255,818,676 )

TOTAL NET ASSETS — 100.0%

           $ 739,158,441  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $251,461,120.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
2

 

 

F/m US Treasury 12 Month Bill ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par / Shares

    

Value

  

U.S. TREASURY BILLS — 100.0%

        

3.46%, 02/18/2027 (a)(b)

  $ 314,798,000     $ 304,457,327  

TOTAL U.S. TREASURY BILLS (Cost $304,435,513)

            304,457,327  
                 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 43.6%

Money Market Funds — 2.5%

                

Goldman Sachs Square Government Fund - Institutional Class, 3.62% (c)

    7,730,560     $ 7,730,560  
                 

Repurchase Agreements — 41.1%

        

J.P. Morgan Securities LLC, 3.91%, dated 05/05/2025, matures 05/28/2026, repurchase price $651,763,889 (collateralized by collateralized loan obligations, 4.799%-5.371%, matures 07/18/2030-07/15/2039: total value $125,380,417)

    125,000,000       125,000,000  

TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $125,000,000)

          $ 125,000,000  
                 

TOTAL INVESTMENTS — 143.6% (Cost $437,166,073)

          $ 437,187,887  

Liabilities in Excess of Other Assets — (43.6)%

            (132,711,964 )

TOTAL NET ASSETS — 100.0%

           $ 304,475,923  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

 

(a)

The rate shown is the annualized yield as of February 28, 2026.

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $130,480,200.

(c)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
3

 

 

F/m US Treasury 2 Year Note ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par / Shares

    

Value

  

U.S. TREASURY SECURITIES — 100.0%

        

United States Treasury Note/Bond, 3.38%, 02/29/2028 (a)

  $ 415,781,000     $ 415,683,551  

TOTAL U.S. TREASURY SECURITIES (Cost $415,683,551)

            415,683,551  
                 

SHORT-TERM INVESTMENTS

                

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 39.3%

Money Market Funds — 3.2%

                

Goldman Sachs Square Government Fund - Institutional Class, 3.62% (b)

    13,336,239     $ 13,336,239  
                 

Repurchase Agreements — 36.1%

        

J.P. Morgan Securities LLC, 3.91%, dated 11/10/2025, matures 05/28/2026, repurchase price $474,204,167 (collateralized by collateralized loan obligations, 5.018%-5.668%, matures 04/20/2033-10/20/2037: total value $150,456,501)

    150,000,000       150,000,000  

TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $150,000,000)

          $ 150,000,000  

TOTAL INVESTMENTS — 139.3% (Cost $579,019,790)

          $ 579,019,790  

Liabilities in Excess of Other Assets — (39.3)%

            (163,307,947 )

TOTAL NET ASSETS — 100.0%

           $ 415,711,843  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

OBFR - Overnight Bank Funding Rate

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $160,533,963.

(b)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
4

 

 

F/m US Treasury 3 Year Note ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.9%

        

United States Treasury Note/Bond, 3.50%, 02/15/2029

  $ 10,462,000     $ 10,495,511  

TOTAL U.S. TREASURY SECURITIES (Cost $10,476,962)

            10,495,511  
                 

TOTAL INVESTMENTS — 99.9% (Cost $10,476,962)

          $ 10,495,511  

Other Assets in Excess of Liabilities — 0.1%

            14,780  

TOTAL NET ASSETS — 100.0%

           $ 10,510,291  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
5

 

 

F/m US Treasury 5 Year Note ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.7%

        

United States Treasury Note/Bond, 3.75%, 01/31/2031

  $ 33,360,000     $ 33,704,025  

TOTAL U.S. TREASURY SECURITIES (Cost $33,279,104)

            33,704,025  
                 

TOTAL INVESTMENTS — 99.7% (Cost $33,279,104)

          $ 33,704,025  

Other Assets in Excess of Liabilities — 0.3%

            102,114  

TOTAL NET ASSETS — 100.0%

           $ 33,806,139  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
6

 

 

F/m US Treasury 7 Year Note ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.7%

        

United States Treasury Note/Bond, 4.00%, 01/31/2033

  $ 9,654,000     $ 9,819,928  

TOTAL U.S. TREASURY SECURITIES (Cost $9,637,782)

            9,819,928  
                 

TOTAL INVESTMENTS — 99.7% (Cost $9,637,782)

          $ 9,819,928  

Other Assets in Excess of Liabilities — 0.3%

            31,718  

TOTAL NET ASSETS — 100.0%

           $ 9,851,646  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
7

 

 

F/m US Treasury 10 Year Note ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.8%

        

United States Treasury Note/Bond, 4.13%, 02/15/2036

  $ 282,232,000     $ 285,980,394  

TOTAL U.S. TREASURY SECURITIES (Cost $283,892,236)

            285,980,394  
                 

TOTAL INVESTMENTS — 99.8% (Cost $283,892,236)

          $ 285,980,394  

Other Assets in Excess of Liabilities — 0.2%

            453,182  

TOTAL NET ASSETS — 100.0%

           $ 286,433,576  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
8

 

 

F/m US Treasury 20 Year Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.8%

        

United States Treasury Note/Bond, 4.63%, 02/15/2046

  $ 8,870,000     $ 8,933,407  

TOTAL U.S. TREASURY SECURITIES (Cost $8,933,407)

            8,933,407  
                 

TOTAL INVESTMENTS — 99.8% (Cost $8,933,407)

          $ 8,933,407  

Other Assets in Excess of Liabilities — 0.2%

            14,485  

TOTAL NET ASSETS — 100.0%

           $ 8,947,892  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
9

 

 

F/m US Treasury 30 Year Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.8%

        

United States Treasury Note/Bond, 4.75%, 02/15/2056

  $ 29,655,000     $ 30,220,298  

TOTAL U.S. TREASURY SECURITIES (Cost $29,900,802)

            30,220,298  
                 

TOTAL INVESTMENTS — 99.8% (Cost $29,900,802)

          $ 30,220,298  

Other Assets in Excess of Liabilities — 0.2%

            55,814  

TOTAL NET ASSETS — 100.0%

           $ 30,276,112  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
10

 

 

F/m US Benchmark Series

 

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

 

   

F/M
US TREASURY
3 MONTH
BILL FUND

    

F/m
US Treasury
6 Month
Bill ETF

    

F/m
US Treasury
12 Month
Bill ETF

    

F/m
US Treasury
2 Year
Note ETF

  

ASSETS:

                                

Investments, at value

  $ 6,410,284,194     $ 739,089,340     $ 304,457,327     $ 415,683,551  

Repurchase agreements purchased with proceeds from securities lending collateral, at value

    2,825,000,000       250,000,000       125,000,000       150,000,000  

Investments purchased with proceeds from securities lending collateral, at value

    19,529,415       5,887,777       7,730,560       13,336,239  

Receivable for cash held from securities on loan

    6,314,585       624,223       365,940       423,761  

Interest receivable

    2,699       342       118       36,735  

Cash and cash equivalents

    863,877       124,944       43,332       53,273  

Receivable for investments sold

    —       —       —       411,838,408  

Receivable for fund shares sold

    13,461,418       —       —       3,889,992  

Security lending income receivable

    305,816       29,441       10,074       16,694  

Prepaid expenses and other assets

    223       —       —       185  

Total assets

    9,275,762,227       995,756,067       437,607,351       995,278,838  
                                 

LIABILITIES:

                                

Payable to Adviser

    732,760       85,626       34,928       47,180  

Payable for investments purchased

    13,436,785       —       —       415,759,815  

Payable for capital shares redeemed

    —       —       —       —  

Payable upon return of securities loaned

    2,850,844,000       256,512,000       133,096,500       163,760,000  

Total liabilities

    2,865,013,545       256,597,626       133,131,428       579,566,995  

NET ASSETS

  $ 6,410,748,682     $ 739,158,441     $ 304,475,923     $ 415,711,843  
                                 

NET ASSETS CONSISTS OF:

                                

Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)

  $ 128,582     $ 14,770     $ 6,070     $ 8,550  

Additional paid-in capital

    6,419,741,175       740,766,788       305,150,756       421,401,370  

Total accumulated losses

    (9,121,075 )     (1,623,117 )     (680,903 )     (5,698,077 )

Total net assets

  $ 6,410,748,682     $ 739,158,441     $ 304,475,923     $ 415,711,843  

ETF CLASS

                                

Net assets

  $ 6,410,730,198     $ 739,158,441     $ 304,475,923     $ 415,711,843  

Capital shares issued and outstanding (100,000,000, 100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001, 0.001, 0.001 and 0.001 par value)

    128,580,000       14,770,000       6,070,000       8,550,000  

Net asset value per share

  $ 49.86     $ 50.04     $ 50.16     $ 48.62  
                                 

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

F/m US Benchmark Series

 

Statements of Assets and Liabilities (CONTINUED)

February 28, 2026 (Unaudited)

 

   

F/M
US TREASURY
3 MONTH
BILL FUND

    

F/m
US Treasury
6 Month
Bill ETF

    

F/m
US Treasury
12 Month
Bill ETF

    

F/m
US Treasury
2 Year
Note ETF

  

Institutional Class

                                

Net assets

  $ 100,177     $ —     $ —     $ —  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    2,009       —       —       —  

Net asset value per share

  $ —     $ —     $ —     $ —  
                                 

COST:

                                

Investments, at cost

  $ 6,409,386,640     $ 738,956,482     $ 304,435,513     $ 415,683,551  

Repurchase agreements, at cost

    2,825,000,000       250,000,000       125,000,000       150,000,000  

Money market funds, at cost

    19,529,415       5,887,777       7,730,560       13,336,239  
                                 

LOANED SECURITIES:

                                

at value (included in investments)

    2,794,648,200       251,461,120       130,480,200       160,533,963  

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

F/m US Benchmark Series

 

Statements of Assets and Liabilities (CONTINUED)

February 28, 2026 (Unaudited)

 

   

F/m
US Treasury
3 Year
Note ETF

    

F/m
US Treasury
5 Year
Note ETF

    

F/m
US Treasury
7 Year
Note ETF

    

F/m
US Treasury
10 Year
Note ETF

  

ASSETS:

                                

Investments, at value

  $ 10,495,511     $ 33,704,025     $ 9,819,928     $ 285,980,394  

Interest receivable

    14,163       100,220       30,938       450,260  

Cash and cash equivalents

    1,807       5,743       1,903       35,522  

Receivable for investments sold

    —       —       —       —  

Receivable for fund shares sold

    —       —       —       —  

Security lending income receivable

    —       —       —       —  

Prepaid expenses and other assets

    —       —       —       44  

Total assets

    10,511,481       33,809,988       9,852,769       286,466,220  
                                 

LIABILITIES:

                                

Payable to Adviser

    1,190       3,849       1,123       32,644  

Payable for investments purchased

    —       —       —       —  

Payable upon return of securities loaned

    —       —       —       —  

Total liabilities

    1,190       3,849       1,123       32,644  

NET ASSETS

  $ 10,510,291     $ 33,806,139     $ 9,851,646     $ 286,433,576  
                                 
                                 

NET ASSETS CONSISTS OF:

                                

Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)

  $ 210     $ 680     $ 200     $ 6,390  

Additional paid-in capital

    10,585,088       33,864,671       9,831,235       288,313,373  

Total distributable earnings/ (accumulated losses)

    (75,007 )     (59,212 )     20,211       (1,886,187 )

Total net assets

  $ 10,510,291     $ 33,806,139     $ 9,851,646     $ 286,433,576  
                                 

Net assets

  $ 10,510,291     $ 33,806,139     $ 9,851,646     $ 286,433,576  

Capital shares issued and outstanding (100,000,000, 100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001, 0.001, 0.001 and 0.001 par value)

    210,000       680,000       200,000       6,390,000  

Net asset value per share

  $ 50.05     $ 49.71     $ 49.26     $ 44.83  
                                 

COST:

                                

Investments, at cost

  $ 10,476,962     $ 33,279,104     $ 9,637,782     $ 283,892,236  

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

F/m US Benchmark Series

 

Statements of Assets and Liabilities (Concluded)

February 28, 2026 (Unaudited)

 

   

F/m
US Treasury
20 Year
Bond ETF

    

F/m
US Treasury
30 Year
Bond ETF

  

ASSETS:

                

Investments, at value

  $ 8,933,407     $ 30,220,298  

Interest receivable

    15,880       54,480  

Cash and cash equivalents

    1,894       4,646  

Receivable for investments sold

    8,948,129       —  

Receivable for fund shares sold

    —       —  

Security lending income receivable

    —       —  

Prepaid expenses and other assets

    —       —  

Total assets

    17,899,310       30,279,424  
                 

LIABILITIES:

                

Payable to Adviser

    1,013       3,312  

Payable for investments purchased

    8,950,405       —  

Payable upon return of securities loaned

    —       —  

Total liabilities

    8,951,418       3,312  

NET ASSETS

  $ 8,947,892     $ 30,276,112  
                 
                 

NET ASSETS CONSISTS OF:

                

Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)

  $ 200     $ 710  

Additional paid-in capital

    10,684,815       32,241,933  

Total accumulated losses

    (1,737,123 )     (1,966,531 )

Total net assets

  $ 8,947,892     $ 30,276,112  
                 

Net assets

  $ 8,947,892     $ 30,276,112  

Capital shares issued and outstanding (100,000,000, 100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001, 0.001, 0.001 and 0.001 par value)

    200,000       710,000  

Net asset value per share

  $ 44.74     $ 42.64  
                 

COST:

                

Investments, at cost

  $ 8,933,407     $ 29,900,802  

 

 

The accompanying notes are an integral part of the financial statements.
14

 

 

F/m US Benchmark Series

 

Statements of Operations

FOR THE six months ended February 28, 2026 (Unaudited)

 

   

F/m
US Treasury
3 Month
Bill Fund

    

F/m
US Treasury
6 Month
Bill ETF

    

F/m US
Treasury 12
Month Bill
ETF

    

F/m US
Treasury 2
Year Note
ETF

  

INVESTMENT INCOME:

                                

Interest income

  $ 117,991,376     $ 14,401,074     $ 5,352,508     $ 6,806,588  

Securities lending income

    2,209,663       198,146       85,980       72,812  

Total investment income

    120,201,039       14,599,220       5,438,488       6,879,400  
                                 

EXPENSES:

                                

Investment advisory fee

    4,722,105       587,789       224,066       291,819  

Total expenses

    4,722,105       587,789       224,066       291,819  

NET INVESTMENT INCOME

    115,478,934       14,011,431       5,214,422       6,587,581  
                                 

REALIZED AND UNREALIZED GAIN (LOSS)

                                

Net realized gain (loss) from:

                                

Investments

    (250,533 )     (251,614 )     242,809       1,424,192  

In-kind redemptions

    3,591,504       965,402       424,698       (2,588 )

Net realized gain (loss)

    3,340,971       713,788       667,507       1,421,604  

Net change in unrealized appreciation (depreciation) on:

                                

Investments

    (240,214 )     (55,536 )     (135,690 )     (5 )

Net change in unrealized appreciation (depreciation)

    (240,214 )     (55,536 )     (135,690 )     (5 )

Net realized and unrealized gain (loss)

    3,100,757       658,252       531,817       1,421,599  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 118,579,691     $ 14,669,683     $ 5,746,239     $ 8,009,180  

 

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

F/m US Benchmark Series

 

Statements of Operations (CONTINUED)

FOR THE six months ended February 28, 2026 (Unaudited)

 

   

F/m
US Treasury
3 Year
Note ETF

    

F/m
US Treasury
5 Year
Note ETF

    

F/m
US Treasury
7 Year
Note ETF

    

F/m US
Treasury 10
Year Note
ETF

  

INVESTMENT INCOME:

                                

Interest income

  $ 179,102     $ 541,827     $ 164,375     $ 5,032,041  

Securities lending income

    —       —       —       30,292  

Total investment income

    179,102       541,827       164,375       5,062,333  
                                 

EXPENSES:

                                

Investment advisory fee

    7,697       22,443       6,343       184,126  

Total expenses

    7,697       22,443       6,343       184,126  

NET INVESTMENT INCOME

    171,405       519,384       158,032       4,878,207  
                                 

REALIZED AND UNREALIZED GAIN (LOSS)

                                

Net realized gain (loss) from:

                                

Investments

    11,369       (156,700 )     (54,536 )     5,060,093  

In-kind redemptions

    45,044       (5,998 )     —       116,100  

Net realized gain (loss)

    56,413       (162,698 )     (54,536 )     5,176,193  

Net change in unrealized appreciation (depreciation) on:

                                

Investments

    (13,603 )     424,921       182,146       971,596  

Net change in unrealized appreciation (depreciation)

    (13,603 )     424,921       182,146       971,596  

Net realized and unrealized gain (loss)

    42,810       262,223       127,610       6,147,789  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 214,215     $ 781,607     $ 285,642     $ 11,025,996  

 

 

 

The accompanying notes are an integral part of the financial statements.
16

 

 

F/m US Benchmark Series

 

Statements of Operations (Concluded)

FOR THE six months ended February 28, 2026 (Unaudited)

 

   

F/m US
Treasury 20
Year Bond
ETF

    

F/m
US Treasury
30 Year
Bond ETF

  

INVESTMENT INCOME:

                

Interest income

  $ 210,773     $ 611,657  

Securities lending income

    —       —  

Total investment income

    210,773       611,657  
                 

EXPENSES:

                

Investment advisory fee

    6,761       19,445  

Total expenses

    6,761       19,445  

NET INVESTMENT INCOME

    204,012       592,212  
                 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments

    317,785       624,133  

In-kind redemptions

    29,779       2,280  

Net realized gain (loss)

    347,564       626,413  

Net change in unrealized appreciation (depreciation) on:

                

Investments

    —       469,136  

Net change in unrealized appreciation (depreciation)

    —       469,136  

Net realized and unrealized gain (loss)

    347,564       1,095,549  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 551,576     $ 1,687,761  

 

 

 

The accompanying notes are an integral part of the financial statements.
17

 

 

F/m US Treasury 3 Month Bill FUND

 

Statements of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 115,478,934     $ 218,883,767  

Net realized gain (loss)

    3,340,971       3,047,448  

Net change in unrealized appreciation (depreciation)

    (240,214 )     (415,583 )

Net increase (decrease) in net assets from operations

     118,579,691       221,515,632  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - ETF Class

    (136,842,868 )     (219,157,772 )

From earnings - Institutional Class

    (301 )     —  

Total distributions to shareholders

    (136,843,169 )     (219,157,772 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - ETF Class

    13,227,476,445       7,025,942,323  

Shares redeemed - ETF Class

    (12,719,966,22 )     (5,211,405,626 )

Shares issued from reinvestment of distributions - Institutional Class

    301       —  

Shares redeemed - Institutional Class

    100,000       —  

Net increase (decrease) in net assets from capital transactions

    507,610,517       1,814,536,697  

NET INCREASE (DECREASE) IN NET ASSETS

     489,347,039       1,816,894,557  
                 

NET ASSETS:

                

Beginning of the period

  $ 5,921,401,643     $ 4,104,507,086  

End of the period

  $ 6,410,748,682     $ 5,921,401,643  
                 

SHARES TRANSACTIONS

                

Shares sold - ETF Class

    264,650,000       140,600,000  

Shares redeemed - ETF Class

    (254,470,000 )     (104,230,000 )

Shares sold - Institutional Class

    2,003       —  

Shares issued from reinvestment of distributions - Institutional Class

    6       —  

Total increase (decrease) in shares outstanding

    10,182,009       36,370,000  

 

 

The accompanying notes are an integral part of the financial statements.
18

 

 

F/m US Treasury 6 Month Bill ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 14,011,431     $ 29,565,246  

Net realized gain (loss)

    713,788       674,795  

Net change in unrealized appreciation (depreciation)

    (55,536 )     135,914  

Net increase (decrease) in net assets from operations

    14,669,683       30,375,955  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (16,838,662 )     (29,601,073 )

Total distributions to shareholders

    (16,838,662 )     (29,601,073 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    1,590,069,533       921,693,203  

Shares redeemed

    (1,656,787,950 )     (712,916,073 )

Net increase (decrease) in net assets from capital transactions

    (66,718,417 )     208,777,130  

NET INCREASE (DECREASE) IN NET ASSETS

    (68,887,396 )     209,552,012  
                 

NET ASSETS:

                

Beginning of the period

  $ 808,045,837     $ 598,493,825  

End of the period

  $ 739,158,441     $ 808,045,837  
                 

SHARES TRANSACTIONS

                

Shares sold

    —       18,380,000  

Shares redeemed

    14,770,000       (14,210,000 )

Total increase (decrease) in shares outstanding

    14,770,000       4,170,000  

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

F/m US Treasury 12 Month Bill ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 5,214,422     $ 10,999,571  

Net realized gain (loss)

    667,507       464,323  

Net change in unrealized appreciation (depreciation)

    (135,690 )     60,017  

Net increase (decrease) in net assets from operations

     5,746,239       11,523,911  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (6,134,649 )     (11,010,251 )

Total distributions to shareholders

    (6,134,649 )     (11,010,251 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    321,115,209       631,897,943  

Shares redeemed

    (298,027,175 )     (587,732,886 )

Net increase (decrease) in net assets from capital transactions

    23,088,034       44,165,057  

NET INCREASE (DECREASE) IN NET ASSETS

     22,699,624       44,678,717  
                 

NET ASSETS:

                

Beginning of the period

  $ 281,776,299     $ 237,097,582  

End of the period

  $ 304,475,923     $ 281,776,299  
                 

SHARES TRANSACTIONS

                

Shares sold

    6,070,000       12,610,000  

Shares redeemed

    —       (11,730,000 )

Total increase (decrease) in shares outstanding

    6,070,000       880,000  

 

 

The accompanying notes are an integral part of the financial statements.
20

 

 

F/m US Treasury 2 Year Note ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 6,587,581     $ 15,444,242  

Net realized gain (loss)

    1,421,604       2,819,340  

Net change in unrealized appreciation (depreciation)

    (5 )     (3,182,883 )

Net increase (decrease) in net assets from operations

     8,009,180       15,080,699  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (7,740,244 )     (15,833,836 )

From return of capital

    —       —  

Total distributions to shareholders

    (7,740,244 )     (15,833,836 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    54,910,509       87,275,224  

Shares redeemed

    (16,032,603 )     (162,431,255 )

Net increase (decrease) in net assets from capital transactions

    38,877,906       (75,156,031 )

NET INCREASE (DECREASE) IN NET ASSETS

     39,146,842       (75,909,168 )
                 

NET ASSETS:

                

Beginning of the period

  $ 376,565,001     $ 452,474,166  

End of the period

  $ 415,711,843     $ 376,564,998  
                 

SHARES TRANSACTIONS

                

Shares sold

    8,550,000       1,800,000  

Shares redeemed

    —       (3,370,000 )

Total increase (decrease) in shares outstanding

    8,550,000       (1,570,000 )

 

 

The accompanying notes are an integral part of the financial statements.
21

 

 

F/m US Treasury 3 Year Note ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 171,405     $ 327,434  

Net realized gain (loss)

    56,413       12,889  

Net change in unrealized appreciation (depreciation)

    (13,603 )     39,018  

Net increase (decrease) in net assets from operations

     214,215       379,341  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (199,943 )     (324,357 )

Total distributions to shareholders

    (199,943 )     (324,357 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    12,478,963       13,841,609  

Shares redeemed

    (11,471,326 )     (11,862,756 )

Net increase (decrease) in net assets from capital transactions

    1,007,637       1,978,853  

NET INCREASE (DECREASE) IN NET ASSETS

     1,021,909       2,033,837  
                 

NET ASSETS:

                

Beginning of the period

  $ 9,488,382     $ 7,454,545  

End of the period

  $ 10,510,291     $ 9,488,382  
                 

SHARES TRANSACTIONS

                

Shares sold

    250,000       280,000  

Shares redeemed

    (230,000 )     (240,000 )

Total increase (decrease) in shares outstanding

    20,000       40,000  

 

 

The accompanying notes are an integral part of the financial statements.
22

 

 

F/m US Treasury 5 Year Note ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 519,384     $ 1,543,443  

Net realized gain (loss)

    (162,698 )     436,607  

Net change in unrealized appreciation (depreciation)

    424,921       47,092  

Net increase (decrease) in net assets from operations

     781,607       2,027,142  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (608,443 )     (1,550,640 )

Total distributions to shareholders

    (608,443 )     (1,550,640 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    9,863,403       127,463,867  

Shares redeemed

    (6,396,473 )     (121,982,766 )

Net increase (decrease) in net assets from capital transactions

    3,466,930       5,481,101  

NET INCREASE (DECREASE) IN NET ASSETS

     3,640,094       5,957,603  
                 

NET ASSETS:

                

Beginning of the period

  $ 30,166,045     $ 24,208,442  

End of the period

  $ 33,806,139     $ 30,166,045  
                 

SHARES TRANSACTIONS

                

Shares sold

    200,000       2,600,000  

Shares redeemed

    (130,000 )     (2,480,000 )

Total increase (decrease) in shares outstanding

    70,000       120,000  

 

 

The accompanying notes are an integral part of the financial statements.
23

 

 

F/m US Treasury 7 Year Note ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 158,032     $ 237,839  

Net realized gain (loss)

    (54,536 )     (21,645 )

Net change in unrealized appreciation (depreciation)

    182,146       14,903  

Net increase (decrease) in net assets from operations

     285,642       231,097  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (181,119 )     (233,511 )

Total distributions to shareholders

    (181,119 )     (233,511 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    2,441,163       8,328,684  

Shares redeemed

    —       (6,412,004 )

Net increase (decrease) in net assets from capital transactions

    2,441,163       1,916,680  

NET INCREASE (DECREASE) IN NET ASSETS

     2,545,686       1,914,266  
                 

NET ASSETS:

                

Beginning of the period

  $ 7,305,960     $ 5,391,694  

End of the period

  $ 9,851,646     $ 7,305,960  
                 

SHARES TRANSACTIONS

                

Shares sold

    50,000       170,000  

Shares redeemed

    —       (130,000 )

Total increase (decrease) in shares outstanding

    50,000       40,000  

 

 

The accompanying notes are an integral part of the financial statements.
24

 

 

F/m US Treasury 10 Year Note ETF

 

Statements of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 4,878,207     $ 7,181,875  

Net realized gain (loss)

    5,176,193       (4,635,172 )

Net change in unrealized appreciation (depreciation)

    971,596       2,008,162  

Net increase (decrease) in net assets from operations

     11,025,996       4,554,865  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (5,660,263 )     (7,176,267 )

Total distributions to shareholders

    (5,660,263 )     (7,176,267 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    84,837,172       116,105,828  

Shares redeemed

    (26,147,677 )     (48,080,804 )

Net increase (decrease) in net assets from capital transactions

    58,689,495       68,025,024  

NET INCREASE (DECREASE) IN NET ASSETS

     64,055,228       65,403,622  
                 

NET ASSETS:

                

Beginning of the period

  $ 222,378,348     $ 156,974,726  

End of the period

  $ 286,433,576     $ 222,378,348  
                 

SHARES TRANSACTIONS

                

Shares sold

    6,550,000       2,670,000  

Shares redeemed

    (160,000 )     (1,100,000 )

Total increase (decrease) in shares outstanding

    6,390,000       1,570,000  

 

 

The accompanying notes are an integral part of the financial statements.
25

 

 

F/m US Treasury 20 Year Bond ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 204,012     $ 724,102  

Net realized gain (loss)

    347,564       (1,634,361 )

Net change in unrealized appreciation (depreciation)

    —       215,613  

Net increase (decrease) in net assets from operations

     551,576       (694,646 )
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (241,524 )     (724,102 )

From return of capital

    —       (53,451 )

Total distributions to shareholders

    (241,524 )     (777,553 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    438,074       23,969,122  

Shares redeemed

    (1,326,387 )     (39,220,340 )

Net increase (decrease) in net assets from capital transactions

    (888,313 )     (15,251,218 )

NET INCREASE (DECREASE) IN NET ASSETS

     (578,261 )     (16,723,417 )
                 

NET ASSETS:

                

Beginning of the period

  $ 9,526,153     $ 26,249,570  

End of the period

  $ 8,947,892     $ 9,526,153  
                 

SHARES TRANSACTIONS

                

Shares sold

    200,000       520,000  

Shares redeemed

    —       (860,000 )

Total increase (decrease) in shares outstanding

    200,000       (340,000 )

 

 

The accompanying notes are an integral part of the financial statements.
26

 

 

F/m US Treasury 30 Year Bond ETF

 

STATEMENTS of Changes in Net Assets

 

   

FOR THE
Six Months
ENDED
February 28,
2026
(Unaudited)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 592,212     $ 796,081  

Net realized gain (loss)

    626,413       (2,037,800 )

Net change in unrealized appreciation (depreciation)

    469,136       20,140  

Net increase (decrease) in net assets from operations

     1,687,761       (1,221,579 )
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (678,161 )     (785,822 )

Total distributions to shareholders

    (678,161 )     (785,822 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    9,672,691       7,434,926  

Shares redeemed

    (1,682,352 )     (2,106,020 )

Net increase (decrease) in net assets from capital transactions

    7,990,339       5,328,906  

NET INCREASE (DECREASE) IN NET ASSETS

     8,999,939       3,321,505  
                 

NET ASSETS:

                

Beginning of the period

  $ 21,276,173     $ 17,954,668  

End of the period

  $ 30,276,112     $ 21,276,173  
                 

SHARES TRANSACTIONS

                

Shares sold

    710,000       180,000  

Shares redeemed

    —       (50,000 )

Total increase (decrease) in shares outstanding

    710,000       130,000  

 

 

The accompanying notes are an integral part of the financial statements.
27

 

 

F/m US Treasury 3 Month Bill fund

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

ETF class shares

  
   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
YEAR
ENDED
AUGUST 31,
2023

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2022(a)

  

PER SHARE DATA:

                                        

Net asset value, beginning of period

  $ 50.01     $ 50.04     $ 50.06     $ 49.80     $ 49.75  

INVESTMENT OPERATIONS:

                                        

Net investment income(b)

    0.90       2.14       2.61       2.49       0.09  

Net realized and unrealized gain (loss) on investments(c)

    0.05       0.03       — (d)      (0.29 )     (0.04 )

Total from investment operations

    0.95       2.17       2.61       2.20       0.05  

LESS DISTRIBUTIONS FROM:

                                        

Net investment income

    (1.10 )     (2.20 )     (2.63 )     (1.94 )     —  

Total distributions

    (1.10 )     (2.20 )     (2.63 )     (1.94 )     —  

ETF transaction fees per share

    0.00 (d)      0.00 (d)      —       —       —  

Net asset value, end of period

  $ 49.86     $ 50.01     $ 50.04     $ 50.06     $ 49.80  

TOTAL RETURN(e)(g)

    1.92 %     4.46 %     5.37 %     4.50 %     0.10 %

SUPPLEMENTAL DATA AND RATIOS:

                                        

Net assets, end of period (in thousands)

  $ 6,410,630     $ 5,921,402     $ 4,104,507     $ 1,776,583     $ 38,844  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.65 %     4.29 %     5.21 %     4.98 %     2.61 %

Portfolio turnover rate(e)

    0 %     0 %     0 %     0 %     0 %

 

 

(a)

Inception date of the Fund was August 8, 2022.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

 

The accompanying notes are an integral part of the financial statements.
28

 

 

F/m US Treasury 3 Month Bill fund

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

Institutional
Class
Shares

  
   

For the
Six Months
Ended
February 28,
2026(a)
(Unaudited)

  

PER SHARE DATA:

        

Net asset value, beginning of period

  $ 49.92  

INVESTMENT OPERATIONS:

        

Net investment income(b)

    0.07  

Net realized and unrealized gain (loss) on investments(c)

    0.02  

Total from investment operations

    0.09  

LESS DISTRIBUTIONS FROM:

        

Net investment income

    (0.15 )

Total distributions

    (0.15 )

Net asset value, end of period

  $ 49.86  

TOTAL RETURN(d)(g)

    0.18 %

SUPPLEMENTAL DATA AND RATIOS:

        

Net assets, end of period (in thousands)

  $ 100  

Ratio of expenses to average net assets(e)

    0.15 %

Ratio of net investment income (loss) to average net assets(e)

    4.54 %

Portfolio turnover rate(d)

    0 %

 

 

(a)

Inception date of the Fund was February 11, 2026.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

 

The accompanying notes are an integral part of the financial statements.
29

 

 

F/m US Treasury 6 Month Bill ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 50.19     $ 50.17     $ 50.13     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.94       2.11       2.58       1.28  

Net realized and unrealized gain (loss) on investments(c)

    —       0.06       0.09       (0.12 )

Total from investment operations

    0.94       2.17       2.67       1.16  

LESS DISTRIBUTIONS FROM:

                                

Net investment income

    (1.09 )     (2.15 )     (2.63 )     (1.03 )

Total distributions

    (1.09 )     (2.15 )     (2.63 )     (1.03 )

ETF transaction fees per share

    —       0.00 (d)      —       —  

Net asset value, end of period

  $ 50.04     $ 50.19     $ 50.17     $ 50.13  

TOTAL RETURN(e)(h)

    1.91 %     4.44 %     5.48 %     2.35 %

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 739,158     $ 808,046     $ 598,494     $ 311,318  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.58 %     4.20 %     5.14 %     5.26 %

Portfolio turnover rate(e)(g)

    0 %     0 %     0 %     0 %

 

 

(a)

Inception date of the Fund was March 6, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

(h)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
30

 

 

F/m US Treasury 12 Month Bill ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
Period
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 50.23     $ 50.13     $ 49.91     $ 50.07  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.86       2.00       2.47       1.96  

Net realized and unrealized gain (loss) on investments(c)

    0.11       0.14       0.25       (0.48 )

Total from investment operations

    0.97       2.14       2.72       1.48  

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (1.04 )     (2.04 )     (2.50 )     (1.64 )

Total distributions

    (1.04 )     (2.04 )     (2.50 )     (1.64 )

ETF transaction fees per share

    —       0.00 (d)      —       —  

Net asset value, end of period

  $ 50.16     $ 50.23     $ 50.13     $ 49.91  

TOTAL RETURN(e)(h)

    1.96 %     4.38 %     5.58 %     3.01 %

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 304,476     $ 281,776     $ 237,098     $ 126,282  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.49 %     3.99 %     4.94 %     4.93 %

Portfolio turnover rate(e)(g)

    0 %     0 %     0 %     0 %

 

 

(a)

Inception date of the Fund was November 14, 2022.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

(h)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

 

The accompanying notes are an integral part of the financial statements.
31

 

 

F/m US Treasury 2 Year Note ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
YEAR
ENDED
AUGUST 31,
2023

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2022(a)

  

PER SHARE DATA:

                                        

Net asset value, beginning of period

  $ 48.59     $ 48.55     $ 48.16     $ 49.74     $ 49.84  

INVESTMENT OPERATIONS:

                                        

Net investment income(b)

    0.78       1.83       2.16       2.02       0.11  

Net realized and unrealized gain (loss) on investments(c)

    0.21       0.07       0.43       (1.84 )     (0.21 )

Total from investment operations

    0.99       1.90       2.59       0.18       (0.10 )

LESS DISTRIBUTIONS FROM:

                                       

Net investment income

    (0.96 )     (1.86 )     (2.20 )     (1.76 )     —  

Total distributions

    (0.96 )     (1.86 )     (2.20 )     (1.76 )     —  

ETF transaction fees per share

    —       0.00 (d)      —       —       —  

Net asset value, end of period

  $ 48.62     $ 48.59     $ 48.55     $ 48.16     $ 49.74  

TOTAL RETURN(e)(h)

    2.06 %     4.00 %     5.54 %     0.38 %     (0.20 )%

SUPPLEMENTAL DATA AND RATIOS:

                                        

Net assets, end of period (in thousands)

  $ 415,712     $ 376,565     $ 452,474     $ 305,342     $ 17,907  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.39 %     3.78 %     4.49 %     4.15 %     3.54 %

Portfolio turnover rate(e)(g)

    603 %     1,301 %     1091 %     1048 %     100 %

 

 

(a)

Inception date of the Fund was August 8, 2022.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

(h)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

 

 

The accompanying notes are an integral part of the financial statements.
32

 

 

F/m US Treasury 3 Year Note ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 49.94     $ 49.70     $ 49.02     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.82       1.86       2.01       0.82  

Net realized and unrealized gain (loss) on investments(c)

    0.26       0.24       0.76       (1.15 )

Total from investment operations

    1.08       2.10       2.77       (0.33 )

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (0.97 )     (1.87 )     (2.09 )     (0.65 )

Total distributions

    (0.97 )     (1.87 )     (2.09 )     (0.65 )

ETF transaction fees per share

    —       0.01       —       —  

Net asset value, end of period

  $ 50.05     $ 49.94     $ 49.70     $ 49.02  

TOTAL RETURN(d)(g)

    2.20 %     4.36 %     5.82 %     (0.66 )%

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 10,510     $ 9,488     $ 7,455     $ 1,471  

Ratio of expenses to average net assets(e)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(e)

    3.34 %     3.76 %     4.09 %     3.86 %

Portfolio turnover rate(d)(f)

    507 %     1,086 %     905 %     422 %

 

 

(a)

Inception date of the Fund was March 27, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
33

 

 

F/m US Treasury 5 Year Note ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 49.45     $ 49.40     $ 48.58     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.76       1.86       1.98       0.79  

Net realized and unrealized gain (loss) on investments(c)

    0.48       0.06       0.86       (1.63 )

Total from investment operations

    1.24       1.92       2.84       (0.84 )

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (0.98 )     (1.87 )     (2.02 )     (0.58 )

Total distributions

    (0.98 )     (1.87 )     (2.02 )     (0.58 )

ETF transaction fees per share

    —       0.00 (d)      —       —  

Net asset value, end of period

  $ 49.71     $ 49.45     $ 49.40     $ 48.58  

TOTAL RETURN(e)(h)

    2.55 %     4.00 %     6.06 %     (1.69 )%

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 33,806     $ 30,166     $ 24,208     $ 4,372  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.47 %     3.82 %     4.09 %     3.77 %

Portfolio turnover rate(e)(g)

    492 %     1,037 %     1036 %     548 %

 

 

(a)

Inception date of the Fund was March 27, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

(h)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
34

 

 

F/m US Treasury 7 Year Note ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 48.71     $ 49.02     $ 48.14     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.79       1.86       1.97       0.75  

Net realized and unrealized gain (loss) on investments(c)

    0.80       (0.30 )     0.90       (2.03 )

Total from investment operations

    1.59       1.56       2.87       (1.28 )

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (1.04 )     (1.88 )     (1.99 )     (0.58 )

Total distributions

    (1.04 )     (1.88 )     (1.99 )     (0.58 )

ETF transaction fees per share

    —       0.01       —       —  

Net asset value, end of period

  $ 49.26     $ 48.71     $ 49.02     $ 48.14  

TOTAL RETURN(d)(g)

    3.31 %     3.34 %     6.15 %     (2.58 )%

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 9,852     $ 7,306     $ 5,392     $ 963  

Ratio of expenses to average net assets(e)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(e)

    3.74 %     3.88 %     4.11 %     3.55 %

Portfolio turnover rate(d)(f)

    499 %     1,122 %     1064 %     497 %

 

 

(a)

Inception date of the Fund was March 27, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
35

 

 

F/m US Treasury 10 Year Note ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
YEAR
ENDED
AUGUST 31,
2023

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2022(a)

  

PER SHARE DATA:

                                        

Net asset value, beginning of period

  $ 43.95     $ 44.98     $ 44.52     $ 48.41     $ 49.91  

INVESTMENT OPERATIONS:

                                        

Net investment income(b)

    0.76       1.79       1.79       1.55       0.09  

Net realized and unrealized gain (loss) on investments(c)

    1.13       (1.02 )     0.42       (3.88 )     (1.59 )

Total from investment operations

    1.89       0.77       2.21       (2.33 )     (1.50 )

LESS DISTRIBUTIONS FROM:

                                       

Net investment income

    (1.01 )     (1.80 )     (1.75 )     (1.56 )     —  

Total distributions

    (1.01 )     (1.80 )     (1.75 )     (1.56 )     —  

ETF transaction fees per share

    —       0.00 (d)      —       —       —  

Net asset value, end of period

  $ 44.83     $ 43.95     $ 44.98     $ 44.52     $ 48.41  

TOTAL RETURN(e)(h)

    4.35 %     1.81 %     5.15 %     (4.87 )%     (3.00 )%

SUPPLEMENTAL DATA AND RATIOS:

                                        

Net assets, end of period (in thousands)

  $ 286,434     $ 222,378     $ 156,975     $ 56,094     $ 20,334  

Ratio of expenses to average net assets(f)

    0.15 %     0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(f)

    3.97 %     4.10 %     4.08 %     3.40 %     2.77 %

Portfolio turnover rate(e)(g)

    217 %     402 %     317 %     289 %     97 %

 

 

(a)

Inception date of the Fund was August 8, 2022.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

(h)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

 

The accompanying notes are an integral part of the financial statements.
36

 

 

F/m US Treasury 20 Year Bond ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 43.30     $ 46.87     $ 46.86     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    1.02       2.01       2.00       0.81  

Net realized and unrealized gain (loss) on investments(c)

    1.59       (3.61 )     (0.01 )     (3.34 )

Total from investment operations

    2.61       (1.60 )     1.99       (2.53 )

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (1.17 )     (1.83 )     (1.98 )     (0.61 )

Return of capital

    —       (0.15 )     —       —  

Total distributions

    (1.17 )     (1.98 )     (1.98 )     (0.61 )

ETF transaction fees per share

    —       0.01       —       —  

Net asset value, end of period

  $ 44.74     $ 43.30     $ 46.87     $ 46.86  

TOTAL RETURN(d)(g)

     6.10 %     (3.45 )%     4.47 %     (5.10 )%

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 8,948     $ 9,526     $ 26,250     $ 1,874  

Ratio of expenses to average net assets(e)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(e)

    4.53 %     4.49 %     4.38 %     3.87 %

Portfolio turnover rate(d)(f)

    192 %     353 %     344 %     219 %

 

 

(a)

Inception date of the Fund was March 27, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
37

 

 

F/m US Treasury 30 Year Bond ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

For the
Six Months
Ended
February 28,
2026
(Unaudited)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024

    

FOR THE
PERIOD
ENDED
AUGUST 31,
2023(a)

  

PER SHARE DATA:

                                

Net asset value, beginning of period

  $ 40.92     $ 46.04     $ 46.37     $ 50.00  

INVESTMENT OPERATIONS:

                                

Net investment income(b)

    0.85       1.90       1.89       0.77  

Net realized and unrealized gain (loss) on investments(c)

    1.96       (5.14 )     (0.34 )     (3.83 )

Total from investment operations

    2.81       (3.24 )     1.55       (3.06 )

LESS DISTRIBUTIONS FROM:

                               

Net investment income

    (1.09 )     (1.89 )     (1.88 )     (0.57 )

Total distributions

    (1.09 )     (1.89 )     (1.88 )     (0.57 )

ETF transaction fees per share

    —       0.01       —       —  

Net asset value, end of period

  $ 42.64     $ 40.92     $ 46.04     $ 46.37  

TOTAL RETURN(d)(g)

    6.97 %     (7.16 )%     3.59 %     (6.17 )%

SUPPLEMENTAL DATA AND RATIOS:

                                

Net assets, end of period (in thousands)

  $ 30,276     $ 21,276     $ 17,955     $ 2,782  

Ratio of expenses to average net assets(e)

    0.15 %     0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets(e)

    4.57 %     4.46 %     4.25 %     3.72 %

Portfolio turnover rate(d)(f)

    217 %     390 %     286 %     180 %

 

 

(a)

Inception date of the Fund was March 27, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Annualized for periods less than one year.

(f)

Portfolio turnover rate excludes in-kind transactions.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

 

The accompanying notes are an integral part of the financial statements.
38

 

 

F/m US Benchmark Series

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the F/m US Treasury 3 Month Bill Fund (effective February 11, 2026, the Fund was renamed from the F/m US Treasury 3 Month Bill ETF to the F/m US Treasury 3 Month Bill Fund), the F/m US Treasury 6 Month Bill ETF, the F/m US Treasury 12 Month Bill ETF, the F/m US Treasury 2 Year Note ETF, the F/m US Treasury 3 Year Note ETF, the F/m US Treasury 5 Year Note ETF, the F/m US Treasury 7 Year Note ETF, the F/m US Treasury 10 Year Note ETF, the F/m US Treasury 20 Year Bond ETF, and the F/m US Treasury 30 Year Bond ETF (each a “Fund” and together the “Funds” or “F/m US Benchmark Series”).

 

Effective February 11, 2026, the F/m US Treasury 3 Month Bill Fund, began offering Institutional Class Shares (a conventional mutual fund share class) in addition to an exchange-traded share class (the “ETF Class Shares”).

 

The investment objective of each Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield of each Fund’s corresponding benchmark Index:

 

FUND

BENCHMARK INDEX

F/m US Treasury 3 Month Bill Fund

Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index

F/m US Treasury 6 Month Bill ETF

Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index

F/m US Treasury 12 Month Bill ETF

Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index

F/m US Treasury 2 Year Note ETF

Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index

F/m US Treasury 3 Year Note ETF

Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index

F/m US Treasury 5 Year Note ETF

Bloomberg US Treasury Bellwether 5Y Total Return USD Unhedged Index

F/m US Treasury 7 Year Note ETF

Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index

F/m US Treasury 10 Year Note ETF

Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index

F/m US Treasury 20 Year Bond ETF

Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index

F/m US Treasury 30 Year Bond ETF

Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — The Funds value their investments at fair value. Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open (with the exception of the F/m US Treasury 3 Month Bill Fund that is priced twice daily at 1:00 p.m. Eastern Time and 4:00 p.m. Eastern Time.) Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s board of directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

39

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated F/m Investments LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Funds’ investments carried at fair value:

 

F/m US TREASURY 3 MONTH BILL Fund

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Bills

  $ —     $ 6,410,284,194     $ —     $ 6,410,284,194  

Money Market Funds Purchased with Proceeds from Securities Lending

    19,529,415       —       —       19,529,415  

Repurchase Agreements Purchased with Proceeds from Securities Lending

    —       2,825,000,000       —       2,850,000,000  

Total Investments

  $ 19,529,415     $ 9,235,284,194     $ —     $ 9,254,813,609  

 

F/m US TREASURY 6 MONTH BILL ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Bills

  $ —     $ 739,089,340     $ —     $ 739,089,340  

Money Market Funds Purchased with Proceeds from Securities Lending

    5,887,777       —       —       5,887,777  

Repurchase Agreements Purchased with Proceeds from Securities Lending

    —       250,000,000       —       250,000,000  

Total Investments

  $ 5,887,777     $ 989,089,340     $ —     $ 994,977,117  

 

40

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

F/m US TREASURY 12 MONTH BILL ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Bills

  $ —     $ 304,457,327     $ —     $ 304,457,327  

Money Market Funds Purchased with Proceeds from Securities Lending

    7,730,560       —       —       7,730,560  

Repurchase Agreements Purchased with Proceeds from Securities Lending

    —       125,000,000       —       125,000,000  

Total Investments

  $ 7,730,560     $ 429,457,327     $ —     $ 437,187,887  

 

F/m US TREASURY 2 YEAR NOTE ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 415,683,551     $ —     $ 415,683,551  

Money Market Funds Purchased with Proceeds from Securities Lending

    13,336,239       —       —       13,336,239  

Repurchase Agreements Purchased with Proceeds from Securities Lending

    —       150,000,000       —       150,000,000  

Total Investments

  $ 13,336,239     $ 565,683,551     $ —     $ 579,019,790  

 

F/m US TREASURY 3 YEAR NOTE ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 10,495,511     $ —     $ 10,495,511  

Total Investments

  $ —     $ 10,495,511     $ —     $ 10,495,511  

 

F/m US TREASURY 5 YEAR NOTE ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 33,704,025     $ —     $ 33,704,025  

Total Investments

  $ —     $ 33,704,025     $ —     $ 33,704,025  

 

F/m US TREASURY 7 YEAR NOTE ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 9,819,928     $ —     $ 9,819,928  

Total Investments

  $ —     $ 9,819,928     $ —     $ 9,819,928  

 

41

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

F/m US TREASURY 10 YEAR NOTE ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 285,980,394     $ —     $ 285,980,394  

Total Investments

  $ —     $ 285,980,394     $ —     $ 285,980,394  

 

F/m US TREASURY 20 YEAR BOND ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 8,933,407     $ —     $ 8,933,407  

Total Investments

  $ —     $ 8,933,407     $ —     $ 8,933,407  

 

F/m US TREASURY 30 YEAR BOND ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 30,220,298     $ —     $ 30,220,298  

Total Investments

  $ —     $ 30,220,298     $ —     $ 30,220,298  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values each Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Funds did not have any significant Level 3 transfers during the current fiscal period.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. The F/m US Treasury 3 Month Bill Fund’s investment

 

42

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

income, expenses and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody fees, the directors and counsel to the directors and the officers of the Company. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions, if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders to adhere to specific procedures and timetables.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

 

CASH AND CASH EQUIVALENTS — The Funds may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and the Funds’ principal investment strategies. The Funds may temporarily invest without limit in such instruments for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, a Fund may not be able to achieve its investment objective.

 

Inflation-Protected Securities — Each Fund may invest in inflation-protected securities. Inflation protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

 

Other Investment Companies — Each Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, a Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company; and 10% of such Fund’s total assets in the aggregate. A Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject to the percentage limitations set forth above. The U.S. Securities and Exchange Commission (the “SEC”) has adopted rules, including Rule 12d1-4 under the 1940 Act, permitting funds to invest in other investment companies in excess of the limits described above. While Rule 12d1-4 permits more types of fund of funds arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

 

43

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

U.S. Government Securities — Each Fund may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government agency securities include securities issued by (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

 

Zero-Coupon and Step Coupon Securities — Each Fund may invest in zero-coupon and step coupon securities. Zero-coupon securities pay no cash income to their holders until they mature. When held to maturity, their entire return comes from the difference between their purchase price and their maturity value. Step coupon securities are debt securities that may not pay interest for a specified period of time and then, after the initial period, may pay interest at a series of different rates. Both zero-coupon and step coupon securities are issued at substantial discounts from their value at maturity. Because interest on these securities is not paid on a current basis, the values of securities of this type are subject to greater fluctuations than are the value of securities that distribute income regularly and may be more speculative than such securities. Accordingly, the values of these securities may be highly volatile as interest rates rise or fall. In addition, while such securities generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause a Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by the Code.

 

In lieu of purchasing money market instruments, a Fund may purchase shares of money market mutual funds that invest primarily in U.S. government securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear that fund’s fees and expenses, which will be in addition to the fees and expenses of the Fund. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) of each Fund is the Investment Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of each Fund. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Funds compensate the Adviser with a unitary management fee for its services at an annual rate of 0.15% of each Fund’s average daily net assets during the month. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, directors and officers and other services. However, under the

 

44

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes, and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by a Fund in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

 

FUND

  

U.S. GOVERNMENT
PURCHASES

    

U.S. GOVERNMENT
SALES

  

F/m US Treasury 3 Month Bill Fund

  $ —     $ —  

F/m US Treasury 6 Month Bill ETF

    —       —  

F/m US Treasury 12 Month Bill ETF

    —       —  

F/m US Treasury 2 Year Note ETF

    2,373,341,753       2,373,226,600  

F/m US Treasury 3 Year Note ETF

    61,388,149       51,958,172  

F/m US Treasury 5 Year Note ETF

    150,303,101       150,391,145  

F/m US Treasury 7 Year Note ETF

    42,337,588       42,361,899  

F/m US Treasury 10 Year Note ETF

    537,421,222       537,789,540  

F/m US Treasury 20 Year Bond ETF

    17,371,839       17,369,001  

F/m US Treasury 30 Year Bond ETF

    56,493,560       56,529,718  

 

45

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

 

FUND

  

U.S. GOVERNMENT
IN-KIND
PURCHASES

    

U.S. GOVERNMENT
IN-KIND SALES

  

F/m US Treasury 3 Month Bill Fund

  $ —     $ —  

F/m US Treasury 6 Month Bill ETF

    —       —  

F/m US Treasury 12 Month Bill ETF

    —       —  

F/m US Treasury 2 Year Note ETF

    54,782,632       15,991,526  

F/m US Treasury 3 Year Note ETF

    2,987,652       11,438,229  

F/m US Treasury 5 Year Note ETF

    9,833,079       6,374,861  

F/m US Treasury 7 Year Note ETF

    2,438,043       —  

F/m US Treasury 10 Year Note ETF

    84,212,803       25,974,508  

F/m US Treasury 20 Year Bond ETF

    436,865       1,315,298  

F/m US Treasury 30 Year Bond ETF

    9,615,534       1,684,629  

 

4. ETF SHARE TRANSACTIONS

 

ETF shares of the Funds are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”). Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant agreement with Quasar. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

Each Fund, other than the F/m US Treasury 3 Month Bill Fund, currently offers one class of shares. The shares of each Fund, and the ETF Class Shares of the F/m US Treasury 3 Month Bill Fund, have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transactions. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets.

 

5. FEDERAL INCOME TAX INFORMATION

 

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

46

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the close of the Funds’ fiscal year, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

 

FUND

  

FEDERAL
TAX COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

F/m US Treasury 3 Month Bill Fund

  $ 5,921,007,712     $ 1,145,231     $ (7,463 )   $ 1,137,768  

F/m US Treasury 6 Month Bill ETF

    807,946,118       189,379       (985 )     188,394  

F/m US Treasury 12 Month Bill ETF

    281,649,891       157,516       (12 )     157,504  

F/m US Treasury 2 Year Note ETF

    375,358,293       5       —       5  

F/m US Treasury 3 Year Note ETF

    9,441,413       32,152       —       32,152  

F/m US Treasury 5 Year Note ETF

    30,071,641       —       —       —  

F/m US Treasury 7 Year Note ETF

    7,278,613       —       —       —  

F/m US Treasury 10 Year Note ETF

    220,853,401       1,116,562       —       1,116,562  

F/m US Treasury 20 Year Bond ETF

    9,461,443       —       —       —  

F/m US Treasury 30 Year Bond ETF

    21,379,850       —       (149,666 )     (149,666 )

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

As of August 31, 2025, the close of the Funds’ fiscal year, there were permanent differences related to redemptions in-kind and return of capital distributions paid between distributable earnings/(loss) and paid-in capital, respectively for the following funds:

 

FUND

  

Distributable
Earnings/(Loss)

    

Paid-In-Capital

  

F/m US Treasury 3 Month Bill Fund

  $ (3,249,171 )   $ 3,249,171  

F/m US Treasury 6 Month Bill ETF

    (909,292 )     909,292  

F/m US Treasury 12 Month Bill ETF

    (637,218 )     637,218  

F/m US Treasury 2 Year Note ETF

    180,731       (180,731 )

F/m US Treasury 3 Year Note ETF

    (40,725 )     40,725  

F/m US Treasury 5 Year Note ETF

    (670,096 )     670,096  

F/m US Treasury 7 Year Note ETF

    (39,971 )     39,971  

F/m US Treasury 10 Year Note ETF

    (281,676 )     281,676  

F/m US Treasury 20 Year Bond ETF

    275,509       (275,509 )

F/m US Treasury 30 Year Bond ETF

    47,646       (47,646 )

 

47

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the close of the Funds’ fiscal year, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

Net UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

Capital
loss
carryover

    

Qualified late-
year loss

  

F/m US Treasury 3 Month Bill Fund

  $ 9,776,649     $ —     $ 1,137,768       (1,772,014 )   $ —  

F/m US Treasury 6 Month Bill ETF

    970,598       —       188,394       (613,130 )     —  

F/m US Treasury 12 Month Bill ETF

    463,287       —       157,504       (913,284 )     —  

F/m US Treasury 2 Year Note ETF

    432,250       —       5       (6,399,271 )     —  

F/m US Treasury 3 Year Note ETF

    10,666       —       32,152       (132,097 )     —  

F/m US Treasury 5 Year Note ETF

    26,063       —       —       (258,439 )     —  

F/m US Treasury 7 Year Note ETF

    18,065       —       —       (102,397 )     —  

F/m US Treasury 10 Year Note ETF

    369,988       —       1,116,562       (8,738,470 )     —  

F/m US Treasury 20 Year Bond ETF

    —       —       —       (2,047,175 )     —  

F/m US Treasury 30 Year Bond ETF

    18,005       —       (149,666 )     (2,844,470 )     —  

 

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

 

The tax characters of dividends and distributions paid during the fiscal year ended August 31, 2025, the close of the Funds’ fiscal year, was as follows:

 

FUND

  

YEARS
ENDED

    

Ordinary
Income

    

Long-Term
Capital Gains

    

RETURN OF
Capital

  

F/m US Treasury 3 Month Bill Fund

    August 31, 2025     $ 219,157,772     $ —     $ —  

F/m US Treasury 6 Month Bill ETF

    August 31, 2025       29,601,073       —       —  

F/m US Treasury 12 Month Bill ETF

    August 31, 2025       11,010,251       —       —  

F/m US Treasury 2 Year Note ETF

    August 31, 2025       15,833,836       —       —  

F/m US Treasury 3 Year Note ETF

    August 31, 2025       324,357       —       —  

F/m US Treasury 5 Year Note ETF

    August 31, 2025       1,550,640       —       —  

F/m US Treasury 7 Year Note ETF

    August 31, 2025       233,511       —       —  

F/m US Treasury 10 Year Note ETF

    August 31, 2025       7,176,267       —       —  

F/m US Treasury 20 Year Bond ETF

    August 31, 2025       724,102       —       53,451  

F/m US Treasury 30 Year Bond ETF

    August 31, 2025       785,822       —       —  

 

The Funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the F/m US Treasury 3 Month Bill Fund had unexpiring short-term losses of $1,772,014, the F/m US Treasury 6 Month Bill ETF had unexpiring short-term losses of $613,131, the F/m US Treasury 12 Month Bill ETF had unexpiring short-term losses of $913,284, the F/m US Treasury 2 Year Note ETF had unexpiring short-term losses of $6,399,271, the F/m US Treasury 3 Year Note ETF had unexpiring short-term losses of $132,097, the F/m US Treasury 5 Year Note ETF had unexpiring short-term losses of $258,439, the F/m US Treasury 7 Year Note ETF had unexpiring short-term losses of $102,397, the F/m US Treasury 10 Year Note ETF had unexpiring short-term losses of $8,738,470, the F/m US Treasury 20 Year Bond ETF had unexpiring short-term losses of $2,047,175, and the F/m US Treasury 30 Year Bond ETF had unexpiring short-term losses of $2,844,470. During the tax year ended August 31, 2025, the following Funds utilized capital loss carryforwards:

 

FUND

  

Capital Loss
Carryforward
Used

  

F/m US Treasury 2 Year Note ETF

  $ 3,000,071  

 

48

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation to the securities lending agent, is shown below. Collateral is either held as cash or invested in short-term investments and the Funds bear the risk of loss of the invested collateral. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

  

MARKET VALUE OF
SECURITIES
LOANED

    

MARKET VALUE OF
COLLATERAL

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

F/m US Treasury 3 Month Bill Fund - ETF Class Shares

  $ 2,794,648,200     $ 2,850,844,000     $ 2,209,663  

F/m US Treasury 6 Month Bill ETF

    251,461,120       256,512,000       198,146  

F/m US Treasury 12 Month Bill ETF

    130,480,200       133,096,500       85,980  

F/m US Treasury 2 Year Note ETF

    160,533,963       163,760,000       72,812  

F/m US Treasury 10 Year Note ETF

    —       —       30,292  

 

The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Cash received as securities lending collateral is not reflected in this table.

 

   

Remaining Contractual Maturity of the Agreements
As of February 28, 2026

  

Securities Lending
Transactions(1)

 

Overnight and
Continuous

    

<30 days

    

Between 30 & 90
days

    

>90 days

    

Total

  

F/m US Treasury 3 Month Bill Fund - ETF Class Shares

                                        

Government Money Market

  $ 19,529,415     $ —     $ —     $ —     $ 19,529,415  

Repurchase Agreements

    —       500,000,000       2,325,000,000       —       2,825,000,000  

Total Borrowings

  $ 19,529,415     $ 500,000,000     $ 2,325,000,000     $ —     $ 2,844,529,415  

Gross amount of recognized liabilities for securities lending transactions

                                  $ 2,844,529,415  

F/m US Treasury 6 Month Bill ETF

                                        

Government Money Market

  $ 5,887,777     $ —     $ —     $ —     $ 5,887,777  

Repurchase Agreements

    —       —       250,000,000       —       250,000,000  

Total Borrowings

  $ 5,887,777     $ —     $ 250,000,000     $ —     $ 255,887,777  

Gross amount of recognized liabilities for securities lending transactions

                                  $ 255,887,777  

 

49

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

   

Remaining Contractual Maturity of the Agreements
As of February 28, 2026

  

Securities Lending
Transactions(1)

 

Overnight and
Continuous

    

<30 days

    

Between 30 & 90
days

    

>90 days

    

Total

  

F/m US Treasury 12 Month Bill ETF

                                        

Government Money Market

  $ 7,730,560     $ —     $ —     $ —     $ 7,730,560  

Repurchase Agreements

    —       —       125,000,000       —       125,000,000  

Total Borrowings

  $ 7,730,560     $ —     $ 125,000,000     $ —     $ 132,730,560  

Gross amount of recognized liabilities for securities lending transactions

                                  $ 132,730,560  

F/m US Treasury 2 Year Note ETF

                                        

Government Money Market

  $ 13,336,239     $ —     $ —     $ —     $ 13,336,239  

Repurchase Agreements

    —       —       150,000,000       —       150,000,000  

Total Borrowings

  $ 13,336,239     $ —     $ 150,000,000     $ —     $ 163,336,239  

Gross amount of recognized liabilities for securities lending transactions

                                  $ 163,336,239  

 

(1)

Amounts represent the payable for cash collateral received on securities on loan. The payable will be allocated into categories of securities based on the market value of the securities on loan.

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN
THE STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS AMOUNTS
OF RECOGNIZED
ASSETS

    

GROSS AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET AMOUNT2

  

F/m US Treasury 3 Month Bill Fund - ETF Class Shares

  $ 2,794,648,200     $ —     $ 2,794,648,200     $ (2,794,648,200 )   $ —     $ —  

F/m US Treasury 6 Month Bill ETF

    251,461,120       —       251,461,120       (251,461,120 )     —       —  

F/m US Treasury 12 Month Bill ETF

    130,480,200       —       130,480,200       (130,480,200 )     —       —  

F/m US Treasury 2 Year Note ETF

    160,533,963       —       160,533,963       (160,533,963 )     —       —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

50

 

 

F/m US Benchmark Series

 

Notes to Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

7. SUBSEQUENT EVENTS

 

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

 

Subsequent to February 28, 2026, the Funds paid the following distributions:

 

Fund

Record Date

Ex-Date

Pay Date

Distribution
Rate Per Share

F/m US Treasury 3 Month Bill Fund

3/30/2026

3/30/2026

3/31/2026

$0.14721389

F/m US Treasury 6 Month Bill ETF

3/30/2026

3/30/2026

3/31/2026

$0.14597677

F/m US Treasury 12 Month Bill ETF

3/30/2026

3/30/2026

3/31/2026

$0.14256854

F/m US Treasury 2 Year Note ETF

3/30/2026

3/30/2026

3/31/2026

$0.13015111

F/m US Treasury 3 Year Note ETF

3/30/2026

3/30/2026

3/31/2026

$0.13803000

F/m US Treasury 5 Year Note ETF

3/30/2026

3/30/2026

3/31/2026

$0.13736912

F/m US Treasury 7 Year Note ETF

3/30/2026

3/30/2026

3/31/2026

$0.14507500

F/m US Treasury 10 Year Note ETF

3/30/2026

3/30/2026

3/31/2026

$0.14343623

F/m US Treasury 20 Year Bond ETF

3/30/2026

3/30/2026

3/31/2026

$0.15843000

F/m US Treasury 30 Year Bond ETF

3/30/2026

3/30/2026

3/31/2026

$0.15541972

 

51

 

 

F/m US BENCHMARK SERIES

 

Notice to Shareholders

(UNAUDITED)

 

INFORMATION ON PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 617-0004; and (ii) on the SEC’s website at http://www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of each Fund trade on the Exchange (excluding the mutual fund share class of the F/m US Treasury 3 Month Bill Fund) at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of a Fund is available, without charge, on the Funds’ website at https://www.fminvest.com/etfs.

 

52

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

F/m 2-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTWO)

F/m 3-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTRE)

F/m 10-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTEN)

F/m Opportunistic Income ETF | (Nasdaq: ZHOG)

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | (Nasdaq: RBIL)

F/m High Yield 100 ETF | (Nasdaq: ZTOP)

F/m Ultrashort Tax-Free Municipal ETF | (Nasdaq: ZMUN)

Each a series of The RBB Fund, Inc.

 

F/m Investments LLC

 

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 98.7%

Communications — 3.7%

Alphabet, Inc., 0.80%, 08/15/2027

  $ 44,000     $ 42,336  

AT&T, Inc., 1.65%, 02/01/2028

    44,000       42,188  

Booking Holdings, Inc., 3.55%, 03/15/2028

    42,000       41,725  

Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 03/15/2028

    42,000       41,950  

Comcast Corp., 3.55%, 05/01/2028

    42,000       41,786  

Cox Communications, Inc., 3.50%, 08/15/2027 (a)

    42,000       41,641  

Expedia Group, Inc., 3.80%, 02/15/2028

    42,000       41,794  

Frontier Communications Holdings LLC, 5.00%, 05/01/2028 (a)

    42,000       42,043  

Meta Platforms, Inc., 4.60%, 05/15/2028

    42,000       42,832  

Netflix, Inc., 4.88%, 04/15/2028

    42,000       42,933  

Paramount Global, 3.70%, 06/01/2028

    43,000       41,719  

TELUS Corp., 3.70%, 09/15/2027

    42,000       41,761  

T-Mobile USA, Inc., 4.80%, 07/15/2028

    42,000       42,823  

Verizon Communications, Inc., 2.10%, 03/22/2028

    44,000       42,489  

Vodafone Group PLC, 4.38%, 05/30/2028

    42,000       42,651  

Walt Disney Co., 2.20%, 01/13/2028

    44,000       42,944  
              675,615  

Consumer Discretionary — 8.5%

Amazon.com, Inc., 4.55%, 12/01/2027

    40,000       40,620  

Automatic Data Processing, Inc., 1.70%, 05/15/2028

    44,000       42,149  

AutoNation, Inc., 1.95%, 08/01/2028

    44,000       41,890  

AutoZone, Inc., 4.50%, 02/01/2028

    43,000       43,445  

Block Financial LLC, 2.50%, 07/15/2028

    44,000       41,940  

BMW US Capital LLC, 4.15%, 08/11/2027 (a)

    42,000       42,188  

Carnival Corp., 4.00%, 08/01/2028 (a)

    42,000       41,670  

Cintas Corp. No 2, 4.20%, 05/01/2028

    41,000       41,359  

Darden Restaurants, Inc., 4.35%, 10/15/2027

  $ 42,000     $ 42,227  

Delta Air Lines, Inc., 4.95%, 07/10/2028

    42,000       42,692  

DR Horton, Inc., 1.40%, 10/15/2027

    44,000       42,352  

eBay, Inc., 5.95%, 11/22/2027

    43,000       44,395  

ERAC USA Finance LLC, 4.60%, 05/01/2028 (a)

    41,000       41,620  

General Motors Co., 5.35%, 04/15/2028

    40,000       40,986  

Hasbro, Inc., 3.50%, 09/15/2027

    41,000       40,716  

Home Depot, Inc., 0.90%, 03/15/2028

    46,000       43,580  

Honda Motor Co. Ltd., 4.44%, 07/08/2028

    42,000       42,475  

Hyatt Hotels Corp., 5.05%, 03/30/2028

    42,000       42,839  

Hyundai Capital America, 4.90%, 06/23/2028 (a)

    42,000       42,755  

Las Vegas Sands Corp., 5.63%, 06/15/2028

    42,000       43,018  

Lear Corp., 3.80%, 09/15/2027

    40,000       39,913  

Leggett & Platt, Inc., 3.50%, 11/15/2027

    45,000       44,452  

Lennar Corp., 4.75%, 11/29/2027

    42,000       42,374  

LKQ Corp., 5.75%, 06/15/2028

    42,000       43,138  

Lowe’s Cos., Inc., 3.95%, 10/15/2027

    40,000       40,127  

Marriott International, Inc., 5.00%, 10/15/2027

    40,000       40,647  

Masco Corp., 1.50%, 02/15/2028

    45,000       42,942  

Mattel, Inc., 5.88%, 12/15/2027 (a)

    43,000       43,043  

McDonald’s Corp., 3.80%, 04/01/2028

    41,000       41,020  

O’Reilly Automotive, Inc., 4.35%, 06/01/2028

    41,000       41,371  

Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028 (a)

    40,000       40,883  

Southwest Airlines Co., 3.45%, 11/16/2027

    43,000       42,600  

Stanley Black & Decker, Inc., 6.00%, 03/06/2028

    39,000       40,459  

Starbucks Corp., 4.50%, 05/15/2028

    41,000       41,473  

TJX Cos., Inc., 1.15%, 05/15/2028

    46,000       43,491  

Toll Brothers Finance Corp., 4.35%, 02/15/2028

    42,000       42,256  

 

 

The accompanying notes are an integral part of the financial statements.
1

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Consumer Discretionary — 8.5% (continued)

Toyota Motor Credit Corp., 3.75%, 01/12/2028

  $ 42,000     $ 42,072  
              1,557,177  

Consumer Staples — 7.2%

7-Eleven, Inc., 1.30%, 02/10/2028 (a)

    46,000       43,711  

Altria Group, Inc., 4.88%, 02/04/2028

    42,000       42,763  

BAT International Finance PLC, 4.45%, 03/16/2028

    40,000       40,366  

Bunge Ltd. Finance Corp., 4.10%, 01/07/2028

    43,000       43,209  

Cargill, Inc., 4.63%, 02/11/2028 (a)

    42,000       42,695  

Clorox Co., 3.90%, 05/15/2028

    41,000       41,030  

Coca-Cola Co., 1.50%, 03/05/2028

    44,000       42,285  

Colgate-Palmolive Co., 4.60%, 03/01/2028

    42,000       42,751  

Conagra Brands, Inc., 1.38%, 11/01/2027

    45,000       43,071  

Constellation Brands, Inc., 3.60%, 02/15/2028

    41,000       40,746  

Dollar General Corp., 5.20%, 07/05/2028

    40,000       41,038  

Dollar Tree, Inc., 4.20%, 05/15/2028

    41,000       41,139  

Estee Lauder Cos., Inc., 4.38%, 05/15/2028

    41,000       41,461  

General Mills, Inc., 4.20%, 04/17/2028

    43,000       43,159  

Heineken NV, 3.50%, 01/29/2028 (a)

    43,000       42,712  

Hershey Co., 4.55%, 02/24/2028

    42,000       42,708  

Hormel Foods Corp., 1.70%, 06/03/2028

    45,000       42,984  

J M Smucker Co., 3.38%, 12/15/2027

    44,000       43,617  

Kellanova, 4.30%, 05/15/2028

    43,000       43,395  

Kenvue, Inc., 5.05%, 03/22/2028

    42,000       42,991  

Keurig Dr Pepper, Inc., 4.35%, 05/15/2028

    41,000       41,225  

Kimberly-Clark Corp., 1.05%, 09/15/2027

    43,000       41,367  

Mars, Inc., 4.60%, 03/01/2028 (a)

    43,000       43,648  

McCormick & Co., Inc., 3.40%, 08/15/2027

    42,000       41,798  

Mondelez International, Inc., 4.25%, 05/06/2028

    41,000       41,284  

PepsiCo, Inc., 4.45%, 02/07/2028

  $ 43,000     $ 43,652  

Philip Morris International, Inc., 4.13%, 04/28/2028

    43,000       43,286  

Procter & Gamble Co., 3.95%, 01/26/2028

    43,000       43,357  

Target Corp., 4.35%, 06/15/2028

    41,000       41,567  

The Campbell’s Co., 4.15%, 03/15/2028

    42,000       42,117  

Walmart, Inc., 3.90%, 04/15/2028

    43,000       43,248  
              1,314,380  

Energy — 7.9%

Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2027

    44,000       43,639  

BP Capital Markets America, Inc., 5.02%, 11/17/2027

    42,000       42,852  

Chevron USA, Inc., 3.95%, 08/13/2027

    43,000       43,226  

Continental Resources, Inc., 4.38%, 01/15/2028

    42,000       42,060  

Devon Energy Corp., 5.88%, 06/15/2028

    41,000       41,029  

Enbridge, Inc., 4.60%, 06/20/2028

    41,000       41,565  

Energy Transfer LP, 5.55%, 02/15/2028

    42,000       43,225  

Eni USA, Inc., 7.30%, 11/15/2027

    42,000       44,317  

Enterprise Products Operating LLC, 4.30%, 06/20/2028

    41,000       41,426  

EOG Resources, Inc., 4.40%, 07/15/2028

    42,000       42,546  

EQT Corp., 5.70%, 04/01/2028

    40,000       41,353  

Equinor ASA, 4.25%, 06/02/2028

    41,000       41,429  

Gray Oak Pipeline LLC, 3.45%, 10/15/2027 (a)

    44,000       43,557  

Helmerich & Payne, Inc., 4.65%, 12/01/2027

    43,000       43,383  

HF Sinclair Corp., 5.00%, 02/01/2028

    43,000       42,991  

Kinder Morgan, Inc., 4.30%, 03/01/2028

    43,000       43,358  

Marathon Petroleum Corp., 3.80%, 04/01/2028

    43,000       42,877  

MPLX LP, 4.25%, 12/01/2027

    44,000       44,192  

NGPL PipeCo LLC, 4.88%, 08/15/2027 (a)

    41,000       41,279  

ONEOK, Inc., 4.25%, 09/24/2027

    44,000       44,204  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Energy — 7.9% (continued)

Ovintiv, Inc., 5.65%, 05/15/2028

  $ 42,000     $ 43,508  

Patterson-UTI Energy, Inc., 3.95%, 02/01/2028

    42,000       41,677  

Phillips 66 Co., 4.95%, 12/01/2027

    42,000       42,710  

Sabal Trail Transmission LLC, 4.25%, 05/01/2028 (a)

    43,000       42,937  

Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028

    42,000       42,158  

Schlumberger Holdings Corp., 4.50%, 05/15/2028 (a)

    41,000       41,481  

South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027

    43,000       43,446  

Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028

    41,000       41,013  

Texas Eastern Transmission LP, 3.50%, 01/15/2028 (a)

    42,000       41,614  

TransCanada PipeLines Ltd., 4.25%, 05/15/2028

    41,000       41,225  

Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/2028

    40,000       40,049  

Valero Energy Corp., 2.15%, 09/15/2027

    44,000       42,834  

Western Midstream Operating LP, 4.50%, 03/01/2028

    42,000       42,317  

Woodside Finance Ltd., 4.90%, 05/19/2028

    42,000       42,719  
              1,444,196  

Financials — 27.9% (b)

Agree LP, 2.00%, 06/15/2028

    45,000       43,153  

Aircastle Ltd., 6.50%, 07/18/2028 (a)

    40,000       42,000  

Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2028

    43,000       42,907  

Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029

    42,000       43,133  

American Express Co., 4.35% to 07/20/2028 then SOFR + 0.81%, 07/20/2029

    42,000       42,375  

American Homes 4 Rent LP, 4.25%, 02/15/2028

    42,000       42,085  

American International Group, Inc., 5.75% (3 mo. LIBOR USD + 2.87%), 04/01/2048 (c)

    42,000       42,651  

American Tower Corp., 5.25%, 07/15/2028

    40,000       41,131  

Ares Capital Corp., 2.88%, 06/15/2028

  $ 43,000     $ 41,020  

Ares Strategic Income Fund, 5.70%, 03/15/2028

    42,000       42,305  

Arthur J Gallagher & Co., 4.60%, 12/15/2027

    44,000       44,403  

Assurant, Inc., 4.90%, 03/27/2028

    43,000       43,557  

Athene Global Funding, 4.83%, 05/09/2028 (a)

    41,000       41,413  

AvalonBay Communities, Inc., 3.20%, 01/15/2028

    43,000       42,664  

Aviation Capital Group LLC, 6.25%, 04/15/2028 (a)

    42,000       43,652  

Avolon Holdings Funding Ltd., 4.95%, 01/15/2028 (a)

    43,000       43,561  

AXIS Specialty Finance PLC, 4.00%, 12/06/2027

    44,000       43,915  

Bank of America Corp., 4.62% (SOFR + 1.11%), 05/09/2029

    41,000       41,565  

Bank of Montreal, 4.06% to 09/22/2027 then SOFR + 0.75%, 09/22/2028

    42,000       42,097  

Bank of Nova Scotia, 4.04% to 09/15/2027 then SOFR + 0.76%, 09/15/2028

    43,000       43,047  

BGC Group, Inc., 8.00%, 05/25/2028

    40,000       42,770  

Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/2027 (a)

    43,000       44,238  

Blackstone Private Credit Fund, 4.95%, 09/26/2027

    42,000       41,933  

Blackstone Secured Lending Fund, 5.35%, 04/13/2028

    43,000       43,026  

Blue Owl Capital Corp., 2.88%, 06/11/2028

    45,000       42,126  

Blue Owl Credit Income Corp., 7.95%, 06/13/2028

    40,000       41,507  

Blue Owl Technology Finance Corp., 6.10%, 03/15/2028

    42,000       41,691  

Boston Properties LP, 6.75%, 12/01/2027

    42,000       43,830  

Brighthouse Financial Global Funding, 2.00%, 06/28/2028 (a)

    46,000       43,323  

Brixmor Operating Partnership LP, 2.25%, 04/01/2028

    45,000       43,456  

Brookfield Finance, Inc., 3.90%, 01/25/2028

    43,000       42,921  

Brown & Brown, Inc., 4.70%, 06/23/2028

    41,000       41,439  

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 27.9% (b) (continued)

Canadian Imperial Bank of Commerce, 4.24% to 09/08/2027 then SOFR + 0.60%, 09/08/2028

  $ 42,000     $ 42,200  

Capital One Financial Corp., 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029

    40,000       41,825  

Charles Schwab Corp., 5.64% (SOFR + 2.21%), 05/19/2029

    42,000       43,585  

Cincinnati Financial Corp., 6.92%, 05/15/2028

    40,000       42,497  

Citigroup, Inc., 4.79% (SOFR + 0.87%), 03/04/2029

    41,000       41,598  

CME Group, Inc., 3.75%, 06/15/2028

    41,000       41,022  

CNA Financial Corp., 3.45%, 08/15/2027

    40,000       39,674  

CNO Global Funding, 4.88%, 12/10/2027 (a)

    44,000       44,420  

Corebridge Global Funding, 4.90%, 01/07/2028 (a)

    42,000       42,663  

Crown Castle, Inc., 5.00%, 01/11/2028

    42,000       42,705  

CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 (a)

    43,000       42,128  

Digital Realty Trust LP, 5.55%, 01/15/2028

    43,000       44,225  

DOC DR LLC, 3.95%, 01/15/2028

    43,000       42,951  

Empower Finance 2020 LP, 1.36%, 09/17/2027 (a)

    44,000       42,318  

EPR Properties, 4.95%, 04/15/2028

    43,000       43,494  

Equinix, Inc., 2.00%, 05/15/2028

    45,000       43,117  

Equitable America Global Funding, 3.95%, 09/15/2027 (a)

    42,000       41,953  

ERP Operating LP, 3.50%, 03/01/2028

    42,000       41,718  

Essex Portfolio LP, 1.70%, 03/01/2028

    44,000       42,136  

Extra Space Storage LP, 3.88%, 12/15/2027

    44,000       43,957  

F&G Annuities & Life, Inc., 7.40%, 01/13/2028

    40,000       41,510  

Fairfax Financial Holdings Ltd., 4.85%, 04/17/2028

    43,000       43,669  

Federal Realty OP LP, 5.38%, 05/01/2028

    42,000       43,150  

Fidelity National Information Services, Inc., 1.65%, 03/01/2028

    45,000       42,932  

Fifth Third Bancorp, 6.34% (SOFR + 2.34%), 07/27/2029

  $ 40,000     $ 42,062  

First-Citizens Bank & Trust Co., 6.13%, 03/09/2028

    39,000       40,323  

Fiserv, Inc., 5.45%, 03/02/2028

    41,000       41,945  

GATX Corp., 3.50%, 03/15/2028

    43,000       42,550  

Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 (a)

    43,000       41,993  

Global Payments, Inc., 4.95%, 08/15/2027

    39,000       39,315  

GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/2028

    42,000       43,060  

Goldman Sachs Group, Inc., 4.15% (SOFR + 0.71%), 01/21/2029

    42,000       42,012  

Goldman Sachs Private Credit Corp., 5.88%, 05/06/2028 (a)

    42,000       42,496  

Goodman US Finance Three LLC, 3.70%, 03/15/2028 (a)

    43,000       42,669  

Guardian Life Global Funding, 5.55%, 10/28/2027 (a)

    43,000       44,172  

Highwoods Realty LP, 4.13%, 03/15/2028

    42,000       41,736  

HPS Corporate Lending Fund, 5.45%, 01/14/2028

    41,000       41,160  

Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028

    43,000       43,268  

Intercontinental Exchange, Inc., 4.00%, 09/15/2027

    43,000       43,131  

Jefferies Financial Group, Inc., 5.88%, 07/21/2028

    40,000       41,352  

JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), 01/24/2029

    40,000       40,711  

Kimco Realty OP LLC, 1.90%, 03/01/2028

    44,000       42,402  

Lincoln Financial Global Funding, 4.63%, 05/28/2028 (a)

    41,000       41,346  

LPL Holdings, Inc., 4.90%, 04/03/2028

    42,000       42,479  

M&T Bank Corp., 4.83% to 01/16/2028 then SOFR + 0.93%, 01/16/2029

    42,000       42,683  

Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028 (a)

    43,000       43,719  

Macquarie Bank Ltd., 3.92%, 02/03/2028 (a)

    42,000       42,163  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 27.9% (b) (continued)

Marex Group PLC, 5.83%, 05/08/2028

  $ 42,000     $ 42,834  

Markel Group, Inc., 3.50%, 11/01/2027

    44,000       43,629  

Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027

    42,000       42,391  

Mastercard, Inc., 4.55%, 03/15/2028

    42,000       42,698  

Mid-America Apartments LP, 4.20%, 06/15/2028

    41,000       41,267  

Mutual of Omaha Cos. Global Funding, 4.51%, 06/09/2028 (a)

    41,000       41,349  

Nasdaq, Inc., 5.35%, 06/28/2028

    42,000       43,220  

New Mountain Finance Corp., 6.20%, 10/15/2027

    42,000       42,260  

New York Life Global Funding, 4.15%, 07/25/2028 (a)

    42,000       42,259  

NNN REIT, Inc., 3.50%, 10/15/2027

    44,000       43,738  

Northwestern Mutual Global Funding, 4.49%, 03/21/2028 (a)

    43,000       43,510  

Omega Healthcare Investors, Inc., 4.75%, 01/15/2028

    42,000       42,407  

ORIX Corp., 5.00%, 09/13/2027

    40,000       40,644  

Pacific Life Global Funding II, 4.45%, 05/01/2028 (a)

    41,000       41,439  

PayPal Holdings, Inc., 4.45%, 03/06/2028

    43,000       43,487  

Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.05%, 08/01/2028 (a)

    40,000       41,682  

PNC Financial Services Group, Inc., 4.08% to 01/26/2028 then SOFR + 0.61%, 01/26/2029

    42,000       42,120  

Prologis LP, 4.88%, 06/15/2028

    42,000       42,972  

Public Storage Operating Co., 1.85%, 05/01/2028

    45,000       43,178  

Realty Income Corp., 2.10%, 03/15/2028

    44,000       42,458  

Regency Centers LP, 4.13%, 03/15/2028

    42,000       42,217  

Rexford Industrial Realty LP, 5.00%, 06/15/2028

    42,000       42,719  

Royal Bank of Canada, 4.00% to 11/03/2027 then SOFR + 0.70%, 11/03/2028

    43,000       43,049  

Sammons Financial Group Global Funding, 5.05%, 01/10/2028 (a)

    42,000       42,705  

Santander Holdings USA, Inc., 5.47% (SOFR + 1.61%), 03/20/2029

  $ 42,000     $ 42,926  

Simon Property Group LP, 1.75%, 02/01/2028

    44,000       42,367  

State Street Corp., 4.54%, 02/28/2028

    42,000       42,665  

Store Capital LLC, 4.50%, 03/15/2028

    42,000       42,177  

Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029

    42,000       42,505  

Toronto-Dominion Bank, 3.91%, 01/13/2028

    42,000       42,037  

UDR, Inc., 3.50%, 01/15/2028

    42,000       41,669  

US Bancorp, 5.78% to 06/12/2028 then SOFR + 2.02%, 06/12/2029

    40,000       41,562  

Ventas Realty LP, 4.00%, 03/01/2028

    43,000       42,994  

VICI Properties LP, 4.75%, 04/01/2028

    43,000       43,430  

Visa, Inc., 0.75%, 08/15/2027

    43,000       41,314  

Voya Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR USD + 2.08%, 01/23/2048 (c)

    46,000       44,253  

Wells Fargo & Co., 4.97% (SOFR + 1.37%), 04/23/2029

    42,000       42,814  

Welltower OP LLC, 4.25%, 04/15/2028

    43,000       43,335  

Western-Southern Global Funding, 4.50%, 07/16/2028 (a)

    42,000       42,406  

Westpac Banking Corp., 5.46%, 11/18/2027

    43,000       44,284  

Weyerhaeuser Co., 6.95%, 10/01/2027

    42,000       43,912  
              5,101,970  

Health Care — 9.0%

Abbott Laboratories, 1.15%, 01/30/2028

    44,000       42,051  

AbbVie, Inc., 4.65%, 03/15/2028

    42,000       42,719  

Agilent Technologies, Inc., 4.20%, 09/09/2027

    41,000       41,177  

Amgen, Inc., 5.15%, 03/02/2028

    41,000       41,985  

Astrazeneca Finance LLC, 4.88%, 03/03/2028

    42,000       42,925  

Bayer Corp., 6.65%, 02/15/2028 (a)

    40,000       41,895  

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Health Care — 9.0% (continued)

Becton Dickinson & Co., 4.69%, 02/13/2028

  $ 43,000     $ 43,556  

Bon Secours Mercy Health, Inc., 4.30%, 07/01/2028

    41,000       41,277  

Boston Scientific Corp., 4.00%, 03/01/2028

    42,000       42,170  

Bristol-Myers Squibb Co., 1.13%, 11/13/2027

    44,000       42,215  

Cencora, Inc., 4.63%, 12/15/2027

    44,000       44,540  

Centene Corp., 2.45%, 07/15/2028

    44,000       41,493  

CHRISTUS Health, 4.34%, 07/01/2028

    41,000       41,221  

Cigna Group, 3.05%, 10/15/2027

    44,000       43,499  

CommonSpirit Health, 6.07%, 11/01/2027

    43,000       44,314  

CVS Health Corp., 1.30%, 08/21/2027

    43,000       41,404  

Edwards Lifesciences Corp., 4.30%, 06/15/2028

    41,000       41,245  

Elevance Health, Inc., 4.10%, 03/01/2028

    42,000       42,094  

Eli Lilly & Co., 4.55%, 02/12/2028

    42,000       42,696  

Gilead Sciences, Inc., 1.20%, 10/01/2027

    44,000       42,322  

GlaxoSmithKline Capital, Inc., 3.88%, 05/15/2028

    43,000       43,191  

HCA, Inc., 5.00%, 03/01/2028

    42,000       42,854  

Humana, Inc., 5.75%, 03/01/2028

    39,000       40,061  

Illumina, Inc., 5.75%, 12/13/2027

    42,000       43,214  

Johnson & Johnson, 4.55%, 03/01/2028

    42,000       42,773  

Laboratory Corp. of America Holdings, 3.60%, 09/01/2027

    42,000       41,839  

McKesson Corp., 4.90%, 07/15/2028

    40,000       41,000  

Medtronic Global Holdings SCA, 4.25%, 03/30/2028

    40,000       40,388  

Merck & Co., Inc., 3.85%, 09/15/2027

    43,000       43,193  

Mylan, Inc., 4.55%, 04/15/2028

    41,000       41,194  

Pfizer, Inc., 3.88%, 11/15/2027

    41,000       41,188  

Quest Diagnostics, Inc., 4.60%, 12/15/2027

    43,000       43,537  

Royalty Pharma PLC, 1.75%, 09/02/2027

    42,000       40,645  

Sanofi SA, 3.75%, 11/03/2027

    43,000       43,094  

SSM Health Care Corp., 4.89%, 06/01/2028

  $ 41,000     $ 41,696  

Stryker Corp., 4.70%, 02/10/2028

    43,000       43,635  

Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027

    42,000       42,717  

UnitedHealth Group, Inc., 4.40%, 06/15/2028

    41,000       41,484  

Zoetis, Inc., 3.00%, 09/12/2027

    43,000       42,513  
              1,647,014  

Industrials — 11.1%

3M Co., 2.88%, 10/15/2027

    44,000       43,403  

ABB Finance USA, Inc., 3.80%, 04/03/2028

    43,000       43,040  

Allegion US Holding Co., Inc., 3.55%, 10/01/2027

    44,000       43,696  

Amphenol Corp., 3.80%, 11/15/2027

    43,000       43,041  

Boeing Co., 3.25%, 02/01/2028

    43,000       42,491  

Canadian National Railway Co., 6.90%, 07/15/2028

    40,000       42,757  

Canadian Pacific Railway Co., 4.00%, 06/01/2028

    41,000       41,107  

Caterpillar Financial Services Corp., 3.70%, 01/10/2028

    42,000       42,092  

CH Robinson Worldwide, Inc., 4.20%, 04/15/2028

    43,000       43,116  

CNH Industrial Capital LLC, 4.75%, 03/21/2028

    43,000       43,577  

CNH Industrial NV, 3.85%, 11/15/2027

    43,000       42,903  

CSX Corp., 3.80%, 03/01/2028

    43,000       43,030  

Cummins, Inc., 4.25%, 05/09/2028

    41,000       41,439  

Eaton Corp., 4.35%, 05/18/2028

    41,000       41,504  

Emerson Electric Co., 1.80%, 10/15/2027

    44,000       42,722  

FedEx Corp., 3.40%, 02/15/2028

    42,000       41,574  

General Dynamics Corp., 3.75%, 05/15/2028

    41,000       41,115  

HEICO Corp., 5.25%, 08/01/2028

    40,000       41,158  

Honeywell International, Inc., 4.95%, 02/15/2028

    40,000       40,882  

Howmet Aerospace, Inc., 6.75%, 01/15/2028

    42,000       44,196  

Hubbell, Inc., 3.50%, 02/15/2028

    42,000       41,736  

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Industrials — 11.1% (continued)

Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027

  $ 44,000     $ 43,618  

John Deere Capital Corp., 4.25%, 06/05/2028

    41,000       41,540  

Kennametal, Inc., 4.63%, 06/15/2028

    41,000       41,472  

Kirby Corp., 4.20%, 03/01/2028

    43,000       43,129  

L3Harris Technologies, Inc., 4.40%, 06/15/2028

    41,000       41,395  

Lockheed Martin Corp., 4.45%, 05/15/2028

    41,000       41,568  

Molex Electronic Technologies LLC, 4.75%, 04/30/2028 (a)

    42,000       42,570  

Norfolk Southern Corp., 3.80%, 08/01/2028

    42,000       41,980  

Northrop Grumman Corp., 3.25%, 01/15/2028

    43,000       42,574  

nVent Finance Sarl, 4.55%, 04/15/2028

    43,000       43,343  

Oshkosh Corp., 4.60%, 05/15/2028

    41,000       41,404  

PACCAR Financial Corp., 4.55%, 03/03/2028

    42,000       42,775  

Parker-Hannifin Corp., 4.25%, 09/15/2027

    43,000       43,269  

Quanta Services, Inc., 4.75%, 08/09/2027

    42,000       42,452  

Regal Rexnord Corp., 6.05%, 04/15/2028

    42,000       43,551  

Republic Services, Inc., 3.95%, 05/15/2028

    41,000       41,121  

RTX Corp., 7.20%, 08/15/2027

    40,000       41,903  

Ryder System, Inc., 5.25%, 06/01/2028

    42,000       43,157  

Spirit AeroSystems, Inc., 4.60%, 06/15/2028

    41,000       41,379  

Textron, Inc., 3.38%, 03/01/2028

    42,000       41,561  

Trimble, Inc., 4.90%, 06/15/2028

    42,000       42,432  

Tyco Electronics Group SA, 3.13%, 08/15/2027

    44,000       43,672  

United Parcel Service, Inc., 3.05%, 11/15/2027

    44,000       43,601  

Vontier Corp., 2.40%, 04/01/2028

    45,000       43,458  

Waste Management, Inc., 4.50%, 03/15/2028

    43,000       43,648  

XPO, Inc., 6.25%, 06/01/2028 (a)

    42,000       42,777  

Xylem, Inc., 1.95%, 01/30/2028

    44,000       42,472  
              2,038,400  

Materials — 5.8%

Air Products and Chemicals, Inc., 4.30%, 06/11/2028

  $ 41,000     $ 41,500  

Amcor Flexibles North America, Inc., 4.80%, 03/17/2028

    43,000       43,740  

Amrize Finance US LLC, 4.70%, 04/07/2028

    43,000       43,659  

ArcelorMittal SA, 6.55%, 11/29/2027

    41,000       42,604  

BHP Billiton Finance USA Ltd., 4.75%, 02/28/2028

    42,000       42,777  

Carlisle Cos., Inc., 3.75%, 12/01/2027

    44,000       43,860  

Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.70%, 06/01/2028 (a)

    43,000       42,683  

Ecolab, Inc., 4.30%, 06/15/2028

    41,000       41,484  

Freeport-McMoRan, Inc., 4.38%, 08/01/2028

    42,000       42,054  

Georgia-Pacific LLC, 4.40%, 06/30/2028 (a)

    41,000       41,485  

Glencore Funding LLC, 4.91%, 04/01/2028 (a)

    42,000       42,763  

International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (a)

    44,000       42,461  

Martin Marietta Materials, Inc., 3.50%, 12/15/2027

    44,000       43,707  

Mosaic Co., 4.05%, 11/15/2027

    43,000       43,042  

Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027 (a)

    40,612       40,585  

Nucor Corp., 3.95%, 05/01/2028

    41,000       41,101  

Nutrien Ltd., 4.90%, 03/27/2028

    42,000       42,751  

Packaging Corp. of America, 3.40%, 12/15/2027

    45,000       44,631  

PPG Industries, Inc., 3.75%, 03/15/2028

    42,000       41,926  

Rio Tinto Finance USA PLC, 4.50%, 03/14/2028

    43,000       43,601  

Sherwin-Williams Co., 4.55%, 03/01/2028

    43,000       43,555  

Steel Dynamics, Inc., 1.65%, 10/15/2027

    46,000       44,371  

UPM-Kymmene Oyj, 7.45%, 11/26/2027 (a)

    42,000       44,315  

WRKCo, Inc., 3.90%, 06/01/2028

    41,000       40,951  

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Materials — 5.8% (continued)

Yara International ASA, 4.75%, 06/01/2028 (a)

  $ 41,000     $ 41,518  
              1,067,124  

Technology — 7.9%

Accenture Capital, Inc., 3.90%, 10/04/2027

    42,000       42,172  

Adobe, Inc., 4.75%, 01/17/2028

    40,000       40,786  

Advanced Micro Devices, Inc., 4.32%, 03/24/2028

    43,000       43,507  

Analog Devices, Inc., 4.25%, 06/15/2028

    41,000       41,449  

Apple, Inc., 4.00%, 05/12/2028

    41,000       41,370  

Arrow Electronics, Inc., 3.88%, 01/12/2028

    43,000       42,780  

Avnet, Inc., 6.25%, 03/15/2028

    39,000       40,456  

Broadcom, Inc., 1.95%, 02/15/2028

    45,000       43,485  

Cadence Design Systems, Inc., 4.20%, 09/10/2027

    42,000       42,203  

CDW LLC / CDW Finance Corp., 4.25%, 04/01/2028

    43,000       42,830  

Cisco Systems, Inc., 4.55%, 02/24/2028

    42,000       42,696  

Dell International LLC / EMC Corp., 4.75%, 04/01/2028

    41,000       41,641  

Equifax, Inc., 5.10%, 06/01/2028

    42,000       42,875  

Flex Ltd., 6.00%, 01/15/2028

    43,000       44,420  

Gartner, Inc., 4.50%, 07/01/2028 (a)

    41,000       40,409  

Hewlett Packard Enterprise Co., 4.05%, 09/15/2027

    42,000       42,070  

HP, Inc., 4.75%, 01/15/2028

    43,000       43,526  

Intel Corp., 4.88%, 02/10/2028

    42,000       42,660  

Jabil, Inc., 3.95%, 01/12/2028

    41,000       40,921  

Marvell Technology, Inc., 2.45%, 04/15/2028

    45,000       43,563  

Microchip Technology, Inc., 4.90%, 03/15/2028

    43,000       43,711  

Moody’s Corp., 3.25%, 01/15/2028

    42,000       41,520  

Motorola Solutions, Inc., 4.60%, 02/23/2028

    43,000       43,474  

NVIDIA Corp., 1.55%, 06/15/2028

    45,000       42,960  

Open Text Corp., 6.90%, 12/01/2027 (a)

    43,000       44,182  

Oracle Corp., 4.50%, 05/06/2028

    41,000       41,221  

QUALCOMM, Inc., 1.30%, 05/20/2028

    44,000       41,766  

Roper Technologies, Inc., 1.40%, 09/15/2027

  $ 43,000     $ 41,379  

S&P Global, Inc., 4.75%, 08/01/2028

    40,000       40,846  

Salesforce, Inc., 1.50%, 07/15/2028

    44,000       41,676  

Synopsys, Inc., 4.65%, 04/01/2028

    43,000       43,549  

Take-Two Interactive Software, Inc., 4.95%, 03/28/2028

    42,000       42,723  

Teledyne Technologies, Inc., 2.25%, 04/01/2028

    45,000       43,532  

Texas Instruments, Inc., 4.60%, 02/15/2028

    42,000       42,711  
              1,441,069  

Utilities — 9.7%

AES Corp., 5.45%, 06/01/2028

    42,000       42,954  

Alliant Energy Finance LLC, 4.25%, 06/15/2028 (a)

    41,000       40,911  

Ameren Corp., 1.75%, 03/15/2028

    44,000       42,091  

American Electric Power Co., Inc., 5.75%, 11/01/2027

    43,000       44,223  

American Water Capital Corp., 2.95%, 09/01/2027

    43,000       42,499  

Ausgrid Finance Pty Ltd., 4.35%, 08/01/2028 (a)

    43,000       43,230  

Berkshire Hathaway Energy Co., 3.25%, 04/15/2028

    43,000       42,548  

Black Hills Corp., 5.95%, 03/15/2028

    39,000       40,438  

Calpine LLC, 5.13%, 03/15/2028 (a)

    42,000       42,003  

Capital Power US Holdings, Inc., 5.26%, 06/01/2028 (a)

    42,000       42,863  

CenterPoint Energy Resources Corp., 5.25%, 03/01/2028

    41,000       42,082  

Consolidated Edison Co. of New York, Inc., 3.80%, 05/15/2028

    41,000       41,012  

Constellation Energy Generation LLC, 3.90%, 01/08/2028

    42,000       42,012  

Consumers Energy Co., 4.65%, 03/01/2028

    42,000       42,688  

Dominion Energy, Inc., 4.60%, 05/15/2028

    41,000       41,578  

DTE Energy Co., 4.88%, 06/01/2028

    42,000       42,811  

Duke Energy Corp., 5.00%, 12/08/2027

    42,000       42,809  

 

 

The accompanying notes are an integral part of the financial statements.
8

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (concluded)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Utilities — 9.7% (continued)

Enel Chile SA, 4.88%, 06/12/2028

  $ 41,000     $ 41,634  

Essential Utilities, Inc., 4.80%, 08/15/2027

    42,000       42,468  

Evergy Kansas Central, Inc., 4.70%, 03/13/2028

    43,000       43,619  

Exelon Corp., 5.15%, 03/15/2028

    42,000       42,971  

FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 (a)

    42,000       42,935  

ITC Holdings Corp., 4.95%, 09/22/2027 (a)

    39,000       39,471  

Narragansett Electric Co., 3.92%, 08/01/2028 (a)

    42,000       41,990  

National Fuel Gas Co., 3.95%, 09/15/2027

    42,000       41,915  

National Grid PLC, 5.60%, 06/12/2028

    42,000       43,439  

National Rural Utilities Cooperative Finance Corp., 3.95%, 12/10/2027

    41,000       41,131  

NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/2027

    43,000       43,491  

NiSource, Inc., 5.25%, 03/30/2028

    41,000       42,023  

Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028

    43,000       43,387  

Pacific Gas and Electric Co., 5.00%, 06/04/2028

    42,000       42,772  

Pinnacle West Capital Corp., 4.90%, 05/15/2028

    42,000       42,783  

Public Service Co. of New Hampshire, 4.40%, 07/01/2028

    41,000       41,516  

Public Service Enterprise Group, Inc., 5.85%, 11/15/2027

    43,000       44,332  

Puget Energy, Inc., 2.38%, 06/15/2028

    43,000       41,409  

Sempra, 3.40%, 02/01/2028

    43,000       42,544  

Southern California Edison Co., 5.30%, 03/01/2028

    42,000       42,974  

Southern Co., 4.85%, 06/15/2028

    42,000       42,846  

Southwest Gas Corp., 5.45%, 03/23/2028

    41,000       42,126  

System Energy Resources, Inc., 6.00%, 04/15/2028

    42,000       43,556  

WEC Energy Group, Inc., 4.75%, 01/15/2028

  $ 44,000     $ 44,688  

Xcel Energy, Inc., 4.75%, 03/21/2028

    42,000       42,646  
              1,783,418  

TOTAL CORPORATE BONDS (Cost $18,016,195)

            18,070,363  
                 

TOTAL INVESTMENTS — 98.7% (Cost $18,016,195)

            18,070,363  

Other Assets in Excess of Liabilities — 1.3%

            238,079  

TOTAL NET ASSETS — 100.0%

           $ 18,308,442  

 

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LIBOR - London Interbank Offered Rate

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

SOFR - Secured Overnight Financing Rate

 

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $2,586,100 or 14.1% of the Fund’s net assets.

(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

(c)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

 

 

 

 

The accompanying notes are an integral part of the financial statements.
9

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 98.7%

Communications — 3.6%

Alphabet, Inc., 3.88%, 11/15/2028

  $ 91,000     $ 91,646  

AT&T, Inc., 4.35%, 03/01/2029

    90,000       91,003  

Charter Communications Operating LLC / Charter Communications Operating Capital, 6.10%, 06/01/2029

    88,000       92,207  

Comcast Corp., 5.10%, 06/01/2029

    88,000       91,275  

Cox Communications, Inc., 5.45%, 09/15/2028 (a)

    88,000       90,785  

Fox Corp., 4.71%, 01/25/2029

    90,000       91,360  

Frontier Communications Holdings LLC, 6.75%, 05/01/2029 (a)

    90,000       90,383  

Netflix, Inc., 6.38%, 05/15/2029

    86,000       92,379  

News Corp., 3.88%, 05/15/2029 (a)

    94,000       91,661  

Omnicom Group, Inc., 4.65%, 10/01/2028

    91,000       91,987  

Paramount Global, 4.20%, 06/01/2029

    94,000       90,442  

Rogers Communications, Inc., 5.00%, 02/15/2029

    92,000       94,062  

Sprint Capital Corp., 6.88%, 11/15/2028

    85,000       91,286  

T-Mobile USA, Inc., 4.85%, 01/15/2029

    90,000       92,195  

Verizon Communications, Inc., 3.88%, 02/08/2029

    91,000       91,065  

Videotron Ltd., 3.63%, 06/15/2029 (a)

    93,000       90,830  
              1,464,566  

Consumer Discretionary — 7.4%

Amazon.com, Inc., 3.90%, 11/20/2028

    92,000       92,510  

American Honda Finance Corp., 4.15%, 01/08/2029

    91,000       91,470  

AutoNation, Inc., 4.45%, 01/15/2029

    91,000       91,648  

AutoZone, Inc., 5.10%, 07/15/2029

    90,000       92,799  

Best Buy Co., Inc., 4.45%, 10/01/2028

    91,000       91,980  

BMW US Capital LLC, 4.90%, 04/02/2029 (a)

    88,000       90,200  

Brunswick Corp./DE, 5.85%, 03/18/2029

    88,000       91,479  

Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028 (a)

    90,333       91,112  

eBay, Inc., 4.25%, 03/06/2029

    91,000       91,633  

ERAC USA Finance LLC, 5.00%, 02/15/2029 (a)

  $ 91,000     $ 93,649  

General Motors Financial Co., Inc., 4.20%, 10/27/2028

    91,000       91,341  

Genuine Parts Co., 6.50%, 11/01/2028

    86,000       90,252  

Home Depot, Inc., 3.75%, 09/15/2028

    91,000       91,455  

Hyatt Hotels Corp., 5.25%, 06/30/2029

    90,000       92,971  

Hyundai Capital America, 4.25%, 01/08/2029 (a)

    91,000       91,490  

Lear Corp., 4.25%, 05/15/2029

    92,000       91,993  

Leggett & Platt, Inc., 4.40%, 03/15/2029

    93,000       92,632  

Lowe’s Cos., Inc., 4.00%, 10/15/2028

    91,000       91,240  

Magna International, Inc., 5.05%, 03/14/2029

    88,000       90,630  

Marriott International, Inc./MD, 4.88%, 05/15/2029

    90,000       92,304  

Mattel, Inc., 3.75%, 04/01/2029 (a)

    93,000       91,150  

McDonald’s Corp., 5.00%, 05/17/2029

    88,000       90,990  

Meritage Homes Corp., 3.88%, 04/15/2029 (a)

    93,000       91,998  

Mohawk Industries, Inc., 5.85%, 09/18/2028

    87,000       90,577  

O’Reilly Automotive, Inc., 3.90%, 06/01/2029

    93,000       92,732  

Polaris, Inc., 6.95%, 03/15/2029

    84,000       89,076  

RELX Capital, Inc., 4.00%, 03/18/2029

    91,000       90,915  

Southwest Airlines Co., 4.38%, 11/15/2028

    91,000       91,667  

Stanley Black & Decker, Inc., 4.25%, 11/15/2028

    92,000       92,392  

Starbucks Corp., 4.00%, 11/15/2028

    93,000       93,243  

Toyota Motor Credit Corp., 4.05%, 09/05/2028

    91,000       91,733  

UL Solutions, Inc., 6.50%, 10/20/2028

    87,000       92,063  

United Airlines, Inc., 4.63%, 04/15/2029 (a)

    91,000       91,032  
              3,024,356  

Consumer Staples — 6.3%

Ahold Finance USA LLC, 6.88%, 05/01/2029

    84,000       91,136  

Alimentation Couche-Tard, Inc., 4.15%, 09/29/2028 (a)

    91,000       91,473  

 

 

The accompanying notes are an integral part of the financial statements.
10

 

 

 

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Consumer Staples — 6.3% (continued)

Altria Group, Inc., 6.20%, 11/01/2028

  $ 87,000     $ 91,798  

Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029

    91,000       93,157  

BAT International Finance PLC, 5.93%, 02/02/2029

    89,000       93,666  

Campbell’s Co., 5.20%, 03/21/2029

    88,000       90,503  

Cargill, Inc., 3.25%, 05/23/2029 (a)

    94,000       92,273  

Clorox Co., 4.40%, 05/01/2029

    90,000       91,061  

Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029

    90,000       93,363  

Conagra Brands, Inc., 4.85%, 11/01/2028

    90,000       91,263  

Constellation Brands, Inc., 4.80%, 01/15/2029

    91,000       92,885  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 (a)

    94,000       92,461  

General Mills, Inc., 5.50%, 10/17/2028

    88,000       91,273  

J M Smucker Co., 5.90%, 11/15/2028

    87,000       91,196  

JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 3.00%, 02/02/2029

    94,000       91,296  

Keurig Dr Pepper, Inc., 5.05%, 03/15/2029

    88,000       90,196  

Kimberly-Clark Corp., 3.20%, 04/25/2029

    93,000       91,395  

Kraft Heinz Foods Co., 4.63%, 01/30/2029

    92,000       93,506  

Kroger Co., 4.50%, 01/15/2029

    91,000       92,533  

Mondelez International, Inc., 4.75%, 02/20/2029

    91,000       93,095  

PepsiCo, Inc., 4.10%, 01/15/2029

    92,000       92,972  

Philip Morris International, Inc., 3.88%, 10/27/2028

    91,000       91,133  

Procter & Gamble Co., 4.35%, 01/29/2029

    90,000       92,191  

Smithfield Foods, Inc., 5.20%, 04/01/2029 (a)

    90,000       91,883  

Sysco Corp., 5.75%, 01/17/2029

    89,000       93,302  

Target Corp., 3.38%, 04/15/2029

    93,000       91,984  

Tyson Foods, Inc., 5.40%, 03/15/2029

    88,000       91,257  

Walmart, Inc., 1.50%, 09/22/2028

  $ 95,000     $ 90,274  
              2,574,525  

Energy — 6.0%

Boardwalk Pipelines LP, 4.80%, 05/03/2029

    90,000       91,689  

BP Capital Markets America, Inc., 4.70%, 04/10/2029

    90,000       92,212  

Cheniere Energy, Inc., 4.63%, 10/15/2028

    91,000       90,964  

Chevron USA, Inc., 4.05%, 08/13/2028

    92,000       92,925  

Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (a)

    86,000       89,828  

ConocoPhillips Co., 6.95%, 04/15/2029

    84,000       91,593  

Coterra Energy, Inc., 4.38%, 03/15/2029

    91,000       91,963  

DCP Midstream Operating LP, 5.13%, 05/15/2029

    90,000       92,554  

DT Midstream, Inc., 4.13%, 06/15/2029 (a)

    93,000       92,320  

Enbridge, Inc., 4.20%, 11/20/2028

    92,000       92,521  

Energy Transfer LP, 5.25%, 07/01/2029

    90,000       93,338  

Enterprise Products Operating LLC, 3.13%, 07/31/2029

    95,000       92,720  

EQT Corp., 4.50%, 01/15/2029

    92,000       92,794  

Equinor ASA, 3.63%, 09/10/2028

    91,000       90,982  

Expand Energy Corp., 5.38%, 02/01/2029

    91,000       90,867  

Kinder Morgan, Inc., 5.10%, 08/01/2029

    90,000       93,184  

Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 (a)

    90,000       90,639  

MPLX LP, 4.80%, 02/15/2029

    90,000       91,742  

ONEOK, Inc., 5.65%, 11/01/2028

    88,000       91,485  

Schlumberger Holdings Corp., 4.30%, 05/01/2029 (a)

    91,000       92,076  

Shell Finance US, Inc., 3.88%, 11/13/2028 (a)

    92,000       92,438  

Targa Resources Corp., 4.35%, 01/15/2029

    91,000       91,686  

TotalEnergies Capital International SA, 3.46%, 02/19/2029

    93,000       92,224  

Valero Energy Corp., 4.00%, 04/01/2029

    91,000       91,025  

 

 

The accompanying notes are an integral part of the financial statements.
11

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Energy — 6.0% (continued)

Western Midstream Operating LP, 6.35%, 01/15/2029

  $ 87,000     $ 91,904  

Williams Cos., Inc., 4.90%, 03/15/2029

    88,000       90,253  

Woodside Finance Ltd., 4.50%, 03/04/2029 (a)

    91,000       91,668  
              2,479,594  

Financials — 36.4% (b)

Air Lease Corp., 5.10%, 03/01/2029

    89,000       90,999  

Aircastle Ltd., 5.95%, 02/15/2029 (a)

    90,000       94,159  

Alexandria Real Estate Equities, Inc., 4.50%, 07/30/2029

    91,000       91,743  

Allstate Corp., 5.05%, 06/24/2029

    90,000       92,969  

Ally Financial, Inc., 6.85% (SOFR + 2.82%), 01/03/2030

    86,000       90,954  

American Express Co., 5.53% (SOFR + 1.09%), 04/25/2030

    88,000       91,924  

American Homes 4 Rent LP, 4.90%, 02/15/2029

    92,000       93,673  

American National Global Funding, 4.63%, 12/15/2028 (a)

    91,000       91,353  

American Tower Corp., 5.20%, 02/15/2029

    89,000       91,848  

Ameriprise Financial, Inc., 5.70%, 12/15/2028

    88,000       92,068  

Aon North America, Inc., 5.15%, 03/01/2029

    87,000       89,708  

Apollo Debt Solutions BDC, 5.20%, 12/08/2028 (a)

    91,000       90,643  

Apollo Management Holdings LP, 4.87%, 02/15/2029 (a)

    91,000       92,536  

Ares Capital Corp., 5.95%, 07/15/2029

    90,000       91,962  

Ares Management Corp., 6.38%, 11/10/2028

    87,000       91,383  

Ares Strategic Income Fund, 4.85%, 01/15/2029 (a)

    94,000       92,431  

Assured Guaranty US Holdings, Inc., 6.13%, 09/15/2028

    86,000       90,076  

Athene Global Funding, 5.58%, 01/09/2029 (a)

    90,000       92,128  

AvalonBay Communities, Inc., 1.90%, 12/01/2028

    96,000       91,282  

Aviation Capital Group LLC, 4.25%, 04/30/2029 (a)

    91,000       91,013  

Avolon Holdings Funding Ltd., 5.75%, 03/01/2029 (a)

  $ 87,000     $ 90,484  

AXIS Specialty Finance LLC, 3.90%, 07/15/2029

    93,000       92,482  

Bank of America Corp., 5.82% (SOFR + 1.57%), 09/15/2029

    86,000       89,680  

Bank of Montreal, 5.72%, 09/25/2028

    87,000       90,687  

Bank of New York Mellon Corp., 4.03% (SOFR + 0.63%), 01/22/2030

    91,000       91,135  

Bank of Nova Scotia, 4.25% (SOFR + 0.73%), 02/02/2030

    91,000       91,490  

Barings BDC, Inc., 5.20%, 09/15/2028

    91,000       90,033  

BGC Group, Inc., 6.60%, 06/10/2029

    88,000       92,409  

BlackRock Funding, Inc., 4.70%, 03/14/2029

    88,000       90,309  

Blackstone Holdings Finance Co. LLC, 1.63%, 08/05/2028 (a)

    97,000       91,584  

Blackstone Private Credit Fund, 5.95%, 07/16/2029

    92,000       92,758  

Blackstone Secured Lending Fund, 2.85%, 09/30/2028

    95,000       88,987  

Blue Owl Capital Corp., 5.95%, 03/15/2029

    90,000       89,638  

Blue Owl Credit Income Corp., 7.75%, 01/15/2029

    89,000       92,457  

Blue Owl Technology Finance Corp., 6.75%, 04/04/2029 (c)

    90,000       89,661  

Boston Properties LP, 3.40%, 06/21/2029

    95,000       92,538  

Brighthouse Financial Global Funding, 5.65%, 06/10/2029 (a)

    89,000       90,913  

Brixmor Operating Partnership LP, 4.13%, 05/15/2029

    92,000       92,126  

Brookfield Finance, Inc., 4.85%, 03/29/2029

    90,000       91,578  

Brown & Brown, Inc., 4.50%, 03/15/2029

    91,000       91,497  

Camden Property Trust, 3.15%, 07/01/2029

    95,000       92,456  

Canadian Imperial Bank of Commerce, 4.28% (SOFR + 0.79%), 01/29/2030

    91,000       91,547  

Cantor Fitzgerald LP, 7.20%, 12/12/2028 (a)

    87,000       92,387  

Capital One Financial Corp., 5.46% (SOFR + 1.56%), 07/26/2030

    90,000       93,355  

 

 

The accompanying notes are an integral part of the financial statements.
12

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 36.4% (b) (continued)

CBRE Services, Inc., 5.50%, 04/01/2029

  $ 87,000     $ 90,355  

Charles Schwab Corp., 6.20% (SOFR + 1.88%), 11/17/2029

    86,000       91,049  

CI Financial Corp., 7.50%, 05/30/2029 (a)

    86,000       91,944  

Citigroup, Inc., 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030

    91,000       93,744  

Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030

    89,000       93,036  

CNA Financial Corp., 3.90%, 05/01/2029

    91,000       90,329  

CNO Global Funding, 4.38%, 09/08/2028 (a)

    91,000       91,293  

Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030

    89,000       93,286  

COPT Defense Properties LP, 2.00%, 01/15/2029

    97,000       91,580  

Corebridge Global Funding, 4.25%, 08/21/2028 (a)

    91,000       91,090  

Crown Castle, Inc., 5.60%, 06/01/2029

    88,000       91,673  

CubeSmart LP, 2.25%, 12/15/2028

    96,000       91,512  

Digital Realty Trust LP, 3.60%, 07/01/2029

    94,000       92,785  

Enact Holdings, Inc., 6.25%, 05/28/2029

    88,000       92,344  

Enstar Group Ltd., 4.95%, 06/01/2029

    91,000       92,297  

Equitable America Global Funding, 4.30%, 12/15/2028 (a)

    91,000       91,431  

ERP Operating LP, 3.00%, 07/01/2029

    94,000       91,353  

Essent Group Ltd., 6.25%, 07/01/2029

    88,000       92,302  

Essex Portfolio LP, 4.00%, 03/01/2029

    91,000       90,815  

Extra Space Storage LP, 4.00%, 06/15/2029

    93,000       92,725  

F&G Global Funding, 4.50%, 01/09/2029 (a)

    91,000       90,334  

Federal Realty OP LP, 3.20%, 06/15/2029

    95,000       92,448  

Fidelity National Financial, Inc., 4.50%, 08/15/2028

    91,000       91,652  

Fidelity National Information Services, Inc., 3.75%, 05/21/2029

    94,000       92,658  

Fifth Third Bancorp, 4.77% (SOFR + 2.13%), 07/28/2030

  $ 92,000     $ 93,496  

Fiserv, Inc., 5.38%, 08/21/2028

    87,000       89,171  

Fortitude Global Funding, 4.63%, 10/06/2028 (a)

    91,000       91,253  

Franklin BSP Capital Corp., 7.20%, 06/15/2029

    88,000       90,005  

FS KKR Capital Corp., 7.88%, 01/15/2029

    90,000       91,737  

GATX Corp., 4.70%, 04/01/2029

    90,000       91,608  

Global Net Lease, Inc., 4.50%, 09/30/2028 (a)

    93,000       91,191  

Global Payments, Inc., 4.50%, 11/15/2028

    91,000       91,314  

Globe Life, Inc., 4.55%, 09/15/2028

    90,000       90,713  

GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029

    90,000       91,845  

Goldman Sachs BDC, Inc., 5.10%, 01/28/2029

    93,000       91,684  

Goldman Sachs Group, Inc., 4.15% to 10/21/2028 then SOFR + 0.90%, 10/21/2029

    91,000       91,041  

Goldman Sachs Private Credit Corp., 5.38%, 01/31/2029 (a)

    91,000       90,931  

Golub Capital BDC, Inc., 6.00%, 07/15/2029

    92,000       92,281  

Golub Capital Private Credit Fund, 5.45%, 08/15/2028 (a)

    90,000       90,028  

Guardian Life Global Funding, 4.07%, 09/05/2028 (a)

    91,000       91,181  

Healthpeak OP LLC, 2.13%, 12/01/2028

    96,000       91,291  

Highwoods Realty LP, 4.20%, 04/15/2029

    93,000       92,043  

Horace Mann Educators Corp., 7.25%, 09/15/2028

    85,000       91,012  

Host Hotels & Resorts LP, 4.25%, 12/15/2028

    92,000       92,412  

HPS Corporate Lending Fund, 5.15%, 04/02/2029 (a)

    91,000       90,286  

Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029

    89,000       93,463  

Intercontinental Exchange, Inc., 3.95%, 12/01/2028

    92,000       92,210  

Invitation Homes Operating Partnership LP, 2.30%, 11/15/2028

    97,000       92,281  

 

 

The accompanying notes are an integral part of the financial statements.
13

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 36.4% (b) (continued)

Jackson National Life Global Funding, 3.05%, 06/21/2029 (a)

  $ 96,000     $ 91,958  

Jones Lang LaSalle, Inc., 6.88%, 12/01/2028

    87,000       93,029  

JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), 07/22/2030

    90,000       92,716  

Kilroy Realty LP, 4.75%, 12/15/2028

    92,000       92,446  

KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029 (a)

    94,000       92,499  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 (a)

    93,000       92,270  

Lazard Group LLC, 4.38%, 03/11/2029

    91,000       91,264  

Liberty Mutual Group, Inc., 4.57%, 02/01/2029 (a)

    90,000       90,696  

Lincoln Financial Global Funding, 4.20%, 01/12/2029 (a)

    91,000       90,793  

LPL Holdings, Inc., 6.75%, 11/17/2028

    85,000       90,152  

M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029

    85,000       92,181  

Macquarie Airfinance Holdings Ltd., 6.40%, 03/26/2029 (a)

    86,000       90,707  

Macquarie Group Ltd., 5.03% (3 mo. Term SOFR + 2.01%), 01/15/2030 (a)

    90,000       92,205  

Main Street Capital Corp., 5.40%, 08/15/2028

    91,000       91,418  

Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029

    91,000       91,946  

Mastercard, Inc., 2.95%, 06/01/2029

    95,000       92,529  

MGIC Investment Corp., 5.25%, 08/15/2028

    92,000       91,974  

Mid-America Apartments LP, 3.95%, 03/15/2029 (c)

    91,000       91,034  

Morgan Stanley, 4.24% (SOFR + 0.80%), 01/09/2030

    91,000       91,291  

Morgan Stanley Direct Lending Fund, 6.15%, 05/17/2029

    90,000       91,879  

Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 (a)

    88,000       90,924  

New Mountain Finance Corp., 6.88%, 02/01/2029

    91,000       91,894  

New York Life Global Funding, 4.05%, 02/02/2029 (a)

  $ 91,000     $ 91,485  

NNN REIT, Inc., 4.30%, 10/15/2028

    90,000       90,613  

North Haven Private Income Fund LLC, 5.13%, 09/25/2028 (a)

    91,000       90,036  

Northern Trust Corp., 3.15%, 05/03/2029

    94,000       92,247  

Northwestern Mutual Global Funding, 4.13%, 08/25/2028 (a)

    91,000       91,506  

Nuveen LLC, 4.00%, 11/01/2028 (a)

    92,000       92,082  

Oaktree Specialty Lending Corp., 7.10%, 02/15/2029

    90,000       91,135  

Oaktree Strategic Credit Fund, 6.50%, 07/23/2029

    90,000       92,141  

Pacific Life Global Funding II, 4.90%, 01/11/2029 (a)

    90,000       92,150  

PartnerRe Finance B LLC, 3.70%, 07/02/2029

    94,000       92,566  

Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.25%, 07/01/2029 (a)

    90,000       92,911  

Piedmont Operating Partnership LP, 6.88%, 07/15/2029

    86,000       91,392  

PNC Financial Services Group, Inc., 5.49% (SOFR + 1.20%), 05/14/2030

    89,000       92,925  

Principal Life Global Funding II, 4.25%, 08/18/2028 (a)

    91,000       91,320  

Progressive Corp., 4.00%, 03/01/2029

    91,000       91,453  

Prologis LP, 4.00%, 09/15/2028

    91,000       91,306  

Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029 (a)

    89,000       92,042  

Prudential Financial, Inc., 5.70% (3 mo. LIBOR USD + 2.67%), 09/15/2048 (d)

    88,000       88,892  

Public Storage Operating Co., 5.13%, 01/15/2029

    89,000       92,223  

Radian Group, Inc., 6.20%, 05/15/2029

    86,000       90,157  

Realty Income Corp., 3.95%, 02/01/2029

    91,000       91,178  

Regions Financial Corp., 5.72% (SOFR + 1.49%), 06/06/2030

    88,000       92,169  

RenaissanceRe Holdings Ltd., 3.60%, 04/15/2029

    93,000       91,413  

 

 

The accompanying notes are an integral part of the financial statements.
14

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 36.4% (b) (continued)

RGA Global Funding, 4.35%, 08/25/2028 (a)

  $ 91,000     $ 91,537  

Royal Bank of Canada, 4.50% to 08/06/2028 then SOFR + 0.89%, 08/06/2029

    90,000       91,093  

Santander Holdings USA, Inc., 6.17% to 01/09/2029 then SOFR + 2.50%, 01/09/2030

    88,000       91,843  

SBL Holdings, Inc., 5.90%, 09/26/2028 (a)

    91,000       88,251  

SiriusPoint Ltd., 7.00%, 04/05/2029

    86,000       90,612  

Sixth Street Lending Partners, 6.50%, 03/11/2029

    88,000       90,894  

Sixth Street Specialty Lending, Inc., 6.13%, 03/01/2029

    89,000       90,263  

State Street Corp., 5.68% to 11/21/2028 then SOFR + 1.48%, 11/21/2029

    88,000       91,988  

Store Capital LLC, 4.63%, 03/15/2029

    91,000       91,389  

Sun Communities Operating LP, 2.30%, 11/01/2028

    96,000       91,695  

Synchrony Financial, 5.94% (SOFR + 2.13%), 08/02/2030

    90,000       93,398  

Toronto-Dominion Bank, 4.11%, 10/13/2028

    91,000       91,410  

UDR, Inc., 4.40%, 01/26/2029

    90,000       90,940  

Unum Group, 4.00%, 06/15/2029

    93,000       92,347  

US Bancorp, 5.10% (SOFR + 1.25%), 07/23/2030

    90,000       93,039  

Ventas Realty LP, 4.40%, 01/15/2029

    90,000       90,862  

VICI Properties LP / VICI Note Co., Inc., 3.88%, 02/15/2029 (a)

    93,000       91,696  

WEA Finance LLC, 3.50%, 06/15/2029 (a)

    95,000       92,616  

Webster Financial Corp., 4.10%, 03/25/2029

    93,000       92,588  

Wells Fargo & Co., 4.18% (SOFR + 0.74%), 01/23/2030

    91,000       91,324  

Welltower OP LLC, 2.05%, 01/15/2029

    96,000       91,263  

Western-Southern Global Funding, 4.25%, 01/29/2029 (a)

    91,000       91,441  

Westpac Banking Corp., 5.05%, 04/16/2029

    88,000       91,403  

Willis North America, Inc., 4.50%, 09/15/2028

    91,000       91,576  

Wintrust Financial Corp., 4.85%, 06/06/2029

  $ 91,000     $ 90,972  

WP Carey, Inc., 3.85%, 07/15/2029

    93,000       92,297  
              14,927,439  

Health Care — 8.3%

AbbVie, Inc., 4.80%, 03/15/2029

    89,000       91,431  

Advocate Health & Hospitals Corp., 3.83%, 08/15/2028

    91,000       91,145  

Amgen, Inc., 3.00%, 02/22/2029

    95,000       92,683  

Ascension Health, 4.08%, 11/15/2028

    91,000       91,564  

Astrazeneca Finance LLC, 4.85%, 02/26/2029

    89,000       91,675  

Baxter International, Inc., 4.45%, 02/15/2029

    92,000       92,411  

Becton Dickinson & Co., 5.08%, 06/07/2029

    90,000       92,806  

Bristol-Myers Squibb Co., 4.90%, 02/22/2029

    91,000       93,942  

Cardinal Health, Inc., 5.13%, 02/15/2029

    91,000       93,855  

Cigna Group, 5.00%, 05/15/2029

    88,000       90,660  

CSL Finance PLC, 4.05%, 04/27/2029 (a)

    91,000       91,207  

CVS Health Corp., 5.40%, 06/01/2029

    90,000       93,542  

Elevance Health, Inc., 4.00%, 09/15/2028

    91,000       91,159  

Eli Lilly & Co., 4.00%, 10/15/2028

    91,000       91,770  

GE HealthCare Technologies, Inc., 4.15%, 12/15/2028

    91,000       91,396  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/2029

    94,000       92,694  

HCA, Inc., 3.38%, 03/15/2029

    93,000       91,335  

Health Care Service Corp. A Mutual Legal Reserve Co., 5.20%, 06/15/2029 (a)

    90,000       92,604  

Humana, Inc., 5.75%, 12/01/2028

    88,000       91,115  

IQVIA, Inc., 6.25%, 02/01/2029

    89,000       93,547  

Johnson & Johnson, 4.80%, 06/01/2029

    90,000       93,183  

Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 (a)

    88,000       90,816  

Merck & Co., Inc., 3.85%, 03/15/2029

    91,000       91,311  

 

 

The accompanying notes are an integral part of the financial statements.
15

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Health Care — 8.3% (continued)

Novartis Capital Corp., 3.90%, 11/05/2028

  $ 91,000     $ 91,400  

PeaceHealth Obligated Group, 4.34%, 11/15/2028

    91,000       91,651  

Pfizer, Inc., 3.45%, 03/15/2029

    92,000       91,342  

Quest Diagnostics, Inc., 4.20%, 06/30/2029

    91,000       91,648  

Revvity, Inc., 1.90%, 09/15/2028

    96,000       90,912  

Sanofi SA, 3.80%, 11/03/2028

    91,000       91,105  

Solventum Corp., 5.40%, 03/01/2029

    87,000       90,245  

Stryker Corp., 4.85%, 12/08/2028

    89,000       91,311  

Sutter Health, 3.70%, 08/15/2028

    91,000       90,623  

Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029

    90,000       92,973  

Toledo Hospital, 5.33%, 11/15/2028

    90,000       91,580  

UnitedHealth Group, Inc., 4.70%, 04/15/2029

    90,000       92,062  

Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028

    89,000       92,108  

Zoetis, Inc., 4.15%, 08/17/2028

    91,000       91,687  
              3,398,498  

Industrials — 9.8%

3M Co., 3.38%, 03/01/2029

    93,000       91,597  

Amphenol Corp., 3.90%, 11/15/2028

    91,000       91,223  

AP Moller - Maersk AS, 4.50%, 06/20/2029 (a)

    91,000       92,097  

Boeing Co., 6.30%, 05/01/2029

    86,000       91,641  

Caterpillar Financial Services Corp., 3.95%, 11/14/2028

    92,000       92,471  

CNH Industrial Capital LLC, 5.10%, 04/20/2029

    88,000       90,496  

CSX Corp., 4.25%, 03/15/2029

    91,000       92,149  

Cummins, Inc., 4.90%, 02/20/2029

    90,000       92,849  

Element Fleet Management Corp., 6.32%, 12/04/2028 (a)

    86,000       90,724  

Emerson Electric Co., 2.00%, 12/21/2028

    96,000       91,687  

Entegris, Inc., 4.75%, 04/15/2029 (a)

    91,000       91,109  

Fedex Freight Holding Co., Inc., 4.30%, 03/15/2029 (a)

    91,000       91,208  

GFL Environmental, Inc., 3.50%, 09/01/2028 (a)

    93,000       90,991  

GXO Logistics, Inc., 6.25%, 05/06/2029

  $ 86,000     $ 90,883  

Honeywell International, Inc., 4.25%, 01/15/2029

    91,000       92,076  

Howmet Aerospace, Inc., 3.00%, 01/15/2029

    94,000       91,754  

Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028

    96,000       91,599  

Ingersoll Rand, Inc., 5.18%, 06/15/2029

    88,000       91,197  

Jacobs Engineering Group, Inc., 6.35%, 08/18/2028

    86,000       90,353  

John Deere Capital Corp., 4.85%, 06/11/2029

    90,000       92,903  

Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 5.50%, 04/19/2029

    88,000       92,030  

L3Harris Technologies, Inc., 5.05%, 06/01/2029

    90,000       92,763  

Lennox International, Inc., 5.50%, 09/15/2028

    86,000       88,974  

Lockheed Martin Corp., 4.15%, 08/15/2028

    90,000       90,879  

MasTec, Inc., 5.90%, 06/15/2029

    88,000       92,365  

Nordson Corp., 5.60%, 09/15/2028

    87,000       90,019  

Northrop Grumman Corp., 4.60%, 02/01/2029

    90,000       91,753  

Otis Worldwide Corp., 5.25%, 08/16/2028

    89,000       91,792  

PACCAR Financial Corp., 4.00%, 11/07/2028

    91,000       91,644  

Parker-Hannifin Corp., 3.25%, 06/14/2029

    93,000       91,154  

Pentair Finance Sarl, 4.50%, 07/01/2029

    92,000       92,869  

Quanta Services, Inc., 4.30%, 08/09/2028

    91,000       91,721  

Republic Services, Inc., 4.88%, 04/01/2029

    88,000       90,417  

Rockwell Automation, Inc., 3.50%, 03/01/2029

    91,000       89,983  

RTX Corp., 5.75%, 01/15/2029

    87,000       91,408  

Ryder System, Inc., 5.50%, 06/01/2029

    88,000       91,712  

Timken Co., 4.50%, 12/15/2028

    91,000       91,792  

Trane Technologies Financing Ltd., 3.80%, 03/21/2029

    91,000       91,032  

Union Pacific Corp., 3.70%, 03/01/2029

    91,000       90,737  

 

 

The accompanying notes are an integral part of the financial statements.
16

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Industrials — 9.8% (continued)

United Parcel Service, Inc., 3.40%, 03/15/2029

  $ 93,000     $ 92,165  

Veralto Corp., 5.35%, 09/18/2028

    88,000       90,846  

Waste Connections, Inc., 3.50%, 05/01/2029

    93,000       92,272  

Waste Management, Inc., 3.88%, 01/15/2029

    92,000       92,131  

Westinghouse Air Brake Technologies Corp., 4.70%, 09/15/2028 (e)

    91,000       92,417  
              4,025,882  

Materials — 4.2%

Air Products and Chemicals, Inc., 4.60%, 02/08/2029

    91,000       93,101  

Amcor Group Finance PLC, 5.45%, 05/23/2029

    89,000       92,607  

ArcelorMittal SA, 4.25%, 07/16/2029

    91,000       91,458  

Avery Dennison Corp., 4.88%, 12/06/2028

    90,000       91,837  

BHP Billiton Finance USA Ltd., 5.10%, 09/08/2028

    86,000       88,587  

Cabot Corp., 4.00%, 07/01/2029

    91,000       90,970  

Dow Chemical Co., 4.80%, 11/30/2028

    91,000       92,480  

DuPont de Nemours, Inc., 4.73%, 11/15/2028 (a)

    90,000       91,229  

Eastman Chemical Co., 5.00%, 08/01/2029

    90,000       92,379  

Glencore Funding LLC, 5.37%, 04/04/2029 (a)

    88,000       91,144  

International Flavors & Fragrances, Inc., 4.45%, 09/26/2028

    91,000       91,664  

Louisiana-Pacific Corp., 3.63%, 03/15/2029 (a)

    95,000       92,497  

Mosaic Co., 4.35%, 01/15/2029

    92,000       92,732  

Nutrien Ltd., 4.20%, 04/01/2029

    93,000       93,360  

RPM International, Inc., 4.55%, 03/01/2029

    90,000       91,369  

Sherwin-Williams Co., 4.30%, 08/15/2028

    91,000       91,764  

Steel Dynamics, Inc., 4.00%, 12/15/2028

    92,000       92,059  

Suzano Austria GmbH, 2.50%, 09/15/2028

    94,000       89,966  

WRKCo, Inc., 4.90%, 03/15/2029

    88,000       90,042  
              1,741,245  

Technology — 8.4%

Adobe, Inc., 4.80%, 04/04/2029

  $ 88,000     $ 90,330  

Analog Devices, Inc., 1.70%, 10/01/2028

    97,000       92,092  

Apple, Inc., 1.40%, 08/05/2028

    96,000       91,252  

Applied Materials, Inc., 4.80%, 06/15/2029

    90,000       92,695  

Atlassian Corp., 5.25%, 05/15/2029

    91,000       92,582  

Booz Allen Hamilton, Inc., 4.00%, 07/01/2029 (a)

    93,000       90,980  

Broadcom, Inc., 5.05%, 07/12/2029

    90,000       93,060  

CDW LLC / CDW Finance Corp., 3.28%, 12/01/2028

    94,000       91,697  

Cisco Systems, Inc., 4.85%, 02/26/2029

    89,000       91,660  

Concentrix Corp., 6.60%, 08/02/2028 (c)

    87,000       87,309  

Constellation Software, Inc./Canada, 5.16%, 02/16/2029 (a)

    92,000       93,446  

Dell International LLC / EMC Corp., 4.15%, 02/15/2029

    91,000       91,285  

DXC Technology Co., 2.38%, 09/15/2028

    96,000       90,537  

Flex Ltd., 4.88%, 06/15/2029

    91,000       92,671  

Gartner, Inc., 3.63%, 06/15/2029 (a)

    97,000       92,064  

Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, 06/04/2029

    89,000       92,409  

Hewlett Packard Enterprise Co., 4.15%, 09/15/2028

    91,000       91,204  

HP, Inc., 4.00%, 04/15/2029

    91,000       90,410  

Intel Corp., 1.60%, 08/12/2028

    97,000       91,698  

Intuit, Inc., 5.13%, 09/15/2028

    89,000       91,584  

Jabil, Inc., 4.20%, 02/01/2029

    91,000       91,131  

KLA Corp., 4.10%, 03/15/2029

    91,000       91,521  

Kyndryl Holdings, Inc., 2.70%, 10/15/2028

    97,000       89,302  

Lam Research Corp., 4.00%, 03/15/2029

    91,000       91,403  

Marvell Technology, Inc., 5.75%, 02/15/2029

    89,000       92,948  

Microchip Technology, Inc., 5.05%, 03/15/2029

    88,000       90,347  

Moody’s Corp., 4.25%, 02/01/2029

    91,000       91,934  

Motorola Solutions, Inc., 5.00%, 04/15/2029

    87,000       89,431  

NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028

    91,000       91,570  

 

 

The accompanying notes are an integral part of the financial statements.
17

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Technology — 8.4% (continued)

Oracle Corp., 4.80%, 08/03/2028

  $ 90,000     $ 90,986  

Roper Technologies, Inc., 4.25%, 09/15/2028

    91,000       91,356  

S&P Global, Inc., 2.70%, 03/01/2029

    94,000       90,868  

Take-Two Interactive Software, Inc., 5.40%, 06/12/2029

    88,000       91,194  

TD SYNNEX Corp., 4.30%, 01/17/2029

    91,000       91,024  

Texas Instruments, Inc., 4.60%, 02/08/2029

    91,000       93,238  

Verisk Analytics, Inc., 4.13%, 03/15/2029

    91,000       91,264  

VMware LLC, 1.80%, 08/15/2028

    94,000       89,376  

Workday, Inc., 3.70%, 04/01/2029

    93,000       91,457  
              3,471,315  

Utilities — 8.3%

AEP Texas, Inc., 5.45%, 05/15/2029

    88,000       91,643  

Alliant Energy Finance LLC, 5.95%, 03/30/2029 (a)

    86,000       90,417  

Ameren Corp., 5.00%, 01/15/2029

    90,000       92,536  

American Water Capital Corp., 3.45%, 06/01/2029

    94,000       92,773  

Boston Gas Co., 3.00%, 08/01/2029 (a)

    96,000       92,703  

CenterPoint Energy, Inc., 5.40%, 06/01/2029

    88,000       91,525  

Connecticut Light and Power Co., 4.65%, 01/01/2029

    90,000       91,920  

Consolidated Edison Co. of New York, Inc., 4.00%, 12/01/2028

    92,000       92,602  

Constellation Energy Generation LLC, 4.63%, 02/01/2029 (a)

    92,000       91,984  

Consumers Energy Co., 4.60%, 05/30/2029

    90,000       92,034  

DTE Energy Co., 5.10%, 03/01/2029

    89,000       91,571  

Duke Energy Corp., 4.85%, 01/05/2029

    90,000       92,230  

Edison International, 5.45%, 06/15/2029

    90,000       92,408  

Entergy Texas, Inc., 4.00%, 03/30/2029

    91,000       91,235  

Essential Utilities, Inc., 3.57%, 05/01/2029

    94,000       92,622  

Utilities — 8.3% (continued)

Exelon Corp., 5.15%, 03/15/2029

  $ 88,000     $ 90,908  

Florida Power & Light Co., 5.15%, 06/15/2029

    90,000       93,654  

Georgia Power Co., 4.00%, 10/01/2028

    91,000       91,486  

Jersey Central Power & Light Co., 4.15%, 01/15/2029 (a)

    91,000       91,210  

Liberty Utilities Co., 5.58%, 01/31/2029 (a)

    89,000       91,893  

National Fuel Gas Co., 4.75%, 09/01/2028

    91,000       92,320  

National Rural Utilities Cooperative Finance Corp., 4.15%, 08/25/2028

    91,000       91,628  

New York State Electric & Gas Corp., 5.65%, 08/15/2028 (a)

    88,000       91,298  

NiSource, Inc., 5.20%, 07/01/2029

    90,000       93,144  

NRG Energy, Inc., 4.45%, 06/15/2029 (a)

    91,000       91,037  

OGE Energy Corp., 5.45%, 05/15/2029

    89,000       92,717  

Oncor Electric Delivery Co. LLC, 5.75%, 03/15/2029

    86,000       90,244  

ONE Gas, Inc., 5.10%, 04/01/2029

    89,000       91,972  

Pacific Gas and Electric Co., 5.55%, 05/15/2029

    88,000       91,502  

PacifiCorp, 5.10%, 02/15/2029

    91,000       93,588  

Public Service Enterprise Group, Inc., 5.20%, 04/01/2029

    88,000       90,937  

San Diego Gas & Electric Co., 4.95%, 08/15/2028

    88,000       90,308  

Tampa Electric Co., 4.90%, 03/01/2029

    89,000       91,362  

United Utilities PLC, 6.88%, 08/15/2028

    84,000       89,380  

Virginia Electric and Power Co., 2.88%, 07/15/2029

    95,000       91,867  

Vistra Operations Co. LLC, 4.30%, 10/15/2028 (a)

    91,000       91,182  

Wisconsin Electric Power Co., 3.95%, 03/01/2029

    91,000       91,206  
              3,395,046  

TOTAL CORPORATE BONDS (Cost $40,333,493)

            40,502,466  

 

 

The accompanying notes are an integral part of the financial statements.
18

 



 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONCLUDED)

February 28, 2026 (Unaudited)

 

   

Units

    

Value

  

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (f)

    174,863     $ 174,863  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $174,863)

            174,863  
                 

TOTAL INVESTMENTS — 99.1% (Cost $40,508,356)

            40,677,329  

Other Assets in Excess of Liabilities — 0.9%

            349,556  

TOTAL NET ASSETS — 100.0%

           $ 41,026,885  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LIBOR - London Interbank Offered Rate

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

SOFR - Secured Overnight Financing Rate

 

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $7,866,907 or 19.2% of the Fund’s net assets.

 

(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

 

(c)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $171,498.

 

(d)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

 

(e)

Step coupon bond. The rate disclosed is as of February 28, 2026.

 

(f)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

 

 

The accompanying notes are an integral part of the financial statements.
19

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 98.6%

Communications — 4.9%

Alphabet, Inc., 4.70%, 11/15/2035

  $ 128,000     $ 129,576  

AT&T, Inc., 4.90%, 11/01/2035

    130,000       130,283  

Charter Communications Operating LLC / Charter Communications Operating Capital, 5.85%, 12/01/2035

    128,000       128,793  

Comcast Corp., 3.20%, 07/15/2036

    150,000       130,196  

Meta Platforms, Inc., 4.88%, 11/15/2035

    128,000       129,183  

Paramount Global, 6.88%, 04/30/2036

    128,000       116,272  

Telefonica Emisiones SA, 7.05%, 06/20/2036

    114,000       128,981  

T-Mobile USA, Inc., 5.00%, 02/15/2036

    128,000       128,785  

Uber Technologies, Inc., 4.80%, 09/15/2035

    126,000       125,148  

Verizon Communications, Inc., 5.00%, 01/15/2036

    128,000       128,567  

Walt Disney Co., 6.40%, 12/15/2035

    114,000       129,578  
              1,405,362  

Consumer Discretionary — 8.0%

Amazon.com, Inc., 4.65%, 11/20/2035

    128,000       128,599  

American Honda Finance Corp., 5.10%, 01/08/2036

    128,000       129,089  

BMW US Capital LLC, 5.20%, 08/11/2035 (a)

    124,000       126,915  

DR Horton, Inc., 5.50%, 10/15/2035

    124,000       130,303  

eBay, Inc., 5.13%, 11/06/2035

    126,000       127,218  

General Motors Financial Co., Inc., 5.45%, 01/08/2036

    126,000       128,188  

Gildan Activewear, Inc., 5.40%, 10/07/2035 (a)

    126,000       127,539  

Home Depot, Inc., 4.65%, 09/15/2035

    128,000       127,940  

Hyatt Hotels Corp., 5.40%, 12/15/2035

    126,000       128,575  

Lowe’s Cos., Inc., 4.85%, 10/15/2035

    128,000       127,847  

Marriott International, Inc., 5.25%, 10/15/2035

    124,000       127,053  

McDonald’s Corp., 5.00%, 02/13/2036

    127,000       130,140  

Northwestern University, 4.94%, 12/01/2035

    124,000       128,301  

President and Fellows of Harvard College, 5.26%, 03/15/2036

    120,000       128,443  

Royal Caribbean Cruises Ltd., 5.38%, 01/15/2036

  $ 128,000     $ 130,676  

Southwest Airlines Co., 5.25%, 11/15/2035

    129,000       127,976  

Toyota Motor Credit Corp., 4.80%, 01/11/2036

    128,000       129,132  

Trustees of Columbia University in the City of New York, 4.36%, 10/01/2035

    128,000       127,485  
              2,311,419  

Consumer Staples — 5.8%

Alimentation Couche-Tard, Inc., 5.08%, 09/29/2035 (a)

    125,000       126,709  

Altria Group, Inc., 5.25%, 08/06/2035

    123,000       126,016  

Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036

    131,000       131,276  

Archer-Daniels-Midland Co., 5.38%, 09/15/2035

    121,000       128,860  

BAT Capital Corp., 5.63%, 08/15/2035

    119,000       125,456  

Bunge Ltd. Finance Corp., 5.15%, 08/04/2035

    127,000       130,193  

Constellation Brands, Inc., 4.95%, 11/01/2035

    127,000       127,108  

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.50%, 01/15/2036

    127,000       130,417  

Philip Morris International, Inc., 4.63%, 10/29/2035

    132,000       130,604  

Procter & Gamble Co., 4.35%, 11/03/2035

    129,000       128,495  

Sysco Corp., 5.38%, 09/21/2035

    122,000       127,168  

Target Corp., 5.25%, 02/15/2036

    122,000       126,725  

Walmart, Inc., 5.25%, 09/01/2035

    119,000       127,076  
              1,666,103  

Energy — 10.2%

Antero Resources Corp., 5.40%, 02/01/2036

    128,000       128,128  

Boardwalk Pipelines LP, 5.38%, 02/15/2036

    126,000       127,935  

Cenovus Energy, Inc., 5.40%, 03/20/2036

    126,000       128,228  

Cheniere Energy Partners LP, 5.55%, 10/30/2035

    123,000       127,921  

Chevron USA, Inc., 4.85%, 10/15/2035

    123,000       126,329  

 

 

The accompanying notes are an integral part of the financial statements.
20

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Energy — 10.2% (continued)

Colonial Enterprises, Inc., 5.63%, 11/15/2035 (a)

  $ 128,000     $ 131,420  

Enbridge, Inc., 5.20%, 11/20/2035

    126,000       128,487  

Energy Transfer LP, 5.35%, 01/15/2036

    128,000       130,044  

Enterprise Products Operating LLC, 5.20%, 01/15/2036

    127,000       130,930  

EOG Resources, Inc., 5.35%, 01/15/2036

    126,000       130,900  

Equinor ASA, 4.75%, 11/14/2035

    129,000       129,760  

Halliburton Co., 4.85%, 11/15/2035

    129,000       128,967  

MPLX LP, 5.40%, 09/15/2035

    124,000       126,590  

ONEOK, Inc., 5.40%, 10/15/2035

    123,000       125,367  

Phillips 66 Co., 6.20% to 03/15/2036 then 5 yr. CMT Rate + 2.17%, 03/15/2056

    124,000       125,625  

Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036

    127,000       130,316  

Santos Finance Ltd., 5.75%, 11/13/2035 (a)

    126,000       128,785  

Shell Finance US, Inc., 4.75%, 01/06/2036

    128,000       129,490  

Targa Resources Corp., 5.40%, 07/30/2036

    126,000       128,321  

TotalEnergies Capital USA LLC, 4.86%, 01/13/2036

    128,000       129,372  

TransCanada PipeLines Ltd., 5.85%, 03/15/2036

    120,000       127,936  

Western Midstream Operating LP, 5.50%, 12/15/2035

    128,000       129,136  

Williams Cos., Inc., 5.15%, 03/15/2036

    128,000       129,422  
              2,959,409  

Financials — 23.3%

Affiliated Managers Group, Inc., 5.50%, 02/15/2036

    126,000       127,150  

Alexandria Real Estate Equities, Inc., 5.50%, 10/01/2035

    124,000       127,331  

Allstate Corp., 5.95%, 04/01/2036

    119,000       129,006  

American Express Co., 4.80% to 10/24/2035 then SOFR + 1.24%, 10/24/2036

    129,000       127,784  

American Financial Group, Inc./OH, 5.00%, 09/23/2035

    129,000       127,714  

Apollo Global Management, Inc., 5.15%, 08/12/2035

    127,000       125,778  

Assurant, Inc., 5.55%, 02/15/2036

  $ 124,000     $ 126,004  

Athene Global Funding, 5.54%, 08/22/2035 (a)(b)

    124,000       123,752  

Blackstone Reg Finance Co. LLC, 4.95%, 02/15/2036

    127,000       125,721  

Brookfield Asset Management Ltd., 5.30%, 01/15/2036

    126,000       125,389  

Brookfield Finance, Inc., 5.33%, 01/15/2036

    128,000       127,675  

Capital One Financial Corp., 5.20% to 09/11/2035 then SOFR + 1.63%, 09/11/2036

    128,000       127,691  

Carlyle Group, Inc., 5.05%, 09/19/2035

    129,000       127,200  

Charles Schwab Corp., 4.91% to 11/14/2035 then SOFR + 1.23%, 11/14/2036

    129,000       129,009  

Chubb INA Holdings LLC, 4.90%, 08/15/2035

    124,000       125,911  

Citigroup, Inc., 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036

    125,000       127,106  

CNA Financial Corp., 5.20%, 08/15/2035

    125,000       125,791  

CubeSmart LP, 5.13%, 11/01/2035 (b)

    126,000       128,247  

Essential Properties LP, 5.40%, 12/01/2035

    126,000       128,204  

Essex Portfolio LP, 4.88%, 02/15/2036

    130,000       128,541  

Fifth Third Bancorp, 5.14% (SOFR + 1.24%), 01/29/2037

    128,000       128,245  

Fiserv, Inc., 5.25%, 08/11/2035

    125,000       125,010  

Global Payments, Inc., 5.55%, 11/15/2035

    127,000       126,308  

Goldman Sachs Group, Inc., 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041

    128,000       127,063  

Hanover Insurance Group, Inc., 5.50%, 09/01/2035

    123,000       125,806  

Huntington Bancshares, Inc./OH, 5.61% (5 yr. CMT Rate + 1.35%), 01/28/2041

    128,000       128,577  

Jefferies Financial Group, Inc., 5.50%, 02/15/2036

    128,000       125,578  

JPMorgan Chase & Co., 4.90% (SOFR + 1.07%), 01/22/2037

    128,000       128,692  

KeyCorp, 5.31% (SOFR + 1.37%), 01/28/2037

    128,000       129,042  

Kilroy Realty LP, 5.88%, 10/15/2035

    124,000       122,224  

 

 

The accompanying notes are an integral part of the financial statements.
21

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Financials — 23.3% (continued)

Kimco Realty OP LLC, 5.30%, 02/01/2036

  $ 122,000     $ 126,656  

KKR & Co., Inc., 5.10%, 08/07/2035

    125,000       123,333  

Lincoln National Corp., 5.35%, 11/15/2035

    126,000       122,998  

Manulife Financial Corp., 4.99%, 12/11/2035

    130,000       130,358  

Morgan Stanley, 5.31% (5 yr. CMT Rate + 1.17%), 01/18/2041

    128,000       127,346  

Northern Trust Corp., 5.12% to 11/19/2035 then 5 yr. CMT Rate + 1.05%, 11/19/2040

    127,000       127,260  

PNC Financial Services Group, Inc., 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041

    128,000       129,249  

Prologis Targeted US Logistics Fund LP, 4.75%, 01/15/2036 (a)

    132,000       130,417  

Protective Life Corp., 5.35%, 12/15/2035 (a)

    126,000       127,905  

Raymond James Financial, Inc., 4.90%, 09/11/2035

    126,000       125,682  

Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055

    121,000       125,157  

Simon Property Group LP, 5.13%, 10/01/2035

    124,000       126,997  

State Street Corp., 4.78% to 10/23/2035 then SOFR + 1.22%, 10/23/2036

    127,000       126,788  

Toronto-Dominion Bank, 4.93%, 10/15/2035

    127,000       128,097  

TPG Operating Group II LP, 5.38%, 01/15/2036

    130,000       128,580  

Travelers Cos., Inc., 6.75%, 06/20/2036

    110,000       127,090  

Truist Financial Corp., 4.96% to 10/23/2035 then SOFR + 1.40%, 10/23/2036

    127,000       126,621  

Unum Group, 5.25%, 12/15/2035

    128,000       126,886  

US Bancorp, 5.03% to 01/26/2036 then SOFR + 1.10%, 01/26/2037

    128,000       129,233  

Ventas Realty LP, 5.00%, 02/15/2036

    128,000       127,891  

Visa, Inc., 4.15%, 12/14/2035

    131,000       128,254  

Wells Fargo & Co., 4.96% (SOFR + 1.10%), 01/23/2037

    128,000       128,441  

Willis North America, Inc., 5.15%, 03/15/2036

  $ 128,000     $ 128,288  
              6,737,076  

Health Care — 11.1%

AbbVie, Inc., 4.30%, 05/14/2036

    132,000       127,935  

Aetna, Inc., 6.63%, 06/15/2036

    116,000       129,176  

Ascension Health, 4.92%, 11/15/2035

    126,000       128,643  

Baxter International, Inc., 5.65%, 12/15/2035 (b)

    125,000       127,132  

Boston Scientific Corp., 6.25%, 11/15/2035 (c)

    115,000       130,416  

Cardinal Health, Inc., 5.15%, 09/15/2035

    124,000       126,882  

Cigna Group, 5.25%, 01/15/2036

    128,000       131,408  

CommonSpirit Health, 4.98%, 09/01/2035

    129,000       129,807  

CVS Health Corp., 5.45%, 09/15/2035

    125,000       128,880  

Elevance Health, Inc., 5.00%, 01/15/2036

    131,000       131,585  

Eli Lilly & Co., 4.90%, 10/15/2035

    124,000       126,990  

GE HealthCare Technologies, Inc., 4.95%, 12/15/2035

    130,000       130,726  

Gilead Sciences, Inc., 4.60%, 09/01/2035

    130,000       129,821  

HCA, Inc., 4.90%, 11/15/2035

    130,000       129,419  

Johnson & Johnson, 3.55%, 03/01/2036

    137,000       127,619  

Merck & Co., Inc., 4.75%, 12/04/2035

    130,000       131,259  

Novartis Capital Corp., 4.60%, 11/05/2035

    129,000       129,661  

Orlando Health Obligated Group, 5.48%, 10/01/2035

    120,000       127,649  

Pfizer, Inc., 4.88%, 11/15/2035

    126,000       128,411  

Royalty Pharma PLC, 5.20%, 09/25/2035

    124,000       125,945  

Sutter Health, 5.54%, 08/15/2035

    120,000       127,509  

Thermo Fisher Scientific, Inc., 4.79%, 10/07/2035

    129,000       130,141  

UnitedHealth Group, Inc., 5.80%, 03/15/2036

    118,000       126,617  

VSP Optical Group, Inc., 5.45%, 12/01/2035 (a)

    126,000       127,972  

Zoetis, Inc., 5.00%, 08/17/2035

    126,000       128,470  
              3,220,073  

 

 

The accompanying notes are an integral part of the financial statements.
22

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Industrials — 8.9%

Amphenol Corp., 4.63%, 02/15/2036

  $ 129,000     $ 128,147  

Canadian National Railway Co., 4.75%, 11/12/2035

    126,000       127,875  

Canadian Pacific Railway Co., 4.80%, 09/15/2035

    126,000       127,895  

Caterpillar, Inc., 5.30%, 09/15/2035

    120,000       128,146  

Dover Corp., 5.38%, 10/15/2035

    121,000       129,383  

Fedex Freight Holding Co., Inc., 5.25%, 03/15/2036 (a)

    128,000       127,565  

General Dynamics Corp., 4.95%, 08/15/2035

    123,000       127,189  

General Electric Co., 4.90%, 01/29/2036

    129,000       132,229  

Honeywell International, Inc., 5.70%, 03/15/2036

    120,000       129,647  

Hubbell, Inc., 4.80%, 11/15/2035

    128,000       128,636  

Johnson Controls International PLC, 6.00%, 01/15/2036

    121,000       132,175  

Lockheed Martin Corp., 5.00%, 08/15/2035

    125,000       129,178  

Otis Worldwide Corp., 5.13%, 09/04/2035

    123,000       126,552  

Quanta Services, Inc., 5.10%, 08/09/2035

    125,000       127,192  

RTX Corp., 6.05%, 06/01/2036

    116,000       128,673  

Textron, Inc., 4.95%, 03/15/2036

    127,000       127,710  

Transurban Finance Co. Pty Ltd., 4.92%, 03/24/2036 (a)(b)

    127,000       128,551  

Tyco Electronics Group SA, 4.88%, 02/09/2036

    128,000       129,935  

Union Pacific Corp., 2.89%, 04/06/2036

    153,000       131,402  

Waste Connections, Inc., 5.25%, 09/01/2035

    119,000       124,518  
              2,572,598  

Materials — 6.6%

Amrize Finance US LLC, 7.13%, 07/15/2036

    110,000       128,936  

Barrick Mining Corp., 6.45%, 10/15/2035

    116,000       129,644  

BHP Billiton Finance USA Ltd., 5.00%, 02/15/2036

    124,000       127,492  

Carlisle Cos., Inc., 5.25%, 09/15/2035

    123,000       126,935  

CF Industries, Inc., 5.30%, 11/26/2035

    126,000       128,133  

CRH America Finance, Inc., 5.00%, 02/09/2036

    125,000       126,505  

Dow Chemical Co., 5.65%, 03/15/2036 (b)

  $ 126,000     $ 126,175  

Eagle Materials, Inc., 5.00%, 03/15/2036

    130,000       128,833  

Ecolab, Inc., 5.00%, 09/01/2035

    122,000       125,993  

International Paper Co., 5.00%, 09/15/2035

    125,000       126,189  

LYB International Finance III LLC, 5.88%, 01/15/2036

    126,000       127,294  

Packaging Corp. of America, 5.20%, 08/15/2035

    124,000       127,085  

Sherwin-Williams Co., 5.15%, 08/15/2035

    121,000       124,337  

Suzano Netherlands BV, 5.50%, 01/15/2036

    128,000       128,959  

Westlake Corp., 5.55%, 11/15/2035

    126,000       127,908  
              1,910,418  

Technology — 7.0%

Apple, Inc., 4.50%, 02/23/2036

    124,000       126,863  

Applied Materials, Inc., 4.60%, 01/15/2036

    132,000       131,288  

Broadcom, Inc., 4.95%, 01/15/2036

    128,000       129,531  

Dell International LLC / EMC Corp., 5.10%, 02/15/2036

    128,000       128,343  

Flex Ltd., 5.38%, 11/13/2035

    126,000       127,337  

Gartner, Inc., 5.60%, 11/20/2035

    126,000       120,688  

Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 (b)(c)

    117,000       126,778  

Micron Technology, Inc., 6.05%, 11/01/2035

    117,000       127,192  

Microsoft Corp., 4.20%, 11/03/2035

    127,000       127,769  

Motorola Solutions, Inc., 5.55%, 08/15/2035

    122,000       128,402  

MSCI, Inc., 5.15%, 03/15/2036

    127,000       125,764  

NXP BV / NXP Funding LLC / NXP USA, Inc., 5.25%, 08/19/2035

    123,000       125,630  

Oracle Corp., 5.20%, 09/26/2035

    132,000       127,568  

Roper Technologies, Inc., 5.10%, 09/15/2035 (b)

    127,000       126,589  

S&P Global, Inc., 4.80%, 12/04/2035 (a)

    130,000       130,236  

TD SYNNEX Corp., 5.30%, 10/10/2035

    127,000       126,296  
              2,036,274  

 

 

The accompanying notes are an integral part of the financial statements.
23

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Schedule of Investments (concluded)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Utilities — 12.8%

American Electric Power Co., Inc., 6.05% to 03/15/2036 then 5 yr. CMT Rate + 1.94%, 03/15/2056

  $ 126,000     $ 126,456  

Atmos Energy Corp., 5.20%, 08/15/2035

    121,000       126,309  

CenterPoint Energy Houston Electric LLC, 4.95%, 08/15/2035

    124,000       125,976  

Cleco Power LLC, 5.30%, 01/15/2036 (a)

    126,000       128,377  

Consolidated Edison Co. of New York, Inc., 6.20%, 06/15/2036

    116,000       128,327  

DTE Energy Co., 5.05%, 10/01/2035 (b)

    125,000       126,087  

Duke Energy Florida LLC, 4.85%, 12/01/2035

    128,000       128,959  

Electricite de France SA, 4.75%, 10/13/2035 (a)

    127,000       127,259  

Entergy Arkansas LLC, 4.95%, 01/15/2036

    128,000       129,203  

Essential Utilities, Inc., 5.25%, 08/15/2035

    123,000       126,197  

Evergy Missouri West, Inc., 5.25%, 12/15/2035 (a)

    126,000       127,634  

Florida Power & Light Co., 4.70%, 02/15/2036

    128,000       128,364  

Iberdrola International BV, 6.75%, 07/15/2036

    112,000       129,954  

Indianapolis Power & Light Co., 5.05%, 08/15/2035 (a)

    126,000       128,938  

Jersey Central Power & Light Co., 5.15%, 01/15/2036 (a)

    127,000       130,185  

New York State Electric & Gas Corp., 5.05%, 08/15/2035 (a)

    125,000       127,126  

Niagara Mohawk Power Corp., 5.11%, 01/12/2036 (a)

    128,000       129,143  

Northwest Natural Holding Co., 7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.70%, 09/15/2055

    119,000       124,184  

NRG Energy, Inc., 5.41%, 10/15/2035 (a)

    126,000       127,323  

Pacific Gas and Electric Co., 6.00%, 08/15/2035

    119,000       126,590  

PacifiCorp, 6.10%, 08/01/2036

    123,000       130,437  

PECO Energy Co., 4.88%, 09/15/2035

    128,000       129,838  

Public Service Co. of Colorado, 5.15%, 09/15/2035

    123,000       125,615  

Public Service Electric and Gas Co., 4.90%, 08/15/2035

    124,000       126,302  

Southern California Edison Co., 5.63%, 02/01/2036

  $ 128,000     $ 131,903  

Southern Power Co., 4.90%, 10/01/2035

    128,000       127,807  

Spire, Inc., 6.45% (5 yr. CMT Rate + 2.33%), 06/01/2056

    126,000       128,998  

Virginia Electric and Power Co., 4.90%, 09/15/2035

    127,000       127,365  

Vistra Operations Co. LLC, 5.35%, 01/31/2036 (a)

    128,000       128,934  
              3,709,790  

TOTAL CORPORATE BONDS (Cost $28,154,306)

            28,528,522  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (d)

    960,291       960,291  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $960,291)

            960,291  
                 

TOTAL INVESTMENTS — 101.9% (Cost $29,114,597)

            29,488,813  

Liabilities in Excess of Other Assets — (1.9)%

            (539,690 )

TOTAL NET ASSETS — 100.0%

           $ 28,949,123  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

CMT - Constant Maturity Treasury

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

PLC - Public Limited Company

 

SOFR - Secured Overnight Financing Rate

 

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $2,692,685 or 9.3% of the Fund’s net assets.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $942,881.

 

(c)

Step coupon bond. The rate disclosed is as of February 28, 2026.

 

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
24

 

 

F/m Opportunistic Income ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 27.2%

Consumer Discretionary — 1.7%

American Airlines 2017-1 Class A Pass Through Trust, Series 2017-1, 4.00%, 02/15/2029

  $ 136,200     $ 132,453  

Ford Motor Co., 3.25%, 02/12/2032

    741,000       666,377  
              798,830  

Consumer Staples — 1.5%

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 (a)

    693,000       681,654  
                 

Energy — 6.5%

Coterra Energy Operating Co., 4.38%, 03/15/2029

    263,000       256,676  

Expand Energy Corp., 5.38%, 03/15/2030

    829,000       842,007  

Phillips 66 Partners LP

               

3.55%, 10/01/2026

    48,000       47,552  

3.75%, 03/01/2028 (b)

    750,000       733,011  

3.15%, 12/15/2029

    388,000       364,882  

Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR USD + 4.64%, 08/15/2076 (c)

    813,000       815,124  
              3,059,252  

Financials — 9.7%

Antares Holdings LP, 6.35%, 10/23/2029 (a)

    1,050,000       1,075,159  

Ares Capital Corp., 5.80%, 03/08/2032 (b)

    882,000       878,490  

Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual

    684,000       676,275  

Blackstone Secured Lending Fund, 5.35%, 04/13/2028

    958,000       958,578  

Nationwide Financial Services, Inc., 6.75%, 05/15/2037

    956,000       964,411  
              4,552,913  

Health Care — 2.0%

CVS Pass-Through Trust

               

7.51%, 01/10/2032 (a)

    744,587       796,116  

5.77%, 01/10/2033 (a)

    129,702       132,425  
              928,541  

Industrials — 3.1%

Concentrix Corp., 6.85%, 08/02/2033 (b)

    620,000       597,192  

GXO Logistics, Inc., 6.25%, 05/06/2029

  $ 800,000     $ 845,420  
              1,442,612  

Information Technology — 1.3%

Kyndryl Holdings, Inc., 3.15%, 10/15/2031

    689,000       583,101  
                 

Utilities — 1.4%

Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052

    663,000       654,717  

TOTAL CORPORATE BONDS (Cost $12,560,854)

            12,701,620  
                 

COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%

Chase Mortgage Finance Corp., Series 2023-1, Class A4, 6.00%, 06/25/2054 (a)(d)

    623,479       631,041  

Citigroup Mortgage Loan Trust, Inc., Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 (a)(d)

    418,886       428,465  

Federal National Mortgage Association

               

Series 2024-25, Class AD, 5.00%, 03/25/2044

    1,138,447       1,146,597  

Series 2024-26, Class AB, 5.00%, 04/25/2050

    580,168       583,473  

Government National Mortgage Association

               

Series 2023-131, Class BT, 4.00%, 03/20/2049

    825,061       821,000  

Series 2025-178, Class GP, 6.50%, 08/20/2055

    985,369       1,014,512  

GS Mortgage Securities Corp. II, Series 2023-SHIP, Class C, 5.51%, 09/10/2038 (a)(d)

    500,000       500,636  

JP Morgan Mortgage Trust

               

Series 2019-HYB1, Class B3, 5.02%, 10/25/2049 (a)(d)

    329,882       333,590  

Series 2022-6, Class A12, 3.00%, 11/25/2052 (a)(d)

    509,875       493,132  

Series 2024-12, Class A4, 6.00%, 06/25/2055 (a)(d)

    882,920       888,904  

Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.83%, 09/25/2032 (d)

    242,525       233,824  

Provident Funding Mortgage Trust

               

Series 2025-1, Class A3, 5.50%, 02/25/2055 (a)(d)

    809,184       820,920  

 

 

The accompanying notes are an integral part of the financial statements.
25

 

 

F/m Opportunistic Income ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4% (continued)

Series 2025-2, Class A4, 5.50%, 06/25/2055 (a)(d)

  $ 1,228,347     $ 1,236,109  

RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 06/25/2054 (a)(d)

    508,706       518,992  

Sequoia Mortgage Trust, Series 2024-8, Class A20, 5.50%, 09/25/2054 (a)(d)

    722,445       724,378  

WaMu Mortgage Pass Through Certificates

               

Series 2004-AR13, Class A1A, 4.51% (1 mo. Term SOFR + 0.83%), 11/25/2034

    274,992       269,290  

Series 2005-AR2, Class 1A1A, 4.45% (1 mo. Term SOFR + 0.77%), 01/25/2045

    745,884       744,591  

Series 2005-AR2, Class 2A23, 4.55% (1 mo. Term SOFR + 0.87%), 01/25/2045

    340,755       336,223  

Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A6, 6.41%, 07/25/2034 (d)

    162,635       164,807  

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $11,794,798)

            11,890,484  
                 
   

Shares

          

EXCHANGE TRADED FUNDS — 19.9%

F/m 3-Year Investment Grade Corporate Bond ETF (e)

    34,230       1,755,763  

F/m High Yield 100 ETF (e)

    90,113       4,710,378  

F/m US Treasury 3 Year Note ETF (e)

    3,300       165,148  

F/m US Treasury 5 Year Note ETF (e)

    53,460       2,657,764  

TOTAL EXCHANGE TRADED FUNDS (Cost $9,195,487)

            9,289,053  
                 
   

Par

          

ASSET-BACKED SECURITIES — 10.0%

ACE Securities Corp., Series 2003-NC1, Class A2A, 4.63% (1 mo. Term SOFR + 0.95%), 07/25/2033

    234,621       209,183  

Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.68% (1 mo. Term SOFR + 0.89%), 10/25/2034

  $ 203,105     $ 194,077  

DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (a)

    478,750       470,671  

Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 (a)

    1,015,000       1,000,498  

Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (a)

    584,200       570,329  

JP Morgan Mortgage Trust, Series 2025-CES2, Class A1, 5.59%, 06/25/2055 (a)(d)

    772,080       780,220  

Long Beach Mortgage Loan Trust, Series 2003-4, Class AV1, 4.41% (1 mo. Term SOFR + 0.73%), 08/25/2033

    490,272       480,332  

QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 (a)

    500,000       508,403  

SBA Depositor LLC, Series 2021-3, 2.59%, 10/15/2031 (a)

    519,000       469,004  

TOTAL ASSET-BACKED SECURITIES (Cost $4,624,968)

            4,682,717  
                 

MUNICIPAL BONDS — 8.4%

Alvarado Independent School District, 5.00%, 02/15/2047

    405,000       423,090  

Crowley Independent School District, 5.00%, 02/01/2048

    525,000       551,954  

Eagle Mountain & Saginaw Independent School District, 5.00%, 08/15/2055

    750,000       786,106  

La Vernia Independent School District, 5.00%, 02/15/2050

    650,000       686,786  

Northwest Independent School District, 5.25%, 02/15/2055

    700,000       746,765  

Princeton Independent School District, 5.00%, 02/15/2054

    685,000       713,406  

TOTAL MUNICIPAL BONDS (Cost $3,814,322)

            3,908,107  
                 

U.S. TREASURY SECURITIES — 4.4%

United States Treasury Note/Bond

                

3.75%, 01/31/2031

    1,835,000       1,853,924  

 

 

The accompanying notes are an integral part of the financial statements.
26

 

 

F/m Opportunistic Income ETF

 

Schedule of Investments (CONCLUDED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 4.4% (continued)

3.75%, 02/28/2033

  $ 210,000     $ 210,369  

TOTAL U.S. TREASURY SECURITIES (Cost $2,057,141)

            2,064,293  
                 

MORTGAGE-BACKED SECURITIES — 4.0%

BX Trust, Series 2024-VLT4, Class B, 5.60% (1 mo. Term SOFR + 1.94%), 06/15/2041 (a)

    500,000       498,306  

Extended Stay America Trust, Series 2025-ESH, Class B, 5.26% (1 mo. Term SOFR + 1.60%), 10/15/2042 (a)

    500,000       501,270  

Federal National Mortgage Association, Pool MA4626, 4.00%, 06/01/2052

    914,957       891,545  

TOTAL MORTGAGE-BACKED SECURITIES (Cost $1,872,275)

            1,891,121  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (f)

    1,147,185       1,147,185  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,147,185)

            1,147,185  
                 

TOTAL INVESTMENTS — 101.8% (Cost $47,067,030)

            47,574,580  

Liabilities in Excess of Other Assets — (1.8)%

            (849,499 )

TOTAL NET ASSETS — 100.0%

           $ 46,725,081  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

CMT - Constant Maturity Treasury

 

LIBOR - London Interbank Offered Rate

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

SOFR - Secured Overnight Financing Rate

 

The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

 

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $14,060,222 or 30.1% of the Fund’s net assets.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $1,128,890.

 

(c)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

 

(d)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 28, 2026.

 

(e)

Affiliated security as defined by the Investment Company Act of 1940.

 

(f)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
27

 

 

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 99.9%

United States Treasury Inflation Indexed Bonds

               

0.13%, 04/15/2026

  $ 10,050,940     $ 10,063,075  

0.13%, 07/15/2026

    9,068,612       9,117,144  

0.13%, 10/15/2026

    11,256,468       11,278,453  

0.38%, 01/15/2027

    6,907,435       6,890,166  

2.38%, 01/15/2027

    2,869,923       2,912,524  

TOTAL U.S. TREASURY SECURITIES (Cost $40,038,691)

            40,261,362  
                 

TOTAL INVESTMENTS — 99.9% (Cost $40,038,691)

            40,261,362  

Other Assets in Excess of Liabilities — 0.1%

            25,508  

TOTAL NET ASSETS — 100.0%

           $ 40,286,870  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

The accompanying notes are an integral part of the financial statements.
28

 

 

F/m High Yield 100 ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 98.2%

Advertising & Marketing — 1.0%

Neptune Bidco US, Inc., 10.38%, 05/15/2031 (a)

  $ 172,000     $ 173,631  
                 

Aerospace & Defense — 1.9%

Bombardier, Inc., 8.75%, 11/15/2030 (a)

    160,000       171,357  

TransDigm, Inc., 7.13%, 12/01/2031 (a)

    168,000       176,069  
              347,426  

Airlines — 1.0%

American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a)

    173,000       175,032  
                 

Auto Parts Manufacturing — 2.0%

Goodyear Tire & Rubber Co., 6.63%, 07/15/2030

    175,000       178,779  

ZF North America Capital, Inc., 7.50%, 03/24/2031 (a)

    172,000       177,159  
              355,938  

Automobiles Manufacturing — 1.0%

Nissan Motor Co. Ltd., 8.13%, 07/17/2035 (a)

    161,000       175,426  
                 

Cable & Satellite — 5.7%

               

CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 02/01/2036 (a)

    176,000       178,654  

CSC Holdings LLC, 11.75%, 01/31/2029 (a)

    193,000       137,546  

Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 (a)

    175,000       178,993  

DISH Network Corp., 11.75%, 11/15/2027 (a)

    155,000       160,096  

Sirius XM Radio LLC, 5.50%, 07/01/2029 (a)

    180,000       180,108  

VZ Secured Financing BV, 7.50%, 01/15/2033 (a)

    175,000       171,899  
              1,007,296  

Casinos & Gaming — 2.9%

Caesars Entertainment, Inc., 7.00%, 02/15/2030 (a)

    170,000       174,355  

Melco Resorts Finance Ltd., 7.63%, 04/17/2032 (a)

    162,000       169,881  

Wynn Macau Ltd., 6.75%, 02/15/2034 (a)

    177,000       179,461  
              523,697  

Chemicals — 2.0%

Celanese US Holdings LLC, 7.38%, 02/15/2034

  $ 175,000     $ 179,644  

Olympus Water US Holding Corp., 7.25%, 02/15/2033 (a)

    178,000       177,285  
              356,929  

Commercial Finance — 1.0%

FTAI Aviation Investors LLC, 7.88%, 12/01/2030 (a)

    161,000       170,454  
                 

Construction Materials Manufacturing — 2.0%

Quikrete Holdings, Inc., 6.38%, 03/01/2032 (a)

    170,000       176,705  

Standard Building Solutions, Inc., 6.50%, 08/15/2032 (a)

    170,000       175,138  
              351,843  

Consumer Finance — 5.8%

Block, Inc., 6.50%, 05/15/2032

    171,000       175,899  

Freedom Mortgage Corp., 12.25%, 10/01/2030 (a)

    156,000       169,710  

Navient Corp., 11.50%, 03/15/2031

    154,000       163,426  

OneMain Finance Corp., 7.88%, 03/15/2030

    167,000       174,690  

PennyMac Financial Services, Inc., 7.88%, 12/15/2029 (a)

    168,000       176,287  

Rocket Cos., Inc., 7.13%, 02/01/2032 (a)

    165,000       172,499  
              1,032,511  

Consumer Services — 2.0%

Allied Universal Holdco LLC, 7.88%, 02/15/2031 (a)

    170,000       179,594  

Service Corp. International/US, 5.75%, 10/15/2032

    170,000       173,341  
              352,935  

Containers & Packaging — 3.0%

Ball Corp., 6.00%, 06/15/2029

    172,000       177,301  

Clydesdale Acquisition Holdings, Inc., 6.88%, 01/15/2030 (a)

    169,000       171,716  

Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 (a)

    175,000       179,124  
              528,141  

Electrical Equipment Manufacturing — 1.9%

EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 07/15/2031 (a)

    169,000       176,142  

WESCO Distribution, Inc., 7.25%, 06/15/2028 (a)

    170,000       171,291  
              347,433  
                 

 

 

The accompanying notes are an integral part of the financial statements.
29

 

 

F/m High Yield 100 ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Entertainment Content — 1.9%

Discovery Communications LLC, 6.35%, 06/01/2040

  $ 213,000     $ 175,384  

Univision Communications, Inc., 9.38%, 08/01/2032 (a)

    162,000       171,268  
              346,652  

Entertainment Resources — 1.0%

Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada’s Wonderland Co., 6.63%, 05/01/2032 (a)

    171,000       173,874  
                 

Exploration & Production — 3.9%

Civitas Resources, Inc., 9.63%, 06/15/2033 (a)

    162,000       179,091  

Crescent Energy Finance LLC, 9.25%, 02/15/2028 (a)

    166,000       170,424  

Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 (a)

    172,000       181,316  

Permian Resources Operating LLC, 9.88%, 07/15/2031 (a)

    158,000       169,061  
              699,892  

Financial Services — 1.9%

Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/2029 (a)

    170,000       167,877  

Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 (a)

    165,000       170,937  
              338,814  

Food & Beverage — 1.0%

Post Holdings, Inc., 6.25%, 02/15/2032 (a)

    170,000       174,900  
                 

Health Care Facilities & Services — 4.9%

CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (a)

    158,000       171,459  

DaVita, Inc., 6.88%, 09/01/2032 (a)

    170,000       176,610  

IQVIA, Inc., 6.50%, 05/15/2030 (a)

    170,000       174,700  

LifePoint Health, Inc., 11.00%, 10/15/2030 (a)

    160,000       173,846  

Tenet Healthcare Corp., 6.75%, 05/15/2031

    170,000       176,533  
              873,148  

Home & Office Products Manufacturing — 1.0%

Newell Brands, Inc., 8.50%, 06/01/2028 (a)

    162,000       170,507  
                 

Home Improvement — 1.0%

Whirlpool Corp., 6.50%, 06/15/2033 (b)

  $ 179,000     $ 178,854  
                 

Industrial Other — 2.0%

Herc Holdings, Inc., 7.25%, 06/15/2033 (a)(b)

    170,000       179,429  

United Rentals North America, Inc., 3.88%, 11/15/2027

    180,000       178,702  
              358,131  

Managed Care — 1.0%

Molina Healthcare, Inc., 6.50%, 02/15/2031 (a)

    170,000       170,663  
                 

Metals & Mining — 2.0%

Cleveland-Cliffs, Inc., 7.63%, 01/15/2034 (a)

    173,000       177,561  

Novelis Corp., 6.88%, 01/30/2030 (a)

    170,000       175,488  
              353,049  

Oil & Gas Services & Equipment — 1.0%

Transocean International Ltd., 8.75%, 02/15/2030 (a)

    169,400       177,117  
                 

Pharmaceuticals — 2.0%

Bausch Health Cos., Inc., 11.00%, 09/30/2028 (a)

    167,000       174,579  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 (a)

    180,000       174,496  
              349,075  

Pipeline — 3.9%

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (a)

    173,000       179,350  

Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 (a)

    170,000       175,559  

Venture Global LNG, Inc., 9.88%, 02/01/2032 (a)

    163,000       172,731  

Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 (a)

    149,000       169,087  
              696,727  

Power Generation — 2.0%

NRG Energy, Inc., 6.25%, 11/01/2034 (a)

    170,000       175,811  

Vistra Operations Co. LLC, 7.75%, 10/15/2031 (a)

    165,000       174,304  
              350,115  

 

 

The accompanying notes are an integral part of the financial statements.
30

 

 

F/m High Yield 100 ETF

 

Schedule of Investments (continued)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Property & Casualty Insurance — 3.9%

Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 (a)

  $ 170,000     $ 173,029  

Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 (a)

    170,000       172,714  

Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032 (a)

    171,000       179,902  

HUB International Ltd., 7.25%, 06/15/2030 (a)

    170,000       175,322  
              700,967  

Publishing & Broadcasting — 2.0%

Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030 (a)

    162,000       170,726  

Gray Media, Inc., 10.50%, 07/15/2029 (a)

    165,000       176,967  
              347,693  

Real Estate — 4.0%

Iron Mountain, Inc., 7.00%, 02/15/2029 (a)

    170,000       174,492  

MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032 (a)

    168,000       179,830  

RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 (a)

    172,000       176,702  

Service Properties Trust, 8.88%, 06/15/2032

    172,000       172,595  
              703,619  

Refining & Marketing — 1.0%

Sunoco LP, 7.25%, 05/01/2032 (a)

    168,000       177,451  
                 

Restaurants — 2.0%

               

1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 (a)

    170,000       174,805  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a)

    180,000       179,786  
              354,591  

Retail - Consumer Discretionary — 3.9%

Advance Auto Parts, Inc., 7.38%, 08/01/2033 (a)

    175,000       179,321  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 06/15/2032 (a)(b)

    173,000       170,163  

Builders FirstSource, Inc., 6.75%, 05/15/2035 (a)

  $ 170,000     $ 177,533  

Rakuten Group, Inc., 11.25%, 02/15/2027 (a)

    160,000       169,265  
              696,282  

Software & Services — 2.9%

Cloud Software Group, Inc., 8.25%, 06/30/2032 (a)

    173,000       173,152  

CoreWeave, Inc., 9.25%, 06/01/2030 (a)

    178,000       174,320  

ION Platform Finance US, Inc. / ION Platform Finance SARL, 9.50%, 05/30/2029 (a)

    182,000       170,917  
              518,389  

Supermarkets & Pharmacies — 1.0%

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028 (a)

    170,000       172,994  
                 

Travel & Lodging — 4.0%

Carnival Corp., 6.13%, 02/15/2033 (a)(b)

    170,000       175,953  

Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032 (a)

    170,000       175,674  

NCL Corp. Ltd., 7.75%, 02/15/2029 (a)

    167,000       178,323  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 (a)

    174,000       174,000  
              703,950  

Utilities — 2.9%

PG&E Corp., 5.25%, 07/01/2030

    180,000       180,232  

Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)

    160,000       168,395  

XPLR Infrastructure Operating Partners LP, 8.63%, 03/15/2033 (a)

    165,000       174,633  
              523,260  

Waste & Environment Services & Equipment — 1.0%

GFL Environmental, Inc., 6.75%, 01/15/2031 (a)

    168,000       176,153  
                 

Wireless Telecommunications Services — 3.9%

Altice France SA, 9.50%, 11/01/2029 (a)

    167,882       170,378  

EchoStar Corp., 10.75%, 11/30/2029

    161,000       175,837  

Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 (a)

    170,000       169,999  

 

 

The accompanying notes are an integral part of the financial statements.
31

 

 

F/m High Yield 100 ETF

 

Schedule of Investments (concluded)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

Wireless Telecommunications Services — 3.9% (continued)

Vodafone Group PLC, 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079

  $ 162,000     $ 171,617  
              687,831  

Wireline Telecommunications Services — 2.0%

Level 3 Financing, Inc., 7.00%, 03/31/2034 (a)

    170,000       176,699  

Windstream Services LLC, 7.50%, 10/15/2033 (a)

    168,000       174,781  
              351,480  

TOTAL CORPORATE BONDS (Cost $17,306,229)

            17,424,870  
                 
   

Shares

          

COMMON STOCKS — 0.0% (c)

Altice France Lux 3 (d)(e)

    851       0  

TOTAL COMMON STOCKS (Cost $0)

            0  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (f)

    588,174       588,174  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $588,174)

            588,174  
                 

TOTAL INVESTMENTS — 101.5% (Cost $17,894,403)

            18,013,044  

Liabilities in Excess of Other Assets — (1.5)%

            (258,094 )

TOTAL NET ASSETS — 100.0%

          $ 17,754,950  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

PLC - Public Limited Company

 

(a)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $14,792,036 or 83.3% of the Fund’s net assets.

 

(b)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $574,078.

   

(c)

Represents less than 0.05% of net assets.

   

(d)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2026.

   

(e)

Non-income producing security.

   

(f)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

 

The accompanying notes are an integral part of the financial statements.
32

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

MUNICIPAL BONDS — 98.7%

Adams & Weld Counties School District No 27J Brighton/CO, 5.00%, 12/01/2033

  $ 300,000     $ 300,451  

Alachua County Health Facilities Authority, 5.00%, 12/01/2035

    50,000       50,070  

Aubrey Independent School District, 4.00%, 02/15/2036

    190,000       190,152  

Bexar County Hospital District, 5.00%, 02/15/2027

    95,000       95,183  

Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, 5.00%, 12/15/2027

    25,000       25,051  

Brazoria-Fort Bend County Municipal Utility District No 1, 4.00%, 09/01/2032

    100,000       100,067  

California Health Facilities Financing Authority, 5.00%, 11/15/2028 (Obligor: Cedars-sinai Med Ctr Oblg)

    305,000       305,624  

California Infrastructure & Economic Development Bank, 5.00%, 10/01/2030

    35,000       35,081  

California State Public Works Board, 5.00%, 05/01/2028

    45,000       45,171  

Cedar Port Navigation & Improvement District, 4.00%, 09/01/2030

    50,000       50,042  

Central Texas Regional Mobility Authority, 5.00%, 01/01/2027

    100,000       100,385  

Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2031 (Obligor: Atrium Health Oblig Grp)

    50,000       50,049  

Chilton County Health Care Authority, 5.00%, 11/01/2035

    100,000       100,127  

City of Brentwood MO, 4.00%, 10/01/2027

    100,000       100,907  

City of Burleson TX, 5.00%, 03/01/2028

    30,000       30,058  

City of Houston TX Combined Utility System Revenue

               

4.00%, 11/15/2031

    30,000       30,034  

4.00%, 11/15/2033

    500,000       500,515  

City of Lafayette LA Sales & Use Tax Revenue, 4.00%, 03/01/2027

    95,000       95,123  

City of Las Vegas NV, 5.00%, 09/01/2029

    50,000       50,099  

City of New York NY, 5.00%, 08/01/2028

    50,000       50,102  

City of Ozark MO, 4.00%, 09/01/2034

  $ 250,000     $ 250,231  

City of Pearland TX, 5.00%, 03/01/2030

    35,000       35,065  

City of Rocky Mount NC, 4.00%, 05/01/2031

    90,000       90,211  

City of San Juan TX, 4.00%, 02/15/2031

    75,000       75,078  

City of Springfield IL, 5.00%, 12/01/2031

    100,000       100,163  

City of Troy AL, 4.00%, 07/01/2035

    250,000       250,184  

City of Worcester MA, 4.00%, 01/15/2036

    100,000       100,097  

Clark County School District, 4.00%, 06/15/2034

    100,000       100,078  

Columbus Metropolitan Housing Authority, 5.00%, 12/01/2026 (Obligor: Cmha Country Ridge Llc)

    135,000       135,121  

Commonwealth of Pennsylvania, 4.00%, 02/01/2033

    85,000       85,000  

County of Albany NY, 5.00%, 04/01/2027

    60,000       60,137  

County of Hawaii HI, 4.00%, 09/01/2035

    50,000       50,041  

County of Stark OH, 4.00%, 12/01/2030

    25,000       25,027  

Denver West Metropolitan District, 4.00%, 12/01/2032

    30,000       30,023  

Dobbs Ferry Local Development Corp., 4.00%, 07/01/2034 (Obligor: Mercy College)

    100,000       100,089  

East Cherry Creek Valley Water and Sanitation District, 4.00%, 11/15/2027

    45,000       45,058  

Elmore County Board of Education, 4.00%, 08/01/2026

    35,000       35,031  

Empire State Development Corp.

               

5.00%, 03/15/2030

    75,000       75,144  

5.00%, 03/15/2032

    65,000       65,117  

Fairfax County Economic Development Authority, 4.00%, 04/01/2029

    165,000       165,207  

Florida Higher Educational Facilities Financing Authority, 5.00%, 04/01/2029

    35,000       35,058  

Florida Insurance Assistance Interlocal Agency, Inc., 5.00%, 09/01/2026

    50,000       50,086  

 

 

The accompanying notes are an integral part of the financial statements.
33

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

MUNICIPAL BONDS — 98.7% (continued)

Fridley Independent School District No 14, 5.00%, 02/01/2027

  $ 25,000     $ 25,050  

Georgia Higher Education Facilities Authority, 4.00%, 06/15/2035

    50,000       50,047  

Grossmont Union High School District, 4.00%, 08/01/2033

    150,000       150,210  

Houston Independent School District, 5.00%, 02/15/2031

    300,000       300,591  

Illinois Finance Authority

               

4.00%, 12/01/2027 (Obligor: Northwestern University)

    75,000       75,062  

5.00%, 03/01/2030

    375,000       375,372  

Illinois State Toll Highway Authority, 5.00%, 01/01/2030

    60,000       60,112  

Indiana Finance Authority, 4.00%, 03/01/2033 (Obligor: Deaconess Hlth Sys Oblig)

    225,000       225,141  

King County School District No 403 Renton, 5.00%, 12/01/2027

    75,000       75,150  

Los Angeles County Public Works Financing Authority

               

5.00%, 12/01/2027

    500,000       501,062  

5.00%, 12/01/2031

    100,000       100,194  

5.00%, 12/01/2032

    95,000       95,184  

Louisiana Public Facilities Authority

               

5.00%, 07/01/2031 (Obligor: Franciscan Mission Oblig)

    55,000       55,055  

5.00%, 07/01/2032 (Obligor: Franciscan Mission Oblig)

    50,000       50,047  

Madison County Board of Education/AL

               

5.00%, 09/01/2027

    100,000       100,208  

5.00%, 09/01/2030

    30,000       30,056  

Metropolitan Council, 4.00%, 03/01/2028

    50,000       50,040  

Michigan Finance Authority, 5.00%, 01/01/2029 (Obligor: Holland Community Hosp)

    400,000       400,617  

Michigan State Housing Development Authority, 4.45%, 10/01/2034

    60,000       60,075  

Minnesota Public Facilities Authority State Revolving Fund, 5.00%, 03/01/2035

    105,000       105,159  

Mississippi Valley State University Educational Building Corp., 3.50%, 04/01/2033

    60,000       60,050  

Missouri Public Utilities Commission, 4.00%, 05/01/2026

  $ 100,000     $ 100,068  

Nevada Joint Union High School District, 4.00%, 08/01/2030

    40,000       40,041  

New Jersey Economic Development Authority, 4.38%, 06/15/2027

    50,000       50,049  

New Jersey Educational Facilities Authority, 5.00%, 07/01/2030 (Obligor: The College Of New Jersey)

    370,000       371,432  

North Carolina Municipal Power Agency No 1, 5.00%, 01/01/2031

    585,000       587,548  

Northeast Travis County Utility District/TX, 4.00%, 09/01/2027

    200,000       200,112  

Oakland University, 5.00%, 03/01/2028

    40,000       40,077  

Pierce County Fire Protection District No 6, 4.00%, 12/01/2032

    100,000       100,061  

Public Finance Authority, 5.00%, 03/01/2036 (Obligor: University Of Kansas)

    25,000       25,032  

Richardson Independent School District, 5.00%, 02/15/2028

    75,000       75,110  

San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.00%, 10/01/2029

    50,000       50,114  

San Jose Evergreen Community College District, 4.00%, 09/01/2026

    500,000       500,471  

Sangamon & Christian Counties Community Unit School District No 3A Rochester, 4.00%, 02/01/2034

    80,000       80,065  

Skyland Metropolitan District, 4.38%, 12/01/2029

    50,000       50,078  

South Orange County Public Financing Authority, 5.00%, 04/01/2029

    55,000       55,126  

Southern California Public Power Authority, 5.00%, 07/01/2027

    50,000       50,095  

Southern Platte Fire Protection District/MO, 4.00%, 03/01/2036

    75,000       75,069  

St Charles County School District No R-IV Wentzville, 4.00%, 03/01/2029

    40,000       40,046  

 

 

The accompanying notes are an integral part of the financial statements.
34

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Schedule of Investments (concluded)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

MUNICIPAL BONDS — 98.7% (continued)

St Michael-Albertville Independent School District No 885, 4.00%, 02/01/2030

  $ 25,000     $ 25,029  

State of Connecticut, 4.00%, 03/15/2036

    190,000       190,180  

State of Hawaii, 4.00%, 10/01/2026

    50,000       50,062  

State of Illinois, 5.00%, 01/01/2027

    600,000       601,743  

State of Texas, 4.00%, 08/01/2028

    95,000       95,116  

Sweetwater Union High School District, 5.00%, 08/01/2032

    30,000       30,058  

Taylor Independent School District/TX, 4.00%, 02/15/2030

    70,000       70,072  

Texas Water Development Board

               

5.00%, 10/15/2026

    55,000       55,111  

5.00%, 10/15/2031

    75,000       75,127  

4.00%, 10/15/2034

    50,000       50,047  

Town of Manchester CT, 4.00%, 02/01/2028

    35,000       35,053  

Town of Westlake TX, 4.00%, 02/15/2036

    50,000       50,043  

Tradition Community Development District No 1, 4.13%, 05/01/2030

    145,000       145,177  

University of Hawaii

               

5.00%, 10/01/2031

    65,000       65,113  

5.00%, 10/01/2032

    100,000       100,173  

Ventura County Community College District, 4.00%, 08/01/2032

    30,000       30,059  

TOTAL MUNICIPAL BONDS (Cost $11,349,171)

            11,364,776  

 

   

Shares

    

Value

  

SHORT-TERM INVESTMENTS

MONEY MARKET FUNDS — 0.1%

BlackRock Liquidity Funds MuniCash - Institutional Class, 1.72% (a)

    9,175     $ 9,175  

TOTAL MONEY MARKET FUNDS (Cost $9,175)

            9,175  
                 

TOTAL INVESTMENTS — 98.8% (Cost $11,358,346)

            11,373,951  

Other Assets in Excess of Liabilities — 1.2%

            142,599  

TOTAL NET ASSETS — 100.0%

           $ 11,516,550  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

(a)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
35

 

 

F/M CORPORATE BOND ETFS

 

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

 

   

F/m 2-Year
Investment
Grade
Corporate
Bond ETF

    

F/m 3-Year
Investment
Grade
Corporate
Bond ETF

    

F/m 10-Year
Investment
Grade
Corporate
Bond ETF

  

ASSETS:

                        

Investments in unaffiliated securities, at value

  $ 18,070,363     $ 40,677,329     $ 29,488,813  

Investments in affiliated securities, at value

    —       —       —  

Interest receivable

    216,182       478,711       388,606  

Cash and cash equivalents

    24,012       50,423       35,101  

Security lending income receivable

    —       268       236  

Prepaid expenses and other assets

    2       2       2  

Total assets

    18,310,559       41,206,733       29,912,758  
                         

LIABILITIES:

                        

Payable upon return of securities loaned

    —       174,863       960,291  

Payable to Adviser

    2,117       4,985       3,344  

Payable for investments purchased

    —       —       —  

Total liabilities

    2,117       179,848       963,635  

NET ASSETS

  $ 18,308,442     $ 41,026,885     $ 28,949,123  
                         

NET ASSETS CONSISTS OF:

                        

Capital stock ($0.001, 0.001 and 0.001 per share)

  $ 360     $ 800     $ 560  

Additional paid-in capital

    18,242,608       40,790,437       28,800,918  

Total distributable earnings

    65,474       235,648       147,645  

Total net assets

  $ 18,308,442     $ 41,026,885     $ 28,949,123  
                         

Net assets

  $ 18,308,442     $ 41,026,885     $ 28,949,123  

Capital shares issued and outstanding (100,000,000, 100,000,000 and 100,000,000 shares authorized, 0.001, 0.001 and 0.001 par value)

    360,000       800,000       560,000  

Net asset value per share

  $ 50.86     $ 51.28     $ 51.69  
                         

COST:

                        

Investments in unaffiliated securities, at cost

  $ 18,016,195     $ 40,508,356     $ 29,114,597  

Investments in affiliated securities, at cost

  $ —     $ —     $ —  
                         

LOANED SECURITIES:

                        

at value (included in investments)

  $ —     $ 171,498     $ 942,881  

 

 

The accompanying notes are an integral part of the financial statements.
36

 

 

F/M OPPORTUNISTIC INCOME ETF

 

Statements of Assets and Liabilities (Continued)

February 28, 2026 (Unaudited)

 

   

F/m
Opportunistic
Income ETF

  

ASSETS:

        

Investments in unaffiliated securities, at value

  $ 38,285,527  

Investments in affiliated securities, at value

    9,289,053  

Interest receivable

    260,709  

Cash - interest bearing deposit account

    251,330  

Security lending income receivable

    1,013  

Prepaid expenses and other assets

    9,328  

Total assets

    48,096,960  
         

LIABILITIES:

        

Payable upon return of securities loaned

    1,147,185  

Payable to Adviser

    14,249  

Payable for investments purchased

    210,445  

Total liabilities

    1,371,879  

NET ASSETS

  $ 46,725,081  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 900  

Additional paid-in capital

    46,394,456  

Total distributable earnings

    329,725  

Total net assets

  $ 46,725,081  
         

Net assets

  $ 46,725,081  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    900,000  

Net asset value per share

  $ 51.92  
         

COST:

        

Investments in unaffiliated securities, at cost

  $ 37,871,543  

Investments in affiliated securities, at cost

  $ 9,195,487  
         

LOANED SECURITIES:

        

at value (included in investments)

  $ 1,128,890  

 

 

The accompanying notes are an integral part of the financial statements.
37

 

 

F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF

 

Statements of Assets and Liabilities (CONTINUED)

February 28, 2026 (Unaudited)

 

   

F/m
Ultrashort
Treasury
Inflation-
Protected
Security (TIPS)
ETF

  

ASSETS:

        

Investments, at value

  $ 40,261,362  

Interest receivable

    23,144  

Dividends receivable

    —  

Cash - interest bearing deposit account

    7,886  

Total assets

    40,292,392  
         

LIABILITIES:

        

Payable to Adviser

    5,522  

Total liabilities

    5,522  

NET ASSETS

  $ 40,286,870  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 810  

Additional paid-in capital

    40,545,289  

Total distributable earnings/(accumulated losses)

    (259,229 )

Total net assets

  $ 40,286,870  
         

Net assets

  $ 40,286,870  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    810,000  

Net asset value per share

  $ 49.74  
         

COST:

        

Investments, at cost

  $ 40,038,691  

 

 

The accompanying notes are an integral part of the financial statements.
38

 

 

F/M HIGH YIELD 100 ETF

 

Statements of Assets and Liabilities (continued)

February 28, 2026 (Unaudited)

 

   

F/m High
Yield 100 ETF

  

ASSETS:

        

Investments in unaffiliated securities, at value

  $ 18,013,044  

Investments in affiliated securities, at value

    —  

Interest receivable

    300,370  

Cash - interest bearing deposit account

    34,845  

Security lending income receivable

    120  

Prepaid expenses and other assets

    —  

Total assets

    18,348,379  
         

LIABILITIES:

        

Payable upon return of securities loaned

    588,174  

Payable to Adviser

    5,255  

Payable for investments purchased

    —  

Total liabilities

    593,429  

NET ASSETS

  $ 17,754,950  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 340  

Additional paid-in capital

    17,421,300  

Total distributable earnings

    333,310  

Total net assets

  $ 17,754,950  
         

Net assets

  $ 17,754,950  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    340,000  

Net asset value per share

  $ 52.22  
         

COST:

        

Investments in unaffiliated securities, at cost

  $ 17,894,403  

Investments in affiliated securities, at cost

  $ —  
         

LOANED SECURITIES:

        

at value (included in investments)

  $ 574,078  

 

 

The accompanying notes are an integral part of the financial statements.
39

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Statements of Assets and Liabilities (concluded)

February 28, 2026 (Unaudited)

 

   

F/m
Ultrashort
Tax-Free
Municipal ETF

  

ASSETS:

        

Investments, at value

  $ 11,373,951  

Interest receivable

    145,297  

Dividends receivable

    169  

Cash - interest bearing deposit account

    —  

Total assets

    11,519,417  
         

LIABILITIES:

        

Payable to Adviser

    2,867  

Total liabilities

    2,867  

NET ASSETS

  $ 11,516,550  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 230  

Additional paid-in capital

    11,504,013  

Total distributable earnings

    12,307  

Total net assets

  $ 11,516,550  
         

Net assets

  $ 11,516,550  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    230,000  

Net asset value per share

  $ 50.07  
         

COST:

        

Investments, at cost

  $ 11,358,346  

 

 

The accompanying notes are an integral part of the financial statements.
40

 

 

F/M CORPORATE BOND ETFS

 

Statements of Operations

For the SIX MONTHS Ended February 28, 2026 (Unaudited)

 

   

F/m 2-Year
Investment
Grade
Corporate
Bond ETF

    

F/m 3-Year
Investment
Grade
Corporate
Bond ETF

    

F/m 10-Year
Investment
Grade
Corporate
Bond ETF

  

INVESTMENT INCOME:

                        

Dividend income from affiliated securities

  $ —     $ —     $ —  

Interest income

    420,260       868,268       731,418  

Less: Interest withholding taxes

    (96 )     (232 )     (166 )

Securities lending income

    17       1,416       1,485  

Other income

    —       755       —  

Total investment income

    420,181       870,207       732,737  
                         

EXPENSES:

                        

Investment advisory fee

    14,881       29,710       21,472  

Total expenses

    14,881       29,710       21,472  

NET INVESTMENT INCOME

    405,300       840,497       711,265  
                         

REALIZED AND UNREALIZED GAIN (LOSS)

                        

Net realized gain (loss) from:

                        

Investments in unaffiliated securities

    3,658       13,657       394,691  

Investments in affiliated securities

    —       —       —  

In-kind redemptions in unaffiliated securities

    85,766       291,755       89,226  

Net realized gain (loss)

    89,424       305,412       483,917  

Net change in unrealized appreciation (depreciation) on:

                        

Investments in unaffiliated securities

    (34,503 )     (150,540 )     81,230  

Investments in affiliated securities

    —       —       —  

Net change in unrealized appreciation (depreciation)

    (34,503 )     (150,540 )     81,230  

Net realized and unrealized gain (loss)

    54,921       154,872       565,147  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 460,221     $ 995,369     $ 1,276,412  

 

 

The accompanying notes are an integral part of the financial statements.
41

 

 

F/M OPPORTUNISTIC INCOME ETF

 

Statements of Operations (Continued)

For the SIX MONTHS Ended February 28, 2026 (Unaudited)

 

   

F/m
Opportunistic
INCOME ETF

  

INVESTMENT INCOME:

        

Dividend income from affiliated securities

  $ 234,532  

Interest income

    892,233  

Less: Interest withholding taxes

    —  

Securities lending income

    11,650  

Other income

    —  

Total investment income

    1,138,415  
         

EXPENSES:

        

Investment advisory fee

    81,735  

Total expenses

    81,735  

NET INVESTMENT INCOME

    1,056,680  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments in unaffiliated securities

    2,763  

Investments in affiliated securities

    66,760  

In-kind redemptions in unaffiliated securities

    102,125  

Net realized gain (loss)

    171,648  

Net change in unrealized appreciation (depreciation) on:

        

Investments in unaffiliated securities

    (14,469 )

Investments in affiliated securities

    (25,151 )

Net change in unrealized appreciation (depreciation)

    (39,620 )

Net realized and unrealized gain (loss)

    132,028  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 1,188,708  

 

 

The accompanying notes are an integral part of the financial statements.
42

 

 

F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF

 

Statements of Operations (CONTINUED)

For the SIX MONTHS Ended February 28, 2026 (Unaudited)

 

   

F/m
Ultrashort
Treasury
Inflation-
Protected
Security (TIPS)
ETF

  

INVESTMENT INCOME:

        

Dividend income

  $ —  

Interest income

    567,582  

Total investment income

    567,582  
         

EXPENSES:

        

Investment advisory fee

    46,454  

Total expenses

    46,454  

NET INVESTMENT INCOME

    521,128  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments

    (40,834 )

In-kind redemptions

    (7,696 )

Net realized gain (loss)

    (48,530 )

Net change in unrealized appreciation (depreciation) on:

        

Investments

    244,268  

Net change in unrealized appreciation (depreciation)

    244,268  

Net realized and unrealized gain (loss)

    195,738  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 716,866  

 

 

The accompanying notes are an integral part of the financial statements.
43

 

 

F/M HIGH YIELD 100 ETF

 

Statements of Operations (continued)

For the SIX MONTHS Ended February 28, 2026 (Unaudited)

 

   

F/m High
Yield 100 ETF

  

INVESTMENT INCOME:

        

Dividend income from affiliated securities

  $ —  

Interest income

    599,006  

Less: Interest withholding taxes

    —  

Securities lending income

    1,203  

Other income

    16,412  

Total investment income

    616,621  
         

EXPENSES:

        

Investment advisory fee

    36,127  

Total expenses

    36,127  

NET INVESTMENT INCOME

    580,494  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments in unaffiliated securities

    (15,773 )

Investments in affiliated securities

    —  

In-kind redemptions in unaffiliated securities

    167,151  

Net realized gain (loss)

    151,378  

Net change in unrealized appreciation (depreciation) on:

        

Investments in unaffiliated securities

    (175,407 )

Investments in affiliated securities

    —  

Net change in unrealized appreciation (depreciation)

    (175,407 )

Net realized and unrealized gain (loss)

    (24,029 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 556,465  

 

 

The accompanying notes are an integral part of the financial statements.
44

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Statements of Operations (CONCLUDED)

For the PERIOD Ended February 28, 2026 (Unaudited)

 

   

F/m
Ultrashort
Tax-Free
Municipal
ETF(a)

  

INVESTMENT INCOME:

        

Dividend income

  $ 1,506  

Interest income

    170,022  

Total investment income

    171,528  
         

EXPENSES:

        

Investment advisory fee

    13,521  

Total expenses

    13,521  

NET INVESTMENT INCOME

    158,007  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments

    (1,450 )

In-kind redemptions

    —  

Net realized gain (loss)

    (1,450 )

Net change in unrealized appreciation (depreciation) on:

        

Investments

    15,605  

Net change in unrealized appreciation (depreciation)

    15,605  

Net realized and unrealized gain (loss)

    14,155  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 172,162  

 

(a)

Inception date of the Fund was September 29, 2025.

 

The accompanying notes are an integral part of the financial statements.
45

 

 

F/m Corporate Bond ETFs

 

Statements of Changes in Net Assets

 

   

F/m 2-Year Investment Grade
Corporate Bond ETF

    

F/m 3-Year Investment Grade
Corporate Bond ETF

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year ended
August 31,
2025

    

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year ended
August 31,
2025

  

OPERATIONS:

                                

Net investment income (loss)

  $ 405,300     $ 4,540,373     $ 840,497     $ 5,165,267  

Net realized gain (loss)

    89,424       1,075,944       305,412       1,875,718  

Net change in unrealized appreciation (depreciation)

    (34,503 )     801       (150,540 )     17,202  

Net increase (decrease) in net assets from operations

    460,221       5,617,118       995,369       7,058,187  
                                 

DISTRIBUTIONS TO SHAREHOLDERS:

                                

From earnings

    (465,826 )     (4,582,918 )     (964,259 )     (5,242,121 )

From return of capital

    —       (462,936 )     —       (464,905 )

Total distributions to shareholders

    (465,826 )     (5,045,854 )     (964,259 )     (5,707,026 )
                                 

CAPITAL TRANSACTIONS:

                                

Shares sold

    22,340,824       286,862,173       47,056,608       281,797,336  

Shares redeemed

    (24,379,304 )     (277,214,128 )     (42,979,884 )     (268,610,692 )

ETF transaction fees

    —       7,758       —       3,934  

Net increase (decrease) in net assets from capital transactions

    (2,038,480 )     9,655,803       4,076,724       13,190,578  
                                 

NET INCREASE (DECREASE) IN NET ASSETS

    (2,044,085 )     10,227,067       4,107,834       14,541,739  
                                 

NET ASSETS:

                                

Beginning of the period

    20,352,527       10,125,460       36,919,051       22,377,312  

End of the period

  $ 18,308,442     $ 20,352,527     $ 41,026,885     $ 36,919,051  
                                 

SHARES TRANSACTIONS

                                

Shares sold

    360,000       5,680,000       840,000       5,560,000  

Shares redeemed

    —       (5,480,000 )     (40,000 )     (5,280,000 )

Total increase (decrease) in shares outstanding

    360,000       200,000       800,000       280,000  

 

 

 

The accompanying notes are an integral part of the financial statements.
46

 

 

F/m Corporate Bond ETFs

 

STATEMENTS of Changes in Net Assets (CONTINUED)

 

   

F/m 10-Year Investment Grade
Corporate Bond ETF

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year ended
August 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 711,265     $ 2,554,818  

Net realized gain (loss)

    483,917       475,375  

Net change in unrealized appreciation (depreciation)

    81,230       (156,567 )

Net increase (decrease) in net assets from operations

    1,276,412       2,873,626  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (827,312 )     (2,625,881 )

From return of capital

    —       (141,657 )

Total distributions to shareholders

    (827,312 )     (2,767,538 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    10,232,680       58,874,333  

Shares redeemed

    (10,235,392 )     (46,873,008 )

ETF transaction fees

    —       308  

Net increase (decrease) in net assets from capital transactions

    (2,712 )     12,001,633  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    446,388       12,107,721  
                 

NET ASSETS:

                

Beginning of the period

    28,502,735       16,395,014  

End of the period

  $ 28,949,123     $ 28,502,735  
                 

SHARES TRANSACTIONS

                

Shares sold

    560,000       1,160,000  

Shares redeemed

    —       (920,000 )

Total increase (decrease) in shares outstanding

    560,000       240,000  

 

 

 

The accompanying notes are an integral part of the financial statements.
47

 

 

F/M OPPORTUNISTIC INCOME ETF

 

STATEMENTS of Changes in Net Assets (CONTINUED)

 

   

F/m Opportunistic INCOME ETF

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year ended
August 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 1,056,680     $ 2,006,158  

Net realized gain (loss)

    171,648       448,319  

Net change in unrealized appreciation (depreciation)

    (39,620 )     (955,145 )

Net increase (decrease) in net assets from operations

    1,188,708       1,499,332  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (1,214,623 )     (2,019,189 )

Total distributions to shareholders

    (1,214,623 )     (2,019,189 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    13,504,121       27,079,632  

Shares redeemed

    (4,167,326 )     (24,489,956 )

ETF transaction fees

    —       1,285  

Net increase (decrease) in net assets from capital transactions

    9,336,795       2,590,961  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    9,310,880       2,071,104  
                 

NET ASSETS:

                

Beginning of the period

    37,414,201       35,343,097  

End of the period

  $ 46,725,081     $ 37,414,201  
                 

SHARES TRANSACTIONS

                

Shares sold

    —       520,000  

Shares redeemed

    900,000       (470,000 )

Total increase (decrease) in shares outstanding

    900,000       50,000  

 

 

 

The accompanying notes are an integral part of the financial statements.
48

 

 

F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF

 

STATEMENTS of Changes in Net Assets (CONTINUED)

 

   

F/m Ultrashort Treasury
Inflation-Protected Security
(TIPS) ETF

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period ended
August 31,
2025(a)

  

OPERATIONS:

                

Net investment income (loss)

  $ 521,128     $ 1,627,163  

Net realized gain (loss)

    (48,530 )     (131,530 )

Net change in unrealized appreciation (depreciation)

    244,268       (21,597 )

Net increase (decrease) in net assets from operations

    716,866       1,474,036  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (1,132,752 )     (1,337,567 )

Total distributions to shareholders

    (1,132,752 )     (1,337,567 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    7,996,548       93,594,175  

Shares redeemed

    (32,948,969 )     (28,075,623 )

ETF transaction fees

    23       133  

Net increase (decrease) in net assets from capital transactions

    (24,952,398 )     65,518,685  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (25,368,284 )     65,655,154  
                 

NET ASSETS:

                

Beginning of the period

    65,655,154       —  

End of the period

  $ 40,286,870     $ 65,655,154  
                 

SHARES TRANSACTIONS

                

Shares sold

    870,000       1,870,000  

Shares redeemed

    (60,000 )     (560,000 )

Total increase (decrease) in shares outstanding

    810,000       1,310,000  

 

(a)

Inception date of the Fund was February 24, 2025.

 

The accompanying notes are an integral part of the financial statements.
49

 

 

F/M HIGH YIELD 100 ETF

 

STATEMENTS of Changes in Net Assets (continued)

 

   

F/m High Yield 100 ETF

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period ended
August 31,
2025(a)

 

OPERATIONS:

                

Net investment income (loss)

  $ 580,494     $ 301,108  

Net realized gain (loss)

    151,378       66,196  

Net change in unrealized appreciation (depreciation)

    (175,407 )     294,048  

Net increase (decrease) in net assets from operations

    556,465       661,352  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings

    (566,472 )     (250,548 )

Total distributions to shareholders

    (566,472 )     (250,548 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    9,932,519       23,064,697  

Shares redeemed

    (10,468,402 )     (5,180,438 )

ETF transaction fees

    232       5,545  

Net increase (decrease) in net assets from capital transactions

    (535,651 )     17,889,804  
                 

NET INCREASE (DECREASE) IN NET ASSETS

     (545,658 )     18,300,608  
                 

NET ASSETS:

                

Beginning of the period

    18,300,608       —  

End of the period

  $ 17,754,950     $ 18,300,608  
                 

SHARES TRANSACTIONS

                

Shares sold

    340,000       450,000  

Shares redeemed

    —       (100,000 )

Total increase (decrease) in shares outstanding

    340,000       350,000  

 

(a)

Inception date of the Fund was April 14, 2025.

 

The accompanying notes are an integral part of the financial statements.
50

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

STATEMENT of Changes in Net Assets (Concluded)

 

   

F/m
Ultrashort
Tax-Free
Municipal ETF

  
   

PERIOD
ENDED
FEBRUARY 28,
2026(a)
(UNAUDITED)

  

OPERATIONS:

        

Net investment income (loss)

  $ 158,007  

Net realized gain (loss)

    (1,450 )

Net change in unrealized appreciation (depreciation)

    15,605  

Net increase (decrease) in net assets from operations

    172,162  
         

DISTRIBUTIONS TO SHAREHOLDERS:

        

From earnings

    (159,855 )

Total distributions to shareholders

    (159,855 )
         

CAPITAL TRANSACTIONS:

        

Shares sold

    13,009,362  

Shares redeemed

    (1,505,119 )

ETF transaction fees

    —  

Net increase (decrease) in net assets from capital transactions

    11,504,243  
         

NET INCREASE (DECREASE) IN NET ASSETS

    11,516,550  
         

NET ASSETS:

        

Beginning of the period

    —  

End of the period

  $ 11,516,550  
         

SHARES TRANSACTIONS

        

Shares sold

    260,000  

Shares redeemed

    (30,000 )

Total increase (decrease) in shares outstanding

    230,000  

 

(a)

Inception date of the Fund was September 29, 2025.

 

The accompanying notes are an integral part of the financial statements.
51

 

 

F/m 2-Year Investment Grade Corporate Bond ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year
ended
August 31,
2025

    

Period
ended
August 31,
2024(a)

  

PER SHARE DATA:

                        

Net asset value, beginning of period

  $ 50.88     $ 50.63     $ 50.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    1.03       2.30       1.60  

Net realized and unrealized gain (loss) on investments (c)

    0.15       0.26       0.35  

Total from investment operations

    1.18       2.56       1.95  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (1.20 )     (2.08 )     (1.32 )

Return of capital

    —       (0.23 )     —  

Total distributions

    (1.20 )     (2.31 )     (1.32 )
                         

ETF transaction fees per share

    —       0.00 (d)      —  

Net asset value, end of period

  $ 50.86     $ 50.88     $ 50.63  
                         

TOTAL RETURN (e)(f)

    2.34 %     5.21 %     3.96 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                        

Net assets, end of period (in thousands)

  $ 18,308     $ 20,353     $ 10,125  

Ratio of expenses to average net assets (g)

    0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets (g)

    4.44 %     4.55 %     4.99 %

Portfolio turnover rate (e)(h)

    3 %     35 %     110 %

 

(a)

Inception date of the Fund was January 10, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(g)

Annualized for periods less than one year.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

The accompanying notes are an integral part of the financial statements.
52

 

 

F/m 3-Year Investment Grade Corporate Bond ETF

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year
ended
August 31,
2025

    

Period
ended
August 31,
2024(a)

  

PER SHARE DATA:

                        

Net asset value, beginning of period

  $ 51.28     $ 50.86     $ 50.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    1.08       2.32       1.55  

Net realized and unrealized gain (loss) on investments (c)

    0.17       0.41       0.62  

Total from investment operations

    1.25       2.73       2.17  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (1.25 )     (2.12 )     (1.31 )

Return of capital

    —       (0.19 )     —  

Total distributions

    (1.25 )     (2.31 )     (1.31 )
                         

ETF transaction fees per share

    —       0.00 (d)      —  

Net asset value, end of period

  $ 51.28     $ 51.28     $ 50.86  
                         

TOTAL RETURN (e)(f)

    2.48 %     5.53 %     4.41 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                        

Net assets, end of period (in thousands)

  $ 41,027     $ 36,919     $ 22,377  

Ratio of expenses to average net assets (g)

    0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets (g)

    3.91 %     4.58 %     4.85 %

Portfolio turnover rate (e)(h)

    2 %     50 %     86 %

 

(a)

Inception date of the Fund was January 10, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(g)

Annualized for periods less than one year.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
53

 

 

F/m 10-Year Investment Grade Corporate Bond ETF

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year
ended
August 31,
2025

    

Period
ended
August 31,
2024(a)

  

PER SHARE DATA:

                        

Net asset value, beginning of period

  $ 50.90     $ 51.23     $ 50.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    1.27       2.60       1.66  

Net realized and unrealized gain (loss) on investments (c)

    1.00       (0.25 )     0.93  

Total from investment operations

    2.27       2.35       2.59  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (1.48 )     (2.54 )     (1.36 )

Return of capital

    —       (0.14 )     —  

Total distributions

    (1.48 )     (2.68 )     (1.36 )
                         

ETF transaction fees per share

    —       0.00 (d)      —  

Net asset value, end of period

  $ 51.69     $ 50.90     $ 51.23  
                         

TOTAL RETURN (e)(f)

    4.53 %     4.76 %     5.32 %
                         

SUPPLEMENTAL DATA AND RATIOS:

                        

Net assets, end of period (in thousands)

  $ 28,949     $ 28,503     $ 16,395  

Ratio of expenses to average net assets (g)

    0.15 %     0.15 %     0.15 %

Ratio of net investment income (loss) to average net assets (g)

    4.94 %     5.19 %     5.22 %

Portfolio turnover rate (e)(h)

    57 %     203 %     131 %

 

(a)

Inception date of the Fund was January 10, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(g)

Annualized for periods less than one year.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
54

 

 

F/m Opportunistic Income ETF

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Year
ended
August 31,
2025

    

Period
ended
August 31,
2024(a)

  

PER SHARE DATA:

                        

Net asset value, beginning of period

  $ 51.96     $ 52.75     $ 50.00  
                         

INVESTMENT OPERATIONS:

                        

Net investment income(b)

    1.30       2.83       2.85  

Net realized and unrealized gain (loss) on investments (c)

    0.18       (0.75 )     2.45  

Total from investment operations

    1.48       2.08       5.30  
                         

LESS DISTRIBUTIONS FROM:

                        

Net investment income

    (1.52 )     (2.86 )     (2.55 )

Total distributions

    (1.52 )     (2.86 )     (2.55 )
                         

ETF transaction fees per share

    —       0.00 (e)      —  

Net asset value, end of period

  $ 51.92     $ 51.96     $ 52.75  
                         

TOTAL RETURN (e)(g)

    2.88 %     4.09 %     10.93 %
                         

SUPPLEMENTAL DATA AND RATIOS: (f)

                        

Net assets, end of period (in thousands)

  $ 46,725     $ 37,414     $ 35,343  

Ratio of expenses to average net assets (h)

    0.39 %     0.39 %     0.39 %

Ratio of net investment income (loss) to average net assets (h)

    4.47 %     5.46 %     5.68 %

Portfolio turnover rate (e)(i)

    78 %     136 %     92 %

 

(a)

Inception date of the Fund was September 5, 2023.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(g)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(h)

Annualized for periods less than one year.

(i)

Portfolio turnover rate excludes in-kind transactions.

 

 

The accompanying notes are an integral part of the financial statements.
55

 

 

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

  

PER SHARE DATA:

                

Net asset value, beginning of period

  $ 50.12     $ 50.00  
                 

INVESTMENT OPERATIONS:

                

Net investment income(b)

    0.49       1.17  

Net realized and unrealized gain (loss) on investments (c)

    0.21       (0.10 )

Total from investment operations

    0.70       1.07  
                 

LESS DISTRIBUTIONS FROM:

                

Net investment income

    (1.08 )     (0.95 )

Total distributions

    (1.08 )     (0.95 )
                 

ETF transaction fees per share

    0.00 (d)      0.00 (d) 

Net asset value, end of period

  $ 49.74     $ 50.12  
                 

TOTAL RETURN (e)(f)

    1.41 %     2.16 %
                 

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period (in thousands)

  $ 40,287     $ 65,655  

Ratio of expenses to average net assets (g)

    0.18 %     0.25 %

Ratio of net investment income (loss) to average net assets (g)

    2.48 %     4.57 %

Portfolio turnover rate (e)(h)

    51 %     66 %

 

(a)

Inception date of the Fund was February 24, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the relevant period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(g)

Annualized for periods less than one year.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
56

 

 

F/m High Yield 100 ETF

 

Financial Highlights (continued)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

  

PER SHARE DATA:

                

Net asset value, beginning of period

  $ 52.29     $ 50.15  
                 

INVESTMENT OPERATIONS:

                

Net investment income(b)

    1.62       1.29  

Net realized and unrealized gain (loss) on investments (c)

    (0.10 )     1.94  

Total from investment operations

    1.52       3.23  
                 

LESS DISTRIBUTIONS FROM:

                

Net investment income

    (1.59 )     (1.11 )

Total distributions

    (1.59 )     (1.11 )
                 

ETF transaction fees per share

    0.00 (d)      0.02  

Net asset value, end of period

  $ 52.22     $ 52.29  
                 

TOTAL RETURN (e)(f)

    2.96 %     6.52 %
                 

SUPPLEMENTAL DATA AND RATIOS:

                

Net assets, end of period (in thousands)

  $ 17,755     $ 18,301  

Ratio of expenses to average net assets (g)

    0.39 %     0.39 %

Ratio of net investment income (loss) to average net assets (g)

    6.67 %     6.58 %

Portfolio turnover rate (e)(h)

    9 %     4 %

 

(a)

Inception date of the Fund was April 14, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Amount represents less than $0.005 per share.

(e)

Not annualized for periods less than one year.

(f)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(g)

Annualized for periods less than one year.

(h)

Portfolio turnover rate excludes in-kind transactions.

 

 

The accompanying notes are an integral part of the financial statements.
57

 

 

F/m Ultrashort Tax-Free Municipal ETF

 

Financial Highlights (CONCLUDED)

 

Contained below is per share operating performance data for shares outstanding, total investment return (loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

 

   

PERIOD
ENDED
FEBRUARY 28,
2026(a)
(UNAUDITED)

  

PER SHARE DATA:

        

Net asset value, beginning of period

  $ 50.00  
         

INVESTMENT OPERATIONS:

        

Net investment income(b)

    0.73  

Net realized and unrealized gain (loss) on investments (c)

    0.01  

Total from investment operations

    0.74  
         

LESS DISTRIBUTIONS FROM:

        

Net investment income

    (0.67 )

Total distributions

    (0.67 )

Net asset value, end of period

  $ 50.07  
         

TOTAL RETURN (d)(e)

    1.49 %
         

SUPPLEMENTAL DATA AND RATIOS:

        

Net assets, end of period (in thousands)

  $ 11,517  

Ratio of expenses to average net assets (f)

    0.30 %

Ratio of net investment income (loss) to average net assets (f)

    3.51 %

Portfolio turnover rate (d)(g)

    55 %

 

(a)

Inception date of the Fund was September 29, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Total investment return(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

 

 

The accompanying notes are an integral part of the financial statements.
58

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active separate investment portfolios, including the F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, the F/m 10-Year Investment Grade Corporate Bond ETF, the F/m Opportunistic Income ETF, the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, the F/m High Yield 100 ETF, and the F/m Ultrashort Tax-Free Municipal ETF (each a “Fund” and together the “Funds”). The F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, the F/m 10-Year Investment Grade Corporate Bond ETF commenced investment operations on January 10, 2024. The F/m Opportunistic Income ETF commenced investment operations on September 5, 2023. The F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF commenced investment operations on February 24, 2025. The F/m High Yield 100 ETF commenced investment operations on April 14, 2025. The F/m Ultrashort Tax-Free Municipal ETF commenced investment operations on September 29, 2025.

 

The F/m Corporate Bond ETFs investment objectives are to seek investment results that correspond (before fees and expenses) generally to the price and yield of the Bloomberg US Liquid Corporate 2 Year Maturity Index, the Bloomberg US Liquid Corporate 3 Year Maturity Index, and the Bloomberg US Liquid Corporate 10 Year Maturity Index, respectively.

 

The investment objective of the F/m Opportunistic Income ETF is to maximize total return, including both income and appreciation, by identifying undervalued and opportunistic sectors and securities in the U.S. fixed income markets. The investment objective of the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. Ultrashort TIPS 1-13 Months Total Return Unhedged USD Index. The investment objective of the F/m High Yield 100 ETF is to seek investment results, that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index. The investment objective of the F/m Ultrashort Tax-Free Municipal ETF is to provide income from a high-quality municipal bond portfolio that has lower interest rate risk and price volatility relative to long-term tax-free municipal bond funds and provides income that is free from federal taxation.

 

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for each Fund is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — The Funds value their investments at fair value. Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers

 

59

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Units of Mount Vernon Liquid Assets Portfolio, LLC (“Mount Vernon”) are not traded on an exchange and are valued at the Mount Vernon’s NAV per share.

 

The Board has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds’ NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated F/m Investments LLC (the “Adviser” or “F/m”) as their “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of each Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing each Fund’s investments carried at fair value:

 

F/M 2-YEAR INVESTMENT GRADE CORPORATE BOND ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Corporate Bonds

  $ —     $ 18,070,363     $ —     $ 18,070,363  

Total Investments

  $ —     $ 18,070,363     $ —     $ 18,070,363  

 

F/M 3-YEAR INVESTMENT GRADE CORPORATE BOND ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Corporate Bonds

  $ —     $ 40,502,466     $ —     $ 40,502,466  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       174,863  

Total Investments

  $ —     $ 40,502,466     $ —     $ 40,677,329  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

60

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

F/M 10-YEAR INVESTMENT GRADE CORPORATE BOND ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Corporate Bonds

  $ —     $ 28,528,522     $ —     $ 28,528,522  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       960,291  

Total Investments

  $ —     $ 28,528,522     $ —     $ 29,488,813  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

F/m Opportunistic Income ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Corporate Bonds

  $ —     $ 12,701,620     $ —     $ 12,701,620  

Collateralized Mortgage Obligations

    —       11,890,484       —       11,890,484  

Exchange Traded Funds

    9,289,053       —       —       9,289,053  

Asset-Backed Securities

    —       4,682,717       —       4,682,717  

Municipal Bonds

    —       3,908,107       —       3,908,107  

U.S. Treasury Securities

    —       2,064,293       —       2,064,293  

Mortgage-Backed Securities

    —       1,891,121       —       1,891,121  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       1,147,185  

Total Investments

  $ 9,289,053     $ 37,138,342     $ —     $ 47,574,580  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

U.S. Treasury Securities

  $ —     $ 40,261,362     $ —     $ 40,261,362  

Total Investments

  $ —     $ 40,261,362     $ —     $ 40,261,362  

 

61

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

F/m High Yield 100 ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Corporate Bonds

  $ —     $ 17,424,870     $ —     $ 17,424,870  

Common Stocks

    —       —       —       —  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       588,174  

Total Investments

  $ —     $ 17,424,870     $ —     $ 18,013,044  

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

F/m Ultrashort Tax-Free Municipal ETF

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

Total

  

Investments:

                                

Municipal Bonds

  $ —     $ 11,364,776     $ —     $ 11,364,776  

Money Market Funds

    9,175       —       —       9,175  

Total Investments

  $ 9,175     $ 11,364,776     $ —     $ 11,373,951  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of each Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Funds did not have any significant Level 3 transfers during the current fiscal period.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued

 

62

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the directors and counsel to the directors and the officers of the Company. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions, if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders to adhere to specific procedures and timetables.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

Cash AND CASH EQUIVALENTS — The Funds may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and each Fund’s principal investment strategies. The Funds may temporarily invest without limit in such instruments for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, a Fund may not be able to achieve its investment objective.

 

CREDIT RISK — The value of your investment in each Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the underlying funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by each Fund may cause it to default or become unable to pay interest or principal due on the security.

 

FINANCIAL SECTOR RISK — To the extent a Fund invests more heavily in particular sectors of the economy, the Fund’s performance will be especially sensitive to developments that significantly affect those sectors. Financial Sector Risk is a principal risk of investing in the F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, and F/m 10-Year Investment Grade Corporate Bond ETF. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

 

Illiquid Investments — Pursuant to Rule 22e-4 under the 1940 Act, a Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors

 

63

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which a Fund is carrying the investments. To the extent an investment held by a Fund is deemed to be an illiquid investment or a less liquid investment, a Fund will be exposed to a greater liquidity risk.

 

INFLATION-PROTECTED Securities — Each Fund may invest in inflation-protected securities. Inflation-protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

 

Other Investment Companies — Each Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, a Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company; and 10% of such Fund’s total assets in the aggregate. A Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject to the percentage limitations set forth above. The U.S. Securities and Exchange Commission (the “SEC”) has adopted rules, including Rule 12d1-4 under the 1940 Act, permitting funds to invest in other investment companies in excess of the limits described above if certain conditions are met. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

 

U.S. Government Securities — Each Fund may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government agency securities include securities issued by (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

 

Zero-Coupon and Step Coupon Securities — Each Fund may invest in zero-coupon and step coupon securities. Zero-coupon securities pay no cash income to their holders until they mature. When held to maturity, their entire return comes from the difference between their purchase price and their maturity value. Step coupon securities are debt securities that may not pay interest for a specified period of time and then, after the initial period, may pay interest at a series of different rates. Both zero-coupon and step coupon securities are issued at substantial discounts from their value at maturity. Because interest on these securities is not paid on a current basis, the values of securities of this type are subject to greater fluctuations than are the value of securities that distribute income regularly and may be more speculative than such securities. Accordingly, the values of these securities may be highly volatile as interest rates rise or fall. In addition, while such securities generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause a Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by the Code.

 

64

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

RULE 144A SECURITIES RISK — Rule 144A securities are securities that are exempt from registration in compliance with the 1933 Act, and the rules thereunder, and may have legal restrictions on resale. Under Rule 144A under the 1933 Act these privately placed securities may be resold to qualified institutional buyers (“QIBs”), subject to certain conditions. An insufficient number of QIBs interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of the securities and a Fund might be unable to dispose of the securities promptly or at a reasonable price. Please refer to the Schedule of Investments for further details regarding each Fund’s investments in Rule 144A securities.

 

In lieu of purchasing money market instruments, a Fund may purchase shares of money market mutual funds that invest primarily in U.S. government securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear that fund’s fees and expenses, which will be in addition to the fees and expenses of the Fund. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) of each Fund is the Investment Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

 

2. INVESTMENT ADVISER and Other Services

 

Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of each Fund. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. Each Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on each Fund’s average daily net assets, payable on a monthly basis in arrears, as shown in the following table.

 

Fund

Unitary
management
fee

F/m 2-Year Investment Grade Corporate Bond ETF

0.15%

F/m 3-Year Investment Grade Corporate Bond ETF

0.15%

F/m 10-Year Investment Grade Corporate Bond ETF

0.15%

F/m Opportunistic Income ETF

0.39%

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

0.17%(a)

F/m High Yield 100 ETF

0.39%

F/m Ultrashort Tax-Free Municipal ETF

0.30%

 

(a)

Prior to September 15, 2025 the unitary management fee was 0.25%.

 

65

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

From the unitary management fee, the Adviser pays most of the expenses of each Fund, including transfer agency, custody, fund administration, legal, audit, directors and officers and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, acquired fund fees and expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

 

Fund

  

Purchase of
investment
securities

    

Proceeds
from sales
of investment
securities

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ 18,704,505.26     $ 214,941  

F/m 3-Year Investment Grade Corporate Bond ETF

    35,013,913.44       422,125  

F/m 10-Year Investment Grade Corporate Bond ETF

    23,259,550.45       16,001,221  

F/m Opportunistic Income ETF

    32,709,632.06       29,154,419  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    27,314,206.81       28,389,464  

F/m High Yield 100 ETF

    6,712,670.45       654,165  

F/m Ultrashort Tax-Free Municipal ETF

    16,809,060.80       1,160,407  

 

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

 

Fund

  

In-Kind
purchases of
investment
securities

    

Proceeds from
in-kind sales
of investment
securities

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ —     $ 20,179,329  

F/m 3-Year Investment Grade Corporate Bond ETF

    6,069,400.87       36,241,914  

F/m 10-Year Investment Grade Corporate Bond ETF

    —       7,119,284  

F/m Opportunistic Income ETF

    13,513,321.45       3,968,158  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    7,972,807.98       32,915,741  

F/m High Yield 100 ETF

    3,009,862.07       8,549,811  

F/m Ultrashort Tax-Free Municipal ETF

    —       —  

 

66

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

4. SHARE TRANSACTIONS

 

Shares of the Funds are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”). Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant agreement with Quasar. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, and F/m 10-Year Investment Grade Corporate Bond ETF is $500, payable to the Custodian. The standard fixed transaction fee for F/m Opportunistic Income ETF, F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, and F/m High Yield 100 ETF is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transactions. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets.

 

5. FEDERAL INCOME TAX INFORMATION

 

Each Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, each Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

67

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the close of the Funds’ fiscal year, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

 

Fund

  

FEDERAL
Tax Cost

    

Unrealized
appreciation

    

Unrealized
(depreciation)

    

Net unrealized
appreciation/
depreciation

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ 20,030,745     $ 90,416     $ (2,309 )   $ 88,107  

F/m 3-Year Investment Grade Corporate Bond ETF

    36,310,778       321,433       (3,075 )     318,358  

F/m 10-Year Investment Grade Corporate Bond ETF

    29,734,319       301,345       (14,422 )     286,923  

F/m Opportunistic Income ETF

    39,267,783       562,623       (16,210 )     546,413  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    65,645,971       68,430       (91,159 )     (22,729 )

F/m High Yield 100 ETF

    18,606,265       300,710       (7,082 )     293,628  

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

As of August 31, 2025, the close of the Funds’ fiscal year, there were permanent differences related to the tax treatment of redemptions in-kind and the disallowance of net operating losses between distributable earnings/(loss) and paid-in capital, respectively for the Fund:

 

Fund

  

Distributable
earnings/(loss)

    

PAID-IN-CAPITAL

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ (1,081,346 )   $ 1,081,346  

F/m 3-Year Investment Grade Corporate Bond ETF

    (1,918,415 )     1,918,415  

F/m 10-Year Investment Grade Corporate Bond ETF

    (906,868 )     906,868  

F/m Opportunistic Income ETF

    (743,280 )     743,280  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    20,188       (20,188 )

F/m High Yield 100 ETF

    (67,487 )     67,487  

 

68

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the close of the Funds’ fiscal year, the components of distributable earnings on a tax basis were as follows:

 

Fund

  

Undistributed
ordinary
income

    

Undistributed
long-term
capital gains

    

Net
unrealized
appreciation/
(depreciation)

    

Capital
loss
carryover

    

Qualified
late-year
loss

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ —     $ —     $ 88,107     $ (17,028 )   $ —  

F/m 3-Year Investment Grade Corporate Bond ETF

    —       —       318,357       (113,820 )     —  

F/m 10-Year Investment Grade Corporate Bond ETF

    —       —       286,923       (588,378 )     —  

F/m Opportunistic Income ETF

    141,781       —       546,413       (332,554 )     —  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    289,596       —       (22,729 )     (110,210 )     —  

F/m High Yield 100 ETF

    50,560       —       293,628       (871 )     —  

 

The difference between the book and tax basis components of distributable earnings relate primarily to the treatment of wash sales.

 

The tax characters of dividends and distributions paid during the fiscal year ended August 31, 2025, the close of the Funds’ fiscal year, was as follows:

 

Fund

  

TAX YEAR

    

Ordinary
income

    

Return of
Capital

  

F/m 2-Year Investment Grade Corporate Bond ETF

    2025     $ 4,582,918     $ 462,936  

F/m 3-Year Investment Grade Corporate Bond ETF

    2025       5,242,121       464,905  

F/m 10-Year Investment Grade Corporate Bond ETF

    2025       2,625,881       141,657  

F/m Opportunistic Income ETF

    2025       2,019,189       —  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    2025       1,337,567       —  

F/m High Yield 100 ETF

    2025       250,548       —  

 

Each Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m Opportunistic Income ETF, F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF, and F/m High Yield 100 ETF had unexpiring short-term losses of $17,028, $113,820, $588,378, $332,554, $110,210, and $871, respectively.

 

6. SECURITIES LENDING

 

The Funds may make secured loans of their Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, each Fund’s lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. The net amount of income earned, after the interest rebate and the allocation

 

69

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

to the securities lending agent, is shown below. For the Funds that use U.S. Bank as their lending agent, collateral is invested in the Mount Vernon, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. All of the Funds bear the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending exposes the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

 

MARKET VALUE
OF SECURITIES
LOANED

    

MARKET VALUE
OF COLLATERAL

    

INCOME
RECEIVED FROM
SECURITIES
LENDING

  

F/m 2-Year Investment Grade Corporate Bond ETF

  $ —     $ —     $ 17  

F/m 3-Year Investment Grade Corporate Bond ETF

    171,498       174,863       1,416  

F/m 10-Year Investment Grade Corporate Bond ETF

    942,881       960,291       1,485  

F/m Opportunistic Income ETF

    1,128,889.58       1,147,185       11,650.08  

F/m High Yield 100 ETF

    574,078       588,174       1,203  

 

During the reporting period, the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (for this section only, the “Fund”) was permitted to make secured loans of the Fund securities with Securities Finance Trust Company (otherwise known as and referred to herein as “eSecLending”). As of the end of the reporting period, the Fund did not engage in any securities lending with eSecLending.

 

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the current fiscal period:

 

                           

GROSS AMOUNTS NOT OFFSET IN
THE STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS AMOUNTS
OF RECOGNIZED
ASSETS

    

GROSS AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH
COLLATERAL
RECEIVED

    

NET AMOUNT2

  

F/m 3-Year Investment Grade Corporate Bond ETF

  $ 171,498     $ —     $ 171,498     $ (171,498 )   $ —     $ —  

F/m 10-Year Investment Grade Corporate Bond ETF

    942,881       —       942,881       (942,881 )     —       —  

F/m Opportunistic Income ETF

    1,128,890       —       1,128,890       (1,128,890 )     —       —  

F/m High Yield 100 ETF

    574,078               574,078       (574,078 )                

 

1

Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

70

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

7. TRANSACTIONS WITH AFFILIATES

 

The following issuers are affiliated with each Fund. Each Fund is allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act, if certain requirements, such as being part of the same “group of investment companies” (as defined in Section 12(d)(1) of the 1940 Act), are met. As defined in Section (2)(a)(3) of the 1940 Act, such affiliated issuers are:

 

   

September 1, 2025

    

Additions

    

Reductions

  

Issuer Name

  

Share
Balance

    

Market
Value

    

Share
Balance

    

Cost

    

Share
Balance

    

Cost

  

F/m Opportunistic Income ETF

                                                

F/m 3-Year Investment Grade Corporate Bond ETF

    —     $ —       34,230     $ 1,753,353       —     $ —  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    8,828       442,636       —       —       8,828       441,630  

F/m Ultrashort Tax-Free Municipal ETF

    —       —       43,075       2,156,468       43,075       2,160,819  

F/m High Yield 100 ETF

    95,540       4,993,398       71,889       3,758,036       77,316       4,054,852  

U.S. Treasury 3 Month Bill ETF

    230     $ 11,505       289,704     $ 14,457,024       289,934     $ 14,466,181  

U.S. Treasury 6 Month Bill ETF

    —       —       18,106       908,729       18,106       906,559  

U.S. Treasury 2 Year Note ETF

    —       —       49,260       2,392,947       49,260       2,392,354  

U.S. Treasury 5 Year Note ETF

    10,290       508,920       51,210       2,519,532       8,040       397,955  

F/m US Treasury 3 Year Note ETF

    —       —       10,000       498,500       6,700       333,254  
      114,888       5,956,458       567,474       28,444,589       501,259       25,153,603  

 

71

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

   

February 28, 2026

  

Issuer Name

  

Dividend
Income

    

Capital
Gain
Distribution

    

Net Change in
Unrealized
Appreciation/
(Depreciation)

    

Realized
Gain/(Loss)

    

Share
Balance

    

Market
Value

  

F/m 3-Year Investment Grade Corporate Bond ETF

  $ 12,317     $ —     $ 2,410     $ —       34,230     $ 1,755,763  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    1,757       —       (208 )     (798 )     —       —  

F/m Ultrashort Tax-Free Municipal ETF

    14,031       —       —       4,352       —       —  

F/m High Yield 100 ETF

    166,264               (48,671 )     62,466       90,113       4,710,378  

U.S. Treasury 3 Month Bill ETF

    5,229       —       (25 )     (2,322 )     —       —  

U.S. Treasury 6 Month Bill ETF

    3,929       —       —       (2,171 )     —       —  

U.S. Treasury 2 Year Note ETF

    6,264       —       —       (593 )     —       —  

U.S. Treasury 5 Year Note ETF

    22,828       —       20,699       6,568       53,460       2,657,764  

F/m US Treasury 3 Year Note ETF

    1,912       —       644       (742 )     3,300       165,149  
    $ 234,532     $ —     $ (25,152 )   $ 66,760       181,103     $ 9,289,053  

 

8. SUBSEQUENT EVENTS

 

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

 

72

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

Notes to Financial Statements (conCLUDED)

February 28, 2026 (Unaudited)

 

Subsequent to February 28, 2026, the Funds paid the following distributions:

 

Fund

Record Date

Ex-Date

Pay Date

Distribution
Rate Per Share

F/m 2-Year Investment Grade Corporate Bond ETF

3/30/2026

3/30/2026

3/31/2026

$0.17738611

F/m 3-Year Investment Grade Corporate Bond ETF

3/30/2026

3/30/2026

3/31/2026

$0.17781625

F/m 10-Year Investment Grade Corporate Bond ETF

3/30/2026

3/30/2026

3/31/2026

$0.20717

F/m Opportunistic Income ETF

3/30/2026

3/30/2026

3/31/2026

$0.19059

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

3/17/2026

3/17/2026

3/18/2026

$0.18286204

F/m High Yield 100 ETF

3/17/2026

3/17/2026

3/18/2026

$0.28064516

F/m Ultrashort Tax-Free Municipal ETF

3/30/2026

3/30/2026

3/31/2026

$0.15698333

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

4/16/2026

4/16/2026

4/17/2026

$0.17903565

F/m High Yield 100 ETF

4/16/2026

4/16/2026

4/17/2026

$0.28709678

 

73

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

OTHER INFORMATION

(UNAUDITED)

 

INFORMATION ON PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 617-0004; and (ii) on the SEC’s website at http://www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of each Fund trade on the Exchange at price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Funds’ website at www.fminvest.com/etfs.

 

Approval of Investment Advisory Agreement - F/m Ultrashort Tax-Free Municipal ETF

 

As required by the 1940 Act, the Board of Directors (“Directors”), including all of the Directors who are not “interested persons” of The RBB Fund, Inc. (the “Company”), as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of a new Investment Advisory Agreement (the “Investment Advisory Agreement”) by and between F/m Investments LLC (“F/m”) and the Company, on behalf of the new F/m Ultrashort Tax-Free Municipal ETF (the “Fund”) at a meeting of the Board held on February 5-6, 2025. At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial period ending August 16, 2026. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement, the Board considered information provided by F/m, with the assistance and advice of counsel to the Independent Directors and the Company.

 

In considering the approval of the Investment Advisory Agreement between the Company and F/m with respect to the Fund, the Directors took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, and the discussions held during the Meeting. The Directors reviewed these materials with management of F/m and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. The Directors considered whether approval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Investment Advisory Agreement. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Fund by F/m; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) F/m’s investment philosophies and processes; (iv) F/m’s AUM and client descriptions; (v) F/m’s soft dollar commission and trade allocation policies, as applicable; (vi) F/m’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) F/m’s compliance procedures; (viii) F/m’s financial information and insurance coverage; (ix) F/m’s profitability analysis relating to its proposed provision of services to the Fund; and (x) the extent to which economies of scale are relevant to the Fund. The Directors noted that the Fund had not yet commenced operations and, consequently, there was no performance information to review with respect to the Fund.

 

As part of their review, the Directors considered the nature, extent, and quality of the services to be provided by F/m. The Directors concluded that F/m had sufficient resources to provide services to the Fund.

 

74

 

 

F/M CORPORATE BOND ETFS
F/M OPPORTUNISTIC INCOME ETF
F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF
F/M HIGH YIELD 100 ETF
F/m Ultrashort Tax-Free Municipal ETF

 

OTHER INFORMATION (Concluded)

(UNAUDITED)

 

The Board also took into consideration that the advisory fee for the Fund was a “unitary fee,” meaning the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses. The Board noted that F/m would be responsible for compensating the Fund’s other service providers and paying other expenses of the Fund out of the unitary fee.

 

After reviewing the information regarding F/m’s estimated costs, profitability and economies of scale, and after considering the services to be provided by F/m, the Directors concluded that the investment advisory fees to be paid by the Fund to F/m were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2026.

 

75

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

Oakhurst Fixed Income Fund (OHFIX)

A series of The RBB Fund, Inc.

 

F/m Investments LLC

 

 

 

Oakhurst Fixed Income Fund

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

CORPORATE BONDS — 25.5%

Communications — 1.1%

AT&T, Inc., 7.13%, 12/15/2031

  $ 750,000     $ 846,024  

Meta Platforms, Inc., 5.63%, 11/15/2055

    196,000       192,002  
              1,038,026  

Consumer Discretionary — 2.0%

        

AutoZone, Inc., 4.75%, 08/01/2032

    669,000       679,386  

Fortune Brands Innovations, Inc., 5.88%, 06/01/2033 (a)

    549,000       589,023  

Marriott International, Inc./MD, 5.10%, 04/15/2032

    635,000       661,969  
              1,930,378  

Consumer Staples — 0.5%

BAT Capital Corp., 7.08%, 08/02/2053

    373,000       428,037  
                 

Energy — 2.6%

Diamondback Energy, Inc., 5.40%, 04/18/2034

    564,000       586,716  

El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 (b)

    490,000       590,065  

Enbridge, Inc., 5.70%, 03/08/2033

    616,000       655,116  

Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034

    627,000       655,339  
              2,487,236  

Financials — 8.2%

AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032

    733,000       685,385  

American Homes 4 Rent LP, 5.50%, 02/01/2034

    627,000       648,769  

Antares Holdings LP, 7.95%, 08/11/2028 (c)

    645,000       682,718  

Aviation Capital Group LLC, 6.38%, 07/15/2030 (c)

    646,000       694,690  

Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034

    661,000       686,316  

Capital One Financial Corp., 4.49% to 09/11/2030 then SOFR + 1.25%, 09/11/2031

    654,000       654,308  

CBRE Services, Inc., 4.90%, 01/15/2033

    683,000       691,985  

Crown Castle, Inc., 5.10%, 05/01/2033

    674,000       687,216  

Fairfax Financial Holdings Ltd., 7.75%, 07/15/2037

    657,000       766,600  

 

   

Par

    

Value

  

Financials — 8.2% (continued)

FS KKR Capital Corp., 6.88%, 08/15/2029

  $ 950,000     $ 940,341  

Jackson Financial, Inc., 3.13%, 11/23/2031

    643,000       586,746  
              7,725,074  

Health Care — 1.9%

Bristol-Myers Squibb Co., 5.88%, 11/15/2036

    473,000       518,569  

Cigna Group, 4.50%, 09/15/2030

    645,000       654,020  

Quest Diagnostics, Inc., 6.40%, 11/30/2033

    593,000       663,294  
              1,835,883  

Technology — 5.4%

Applied Materials, Inc., 5.85%, 06/15/2041

    642,000       697,119  

Broadcom, Inc., 4.90%, 07/15/2032

    676,000       696,664  

Dell International LLC / EMC Corp., 4.75%, 10/06/2032

    653,000       659,378  

Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 (a)(b)

    604,000       654,997  

Jabil, Inc., 4.75%, 02/01/2033

    594,000       592,203  

Kyndryl Holdings, Inc., 6.35%, 02/20/2034 (a)

    635,000       606,598  

Leidos Holdings, Inc., 5.95%, 12/01/2040

    571,000       594,113  

Oracle Corp., 4.45%, 09/26/2030

    595,000       585,082  
              5,086,154  

Utilities — 3.8%

Ameren Corp., 5.38%, 03/15/2035

    658,000       680,196  

Berkshire Hathaway Energy Co., 6.50%, 09/15/2037

    523,000       584,800  

Constellation Energy Generation LLC, 4.40%, 01/15/2031

    441,000       444,219  

DTE Electric Co., 5.25%, 05/15/2035

    637,000       664,634  

National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032

    482,000       579,807  

Potomac Electric Power Co., 7.90%, 12/15/2038

    465,000       585,471  
              3,539,127  

TOTAL CORPORATE BONDS (Cost $23,560,375)

            24,069,915  

 

The accompanying notes are an integral part of the financial statements.
1

 

 

Oakhurst Fixed Income Fund

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

U.S. TREASURY SECURITIES — 22.5%

United States Treasury Note/Bond

3.63%, 09/30/2031

  $ 1,405,000     $ 1,407,854  

4.00%, 06/30/2032

    1,961,000       1,998,650  

3.75%, 11/30/2032

    1,982,000       1,987,961  

4.50%, 11/15/2033

    2,882,000       3,020,359  

4.00%, 02/15/2034

    1,948,000       1,974,100  

4.38%, 05/15/2034

    2,411,000       2,503,720  

4.25%, 11/15/2034

    1,945,000       1,998,715  

4.63%, 02/15/2035

    1,866,000       1,968,958  

3.00%, 05/15/2042

    2,862,000       2,378,702  

2.50%, 02/15/2045

    2,708,000       1,988,899  

TOTAL U.S. TREASURY SECURITIES (Cost $21,119,534)

            21,227,918  
                 

COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7%

Banc of America Mortgage Securities, Inc., Series 2003-J, Class 2A1, 5.13%, 11/25/2033 (d)

    185,305       164,148  

CHI Commercial Mortgage Trust, Series 2025-110W, Class A, 5.10%, 12/13/2040 (c)(d)

    905,000       923,172  

Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (c)(d)

    278,269       261,384  

Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034

    210,488       217,840  

Federal Home Loan Mortgage Corp.

               

Series 2569, Class LD, 5.50%, 02/15/2033

    21,041       21,806  

Series 3622, Class WA, 5.50%, 09/15/2039

    94,288       96,790  

Series 3793, Class UA, 4.00%, 06/15/2033

    18,294       18,353  

Series 3940, Class PD, 2.50%, 02/15/2041

    38,099       37,635  

Series 4077, Class AP, 4.00%, 01/15/2042

    19,826       19,728  

Series 4753, Class JA, 3.00%, 12/15/2047

    828,597       773,168  

Series 4760, Class A, 3.00%, 02/15/2048

    458,149       445,647  

Series 4960, Class PD, 2.00%, 10/25/2049

    555,352       483,950  

Series 5145, Class AB, 1.50%, 09/25/2049

    1,030,292       846,063  

Series 5206, Class DV, 3.50%, 06/25/2033

    832,518       814,886  

 

 

   

Par

    

Value

  

COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)

Series 5227, Class JQ, 4.00%, 04/25/2047

  $ 754,003     $ 746,552  

Series 5252, Class BA, 4.00%, 02/25/2050

    776,595       773,218  

Series 5413, Class MD, 6.00%, 04/25/2050

    1,024,592       1,032,209  

Series 5511, Class A, 5.00%, 06/25/2051

    608,235       608,507  

Series 5569, Class BA, 5.00%, 07/25/2052

    896,605       902,882  

Federal National Mortgage Association

               

Series 2005-80, Class BA, 5.00%, 04/25/2029

    17,349       17,944  

Series 2009-96, Class DB, 4.00%, 11/25/2029

    24,730       24,682  

Series 2013-13, Class MA, 4.00%, 01/25/2043

    178,785       178,643  

Series 2016-24, Class HA, 3.00%, 04/25/2044

    29,553       29,242  

Series 2016-49, Class LA, 3.50%, 01/25/2043

    36,095       35,945  

Series 2016-89, Class CG, 3.00%, 04/25/2046

    82,417       78,886  

Series 2017-105, Class N, 3.00%, 01/25/2048

    892,120       817,014  

Series 2017-22, Class EC, 3.00%, 06/25/2044

    46,171       45,651  

Series 2018-45, Class AB, 3.00%, 06/25/2048

    167,303       155,205  

Series 2019-33, Class N, 3.00%, 03/25/2048

    186,900       180,409  

Series 2022-22, Class EV, 4.00%, 07/25/2033

    599,490       597,064  

Series 2024-25, Class AD, 5.00%, 03/25/2044

    2,029,282       2,034,714  

Government National Mortgage Association

               

Series 2020-133, Class HA, 3.50%, 09/20/2050

    187,385       174,337  

Series 2020-134, Class NP, 2.50%, 09/20/2050

    762,134       655,671  

Series 2020-84, Class WA, 3.50%, 06/20/2050

    132,225       123,178  

GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (c)(d)

    535,276       456,178  

Harborview Mortgage Loan Trust, Series 2004-4, Class 2A, 4.34% (1 mo. Term SOFR + 0.67%), 06/19/2034

    49,318       46,229  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

Oakhurst Fixed Income Fund

 

Schedule of Investments (CONTINUED)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)

JP Morgan Mortgage Trust

               

Series 2013-3, Class A3, 3.38%, 07/25/2043 (c)(d)

  $ 36,411     $ 35,050  

Series 2017-2, Class A3, 3.50%, 05/25/2047 (c)(d)

    87,379       81,645  

New Residential Mortgage Loan Trust, Series 2017-4A, Class A1, 4.00%, 05/25/2057 (c)(d)

    691,186       680,674  

Provident Funding Mortgage Trust, Series 2025-1, Class A3, 5.50%, 02/25/2055 (c)(d)

    1,029,870       1,041,519  

RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (c)(d)

    1,114,401       1,015,002  

Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (c)(d)

    121,558       119,893  

Sequoia Mortgage Trust, Series 2025-S2, Class A1, 4.00%, 11/25/2055 (c)(d)

    997,177       957,327  

Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (c)(d)

    860,384       795,323  

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $20,139,716)

            19,565,363  
                 

MORTGAGE-BACKED SECURITIES — 19.5%

Pool C91859, 3.50%, 12/01/2035

    149,872       147,716  

Pool RQ0073, 4.00%, 12/01/2055

    1,232,623       1,199,300  

Pool SD3148, 5.00%, 06/01/2053

    928,711       946,306  

Pool SD3386, 5.50%, 07/01/2053

    1,234,263       1,259,917  

Pool SD8246, 5.00%, 09/01/2052

    1,304,037       1,317,357  

Pool SD8255, 3.50%, 10/01/2052

    307       290  

Pool SD8265, 4.00%, 11/01/2052

    580,694       565,489  

Pool SD8489, 4.50%, 12/01/2054

    2,070,050       2,049,783  

Federal National Mortgage Association

               

Pool CA2472, 4.00%, 10/01/2048

    897,694       881,983  

Pool CB4024, 4.50%, 07/01/2052

    1,055,520       1,056,828  

 

 

   

Par

    

Value

  

MORTGAGE-BACKED SECURITIES — 19.5% (continued)

Pool FA0095, 6.00%, 12/01/2054

  $ 1,126,808     $ 1,165,573  

Pool FM5329, 2.00%, 01/01/2031

    273,877       264,489  

Pool FS0862, 2.50%, 12/01/2036

    598,001       573,433  

Pool FS3430, 4.00%, 11/01/2052

    830,219       821,630  

Pool FS4239, 5.00%, 03/01/2053

    1,041,722       1,061,587  

Pool FS4522, 5.00%, 05/01/2053

    1,286,772       1,298,944  

Pool FS5649, 5.50%, 08/01/2053

    345,312       351,592  

Pool FS5779, 5.50%, 09/01/2053

    925,863       949,468  

Pool FS8469, 5.50%, 07/01/2054

    319,256       329,180  

Pool MA0584, 4.50%, 10/01/2040

    8,177       8,143  

Pool MA1201, 3.50%, 10/01/2032

    54,822       54,279  

Pool MA2705, 3.00%, 08/01/2046

    496,238       461,226  

Pool MA3210, 3.50%, 12/01/2047

    295,519       281,985  

Pool MA3356, 3.50%, 05/01/2048

    1,414,035       1,349,667  

TOTAL MORTGAGE-BACKED SECURITIES (Cost $17,948,100)

            18,396,165  
                 

ASSET-BACKED SECURITIES — 8.5%

American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032

    896,603       860,057  

Compass Datacenters LLC, Series 2026-1A, Class A21, 4.90%, 02/25/2056 (c)(e)

    800,000       809,438  

DB Master Finance Parent LLC, Series 2025-1A, Class A2II, 5.17%, 08/20/2055 (c)

    1,022,438       1,040,153  

Domino’s SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (c)

    636,988       612,539  

Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (c)

    1,667       1,665  

QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 (c)

    1,030,000       1,050,222  

SBA Depositor LLC

               

Series 2020-1-2, 2.33%, 01/15/2028 (c)

    10,000       9,666  

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

 

Oakhurst Fixed Income Fund

 

Schedule of Investments (concluded)

February 28, 2026 (Unaudited)

 

   

Par

    

Value

  

ASSET-BACKED SECURITIES — 8.5% (continued)

Series 2021-3, 2.59%, 10/15/2031 (c)

  $ 950,000     $ 868,238  

Taco Bell Corp., Series 2025-1A, Class A2II, 5.05%, 08/25/2055 (c)

    1,070,000       1,095,368  

Union Pacific Railroad Co., 6.18%, 01/02/2031

    464,174       495,669  

Westlake Automobile Receivables Trust, Series 2025-P1, Class A3, 4.58%, 06/15/2029 (c)

    1,133,000       1,143,471  

TOTAL ASSET-BACKED SECURITIES (Cost $7,845,681)

            7,986,486  
                 

U.S. GOVERNMENT AGENCY ISSUES — 2.0%

Federal Farm Credit Banks Funding Corp, 2.40%, 03/24/2036

    900,000       762,614  

Tennessee Valley Authority, 4.65%, 06/15/2035

    1,100,000       1,151,027  

TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,897,705)

            1,913,641  
                 
   

Units

          

SHORT-TERM INVESTMENTS

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%

Mount Vernon Liquid Assets Portfolio, LLC, 3.78% (f)

    1,709,381       1,709,381  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,709,381)

            1,709,381  
                 

 

 

   

Shares

    

value

  

MONEY MARKET FUNDS — 0.6%

Invesco Treasury Portfolio - Institutional Class, 3.56% (f)

    547,922     $ 547,922  

TOTAL MONEY MARKET FUNDS (Cost $547,922)

            547,922  
                 

TOTAL INVESTMENTS — 101.1% (Cost $94,768,414)

            95,416,791  

Liabilities in Excess of Other Assets — (1.1)%

            (1,073,471 )

TOTAL NET ASSETS — 100.0%

          $ 94,343,320  

 

Par amount is in USD unless otherwise indicated.

 

Percentages are stated as a percent of net assets.

 

LLC - Limited Liability Company

 

LP - Limited Partnership

 

SOFR - Secured Overnight Financing Rate

 

(a)

All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $1,677,024.

 

(b)

Step coupon bond. The rate disclosed is as of February 28, 2026.

 

(c)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $14,375,335 or 15.2% of the Fund’s net assets.

 

(d)

Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of February 28, 2026.

 

(e)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $809,438 or 0.9% of net assets as of February 28, 2026.

 

(f)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
4

 

 

OAKHURST FIXED INCOME FUND

 

Statement of Assets and Liabilities

February 28, 2026 (Unaudited)

 

ASSETS:

        

Investments, at value

  $ 95,416,791  

Interest receivable

    686,420  

Receivable for fund shares sold

    65,470  

Dividends receivable

    3,166  

Receivable from Adviser

    1,537  

Security lending income receivable

    240  

Prepaid expenses and other assets

    11,782  

Total assets

    96,185,406  
         

LIABILITIES:

        

Payable upon return of securities loaned

    1,709,381  

Payable to custodian

    23,722  

Payable for capital shares redeemed

    2,402  

Payable for shareholder servicing fees

    910  

Payable for expenses and other liabilities

    105,671  

Total liabilities

    1,842,086  

NET ASSETS

  $ 94,343,320  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 10,464  

Additional paid-in capital

    106,270,596  

Total accumulated losses

    (11,937,740 )

Total net assets

  $ 94,343,320  
         

Institutional Class

        

Net assets

  $ 94,343,320  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    10,464,431  

Net asset value per share

  $ 9.02  
         

COST:

        

Investments, at cost

  $ 94,768,414  
         

LOANED SECURITIES:

        

at value (included in investments)

  $ 1,677,024  

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

OAKHURST FIXED INCOME FUND

 

Statement of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME:

        

Dividend income

  $ 43,224  

Interest income

    2,578,921  

Securities lending income

    1,303  

Total investment income

    2,623,448  
         

EXPENSES:

        

Investment advisory fee

    291,286  

Fund administration and accounting fees

    79,664  

Legal fees

    20,873  

Federal and state registration fees

    19,502  

Compliance fees

    10,908  

Audit fees

    10,330  

Transfer agent fees

    5,746  

Custodian fees

    5,095  

Reports to shareholders

    2,727  

Trustees’ fees

    2,241  

Other expenses and fees

    10,078  

Total expenses

    458,450  

Expense reimbursement by Adviser

    (106,266 )

Net expenses

    352,184  

NET INVESTMENT INCOME

    2,271,264  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments

    (636,311 )

Net realized gain (loss)

    (636,311 )

Net change in unrealized appreciation (depreciation) on:

        

Investments

    2,112,340  

Net change in unrealized appreciation (depreciation)

    2,112,340  

Net realized and unrealized gain (loss)

    1,476,029  
         

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 3,747,293  

 

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

OAKHURST FIXED INCOME FUND

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

   

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 2,271,264     $ 5,250,312  

Net realized gain (loss)

    (636,311 )     (2,756,086 )

Net change in unrealized appreciation (depreciation)

    2,112,340       2,083,199  

Net increase (decrease) in net assets from operations

    3,747,293       4,577,425  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Institutional Class

    (2,193,391 )     (5,356,475 )

Total distributions to shareholders

    (2,193,391 )     (5,356,475 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Institutional Class

    51,628,697       48,702,887  

Shares issued from reinvestment of distributions - Institutional Class

    1,027,058       3,259,520  

Shares redeemed - Institutional Class

    (65,327,719 )     (70,519,687 )

Net increase (decrease) in net assets from capital transactions

    (12,671,964 )     (18,557,280 )

NET INCREASE (DECREASE) IN NET ASSETS

    (11,118,062 )     (19,336,330 )
                 

NET ASSETS:

                

Beginning of the period

    105,461,382       124,797,712  

End of the period

  $ 94,343,320     $ 105,461,382  
                 

SHARES TRANSACTIONS

                

Shares sold - Institutional Class

    5,764,589       5,535,101  

Shares issued from reinvestment of distributions - Institutional Class

    114,842       370,990  

Shares redeemed - Institutional Class

    (7,311,376 )     (8,031,685 )

Total increase (decrease) in shares outstanding

    (1,431,945 )     (2,125,594 )

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

OAKHURST FIXED INCOME FUND

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

INSTITUTIONAL SHARES

  
   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2025

    

FOR THE
YEAR
ENDED
AUGUST 31,
2024(1)

    

FOR THE
YEAR
ENDED
AUGUST 31,
2023

    

FOR THE
YEAR
ENDED
AUGUST 31,
2022

    

FOR THE
YEAR
ENDED
AUGUST 31,
2021

  

PER SHARE OPERATING PERFORMANCE

                                                

Net asset value, beginning of period

  $ 8.87     $ 8.90     $ 8.56     $ 8.90     $ 10.28     $ 10.40  

Net investment income/(loss)(3)

    0.17       0.35       0.34       0.27       0.19       0.15  

Net realized and unrealized gain/(loss) from investments

    0.15       (0.02 )     0.35       (0.33 )     (1.26 )     — (2) 

Net increase/(decrease) in net assets resulting from operations

    0.32       0.33       0.69       (0.06 )     (1.07 )     0.15  

LESS DISTRIBUTIONS FROM:

                                                

Net investment income

    (0.17 )     (0.36 )     (0.35 )     (0.28 )     (0.22 )     (0.21 )

Net realized gains on investments

    —       —       —       —       (0.09 )     (0.06 )

Total distributions

    (0.17 )     (0.36 )     (0.35 )     (0.28 )     (0.31 )     (0.27 )

Net asset value, end of period

  $ 9.02     $ 8.87     $ 8.90     $ 8.56     $ 8.90     $ 10.28  

Total investment return/(loss)(4)

    3.66 %     3.86 %     8.21 %     (0.62 )%     (10.59 )%     1.42 %

RATIOS/SUPPLEMENTAL DATA

                                                

Net assets at end of period (000’s omitted)

  $ 94,343     $ 105,461     $ 124,798     $ 115,408     $ 119,410     $ 126,210  

Ratio of expenses to average net assets with waivers and/or reimbursements(5)

    0.60 %     0.60 %     0.58 %     0.60 %     0.60 %     0.60 %

Ratio of expenses to average net assets without waivers and reimbursements(5)

    0.79 %     0.74 %     0.78 %     0.78 %     0.84 %     0.80 %

Ratio of net investment income/(loss) to average net assets with waviers(6)

    3.90 %     3.99 %     3.97 %     3.16 %     1.97 %     1.45 %

Portfolio turnover rate

    46 %     63 %     41 %     36 %     48 %     52 %

 

(1)

Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

(2)

Rounds to less than $0.01 per share.

(3)

Per share data calculated using average shares outstanding method.

(4)

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the period reported and includes reinvestments of dividends and distributions, if any. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser not reduced/waived its fees, the total returns would have been lower.

(5)

These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

(6)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

 

The accompanying notes are an integral part of the financial statements.
8

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the Oakhurst Fixed Income Fund (the “Fund”). The Oakhurst Fixed Income Fund commenced operations on October 31, 2012. The Fund was treated as a separate series (the “Predecessor Fund”) of the F/m Funds Trust, an open-end management investment company established as an Ohio business trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized into the Fund, as new series of RBB in a tax-free reorganization (the “Reorganization”), whereby the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund which were distributed pro rata by the Predecessor Fund to its respective shareholders in complete liquidation and termination of the Predecessor Fund. Unless otherwise indicated, references to the “Fund” in these Notes to Financial Statements refer to the Fund and the Predecessor Fund, as applicable. The Fund has registered two classes of shares, Institutional shares and Retail shares. As of the date of this report, Retail shares of the Fund are not currently offered. When both share classes of the Fund are offered, each share class of the Fund will represent an ownership interest in the Fund’s investment portfolio.

 

The investment objective of the Fund is total return.

 

The Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — The Fund values its investments at fair value. The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated F/m Investments LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations, as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded

 

9

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

 

●

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

 

 

●

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

 

●

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2026:

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Corporate Bonds

  $ —     $ 24,069,915     $ —     $ 24,069,915  

U.S. Treasury Securities

    —       21,227,918       —       21,227,918  

Collateralized Mortgage Obligations

    —       19,565,363       —       19,565,363  

Mortgage-Backed Securities

    —       18,396,165       —       18,396,165  

Asset-Backed Securities

    —       7,177,048       809,438       7,986,486  

U.S. Government Agency Issues

    —       1,913,641       —       1,913,641  

Investments Purchased with Proceeds from Securities Lending(a)

    —       —       —       1,709,381  

Money Market Funds

    547,922       —       —       547,922  

Total Investments

  $ 547,922     $ 92,350,050     $ 809,438     $ 95,416,791  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Fund did not have any significant Level 3 transfers during the current fiscal period.

 

10

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. The Fund expects to declare and pay distributions, if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by the Fund at least annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

OTHER INVESTMENT COMPANIES — The Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, the Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of the Fund’s total assets with respect to any one investment company; and 10% of the Fund’s total assets in the aggregate. The Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject to the percentage limitations set forth above. The U.S. Securities and Exchange Commission has adopted rules, including Rule 12d1-4 under the 1940 Act, permitting funds to invest in other investment companies in excess of the limits described above. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

 

11

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Concentration Risk - Mortgage-Backed Securities — The Fund has adopted a fundamental policy to concentrate its investments in the mortgage-backed securities industry. This means the Fund generally aims to invest at least 25% of its total assets in agency and non-agency mortgage-backed securities. The Fund’s investments in mortgage-backed securities are subject to prepayment risk, especially when interest rates decline. Prepayment risk is the risk that the principal on mortgage-backed securities, other asset-backed securities or any fixed-income security with an embedded call option may be prepaid at any time, which could reduce yield and market value. This could reduce the effective maturity of a mortgage-backed security and cause the Fund to reinvest its assets at a lower prevailing interest rate. Mortgage-backed securities are also subject to extension risk, which is the risk that rising interest rates will increase the effective maturity of mortgage-backed securities due to the deceleration of prepayments. Mortgage-backed securities may also be subject to risks unique to the housing industry, including mortgage lending practices, defaults, foreclosures and changes in real estate values. The Fund’s investments in mortgage-backed securities are subject to default risk, prepayment risk, extension risk and market risk when interest rates rise. As a result of the Fund’s policy to concentrate in mortgage-backed securities, the Fund will be subject to the risks associated with these securities to a greater degree than a fund that does not concentrate in mortgage-backed securities. As of the end of the six month period, the Fund had 19.5% of the value of its net assets invested in mortgage-backed securities.

 

RULE 144A SECURITIES RISK — Rule 144A securities are securities that are exempt from registration in compliance with the Securities Act of 1933, as amended, and the rules thereunder, and may have legal restrictions on resale. Under Rule 144A, these privately placed securities may be resold to qualified institutional buyers (“QIBs”), subject to certain conditions. An insufficient number of QIBs interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of the securities and the Fund might be unable to dispose of the securities promptly or at a reasonable price. Please refer to the Schedule of Investments for further details regarding the Fund’s investments in 144A securities.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from the series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

F/m Investments LLC serves as the investment adviser to the Fund, under the terms of an investment advisory agreement (the “Advisory Agreement”) between the Company, on behalf of the Fund, and the Adviser. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at the annual rate of 0.50% of the average daily net assets of the Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund, pursuant to the terms of the Advisory Agreement between the Adviser and the Company on behalf of the Fund.

 

Under an expense limitation agreement between the Company, on behalf of the Fund, and the Adviser (the “Expense Limitation Agreement”), the Adviser has contractually agreed until December 31, 2026 to reduce its investment advisory fees and to pay other operating expenses to the extent necessary to limit annual ordinary operating expenses (excluding brokerage commissions, taxes, interest, acquired fund fees and expenses and extraordinary items) to 0.60% of the average daily net assets allocable to the Institutional Class shares of the Fund.

 

12

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause the Fund’s ordinary operating expenses (excluding brokerage commissions, taxes, interest, acquired fund fees and expenses and extraordinary expenses) to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

At the end of the current fiscal period, the Fund had amounts available for recoupment by the Adviser as follows:

 

   

EXPIRATION AT AUGUST 31

  

FUND

  

2027

    

2028

    

2029

    

TOTAL

  

Oakhurst Fixed Income Fund

  $ 181,008     $ 186,303     $ 106,266     $ 473,577  

 

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

 

3. DIRECTOR AND OFFICER COMPENSATION

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of the Company serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

 

4. INVESTMENT TRANSACTIONS

 

During the current fiscal period, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

 

FUND

 

PURCHASES

    

SALES

  

Oakhurst Fixed Income Fund

  $ 32,937,713     $ 36,137,069  

 

During the current fiscal period, cost of purchases and proceeds from sales and maturities of U.S. government long-term securities were as follows:

 

FUND

 

PURCHASES

    

SALES

  

Oakhurst Fixed Income Fund

  $ 18,364,438     $ 28,113,318  

 

13

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

5. FEDERAL INCOME TAX INFORMATION

 

The Fund has qualified and intends to continue to qualify as a regulated investment company under the Code. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal income tax provision is provided in the Fund’s financial statement.

 

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

 

The following information is computed on a tax basis for each item as of the end of the Fund’s fiscal year on August 31, 2025:

 

FUND

  

TAX COST OF
INVESTMENTS

    

GROSS
UNREALIZED
APPRECIATION

   

GROSS
UNREALIZED
DEPRECIATION

   

NET
UNREALIZED
APPRECIATION/
(DEPRECIATION)
ON
INVESTMENTS

   

UNDISTRIBUTED
ORDINARY
INCOME

   

ACCUMULATED
CAPITAL AND
OTHER LOSSES

   

DIVIDEND
PAYABLE

    

TOTAL
DISTRIBUTABLE
EARNINGS/
(LOSS)

  

Oakhurst Fixed Income Fund

  $ 107,661,310     $ 1,600,314     $ (3,076,871 )   $ (1,476,557 )   $ 180,146     $ (12,023,027 )   $ (172,204 )   $ (13,491,642 )

 

The difference between the federal income tax cost of investments and the financial statement cost of investments for the Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and U.S. GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and dividends payable.

 

The tax character of distributions paid to shareholders during the fiscal year ended August 31, 2025 was as follows:

 

FUND

 

YEARS ENDED

    

ORDINARY
INCOME

    

LONG-TERM
CAPITAL GAINS

    

TOTAL
DISTRIBUTIONS*

  

Oakhurst Fixed Income Fund

    August 31, 2025     $ 5,341,298     $ —     $ 5,341,298  

 

*

Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to dividends payable amounts.

 

As of August 31, 2025, the Fund had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes:

 

FUND

 

SHORT-TERM
LOSS
CARRYFORWARDS

    

LONG-TERM
LOSS
CARRYFORWARDS

    

TOTAL

  

Oakhurst Fixed Income Fund

  $ (922,931 )   $ (11,100,796 )   $ (12,023,027 )

 

These CLCFs may be carried forward indefinitely and are available to offset net realized capital gains in future years, thereby reducing future taxable capital gain distributions.

 

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions taken on Federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next year. The Fund identifies its major tax jurisdiction as U.S. Federal.

 

14

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal year ended August 31, 2025, the Fund did not incur any interest or penalties.

 

6. SECURITIES LENDING

 

The Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Fund is determined. When the collateral falls below specified amounts, the Fund’s lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund receives compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Fund and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Fund, and the Custodian, the Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid monthly, in the amount of 20% of the Fund’s net income generated from the securities lending transactions. The net amount of income earned, after the interest rebate and the allocation to the Custodian, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable net asset value of $1.00. The Fund bears the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending exposes the Fund to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect to such secured loans were as follows:

 

FUND

 

MARKET VALUE
OF SECURITIES
LOANED

    

MARKET VALUE OF
COLLATERAL

    

INCOME RECEIVED
FROM SECURITIES
LENDING

  

Oakhurst Fixed Income Fund

  $ 1,677,024     $ 1,709,381     $ 1,303  

 

Securities lending transactions are entered into by the Fund’s securities lending agent on behalf of the Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund’s securities lending agent on behalf of the Fund under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. The following table is a summary of the Fund’s open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

 

                           

GROSS AMOUNTS NOT OFFSET IN
THE STATEMENTS OF ASSETS AND LIABILITIES

  

FUND

  

GROSS AMOUNTS
OF RECOGNIZED
ASSETS

    

GROSS AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES

    

NET AMOUNTS OF
ASSETS PRESENTED
IN THE STATEMENTS
OF ASSETS AND
LIABILITIES

    

FINANCIAL
INSTRUMENTS1

    

CASH COLLATERAL
RECEIVED

    

NET AMOUNT2

  

Oakhurst Fixed Income Fund

  $ 1,677,024     $ —     $ 1,677,024     $ (1,677,024 )   $ —     $ —  

 

1

Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

2

Net amount represents the net amount receivable from the counterparty in the event of default.

 

15

 

 

OAKHURST FIXED INCOME FUND

 

Notes to Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

7. Subsequent Events

 

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

 

Subsequent to the end of the current fiscal period, the Fund paid the following distributions:

 

FUND

  

RECORD DATE

    

Ex-Date

    

PAY DATE

    

DISTRIBUTION
RATE PER SHARE

  

Oakhurst Fixed Income Fund

    3/27/2026       3/30/2026       3/31/2026     $ 0.03  

 

16

 

 

OAKHURST FIXED INCOME FUND

 

OTHER INFORMATION

FEBRUARY 28, 2026 (UNAUDITED)

 

INFORMATION ON PROXY VOTING

 

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete listing of portfolio holdings for the Fund with the SEC as of the end of the first and third quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit on Form N-PORT. These filings are available upon request by calling 1-800-292-6775. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov and the Fund’s website www.fminvest.com.

 

17

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue,
Suite 800
Cleveland, OH 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

 

 

F/m Investments
Large Cap Focused Fund
of

A series of The RBB Fund, Inc.

Investor Class Shares (IAFMX)

Institutional Class Shares (IAFLX)

 

F/m Investments LLC

 

 

 

F/m Investments Large Cap Focused Fund

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

SHARES

    

VALUE

  

COMMON STOCKS — 88.0%

                

Aerospace & Defense — 2.8%

        

Karman Holdings, Inc.(a)

    25,187     $ 2,219,227  
                 

E-Commerce Discretionary — 3.7%

        

Amazon.com, Inc.(a)

    13,962       2,932,020  
                 

Electric Utilities — 3.7%

                

Duke Energy Corp.

    22,484       2,942,031  
                 

Entertainment Content — 4.4%

        

Netflix, Inc.(a)

    36,224       3,486,198  
                 

Internet Media & Services — 8.8%

        

Alphabet, Inc. - Class A

    7,922       2,469,763  

Meta Platforms, Inc. - Class A

    7,106       4,605,967  
              7,075,730  

Retail - Consumer Staples — 3.3%

        

Casey’s General Stores, Inc.

    3,804       2,607,984  
                 

Semiconductors — 26.1%(b)

                

Advanced Micro Devices, Inc.(a)

    18,206       3,645,023  

Astera Labs, Inc.(a)

    37,350       4,438,301  

Broadcom, Inc.

    10,415       3,328,113  

NVIDIA Corp.

    53,583       9,494,372  
              20,905,809  

Software — 8.5%

                

Microsoft Corp.

    14,028       5,509,357  

Palo Alto Networks, Inc.(a)

    8,993       1,339,237  
              6,848,594  

Specialty Finance — 1.8%

                

Mastercard, Inc. - Class A

    2,835       1,466,290  
                 

Steel — 2.7%

                

Steel Dynamics, Inc.

    11,326       2,187,390  
                 

Technology Hardware — 18.0%

        

Apple, Inc.

    46,875       12,383,438  

Arista Networks, Inc.(a)

    15,434       2,060,439  
              14,443,877  

Transportation & Logistics — 4.2%

        

United Parcel Service, Inc. - Class B

    29,103       3,374,784  

TOTAL COMMON STOCKS (Cost $62,550,263)

            70,489,934  
                 

EXCHANGE TRADED FUNDS — 8.6%

        

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF(c)

     49,060     $ 2,440,735  

F/m US Treasury 6 Month Bill ETF(c)

     89,196       4,463,368  

TOTAL EXCHANGE TRADED FUNDS (Cost $6,928,176)

             6,904,103  
                 

SHORT-TERM INVESTMENTS

                

MONEY MARKET FUNDS — 2.0%

        

First American Treasury Obligations Fund - Class X, 3.60%(d)

     1,619,948       1,619,948  

TOTAL MONEY MARKET FUNDS (Cost $1,619,948)

             1,619,948  
                 

TOTAL INVESTMENTS — 98.6% (Cost $71,098,387)

            79,013,985  

Other Assets in Excess of Liabilities — 1.4%

             1,140,478  

TOTAL NET ASSETS — 100.0%

           $ 80,154,463  

 

Percentages are stated as a percent of net assets.

 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

 

(a)

Non-income producing security.

 

(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

 

(c)

Affiliated security as defined by the Investment Company Act of 1940.

 

(d)

The rate shown represents the 7-day annualized yield as of February 28, 2026.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

F/m Investments Large Cap Focused Fund

 

Statement of Assets and Liabilities

February 28, 2026 (Unaudited)

 

ASSETS:

        

Investments in unaffiliated securities, at value

  $ 72,109,882  

Investments in affiliated securities, at value

    6,904,103  

Receivable for investments sold

    4,186,423  

Dividends receivable

    88,853  

Receivable for fund shares sold

    29,718  

Prepaid expenses and other assets

    25,761  

Total assets

    83,344,740  
         

LIABILITIES:

        

Payable for investments purchased

    2,996,978  

Payable for distribution and shareholder servicing fees

    72,828  

Payable to Adviser

    40,205  

Payable for expenses and other liabilities

    80,266  

Total liabilities

    3,190,277  
         

NET ASSETS

  $ 80,154,463  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 4,522  

Additional paid-in capital

    64,105,828  

Total distributable earnings

    16,044,113  

Total net assets

  $ 80,154,463  
         

Institutional Class

        

Net assets

  $ 64,092,164  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    3,594,554  

Net asset value per share

  $ 17.83  
         

Investor Class

        

Net assets

  $ 16,062,299  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    927,478  

Net asset value per share

  $ 17.32  
         

Investments in unaffiliated securities, at cost

  $ 64,170,211  

Investments in affiliated securities, at cost

  $ 6,928,176  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

F/m Investments Large Cap Focused Fund

 

Statement of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

INVESTMENT INCOME:

        

Dividend income from unaffiliated securities

  $ 292,124  

Dividend income from affiliated securities

    176,069  

Total investment income

    468,193  
         

EXPENSES:

        

Investment advisory fee

    293,263  

Transfer agent fees

    46,810  

Fund administration and accounting fees

    21,017  

Federal and state registration fees

    17,244  

Compliance fees

    15,744  

Legal fees

    15,571  

Distribution expenses - Investor Class

    14,808  

Trustees’ fees

    12,350  

Audit fees

    7,861  

Reports to shareholders

    4,492  

Custodian fees

    1,384  

Other expenses and fees

    14,054  

Total expenses

    464,598  

Expense reimbursement by Adviser

    (72,992 )

Net expenses

    391,606  

NET INVESTMENT INCOME

    76,587  
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments in unaffiliated securities

    12,633,803  

Investments in affiliated securities

    (15,177 )

Net realized gain (loss)

    12,618,626  

Net change in unrealized appreciation (depreciation) on:

        

Investments in unaffiliated securities

    (13,375,443 )

Investments in affiliated securities

    (24,970 )

Net change in unrealized appreciation (depreciation)

    (13,400,413 )

Net realized and unrealized gain (loss)

    (781,787 )
         

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (705,200 )

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

F/m Investments Large Cap Focused Fund

 

Statements of Changes in Net Assets

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

FOR THE
Year ENDED
AUGUST 31,
2025

  

OPERATIONS:

                

Net investment income (loss)

  $ 76,587     $ (137,315 )

Net realized gain (loss)

    12,618,626       15,242,040  

Net change in unrealized appreciation (depreciation)

    (13,400,413 )     3,376,345  

Net increase (decrease) in net assets from operations

    (705,200 )     18,481,070  
                 

DISTRIBUTIONS TO SHAREHOLDERS:

                

From earnings - Institutional Class

    (9,896,511 )     (1,116,464 )

From earnings - Investor Class

    (2,584,724 )     (3,951,698 )

Total distributions to shareholders

    (12,481,235 )     (5,068,162 )
                 

CAPITAL TRANSACTIONS:

                

Shares sold - Institutional Class

    4,361,277       138,004  

Shares issued from reinvestment of distributions - Institutional Class

    9,896,511       3,951,698  

Shares redeemed - Institutional Class

    (4,232,108 )     (1,610,757 )

Shares sold - Investor Class

    1,003,665       755,177  

Shares issued from reinvestment of distributions - Investor Class

    2,584,724       1,116,464  

Shares redeemed - Investor Class

    (1,806,527 )     (1,774,077 )

Net increase (decrease) in net assets from capital transactions

    11,807,542       2,576,509  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    (1,378,893 )     15,989,417  
                 

NET ASSETS:

                

Beginning of the period

  $ 81,533,356     $ 65,543,939  

End of the period

  $ 80,154,463     $ 81,533,356  
                 

SHARES TRANSACTIONS

                

Shares sold - Institutional Class

    227,967       7,147  

Shares issued from reinvestment of distributions - Institutional Class

    520,869       221,632  

Shares redeemed - Institutional Class

    (222,888 )     (94,994 )

Shares sold - Investor Class

    53,834       42,728  

Shares issued from reinvestment of distributions - Investor Class

    139,942       63,981  

Shares redeemed - Investor Class

    (93,928 )     (103,625 )

Total increase (decrease) in shares outstanding

    625,796       136,869  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

F/m Investments Large Cap Focused Fund

 

INVESTOR class

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
YEAR
Ended
august 31,
2025

    

For the
period
Ended
august 31,
2024^

    

For the
Year
Ended
June 30,
2024(f)

    

For the
Year
Ended
June 30,
2023

    

For the
Year
Ended
June 30,
2022

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 20.54     $ 17.17     $ 17.17     $ 13.82     $ 12.57     $ 19.96  

INVESTMENT OPERATIONS:

                                                

Net investment income (loss)(a)

    0.00 (b)      (0.08 )     (0.03 )     (0.09 )     (0.01 )     (0.08 )

Net realized and unrealized gain (loss) on investments

    (0.02 )     4.80       0.03       3.44       3.04       (3.07 )

Total from investment operations

    (0.02 )     4.72       —       3.35       3.03       (3.15 )

LESS DISTRIBUTIONS FROM:

                                                

Net realized gains

    (3.20 )     (1.35 )     —       —       (1.78 )     (4.24 )

Total distributions

    (3.20 )     (1.35 )     —       —       (1.78 )     (4.24 )

Net asset value, end of period

  $ 17.32     $ 20.54     $ 17.17     $ 17.17     $ 13.82     $ 12.57  

TOTAL RETURN(c)

    0.70 %     28.87 %     0.00 %(h)     24.24 %     28.91 %     (21.33 )%

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 16,062     $ 16,999     $ 14,157     $ 14,279     $ 12,887     $ 9,934  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement(d)(e)

    1.25 %     1.36 %     1.24 %(i)     1.44 %     1.39 %     1.39 %

After expense reimbursement(e)

    1.07 %     1.15 %     1.15 %(i)     1.15 %     1.15 %     1.15 %

Ratio of net investment income (loss) to average net assets(g)

    0.04 %     (0.39 )%     (0.68 )%(i)     (0.53 )%     (0.11 )%     (0.46 )%

Portfolio turnover rate

    91 %(h)     132 %     19 %(h)     59 %     113 %     169 %

 

^

The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.

(a)

Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

(b)

Amount represents less than $0.005 per share.

(c)

Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser and/or administrator not reduced/waived its fees, the total returns would have been lower.

(d)

Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

(e)

These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

(f)

Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of the F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

(g)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(h)

Not annualized.

(i)

Annualized.

 

 

The accompanying notes are an integral part of the financial statements.
5

 

 

F/m Investments Large Cap Focused Fund

 

INSTITUTIONAL Class

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

 

   

FOR THE
SIX MONTHS
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

For the
year
Ended
august 31,
2025

    

For the
period
Ended
august 31,
2024^

    

For the
Year
Ended
June 30,
2024(f)

    

For the
Year
Ended
June 30,
2023

    

For the
Year
Ended
June 30,
2022

  

PER SHARE DATA:

                                                

Net asset value, beginning of period

  $ 21.03     $ 17.51     $ 17.50     $ 14.06     $ 12.72     $ 20.10  

INVESTMENT OPERATIONS:

                                                

Net investment loss(a)

    0.02       (0.02 )     — (b)      (0.03 )     0.02       (0.02 )

Net realized and unrealized gain (loss) on investments

    (0.02 )     4.89       0.01       3.47       3.10       (3.12 )

Total from investment operations

    0.00 (b)      4.87       0.01       3.44       3.12       (3.14 )

LESS DISTRIBUTIONS FROM:

                                                

Net realized gains

    (3.20 )     (1.35 )     —       —       (1.78 )     (4.24 )

Total distributions

    (3.20 )     (1.35 )     —       —       (1.78 )     (4.24 )

Net asset value, end of period

  $ 17.83     $ 21.03     $ 17.51     $ 17.50     $ 14.06     $ 12.72  

TOTAL RETURN(c)

    0.79 %     29.19 %     0.06 %(h)     24.47 %     29.31 %     (21.12 )%

SUPPLEMENTAL DATA AND RATIOS:

                                               

Net assets, end of period (in thousands)

  $ 64,092     $ 64,534     $ 51,387     $ 51,860     $ 48,477     $ 56,045  

Ratio of expenses to average net assets:

                                                

Before expense reimbursement(d)(e)

    1.07 %     1.11 %     0.99 %(i)     1.20 %     1.14 %     1.14 %

After expense reimbursement(e)

    0.90 %     0.90 %     0.90 %(i)     0.90 %     0.90 %     0.90 %

Ratio of net investment income (loss) to average net assets(g)

    0.22 %     (0.14 )%     (0.43 )%(i)     (0.28 )%     0.16 %     (0.21 )%

Portfolio turnover rate

    91 %(h)     132 %     19 %(h)     59 %     113 %     169 %

 

^

The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.

(a)

Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

(b)

Rounds to less than $0.005 per share.

(c)

Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser and/or administrator not reduced/waived its fees, the total returns would have been lower.

(d)

Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

(e)

These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

(f)

Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of the F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

(g)

Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests.

(h)

Not annualized.

(i)

Annualized.

 

 

The accompanying notes are an integral part of the financial statements.
6

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the F/m Investments Large Cap Focused Fund (the “Fund”). The Fund commenced operations on October 3, 2016 as a separate series (the “Predecessor Fund”) of the F/m Funds Trust, an open end management investment company established as an Ohio business trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized into the Fund, as a new series of RBB in a tax-free reorganization (the “Reorganization”), whereby the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund which were distributed pro rata by the Predecessor Fund to its shareholders in complete liquidation and termination of the Predecessor Fund. Unless otherwise indicated, references to the “Fund” in these Notes to Financial Statements refer to the Fund and the Predecessor Fund, as applicable. The Fund currently offers two classes of shares: Investor Class shares (sold without any sales loads, but subject to a distribution and/or shareholder servicing fee of up to 0.25% of the average daily net assets attributable to Investor Class shares and requiring a $1,000 initial investment) and Institutional Class shares (sold without any sales loads and distribution and/or shareholder servicing fees and requiring a $100,000 initial investment). Each share class represents an ownership interest of the respective class in the same investment portfolio.

 

The investment objective of the Fund is long-term growth of capital.

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

The Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

 

Portfolio valuation — The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. The Fund values its listed securities, including common stocks, on the basis of a security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted bid price. NASDAQ-listed securities are valued at the NASDAQ official closing price. Investments in registered investment companies, including money market funds, are reported at their respective NAV as reported by those companies. When using a quoted price and when the market for the security is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by F/m Investments LLC (the “Adviser”) as the Valuation Designee (as defined below), in accordance with procedures established by and under the general supervision of the board of directors of the Company (the “Board” or the “Directors”) pursuant to Rule 2a-5 under the 1940 Act. Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade size; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or published prices for the same securities.

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

7

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Common Stocks

  $ 70,489,934     $ —     $ —     $ 70,489,934  

Exchange Traded Funds

    6,904,103       —       —       6,904,103  

Money Market Funds

    1,619,948       —       —       1,619,948  

Total Investments

  $ 79,013,985     $ —     $ —     $ 79,013,985  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Fund did not have any significant Level 3 transfers during the current fiscal period.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are

 

8

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS to shareholders — Distributions to shareholders arising from net investment income and realized capital gains, if any, are declared and paid annually to shareholders. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

 

SECTOR RISK — If the Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio would be adversely affected. As of February 28, 2026, the Fund had 26.1% of its net assets invested in the Semiconductors sector.

 

NON-DIVERSIFIED FUND — The Fund is a non-diversified fund. A non-diversified fund may or may not have a diversified portfolio of investments at any given time and may have large amounts of assets invested in a very small number of companies, industries or securities. Such lack of diversification substantially increases market risks and the risk of loss associated with an investment in the Fund, because the value of each security will have a greater impact on the Fund’s performance and the value of each shareholder’s investment. When the value of a security in a non-diversified fund falls, it may have a greater impact on the Fund than it would have in a diversified fund.

 

OPERATING SEGMENTS — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from the series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

F/m Investments LLC serves as the investment adviser to the Fund, under the terms of an investment advisory agreement (the “Advisory Agreement”) between the Company, on behalf of the Fund, and the Adviser. The Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at the annual rate of 0.70% of its average daily

 

9

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

net assets. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser.

 

Under an expense limitation agreement between the Company, on behalf of the Fund, and the Adviser (the “Expense Limitation Agreement”), the Adviser has contractually agreed until December 31, 2026 to reduce its investment advisory fees and to pay other operating expenses to the extent necessary to limit annual ordinary operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest, taxes, and any other items as agreed upon by the parties from time to time) to 1.15% of the average daily net assets allocable to Investor Class shares and 0.90% of Institutional Class shares of the Fund.

 

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause the Fund’s ordinary operating expenses (excluding interest, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses) to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

 

At the end of the current fiscal period, the Fund had amounts available for recoupment by the Adviser as follows:

 

   

EXPIRATION

  

FUND

  

JUNE 30,
2027

    

AUGUST 31,
2027

    

AUGUST 31,
2028

    

AUGUST 31,
2029

    

TOTAL

  

F/m Large Cap Focused Fund

  $ 126,934     $ 10,543     $ 151,497     $ 72,992     $ 361,966  

 

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

 

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

 

DISTRIBUTION PLAN

 

The Board has adopted a plan of distribution (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act which permits the Fund’s Distributor to receive from the Fund a distribution fee with respect to the Investor Class Shares, which is accrued daily and paid monthly, of up to 0.25%, of the Investor Class Shares, on an annualized basis of the average daily net assets of the Investor Class Shares of the Fund. The Fund has not adopted a plan of distribution with respect to Institutional Class shares. During the current fiscal period, Investor Class shares of the Fund incurred $14,808 of distribution fees under the Plan.

 

10

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

DIRECTOR AND OFFICER COMPENSATION

 

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of the Company serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and Director of Marketing & Business Development of the Company. They are compensated by the Company for the services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

 

3. Investment Transactions

 

During the current fiscal period, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $73,593,192 and $74,820,802, respectively.

 

4. FEDERAL INCOME TAX INFORMATION

 

The Fund has qualified and intends to continue to qualify as a regulated investment company under the Code. Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal income tax provision is provided in the Fund’s financial statements.

 

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

 

The following information is computed on a tax basis for each item as of the Fund’s fiscal year ended August 31, 2025:

 

FUND

  

TAX COST OF
PORTFOLIO
INVESTMENTS

    

GROSS
UNREALIZED
APPRECIATION

    

GROSS
UNREALIZED
DEPRECIATION

    

NET
UNREALIZED
APPRECIATION

    

UNDISTRIBUTED
LONG TERM
GAIN

    

OTHER
ACCUMULATED
GAIN/(LOSS)

    

TOTAL
DISTRIBUTABLE
EARNINGS/
(LOSSES)

  

F/m Large Cap Focused Fund

  $ 60,384,111     $ 21,373,213     $ (63,431 )   $ 21,309,782     $ 8,033,316     $ (112,550 )   $ 29,230,548  

 

The difference between the federal income tax cost of investments and the financial statement cost of investments is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and U.S. GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.

 

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 were as follows:

 

FUND

  

ORDINARY
INCOME

    

LONG-TERM
CAPITAL GAINS

    

TOTAL
DISTRIBUTIONS

  

F/m Large Cap Focused Fund

  $ —     $ 5,068,162     $ 5,068,162  

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. As of August 31, 2025, the Fund had $112,550 of qualified late-year losses. For the fiscal year ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025.

 

11

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2025, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains. During the fiscal year, the Fund utilized $1,864,575 of capital loss carryforwards.

 

For the fiscal period from September 1, 2024 to August 31, 2025, the Fund reclassified $252,586 of distributable earnings against paid-in capital on the Statement of Assets and Liabilities. These reclassifications are primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares and adjustments and the disallowance of net operating losses. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the Fund’s net assets or NAV per share.

 

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions taken on Federal income tax returns for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next year. The Fund identifies its major tax jurisdiction as U.S. Federal.

 

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal period from September 1, 2024 to August 31, 2025, the Fund did not incur any interest or penalties.

 

5. TRANSACTIONS WITH AFFILIATES

 

The following issuers are affiliated with the Fund. The Fund is allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act, if certain requirements, such as being part of the same “group of investment companies” (as defined in Section 12(d)(1) of the 1940 Act), are met. As defined in Section (2)(a)(3) of the Investment Company Act of 1940, such affiliated issuers are:

 

   

SEPTEMBER 1, 2025

    

ADDITIONS

    

REDUCTIONS

  

ISSUER NAME

  

SHARE
BALANCE

    

FAIR
VALUE

    

SHARE
BALANCE

    

COST

    

SHARE
BALANCE

    

PROCEEDS

  

F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF

  44,563     $ 2,234,389     22,832     $ 1,139,007     18,335     $ 910,673  

F/m US Treasury 3 Month Bill Fund

    —       —       64,135       3,199,054       64,135       3,204,826  

F/m US Treasury 6 Month Bill ETF

    84,674       4,249,788       337,848       16,929,771       333,326       16,692,261  

Total

    129,237       6,484,177       424,815       21,267,832       415,796       20,807,759  

 

12

 

 

F/m Investments Large Cap Focused Fund

 

Notes to Financial Statements (concluded)

February 28, 2026 (Unaudited)

 

   

FEBRUARY 28, 2026

  

ISSUER NAME

  

DIVIDEND
INCOME

    

CAPITAL GAIN
DISTRIBUTION

    

NET CHANGE
IN UNREALIZED
APPRECIATION/
(DEPRECIATION)

    

REALIZED
GAIN/(LOSS)

    

SHARE
BALANCE

    

FAIR
VALUE

  
                                                 

F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF

  $ 56,263     $ —     $ (9,431 )   $ (12,558 )   49,060     $ 2,440,735  

F/m US Treasury 3 Month Bill Fund

    —       —       —       5,772       —       —  

F/m US Treasury 6 Month Bill ETF

    119,806       —       (15,539 )     (8,391 )     89,196       4,463,368  

Total

    176,069       —       (24,970 )     (15,177 )     138,256       6,904,103  

 

6. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined there were no significant events requiring recognition or disclosure in the financial statements.

 

13

 

 

F/m Investments Large Cap Focused Fund

 

other information

February 28, 2026 (unaudited)

 

INFORMATION ON PROXY VOTING

 

A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-292-6775, or on the U.S. Securities and Exchange Commission’s (the “SEC’s”) website at www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete listing of portfolio holdings for the Fund with the SEC as of the end of the first and third quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit on Form N-PORT. These filings are available upon request by calling 1-800-292-6775. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov and the Fund’s website www.fminvest.com.

 

14

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, Maine 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue,
Suite 800
Cleveland, OH 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996

 

 

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

 

 F/m Emerald Life Sciences Innovation ETF | (Nasdaq: LFSC)

 

a series of The RBB Fund, Inc.

 

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

Shares

    

Value

  

COMMON STOCKS — 98.8%

Health Care — 98.8% (a)

Biotechnology — 57.8% (a)

ACADIA Pharmaceuticals, Inc. (b)

    96,135     $ 2,361,076  

Axsome Therapeutics, Inc. (b)

    12,677       2,077,633  

Billiontoone, Inc. (b)

    16,846       1,285,855  

Bridgebio Pharma, Inc. (b)

    37,288       2,478,906  

Cogent Biosciences, Inc. (b)

    225,294       8,752,672  

Corvus Pharmaceuticals, Inc. (b)

    53,076       969,168  

Cytokinetics, Inc. (b)

    21,476       1,336,237  

Guardant Health, Inc. (b)

    44,528       4,181,179  

Insmed, Inc. (b)

    6,028       900,161  

KalVista Pharmaceuticals, Inc. (b)

    226,141       3,681,575  

Korro Bio, Inc. (b)

    62,620       759,581  

Madrigal Pharmaceuticals, Inc. (b)

    3,936       1,700,352  

Mirum Pharmaceuticals, Inc. (b)

    50,718       4,680,764  

Nektar Therapeutics (b)

    50,684       3,496,182  

Savara, Inc. (b)

    648,580       3,904,452  

Soleno Therapeutics, Inc. (b)

    26,322       1,028,401  

Spyre Therapeutics, Inc. (b)

    99,092       4,261,947  

Trevi Therapeutics, Inc. (b)

    230,725       2,750,242  

WaVe Life Sciences Ltd. (b)

    292,230       4,070,764  

Xeris Biopharma Holdings, Inc. (b)

    206,763       1,265,390  
              55,942,537  

Health Care Services — 5.8%

Aveanna Healthcare Holdings, Inc. (b)

    105,378       775,582  

Hinge Health, Inc. - Class A (b)

    24,117       1,031,243  

Lumexa Imaging Holdings, Inc. (b)

    94,622       1,337,955  

RadNet, Inc. (b)

    14,845       1,036,330  

Waystar Holding Corp. (b)

    54,951       1,409,493  
              5,590,603  

Medical Equipment — 19.2%

Alphatec Holdings, Inc. (b)

    77,098       1,050,075  

Ceribell, Inc. (b)

    88,024       1,643,408  

Globus Medical, Inc. - Class A (b)

    16,197       1,546,166  

Integer Holdings Corp. (b)

    24,367       2,112,131  

LivaNova PLC (b)

    100,833       7,118,810  

TransMedics Group, Inc. (b)

    35,032       5,088,748  
              18,559,338  

Medical Services — 0.4%

NeoGenomics, Inc. (b)

    42,912       421,825  
                 

Medical Supplies — 3.0%

ICU Medical, Inc. (b)

    19,447     $ 2,928,329  
                 

Pharmaceuticals — 12.6%

Collegium Pharmaceutical, Inc. (b)

    47,813       1,992,368  

Corcept Therapeutics, Inc. (b)

    41,057       1,465,735  

Travere Therapeutics, Inc. (b)

    150,238       4,475,590  

United Therapeutics Corp. (b)

    8,353       4,209,076  
              12,142,769  

Total Health Care

            95,585,401  

TOTAL COMMON STOCKS (Cost $71,813,526)

            95,585,401  
                 

EXCHANGE TRADED FUNDS — 1.2%

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (c)

    10,874       540,981  

F/m US Treasury 6 Month Bill ETF (c)

    12,799       640,462  

TOTAL EXCHANGE TRADED FUNDS (Cost $1,182,279)

            1,181,443  
                 

TOTAL INVESTMENTS — 100.0% (Cost $72,995,805)

            96,766,844  

Liabilities in Excess of Other Assets — (0.0)% (d)

            (24,028 )

TOTAL NET ASSETS — 100.0%

   $ 96,742,816  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

 

(b)

Non-income producing security.

 

(c)

Affiliated security as defined by the Investment Company Act of 1940.

 

(d)

Represents less than 0.05% of net assets.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Statement of Assets and Liabilities

February 28, 2026 (Unaudited)

 

   

F/m Emerald
Life Sciences
Innovation
ETF

  

ASSETS:

        

Investments in unaffiliated securities, at value

  $ 95,585,401  

Investments in affiliated securities, at value

    1,181,443  

Receivable for fund shares sold

    1,092,303  

Cash and cash equivalents

    3,873  

Interest receivable

    20  

Prepaid expenses and other assets

    6,246  

Total assets

    97,869,286  
         

LIABILITIES:

        

Payable for investments purchased

    1,088,717  

Payable to Adviser

    37,753  

Total liabilities

    1,126,470  

NET ASSETS

  $ 96,742,816  
         

NET ASSETS CONSISTS OF:

        

Capital stock ($0.001 per share)

  $ 2,657  

Additional paid-in capital

    62,298,343  

Total distributable earnings

    34,441,816  

Total net assets

  $ 96,742,816  
         

Net assets

  $ 96,742,816  

Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)

    2,657,035  

Net asset value per share

  $ 36.41  
         

Investments in unaffiliated securities, at cost

  $ 71,813,526  

Investments in affiliated securities, at cost

  $ 1,182,279  

 

 

The accompanying notes are an integral part of the financial statements.
2

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Statement of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

F/m Emerald
Life Sciences
Innovation
ETF

  

INVESTMENT INCOME:

        

Dividend income from affiliated securities

  $ 33,251  

Interest income

    635  

Total investment income

    33,886  
         

EXPENSES:

        

Investment advisory fee

    326,615  

Total expenses

    326,615  

Expense reimbursement by Adviser

    (103,359 )

Net expenses

    223,256  

NET INVESTMENT LOSS

    (189,370 )
         

REALIZED AND UNREALIZED GAIN (LOSS)

        

Net realized gain (loss) from:

        

Investments in unaffiliated securities

    (3,050,797 )

Investments in affiliated securities

    (13,671 )

In-kind redemptions in unaffiliated securities

    14,763,509  

Net realized gain (loss)

    11,699,041  

Net change in unrealized appreciation (depreciation) on:

        

Investments in unaffiliated securities

    8,468,205  

Investments in affiliated securities

    (1,872 )

Net change in unrealized appreciation (depreciation)

    8,466,333  

Net realized and unrealized gain (loss)

    20,165,374  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 19,976,004  

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

StatementS of Changes in Net Assets

 

   

SIX months
ended
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

 

OPERATIONS:

                

Net investment income (loss)

  $ (189,370 )   $ (218,808 )

Net realized gain (loss)

    11,699,041       10,641,431  

Net change in unrealized appreciation (depreciation)

    8,466,333       (3,542,700 )

Net increase (decrease) in net assets from operations

    19,976,004       6,879,923  
                 

CAPITAL TRANSACTIONS:

                

Shares sold

    44,725,543       85,717,522  

Shares redeemed

    (32,539,718 )     (28,016,458 )

Net increase (decrease) in net assets from capital transactions

    12,185,825       57,701,064  
                 

NET INCREASE (DECREASE) IN NET ASSETS

    32,161,829       64,580,987  
                 

NET ASSETS:

                

Beginning of the period

    64,580,987       —  

End of the period

  $ 96,742,816     $ 64,580,987  
                 

SHARES TRANSACTIONS

                

Shares sold

    1,290,000       3,437,035  

Shares redeemed

    (950,000 )     (1,120,000 )

Total increase (decrease) in shares outstanding

    340,000       2,317,035  

 

(a)

Inception date of the Fund was October 30, 2024.

 

The accompanying notes are an integral part of the financial statements.
4

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the relevant periods. This information has been derived from information provided in the financial statements.

 

   

SIX months
ended
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

 

PER SHARE DATA:

                

Net asset value, beginning of period

  $ 27.87     $ 25.00  
                 

INVESTMENT OPERATIONS:

                

Net investment loss(b)

    (0.08 )     (0.10 )

Net realized and unrealized gain (loss) on investments (c)

    8.62       2.97  

Total from investment operations

    8.54       2.87  
                 

Net asset value, end of period

  $ 36.41     $ 27.87  
                 

TOTAL RETURN (d)

    30.63 %     11.49 %
                 

SUPPLEMENTAL DATA AND RATIOS: (e)

                

Net assets, end of period (in thousands)

  $ 96,743     $ 64,581  

Ratio of expenses to average net assets:

                

Before expense reimbursement(f)

    0.79 %     0.79 %

After expense reimbursement(f)

    0.54 %     0.54 %

Ratio of net investment income (loss) to average net assets (f)

    (0.46 )%     (0.49 )%

Portfolio turnover rate (d)(g)

    12 %     19 %

 

(a)

Inception date of the Fund was October 30, 2024.

(b)

Net investment income per share has been calculated based on average shares outstanding during the periods.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)

Not annualized for periods less than one year.

(e)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
5

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the F/m Emerald Life Sciences Innovation ETF (the “Fund”).

 

The investment objective of the Fund is to seek long-term capital appreciation.

 

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Fund is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION — The Fund values its investments at fair value. The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated F/m Investments LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations, as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

 

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

6

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

 

   

LEVEL 1

    

LEVEL 2

    

LEVEL 3

    

TOTAL

  

Investments:

                                

Common Stocks

  $ 95,585,401     $ —     $ —     $ 95,585,401  

Exchange Traded Funds

    1,181,443       —       —       1,181,443  

Total Investments

  $ 96,766,844     $ —     $ —     $ 96,766,844  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Fund did not have any significant Level 3 transfers during the current fiscal period.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody fees, the directors and counsel to the directors and the officers of the Company. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — The Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. The Fund expects to declare and pay distributions, if any, quarterly; however, it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by the Fund at least annually. Brokers may make the Depository Trust Company book-entry dividend reinvestment service available to their customers who own the Fund’s shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole shares of the Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors

 

7

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require the Fund’s shareholders to adhere to specific procedures and timetables.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss from such claims is considered remote.

 

Cash and Short-Term InvestmentS — The Fund may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and the Fund’s principal investment strategies. The Fund may temporarily invest without limit in such instruments for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, the Fund may not be able to achieve its investment objective.

 

HEALTH CARE SECTOR RISK — To the extent the Fund focuses on the health care sector, the Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. The profitability of companies in the health care sector may be adversely affected by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, changes in the demand for medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments. As of February 28, 2026, the Fund had 98.8% of its net assets invested in the health care sector.

 

Illiquid Investments — Pursuant to Rule 22e-4 under the 1940 Act, the Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment, as defined in Rule 22e-4, is an investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to a greater liquidity risk.

 

Inflation Protected Securities — The Fund may invest in inflation protected securities. Inflation protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

 

Other Investment Companies — The Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, the Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company; and 10% of such Fund’s total assets in the aggregate. The Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject

 

8

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

to the percentage limitations set forth above. The SEC has adopted rules, including Rule 12d1-4 under the 1940 Act, permitting funds to invest in other investment companies in excess of the limits described above. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

 

Temporary Investments — During periods of adverse market or economic conditions, the Fund may temporarily invest all or a substantial portion of its assets in high-quality, fixed-income securities, money market instruments and shares of money market mutual funds, or it may hold cash. At such times, the Fund would not be pursuing its stated investment objective with its usual investment strategies. The Fund may also hold these investments for liquidity purposes. Fixed-income securities will be deemed to be of high quality if they are rated “A” or better by S&P or Moody’s or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high-quality, short-term fixed-income obligations (which generally have remaining maturities of one year or less) and may include U.S. Government Securities, commercial paper, certificates of deposit and banker’s acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for U.S. Government Securities.

 

In lieu of purchasing money market instruments, the Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. The Fund, as an investor in a money market fund, will indirectly bear that fund’s fees and expenses, which will be in addition to the fees and expenses of the Fund. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

 

Operating segments — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund’s prospectus. The Chief Operating Decision Maker (“CODM”) of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

F/m Investments LLC serves as the investment adviser to the Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of the investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of the Fund. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Fund compensates the Adviser with a unitary management fee for its services at an annual rate of 0.79% of the Fund’s average daily net assets. From the unitary management fee, the Adviser pays most of the expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, legal, audit, directors and officers and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes, distribution fees and expenses paid by the Fund under any distribution plan adopted, and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by the Fund in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

 

9

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

Emerald Mutual Fund Advisers Trust serves as the Fund’s investment sub-adviser (the “Sub-Adviser”) to the Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund, primarily in the form of oversight of the Sub-Adviser pursuant to the terms of the Advisory Agreement between the Adviser and the Company on behalf of the Fund. The Sub-Adviser is paid a fee equal to the annual rate of 0.50% of the Fund’s average daily net assets. Compensation of the Sub-Adviser is paid by the Adviser (not the Fund).

 

The Adviser has contractually agreed to waive a portion of its advisory fee equal to the amount by which the total annual operating expenses (excluding certain items discussed below) for the Fund exceeds 0.54% of the average daily net assets attributable to the Fund. In determining the Adviser’s obligation to waive advisory fees, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 0.54%: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board. Expenses waived during the period are not eligible for recoupment by the Adviser.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund.

 

Fund Services serves as the Fund’s transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

 

Under the Fund’s unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

3. PURCHASES AND SALES OF INVESTMENT SECURITIES

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding in-kind transactions and short-term investments) of the Fund were as follows:

 

FUND

  

Purchases

    

Sales

  

F/m Emerald Life Sciences Innovation ETF

  $ 39,975,777     $ 10,049,220  

 

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Fund were as follows:

 

FUND

  

Purchases

    

Sales

  

F/m Emerald Life Sciences Innovation ETF

  $ 13,601,525     $ 31,532,802  

 

4. SHARE TRANSACTIONS

 

Shares of the Fund are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant Agreement with Quasar Distributors, LLC. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

10

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transactions. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets.

 

5. FEDERAL INCOME TAX INFORMATION

 

Distributions to shareholders are determined in accordance with United States federal income tax regulations, which may differ from GAAP.

 

The tax character of distributions paid during the period ended August 31, 2025 was as follows:

 

FUND

  

ORDINARY INCOME

    

LONG-TERM GAINS

    

TOTAL

  

F/m Emerald Life Sciences Innovation ETF

  $ —     $ —     $ —  

 

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

 

FUND

  

UNDISTRIBUTED
ORDINARY
INCOME

    

UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS

    

NET
UNREALZIED
APPRECIATION/
(DEPRECIATION)

    

CAPITAL
LOSS CARRY
FORWARD

    

QUALIFIED LATE-
YEAR LOSS
DEFERRAL

    

Accumulated
Other Losses

  

F/m Emerald Life Sciences Innovation ETF

  $ —     $ —     $ 15,249,314     $ (783,502 )   $ (201,629 )   $ (18,847,406 )

 

As of August 31, 2025, the Fund had $783,502 of carry forward capital losses. A regulated investment company may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, the Fund had $201,629 of qualified late-year losses.

 

The cost basis of investments for federal income tax purposes at August 31, 2025, the Fund’s most recently completed fiscal period, was as follows:

 

FUND

  

FEDERAL TAX
COST

    

UNREALIZED
APPRECIATION

    

UNREALIZED
(DEPRECIATION)

    

NET UNREALIZED
APPRECIATION/
(DEPRECIATION)

  

F/m Emerald Life Sciences Innovation ETF

  $ 49,356,876     $ 18,887,686     $ (3,638,372 )   $ 15,249,314  

 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of wash sales and passive foreign investment companies.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds.

 

11

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

Notes to Financial Statements (concluded)

February 28, 2026 (Unaudited)

 

The following permanent differences as of August 31, 2025, primarily attributable to the tax treatment of redemptions in-kind and the disallowance of net operating losses, were reclassified among the following accounts:

 

FUND

  

DISTRIBUTABLE
EARNINGS/(LOSS)

    

PAID-IN CAPITAL

  

F/m Emerald Life Sciences Innovation ETF

  $ (11,463,146 )   $ 11,463,146  

 

6. TRANSACTIONS WITH AFFILIATES

 

The following issuers are affiliated with the Fund. The Fund is allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act, if certain requirements, such as being part of the “group of investment companies” (as defined in Section 12(d)(1) of the 1940 Act), are met. As defined in Section (2)(a)(3) of the 1940 Act, such affiliated issuers are:

 

   

September 1, 2025

    

Additions

    

Reductions

  

Issuer Name

  

Share
Balance

    

Fair
Value

    

Share
Balance

    

Cost

    

Share
Balance

    

PROCEEDS

  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

    16,539     $ 829,265       79,697     $ 3,970,630       85,362     $ 4,245,209  

F/m US Treasury 6 Month Bill ETF

    —       —       19,089       957,544       6,290       315,246  
      16,539     $ 829,265       98,786     $ 4,928,174       91,652     $ 4,560,454  

 

   

February 28, 2026

  

Issuer Name

  

Dividend
Income

    

Capital Gain
Distribution

    

Net Change in
Unrealized
Appreciation/
(Depreciation)

    

Realized
Gain/(Loss)

    

Share
Balance

    

Value

  

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

  $ 23,953     $ —     $ (249 )   $ (13,457 )     10,874     $ 540,982  

F/m US Treasury 6 Month Bill ETF

    9,298       —       (1,622 )     (214 )     12,799       640,462  
    $ 33,251     $ —     $ (1,871 )   $ (13,671 )     10,874     $ 540,982  

 

7. SUBSEQUENT EVENTS

 

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

12

 

 

F/M EMERALD LIFE SCIENCES INNOVATION ETF

 

OTHER INFORMATION

(UNAUDITED)

 

INFORMATION ON PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 617-0004; and (ii) on the SEC’s website at http://www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of the Fund trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Fund’s website at www.emeraldetfs.com/lfsc.

 

13

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Sub-Adviser

Emerald Mutual Fund Advisers Trust
3175 Oregon Pike
Leola, PA 17540

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

 

 

 

 

Financial Statements
February 28, 2026
(Unaudited)

F/m Compoundr High Yield Bond ETF | (Nasdaq: CPHY)

 

F/m Compoundr U.S. Aggregate Bond ETF | (Nasdaq: CPAG)

 

Each a series of The RBB Fund, Inc.

 

F/m Investments LLC

 

 

 

F/m Compoundr High Yield Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

shares

    

Value

  

EXCHANGE TRADED FUNDS — 99.9%

Counterpoint High Yield Trend ETF(a)

    165,700     $ 3,602,318  

TOTAL EXCHANGE TRADED FUNDS (Cost $3,612,625)

            3,602,318  
                 

TOTAL INVESTMENTS — 99.9%

        

(Cost $3,612,625)

            3,602,318  

Other Assets in Excess of Liabilities — 0.1%

            3,887  

TOTAL NET ASSETS — 100.0%

   $ 3,606,205  

 

Percentages are stated as a percent of net assets.

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

The accompanying notes are an integral part of the financial statements.
1

 

 

F/m Compoundr U.S. Aggregate Bond ETF

 

Schedule of Investments

February 28, 2026 (Unaudited)

 

   

shares

    

Value

  

EXCHANGE TRADED FUNDS — 99.8%

Dimensional Core Fixed Income ETF(a)

    1,464,785     $ 63,322,655  

Fidelity Total Bond ETF(a)

    1,357,549       63,302,510  

TOTAL EXCHANGE TRADED FUNDS (Cost $126,371,679)

            126,625,165  
                 

TOTAL INVESTMENTS — 99.8%

        

(Cost $126,371,679)

            126,625,165  

Other Assets in Excess of Liabilities — 0.2%

            195,467  

TOTAL NET ASSETS — 100.0%

   $ 126,820,632  

 

Percentages are stated as a percent of net assets.

 

(a)

Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

 

The accompanying notes are an integral part of the financial statements.
2

 

 

F/m Compoundr ETFS

 

Statements of Assets and Liabilities

February 28, 2026 (Unaudited)

 

 

  

F/m
Compoundr
High Yield
Bond ETF

    

F/m
Compoundr
U.S.
Aggregate
Bond ETF

  

ASSETS:

                

Investments, at value

  $ 3,602,318     $ 126,625,165  

Receivable for investments sold

    3,607,539       104,489,861  

Cash

    3,217       198,238  

Prepaid expenses and other assets

    109       380  

Total assets

    7,213,183       231,313,644  
                 

LIABILITIES:

                

Payable for capital shares redeemed

    3,606,211       104,471,057  

Payable to Adviser

    767       21,955  

Total liabilities

    3,606,978       104,493,012  

NET ASSETS

  $ 3,606,205     $ 126,820,632  
                 
                 

NET ASSETS CONSISTS OF:

                

Capital stock ($0.001 and 0.001 per share)

  $ 70     $ 1,220  

Additional paid-in capital

    3,558,452       124,971,528  

Total distributable earnings

    47,683       1,847,884  

Total net assets

  $ 3,606,205     $ 126,820,632  
                 

Net assets

  $ 3,606,205     $ 126,820,632  

Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)

    70,000       1,220,000  

Net asset value per share

  $ 51.52     $ 103.95  
                 

COST:

                

Investments, at cost

  $ 3,612,625     $ 126,371,679  

 

 

The accompanying notes are an integral part of the financial statements.
3

 

 

F/m Compoundr ETFS

 

Statements of Operations

FOR THE PERIOD ENDED FEBRUARY 28, 2026 (UNAUDITED)

 

   

F/m
Compoundr
High Yield
Bond ETF

    

F/m
Compoundr
U.S.
Aggregate
Bond ETF

  

INVESTMENT INCOME:

                

Total investment income

  $ —     $ —  
                 

EXPENSES:

                

Investment advisory fee

    7,605       51,726  

Total expenses

    7,605       51,726  

Expense reimbursement by Adviser

    (2,941 )     (17,992 )

Net expenses

    4,664       33,734  

NET INVESTMENT LOSS

    (4,664 )     (33,734 )
                 

REALIZED AND UNREALIZED GAIN (LOSS)

                

Net realized gain (loss) from:

                

Investments

    (13,868 )     (28,038 )

In-kind redemptions

    76,778       1,656,550  

Net realized gain (loss)

    62,910       1,628,512  

Net change in unrealized appreciation (depreciation) on:

                

Investments

    (7,489 )     258,060  

Net change in unrealized appreciation (depreciation)

    (7,489 )     258,060  

Net realized and unrealized gain (loss)

    55,421       1,886,572  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 50,757     $ 1,852,838  

 

 

The accompanying notes are an integral part of the financial statements.
4

 

 

F/m Compoundr ETFS

 

Statements of Changes in Net Assets

 

   

F/m Compoundr High Yield
Bond ETF

    

F/m Compoundr U.S.
Aggregate Bond ETF

  
   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

Period
ended
August 31,
2025(a)

 

OPERATIONS:

                                

Net investment income (loss)

  $ (4,664 )   $ (256 )   $ (33,734 )   $ (380 )

Net realized gain (loss)

    62,910       8,729       1,628,512       11,401  

Net change in unrealized appreciation (depreciation)

    (7,489 )     (2,818 )     258,060       (4,574 )

Net increase (decrease) in net assets from operations

    50,757       5,655       1,852,838       6,447  
                                 

CAPITAL TRANSACTIONS:

                                

Shares sold

    30,675,796       2,009,684       486,727,058       7,024,121  

Shares redeemed

    (28,128,017 )     (1,007,670 )     (365,274,547 )     (3,515,285 )

Net increase (decrease) in net assets from capital transactions

    2,547,779       1,002,014       121,452,511       3,508,836  
                                 

NET INCREASE (DECREASE) IN NET ASSETS

    2,598,536       1,007,669       123,305,349       3,515,283  
                                 

NET ASSETS:

                                

Beginning of the period

    1,007,669       —       3,515,283       —  

End of the period

  $ 3,606,205     $ 1,007,669     $ 126,820,632     $ 3,515,283  
                                 

SHARES TRANSACTIONS

                                

Shares sold

    600,000       40,000       4,740,000       70,000  

Shares redeemed

    (550,000 )     (20,000 )     (3,555,000 )     (35,000 )

Total increase (decrease) in shares outstanding

    50,000       20,000       1,185,000       35,000  

 

(a)

Inception date of the Fund was August 11, 2025.

 

The accompanying notes are an integral part of the financial statements.
5

 

 

F/m Compoundr High Yield Bond ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

PERIOD
ENDED
AUGUST 31,
2025(a)

  

PER SHARE DATA:

                
                 

Net asset value, beginning of period

  $ 50.38     $ 50.00  
                 

INVESTMENT OPERATIONS:

                

Net investment loss(b)

    (0.08 )     (0.01 )

Net realized and unrealized gain (loss) on investments (c)

    1.22       0.39  

Total from investment operations

    1.14       0.38  
      —          

Net asset value, end of period

  $ 51.52     $ 50.38  
                 

TOTAL RETURN (d)

    2.25 %     0.77 %
                 

SUPPLEMENTAL DATA AND RATIOS: (e)

                

Net assets, end of period (in thousands)

  $ 3,606     $ 1,008  

Ratio of expenses to average net assets:

                

Before expense reimbursement(f)

    0.49 %     0.49 %

After expense reimbursement(f)

    0.29 %     0.49 %

Ratio of net investment income (loss) to average net assets (f)

    (0.29 )%     (0.49 )%

Portfolio turnover rate (d)(g)

    330 %     0 %

 

(a)

Inception date of the Fund was August 11, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(d)

Not annualized for periods less than one year.

(e)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

 

The accompanying notes are an integral part of the financial statements.
6

 

 

F/m Compoundr U.S. Aggregate Bond ETF

 

Financial Highlights

 

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

 

   

PERIOD
ENDED
FEBRUARY 28,
2026
(UNAUDITED)

    

PERIOD
ENDED
AUGUST 31,
2025(a)

  

PER SHARE DATA:

                
                 

Net asset value, beginning of period

  $ 100.44     $ 100.00  
                 

INVESTMENT OPERATIONS:

                

Net investment loss(b)

    (0.13 )     (0.02 )

Net realized and unrealized gain (loss) on investments (c)

    3.64       0.46  

Total from investment operations

    3.51       0.44  
      —          

Net asset value, end of period

  $ 103.95     $ 100.44  
                 

TOTAL RETURN (d)

    3.50 %     0.44 %
                 

SUPPLEMENTAL DATA AND RATIOS: (e)

                

Net assets, end of period (in thousands)

  $ 126,821     $ 3,515  

Ratio of expenses to average net assets:

                

Before expense reimbursement(f)

    0.39 %     0.39 %

After expense reimbursement(f)

    0.25 %     0.39 %

Ratio of net investment income (loss) to average net assets (f)

    (0.25 )%     (0.39 )%

Portfolio turnover rate (d)(g)

    35 %     0 %

 

(a)

Inception date of the Fund was August 11, 2025.

(b)

Net investment income per share has been calculated based on average shares outstanding during the period.

(c)

Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

(d)

Not annualized for periods less than one year.

(e)

Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

(f)

Annualized for periods less than one year.

(g)

Portfolio turnover rate excludes in-kind transactions.

 

 

 

The accompanying notes are an integral part of the financial statements.
7

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements

February 28, 2026 (Unaudited)

 

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

 

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has sixty-one active investment portfolios, including the F/m Compoundr High Yield Bond ETF and the F/m Compoundr U.S. Aggregate Bond ETF (each a “Fund” and together, the “Funds”). The Funds commenced operations on August 11, 2025.

 

The investment objective of the F/m Compoundr High Yield Bond ETF (the “F/m Compoundr High Yield Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the Nasdaq Compoundr High-Yield Corporate Bond™ Index. The investment objective of the F/m Compoundr U.S. Aggregate Bond ETF (the “F/m Compoundr U.S. Aggregate Fund” or the “Fund”) is to seek investment results, that correspond (before fees and expenses) generally to the Nasdaq Compoundr U.S. Aggregate Bond™ Index.

 

The Funds are investment companies and follow accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

 

The end of the semi-annual reporting period for the Funds is February 28, 2026 (the “current fiscal period”).

 

PORTFOLIO VALUATION – The Funds value their investments at fair value. Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

 

The Board has adopted a pricing and valuation policy for use by the Funds and its Valuation Designee (as defined below) in calculating each Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated F/m Investments LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

 

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

 

●

Level 1 – Prices are determined using quoted prices in active markets for identical securities.

 

●

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

 

●

Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

 

8

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Funds’ investments carried at fair value:

 

F/m Compoundr High Yield Bond ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments:

                                

Exchange Traded Funds

  $ 3,602,318     $ —     $ —     $ 3,602,318  

Total Investments

  $ 3,602,318     $ —     $ —     $ 3,602,318  

 

F/m Compoundr U.S. Aggregate Bond ETF

 

   

Level 1

    

Level 2

    

Level 3

    

Total

  

Investments:

                                

Exchange Traded Funds

  $ 126,625,165     $ —     $ —     $ 126,625,165  

Total Investments

  $ 126,625,165     $ —     $ —     $ 126,625,165  

 

Refer to the Schedule of Investments for further disaggregation of investment categories.

 

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

 

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

 

The Funds did not have any significant Level 3 transfers during the current fiscal period.

 

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

 

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the Adviser is

 

9

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

liable and responsible for administrator fees, custody, the directors and counsel to the directors and the officers of the Company. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

 

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions, if any, annually, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders to adhere to specific procedures and timetables.

 

OTHER INVESTMENT COMPANIES — Each Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, a Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company; and 10% of such Fund’s total assets in the aggregate. A Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject to the percentage limitations set forth above. The U.S. Securities and Exchange Commission (the “SEC”) has adopted rules, including Rule 12d1-4 under the 1940 Act, permitting funds to invest in other investment companies in excess of the limits described above. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures.

 

CREDIT RISK — The value of your investment in each Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the underlying funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by each Fund may cause it to default or become unable to pay interest or principal due on the security.

 

FINANCIAL SECTOR RISK — To the extent a Fund invests more heavily in particular sectors of the economy, the Fund’s performance will be especially sensitive to developments that significantly affect those sectors. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.

 

Operating segments — Are components of an entity that engage in business activities and have discrete financial information available. Each series of the Company operates in one segment. The segment derives its revenues from each series’ investments made in accordance with the defined investment strategy of each series, as prescribed in the Funds’ prospectus. The Chief Operating Decision Maker (“CODM”) of each Fund is the Investment Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

 

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

 

10

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

CASH AND CASH EQUIVALENTS — The Funds may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and each Fund’s principal investment strategies. The Funds may temporarily invest without limit in such instruments for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, a Fund may not be able to achieve its investment objective.

 

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

 

2. INVESTMENT ADVISER AND OTHER SERVICES

 

Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of each Fund. The Adviser is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services holding company. Three officers of the Company own an indirect, minority interest in the Adviser. From September 1, 2025 to September 30, 2025 the funds compensated the Adviser with a unitary management fee for its services at an annual rate of 0.39% and 0.49% of the average daily net assets of the F/m Compoundr U.S. Aggregate Bond ETF and the F/m Compoundr High Yield Bond ETF, respectively. Effective as of October 1, 2025 and through December 31, 2026, the Adviser has contractually agreed to waive its unitary fee in order to limit the total expense to 0.25% of average net assets of each Fund. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit, directors and officers and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by a Fund in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement. Expenses waived during the period are not eligible for recoupment by the Adviser.

 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds.

 

Fund Services serves as the Funds’ transfer and dividend disbursing agent.

 

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds.

 

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

 

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

 

3. purchases and sales of investment securities

 

During the current fiscal period, aggregate purchases and sales of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

 

   

PURCHASES

    

Sales

  

F/m Compoundr High Yield Bond ETF

  $ 32,154,015     $ 6,548,629  

F/m Compoundr U.S. Aggregate Bond ETF

    374,397,685       10,350,880  

 

11

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements (continued)

February 28, 2026 (Unaudited)

 

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

 

   

PURCHASES

    

Sales

  

F/m Compoundr High Yield Bond ETF

  $ 5,066,033     $ 28,122,246  

F/m Compoundr U.S. Aggregate Bond ETF

    122,279,450       365,085,186  

 

4. SHARE TRANSACTIONS

 

Shares of the Funds are listed and traded on The Nasdaq Stock Market LLC (the “Exchange”). Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a participant agreement with Quasar Distributors, LLC. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transactions. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets.

 

5. FEDERAL INCOME TAX INFORMATION

 

Each Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, each Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

 

12

 

 

F/m Compoundr ETFS

 

Notes to Financial Statements (CONCLUDED)

February 28, 2026 (Unaudited)

 

As of August 31, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

 

   

F/m
Compoundr
High Yield
Bond ETF

    

F/m
Compoundr
U.S. Aggregate
Bond ETF

  

Tax cost of investments

  $ 1,005,817     $ 3,502,098  

Gross unrealized appreciation

    —       —  

Gross unrealized depreciation

    (2,818 )     (4,574 )

Late-year loss deferral

    (256 )     (380 )

Undistributed ordinary income

    —       —  

Total distributable earnings/(loss)

  $ (3,074 )   $ (4,954 )

 

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2025 any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. The F/m Compoundr High Yield Bond ETF deferred $256 and the F/m Compoundr U.S. Aggregate Bond ETF deferred $380 in late year losses which will be treated as arising on the first business day of the following fiscal year.

 

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

 

The following permanent differences as of August 31, 2025, primarily attributable to in-kind redemptions gain and loss, were reclassified among the following accounts:

 

FUND

  

PERIOD Ended

    

DISTRIBUTABLE
EARNINGS/
(LOSSES)

    

PAID-IN-CAPITAL

  

F/m Compoundr High Yield Bond ETF

    August 31, 2025     $ (8,729 )   $ 8,729  

F/m Compoundr U.S. Aggregate Bond ETF

    August 31, 2025       (11,401 )     11,401  

 

*

Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to dividends payable amounts. The Funds did not make any distributions during the period ended 8/31/25.

 

6. SECURITIES LENDING

 

Each Fund is permitted to engage in securities lending. As of the end of the reporting period, neither Fund had engaged in securities lending.

 

7. Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

 

13

 

 

F/m Compoundr ETFS

 

OTHER INFORMATION

(UNAUDITED)

 

INFORMATION ON PROXY VOTING

 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 617-0004; and (ii) on the SEC’s website at http://www.sec.gov.

 

QUARTERLY SCHEDULE OF INVESTMENTS

 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the SEC’s website at http://www.sec.gov.

 

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of each Fund trade on the Exchange at price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Funds’ website at www.fminvest.com/etfs.

 

14

 

 

Investment Adviser

F/m Investments LLC
3050 K Street, Suite 201
Washington, DC 20007

 

Administrator and Transfer Agent

U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202

 

Principal Underwriter

Quasar Distributors, LLC
190 Middle Street, Suite 301
Portland, ME 04101

 

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, WI 53212

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, OH 44115

 

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996