# EDGAR Filing Document

**Accession Number:** 0001546416
**File Stem:** 0001752724-23-050511
**Filing Date:** 2023-3
**Character Count:** 20108
**Document Hash:** 1a679167d5bc85e837fac39e95406897
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050511.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001752724-23-050511

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20220331

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**PERIOD START**: 20220630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F/M Funds Trust
- **CENTRAL INDEX KEY:** 0001546416
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22691
- **FILM NUMBER:** 23697130

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3400

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Western Funds Trust
- **DATE OF NAME CHANGE:** 20120403

## Series and Classes Contracts Data

### F/m Investments Large Cap Focused Fund (Series ID: S000072896)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000229579 | F/m Investments Large Cap Focused Fund Institutional Class Shares |  |
| C000229580 | F/m Investments Large Cap Focused Fund Investor Class Shares      |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **F/M INVESTMENTS LARGE CAP FOCUSED FUND** | **F/M INVESTMENTS LARGE CAP FOCUSED FUND** | **F/M INVESTMENTS LARGE CAP FOCUSED FUND** |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| **March 31, 2022 (Unaudited)** | **March 31, 2022 (Unaudited)** | **March 31, 2022 (Unaudited)** |
| **COMMON STOCKS - 96.1%** | **Shares** | **Value** |
| **Communications - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;1635 | &nbsp;&nbsp;$4547507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)</sup> | &nbsp;&nbsp;920 | &nbsp;&nbsp;2160574 |
|  |  | &nbsp;&nbsp;6708081 |
| **Consumer Discretionary - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> | &nbsp;&nbsp;1557 | &nbsp;&nbsp;5075742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company | &nbsp;&nbsp;178291 | &nbsp;&nbsp;3014901 |
|  |  | &nbsp;&nbsp;8090643 |
| **Consumer Staples - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;12801 | &nbsp;&nbsp;1906325 |
| **Energy - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6515 | &nbsp;&nbsp;2100240 |
| **Financials - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;25352 | &nbsp;&nbsp;1820527 |
| **Health Care - 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AmerisourceBergen Corporation | &nbsp;&nbsp;7318 | &nbsp;&nbsp;1132168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corporation | &nbsp;&nbsp;4336 | &nbsp;&nbsp;1327380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. <sup>(a)</sup> | &nbsp;&nbsp;6187 | &nbsp;&nbsp;2063921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;47187 | &nbsp;&nbsp;2442871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;4070 | &nbsp;&nbsp;2075578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | &nbsp;&nbsp;8629 | &nbsp;&nbsp;2251910 |
|  |  | &nbsp;&nbsp;11293828 |
| **Industrials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corporation | &nbsp;&nbsp;5000 | &nbsp;&nbsp;2207000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company <sup>(a)</sup> | &nbsp;&nbsp;45940 | &nbsp;&nbsp;2104052 |
|  |  | &nbsp;&nbsp;4311052 |
| **Technology - 53.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture plc - Class A | &nbsp;&nbsp;5760 | &nbsp;&nbsp;1942445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. <sup>(a)</sup> | &nbsp;&nbsp;37911 | &nbsp;&nbsp;4145189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;57025 | &nbsp;&nbsp;9957135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A <sup>(a)</sup> | &nbsp;&nbsp;19063 | &nbsp;&nbsp;2887473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corporation <sup>(a)</sup> | &nbsp;&nbsp;22953 | &nbsp;&nbsp;1398985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;22084 | &nbsp;&nbsp;1659392 |

---

---

| | | |
|:---|:---|:---|
| **F/M INVESTMENTS LARGE CAP FOCUSED FUND** | **F/M INVESTMENTS LARGE CAP FOCUSED FUND** | **F/M INVESTMENTS LARGE CAP FOCUSED FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** | **SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS - 96.1% (Continued)** | **Shares** | **Value** |
| **Technology - 53.4% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;31830 | &nbsp;&nbsp;$2479239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation | &nbsp;&nbsp;17388 | &nbsp;&nbsp;5360894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. <sup>(a)</sup> | &nbsp;&nbsp;3571 | &nbsp;&nbsp;1584060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corporation | &nbsp;&nbsp;3600 | &nbsp;&nbsp;1214676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corporation | &nbsp;&nbsp;17625 | &nbsp;&nbsp;4809158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NXP Semiconductors N.V. | &nbsp;&nbsp;8356 | &nbsp;&nbsp;1546528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;16082 | &nbsp;&nbsp;2457651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;23857 | &nbsp;&nbsp;1789752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wolfspeed, Inc. <sup>(a)</sup> | &nbsp;&nbsp;18765 | &nbsp;&nbsp;2136583 |
|  |  | &nbsp;&nbsp;45369160 |
| **Total Common Stocks** (Cost $69,053,099) | **Total Common Stocks** (Cost $69,053,099) | &nbsp;&nbsp;$81599856 |
| **MONEY MARKET FUNDS - 4.9%** | **Shares** | **Value** |
| First American Treasury Obligations Fund - Class X, 0.22% <sup>(b)</sup> <br> (Cost $4,127,616) | &nbsp;&nbsp;4127616 | &nbsp;&nbsp;$4127616 |
| **Total Investments at Value - 101.0%** (Cost $73,180,715) | **Total Investments at Value - 101.0%** (Cost $73,180,715) | &nbsp;&nbsp;$85727472 |
| **Liabilities in Excess of Other Assets - (1.0%)** | **Liabilities in Excess of Other Assets - (1.0%)** | &nbsp;&nbsp; (808137) |
| **Net Assets - 100.0%** | **Net Assets - 100.0%** | &nbsp;&nbsp;$84919335 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of March 31, 2022.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** F/m Funds

- **b. Investment Company Act file number:** 811-22691

- **c. CIK number of Registrant:** 0001546416

- **d. LEI of Registrant:** 549300AVVV2NK0Y3WY58

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 Pictoria Drive

  - **City:** Cincinnati

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** F/M INVESTMENTS LARGE CAP FOCUSED FUND

- **b. EDGAR series identifier (if any):** S000072896

- **c. LEI of Series:** 549300O3C0Q0GT254653

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-06-30

- **b. Date as of which information is reported:** 2022-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $87144983.96

**Total Liabilities:** $2225648.87

**Net Assets:** $84919335.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229579 | -8.58%               | -0.55%               | 1.91%                |
| Class ID C000229580 | -8.56%               | -0.56%               | 1.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-678420.62              | $-7111556.76                               |
| Month 2  | $1258961.83              | $-1741470.67                               |
| Month 3  | $-1242621.06             | $2846669.85                                |

### Schedule of Portfolio Investments

| Name                                        | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accenture PLC                               | Accenture plc Class A                            | CUSIP: G1151C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5760 | NS      | $1942444.80   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| FIRST AMERN FDS INC                         | First American Treasury Obligations Fund Class X | CUSIP: 31846V328<br>LEI: 549300J5J5SJCZ9IA369 | Long             | STIV             | RF                | US        |   4127616 | PA      | $4127615.51   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc                        | Booking Holdings, Inc.                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       920 | NS      | $2160574.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                                 | Walmart, Inc.                                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     12801 | NS      | $1906324.92   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                               | Alphabet, Inc. Class A                           | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      1635 | NS      | $4547507.25   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaredge Technologies Inc                  | SolarEdge Technologies, Inc.                     | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | US        |      6515 | NS      | $2100240.55   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corporation               | AmerisourceBergen Corporation                    | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      7318 | NS      | $1132167.78   | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Company                          | Ford Motor Company                               | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    178291 | NS      | $3014900.81   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                       | NXP Semiconductors N.V.                          | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | US        |      8356 | NS      | $1546528.48   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc.                                | MONGODB, INC.                                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      3571 | NS      | $1584059.89   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices, Inc.                | Advanced Micro Devices, Inc.                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     37911 | NS      | $4145188.74   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| United Health Group Incorporated            | UnitedHealth Group, Inc.                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      4070 | NS      | $2075577.90   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare, Inc.                     | Molina Healthcare, Inc.                          | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |      6187 | NS      | $2063921.33   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Incorporated                       | QUALCOMM, Inc.                                   | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     16082 | NS      | $2457651.24   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | Apple, Inc.                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     57025 | NS      | $9957135.25   | 11.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Nvidia Corp                                 | NVIDIA Corporation                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     17625 | NS      | $4809157.50   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Incorporated         | Vertex Pharmaceuticals, Inc.                     | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      8629 | NS      | $2251910.13   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Ss&C Tech Hldgs                             | SS&C Technologies Holdings, Inc.                 | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     23857 | NS      | $1789752.14   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corporation                 | Lockheed Martin Corporation                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      5000 | NS      | $2207000.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corporation           | Lattice Semiconductor Corporation                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     22953 | NS      | $1398985.35   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                 | Pfizer, Inc.                                     | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     47187 | NS      | $2442870.99   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                       | Microsoft Corporation                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     17388 | NS      | $5360894.28   | 6.31%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corporation                        | McKesson Corporation                             | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4336 | NS      | $1327379.68   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co.                      | Southwest Airlines Company                       | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     45940 | NS      | $2104052.00   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                      | Micron Technology, Inc.                          | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |     31830 | NS      | $2479238.70   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Incorporated           | Microchip Technology, Inc.                       | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |     22084 | NS      | $1659391.76   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                  | Apple, Inc.                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     19063 | NS      | $2887472.61   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                            | Amazon.com, Inc.                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      1557 | NS      | $5075742.15   | 5.98%             |  |  |  | No            |                  1 | On Loan: No      |
| The Hartford Financial Services Group, Inc. | Hartford Financial Services Group, Inc. (The)    | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     25352 | NS      | $1820527.12   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolfspeed Inc                               | WOLFSPEED INC                                    | CUSIP: 977852102<br>LEI: 549300OGU88P3AW3TO93 | Long             | EC               | CORP              | US        |     18765 | NS      | $2136582.90   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Moodys Corp                                 | Moody's Corporation                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |      3600 | NS      | $1214676.00   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-04-22

**Name of Applicant:** F/m Investments Large Cap Focused Equity Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** AVP, Fund Accounting