# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001398344-26-008693
**Filing Date:** 2026-5
**Character Count:** 2250586
**Document Hash:** 3be7ef099dd1ae266710483b08eac24d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008693.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001398344-26-008693

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 97

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 26953814

**BUSINESS ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### Boston Partners Small Cap Value Fund II (Series ID: S000001094)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002982 | INSTITUTIONAL | BPSIX           |
| C000002983 | INVESTOR      | BPSCX           |

### WPG Partners Small Cap Value Diversified Fund (Series ID: S000001097)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002987 | INSTITUTIONAL | WPGTX           |

### SGI Small Cap Core Fund (Series ID: S000001101)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000002991 | Class I Shares | BOGIX           |

### Boston Partners All-Cap Value Fund (Series ID: S000001106)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000002997 | INSTITUTIONAL | BPAIX           |
| C000002998 | INVESTOR      | BPAVX           |

### Boston Partners Long/Short Equity Fund (Series ID: S000001108)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000003001 | INSTITUTIONAL | BPLSX           |
| C000003002 | INVESTOR      | BPLEX           |

### Free Market U.S. Equity Fund (Series ID: S000018555)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000051460 | Institutional Class | FMUEX           |

### Free Market International Equity Fund (Series ID: S000018556)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000051461 | Institutional Class | FMNEX           |

### Free Market Fixed Income Fund (Series ID: S000018557)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000051462 | Institutional Class | FMFIX           |

### Boston Partners Long/Short Research Fund (Series ID: S000030191)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000092912 | Investor Class      | BPRRX           |
| C000092913 | Institutional Class | BPIRX           |

### Boston Partners Global Equity Fund (Series ID: S000035438)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000108834 | Institutional Class | BPGIX           |

### SGI U.S. Large Cap Equity Fund (Series ID: S000036223)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000110907 | Class I      | SILVX           |
| C000110908 | Class A      | LVOLX           |
| C000164938 | Class C      | SGICX           |

### Matson Money U.S. Equity VI Portfolio (Series ID: S000043102)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000133410 | Institutional Class | FMVUX           |

### Matson Money International Equity VI Portfolio (Series ID: S000043103)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000133411 | Institutional Class | FMVIX           |

### Matson Money Fixed Income VI Portfolio (Series ID: S000043104)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000133412 | Institutional Class | FMVFX           |

### SGI Global Equity Fund (Series ID: S000044491)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000138402 | Class I Shares | SGLIX           |

### Abbey Capital Futures Strategy Fund (Series ID: S000045894)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000142999 | Class A Shares | ABYAX           |
| C000143000 | Class C Shares | ABYCX           |
| C000143001 | Class I Shares | ABYIX           |

### Adara Smaller Companies Fund (Series ID: S000047045)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000147051 | Adara Smaller Companies Fund |  |

### Campbell Systematic Macro Fund (Series ID: S000058213)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000190885 | Class A Shares | EBSAX           |
| C000190886 | Class I Shares | EBSIX           |
| C000190888 | Class C Shares | EBSCX           |

### Motley Fool 100 Index ETF (Series ID: S000061203)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000198183 | Motley Fool 100 Index ETF | TMFC            |

### Aquarius International Fund (Series ID: S000061328)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000198553 | Aquarius International Fund |  |

### ABBEY CAPITAL MULTI ASSET FUND (Series ID: S000061608)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000199559 | CLASS A SHARES | MAFAX           |
| C000199560 | CLASS C SHARES | MAFCX           |
| C000199561 | CLASS I SHARES | MAFIX           |

### Motley Fool Small-Cap Growth ETF (Series ID: S000063392)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000205459 | Motley Fool Small-Cap Growth ETF | TMFS            |

### SGI Peak Fund (Series ID: S000068715)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000219685 | Class I Shares | SGPKX           |

### SGI Prudent Fund (Series ID: S000068716)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000219686 | Class I Shares | SGPGX           |

### Motley Fool Global Opportunities ETF (Series ID: S000074654)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000232698 | Motley Fool Global Opportunities ETF | TMFG            |

### Motley Fool Mid-Cap Growth ETF (Series ID: S000074655)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000232699 | Motley Fool Mid-Cap Growth ETF | TMFM            |

### Motley Fool Capital Efficiency 100 Index ETF (Series ID: S000074883)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000233242 | Motley Fool Capital Efficiency 100 Index ETF | TMFE            |

### Motley Fool Next Index ETF (Series ID: S000074884)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000233243 | Motley Fool Next Index ETF | TMFX            |

### WPG Partners Select Small Cap Value Fund (Series ID: S000074886)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000233246 | Institutional Class | WPGSX           |

### SGI Dynamic Tactical ETF (Series ID: S000076676)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000236678 | SGI Dynamic Tactical ETF | DYTA            |

### SGI U.S. Large Cap Core ETF (Series ID: S000076677)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000236679 | SGI U.S. Large Cap Core ETF | SGLC            |

### F/m US Treasury 10 Year Note ETF (Series ID: S000077171)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237341 | F/m US Treasury 10 Year Note ETF | UTEN            |

### F/m US Treasury 3 Year Note ETF (Series ID: S000077172)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237342 | F/m US Treasury 3 Year Note ETF | UTRE            |

### F/m US Treasury 12 Month Bill ETF (Series ID: S000077173)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000237343 | F/m US Treasury 12 Month Bill ETF | OBIL            |

### F/m US Treasury 2 Year Note ETF (Series ID: S000077174)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237344 | F/m US Treasury 2 Year Note ETF | UTWO            |

### F/m US Treasury 20 Year Bond ETF (Series ID: S000077175)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237345 | F/m US Treasury 20 Year Bond ETF | UTWY            |

### F/m US Treasury 3 Month Bill Fund (Series ID: S000077176)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000237346 | ETF Class Shares           | TBIL            |
| C000271378 | Institutional Class Shares | TBFMX           |

### F/m US Treasury 30 Year Bond ETF (Series ID: S000077177)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237347 | F/m US Treasury 30 Year Bond ETF | UTHY            |

### F/m US Treasury 5 Year Note ETF (Series ID: S000077178)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237348 | F/m US Treasury 5 Year Note ETF | UFIV            |

### F/m US Treasury 6 Month Bill ETF (Series ID: S000077179)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237349 | F/m US Treasury 6 Month Bill ETF | XBIL            |

### F/m US Treasury 7 Year Note ETF (Series ID: S000077180)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000237350 | F/m US Treasury 7 Year Note ETF | USVN            |

### F/M INVESTMENTS LARGE CAP FOCUSED FUND (Series ID: S000080833)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000243395 | Investor Shares      | IAFMX           |
| C000243396 | Institutional Shares | IAFLX           |

### Oakhurst Fixed Income Fund (Series ID: S000080834)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000243398 | Institutional Shares | OHFIX           |

### F/m Opportunistic Income ETF (Series ID: S000081704)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000244682 | F/m Opportunistic Income ETF | ZHOG            |

### F/m 10-Year Investment Grade Corporate Bond ETF (Series ID: S000083564)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000247331 | F/m 10-Year Investment Grade Corporate Bond ETF | ZTEN            |

### F/m 2-Year Investment Grade Corporate Bond ETF (Series ID: S000083568)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247335 | F/m 2-Year Investment Grade Corporate Bond ETF | ZTWO            |

### F/m 3-Year Investment Grade Corporate Bond ETF (Series ID: S000083570)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000247337 | F/m 3-Year Investment Grade Corporate Bond ETF | ZTRE            |

### SGI Enhanced Core ETF (Series ID: S000084010)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000248136 | SGI Enhanced Core ETF | USDX            |

### SGI Enhanced Global Income ETF (Series ID: S000084011)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000248137 | SGI Enhanced Global Income ETF | GINX            |

### SGI Enhanced Nasdaq-100 ETF (Series ID: S000085263)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000250233 | SGI Enhanced Nasdaq-100 ETF | QXQ             |

### F/m Emerald Life Sciences Innovation ETF (Series ID: S000088167)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000254221 | F/m Emerald Life Sciences Innovation ETF | LFSC            |

### SGI Enhanced Market Leaders ETF (Series ID: S000088774)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255149 | SGI Enhanced Market Leaders ETF | LDRX            |

### F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (Series ID: S000090461)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000257706 | F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | RBIL            |

### F/m High Yield 100 ETF (Series ID: S000091534)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000259202 | F/m High Yield 100 ETF | ZTOP            |

### F/m Ultrashort Tax-Free Municipal ETF (Series ID: S000091541)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000259209 | F/m Ultrashort Tax-Free Municipal ETF | ZMUN            |

### F/m Compoundr High Yield Bond ETF (Series ID: S000094424)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000262930 | F/m Compoundr High Yield Bond ETF |  |

### F/m Compoundr U.S. Aggregate Bond ETF (Series ID: S000094427)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000262933 | F/m Compoundr U.S. Aggregate Bond ETF |  |

### Motley Fool Value Factor ETF (Series ID: S000097673)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000267133 | Motley Fool Value Factor ETF | MFVL            |

### Motley Fool Innovative Growth Factor ETF (Series ID: S000097675)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000267135 | Motley Fool Innovative Growth Factor ETF | MFIG            |

### Motley Fool Momentum Factor ETF (Series ID: S000097680)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000267140 | Motley Fool Momentum Factor ETF | MFMO            |

?xml version='1.0' encoding='ASCII'? 2025-12-26199930_AbbeyCapitalFuturesStrategyFund_ClassI_TSRSemiAnnual

As filed with the Securities and Exchange Commission on 5/7/2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

**<u>811-05518</u>**

Investment Company Act file number

**<u>The RBB FUND, INC.</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Steven Plump, President</u>**

**c/o U.S. Bank Global Fund Services** 

**615 East Michigan Street** 

**Milwaukee, WI 53202**

(Name and address of agent for service)

<u>(609) 731-6256</u>

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: February 28, 2026

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img173041_202410172030872.jpg) | **Abbey Capital Futures Strategy Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Class I \| ABYIX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6810img003.jpg)

**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** | $2420703204 |
| **Number of Holdings** | 1435 |
| **Net Advisory Fee** | $20286602 |
| **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+<sup>1</sup>  | 75.86% |
| A-1<sup>2</sup>  | 6.82% |
| A-1<sup>3</sup>  | 8.19% |
| A-1<sup>4</sup>  | 8.64% |
| A-2<sup>5</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173041_202410172030872.jpg) | **Abbey Capital Futures Strategy Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Class A \| ABYAX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6808img003.jpg)

**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** | $2420703204 |
| **Number of Holdings** | 1435 |
| **Net Advisory Fee** | $20286602 |
| **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+<sup>1</sup>  | 75.86% |
| A-1<sup>2</sup>  | 6.82% |
| A-1<sup>3</sup>  | 8.19% |
| A-1<sup>4</sup>  | 8.64% |
| A-2<sup>5</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173041_202410172030872.jpg) | **Abbey Capital Futures Strategy Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Class C \| ABYCX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173041_202410172030872.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6809img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without contingent deferred sales charge)<sup>1</sup>**  | 8.19 | 3.22 | 1.61 |
| **Class C (with contingent deferrred sales charge)<sup>1</sup>**  | 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** | $2420703204 |
| **Number of Holdings** | 1435 |
| **Net Advisory Fee** | $20286602 |
| **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+<sup>1</sup>  | 75.86% |
| A-1<sup>2</sup>  | 6.82% |
| A-1<sup>3</sup>  | 8.19% |
| A-1<sup>4</sup>  | 8.64% |
| A-2<sup>5</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173040_202410171959591.jpg) | **Abbey Capital Multi Asset Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Class I \| MAFIX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Semi-Annual Shareholder Report \| February 28, 2026 | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6813img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(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** | $952388087 |
| **Number of Holdings** | 662 |
| **Net Advisory Fee** | $7738879 |
| **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+<sup>1</sup>  | 25.36% |
| A-1<sup>2</sup>  | 8.00% |
| A-1<sup>3</sup>  | 16.62% |
| Not Rated<sup>4</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173040_202410171959591.jpg) | **Abbey Capital Multi Asset Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Class A \| MAFAX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Semi-Annual Shareholder Report \| February 28, 2026 | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6811img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(04/11/2018)** |
| **Class A (without sales charge)<sup>1</sup>**  | 17.80 | 8.22 | 10.89 |
| **Class A (with sales charge)<sup>1</sup>**  | 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** | $952388087 |
| **Number of Holdings** | 662 |
| **Net Advisory Fee** | $7738879 |
| **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+<sup>1</sup>  | 25.36% |
| A-1<sup>2</sup>  | 8.00% |
| A-1<sup>3</sup>  | 16.62% |
| Not Rated<sup>4</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173040_202410171959591.jpg) | **Abbey Capital Multi Asset Fund**  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Class C \| MAFCX  | ![image](img173629_202410212029360.jpg) |
| ![image](img173040_202410171959591.jpg) | Semi-Annual Shareholder Report \| February 28, 2026 | ![image](img173629_202410212029360.jpg) |

---

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** | **Top Contributors** |
| ↑ | Metals |
| ↑ | Equities |
| ↑ | Currencies |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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](ts6812img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(04/11/2018)** |
| **Class C (without contingent deferred sales charge)<sup>1</sup>**  | 16.90 | 7.41 | 10.06 |
| **Class C (with contingent deferred sales charge)<sup>1</sup>**  | 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** | $952388087 |
| **Number of Holdings** | 662 |
| **Net Advisory Fee** | $7738879 |
| **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+<sup>1</sup>  | 25.36% |
| A-1<sup>2</sup>  | 8.00% |
| A-1<sup>3</sup>  | 16.62% |
| Not Rated<sup>4</sup>  | 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173037_202410171854365.jpg) | **Adara Smaller Companies Fund**  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | ![image](img132354_202504241134640.jpg) |  |

---

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** | $762777578 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173037_202410171854365.jpg) | **Aquarius International Fund**  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | ![image](img132354_202504241134640.jpg) |  |

---

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** | $799850024 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173464_202410181954850.jpg) | **Boston Partners All-Cap Value Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173464_202410181954850.jpg) | Institutional Class \| BPAIX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173464_202410181954850.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $1292131363 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173471_202410181958670.jpg) | **Boston Partners All-Cap Value Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173471_202410181958670.jpg) | Investor Class \| BPAVX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173471_202410181958670.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $1292131363 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173459_l20241018194713.jpg) | **Boston Partners Small Cap Value II Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173459_l20241018194713.jpg) | Institutional Class \| BPSIX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173459_l20241018194713.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $777966480 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173452_202410181943339.jpg) | **Boston Partners Small Cap Value II Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173452_202410181943339.jpg) | Investor Class \| BPSCX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173452_202410181943339.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $777966480 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173495_l20241018203557.jpg) | **WPG Partners Select Small Cap Value Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173495_l20241018203557.jpg) | Institutional \| WPGSX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173495_l20241018203557.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $207991306 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173497_202504211853350.jpg) | **WPG Partners Small Cap Value Diversified Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173497_202504211853350.jpg) | Institutional \| WPGTX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173497_202504211853350.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $35446601 |
| **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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| | | |
|:---|:---|:---|
| ![image](img173479_202410182007224.jpg) | **Boston Partners Global Equity Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173479_202410182007224.jpg) | Institutional Class \| BPGIX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173479_202410182007224.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $313613388 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173489_202410182020396.jpg) | **Boston Partners Long/Short Equity Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173489_202410182020396.jpg) | Institutional Class \| BPLSX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173489_202410182020396.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $110712235 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173487_202410182014661.jpg) | **Boston Partners Long/Short Equity Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173487_202410182014661.jpg) | Investor Class \| BPLEX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173487_202410182014661.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $110712235 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173491_202410182024844.jpg) | **Boston Partners Long/Short Research Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173491_202410182024844.jpg) | Institutional Class \| BPIRX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173491_202410182024844.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $605227306 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173493_202410182030854.jpg) | **Boston Partners Long/Short Research Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173493_202410182030854.jpg) | Investor Class \| BPRRX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173493_202410182030854.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173060_202503031925890.jpg) |

---

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** | $605227306 |
| **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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---

| | | |
|:---|:---|:---|
| ![image](img173549_m20241021121929.jpg) | **Campbell Systematic Macro Fund**  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Class A \| EBSAX  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img219858_202509051911243.jpg) |

---

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** | $1972886293 |
| **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 RealGBP - British PoundHUF - Hungarian ForintNOK - Norwegian KroneUSD - United States DollarZAR - 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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---

| | | |
|:---|:---|:---|
| ![image](img173549_m20241021121929.jpg) | **Campbell Systematic Macro Fund**  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Class C \| EBSCX  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img219858_202509051911243.jpg) |

---

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** | $1972886293 |
| **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 RealGBP - British PoundHUF - Hungarian ForintNOK - Norwegian KroneUSD - United States DollarZAR - 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

------

---

| | | |
|:---|:---|:---|
| ![image](img173549_m20241021121929.jpg) | **Campbell Systematic Macro Fund**  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Class I \| EBSIX  | ![image](img219858_202509051911243.jpg) |
| ![image](img173549_m20241021121929.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img219858_202509051911243.jpg) |

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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** | $1972886293 |
| **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 RealGBP - British PoundHUF - Hungarian ForintNOK - Norwegian KroneUSD - United States DollarZAR - 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

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**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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| | | |
|:---|:---|:---|
| ![image](img367634_202504171827429.jpg) | **F/m US Treasury 3 Month Bill Fund - ETF Class Shares** | ![image](img62236_202502281535898.jpg) |
| ![image](img367634_202504171827429.jpg) | TBIL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367634_202504171827429.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $6410748682 |
| **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

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**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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| | | |
|:---|:---|:---|
| ![image](img367637_202504171831568.jpg) | **F/m US Treasury 6 Month Bill ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367637_202504171831568.jpg) | XBIL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367637_202504171831568.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $739158441 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367640_202504171834954.jpg) | **F/m US Treasury 12 Month Bill ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367640_202504171834954.jpg) | OBIL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367640_202504171834954.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $304475923 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367633_y20250417182616.jpg) | **F/m US Treasury 2 Year Note ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367633_y20250417182616.jpg) | UTWO (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367633_y20250417182616.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $415711843 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367635_202504171828672.jpg) | **F/m US Treasury 3 Year Note ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367635_202504171828672.jpg) | UTRE (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367635_202504171828672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $10510291 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367636_202504171829929.jpg) | **F/m US Treasury 5 Year Note ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367636_202504171829929.jpg) | UFIV (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367636_202504171829929.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $33806139 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367638_202504171832968.jpg) | **F/m US Treasury 7 Year Note ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367638_202504171832968.jpg) | USVN (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367638_202504171832968.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $9851646 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367639_202504171833611.jpg) | **F/m US Treasury 10 Year Note ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367639_202504171833611.jpg) | UTEN (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367639_202504171833611.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $286433576 |
| **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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| | | |
|:---|:---|:---|
| ![image](img367641_202504171836530.jpg) | **F/m US Treasury 20 Year Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367641_202504171836530.jpg) | UTWY (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367641_202504171836530.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $8947892 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367642_202504171839460.jpg) | **F/m US Treasury 30 Year Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367642_202504171839460.jpg) | UTHY (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367642_202504171839460.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $30276112 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367626_202504171812651.jpg) | **F/m 2-Year Investment Grade Corporate Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367626_202504171812651.jpg) | ZTWO (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367626_202504171812651.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $18308442 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367627_202504171813348.jpg) | **F/m 3-Year Investment Grade Corporate Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367627_202504171813348.jpg) | ZTRE (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367627_202504171813348.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $41026885 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367628_202504171814908.jpg) | **F/m 10-Year Investment Grade Corporate Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367628_202504171814908.jpg) | ZTEN (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367628_202504171814908.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $28949123 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367622_202504171807814.jpg) | **Oakhurst Fixed Income Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367622_202504171807814.jpg) | Institutional Class Shares \| OHFIX  | ![image](img62236_202502281535898.jpg) |
| ![image](img367622_202504171807814.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $94343320 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367631_202604151857805.jpg) | **F/m Opportunistic Income ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367631_202604151857805.jpg) | ZHOG (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367631_202604151857805.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $46725081 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m Investments Large Cap Focused Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Institutional Class Shares \| IAFLX  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $80154463 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m Investments Large Cap Focused Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Investor Class \| IAFMX  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $80154463 |
| **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-74933W270

------

---

| | | |
|:---|:---|:---|
| ![image](img367629_202504171815343.jpg) | **F/m Emerald Life Sciences Innovation ETF**  | ![image](img341888_202604221712300.jpg) |
| ![image](img367629_202504171815343.jpg) | LFSC (Principal U.S. Listing Exchange: NASDAQ) | ![image](img341888_202604221712300.jpg) |
| ![image](img367629_202504171815343.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img341888_202604221712300.jpg) |

---

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** | **Top Contributors** |
| ↑ | Cogent Biosciences, Inc. (COGT) |
| ↑ | Travere Therapeutics, Inc. (TVTX) |
| ↑ | Nektar Therapeutics (NKTR) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **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)

![image](ts6843img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(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** | $96742816 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $223256 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img367632_202504171825770.jpg) | **F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367632_202504171825770.jpg) | RBIL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367632_202504171825770.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $40286870 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m Compoundr High Yield Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | CPHY (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $3606205 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $4664 |
| **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.

F/m Compoundr High Yield Bond ETF PAGE 1 TSR-SAR-74933W155

------

---

| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m Compoundr U.S. Aggregate Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | CPAG (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $126820632 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $33734 |
| **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.

F/m Compoundr U.S. Aggregate Bond ETF PAGE 1 TSR-SAR-74933W148

------

---

| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m High Yield 100 ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | ZTOP (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $17754950 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img709709_202604151916161.jpg) | **F/m US Treasury 3 Month Bill Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img709709_202604151916161.jpg) | Institutional Class Shares \| TBFMX  | ![image](img62236_202502281535898.jpg) |
| ![image](img709709_202604151916161.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $6410748682 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img710914_202604161520820.jpg) | **F/m Ultrashort Tax-Free Municipal ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img710914_202604161520820.jpg) | ZMUN (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img62236_202502281535898.jpg) |
| ![image](img710914_202604161520820.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img62236_202502281535898.jpg) |

---

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** | $11516550 |
| **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.

F/m Ultrashort Tax-Free Municipal ETF PAGE 1 TSR-SAR-74933W163

------

**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.

F/m Ultrashort Tax-Free Municipal ETF PAGE 2 TSR-SAR-74933W163

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market U.S. Equity Fund**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMUEX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $5256538717 |
| **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.

Free Market U.S. Equity Fund PAGE 1 TSR-SAR-74925K839

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market International Equity Fund**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMNEX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $4468559959 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market Fixed Income Fund**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMFIX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $3243236640 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money U.S. Equity VI Portfolio**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMVUX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $30501200 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money International Equity VI Portfolio**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMVIX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $24969720 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money Fixed Income VI Portfolio**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | FMVFX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img125181_202509052025263.jpg) |

---

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** | $25739842 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Global Opportunities ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFG (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $363196948 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Mid-Cap Growth ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFM (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $131012509 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool 100 Index ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFC (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $1881696731 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Small-Cap Growth ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFS (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $69263842 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Capital Efficiency 100 Index ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFE (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $90078470 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Next Index ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | TMFX (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $32246076 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Momentum Factor ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | MFMO (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $4790423 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Value Factor ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | MFVL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $6530085 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173044_202410172016945.jpg) | **Motley Fool Innovative Growth Factor ETF**  | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | MFIG (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173057_y20250905164639.jpg) |
| ![image](img173044_202410172016945.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173057_y20250905164639.jpg) |

---

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** | $6038054 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI US Large Cap Core ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | SGLC (Principal U.S. Listing Exchange: NYSE) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $155879377 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Dynamic Tactical ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | DYTA (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $81166921 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SILVX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $202851567 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class A \| LVOLX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $202851567 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class C \| SGICX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $202851567 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Global Equity Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGLIX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $81762479 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Small Cap Core Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| BOGIX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $121937221 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Peak Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGPKX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $62878307 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Prudent Fund**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGPGX  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $48276825 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Core ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | USDX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $322616084 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Global Income ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | GINX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $93403019 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Nasdaq-100 ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | QXQ (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $70024630 |
| **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

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Market Leaders ETF**  | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | LDRX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202604231230283.jpg) |
| ![image](img173039_202410171911990.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173036_202604231230283.jpg) |

---

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** | $210834269 |
| **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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) ![](fp0096661-10_i.jpg)

**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 <sup>(a)</sup>  | $12015000 | $12011390 |
|  3.75%, 03/12/2026 <sup>(a)</sup>  | 22474000 | 22451406 |
|  3.74%, 03/19/2026 <sup>(a)</sup>  | 66585000 | 66471491 |
|  3.78%, 03/26/2026 <sup>(a)</sup>  | 105744000 | 105487630 |
|  3.75%, 04/02/2026 <sup>(a)</sup>  | 118829000 | 118459095 |
|  3.76%, 04/09/2026 <sup>(a)</sup>  | 148497000 | 147929969 |
|  3.77%, 04/16/2026 <sup>(a)</sup>  | 249648000 | 248519279 |
|  3.71%, 04/23/2026 <sup>(a)</sup>  | 40124000 | 39915065 |
|  3.76%, 04/30/2026 <sup>(a)</sup>  | 83003000 | 82510086 |
|  3.74%, 05/07/2026 <sup>(a)</sup>  | 5615000 | 5578044 |
|  3.76%, 05/14/2026 <sup>(a)</sup>  | 76845000 | 76286369 |
|  3.76%, 05/21/2026 <sup>(a)</sup>  | 31416000 | 31166068 |
|  3.70%, 05/28/2026 <sup>(a)</sup>  | 41973000 | 41609737 |
|  3.64%, 06/04/2026 <sup>(a)</sup>  | 88680000 | 87853741 |
|  3.56%, 06/11/2026 <sup>(a)</sup>  | 25887000 | 25628809 |
|  3.54%, 07/02/2026 <sup>(a)</sup>  | 85215000 | 84186929 |
|  3.54%, 07/09/2026 <sup>(a)</sup>  | 86759000 | 85653799 |
|  3.56%, 07/16/2026 <sup>(a)</sup>  | 75377000 | 74370631 |
|  3.58%, 07/23/2026 <sup>(a)</sup>  | 45490000 | 44853045 |
|  3.59%, 07/30/2026 <sup>(a)</sup>  | 26285000 | 25899487 |
|  3.55%, 08/06/2026 <sup>(a)</sup>  | 58758000 | 57858562 |
|  3.55%, 08/13/2026 <sup>(a)</sup>  | 36162000 | 35583708 |
|  3.57%, 08/20/2026 <sup>(a)</sup>  | 172343000 | 169472681 |
|  3.58%, 08/27/2026 <sup>(a)</sup>  | 147387000 | 144829099 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $1,834,365,789)  |  | 1834586120 |
|  **TOTAL INVESTMENTS — 75.8%** (Cost $1,834,365,789)  |  | 1834586120 |
|  Other Assets in Excess of Liabilities — 24.2%  |  | 586117084 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $2420703204 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of February 28, 2026.

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

**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 <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  10 Year U.S. Ultra Treasury Notes  | 223 | 06/18/2026 | $26031766 | $174234 |
|  3 Month Canadian Overnight Repo Rate Average  | 624 | 09/15/2026 | 111849272 | 54727 |
|  3 Month Canadian Overnight Repo Rate Average  | 1096 | 12/15/2026 | 196483340 | 320228 |
|  3 Month Canadian Overnight Repo Rate Average  | 77 | 03/16/2027 | 13799797 | 18364 |
|  3 Month Canadian Overnight Repo Rate Average  | 89 | 06/15/2027 | 15942258 | 30168 |
|  3 Month Canadian Overnight Repo Rate Average  | 77 | 09/14/2027 | 13784979 | 16779 |
|  3 Month Canadian Overnight Repo Rate Average  | 32 | 12/14/2027 | 5725303 | 816 |
|  3 Month Euribor  | 23 | 09/14/2026 | 6658656 | (5568) |
|  3 Month Euribor  | 2309 | 12/14/2026 | 668607617 | 431727 |
|  3 Month Euribor  | 278 | 03/15/2027 | 80486996 | 24651 |
|  3 Month Euribor  | 1255 | 06/14/2027 | 363238352 | 184581 |
|  3 Month Euribor  | 83 | 09/13/2027 | 24014353 | 14401 |
|  3 Month Euribor  | 340 | 12/13/2027 | 98331876 | 143786 |
|  3 Month Euribor  | 184 | 03/13/2028 | 53190438 | 49923 |
|  3 Month Euribor  | 342 | 06/19/2028 | 98814323 | 85710 |
|  3 Month Euribor  | 36 | 09/18/2028 | 10396191 | 8197 |
|  3 Month Euribor  | 468 | 12/18/2028 | 135081353 | 126284 |
|  3 Month Euribor  | 20 | 03/19/2029 | 5770049 | 4638 |
|  3 Month Euribor  | 43 | 06/18/2029 | 12400524 | 10073 |
|  3 Month New Zealand Treasury Bill  | 57 | 06/10/2026 | 33978711 | 3155 |
|  3 Month New Zealand Treasury Bill  | 47 | 09/16/2026 | 28010670 | 5882 |
|  3 Month Swiss Average Overnight Rate  | 51 | 12/15/2026 | 16604767 | 19103 |
|  3-Month Secured Overnight Financing Rate  | 841 | 12/15/2026 | 203469438 | (31538) |
|  3-Month Secured Overnight Financing Rate  | 67 | 03/16/2027 | 16238287 | 10387 |
|  3-Month Secured Overnight Financing Rate  | 96 | 06/15/2027 | 23286000 | 19437 |
|  3-Month Secured Overnight Financing Rate  | 280 | 09/14/2027 | 67942000 | 79150 |
|  3-Month Secured Overnight Financing Rate  | 443 | 12/14/2027 | 107493950 | 174750 |
|  3-Month Secured Overnight Financing Rate  | 125 | 03/14/2028 | 30325000 | 43550 |
|  3-Month Secured Overnight Financing Rate  | 122 | 06/20/2028 | 29585000 | 43088 |
|  3-Month Secured Overnight Financing Rate  | 138 | 09/19/2028 | 33449475 | 53800 |
|  3-Month Secured Overnight Financing Rate  | 1205 | 12/19/2028 | 291941375 | 638638 |
|  3-Month Secured Overnight Financing Rate  | 77 | 03/20/2029 | 18645550 | 25475 |
|  3-Month Secured Overnight Financing Rate  | 58 | 06/18/2029 | 14037450 | 19813 |
|  3-Month Secured Overnight Financing Rate  | 24 | 09/18/2029 | 5805600 | 9812 |
|  3-Month Secured Overnight Financing Rate  | 24 | 12/18/2029 | 5802600 | 8937 |
|  3-Month Secured Overnight Financing Rate  | 29 | 03/19/2030 | 7008213 | 11763 |
|  Arabica Coffee  | 18 | 05/18/2026 | 1895062 | (100256) |
|  ASX SPI 200 Index  | 434 | 03/19/2026 | 70805016 | 1879567 |
|  AUD/USD Cross Currency Rate  | 1083 | 03/16/2026 | 77044620 | 3055102 |
|  Australian Government 10 Year Bonds  | 151 | 03/16/2026 | 11881965 | 3828 |
|  Australian Government 3 Year Bonds  | 45 | 03/16/2026 | 3361472 | 920 |
|  Australian 90 Day Bank Bills  | 9 | 09/10/2026 | 6337477 | (4642) |
|  BIST 30 Index  | 444 | 04/30/2026 | 1614647 | (18906) |
|  Brazilian Real/US Dollar Cross Currency Rate  | 4 | 03/31/2026 | 77280 |  |
|  Brent Crude Oil  | 8 | 03/31/2026 | 582960 | 15490 |
|  Brent Crude Oil  | 411 | 03/31/2026 | 29949570 | 1351985 |
|  Brent Crude Oil  | 57 | 04/30/2026 | 4120530 | 278440 |
|  Brent Crude Oil  | 43 | 05/29/2026 | 3079230 | 111300 |
|  Brent Crude Oil  | 20 | 10/30/2026 | 1372800 | 54970 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  British Pound/US Dollar Cross Currency Rate  | 562 | 03/16/2026 | $47348500 | $(492438) |
|  CAC40 10 Euro Index  | 714 | 03/20/2026 | 72500136 | 943245 |
|  Canadian 10 Year Government Bonds  | 2948 | 06/19/2026 | 265483171 | 935903 |
|  Canadian 5 Year Bonds  | 762 | 06/19/2026 | 64421275 | 145808 |
|  Canadian Canola Oil  | 168 | 05/14/2026 | 1693979 | 8168 |
|  Canadian Canola Oil  | 30 | 07/14/2026 | 307247 | 396 |
|  Canadian Dollar/US Dollar Cross Currency Rate  | 286 | 03/17/2026 | 20993830 | (25468) |
|  Class III Milk  | 4 | 04/28/2026 | 138160 | 3260 |
|  Consumer Discretionary Select Sector Index  | 1 | 03/20/2026 | 236440 | (13320) |
|  Copper  | 151 | 05/27/2026 | 22874613 | 577972 |
|  Copper  | 6 | 07/29/2026 | 917700 | 23613 |
|  Corn No. 2 Yellow  | 573 | 05/14/2026 | 12849525 | 99757 |
|  Cotton No.2  | 299 | 05/06/2026 | 9808695 | 273505 |
|  Crude Oil  | 871 | 03/20/2026 | 58374420 | 2549250 |
|  Crude Oil  | 186 | 04/21/2026 | 12441540 | 154990 |
|  Crude Oil  | 33 | 05/19/2026 | 2196480 | 101370 |
|  Crude Oil  | 17 | 06/22/2026 | 1125060 | 67730 |
|  Crude Oil  | 3 | 07/21/2026 | 197100 | 1830 |
|  Crude Oil  | 16 | 11/20/2026 | 1019680 | 32830 |
|  Crude Palm Oil  | 1 | 07/15/2026 | 25977 | (96) |
|  Crude Soybean Oil  | 1281 | 05/14/2026 | 47537910 | 3394367 |
|  Crude Soybean Oil  | 127 | 07/14/2026 | 4716018 | 418398 |
|  Crude Soybean Oil  | 38 | 12/14/2026 | 1361844 | 89652 |
|  DAX Index  | 4 | 03/20/2026 | 599000 | 16247 |
|  Dollar Index  | 3 | 03/16/2026 | 292695 | 1140 |
|  Dow Jones Industrial Average Index  | 195 | 03/20/2026 | 47775000 | (177951) |
|  Dow Jones U.S. Micro-Cap Total Stock Index  | 2 | 03/20/2026 | 49000 | 26 |
|  E-mini Consumer Staples Select Sector  | 1 | 03/20/2026 | 90880 | 3510 |
|  E-mini Energy Select Sector  | 4 | 03/20/2026 | 468800 | 67490 |
|  E-mini Materials Sector  | 3 | 03/20/2026 | 340080 | 22930 |
|  Emini S&P 500 ESG Index  | 11 | 03/20/2026 | 3359070 | 11090 |
|  Euro BUXL 30 Year Bonds  | 10 | 03/06/2026 | 1345370 | 7635 |
|  Euro Half Dollars  | 2 | 03/16/2026 | 147850 | (444) |
|  Euro STOXX 50 Dividend Index  | 12 | 12/18/2026 | 240196 | 13967 |
|  EURO STOXX 50 Index  | 2 | 03/20/2026 | 125061 | 10374 |
|  Euro STOXX 50 Quanto Index  | 872 | 03/20/2026 | 63397762 | 2291625 |
|  Euro STOXX Banks Index  | 55 | 03/20/2026 | 874739 | (18188) |
|  Euro/Japanese Yen Cross Currency Rate  | 118 | 03/16/2026 | 17408334 | 226835 |
|  Euro/US Dollar Cross Currency Rate  | 6 | 03/16/2026 | 88710 | 130 |
|  Euro/US Dollar Cross Currency Rate  | 569 | 03/16/2026 | 84126650 | (59689) |
|  Euro-BOBL  | 1574 | 03/06/2026 | 218456641 | 407138 |
|  EURO-BOBL FUTURE Jun 26  | 1 | 06/08/2026 | 139547 | 142 |
|  Euro-BTP Future Jun 26  | 123 | 06/08/2026 | 17720918 | 26870 |
|  Euro-BTP Italian Government Bonds  | 856 | 03/06/2026 | 124256596 | 1699376 |
|  Euro-Bund  | 1543 | 03/06/2026 | 237436507 | 2102049 |
|  Euro-OAT Future Jun 26  | 6 | 06/08/2026 | 875140 | 1359 |
|  Euro-Schatz  | 2995 | 03/06/2026 | 378767650 | 141001 |
|  European Rapeseed  | 133 | 04/30/2026 | 3826671 | (15641) |
|  European Rapeseed  | 19 | 07/31/2026 | 528988 | 4845 |
|  Feeder Cattle  | 56 | 04/30/2026 | 9833600 | (360000) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Feeder Cattle  | 11 | 05/21/2026 | $1909600 | $(89600) |
|  French Government Bonds  | 1273 | 03/06/2026 | 186397608 | 2052500 |
|  FTSE 100 Index  | 980 | 03/20/2026 | 144035686 | 9828948 |
|  FTSE Bursa Malaysia KLCI Index  | 43 | 03/31/2026 | 935479 | (18003) |
|  FTSE China A50 Index  | 638 | 03/30/2026 | 9341596 | (139014) |
|  FTSE MIB Index  | 17 | 03/20/2026 | 949542 | 58004 |
|  FTSE/JSE Top 40 Index  | 228 | 03/19/2026 | 17198778 | 1616543 |
|  FTSE/MIB Index  | 90 | 03/20/2026 | 25134939 | 1134655 |
|  German Stock Index  | 152 | 03/20/2026 | 113810069 | 2130244 |
|  Gold  | 140 | 04/28/2026 | 73470600 | 3119694 |
|  Gold  | 2 | 06/26/2026 | 1057520 | 25840 |
|  Hang Seng China Enterprises Index  | 1 | 03/30/2026 | 11349 | (236) |
|  Hang Seng China Enterprises Index  | 69 | 03/30/2026 | 3915503 | (95924) |
|  Hang Seng Index  | 251 | 03/30/2026 | 42683539 | (7234) |
|  Hang Seng Index  | 31 | 03/30/2026 | 1054334 | (787) |
|  Hard Red Winter Wheat  | 55 | 05/14/2026 | 1596375 | 10225 |
|  Hard Red Winter Wheat  | 1 | 07/14/2026 | 29675 | 175 |
|  IBEX 35 Composite Index  | 4 | 03/20/2026 | 87019 | 1139 |
|  IBEX 35 Index  | 15 | 03/20/2026 | 3263201 | 46915 |
|  ICE 3 Month SONIA Rate  | 55 | 09/15/2026 | 17909485 | 4262 |
|  ICE 3 Month SONIA Rate  | 608 | 12/15/2026 | 198206542 | 143946 |
|  ICE 3 Month SONIA Rate  | 1280 | 03/16/2027 | 417449429 | 629322 |
|  ICE 3 Month SONIA Rate  | 170 | 06/15/2027 | 55436775 | 69825 |
|  ICE 3 Month SONIA Rate  | 1384 | 09/14/2027 | 451180680 | 432612 |
|  ICE 3 Month SONIA Rate  | 655 | 12/14/2027 | 213429123 | 323218 |
|  ICE 3 Month SONIA Rate  | 160 | 03/14/2028 | 52111101 | 75873 |
|  ICE 3 Month SONIA Rate  | 149 | 06/20/2028 | 48505872 | 71577 |
|  ICE 3 Month SONIA Rate  | 243 | 09/19/2028 | 79070051 | 113540 |
|  ICE 3 Month SONIA Rate  | 419 | 12/19/2028 | 136275370 | 190912 |
|  ICE 3 Month SONIA Rate  | 39 | 03/20/2029 | 12677772 | 16896 |
|  ICE 3 Month SONIA Rate  | 24 | 06/19/2029 | 7798067 | 11843 |
|  Industrial Select Sector Index  | 3 | 03/20/2026 | 536070 | 41370 |
|  Japanese 10 Year Government Bonds  | 192 | 03/13/2026 | 163273461 | 165402 |
|  Lean Hogs  | 160 | 04/15/2026 | 6126400 | (72340) |
|  Lean Hogs  | 495 | 06/12/2026 | 21690900 | 438710 |
|  Lean Hogs  | 178 | 07/15/2026 | 7951260 | 103510 |
|  Light Sweet Crude Oil  | 6 | 03/19/2026 | 201060 | 7985 |
|  Live Cattle  | 184 | 04/30/2026 | 17091760 | (371590) |
|  Live Cattle  | 281 | 06/30/2026 | 25756460 | (562290) |
|  Live Cattle  | 142 | 08/31/2026 | 12939040 | (188980) |
|  Live Cattle  | 6 | 10/30/2026 | 545340 | (2630) |
|  LME Aluminum Forward  | 8 | 03/02/2026 | 625788 | 53446 |
|  LME Aluminum Forward  | 31 | 03/02/2026 | 2437267 | 220271 |
|  LME Aluminum Forward  | 15 | 03/03/2026 | 1172966 | 100024 |
|  LME Aluminum Forward  | 1 | 03/05/2026 | 78304 | 6066 |
|  LME Aluminum Forward  | 5 | 03/06/2026 | 391600 | 33500 |
|  LME Aluminum Forward  | 13 | 03/09/2026 | 1018368 | 87324 |
|  LME Aluminum Forward  | 4 | 03/10/2026 | 313408 | 26858 |
|  LME Aluminum Forward  | 29 | 03/12/2026 | 2274898 | 192323 |
|  LME Aluminum Forward  | 150 | 03/16/2026 | 11772563 | 1013250 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Aluminum Forward  | 3 | 03/19/2026 | $235376 | $13551 |
|  LME Aluminum Forward  | 1 | 03/20/2026 | 78468 | 4518 |
|  LME Aluminum Forward  | 4 | 03/26/2026 | 314085 | 17810 |
|  LME Aluminum Forward  | 4 | 03/27/2026 | 314135 | 3641 |
|  LME Aluminum Forward  | 2 | 04/01/2026 | 157225 | 1962 |
|  LME Aluminum Forward  | 3 | 04/02/2026 | 235862 | 2592 |
|  LME Aluminum Forward  | 2 | 04/07/2026 | 157257 | 432 |
|  LME Aluminum Forward  | 4 | 04/09/2026 | 314644 | 2012 |
|  LME Aluminum Forward  | 3 | 04/10/2026 | 236008 | 2463 |
|  LME Aluminum Forward  | 142 | 04/13/2026 | 11171034 | 62294 |
|  LME Aluminum Forward  | 4 | 04/14/2026 | 314177 | 3009 |
|  LME Aluminum Forward  | 72 | 04/17/2026 | 5639706 | 41310 |
|  LME Aluminum Forward  | 4 | 04/23/2026 | 313649 | (5414) |
|  LME Aluminum Forward  | 1 | 04/24/2026 | 78407 | (3056) |
|  LME Aluminum Forward  | 2 | 04/27/2026 | 156763 | 1824 |
|  LME Aluminum Forward  | 18 | 04/28/2026 | 1410421 | 34636 |
|  LME Aluminum Forward  | 9 | 04/29/2026 | 705379 | 15098 |
|  LME Aluminum Forward  | 2 | 04/30/2026 | 156839 | 2014 |
|  LME Aluminum Forward  | 10 | 05/01/2026 | 784143 | 2905 |
|  LME Aluminum Forward  | 2 | 05/06/2026 | 156808 | 2482 |
|  LME Aluminum Forward  | 30 | 05/07/2026 | 2351978 | 28958 |
|  LME Aluminum Forward  | 4 | 05/08/2026 | 313577 | 8499 |
|  LME Aluminum Forward  | 1 | 05/14/2026 | 78528 | 1248 |
|  LME Aluminum Forward  | 7 | 05/15/2026 | 549843 | 9461 |
|  LME Aluminum Forward  | 108 | 05/18/2026 | 8485317 | 50217 |
|  LME Aluminum Forward  | 2 | 05/20/2026 | 156886 | 2411 |
|  LME Aluminum Forward  | 11 | 05/21/2026 | 863374 | 12988 |
|  LME Copper Forward  | 1 | 03/02/2026 | 330874 | 39374 |
|  LME Copper Forward  | 3 | 03/02/2026 | 997184 | 128509 |
|  LME Copper Forward  | 1 | 03/03/2026 | 332351 | 40870 |
|  LME Copper Forward  | 1 | 03/03/2026 | 332440 | 40953 |
|  LME Copper Forward  | 1 | 03/06/2026 | 332671 | 43696 |
|  LME Copper Forward  | 22 | 03/12/2026 | 7317123 | 969246 |
|  LME Copper Forward  | 22 | 03/16/2026 | 7315473 | 851953 |
|  LME Copper Forward  | 2 | 03/19/2026 | 665071 | 28988 |
|  LME Copper Forward  | 3 | 04/01/2026 | 999271 | 30948 |
|  LME Copper Forward  | 16 | 04/13/2026 | 5330264 | 87333 |
|  LME Copper Forward  | 2 | 04/16/2026 | 666305 | 25243 |
|  LME Copper Forward  | 18 | 04/17/2026 | 5997141 | 251244 |
|  LME Copper Forward  | 3 | 04/20/2026 | 999588 | 42925 |
|  LME Copper Forward  | 6 | 04/21/2026 | 1999306 | 28117 |
|  LME Copper Forward  | 5 | 04/23/2026 | 1666520 | 21370 |
|  LME Copper Forward  | 2 | 04/24/2026 | 666669 | 9338 |
|  LME Copper Forward  | 3 | 04/30/2026 | 1000646 | 9684 |
|  LME Copper Forward  | 1 | 05/07/2026 | 333654 | 11985 |
|  LME Copper Forward  | 9 | 05/18/2026 | 3004043 | 61151 |
|  LME Copper Forward  | 4 | 05/21/2026 | 1334300 | 36393 |
|  LME Lead Forward  | 21 | 03/02/2026 | 1017838 | (23803) |
|  LME Lead Forward  | 5 | 03/03/2026 | 239671 | (6705) |
|  LME Lead Forward  | 2 | 03/06/2026 | 96114 | (7187) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Lead Forward  | 3 | 03/09/2026 | $144223 | $(6296) |
|  LME Lead Forward  | 2 | 03/10/2026 | 96184 | (4201) |
|  LME Lead Forward  | 30 | 03/12/2026 | 1444853 | (70581) |
|  LME Lead Forward  | 31 | 03/16/2026 | 1494099 | (98108) |
|  LME Lead Forward  | 24 | 03/19/2026 | 1157922 | (58385) |
|  LME Lead Forward  | 15 | 04/09/2026 | 728595 | (42255) |
|  LME Lead Forward  | 14 | 04/10/2026 | 680155 | (42958) |
|  LME Lead Forward  | 34 | 04/13/2026 | 1652119 | (50472) |
|  LME Lead Forward  | 9 | 04/14/2026 | 437101 | (26662) |
|  LME Lead Forward  | 9 | 04/16/2026 | 437139 | (25249) |
|  LME Lead Forward  | 18 | 04/17/2026 | 874301 | (7085) |
|  LME Lead Forward  | 1 | 04/29/2026 | 48711 | (814) |
|  LME Lead Forward  | 17 | 05/07/2026 | 830777 | (9389) |
|  LME Lead Forward  | 1 | 05/08/2026 | 48880 | (56) |
|  LME Lead Forward  | 2 | 05/11/2026 | 97782 | (98) |
|  LME Lead Forward  | 3 | 05/13/2026 | 146738 | (374) |
|  LME Lead Forward  | 5 | 05/14/2026 | 244725 | (63) |
|  LME Nickel Forward  | 10 | 03/02/2026 | 1058630 | 2642 |
|  LME Nickel Forward  | 4 | 03/02/2026 | 419853 | 62493 |
|  LME Nickel Forward  | 12 | 03/03/2026 | 1270572 | 3234 |
|  LME Nickel Forward  | 22 | 03/05/2026 | 2330967 | 123032 |
|  LME Nickel Forward  | 11 | 03/06/2026 | 1165687 | 56418 |
|  LME Nickel Forward  | 1 | 03/09/2026 | 105990 | 14446 |
|  LME Nickel Forward  | 6 | 03/12/2026 | 636403 | 113555 |
|  LME Nickel Forward  | 2 | 03/13/2026 | 212164 | 38914 |
|  LME Nickel Forward  | 56 | 03/16/2026 | 5941417 | 68212 |
|  LME Nickel Forward  | 21 | 03/19/2026 | 2229138 | 242298 |
|  LME Nickel Forward  | 6 | 03/20/2026 | 636915 | 66795 |
|  LME Nickel Forward  | 5 | 03/26/2026 | 531167 | 28077 |
|  LME Nickel Forward  | 10 | 03/27/2026 | 1062507 | 58582 |
|  LME Nickel Forward  | 3 | 03/31/2026 | 318856 | 3690 |
|  LME Nickel Forward  | 27 | 04/01/2026 | 2872028 | (95272) |
|  LME Nickel Forward  | 7 | 04/02/2026 | 744715 | 28675 |
|  LME Nickel Forward  | 5 | 04/07/2026 | 532015 | (35) |
|  LME Nickel Forward  | 8 | 04/09/2026 | 851766 | (6875) |
|  LME Nickel Forward  | 1 | 04/10/2026 | 106488 | (882) |
|  LME Nickel Forward  | 7 | 04/13/2026 | 745533 | (26618) |
|  LME Nickel Forward  | 2 | 04/16/2026 | 213143 | (3007) |
|  LME Nickel Forward  | 1 | 04/17/2026 | 106585 | 889 |
|  LME Nickel Forward  | 1 | 04/20/2026 | 106598 | (5929) |
|  LME Nickel Forward  | 1 | 04/21/2026 | 106612 | (5924) |
|  LME Nickel Forward  | 3 | 04/23/2026 | 320038 | (16352) |
|  LME Nickel Forward  | 5 | 04/24/2026 | 533482 | (9152) |
|  LME Nickel Forward  | 3 | 04/27/2026 | 320140 | (1249) |
|  LME Nickel Forward  | 4 | 04/28/2026 | 426919 | (3805) |
|  LME Nickel Forward  | 8 | 04/29/2026 | 853970 | (7603) |
|  LME Nickel Forward  | 5 | 04/30/2026 | 534026 | 3396 |
|  LME Nickel Forward  | 1 | 05/06/2026 | 106854 | (1486) |
|  LME Nickel Forward  | 1 | 05/07/2026 | 106901 | 3731 |
|  LME Nickel Forward  | 6 | 05/18/2026 | 642025 | 14365 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Nickel Forward  | 1 | 05/20/2026 | $106985 | $(1462) |
|  LME Nickel Forward  | 4 | 05/21/2026 | 428196 | 8420 |
|  LME Tin Forward  | 1 | 03/02/2026 | 272145 | 75895 |
|  LME Tin Forward  | 7 | 03/12/2026 | 2020480 | 572402 |
|  LME Tin Forward  | 1 | 03/20/2026 | 288594 | 9151 |
|  LME Tin Forward  | 2 | 03/31/2026 | 577282 | 26871 |
|  LME Tin Forward  | 5 | 04/01/2026 | 1443375 | 102732 |
|  LME Tin Forward  | 1 | 04/02/2026 | 288675 | 8980 |
|  LME Tin Forward  | 1 | 04/30/2026 | 288777 | 58927 |
|  LME Tin Forward  | 1 | 05/01/2026 | 288787 | 20012 |
|  LME Tin Forward  | 2 | 05/07/2026 | 577645 | 90680 |
|  LME Tin Forward  | 2 | 05/21/2026 | 577260 | 70066 |
|  LME Zinc Forward  | 13 | 03/02/2026 | 1072325 | 69170 |
|  LME Zinc Forward  | 1 | 03/02/2026 | 84038 | 6601 |
|  LME Zinc Forward  | 11 | 03/03/2026 | 907552 | 57927 |
|  LME Zinc Forward  | 17 | 03/05/2026 | 1403817 | 91247 |
|  LME Zinc Forward  | 9 | 03/06/2026 | 743362 | 48206 |
|  LME Zinc Forward  | 1 | 03/09/2026 | 82614 | 5439 |
|  LME Zinc Forward  | 2 | 03/10/2026 | 165264 | 6602 |
|  LME Zinc Forward  | 18 | 03/12/2026 | 1488690 | 86655 |
|  LME Zinc Forward  | 1 | 03/13/2026 | 82723 | 6023 |
|  LME Zinc Forward  | 91 | 03/16/2026 | 7529477 | 484893 |
|  LME Zinc Forward  | 1 | 03/19/2026 | 82681 | 5556 |
|  LME Zinc Forward  | 1 | 03/26/2026 | 82689 | 5089 |
|  LME Zinc Forward  | 3 | 04/01/2026 | 248405 | (346) |
|  LME Zinc Forward  | 11 | 04/07/2026 | 910954 | 43500 |
|  LME Zinc Forward  | 17 | 04/09/2026 | 1408263 | 51921 |
|  LME Zinc Forward  | 3 | 04/10/2026 | 248489 | 4214 |
|  LME Zinc Forward  | 79 | 04/13/2026 | 6542800 | 177511 |
|  LME Zinc Forward  | 4 | 04/14/2026 | 331131 | (3494) |
|  LME Zinc Forward  | 11 | 04/16/2026 | 910610 | (4777) |
|  LME Zinc Forward  | 24 | 04/17/2026 | 1986936 | 80116 |
|  LME Zinc Forward  | 16 | 04/20/2026 | 1324724 | (13276) |
|  LME Zinc Forward  | 2 | 04/23/2026 | 165783 | (1442) |
|  LME Zinc Forward  | 3 | 04/24/2026 | 248695 | (3671) |
|  LME Zinc Forward  | 6 | 05/07/2026 | 497880 | (5327) |
|  LME Zinc Forward  | 69 | 05/18/2026 | 5726051 | (76608) |
|  LME Zinc Forward  | 17 | 05/21/2026 | 1409555 | (18386) |
|  London Metals - Aluminum<sup>(a)</sup>  | 1235 | 03/16/2026 | 96927431 | 5487660 |
|  London Metals - Aluminum<sup>(a)</sup>  | 120 | 04/13/2026 | 9440310 | 97239 |
|  London Metals - Aluminum<sup>(a)</sup>  | 73 | 05/18/2026 | 5735446 | 30259 |
|  London Metals - Aluminum<sup>(a)</sup>  | 451 | 06/15/2026 | 35458635 | 487820 |
|  London Metals - Copper<sup>(a)</sup>  | 307 | 03/16/2026 | 102084101 | 15650502 |
|  London Metals - Copper<sup>(a)</sup>  | 17 | 04/13/2026 | 5663406 | 206661 |
|  London Metals - Copper<sup>(a)</sup>  | 75 | 06/15/2026 | 25067175 | 518302 |
|  London Metals - Lead<sup>(a)</sup>  | 1023 | 03/16/2026 | 49305275 | (2043472) |
|  London Metals - Lead<sup>(a)</sup>  | 38 | 04/13/2026 | 1846486 | (12375) |
|  London Metals - Lead<sup>(a)</sup>  | 50 | 06/15/2026 | 2464725 | (20674) |
|  London Metals - Nickel<sup>(a)</sup>  | 353 | 03/16/2026 | 37452147 | 2146620 |
|  London Metals - Nickel<sup>(a)</sup>  | 59 | 06/15/2026 | 6335711 | 193022 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  London Metals - Tin<sup>(a)</sup>  | 4 | 03/16/2026 | $1154440 | $308139 |
|  London Metals - Tin<sup>(a)</sup>  | 1 | 06/15/2026 | 288910 | 39985 |
|  London Metals - Zinc<sup>(a)</sup>  | 828 | 03/16/2026 | 68509962 | 3734591 |
|  London Metals - Zinc<sup>(a)</sup>  | 141 | 04/13/2026 | 11677655 | 271601 |
|  London Metals - Zinc<sup>(a)</sup>  | 106 | 05/18/2026 | 8796543 | (152089) |
|  London Metals - Zinc<sup>(a)</sup>  | 273 | 06/15/2026 | 22670944 | (252812) |
|  Long Gilt  | 1430 | 06/26/2026 | 180535019 | 1794053 |
|  Low Sulphur Gas Oil  | 449 | 04/10/2026 | 33360700 | 2362244 |
|  Low Sulphur Gas Oil  | 50 | 05/12/2026 | 3637500 | 238925 |
|  Low Sulphur Gas Oil  | 29 | 06/11/2026 | 2070600 | 122150 |
|  Low Sulphur Gas Oil  | 12 | 07/10/2026 | 845400 | 71125 |
|  Mexican Peso/US Dollar Cross Currency Rate  | 901 | 03/16/2026 | 26110980 | 1321190 |
|  Micro Gold  | 3 | 04/28/2026 | 157437 | 6612 |
|  MSCI China A 50 Index  | 1 | 03/20/2026 | 65255 | (1010) |
|  MSCI EAFE Index  | 65 | 03/20/2026 | 10286575 | 570410 |
|  MSCI Emerging Markets Index  | 340 | 03/20/2026 | 27262900 | 2851595 |
|  MSCI Singapore Index  | 403 | 03/30/2026 | 14705087 | (32425) |
|  Nasdaq 100 Index  | 95 | 03/20/2026 | 47509025 | (445152) |
|  NASDAQ 100 Micro Index  | 1 | 03/20/2026 | 50010 | 488 |
|  Natural Gas  | 10 | 03/30/2026 | 271892 | 5947 |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | 18 | 03/16/2026 | 1079910 | (4365) |
|  Nifty 50 Index  | 87 | 03/30/2026 | 4399590 | (59698) |
|  Nikkei 225 Index  | 14 | 03/12/2026 | 2630519 | 243108 |
|  Nikkei 225 Index  | 43 | 03/12/2026 | 1627317 | 165908 |
|  Nikkei 225 Index  | 197 | 03/12/2026 | 37264304 | 3306863 |
|  Nikkei 225 Index  | 10 | 03/12/2026 | 2935750 | 300600 |
|  Nikkei 225 Index  | 67 | 03/12/2026 | 25355874 | 2743376 |
|  NY Harbor ULSD  | 537 | 03/31/2026 | 58550184 | 4146740 |
|  NY Harbor ULSD  | 51 | 04/30/2026 | 5422259 | 310640 |
|  NY Harbor ULSD  | 41 | 05/29/2026 | 4281753 | 305970 |
|  NY Harbor ULSD  | 17 | 06/30/2026 | 1756012 | 135152 |
|  NY Harbor ULSD  | 9 | 11/30/2026 | 908674 | 84689 |
|  Oats  | 1 | 05/14/2026 | 15987 | (388) |
|  OMXS30 ESG Index  | 5 | 03/20/2026 | 172284 | 3706 |
|  OMXS30 Index  | 762 | 03/20/2026 | 27232072 | 690979 |
|  Palladium  | 25 | 06/26/2026 | 4571250 | 197750 |
|  Platinum  | 58 | 04/28/2026 | 6883150 | 831580 |
|  Reformulated Gasoline Blendstock  | 894 | 03/31/2026 | 85815954 | 3636275 |
|  Reformulated Gasoline Blendstock  | 66 | 04/30/2026 | 6356196 | 217384 |
|  Reformulated Gasoline Blendstock  | 42 | 05/29/2026 | 4026154 | 167433 |
|  Reformulated Gasoline Blendstock  | 12 | 06/30/2026 | 1139342 | 53668 |
|  Rotterdam Coal  | 2 | 07/31/2026 | 217700 | 500 |
|  Rotterdam Coal  | 2 | 08/28/2026 | 219000 | 1800 |
|  Rotterdam Coal  | 2 | 09/25/2026 | 220000 | 2800 |
|  Russell 2000 Index  | 3 | 03/20/2026 | 39520 | (328) |
|  Russell 2000 Index  | 292 | 03/20/2026 | 38466620 | (89825) |
|  S&P 500 Index  | 281 | 03/20/2026 | 96790450 | (545351) |
|  S&P 500 Index  | 2 | 03/20/2026 | 68890 | (841) |
|  S&P Mid Cap 400 Index  | 33 | 03/20/2026 | 11807070 | 350175 |
|  S&P Real Estate Select Sector Stock Index  | 2 | 03/20/2026 | 107550 | 500 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> PURCHASED** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  S&P/Toronto Stock Exchange 60 Index  | 218 | 03/19/2026 | $63016312 | $3293068 |
|  SGX FTSE Taiwan Index  | 247 | 03/30/2026 | 28012270 | 807379 |
|  SGX Technically Specified Rubber 20  | 4 | 04/30/2026 | 40140 | 1785 |
|  SGX TSI Iron Ore  | 384 | 04/30/2026 | 3777024 | 474 |
|  SGX TSI Iron Ore  | 7 | 06/30/2026 | 68194 | 674 |
|  Short Euro-BTP Fu Jun 26  | 1 | 06/08/2026 | 126969 | 59 |
|  Short-term Euro-BTP  | 1586 | 03/06/2026 | 201887937 | 345010 |
|  Silver  | 30 | 05/27/2026 | 13993650 | 1347210 |
|  Silver  | 1 | 07/29/2026 | 469845 | 32145 |
|  South African Rand/US Dollar Cross Currency Rate  | 2 | 03/16/2026 | 62800 | 1225 |
|  Soybean Meal  | 262 | 05/14/2026 | 8397100 | 116500 |
|  Soybeans  | 1289 | 05/14/2026 | 75454837 | 1085084 |
|  Soybeans  | 608 | 07/14/2026 | 35955600 | 1070250 |
|  Soybeans  | 69 | 11/13/2026 | 3892462 | 31100 |
|  STOXX 600 Bank Spread Index  | 24 | 03/20/2026 | 522716 | 28568 |
|  STOXX 600 Utilities Index  | 14 | 03/20/2026 | 473195 | 72651 |
|  STOXX Euro ESG-X Index  | 64 | 03/20/2026 | 1747634 | 123962 |
|  STOXX Europe 600 Index  | 161 | 03/20/2026 | 6032435 | 341443 |
|  STOXX Europe 600 Index  | 2 | 03/20/2026 | 60214 | (30) |
|  Sugar #11  | 49 | 04/30/2026 | 762283 | (7292) |
|  Swiss Franc/US Dollar Cross Currency Rate  | 220 | 03/16/2026 | 35855875 | 56423 |
|  Swiss Market Index  | 40 | 03/20/2026 | 7260714 | 395656 |
|  Tokyo Price Index  | 53 | 03/12/2026 | 1342096 | 174723 |
|  TOPIX Index  | 211 | 03/12/2026 | 53430634 | 6240768 |
|  Two Year Canadian Government Bonds  | 843 | 06/19/2026 | 65493879 | 42180 |
|  U.S. Treasury 10 Year Notes  | 2252 | 06/18/2026 | 256305750 | 1209643 |
|  U.S. Treasury 2 Year Notes  | 1384 | 06/30/2026 | 289634438 | 142961 |
|  U.S. Treasury 5 Year Note  | 1814 | 06/30/2026 | 199795094 | 735465 |
|  U.S. Treasury Long Bonds  | 1266 | 06/18/2026 | 149981438 | 1127254 |
|  U.S. Treasury Ultra Bonds  | 160 | 06/18/2026 | 19455000 | 173516 |
|  UK Natural Gas  | 10 | 03/30/2026 | 317656 | 12190 |
|  UK Natural Gas  | 15 | 04/29/2026 | 488669 | 7833 |
|  US 3 Year Notes  | 10 | 06/30/2026 | 2141953 | 6187 |
|  US Cocoa  | 1 | 05/13/2026 | 28880 | (1750) |
|  Utilities Select Sector Index  | 4 | 03/20/2026 | 385160 | 23170 |
|  Wheat  | 574 | 05/14/2026 | 16976050 | 620817 |
|  Wheat  | 114 | 07/14/2026 | 3412875 | 68625 |
|  WTI Light Sweet Crude Oil  | 14 | 03/19/2026 | 938280 | 55040 |
|  WTI Light Sweet Crude Oil  | 8 | 04/20/2026 | 535120 | 31990 |
|  WTI Light Sweet Crude Oil  | 4 | 05/18/2026 | 266240 | 15980 |
|  WTI Light Sweet Crude Oil  | 4 | 06/18/2026 | 264720 | 14660 |
|  WTI Light Sweet Crude Oil  | 3 | 07/20/2026 | 197100 | 2750 |
|  XAV Health Care Select Sector Index  | 1 | 03/20/2026 | 161790 | 4240 |
|  |  |  |  | $126320659 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  1 Month Secured Overnight Financing Rate  | (24) | 07/31/2026 | $9651272 | $2000 |
|  10 Year Japanese Government Bonds  | (17) | 03/12/2026 | 1445868 | (8632) |
|  3 Month Euribor  | (4) | 06/15/2026 | 1157614 | (30) |
|  3 Month Euribor  | (22) | 09/14/2026 | 6369150 | (2186) |
|  3 Month Euribor  | (11) | 12/14/2026 | 3185225 | (2201) |
|  3 Month Swiss Average Overnight Rate  | (3) | 09/15/2026 | 976458 | 16 |
|  3 Month TONA Index  | (436) | 09/15/2026 | 69106970 | 3554 |
|  3-Month Secured Overnight Financing Rate  | (72) | 09/15/2026 | 17376300 | 550 |
|  3-Month Secured Overnight Financing Rate  | (763) | 12/15/2026 | 184598313 | (105800) |
|  3-Month Secured Overnight Financing Rate  | (907) | 03/16/2027 | 219822788 | (262632) |
|  3-Month Secured Overnight Financing Rate  | (136) | 09/14/2027 | 33000400 | (105200) |
|  3-Year Korea Treasury Bonds  | (364) | 03/17/2026 | 26705985 | (35885) |
|  Arabica Coffee  | (201) | 05/18/2026 | 21161531 | 853041 |
|  Arabica Coffee  | (19) | 07/21/2026 | 1965788 | 67369 |
|  Arabica Coffee  | (6) | 09/18/2026 | 610650 | 20044 |
|  ASX SPI 200 Index  | (22) | 03/19/2026 | 3589194 | (91998) |
|  AUD/USD Cross Currency Rate  | (783) | 03/16/2026 | 55702620 | (3671870) |
|  Australian Government 10 Year Bonds  | (2309) | 03/16/2026 | 181691800 | (1405714) |
|  Australian Government 3 Year Bonds  | (5830) | 03/16/2026 | 435497353 | 313728 |
|  Australian 90 Day Bank Bills  | (2161) | 06/11/2026 | 1522069981 | 216146 |
|  Australian 90 Day Bank Bills  | (2082) | 09/10/2026 | 1466069668 | 449074 |
|  Australian 90 Day Bank Bills  | (311) | 12/10/2026 | 218989694 | 84902 |
|  Australian 90 Day Bank Bills  | (181) | 03/11/2027 | 127459922 | 6038 |
|  Australian 90 Day Bank Bills  | (46) | 06/10/2027 | 32396291 | 6344 |
|  Australian 90 Day Bank Bills  | (50) | 09/09/2027 | 35215938 | 2941 |
|  Australian 90 Day Bank Bills  | (49) | 12/09/2027 | 34513304 | (3764) |
|  British Pound/US Dollar Cross Currency Rate  | (465) | 03/16/2026 | 39176250 | (68758) |
|  CAC40 10 Euro Index  | (7) | 03/20/2026 | 710786 | (16962) |
|  Canadian Dollar/US Dollar Cross Currency Rate  | (1) | 03/17/2026 | 73405 | (250) |
|  Copper  | (171) | 05/27/2026 | 25904363 | (1106600) |
|  Corn No. 2 Yellow  | (1007) | 05/14/2026 | 22581975 | (615650) |
|  Corn No. 2 Yellow  | (1063) | 07/14/2026 | 24236400 | (815875) |
|  Corn No. 2 Yellow  | (83) | 09/14/2026 | 1891362 | (43300) |
|  Corn No. 2 Yellow  | (107) | 12/14/2026 | 2511825 | (31138) |
|  Cotton No.2  | (1189) | 05/06/2026 | 39005145 | (419972) |
|  Cotton No.2  | (105) | 07/09/2026 | 3534300 | 8565 |
|  Crude Palm Oil  | (20) | 04/15/2026 | 517862 | 2487 |
|  Crude Palm Oil  | (70) | 05/15/2026 | 1817913 | 12497 |
|  Crude Palm Oil  | (28) | 06/15/2026 | 727885 | 2249 |
|  Crude Soybean Oil  | (749) | 05/14/2026 | 27795390 | (1068954) |
|  Dollar Index  | (494) | 03/16/2026 | 48197110 | 74437 |
|  Dow Jones Industrial Average Index  | (112) | 03/20/2026 | 27440000 | (4992) |
|  Euro BUXL 30 Year Bonds  | (188) | 03/06/2026 | 25292954 | (775650) |
|  Euro STOXX 50 Quanto Index  | (1) | 03/20/2026 | 72704 | (225) |
|  Euro/US Dollar Cross Currency Rate  | (1143) | 03/16/2026 | 168992550 | (1792937) |
|  Euro-BOBL  | (328) | 03/06/2026 | 45523366 | (348111) |
|  Euro-Bund  | (78) | 03/06/2026 | 12002623 | (178233) |
|  Euro-Schatz  | (2508) | 03/06/2026 | 317178386 | (611514) |
|  Frozen Concentrated Orange Juice  | (31) | 05/08/2026 | 843975 | (28943) |
|  FTSE China A50 Index  | (2242) | 03/30/2026 | 32827364 | 71436 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  German Stock Index  | (11) | 03/20/2026 | $8236255 | $(99027) |
|  Gold  | (2) | 04/28/2026 | 1049580 | (29890) |
|  Hang Seng China Enterprises Index  | (107) | 03/30/2026 | 6071868 | 50022 |
|  Hang Seng Index  | (35) | 03/30/2026 | 5951888 | 5571 |
|  Hang Seng TECH Index  | (75) | 03/30/2026 | 2464242 | 63348 |
|  Hard Red Winter Wheat  | (54) | 05/14/2026 | 1567350 | (78300) |
|  Hard Red Winter Wheat  | (101) | 07/14/2026 | 2997175 | (152675) |
|  ICE 3 Month SONIA Rate  | (322) | 03/16/2027 | 105014622 | (85778) |
|  ICE European Climate Exchange Emissions  | (55) | 12/14/2026 | 4568007 | 154518 |
|  ICE European Climate Exchange Emissions  | (6) | 12/20/2027 | 512224 | 11272 |
|  Indian Rupee/US Dollar Cross Currency Rate  | (1) | 03/25/2026 | 54810 | 50 |
|  Indian Rupee/US Dollar Cross Currency Rate  | (2) | 03/25/2026 | 43872 | 140 |
|  Japanese 10 Year Government Bonds  | (265) | 03/13/2026 | 225351391 | (585075) |
|  Japanese Yen/US Dollar Cross Currency Rate  | (1355) | 03/16/2026 | 108696406 | 287692 |
|  Live Cattle  | (14) | 04/30/2026 | 1300460 | 6760 |
|  LME Aluminum Forward  | (31) | 03/02/2026 | 2437267 | (89021) |
|  LME Aluminum Forward  | (8) | 03/02/2026 | 625788 | (21952) |
|  LME Aluminum Forward  | (15) | 03/03/2026 | 1172966 | (36729) |
|  LME Aluminum Forward  | (1) | 03/05/2026 | 78304 | (655) |
|  LME Aluminum Forward  | (5) | 03/06/2026 | 391600 | (15901) |
|  LME Aluminum Forward  | (13) | 03/09/2026 | 1018368 | (31177) |
|  LME Aluminum Forward  | (4) | 03/10/2026 | 313408 | (8747) |
|  LME Aluminum Forward  | (29) | 03/12/2026 | 2274898 | (38006) |
|  LME Aluminum Forward  | (150) | 03/16/2026 | 11772563 | (96729) |
|  LME Aluminum Forward  | (3) | 03/19/2026 | 235376 | (2572) |
|  LME Aluminum Forward  | (1) | 03/20/2026 | 78468 | (866) |
|  LME Aluminum Forward  | (4) | 03/26/2026 | 314085 | (4393) |
|  LME Aluminum Forward  | (4) | 03/27/2026 | 314135 | (15348) |
|  LME Aluminum Forward  | (2) | 04/01/2026 | 157225 | (1721) |
|  LME Aluminum Forward  | (3) | 04/02/2026 | 235862 | (4493) |
|  LME Aluminum Forward  | (2) | 04/07/2026 | 157257 | (1546) |
|  LME Aluminum Forward  | (4) | 04/09/2026 | 314644 | (1531) |
|  LME Aluminum Forward  | (3) | 04/10/2026 | 236008 | (1415) |
|  LME Aluminum Forward  | (142) | 04/13/2026 | 11171033 | (21871) |
|  LME Aluminum Forward  | (4) | 04/14/2026 | 314177 | (252) |
|  LME Aluminum Forward  | (72) | 04/17/2026 | 5639706 | (93562) |
|  LME Aluminum Forward  | (4) | 04/23/2026 | 313649 | (5137) |
|  LME Aluminum Forward  | (1) | 04/24/2026 | 78407 | (1341) |
|  LME Aluminum Forward  | (2) | 04/27/2026 | 156763 | 9162 |
|  LME Aluminum Forward  | (18) | 04/28/2026 | 1410421 | (6960) |
|  LME Aluminum Forward  | (3) | 04/29/2026 | 235126 | (6552) |
|  LME Aluminum Forward  | (2) | 04/30/2026 | 156839 | (2608) |
|  LME Aluminum Forward  | (2) | 05/01/2026 | 156828 | (3779) |
|  LME Aluminum Forward  | (2) | 05/06/2026 | 156808 | (2371) |
|  LME Aluminum Forward  | (25) | 05/07/2026 | 1959981 | (22719) |
|  LME Aluminum Forward  | (2) | 05/08/2026 | 156788 | 474 |
|  LME Aluminum Forward  | (1) | 05/15/2026 | 78549 | (2111) |
|  LME Aluminum Forward  | (4) | 05/18/2026 | 314271 | (7358) |
|  LME Aluminum Forward  | (2) | 05/20/2026 | 156886 | (1523) |
|  LME Aluminum Forward  | (3) | 05/21/2026 | 235466 | (2616) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Copper Forward  | (3) | 03/02/2026 | $997184 | $(75259) |
|  LME Copper Forward  | (1) | 03/02/2026 | 330874 | (52124) |
|  LME Copper Forward  | (1) | 03/03/2026 | 332440 | (13875) |
|  LME Copper Forward  | (1) | 03/03/2026 | 332351 | (47138) |
|  LME Copper Forward  | (1) | 03/06/2026 | 332671 | (41309) |
|  LME Copper Forward  | (22) | 03/12/2026 | 7317123 | (351274) |
|  LME Copper Forward  | (22) | 03/16/2026 | 7315473 | (203618) |
|  LME Copper Forward  | (2) | 03/19/2026 | 665071 | (62058) |
|  LME Copper Forward  | (3) | 04/01/2026 | 999271 | (28549) |
|  LME Copper Forward  | (16) | 04/13/2026 | 5330264 | 12725 |
|  LME Copper Forward  | (2) | 04/16/2026 | 666305 | (15223) |
|  LME Copper Forward  | (18) | 04/17/2026 | 5997141 | (131720) |
|  LME Copper Forward  | (3) | 04/20/2026 | 999588 | (45037) |
|  LME Copper Forward  | (6) | 04/21/2026 | 1999306 | (43605) |
|  LME Copper Forward  | (5) | 04/23/2026 | 1666520 | (45254) |
|  LME Copper Forward  | (2) | 04/24/2026 | 666669 | (10919) |
|  LME Copper Forward  | (3) | 04/30/2026 | 1000645 | 4430 |
|  LME Copper Forward  | (2) | 05/07/2026 | 667308 | (13133) |
|  LME Copper Forward  | (1) | 05/14/2026 | 333785 | (14297) |
|  LME Lead Forward  | (21) | 03/02/2026 | 1017838 | 27212 |
|  LME Lead Forward  | (5) | 03/03/2026 | 239671 | 10366 |
|  LME Lead Forward  | (2) | 03/06/2026 | 96114 | 3099 |
|  LME Lead Forward  | (3) | 03/09/2026 | 144223 | 4840 |
|  LME Lead Forward  | (2) | 03/10/2026 | 96184 | 2817 |
|  LME Lead Forward  | (30) | 03/12/2026 | 1444852 | 29430 |
|  LME Lead Forward  | (31) | 03/16/2026 | 1494099 | 43248 |
|  LME Lead Forward  | (24) | 03/19/2026 | 1157922 | 24078 |
|  LME Lead Forward  | (15) | 04/09/2026 | 728595 | 20963 |
|  LME Lead Forward  | (14) | 04/10/2026 | 680155 | 30981 |
|  LME Lead Forward  | (34) | 04/13/2026 | 1652119 | 87995 |
|  LME Lead Forward  | (9) | 04/14/2026 | 437101 | 5031 |
|  LME Lead Forward  | (9) | 04/16/2026 | 437139 | 12227 |
|  LME Lead Forward  | (18) | 04/17/2026 | 874301 | 36990 |
|  LME Lead Forward  | (6) | 04/29/2026 | 292266 | 2138 |
|  LME Lead Forward  | (22) | 04/30/2026 | 1073479 | 5761 |
|  LME Lead Forward  | (7) | 05/01/2026 | 341707 | 2186 |
|  LME Lead Forward  | (1) | 05/06/2026 | 48837 | 288 |
|  LME Lead Forward  | (16) | 05/07/2026 | 781908 | 6680 |
|  LME Lead Forward  | (8) | 05/08/2026 | 391042 | 6383 |
|  LME Lead Forward  | (9) | 05/11/2026 | 440019 | 3069 |
|  LME Lead Forward  | (2) | 05/13/2026 | 97825 | (26) |
|  LME Lead Forward  | (8) | 05/14/2026 | 391560 | (935) |
|  LME Lead Forward  | (28) | 05/18/2026 | 1371069 | 7719 |
|  LME Nickel Forward  | (4) | 03/02/2026 | 419853 | (54105) |
|  LME Nickel Forward  | (10) | 03/02/2026 | 1058630 | (147969) |
|  LME Nickel Forward  | (12) | 03/03/2026 | 1270572 | (178792) |
|  LME Nickel Forward  | (22) | 03/05/2026 | 2330967 | (332343) |
|  LME Nickel Forward  | (11) | 03/06/2026 | 1165687 | (165077) |
|  LME Nickel Forward  | (1) | 03/09/2026 | 105990 | (18570) |
|  LME Nickel Forward  | (6) | 03/12/2026 | 636403 | (111426) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Nickel Forward  | (2) | 03/13/2026 | $212164 | $(28926) |
|  LME Nickel Forward  | (56) | 03/16/2026 | 5941417 | (943019) |
|  LME Nickel Forward  | (21) | 03/19/2026 | 2229138 | (110826) |
|  LME Nickel Forward  | (6) | 03/20/2026 | 636915 | 10464 |
|  LME Nickel Forward  | (5) | 03/26/2026 | 531167 | (42371) |
|  LME Nickel Forward  | (10) | 03/27/2026 | 1062507 | (53490) |
|  LME Nickel Forward  | (3) | 03/31/2026 | 318856 | (1127) |
|  LME Nickel Forward  | (27) | 04/01/2026 | 2872028 | (2633) |
|  LME Nickel Forward  | (7) | 04/02/2026 | 744715 | 1765 |
|  LME Nickel Forward  | (5) | 04/07/2026 | 532015 | 8626 |
|  LME Nickel Forward  | (8) | 04/09/2026 | 851766 | 7494 |
|  LME Nickel Forward  | (1) | 04/10/2026 | 106488 | 5963 |
|  LME Nickel Forward  | (7) | 04/13/2026 | 745533 | (18327) |
|  LME Nickel Forward  | (2) | 04/16/2026 | 213143 | 7998 |
|  LME Nickel Forward  | (1) | 04/17/2026 | 106585 | 1488 |
|  LME Nickel Forward  | (1) | 04/20/2026 | 106598 | 1488 |
|  LME Nickel Forward  | (1) | 04/21/2026 | 106612 | 3248 |
|  LME Nickel Forward  | (3) | 04/23/2026 | 320038 | 5137 |
|  LME Nickel Forward  | (5) | 04/24/2026 | 533482 | 11584 |
|  LME Nickel Forward  | (3) | 04/27/2026 | 320140 | 9965 |
|  LME Nickel Forward  | (4) | 04/28/2026 | 426919 | (5055) |
|  LME Nickel Forward  | (7) | 04/29/2026 | 747224 | (37664) |
|  LME Nickel Forward  | (4) | 04/30/2026 | 427221 | (8991) |
|  LME Nickel Forward  | (1) | 05/06/2026 | 106854 | (3564) |
|  LME Nickel Forward  | (2) | 05/07/2026 | 213802 | (7462) |
|  LME Nickel Forward  | (1) | 05/15/2026 | 106986 | (4056) |
|  LME Nickel Forward  | (4) | 05/18/2026 | 428017 | (17716) |
|  LME Nickel Forward  | (1) | 05/20/2026 | 106985 | (1565) |
|  LME Nickel Forward  | (1) | 05/21/2026 | 107049 | (9) |
|  LME Tin Forward  | (1) | 03/02/2026 | 272145 | 6828 |
|  LME Tin Forward  | (7) | 03/12/2026 | 2020480 | (74105) |
|  LME Tin Forward  | (1) | 03/20/2026 | 288594 | (73519) |
|  LME Tin Forward  | (2) | 03/31/2026 | 577282 | (124513) |
|  LME Tin Forward  | (5) | 04/01/2026 | 1443375 | (281630) |
|  LME Tin Forward  | (1) | 04/02/2026 | 288675 | (50185) |
|  LME Tin Forward  | (1) | 04/30/2026 | 288777 | (20012) |
|  LME Tin Forward  | (1) | 05/01/2026 | 288787 | (55262) |
|  LME Tin Forward  | (2) | 05/07/2026 | 577645 | (94620) |
|  LME Tin Forward  | (1) | 05/21/2026 | 288630 | (42505) |
|  LME Zinc Forward  | (1) | 03/02/2026 | 84038 | (6863) |
|  LME Zinc Forward  | (13) | 03/02/2026 | 1072324 | (53372) |
|  LME Zinc Forward  | (11) | 03/03/2026 | 907552 | (44637) |
|  LME Zinc Forward  | (17) | 03/05/2026 | 1403817 | (16016) |
|  LME Zinc Forward  | (9) | 03/06/2026 | 743362 | (32461) |
|  LME Zinc Forward  | (1) | 03/09/2026 | 82614 | (5589) |
|  LME Zinc Forward  | (2) | 03/10/2026 | 165264 | (7905) |
|  LME Zinc Forward  | (18) | 03/12/2026 | 1488690 | (40093) |
|  LME Zinc Forward  | (1) | 03/13/2026 | 82723 | (5536) |
|  LME Zinc Forward  | (91) | 03/16/2026 | 7529477 | (253670) |
|  LME Zinc Forward  | (1) | 03/19/2026 | 82681 | (5719) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Zinc Forward  | (1) | 03/26/2026 | $82689 | $717 |
|  LME Zinc Forward  | (3) | 04/01/2026 | 248405 | (8355) |
|  LME Zinc Forward  | (11) | 04/07/2026 | 910954 | (14285) |
|  LME Zinc Forward  | (17) | 04/09/2026 | 1408263 | (14057) |
|  LME Zinc Forward  | (3) | 04/10/2026 | 248489 | 2330 |
|  LME Zinc Forward  | (79) | 04/13/2026 | 6542800 | 103888 |
|  LME Zinc Forward  | (4) | 04/14/2026 | 331131 | (4331) |
|  LME Zinc Forward  | (11) | 04/16/2026 | 910610 | (14078) |
|  LME Zinc Forward  | (24) | 04/17/2026 | 1986936 | (19608) |
|  LME Zinc Forward  | (16) | 04/20/2026 | 1324724 | (21146) |
|  LME Zinc Forward  | (2) | 04/23/2026 | 165783 | 92 |
|  LME Zinc Forward  | (3) | 04/24/2026 | 248695 | 6593 |
|  LME Zinc Forward  | (6) | 05/07/2026 | 497880 | 5558 |
|  LME Zinc Forward  | (2) | 05/18/2026 | 165972 | 1268 |
|  London Cocoa  | (124) | 05/13/2026 | 3437435 | 1801868 |
|  London Cocoa  | (60) | 07/16/2026 | 1703705 | 837392 |
|  London Cocoa  | (5) | 09/15/2026 | 144401 | 24797 |
|  London Metals - Aluminum<sup>(a)</sup>  | (1235) | 03/16/2026 | 96927431 | (2073608) |
|  London Metals - Aluminum<sup>(a)</sup>  | (73) | 04/13/2026 | 5742855 | (44183) |
|  London Metals - Aluminum<sup>(a)</sup>  | (48) | 06/15/2026 | 3773868 | (77670) |
|  London Metals - Copper<sup>(a)</sup>  | (307) | 03/16/2026 | 102084101 | (3218515) |
|  London Metals - Copper<sup>(a)</sup>  | (2) | 04/13/2026 | 666283 | (14308) |
|  London Metals - Copper<sup>(a)</sup>  | (1) | 06/15/2026 | 334229 | (12833) |
|  London Metals - Lead<sup>(a)</sup>  | (1023) | 03/16/2026 | 49305275 | 1643014 |
|  London Metals - Lead<sup>(a)</sup>  | (126) | 04/13/2026 | 6122560 | 110977 |
|  London Metals - Lead<sup>(a)</sup>  | (61) | 05/18/2026 | 2986972 | 24866 |
|  London Metals - Lead<sup>(a)</sup>  | (376) | 06/15/2026 | 18534732 | 137680 |
|  London Metals - Nickel<sup>(a)</sup>  | (353) | 03/16/2026 | 37452147 | (4432654) |
|  London Metals - Nickel<sup>(a)</sup>  | (8) | 04/13/2026 | 852038 | (42518) |
|  London Metals - Nickel<sup>(a)</sup>  | (13) | 06/15/2026 | 1396004 | (47612) |
|  London Metals - Tin<sup>(a)</sup>  | (4) | 03/16/2026 | 1154440 | (208876) |
|  London Metals - Zinc<sup>(a)</sup>  | (828) | 03/16/2026 | 68509962 | (1541682) |
|  London Metals - Zinc<sup>(a)</sup>  | (120) | 04/13/2026 | 9938430 | 159074 |
|  London Metals - Zinc<sup>(a)</sup>  | (16) | 06/15/2026 | 1328700 | (1201) |
|  Long Gilt  | (891) | 06/26/2026 | 112487204 | (931108) |
|  Lumber  | (5) | 05/15/2026 | 80094 | 891 |
|  Maize  | (7) | 06/05/2026 | 81575 | (3131) |
|  Mexican Peso/US Dollar Cross Currency Rate  | (21) | 03/16/2026 | 608580 | (289) |
|  MIAX Red Wheat FutJul26  | (33) | 07/14/2026 | 1034962 | (36850) |
|  MIAX Red Wheat FutMay26  | (98) | 05/14/2026 | 3002475 | (131825) |
|  Milling Wheat No. 2  | (760) | 05/11/2026 | 9047512 | (445759) |
|  Milling Wheat No. 2  | (220) | 09/10/2026 | 2677506 | (134525) |
|  Milling Wheat No. 2  | (35) | 12/10/2026 | 437857 | (19733) |
|  MSCI Singapore Index  | (14) | 03/30/2026 | 510847 | (4162) |
|  Nasdaq 100 Index  | (12) | 03/20/2026 | 6001140 | (30585) |
|  Natural Gas  | (20) | 03/26/2026 | 142950 | 4138 |
|  Natural Gas  | (178) | 03/27/2026 | 5089020 | 144120 |
|  Natural Gas  | (25) | 03/30/2026 | 679730 | (46579) |
|  Natural Gas  | (294) | 04/28/2026 | 8470140 | 223930 |
|  Natural Gas  | (110) | 05/27/2026 | 3369300 | 144290 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Natural Gas  | (29) | 06/26/2026 | $967730 | $88480 |
|  Natural Gas  | (13) | 09/28/2026 | 450060 | 37100 |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | (69) | 03/16/2026 | 4139655 | (118901) |
|  Nifty 50 Index  | (248) | 03/30/2026 | 12541360 | 224775 |
|  Nikkei 225 Index  | (24) | 03/12/2026 | 4509461 | (31783) |
|  Nikkei 225 Index  | (42) | 03/12/2026 | 7944674 | 60433 |
|  NY Harbor ULSD  | (14) | 03/31/2026 | 1526448 | (29635) |
|  NYSE FANG+ Index  | (3) | 03/20/2026 | 217314 | 10903 |
|  OMXS30 Index  | (25) | 03/20/2026 | 893441 | (4791) |
|  Phelix DE Base Yearly  | (1) | 12/29/2026 | 825064 | (36124) |
|  Phelix DE Baseload Quarterly  | (1) | 03/27/2026 | 182424 | (8619) |
|  Platinum  | (1) | 04/28/2026 | 118675 | (3960) |
|  Robusta Coffee  | (124) | 05/22/2026 | 4493760 | 117530 |
|  Robusta Coffee  | (56) | 07/27/2026 | 1989120 | 64090 |
|  Rough Rice  | (31) | 05/14/2026 | 666190 | 5440 |
|  Russell 2000 Index  | (59) | 03/20/2026 | 7772365 | (19145) |
|  S&P 500 Index  | (192) | 03/20/2026 | 66134400 | 301218 |
|  S&P/Toronto Stock Exchange 60 Index  | (21) | 03/19/2026 | 6070379 | (76141) |
|  SGX TSI Iron Ore  | (143) | 04/30/2026 | 1406548 | (41808) |
|  SGX TSI Iron Ore  | (9) | 05/29/2026 | 88146 | (301) |
|  Silver  | (2) | 05/27/2026 | 932910 | (57031) |
|  Soybean Meal  | (133) | 05/14/2026 | 4262650 | (226000) |
|  Soybean Meal  | (85) | 07/14/2026 | 2743800 | (62390) |
|  Sugar #11  | (2904) | 04/30/2026 | 45176947 | (114218) |
|  Sugar #11  | (421) | 06/30/2026 | 6539982 | 149038 |
|  Sugar #11  | (29) | 09/30/2026 | 461216 | (1288) |
|  Sugar #11  | (13) | 02/26/2027 | 216798 | (4346) |
|  Swiss Franc/US Dollar Cross Currency Rate  | (5) | 03/16/2026 | 814906 | (23895) |
|  Technology Select Sector Index  | (1) | 03/20/2026 | 279990 | 10710 |
|  Turkish Dollar  | (382) | 03/31/2026 | 391747 | (12) |
|  U.S. Treasury 10 Year Notes  | (760) | 06/18/2026 | 86497500 | (455109) |
|  U.S. Treasury 2 Year Notes  | (894) | 06/30/2026 | 187090454 | (287719) |
|  U.S. Treasury Ultra Bonds  | (27) | 06/18/2026 | 3283031 | (30594) |
|  UK Natural Gas  | (15) | 03/30/2026 | 476483 | (40632) |
|  UK Natural Gas  | (5) | 04/29/2026 | 162890 | (3802) |
|  US Cocoa  | (261) | 05/13/2026 | 7537680 | 3632446 |
|  US Cocoa  | (69) | 07/16/2026 | 2029980 | 1165220 |
|  US Dollar/Chinese Renminbi Cross Currency Rate  | (4) | 03/16/2026 | 399350 | 7044 |
|  US Dollar/Swedish Krona Cross Currency Rate  | (12) | 03/16/2026 | 1198611 | 40795 |
|  Wheat  | (390) | 05/14/2026 | 11534250 | (971237) |
|  Wheat  | (89) | 07/14/2026 | 2664438 | (181163) |
|  Wheat  | (20) | 09/14/2026 | 609750 | (45413) |
|  Wheat  | (35) | 12/14/2026 | 1096812 | (96850) |
|  White Sugar  | (202) | 04/15/2026 | 4117770 | 116305 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  White Sugar  | (147) | 07/16/2026 | 2981895 | $40965 |
|  White Sugar  | (37) | 09/15/2026 | 749250 | (95) |
|  |  |  |  | $(21846893) |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $104473766 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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 <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/31/2026 | AUD | 21000000 | CAD | 20248391 | Bank of America | $77470 |
| 03/02/2026 | AUD | 416010 | EUR | 250000 | Bank of America | 608 |
| 03/31/2026 | AUD | 11718296 | EUR | 7000000 | Bank of America | 52313 |
| 03/31/2026 | AUD | 14133426 | GBP | 7375000 | Bank of America | 116757 |
| 03/31/2026 | AUD | 10600000 | JPY | 1148998660 | Bank of America | 163737 |
| 03/31/2026 | AUD | 27800000 | NZD | 32606902 | Bank of America | 195256 |
| 03/03/2026 | AUD | 38367239 | USD | 27256233 | Bank of America | 47552 |
| 03/18/2026 | AUD | 164692720 | USD | 113017531 | Bank of America | 4177424 |
| 04/16/2026 | AUD | 815000 | USD | 578269 | Bank of America | 1595 |
| 03/03/2026 | BRL | 113648958 | USD | 21450106 | Bank of America | 694252 |
| 04/02/2026 | BRL | 106700562 | USD | 20300099 | Bank of America | 326126 |
| 03/02/2026 | CAD | 807666 | EUR | 500000 | Bank of America | 1297 |
| 03/31/2026 | CAD | 6800000 | JPY | 764376440 | Bank of America | 83419 |
| 03/02/2026 | CAD | 123539004 | USD | 90383911 | Bank of America | 195298 |
| 03/18/2026 | CAD | 97367768 | USD | 71288121 | Bank of America | 152090 |
| 04/16/2026 | CAD | 117297000 | USD | 85948541 | Bank of America | 225302 |
| 03/18/2026 | CHF | 15861481 | EUR | 17350000 | Bank of America | 156399 |
| 03/31/2026 | CHF | 16661465 | EUR | 18250000 | Bank of America | 154869 |
| 03/02/2026 | CHF | 260684 | GBP | 250000 | Bank of America | 2255 |
| 03/31/2026 | CHF | 1438289 | GBP | 1375000 | Bank of America | 24980 |
| 03/31/2026 | CHF | 6750000 | JPY | 1341881990 | Bank of America | 197073 |
| 03/02/2026 | CHF | 3792384 | USD | 4910174 | Bank of America | 23976 |
| 03/03/2026 | CHF | 3797232 | USD | 4914411 | Bank of America | 26584 |
| 03/18/2026 | CHF | 35777748 | USD | 46173376 | Bank of America | 469938 |
| 03/31/2026 | CHF | 9875000 | USD | 12870881 | Bank of America | 24328 |
| 03/18/2026 | CLP | 7742012605 | USD | 8500042 | Bank of America | 370460 |
| 03/18/2026 | CNH | 567007268 | USD | 81934278 | Bank of America | 825745 |
| 03/31/2026 | CNH | 238128157 | USD | 34600000 | Bank of America | 190957 |
| 04/15/2026 | CNH | 22063778 | USD | 3223895 | Bank of America | 2447 |
| 03/18/2026 | COP | 30460146270 | USD | 8000040 | Bank of America | 76240 |
| 03/18/2026 | CZK | 127827856 | EUR | 5250000 | Bank of America | 24468 |
| 03/02/2026 | EUR | 250000 | AUD | 414679 | Bank of America | 339 |
| 03/02/2026 | EUR | 3200000 | GBP | 2792528 | Bank of America | 18325 |
| 03/03/2026 | EUR | 1000000 | GBP | 876495 | Bank of America | 624 |
| 03/18/2026 | EUR | 6400000 | GBP | 5585994 | Bank of America | 41822 |
| 03/31/2026 | EUR | 15100000 | GBP | 13194597 | Bank of America | 90321 |
| 03/02/2026 | EUR | 200000 | HUF | 75121778 | Bank of America | 840 |
| 03/02/2026 | EUR | 400000 | JPY | 73751043 | Bank of America | 326 |
| 03/31/2026 | EUR | 9932506 | JPY | 1804667918 | Bank of America | 167723 |
| 03/18/2026 | EUR | 1150000 | PLN | 4859921 | Bank of America | 211 |
| 03/31/2026 | EUR | 100000 | PLN | 422466 | Bank of America | 145 |
| 03/18/2026 | EUR | 12750000 | SEK | 135959993 | Bank of America | 3460 |
| 03/02/2026 | EUR | 4170836 | USD | 4921306 | Bank of America | 7678 |
| 03/18/2026 | EUR | 86211000 | USD | 101843014 | Bank of America | 130209 |
| 04/16/2026 | EUR | 12979000 | USD | 15336812 | Bank of America | 36779 |
| 03/31/2026 | GBP | 7125000 | JPY | 1481794402 | Bank of America | 87081 |
| 03/18/2026 | HUF | 2931988521 | EUR | 7700000 | Bank of America | 73906 |
| 03/31/2026 | HUF | 836108647 | EUR | 2200000 | Bank of America | 11827 |
| 03/18/2026 | HUF | 7065233253 | USD | 22042688 | Bank of America | 82569 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/31/2026 | HUF | 3405196030 | USD | 10600000 | Bank of America | $53917 |
| 03/02/2026 | JPY | 52856041 | GBP | 250000 | Bank of America | 1636 |
| 03/04/2026 | KRW | 11763336375 | USD | 8151607 | Bank of America | 27032 |
| 03/05/2026 | KRW | 2752791500 | USD | 1900000 | Bank of America | 13973 |
| 03/09/2026 | KRW | 2882355263 | USD | 2000000 | Bank of America | 4335 |
| 03/11/2026 | KRW | 3364207717 | USD | 2300000 | Bank of America | 39578 |
| 03/12/2026 | KRW | 4947968214 | USD | 3400000 | Bank of America | 41103 |
| 03/18/2026 | KRW | 65873428417 | USD | 45708432 | Bank of America | 113901 |
| 03/02/2026 | MXN | 834577 | USD | 48440 | Bank of America | 7 |
| 03/18/2026 | MXN | 1086195867 | USD | 61692865 | Bank of America | 1261723 |
| 04/16/2026 | MXN | 210630000 | USD | 12176000 | Bank of America | 581 |
| 03/18/2026 | NOK | 266139757 | EUR | 23300000 | Bank of America | 427181 |
| 03/31/2026 | NOK | 97361747 | EUR | 8625000 | Bank of America | 28296 |
| 03/02/2026 | NOK | 6696857 | USD | 700043 | Bank of America | 4265 |
| 03/03/2026 | NOK | 4758074 | USD | 500043 | Bank of America | 361 |
| 03/18/2026 | NOK | 199646630 | USD | 20793171 | Bank of America | 201620 |
| 04/16/2026 | NOK | 478370000 | USD | 50070995 | Bank of America | 224695 |
| 03/31/2026 | NZD | 9200000 | JPY | 850399424 | Bank of America | 64986 |
| 03/02/2026 | NZD | 2275000 | USD | 1363275 | Bank of America | 1534 |
| 03/03/2026 | NZD | 309000 | USD | 185189 | Bank of America | 192 |
| 03/18/2026 | NZD | 65519000 | USD | 39159441 | Bank of America | 173418 |
| 04/16/2026 | NZD | 27399000 | USD | 16400043 | Bank of America | 66474 |
| 03/18/2026 | PEN | 11148946 | USD | 3300000 | Bank of America | 21913 |
| 03/18/2026 | PHP | 327663649 | USD | 5600000 | Bank of America | 78675 |
| 03/18/2026 | PLN | 27938018 | EUR | 6600000 | Bank of America | 11746 |
| 03/02/2026 | PLN | 5642550 | USD | 1577197 | Bank of America | 1934 |
| 03/03/2026 | PLN | 5367837 | USD | 1500012 | Bank of America | 2230 |
| 03/02/2026 | SEK | 5427952 | USD | 600000 | Bank of America | 1357 |
| 03/03/2026 | SEK | 2814434 | USD | 311242 | Bank of America | 582 |
| 03/18/2026 | THB | 261368272 | USD | 8400000 | Bank of America | 22257 |
| 03/05/2026 | TWD | 44066321 | USD | 1400000 | Bank of America | 12431 |
| 03/06/2026 | TWD | 18962065 | USD | 600000 | Bank of America | 7819 |
| 03/11/2026 | TWD | 6329685 | USD | 200000 | Bank of America | 2969 |
| 03/18/2026 | TWD | 454125900 | USD | 14477706 | Bank of America | 91947 |
| 04/02/2026 | TWD | 18788706 | USD | 600000 | Bank of America | 3419 |
| 04/07/2026 | TWD | 6246389 | USD | 200000 | Bank of America | 665 |
| 03/02/2026 | USD | 948857 | CAD | 1293697 | Bank of America | 314 |
| 03/02/2026 | USD | 100000 | CLP | 86664870 | Bank of America | 697 |
| 03/04/2026 | USD | 1400000 | CLP | 1215520841 | Bank of America | 7227 |
| 03/05/2026 | USD | 100000 | CLP | 85858170 | Bank of America | 1622 |
| 03/11/2026 | USD | 100000 | CLP | 85202170 | Bank of America | 2376 |
| 03/12/2026 | USD | 400000 | CLP | 343002569 | Bank of America | 6991 |
| 03/18/2026 | USD | 2499988 | CLP | 2168262706 | Bank of America | 15675 |
| 03/20/2026 | USD | 200000 | CLP | 172774340 | Bank of America | 2043 |
| 03/23/2026 | USD | 100000 | CLP | 86845170 | Bank of America | 498 |
| 03/24/2026 | USD | 800000 | CLP | 694464000 | Bank of America | 4329 |
| 03/02/2026 | USD | 6768586 | CNH | 46269865 | Bank of America | 23195 |
| 03/03/2026 | USD | 1337821 | CNH | 9165096 | Bank of America | 1611 |
| 03/04/2026 | USD | 1000000 | COP | 3705514156 | Bank of America | 13599 |
| 03/05/2026 | USD | 400000 | COP | 1459147136 | Bank of America | 11673 |
| 03/09/2026 | USD | 200000 | COP | 740263368 | Bank of America | 3211 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/12/2026 | USD | 300000 | COP | 1101623052 | Bank of America | $7404 |
| 03/19/2026 | USD | 200000 | COP | 744259368 | Bank of America | 2722 |
| 03/24/2026 | USD | 900000 | COP | 3347606000 | Bank of America | 13948 |
| 03/31/2026 | USD | 3558635 | EUR | 3000000 | Bank of America | 7554 |
| 03/02/2026 | USD | 94023184 | GBP | 69751861 | Bank of America | 22052 |
| 03/03/2026 | USD | 4686613 | GBP | 3475121 | Bank of America | 3369 |
| 03/18/2026 | USD | 83926782 | GBP | 61968000 | Bank of America | 411786 |
| 03/31/2026 | USD | 3636117 | GBP | 2687500 | Bank of America | 13951 |
| 04/16/2026 | USD | 22254085 | GBP | 16508000 | Bank of America | 3528 |
| 03/02/2026 | USD | 276965 | HUF | 88029900 | Bank of America | 982 |
| 03/25/2026 | USD | 9200000 | IDR | 154251735610 | Bank of America | 6107 |
| 03/02/2026 | USD | 300000 | ILS | 935569 | Bank of America | 1338 |
| 03/18/2026 | USD | 5250000 | ILS | 16392300 | Bank of America | 16191 |
| 03/05/2026 | USD | 7800000 | INR | 703726140 | Bank of America | 67459 |
| 03/06/2026 | USD | 2400000 | INR | 216520560 | Bank of America | 21013 |
| 03/10/2026 | USD | 11000000 | INR | 999218990 | Bank of America | 24429 |
| 03/11/2026 | USD | 3500000 | INR | 317865615 | Bank of America | 8771 |
| 03/12/2026 | USD | 4100000 | INR | 371828711 | Bank of America | 16372 |
| 03/17/2026 | USD | 700000 | INR | 63524489 | Bank of America | 2593 |
| 03/18/2026 | USD | 54709783 | INR | 4955050683 | Bank of America | 314456 |
| 03/23/2026 | USD | 1400000 | INR | 127086092 | Bank of America | 5388 |
| 03/27/2026 | USD | 11000000 | INR | 1002216490 | Bank of America | 5117 |
| 03/30/2026 | USD | 2100000 | INR | 191237508 | Bank of America | 2501 |
| 03/02/2026 | USD | 76896812 | JPY | 11987865828 | Bank of America | 113178 |
| 03/03/2026 | USD | 77975911 | JPY | 12162847739 | Bank of America | 64889 |
| 03/18/2026 | USD | 125862983 | JPY | 19563222311 | Bank of America | 379767 |
| 03/31/2026 | USD | 9167524 | JPY | 1400000000 | Bank of America | 176924 |
| 04/16/2026 | USD | 10327176 | JPY | 1604600000 | Bank of America | 6864 |
| 04/06/2026 | USD | 400000 | KRW | 574308000 | Bank of America | 239 |
| 03/02/2026 | USD | 48552 | MXN | 834577 | Bank of America | 105 |
| 03/03/2026 | USD | 26643 | MXN | 458976 | Bank of America | 2 |
| 03/31/2026 | USD | 463703 | MXN | 8000000 | Bank of America | 620 |
| 04/16/2026 | USD | 9132488 | MXN | 157520000 | Bank of America | 26212 |
| 03/18/2026 | USD | 1119780 | NOK | 10636024 | Bank of America | 1299 |
| 03/31/2026 | USD | 360571 | NZD | 600000 | Bank of America | 171 |
| 04/16/2026 | USD | 80003478 | NZD | 132995000 | Bank of America | 74852 |
| 03/31/2026 | USD | 400000 | PLN | 1427861 | Bank of America | 421 |
| 03/02/2026 | USD | 601539 | SEK | 5427950 | Bank of America | 182 |
| 03/03/2026 | USD | 477 | SEK | 4307 | Bank of America | 0 |
| 03/18/2026 | USD | 5579767 | SEK | 49940092 | Bank of America | 41521 |
| 03/02/2026 | USD | 1345220 | SGD | 1699658 | Bank of America | 1226 |
| 03/03/2026 | USD | 100000 | SGD | 126453 | Bank of America | 1 |
| 03/02/2026 | USD | 1311787 | ZAR | 20859151 | Bank of America | 2128 |
| 03/03/2026 | ZAR | 3795874 | USD | 238260 | Bank of America | 50 |
| 03/18/2026 | ZAR | 375116771 | USD | 23399494 | Bank of America | 121479 |
| 03/18/2026 | AUD | 85416228 | USD | 59296175 | UBS AG | 1485813 |
| 03/03/2026 | BRL | 39705968 | USD | 7400000 | UBS AG | 336658 |
| 04/02/2026 | BRL | 36172941 | USD | 6900000 | UBS AG | 92571 |
| 03/02/2026 | CAD | 189179 | USD | 138292 | UBS AG | 415 |
| 03/18/2026 | CAD | 81115518 | USD | 59232619 | UBS AG | 283069 |
| 03/18/2026 | CNH | 133000000 | USD | 19098269 | UBS AG | 314328 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/18/2026 | EUR | 4855540 | PLN | 20500000 | UBS AG | $6375 |
| 03/18/2026 | EUR | 4524853 | SEK | 48000000 | UBS AG | 29053 |
| 03/02/2026 | EUR | 16 | USD | 19 | UBS AG | 0 |
| 03/03/2026 | EUR | 42358 | USD | 49976 | UBS AG | 84 |
| 03/18/2026 | EUR | 50524050 | USD | 59547307 | UBS AG | 214211 |
| 03/31/2026 | IDR | 6718484000 | USD | 400000 | UBS AG | 377 |
| 03/02/2026 | JPY | 77360561 | USD | 495467 | UBS AG | 36 |
| 03/18/2026 | NOK | 114000000 | EUR | 9781529 | UBS AG | 418296 |
| 03/03/2026 | NOK | 1621054 | USD | 170197 | UBS AG | 288 |
| 03/18/2026 | NOK | 328990497 | USD | 32672937 | UBS AG | 1923623 |
| 03/18/2026 | NZD | 94167181 | USD | 55293555 | UBS AG | 1237595 |
| 03/02/2026 | PLN | 500000 | EUR | 118402 | UBS AG | 6 |
| 03/18/2026 | PLN | 41500000 | EUR | 9768886 | UBS AG | 58799 |
| 03/02/2026 | SEK | 1000000 | EUR | 93724 | UBS AG | 29 |
| 03/03/2026 | SEK | 2000000 | EUR | 187332 | UBS AG | 194 |
| 03/18/2026 | SEK | 158000000 | EUR | 14589957 | UBS AG | 264366 |
| 03/03/2026 | SEK | 4580626 | USD | 506512 | UBS AG | 997 |
| 03/18/2026 | TRY | 38000000 | USD | 828521 | UBS AG | 22786 |
| 03/31/2026 | TWD | 9393134 | USD | 300000 | UBS AG | 1637 |
| 03/02/2026 | USD | 6208003 | AUD | 8718717 | UBS AG | 3378 |
| 03/02/2026 | USD | 584956 | CNH | 4000000 | UBS AG | 1821 |
| 03/03/2026 | USD | 510564 | CNH | 3500000 | UBS AG | 287 |
| 03/02/2026 | USD | 2413643 | GBP | 1780298 | UBS AG | 14423 |
| 03/03/2026 | USD | 2570903 | GBP | 1905791 | UBS AG | 2565 |
| 03/18/2026 | USD | 45268365 | GBP | 33382394 | UBS AG | 278523 |
| 03/30/2026 | USD | 10500000 | INR | 954818610 | UBS AG | 27522 |
| 03/03/2026 | USD | 1057334 | JPY | 164890288 | UBS AG | 1104 |
| 03/18/2026 | USD | 38984897 | JPY | 6001802022 | UBS AG | 487895 |
| 03/02/2026 | USD | 470599 | NZD | 784185 | UBS AG | 154 |
| 03/02/2026 | USD | 62917 | ZAR | 1000000 | UBS AG | 131 |
| 03/18/2026 | ZAR | 96000000 | USD | 5645372 | UBS AG | 374123 |
| 03/02/2026 | AUD | 38961239 | USD | 27751484 | Bank of America | (24941) |
| 03/31/2026 | AUD | 18300000 | USD | 13026623 | Bank of America | (5236) |
| 03/31/2026 | CAD | 19900000 | USD | 14635911 | Bank of America | (26574) |
| 03/03/2026 | CHF | 258632 | GBP | 250000 | Bank of America | (378) |
| 03/02/2026 | CLP | 86664871 | USD | 101637 | Bank of America | (2334) |
| 03/04/2026 | CLP | 1214313500 | USD | 1400000 | Bank of America | (8610) |
| 03/05/2026 | CLP | 86798830 | USD | 100000 | Bank of America | (544) |
| 03/11/2026 | CLP | 86803830 | USD | 100000 | Bank of America | (541) |
| 03/12/2026 | CLP | 347211320 | USD | 400000 | Bank of America | (2169) |
| 03/20/2026 | CLP | 173609660 | USD | 200000 | Bank of America | (1086) |
| 03/23/2026 | CLP | 86713830 | USD | 100000 | Bank of America | (649) |
| 03/24/2026 | CLP | 1129060800 | USD | 1300000 | Bank of America | (6396) |
| 03/31/2026 | CLP | 171649660 | USD | 200000 | Bank of America | (3340) |
| 03/02/2026 | CNH | 46269865 | USD | 6760061 | Bank of America | (14670) |
| 03/03/2026 | CNH | 9165096 | USD | 1337591 | Bank of America | (1381) |
| 03/04/2026 | COP | 3665160000 | USD | 1000000 | Bank of America | (24341) |
| 03/05/2026 | COP | 1483133264 | USD | 400000 | Bank of America | (5289) |
| 03/09/2026 | COP | 741722632 | USD | 200000 | Bank of America | (2824) |
| 03/12/2026 | COP | 1113693948 | USD | 300000 | Bank of America | (4198) |
| 03/19/2026 | COP | 738624632 | USD | 200000 | Bank of America | (4216) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/24/2026 | COP | 4838065632 | USD | 1300000 | Bank of America | $(19450) |
| 03/26/2026 | COP | 373341316 | USD | 100000 | Bank of America | (1240) |
| 03/31/2026 | CZK | 4085857 | USD | 200000 | Bank of America | (695) |
| 03/31/2026 | EUR | 875000 | AUD | 1463526 | Bank of America | (5642) |
| 03/02/2026 | EUR | 500000 | CAD | 808221 | Bank of America | (1703) |
| 03/31/2026 | EUR | 11000000 | CAD | 17742056 | Bank of America | (4481) |
| 03/18/2026 | EUR | 2400000 | CHF | 2186522 | Bank of America | (11761) |
| 03/18/2026 | EUR | 1200000 | CZK | 29118766 | Bank of America | (763) |
| 03/18/2026 | EUR | 1800000 | HUF | 684318765 | Bank of America | (13891) |
| 03/31/2026 | EUR | 200000 | HUF | 76266680 | Bank of America | (1879) |
| 03/18/2026 | EUR | 35000000 | JPY | 6466922961 | Bank of America | (81242) |
| 03/18/2026 | EUR | 8050000 | NOK | 90903208 | Bank of America | (37553) |
| 03/03/2026 | EUR | 2713000 | USD | 3206855 | Bank of America | (546) |
| 03/31/2026 | EUR | 13750000 | USD | 16339102 | Bank of America | (63317) |
| 03/02/2026 | GBP | 250000 | CHF | 260836 | Bank of America | (2452) |
| 03/03/2026 | GBP | 125000 | CHF | 129490 | Bank of America | (38) |
| 03/31/2026 | GBP | 375000 | CHF | 390116 | Bank of America | (4012) |
| 03/02/2026 | GBP | 2801464 | EUR | 3200000 | Bank of America | (6282) |
| 03/03/2026 | GBP | 116532 | EUR | 133192 | Bank of America | (366) |
| 03/18/2026 | GBP | 5501546 | EUR | 6350000 | Bank of America | (96492) |
| 03/31/2026 | GBP | 2358705 | EUR | 2700000 | Bank of America | (16950) |
| 03/02/2026 | GBP | 250000 | JPY | 52641686 | Bank of America | (263) |
| 03/02/2026 | GBP | 69742925 | USD | 94479142 | Bank of America | (490053) |
| 03/03/2026 | GBP | 68157843 | USD | 91854986 | Bank of America | (2122) |
| 03/18/2026 | GBP | 87663000 | USD | 118384743 | Bank of America | (240296) |
| 03/31/2026 | GBP | 12500000 | USD | 17018238 | Bank of America | (170953) |
| 04/16/2026 | GBP | 81755000 | USD | 110460585 | Bank of America | (265872) |
| 03/02/2026 | HUF | 75052623 | EUR | 200000 | Bank of America | (1057) |
| 03/02/2026 | HUF | 88099055 | USD | 277123 | Bank of America | (923) |
| 03/03/2026 | HUF | 36862668 | USD | 115811 | Bank of America | (250) |
| 03/25/2026 | IDR | 112377766970 | USD | 6700000 | Bank of America | (1929) |
| 03/02/2026 | ILS | 935569 | USD | 300458 | Bank of America | (1796) |
| 03/18/2026 | ILS | 34444758 | USD | 11150000 | Bank of America | (152319) |
| 03/31/2026 | ILS | 15695588 | USD | 5100000 | Bank of America | (87837) |
| 03/04/2026 | INR | 128699410 | USD | 1419231 | Bank of America | (4999) |
| 03/05/2026 | INR | 705010743 | USD | 7800000 | Bank of America | (53344) |
| 03/06/2026 | INR | 217243471 | USD | 2400000 | Bank of America | (13070) |
| 03/10/2026 | INR | 1001172308 | USD | 11000000 | Bank of America | (2973) |
| 03/11/2026 | INR | 318088336 | USD | 3500000 | Bank of America | (6324) |
| 03/12/2026 | INR | 372040170 | USD | 4100000 | Bank of America | (14050) |
| 03/18/2026 | INR | 2249978989 | USD | 24745335 | Bank of America | (45620) |
| 03/02/2026 | JPY | 73693417 | EUR | 400000 | Bank of America | (695) |
| 03/18/2026 | JPY | 2189928403 | EUR | 12050000 | Bank of America | (206411) |
| 03/31/2026 | JPY | 279161617 | EUR | 1532506 | Bank of America | (21281) |
| 03/31/2026 | JPY | 130324881 | GBP | 625000 | Bank of America | (5437) |
| 03/02/2026 | JPY | 11987709100 | USD | 76847078 | Bank of America | (64447) |
| 03/03/2026 | JPY | 19042000 | USD | 122088 | Bank of America | (111) |
| 03/18/2026 | JPY | 10512758804 | USD | 68250320 | Bank of America | (818955) |
| 03/31/2026 | JPY | 175000000 | USD | 1141096 | Bank of America | (17271) |
| 04/16/2026 | JPY | 10285000000 | USD | 67160265 | Bank of America | (1010193) |
| 03/03/2026 | KRW | 877801360 | USD | 610608 | Bank of America | (320) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/10/2026 | KRW | 574739053 | USD | 400000 | Bank of America | $(323) |
| 04/03/2026 | KRW | 426652090 | USD | 300000 | Bank of America | (3047) |
| 03/03/2026 | MXN | 458976 | USD | 26648 | Bank of America | (7) |
| 03/31/2026 | MXN | 248500000 | USD | 14440907 | Bank of America | (56379) |
| 03/31/2026 | NOK | 51232134 | USD | 5400000 | Bank of America | (12907) |
| 03/31/2026 | NZD | 11100000 | USD | 6723891 | Bank of America | (56495) |
| 03/31/2026 | PLN | 10984254 | EUR | 2600000 | Bank of America | (3722) |
| 03/18/2026 | PLN | 58418922 | USD | 16505576 | Bank of America | (157062) |
| 03/31/2026 | PLN | 58392235 | USD | 16400000 | Bank of America | (59265) |
| 04/16/2026 | PLN | 108950000 | USD | 30520862 | Bank of America | (31415) |
| 03/18/2026 | SEK | 296158747 | EUR | 28000000 | Bank of America | (275978) |
| 03/31/2026 | SEK | 124136984 | EUR | 11750000 | Bank of America | (130835) |
| 03/31/2026 | SEK | 83311476 | NOK | 89000000 | Bank of America | (111937) |
| 03/18/2026 | SEK | 219384678 | USD | 24555366 | Bank of America | (226092) |
| 03/31/2026 | SEK | 77241904 | USD | 8700000 | Bank of America | (127171) |
| 03/02/2026 | SGD | 1699658 | USD | 1346115 | Bank of America | (2121) |
| 03/03/2026 | SGD | 126453 | USD | 100002 | Bank of America | (3) |
| 03/18/2026 | SGD | 54549919 | USD | 43238138 | Bank of America | (47650) |
| 03/31/2026 | SGD | 27428520 | USD | 21800000 | Bank of America | (60350) |
| 03/31/2026 | TRY | 365567556 | USD | 8100000 | Bank of America | (219) |
| 03/02/2026 | USD | 27681244 | AUD | 38962570 | Bank of America | (46246) |
| 03/03/2026 | USD | 1154848 | AUD | 1623000 | Bank of America | (149) |
| 03/18/2026 | USD | 42362329 | AUD | 61497720 | Bank of America | (1399304) |
| 04/16/2026 | USD | 574940 | AUD | 815000 | Bank of America | (4923) |
| 03/03/2026 | USD | 21783830 | BRL | 113628630 | Bank of America | (356567) |
| 04/02/2026 | USD | 549997 | BRL | 2847034 | Bank of America | (361) |
| 03/18/2026 | USD | 56862052 | CAD | 78213618 | Bank of America | (524468) |
| 03/31/2026 | USD | 4105453 | CAD | 5600000 | Bank of America | (5718) |
| 04/16/2026 | USD | 61750984 | CAD | 84312000 | Bank of America | (189978) |
| 03/02/2026 | USD | 4903677 | CHF | 3792232 | Bank of America | (30276) |
| 03/03/2026 | USD | 1095105 | CHF | 846000 | Bank of America | (5719) |
| 03/18/2026 | USD | 28828757 | CHF | 22441963 | Bank of America | (428744) |
| 03/31/2026 | USD | 2435850 | CHF | 1875000 | Bank of America | (12608) |
| 03/18/2026 | USD | 18473106 | CNH | 127138735 | Bank of America | (83984) |
| 03/31/2026 | USD | 4100000 | CNH | 28118998 | Bank of America | (8237) |
| 03/18/2026 | USD | 3349983 | COP | 12851857748 | Bank of America | (57591) |
| 04/06/2026 | USD | 500000 | COP | 1895737823 | Bank of America | (129) |
| 03/02/2026 | USD | 4924758 | EUR | 4170836 | Bank of America | (4226) |
| 03/03/2026 | USD | 3484106 | EUR | 2950836 | Bank of America | (3285) |
| 03/18/2026 | USD | 101149953 | EUR | 85683000 | Bank of America | (198734) |
| 04/16/2026 | USD | 114988712 | EUR | 97113000 | Bank of America | (41374) |
| 03/03/2026 | USD | 200000 | HUF | 63830000 | Bank of America | (102) |
| 03/18/2026 | USD | 1099458 | HUF | 352610225 | Bank of America | (4765) |
| 03/04/2026 | USD | 1400000 | INR | 128699411 | Bank of America | (14232) |
| 03/03/2026 | USD | 600000 | KRW | 877801367 | Bank of America | (10288) |
| 03/04/2026 | USD | 8100000 | KRW | 11763336381 | Bank of America | (78639) |
| 03/05/2026 | USD | 1900000 | KRW | 2751748757 | Bank of America | (13248) |
| 03/09/2026 | USD | 2000000 | KRW | 2922920000 | Bank of America | (32543) |
| 03/10/2026 | USD | 400000 | KRW | 587008000 | Bank of America | (8209) |
| 03/18/2026 | USD | 59973668 | KRW | 87714737753 | Bank of America | (1041736) |
| 03/20/2026 | USD | 8100000 | KRW | 11682513500 | Bank of America | (27094) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/24/2026 | USD | 1900000 | KRW | 2751067000 | Bank of America | $(14098) |
| 03/31/2026 | USD | 2000000 | KRW | 2880420000 | Bank of America | (4598) |
| 03/18/2026 | USD | 7037270 | MXN | 123184529 | Bank of America | (102355) |
| 03/02/2026 | USD | 703498 | NOK | 6696857 | Bank of America | (811) |
| 03/03/2026 | USD | 44989 | NOK | 429063 | Bank of America | (135) |
| 03/02/2026 | USD | 1362772 | NZD | 2275000 | Bank of America | (2037) |
| 03/03/2026 | USD | 185282 | NZD | 309000 | Bank of America | (99) |
| 03/18/2026 | USD | 22080595 | NZD | 37539000 | Bank of America | (455100) |
| 03/18/2026 | USD | 1100000 | PEN | 3697572 | Bank of America | (1720) |
| 03/18/2026 | USD | 4350000 | PHP | 257766197 | Bank of America | (117296) |
| 03/02/2026 | USD | 1579034 | PLN | 5642551 | Bank of America | (97) |
| 03/03/2026 | USD | 341493 | PLN | 1221256 | Bank of America | (287) |
| 03/18/2026 | USD | 4247303 | PLN | 15198863 | Bank of America | (6094) |
| 03/18/2026 | USD | 13836160 | SGD | 17606396 | Bank of America | (103894) |
| 04/15/2026 | USD | 922056 | SGD | 1165103 | Bank of America | (2298) |
| 03/18/2026 | USD | 4700000 | THB | 147451097 | Bank of America | (51422) |
| 03/05/2026 | USD | 1400000 | TWD | 44209200 | Bank of America | (17011) |
| 03/06/2026 | USD | 600000 | TWD | 18795550 | Bank of America | (2481) |
| 03/11/2026 | USD | 300000 | TWD | 9490217 | Bank of America | (4316) |
| 03/12/2026 | USD | 100000 | TWD | 3157956 | Bank of America | (1271) |
| 03/13/2026 | USD | 100000 | TWD | 3143000 | Bank of America | (799) |
| 03/18/2026 | USD | 38494270 | TWD | 1201666290 | Bank of America | (58610) |
| 03/25/2026 | USD | 1400000 | TWD | 44051000 | Bank of America | (14012) |
| 03/18/2026 | USD | 5250406 | ZAR | 84401658 | Bank of America | (41837) |
| 03/31/2026 | USD | 200000 | ZAR | 3202854 | Bank of America | (613) |
| 03/02/2026 | ZAR | 20859150 | USD | 1313313 | Bank of America | (3655) |
| 03/31/2026 | ZAR | 168967465 | USD | 10600000 | Bank of America | (16583) |
| 03/02/2026 | AUD | 8718717 | USD | 6208625 | UBS AG | (3999) |
| 03/31/2026 | CLP | 1473827140 | USD | 1700000 | UBS AG | (11429) |
| 03/02/2026 | CNH | 4000000 | USD | 585032 | UBS AG | (1898) |
| 03/03/2026 | CNH | 3500000 | USD | 510916 | UBS AG | (639) |
| 03/18/2026 | EUR | 4839901 | NOK | 58000000 | UBS AG | (374470) |
| 03/02/2026 | EUR | 118399 | PLN | 500000 | UBS AG | (10) |
| 03/02/2026 | EUR | 93719 | SEK | 1000000 | UBS AG | (34) |
| 03/03/2026 | EUR | 187281 | SEK | 2000000 | UBS AG | (255) |
| 03/02/2026 | GBP | 1780298 | USD | 2416585 | UBS AG | (17366) |
| 03/03/2026 | GBP | 1905791 | USD | 2570447 | UBS AG | (2110) |
| 03/18/2026 | GBP | 35550211 | USD | 48103814 | UBS AG | (192380) |
| 03/30/2026 | INR | 18204340 | USD | 200000 | UBS AG | (334) |
| 03/03/2026 | JPY | 164890288 | USD | 1057047 | UBS AG | (816) |
| 03/18/2026 | JPY | 16974216403 | USD | 109298510 | UBS AG | (421801) |
| 03/31/2026 | KRW | 1719740270 | USD | 1200000 | UBS AG | (3165) |
| 03/02/2026 | NZD | 784185 | USD | 470574 | UBS AG | (129) |
| 03/31/2026 | PHP | 28843200 | USD | 500000 | UBS AG | (336) |
| 03/18/2026 | SEK | 242046154 | USD | 27071612 | UBS AG | (229230) |
| 03/18/2026 | USD | 79687439 | AUD | 114648710 | UBS AG | (1896316) |
| 03/03/2026 | USD | 7400000 | BRL | 38557769 | UBS AG | (112933) |
| 03/02/2026 | USD | 138319 | CAD | 189179 | UBS AG | (388) |
| 03/18/2026 | USD | 35952224 | CAD | 49082369 | UBS AG | (60256) |
| 03/18/2026 | USD | 4471021 | CNH | 31000000 | UBS AG | (53720) |
| 03/03/2026 | USD | 49967 | EUR | 42351 | UBS AG | (84) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 03/18/2026 | USD | 39652083 | EUR | 33559591 | UBS AG | $(43312) |
| 03/31/2026 | USD | 4700000 | IDR | 79205352000 | UBS AG | (20111) |
| 03/02/2026 | USD | 495425 | JPY | 77360561 | UBS AG | (78) |
| 03/31/2026 | USD | 5200000 | KRW | 7531931530 | UBS AG | (41768) |
| 03/03/2026 | USD | 169834 | NOK | 1621054 | UBS AG | (651) |
| 03/18/2026 | USD | 35526956 | NOK | 348849103 | UBS AG | (1157930) |
| 03/18/2026 | USD | 21738808 | NZD | 36586107 | UBS AG | (224839) |
| 03/31/2026 | USD | 200000 | PHP | 11647600 | UBS AG | (1777) |
| 03/03/2026 | USD | 506125 | SEK | 4580626 | UBS AG | (1384) |
| 03/18/2026 | USD | 99447776 | SEK | 916308500 | UBS AG | (2168805) |
| 03/18/2026 | USD | 345436 | TRY | 15500000 | UBS AG | (1808) |
| 03/31/2026 | USD | 3100000 | TWD | 97448233 | UBS AG | (29305) |
| 03/18/2026 | USD | 1802021 | ZAR | 29000000 | UBS AG | (16368) |
| 03/02/2026 | ZAR | 1000000 | USD | 62916 | UBS AG | (131) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  | $4491914 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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.

**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 <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Receive  | 1 mo. SARON | -0.19% | 03/18/2028 | CHF | 605914 | $— |
|  Receive  | 1 mo. SARON | 0.11% | 03/18/2031 | CHF | 2700000 | (173) |
|  Receive  | 1 mo. SARON | 0.38% | 03/18/2031 | CHF | 900000 | (16296) |
|  Receive  | 1 mo. SARON | 0.44% | 03/18/2036 | CHF | 1500000 | (3751) |
|  Receive  | 1 mo. SARON | 0.67% | 03/18/2036 | CHF | 250000 | (8197) |
|  Receive  | 1 mo. SARON | 0.69% | 03/18/2036 | CHF | 750000 | (26300) |
|  Receive  | 1 mo. WIBOR | 3.52% | 03/18/2028 | PLN | 10000000 | 1485 |
|  Receive  | 1 mo. WIBOR | 3.52% | 03/18/2028 | PLN | 85000000 | 12440 |
|  Receive  | 1 mo. WIBOR | 3.75% | 03/18/2031 | PLN | 2000000 | (16) |
|  Receive  | 1 mo. WIBOR | 3.75% | 03/18/2031 | PLN | 36000000 | 1966 |
|  Receive  | 1 mo. WIBOR | 3.78% | 03/18/2031 | PLN | 2000000 | (742) |
|  Receive  | 1 mo. WIBOR | 4.17% | 03/18/2036 | PLN | 2000000 | (993) |
|  Receive  | 1 mo. WIBOR | 4.37% | 03/18/2036 | PLN | 1000000 | (4936) |
|  Receive  | 1 mo. WIBOR | 4.17% | 03/18/2036 | PLN | 20000000 | (9475) |
|  Receive  | 1 mo. WIBOR | 4.27% | 03/18/2036 | PLN | 1000000 | (2705) |
|  Receive  | 28D TIIE | 6.76% | 03/15/2028 | MXN | 525000000 | (25925) |
|  Receive  | 28D TIIE | 7.27% | 03/15/2028 | MXN | 75000000 | (45236) |
|  Receive  | 28D TIIE | 6.73% | 03/15/2028 | MXN | 25000000 | (280) |
|  Receive  | 28D TIIE | 7.83% | 03/12/2031 | MXN | 30000000 | (48770) |
|  Receive  | 28D TIIE | 7.22% | 03/12/2031 | MXN | 210000000 | (26825) |
|  Receive  | 28D TIIE | 8.23% | 03/05/2036 | MXN | 20000000 | (45389) |
|  Receive  | 28D TIIE | 7.68% | 03/05/2036 | MXN | 120000000 |  |
|  Receive  | 3 mo. BKBM | 3.32% | 06/17/2028 | NZD | 4000000 | (9890) |
|  Receive  | 3 mo. BKBM | 3.30% | 06/17/2028 | NZD | 6000000 | (13621) |
|  Receive  | 3 mo. BKBM | 3.27% | 06/17/2028 | NZD | 6000000 | (11297) |
|  Receive  | 3 mo. BKBM | 3.36% | 06/17/2028 | NZD | 6000000 | (17714) |
|  Receive  | 3 mo. BKBM | 3.84% | 06/17/2031 | NZD | 1500000 | (10146) |
|  Receive  | 3 mo. BKBM | 3.88% | 06/17/2031 | NZD | 1500000 | (11702) |
|  Receive  | 3 mo. BKBM | 3.89% | 06/17/2031 | NZD | 1500000 | (12035) |
|  Receive  | 3 mo. BKBM | 4.00% | 06/17/2031 | NZD | 750000 | (8276) |
|  Receive  | 3 mo. BKBM | 4.28% | 06/17/2036 | NZD | 800000 | (10958) |
|  Receive  | 3 mo. BKBM | 4.31% | 06/17/2036 | NZD | 800000 | (11995) |
|  Receive  | 3 mo. BKBM | 4.35% | 06/17/2036 | NZD | 400000 | (6755) |
|  Receive  | 3 mo. BKBM | 4.25% | 06/17/2036 | NZD | 800000 | (9762) |
|  Receive  | 3 mo. BUBOR | 5.76% | 06/17/2028 | HUF | 400000000 | (3432) |
|  Receive  | 3 mo. BUBOR | 6.19% | 06/17/2028 | HUF | 2400000000 | (80331) |
|  Receive  | 3 mo. BUBOR | 6.43% | 06/17/2031 | HUF | 600000000 | (55237) |
|  Receive  | 3 mo. BUBOR | 5.79% | 06/17/2031 | HUF | 300000000 | (2042) |
|  Receive  | 3 mo. BUBOR | 6.16% | 06/17/2036 | HUF | 225000000 | (3355) |
|  Receive  | 3 mo. BUBOR | 6.82% | 06/17/2036 | HUF | 225000000 | (37777) |
|  Receive  | 3 mo. BUBOR | 6.53% | 06/17/2036 | HUF | 75000000 | (7558) |
|  Receive  | 3 mo. JIBAR | 6.26% | 06/17/2028 | ZAR | 20000000 |  |
|  Receive  | 3 mo. JIBAR | 6.35% | 06/17/2028 | ZAR | 20000000 | (1203) |
|  Receive  | 3 mo. JIBAR | 6.29% | 06/17/2028 | ZAR | 40000000 | 717 |
|  Receive  | 3 mo. JIBAR | 6.26% | 06/17/2028 | ZAR | 80000000 | 3655 |
|  Receive  | 3 mo. JIBAR | 6.80% | 06/17/2031 | ZAR | 20000000 | (10367) |
|  Receive  | 3 mo. JIBAR | 7.51% | 06/17/2036 | ZAR | 15000000 | (13196) |
|  Receive  | 3 mo. JIBAR | 7.65% | 06/17/2036 | ZAR | 10000000 | (15072) |
|  Receive  | 3 mo. NIBOR | 4.41% | 06/17/2028 | NOK | 20000000 | (2938) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Receive  | 3 mo. NIBOR | 4.11% | 06/17/2028 | NOK | 20000000 | $8888 |
|  Receive  | 3 mo. NIBOR | 4.14% | 06/17/2028 | NOK | 20000000 | 7710 |
|  Receive  | 3 mo. NIBOR | 4.17% | 06/17/2028 | NOK | 10000000 | 3089 |
|  Receive  | 3 mo. NIBOR | 4.08% | 06/17/2028 | NOK | 310000000 | 155433 |
|  Receive  | 3 mo. NIBOR | 4.17% | 06/17/2028 | NOK | 10000000 | 3118 |
|  Receive  | 3 mo. NIBOR | 4.10% | 06/17/2031 | NOK | 8000000 | 3006 |
|  Receive  | 3 mo. NIBOR | 4.08% | 06/17/2031 | NOK | 120000000 | 56224 |
|  Receive  | 3 mo. NIBOR | 4.15% | 06/17/2031 | NOK | 4000000 | 575 |
|  Receive  | 3 mo. NIBOR | 4.32% | 06/17/2031 | NOK | 8000000 | (4862) |
|  Receive  | 3 mo. NIBOR | 4.11% | 06/17/2031 | NOK | 8000000 | 2820 |
|  Receive  | 3 mo. NIBOR | 4.19% | 06/17/2036 | NOK | 6000000 | (675) |
|  Receive  | 3 mo. NIBOR | 4.22% | 06/17/2036 | NOK | 4000000 | (1503) |
|  Receive  | 3 mo. NIBOR | 4.21% | 06/17/2036 | NOK | 2000000 | (497) |
|  Receive  | 3 mo. NIBOR | 4.33% | 06/17/2036 | NOK | 4000000 | (5373) |
|  Receive  | 3 mo. NIBOR | 4.16% | 06/17/2036 | NOK | 72000000 | 7178 |
|  Receive  | 3 mo. PRIBOR | 3.92% | 06/17/2028 | CZK | 480000000 | (264473) |
|  Receive  | 3 mo. PRIBOR | 4.15% | 06/17/2031 | CZK | 200000000 | (258441) |
|  Receive  | 3 mo. PRIBOR | 4.38% | 06/17/2036 | CZK | 110000000 | (230149) |
|  Receive  | 3 mo. SORA | 1.70% | 03/18/2028 | SGD | 2000000 | (13123) |
|  Receive  | 3 mo. SORA | 1.33% | 03/18/2028 | SGD | 30000000 | (24155) |
|  Receive  | 3 mo. SORA | 1.66% | 03/18/2031 | SGD | 7500000 | (21941) |
|  Receive  | 3 mo. SORA | 2.05% | 03/18/2031 | SGD | 750000 | (13436) |
|  Receive  | 3 mo. SORA | 2.33% | 03/18/2036 | SGD | 400000 | (11613) |
|  Receive  | 3 mo. SORA | 2.00% | 03/18/2036 | SGD | 2000000 | (10397) |
|  Receive  | 3 mo. STIBOR | 2.00% | 03/18/2028 | SEK | 140000000 | (5901) |
|  Receive  | 3 mo. STIBOR | 2.23% | 03/18/2028 | SEK | 20000000 | (10742) |
|  Receive  | 3 mo. STIBOR | 2.36% | 03/18/2028 | SEK | 100000000 | (82241) |
|  Receive  | 3 mo. STIBOR | 2.62% | 03/18/2031 | SEK | 12000000 | (21016) |
|  Receive  | 3 mo. STIBOR | 2.33% | 03/18/2031 | SEK | 72000000 | (16966) |
|  Receive  | 3 mo. STIBOR | 2.55% | 03/18/2031 | SEK | 4000000 | (5638) |
|  Receive  | 3 mo. STIBOR | 2.72% | 03/18/2031 | SEK | 128000000 | (289953) |
|  Receive  | 3 mo. STIBOR | 3.15% | 03/18/2036 | SEK | 32200710 |  |
|  Pay  | 1 mo. SARON | 0.14% | 03/18/2028 | CHF | 605914 |  |
|  Pay  | 1 mo. SARON | -0.05% | 09/16/2028 | CHF | 1150000 | 711 |
|  Pay  | 1 mo. SARON | -0.05% | 09/16/2028 | CHF | 4600000 | 2540 |
|  Pay  | 1 mo. SARON | 0.22% | 03/18/2031 | CHF | 450000 | 3444 |
|  Pay  | 1 mo. SARON | 0.15% | 03/18/2031 | CHF | 900000 | 2438 |
|  Pay  | 1 mo. SARON | 0.31% | 03/18/2031 | CHF | 450000 | 5967 |
|  Pay  | 1 mo. SARON | 0.14% | 03/18/2031 | CHF | 450000 | 907 |
|  Pay  | 1 mo. SARON | 0.16% | 03/18/2031 | CHF | 450000 | 1664 |
|  Pay  | 1 mo. SARON | 0.31% | 03/18/2031 | CHF | 450000 | 5893 |
|  Pay  | 1 mo. SARON | 0.25% | 03/18/2031 | CHF | 450000 | 4201 |
|  Pay  | 1 mo. SARON | 0.17% | 09/16/2031 | CHF | 2700000 | 209 |
|  Pay  | 1 mo. SARON | 0.19% | 09/16/2031 | CHF | 450000 | 687 |
|  Pay  | 1 mo. SARON | 0.59% | 03/18/2036 | CHF | 250000 | 5543 |
|  Pay  | 1 mo. SARON | 0.68% | 03/18/2036 | CHF | 250000 | 8441 |
|  Pay  | 1 mo. SARON | 0.66% | 03/18/2036 | CHF | 250000 | 7643 |
|  Pay  | 1 mo. SARON | 0.47% | 03/18/2036 | CHF | 250000 | 1439 |
|  Pay  | 1 mo. SARON | 0.56% | 03/18/2036 | CHF | 250000 | 4517 |
|  Pay  | 1 mo. SARON | 0.55% | 03/18/2036 | CHF | 250000 | 4175 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 1 mo. SARON | 0.64% | 03/18/2036 | CHF | 250000 | $6992 |
|  Pay  | 1 mo. SARON | 0.48% | 03/18/2036 | CHF | 750000 | 5686 |
|  Pay  | 1 mo. SARON | 0.51% | 09/16/2036 | CHF | 250000 | 924 |
|  Pay  | 1 mo. SARON | 0.50% | 09/16/2036 | CHF | 1500000 | 3986 |
|  Pay  | 1 mo. SARON | 0.49% | 09/16/2036 | CHF | 250000 |  |
|  Pay  | 1 mo. WIBOR | 3.55% | 03/18/2028 | PLN | 10000000 | 58 |
|  Pay  | 1 mo. WIBOR | 3.70% | 03/18/2028 | PLN | 85000000 | 69671 |
|  Pay  | 1 mo. WIBOR | 3.50% | 09/16/2028 | PLN | 85000000 | (11060) |
|  Pay  | 1 mo. WIBOR | 3.80% | 03/18/2031 | PLN | 4000000 | 2609 |
|  Pay  | 1 mo. WIBOR | 3.94% | 03/18/2031 | PLN | 36000000 | 85871 |
|  Pay  | 1 mo. WIBOR | 3.80% | 09/16/2031 | PLN | 36000000 | (275) |
|  Pay  | 1 mo. WIBOR | 4.26% | 03/18/2036 | PLN | 2000000 | 2428 |
|  Pay  | 1 mo. WIBOR | 4.18% | 03/18/2036 | PLN | 1000000 | 755 |
|  Pay  | 1 mo. WIBOR | 4.36% | 03/18/2036 | PLN | 21000000 | 99868 |
|  Pay  | 1 mo. WIBOR | 4.24% | 09/16/2036 | PLN | 20000000 | 11025 |
|  Pay  | 28D TIIE | 6.92% | 03/15/2028 | MXN | 50000000 | 11062 |
|  Pay  | 28D TIIE | 7.26% | 03/15/2028 | MXN | 50000000 | 29884 |
|  Pay  | 28D TIIE | 6.85% | 03/15/2028 | MXN | 25000000 | 3690 |
|  Pay  | 28D TIIE | 7.14% | 03/15/2028 | MXN | 25000000 | 11464 |
|  Pay  | 28D TIIE | 7.22% | 03/15/2028 | MXN | 50000000 | 27571 |
|  Pay  | 28D TIIE | 7.12% | 03/15/2028 | MXN | 25000000 | 11123 |
|  Pay  | 28D TIIE | 7.39% | 03/15/2028 | MXN | 400000000 | 292980 |
|  Pay  | 28D TIIE | 6.88% | 09/14/2028 | MXN | 525000000 | 26795 |
|  Pay  | 28D TIIE | 7.30% | 03/12/2031 | MXN | 20000000 | 6607 |
|  Pay  | 28D TIIE | 7.62% | 03/12/2031 | MXN | 20000000 | 21954 |
|  Pay  | 28D TIIE | 7.31% | 03/12/2031 | MXN | 20000000 | 6975 |
|  Pay  | 28D TIIE | 7.63% | 03/12/2031 | MXN | 10000000 | 11345 |
|  Pay  | 28D TIIE | 7.41% | 03/12/2031 | MXN | 20000000 | 11886 |
|  Pay  | 28D TIIE | 7.85% | 03/12/2031 | MXN | 150000000 | 251217 |
|  Pay  | 28D TIIE | 7.28% | 09/11/2031 | MXN | 10000000 |  |
|  Pay  | 28D TIIE | 7.35% | 09/11/2031 | MXN | 210000000 | 25950 |
|  Pay  | 28D TIIE | 7.96% | 03/05/2036 | MXN | 5000000 | 5970 |
|  Pay  | 28D TIIE | 7.83% | 03/05/2036 | MXN | 15000000 | 9614 |
|  Pay  | 28D TIIE | 8.25% | 03/05/2036 | MXN | 95000000 | 224939 |
|  Pay  | 28D TIIE | 8.03% | 03/05/2036 | MXN | 5000000 | 7353 |
|  Pay  | 28D TIIE | 7.80% | 03/05/2036 | MXN | 10000000 | 5221 |
|  Pay  | 28D TIIE | 7.90% | 03/05/2036 | MXN | 10000000 | 9277 |
|  Pay  | 28D TIIE | 7.79% | 09/04/2036 | MXN | 120000000 |  |
|  Pay  | 28D TIIE | 7.78% | 09/04/2036 | MXN | 5000000 |  |
|  Pay  | 3 mo. BKBM | 3.21% | 06/17/2028 | NZD | 4000000 | 4849 |
|  Pay  | 3 mo. BKBM | 3.32% | 06/17/2028 | NZD | 2000000 | 4991 |
|  Pay  | 3 mo. BKBM | 3.25% | 06/17/2028 | NZD | 4000000 | 6375 |
|  Pay  | 3 mo. BKBM | 3.21% | 06/17/2028 | NZD | 2000000 | 2376 |
|  Pay  | 3 mo. BKBM | 3.14% | 06/17/2028 | NZD | 4000000 | 1565 |
|  Pay  | 3 mo. BKBM | 3.11% | 06/17/2028 | NZD | 4000000 | 131 |
|  Pay  | 3 mo. BKBM | 3.26% | 06/17/2028 | NZD | 4000000 | 7069 |
|  Pay  | 3 mo. BKBM | 3.09% | 06/17/2028 | NZD | 4000000 | (910) |
|  Pay  | 3 mo. BKBM | 3.28% | 06/17/2028 | NZD | 2000000 | 4066 |
|  Pay  | 3 mo. BKBM | 3.18% | 06/17/2028 | NZD | 4000000 | 3369 |
|  Pay  | 3 mo. BKBM | 3.11% | 06/17/2028 | NZD | 2000000 | 135 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 3 mo. BKBM | 3.41% | 06/17/2028 | NZD | 28000000 | $99048 |
|  Pay  | 3 mo. BKBM | 3.32% | 06/17/2028 | NZD | 2000000 | 4806 |
|  Pay  | 3 mo. BKBM | 3.70% | 06/17/2031 | NZD | 1500000 | 4520 |
|  Pay  | 3 mo. BKBM | 3.61% | 06/17/2031 | NZD | 1500000 | 537 |
|  Pay  | 3 mo. BKBM | 3.65% | 06/17/2031 | NZD | 750000 | 1190 |
|  Pay  | 3 mo. BKBM | 3.77% | 06/17/2031 | NZD | 750000 | 3656 |
|  Pay  | 3 mo. BKBM | 3.63% | 06/17/2031 | NZD | 750000 | 833 |
|  Pay  | 3 mo. BKBM | 3.68% | 06/17/2031 | NZD | 1500000 | 3617 |
|  Pay  | 3 mo. BKBM | 3.81% | 06/17/2031 | NZD | 1500000 | 9037 |
|  Pay  | 3 mo. BKBM | 3.91% | 06/17/2031 | NZD | 5250000 | 45714 |
|  Pay  | 3 mo. BKBM | 3.59% | 06/17/2031 | NZD | 1500000 |  |
|  Pay  | 3 mo. BKBM | 3.75% | 06/17/2031 | NZD | 1500000 | 6450 |
|  Pay  | 3 mo. BKBM | 3.78% | 06/17/2031 | NZD | 750000 | 3779 |
|  Pay  | 3 mo. BKBM | 3.60% | 06/17/2031 | NZD | 1500000 | 393 |
|  Pay  | 3 mo. BKBM | 3.78% | 06/17/2031 | NZD | 1500000 | 7538 |
|  Pay  | 3 mo. BKBM | 4.19% | 06/17/2036 | NZD | 800000 | 7249 |
|  Pay  | 3 mo. BKBM | 4.00% | 06/17/2036 | NZD | 400000 |  |
|  Pay  | 3 mo. BKBM | 4.18% | 06/17/2036 | NZD | 400000 | 3425 |
|  Pay  | 3 mo. BKBM | 4.10% | 06/17/2036 | NZD | 800000 | 3799 |
|  Pay  | 3 mo. BKBM | 4.30% | 06/17/2036 | NZD | 2000000 | 29489 |
|  Pay  | 3 mo. BKBM | 4.16% | 06/17/2036 | NZD | 1600000 | 12185 |
|  Pay  | 3 mo. BKBM | 4.25% | 06/17/2036 | NZD | 800000 | 9801 |
|  Pay  | 3 mo. BKBM | 4.07% | 06/17/2036 | NZD | 800000 | 2303 |
|  Pay  | 3 mo. BKBM | 4.09% | 06/17/2036 | NZD | 400000 | 1730 |
|  Pay  | 3 mo. BKBM | 4.06% | 06/17/2036 | NZD | 800000 | 1905 |
|  Pay  | 3 mo. BUBOR | 5.90% | 06/17/2028 | HUF | 400000000 | 6773 |
|  Pay  | 3 mo. BUBOR | 5.71% | 06/17/2028 | HUF | 400000000 | 2287 |
|  Pay  | 3 mo. BUBOR | 5.75% | 06/17/2028 | HUF | 400000000 | 3317 |
|  Pay  | 3 mo. BUBOR | 5.55% | 06/17/2028 | HUF | 400000000 | (1352) |
|  Pay  | 3 mo. BUBOR | 5.80% | 06/17/2028 | HUF | 800000000 | 8694 |
|  Pay  | 3 mo. BUBOR | 5.76% | 06/17/2028 | HUF | 800000000 | 7207 |
|  Pay  | 3 mo. BUBOR | 5.92% | 06/17/2028 | HUF | 400000000 | 7140 |
|  Pay  | 3 mo. BUBOR | 6.06% | 06/17/2031 | HUF | 150000000 | 6485 |
|  Pay  | 3 mo. BUBOR | 6.04% | 06/17/2031 | HUF | 150000000 | 5990 |
|  Pay  | 3 mo. BUBOR | 6.17% | 06/17/2031 | HUF | 300000000 | 17245 |
|  Pay  | 3 mo. BUBOR | 5.75% | 06/17/2031 | HUF | 150000000 | 308 |
|  Pay  | 3 mo. BUBOR | 6.13% | 06/17/2031 | HUF | 150000000 | 7811 |
|  Pay  | 3 mo. BUBOR | 6.00% | 06/17/2031 | HUF | 150000000 | 5198 |
|  Pay  | 3 mo. BUBOR | 5.74% | 06/17/2031 | HUF | 150000000 | 150 |
|  Pay  | 3 mo. BUBOR | 6.13% | 06/17/2031 | HUF | 150000000 | 7752 |
|  Pay  | 3 mo. BUBOR | 6.35% | 06/17/2036 | HUF | 75000000 | 4486 |
|  Pay  | 3 mo. BUBOR | 6.15% | 06/17/2036 | HUF | 75000000 | 1032 |
|  Pay  | 3 mo. BUBOR | 6.50% | 06/17/2036 | HUF | 75000000 | 7055 |
|  Pay  | 3 mo. BUBOR | 6.45% | 06/17/2036 | HUF | 75000000 | 6126 |
|  Pay  | 3 mo. BUBOR | 6.43% | 06/17/2036 | HUF | 75000000 | 5736 |
|  Pay  | 3 mo. BUBOR | 6.53% | 06/17/2036 | HUF | 75000000 | 7472 |
|  Pay  | 3 mo. BUBOR | 6.57% | 06/17/2036 | HUF | 75000000 | 8270 |
|  Pay  | 3 mo. BUBOR | 6.28% | 06/17/2036 | HUF | 75000000 | 3167 |
|  Pay  | 3 mo. BUBOR | 6.59% | 06/17/2036 | HUF | 150000000 | 17130 |
|  Pay  | 3 mo. BUBOR | 6.12% | 06/17/2036 | HUF | 75000000 | 407 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 3 mo. JIBAR | 6.41% | 06/17/2028 | ZAR | 540000000 | $68396 |
|  Pay  | 3 mo. JIBAR | 6.23% | 06/17/2028 | ZAR | 20000000 | (1631) |
|  Pay  | 3 mo. JIBAR | 6.24% | 06/17/2028 | ZAR | 40000000 | (2799) |
|  Pay  | 3 mo. JIBAR | 6.35% | 06/17/2028 | ZAR | 40000000 | 2313 |
|  Pay  | 3 mo. JIBAR | 6.25% | 06/17/2028 | ZAR | 20000000 | (1284) |
|  Pay  | 3 mo. JIBAR | 6.73% | 06/17/2031 | ZAR | 10000000 | 3261 |
|  Pay  | 3 mo. JIBAR | 6.86% | 06/17/2031 | ZAR | 240000000 | 159815 |
|  Pay  | 3 mo. JIBAR | 7.18% | 06/17/2036 | ZAR | 5000000 | (3086) |
|  Pay  | 3 mo. JIBAR | 7.52% | 06/17/2036 | ZAR | 5000000 | 4692 |
|  Pay  | 3 mo. JIBAR | 7.64% | 06/17/2036 | ZAR | 10000000 | 14437 |
|  Pay  | 3 mo. JIBAR | 7.72% | 06/17/2036 | ZAR | 140000000 | 252420 |
|  Pay  | 3 mo. NIBOR | 4.04% | 06/17/2028 | NOK | 20000000 | (11324) |
|  Pay  | 3 mo. NIBOR | 4.31% | 06/17/2028 | NOK | 30000000 | (1310) |
|  Pay  | 3 mo. NIBOR | 4.12% | 06/17/2028 | NOK | 40000000 | (16598) |
|  Pay  | 3 mo. NIBOR | 4.06% | 06/17/2028 | NOK | 30000000 | (15808) |
|  Pay  | 3 mo. NIBOR | 4.03% | 06/17/2028 | NOK | 20000000 | (12032) |
|  Pay  | 3 mo. NIBOR | 4.06% | 06/17/2028 | NOK | 20000000 | (10735) |
|  Pay  | 3 mo. NIBOR | 4.07% | 06/17/2028 | NOK | 20000000 | (10185) |
|  Pay  | 3 mo. NIBOR | 4.33% | 06/17/2028 | NOK | 10000000 | (44) |
|  Pay  | 3 mo. NIBOR | 4.04% | 06/17/2028 | NOK | 30000000 | (17429) |
|  Pay  | 3 mo. NIBOR | 3.99% | 06/17/2028 | NOK | 30000000 | (20228) |
|  Pay  | 3 mo. NIBOR | 3.99% | 06/17/2028 | NOK | 20000000 | (13387) |
|  Pay  | 3 mo. NIBOR | 4.06% | 06/17/2031 | NOK | 8000000 | (4825) |
|  Pay  | 3 mo. NIBOR | 4.07% | 06/17/2031 | NOK | 8000000 | (4194) |
|  Pay  | 3 mo. NIBOR | 4.06% | 06/17/2031 | NOK | 12000000 | (6819) |
|  Pay  | 3 mo. NIBOR | 4.02% | 06/17/2031 | NOK | 16000000 | (12098) |
|  Pay  | 3 mo. NIBOR | 4.01% | 06/17/2031 | NOK | 8000000 | (6550) |
|  Pay  | 3 mo. NIBOR | 4.04% | 06/17/2031 | NOK | 8000000 | (5381) |
|  Pay  | 3 mo. NIBOR | 4.10% | 06/17/2036 | NOK | 2000000 | (1371) |
|  Pay  | 3 mo. NIBOR | 4.26% | 06/17/2036 | NOK | 8000000 | 5993 |
|  Pay  | 3 mo. NIBOR | 4.13% | 06/17/2036 | NOK | 4000000 | (1553) |
|  Pay  | 3 mo. NIBOR | 4.16% | 06/17/2036 | NOK | 2000000 | (344) |
|  Pay  | 3 mo. NIBOR | 4.19% | 06/17/2036 | NOK | 4000000 | 620 |
|  Pay  | 3 mo. NIBOR | 4.14% | 06/17/2036 | NOK | 4000000 | (1078) |
|  Pay  | 3 mo. NIBOR | 4.12% | 06/17/2036 | NOK | 8000000 | (3887) |
|  Pay  | 3 mo. NIBOR | 4.11% | 06/17/2036 | NOK | 10000000 | (5454) |
|  Pay  | 3 mo. PRIBOR | 3.33% | 06/17/2028 | CZK | 30000000 |  |
|  Pay  | 3 mo. PRIBOR | 3.50% | 06/17/2028 | CZK | 30000000 | 4588 |
|  Pay  | 3 mo. PRIBOR | 3.61% | 06/17/2028 | CZK | 30000000 | 7834 |
|  Pay  | 3 mo. PRIBOR | 3.79% | 06/17/2028 | CZK | 60000000 | 25550 |
|  Pay  | 3 mo. PRIBOR | 3.48% | 06/17/2028 | CZK | 60000000 | 8272 |
|  Pay  | 3 mo. PRIBOR | 3.31% | 06/17/2028 | CZK | 30000000 | (593) |
|  Pay  | 3 mo. PRIBOR | 3.33% | 06/17/2028 | CZK | 30000000 | 14 |
|  Pay  | 3 mo. PRIBOR | 3.75% | 06/17/2028 | CZK | 30000000 | 11871 |
|  Pay  | 3 mo. PRIBOR | 3.32% | 06/17/2028 | CZK | 30000000 | (324) |
|  Pay  | 3 mo. PRIBOR | 3.35% | 06/17/2028 | CZK | 30000000 | 551 |
|  Pay  | 3 mo. PRIBOR | 3.53% | 06/17/2028 | CZK | 30000000 | 5435 |
|  Pay  | 3 mo. PRIBOR | 3.63% | 06/17/2028 | CZK | 60000000 | 16883 |
|  Pay  | 3 mo. PRIBOR | 3.71% | 06/17/2028 | CZK | 60000000 | 21259 |
|  Pay  | 3 mo. PRIBOR | 3.68% | 06/17/2028 | CZK | 60000000 | 18983 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 3 mo. PRIBOR | 3.34% | 06/17/2028 | CZK | 30000000 | $156 |
|  Pay  | 3 mo. PRIBOR | 3.66% | 06/17/2028 | CZK | 30000000 | 9246 |
|  Pay  | 3 mo. PRIBOR | 3.59% | 06/17/2028 | CZK | 60000000 | 14314 |
|  Pay  | 3 mo. PRIBOR | 3.79% | 06/17/2031 | CZK | 25000000 | 12117 |
|  Pay  | 3 mo. PRIBOR | 3.88% | 06/17/2031 | CZK | 12500000 | 8631 |
|  Pay  | 3 mo. PRIBOR | 3.93% | 06/17/2031 | CZK | 25000000 | 20170 |
|  Pay  | 3 mo. PRIBOR | 3.78% | 06/17/2031 | CZK | 25000000 | 11950 |
|  Pay  | 3 mo. PRIBOR | 3.62% | 06/17/2031 | CZK | 12500000 | 1417 |
|  Pay  | 3 mo. PRIBOR | 3.57% | 06/17/2031 | CZK | 12500000 | 47 |
|  Pay  | 3 mo. PRIBOR | 3.64% | 06/17/2031 | CZK | 25000000 | 4009 |
|  Pay  | 3 mo. PRIBOR | 3.73% | 06/17/2031 | CZK | 12500000 | 4577 |
|  Pay  | 3 mo. PRIBOR | 3.58% | 06/17/2031 | CZK | 12500000 | 229 |
|  Pay  | 3 mo. PRIBOR | 3.87% | 06/17/2031 | CZK | 25000000 | 16535 |
|  Pay  | 3 mo. PRIBOR | 3.72% | 06/17/2031 | CZK | 12500000 | 4213 |
|  Pay  | 3 mo. PRIBOR | 3.65% | 06/17/2031 | CZK | 12500000 | 2270 |
|  Pay  | 3 mo. PRIBOR | 3.63% | 06/17/2031 | CZK | 12500000 | 1585 |
|  Pay  | 3 mo. PRIBOR | 3.76% | 06/17/2031 | CZK | 12500000 | 5332 |
|  Pay  | 3 mo. PRIBOR | 3.82% | 06/17/2031 | CZK | 12500000 | 6925 |
|  Pay  | 3 mo. PRIBOR | 3.61% | 06/17/2031 | CZK | 12500000 | 1138 |
|  Pay  | 3 mo. PRIBOR | 3.59% | 06/17/2031 | CZK | 12500000 | 439 |
|  Pay  | 3 mo. PRIBOR | 3.91% | 06/17/2031 | CZK | 12500000 | 9568 |
|  Pay  | 3 mo. PRIBOR | 4.17% | 06/17/2036 | CZK | 15000000 | 18430 |
|  Pay  | 3 mo. PRIBOR | 3.92% | 06/17/2036 | CZK | 10000000 | 2334 |
|  Pay  | 3 mo. PRIBOR | 4.12% | 06/17/2036 | CZK | 10000000 | 10313 |
|  Pay  | 3 mo. PRIBOR | 4.06% | 06/17/2036 | CZK | 5000000 | 4005 |
|  Pay  | 3 mo. PRIBOR | 3.98% | 06/17/2036 | CZK | 10000000 | 4432 |
|  Pay  | 3 mo. PRIBOR | 3.97% | 06/17/2036 | CZK | 5000000 | 2113 |
|  Pay  | 3 mo. PRIBOR | 4.22% | 06/17/2036 | CZK | 5000000 | 7254 |
|  Pay  | 3 mo. PRIBOR | 4.07% | 06/17/2036 | CZK | 10000000 | 8421 |
|  Pay  | 3 mo. PRIBOR | 3.90% | 06/17/2036 | CZK | 10000000 | 1142 |
|  Pay  | 3 mo. PRIBOR | 3.86% | 06/17/2036 | CZK | 5000000 | (128) |
|  Pay  | 3 mo. PRIBOR | 3.93% | 06/17/2036 | CZK | 5000000 | 1352 |
|  Pay  | 3 mo. PRIBOR | 3.95% | 06/17/2036 | CZK | 15000000 | 5167 |
|  Pay  | 3 mo. PRIBOR | 3.88% | 06/17/2036 | CZK | 5000000 | 304 |
|  Pay  | 3 mo. PRIBOR | 4.15% | 06/17/2036 | CZK | 10000000 | 11567 |
|  Pay  | 3 mo. PRIBOR | 4.01% | 06/17/2036 | CZK | 10000000 | 5995 |
|  Pay  | 3 mo. PRIBOR | 4.03% | 06/17/2036 | CZK | 15000000 | 10287 |
|  Pay  | 3 mo. PRIBOR | 3.95% | 06/17/2036 | CZK | 5000000 | 1774 |
|  Pay  | 3 mo. SORA | 1.55% | 03/18/2028 | SGD | 2000000 | 8562 |
|  Pay  | 3 mo. SORA | 1.48% | 03/18/2028 | SGD | 2000000 | 6500 |
|  Pay  | 3 mo. SORA | 1.33% | 03/18/2028 | SGD | 2000000 | 1532 |
|  Pay  | 3 mo. SORA | 1.62% | 03/18/2028 | SGD | 2000000 | 10624 |
|  Pay  | 3 mo. SORA | 1.72% | 03/18/2028 | SGD | 18000000 | 124859 |
|  Pay  | 3 mo. SORA | 1.35% | 03/18/2028 | SGD | 2000000 | 2220 |
|  Pay  | 3 mo. SORA | 1.56% | 03/18/2028 | SGD | 2000000 | 8843 |
|  Pay  | 3 mo. SORA | 1.39% | 03/18/2028 | SGD | 2000000 | 3563 |
|  Pay  | 3 mo. SORA | 1.44% | 09/16/2028 | SGD | 30000000 | 29848 |
|  Pay  | 3 mo. SORA | 1.91% | 03/18/2031 | SGD | 750000 | 9532 |
|  Pay  | 3 mo. SORA | 1.93% | 03/18/2031 | SGD | 750000 | 10059 |
|  Pay  | 3 mo. SORA | 1.65% | 03/18/2031 | SGD | 750000 | 2080 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 3 mo. SORA | 2.10% | 03/18/2031 | SGD | 4500000 | $89248 |
|  Pay  | 3 mo. SORA | 1.78% | 03/18/2031 | SGD | 750000 | 5870 |
|  Pay  | 3 mo. SORA | 1.68% | 03/18/2031 | SGD | 750000 | 2764 |
|  Pay  | 3 mo. SORA | 1.76% | 09/16/2031 | SGD | 7500000 | 23274 |
|  Pay  | 3 mo. SORA | 1.76% | 09/16/2031 | SGD | 750000 | 2356 |
|  Pay  | 3 mo. SORA | 2.23% | 03/18/2036 | SGD | 400000 | 8619 |
|  Pay  | 3 mo. SORA | 2.03% | 03/18/2036 | SGD | 400000 | 2947 |
|  Pay  | 3 mo. SORA | 2.38% | 03/18/2036 | SGD | 1600000 | 51720 |
|  Pay  | 3 mo. SORA | 2.07% | 09/16/2036 | SGD | 800000 | 4515 |
|  Pay  | 3 mo. SORA | 2.07% | 09/16/2036 | SGD | 2000000 | 11072 |
|  Pay  | 3 mo. STIBOR | 2.01% | 03/18/2028 | SEK | 20000000 | 1405 |
|  Pay  | 3 mo. STIBOR | 2.24% | 03/18/2028 | SEK | 40000000 | 22349 |
|  Pay  | 3 mo. STIBOR | 2.28% | 03/18/2028 | SEK | 30000000 | 19615 |
|  Pay  | 3 mo. STIBOR | 1.96% | 03/18/2028 | SEK | 20000000 | (756) |
|  Pay  | 3 mo. STIBOR | 2.29% | 03/18/2028 | SEK | 30000000 | 19939 |
|  Pay  | 3 mo. STIBOR | 2.00% | 03/18/2028 | SEK | 20000000 | 951 |
|  Pay  | 3 mo. STIBOR | 2.27% | 03/18/2028 | SEK | 20000000 | 12644 |
|  Pay  | 3 mo. STIBOR | 2.24% | 03/18/2028 | SEK | 20000000 | 11088 |
|  Pay  | 3 mo. STIBOR | 2.20% | 03/18/2028 | SEK | 20000000 | 9316 |
|  Pay  | 3 mo. STIBOR | 2.29% | 03/18/2028 | SEK | 20000000 | 13401 |
|  Pay  | 3 mo. STIBOR | 1.99% | 03/18/2028 | SEK | 20000000 | 432 |
|  Pay  | 3 mo. STIBOR | 2.10% | 09/16/2028 | SEK | 10000000 | 1185 |
|  Pay  | 3 mo. STIBOR | 2.08% | 09/16/2028 | SEK | 140000000 | 10596 |
|  Pay  | 3 mo. STIBOR | 2.09% | 09/16/2028 | SEK | 30000000 |  |
|  Pay  | 3 mo. STIBOR | 2.08% | 09/16/2028 | SEK | 10000000 | 693 |
|  Pay  | 3 mo. STIBOR | 2.30% | 03/18/2031 | SEK | 8000000 | 633 |
|  Pay  | 3 mo. STIBOR | 2.31% | 03/18/2031 | SEK | 8000000 | 1176 |
|  Pay  | 3 mo. STIBOR | 2.57% | 03/18/2031 | SEK | 16000000 | 23889 |
|  Pay  | 3 mo. STIBOR | 2.55% | 03/18/2031 | SEK | 12000000 | 16508 |
|  Pay  | 3 mo. STIBOR | 2.36% | 03/18/2031 | SEK | 8000000 | 3200 |
|  Pay  | 3 mo. STIBOR | 2.60% | 03/18/2031 | SEK | 8000000 | 13364 |
|  Pay  | 3 mo. STIBOR | 2.65% | 03/18/2031 | SEK | 8000000 | 15096 |
|  Pay  | 3 mo. STIBOR | 2.66% | 03/18/2031 | SEK | 12000000 | 23395 |
|  Pay  | 3 mo. STIBOR | 2.34% | 03/18/2031 | SEK | 16000000 | 4939 |
|  Pay  | 3 mo. STIBOR | 2.62% | 03/18/2031 | SEK | 12000000 | 20797 |
|  Pay  | 3 mo. STIBOR | 2.56% | 03/18/2031 | SEK | 8000000 | 11569 |
|  Pay  | 3 mo. STIBOR | 2.52% | 03/18/2031 | SEK | 8000000 | 9816 |
|  Pay  | 3 mo. STIBOR | 2.32% | 03/18/2031 | SEK | 12000000 | 2076 |
|  Pay  | 3 mo. STIBOR | 2.39% | 03/18/2031 | SEK | 8000000 | 4223 |
|  Pay  | 3 mo. STIBOR | 2.60% | 03/18/2031 | SEK | 16000000 | 26226 |
|  Pay  | 3 mo. STIBOR | 2.41% | 03/18/2031 | SEK | 8000000 | 5057 |
|  Pay  | 3 mo. STIBOR | 2.53% | 03/18/2031 | SEK | 8000000 | 10442 |
|  Pay  | 3 mo. STIBOR | 2.40% | 03/18/2031 | SEK | 16000000 | 9823 |
|  Pay  | 3 mo. STIBOR | 2.62% | 03/18/2031 | SEK | 12000000 | 20985 |
|  Pay  | 3 mo. STIBOR | 2.57% | 03/18/2031 | SEK | 12000000 | 18105 |
|  Pay  | 3 mo. STIBOR | 2.44% | 09/16/2031 | SEK | 4000000 | 1334 |
|  Pay  | 3 mo. STIBOR | 2.43% | 09/16/2031 | SEK | 16000000 | 4964 |
|  Pay  | 3 mo. STIBOR | 2.42% | 09/16/2031 | SEK | 72000000 | 18996 |
|  Pay  | 3 mo. STIBOR | 2.59% | 03/18/2036 | SEK | 32200710 |  |
|  Pay  | 3 mo. STIBOR | 2.80% | 09/16/2036 | SEK | 4000000 | 2509 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Schedule of Investments (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive <br> Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Pay  | 3 mo. STIBOR | 2.82% | 09/16/2036 | SEK | 4000000 | $3300 |
|  Pay  | 3 mo. STIBOR | 2.76% | 09/16/2036 | SEK | 4000000 |  |
|  Pay  | 3 mo. STIBOR | 2.82% | 09/16/2036 | SEK | 10000000 | 8733 |
|  Pay  | 3 mo. STIBOR | 2.80% | 09/16/2036 | SEK | 4000000 | 2490 |
|  Pay  | 3 mo. STIBOR | 2.78% | 09/16/2036 | SEK | 4000000 | $1795 |
|  **Total Interest Rate Swaps** | **Total Interest Rate Swaps** |  |  |  |  | $1636652 |

---

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.

**ABBEY CAPITAL FUTURES STRATEGY FUND** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $1,834,365,789)  | $1834586120 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 151704829 |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with broker for futures contracts (cost $6,300,823)  | 6525137 |
| &nbsp;&nbsp;&nbsp; Deposit with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 283581202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 36304432 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 2978278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 388619 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 148374604 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 22815906 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on interest rate swaps  | 3769245 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 87045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 2491115417 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 3143478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 2419328 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 43900838 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts  | 18323992 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on interest rate swaps  | 2132593 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 491984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 70412213 |
| &nbsp;&nbsp;&nbsp; Net assets  | $2420703204 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $206765 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 2243829857 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 176666582 |
| &nbsp;&nbsp;&nbsp; Net assets  | $2420703204 |
|  **CLASS A SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $17568655 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 1510286 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $11.63 |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (100/94.25 of $11.63)  | $12.34 |
|  **CLASS I SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $2395970319 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 500,000,000 shares authorized)  | 204608361 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.71 |
|  **CLASS C SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $7164230 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 646762 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.08 |

---

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

**ABBEY CAPITAL FUTURES STRATEGY FUND** 

**CONSOLIDATED STATEMENT OF OPERATIONS** 

**FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $42938846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 42938846 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 20755460 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 158426 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 107696 |
| &nbsp;&nbsp;&nbsp; Directors fees  | 102756 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 66591 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 63942 |
| &nbsp;&nbsp;&nbsp; Officers fees  | 59768 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 51929 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 51483 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class C Shares)  | 25903 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class A Shares)  | 21770 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 62817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 21528541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (468857) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 21059684 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 21879162 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 116698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 157525147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 1145692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 38456985 |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (218905) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps  | 1636652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 61540289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | 100188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 665937 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | 260968683 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $282847845 |

---

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

**ABBEY CAPITAL FUTURES STRATEGY FUND** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **PERIOD <br> Ended<br> February 28, <br> 2026<br> (Unaudited)** | **Year <br> Ended<br> August 31, <br> 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $21879162 | $61242506 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts, interest rate swaps  | 197244522 | (208037326) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts, interest rate swaps  | 63724161 | 44624385 |
|  Net increase/(decrease) in net assets resulting from operations  | 282847845 | (102170435) |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (226677) | (356826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (30540920) | (54735728) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | (79557) | (72722) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (30847154) | (55165276) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 6075409 | 17956657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 174494 | 278439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (7434255) | (21990626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (1184352) | (3755530) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 346350948 | 1207675903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 20849121 | 35065728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (518435173) | (1472184635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (151235104) | (229443004) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 684891 | 1657464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 55550 | 51424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1154737) | (3211047) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (414296) | (1502159) |
|  Net increase/(decrease) in net assets from capital share transactions  | (152833752) | (234700693) |
|  Total increase/(decrease) in net assets  | 99166939 | (392036404) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 2321536265 | 2713572669 |
| &nbsp;&nbsp;&nbsp; End of period  | $2420703204 | $2321536265 |

---

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

**ABBEY CAPITAL FUTURES STRATEGY FUND** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)**

---

| | | |
|:---|:---|:---|
|  | **PERIOD <br> Ended<br> February 28, <br> 2026<br> (Unaudited)** | **Year <br> Ended<br> August 31, <br> 2025** |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 551218 | 1655674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 16023 | 25734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (675115) | (2047590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class A Shares  | (107874) | (366182) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 31098336 | 111635749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 1902292 | 3225918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (46566464) | (136467600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I Shares  | (13565836) | (21605933) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 65020 | 159328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 5347 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (110663) | (311022) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class C Shares  | (40296) | (146745) |
|  Net increase in shares outstanding  | (13714006) | (22118860) |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** | **CLASS A SHARES** |
|  | **PERIOD<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
|  **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **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)<sup>(1)</sup>  | 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)<sup>(2)</sup>  | 12.50% | (4.07)% | (1.67)% | (3.05)% | 17.40% | 7.42% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $17569 | $16940 | $22031 | $83783 | $113480 | $21395 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</sup>  | 2.04%<sup>(6)</sup> | 2.04% | 2.04% | 2.04% | 2.04% | 2.04% |
|  Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(3)</sup>  | 2.08%<sup>(6)</sup> | 2.10% | 2.10% | 2.11% | 2.10% | 2.14% |
|  Ratio of net investment income/(loss) to average net assets  | 1.44%<sup>(6)</sup> | 2.16% | 2.85% | 1.80% | (1.47)% | (2.03)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 0%<sup>(5)</sup> | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

<sup>(4)</sup> 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.

<sup>(5)</sup> Not Annualized

<sup>(6)</sup> Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **PERIOD<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
|  **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **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)<sup>(1)</sup>  | 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)<sup>(2)</sup>  | 12.60% | (3.89)% | (1.32)% | (2.83)% | 17.72% | 7.74% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $2395970 | $2297730 | $2682705 | $2650349 | $2564701 | $1132714 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</sup>  | 1.79%<sup>(6)</sup> | 1.79% | 1.79% | 1.79% | 1.79% | 1.79% |
|  Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(3)</sup>  | 1.83%<sup>(6)</sup> | 1.85% | 1.85% | 1.86% | 1.85% | 1.89% |
|  Ratio of net investment income/(loss) to average net assets  | 1.87%<sup>(6)</sup> | 2.40% | 3.10% | 2.05% | (1.22)% | (1.78)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 0%<sup>(5)</sup> | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

<sup>(4)</sup> 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.

<sup>(5)</sup> Not Annualized

<sup>(6)</sup> Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** | **Class C Shares** |
|  | **PERIOD<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Year <br> Ended <br> August 31, <br> 2025** | **Year <br> Ended <br> August 31, <br> 2024** | **Year <br> Ended <br> August 31, <br> 2023** | **Year <br> Ended <br> August 31, <br> 2022** | **Year <br> Ended <br> August 31, <br> 2021** |
|  **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **Per Share Operating Performance** | **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)<sup>(1)</sup>  | 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)<sup>(2)</sup>  | 12.08% | (4.88)% | (2.29)% | (3.77)% | 16.48% | 6.72% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $7164 | $6866 | $8837 | $9469 | $9078 | $5524 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</sup>  | 2.79%<sup>(6)</sup> | 2.79% | 2.79% | 2.79% | 2.79% | 2.79% |
|  Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(3)</sup>  | 2.83%<sup>(6)</sup> | 2.85% | 2.85% | 2.86% | 2.85% | 2.89% |
|  Ratio of net investment income/(loss) to average net assets  | 0.88%<sup>(6)</sup> | 1.45% | 2.10% | 1.05% | (2.22)% | (2.78)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 0%<sup>(5)</sup> | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

<sup>(4)</sup> 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.

<sup>(5)</sup> Not Annualized

<sup>(6)</sup> Annualized

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

**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

**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  | $1834586120 | $— | $— | $1834586120 |
|  Commodity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 80892407 |  |  | 80892407 |
|  Equity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 44112023 |  |  | 44112023 |
|  Foreign Currency Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | 22815906 |  | 22815906 |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 5183926 |  |  | 5183926 |
|  Interest Rate Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 19684090 |  |  | 19684090 |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps  |  | 3769245 |  | 3769245 |
|  Total Assets  | $1984458566 | $26585151 | $— | $2011043717 |

---

**Abbey Capital Futures Strategy Fund** 

**Notes To Consolidated Financial Statements (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(29875859) | $— | $— | $(29875859) |
|  Equity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (2506416) |  |  | (2506416) |
|  Foreign Currency Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | (18323992) |  | (18323992) |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (6371038) |  |  | (6371038) |
|  Interest Rate Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (6645366) |  |  | (6645366) |
| &nbsp;&nbsp;&nbsp; Interest Rate Swaps  |  | (2132593) |  | (2132593) |
|  Total Liabilities  | $(45398680) | $(20456585) | $— | $(65855265) |

---

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.

**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<br> STATEMENT<br> OF ASSETS AND<br> LIABILITIES<br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** |
|  Forward Contracts <sup>(a)</sup> | Unrealized appreciation on forward foreign currency contracts |  |  | 22815906 |  | 22815906 |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | 44112023 | 19684090 | 5183926 | 80892407 | 149872446 |
|  Interest Rate Swaps <sup>(a)</sup> | Unrealized appreciation on interest rate swaps |  | 3769245 |  |  | 3769245 |
|  **Total Value- Assets** |  | $**44112023** | $**23453335** | $**27999832** | $**80892407** | $**176457597** |
| **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
|  Forward Contracts <sup>(a)</sup> | Unrealized depreciation on forward foreign currency contracts |  |  | (18323992) |  | (18323992) |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | (2506416) | (6645366) | (6371038) | (29875859) | (45398680) |
|  Interest Rate Swaps <sup>(a)</sup> | Unrealized depreciation on interest rate swaps |  | (2132593) |  |  | (2132593) |
|  **Total Value- Liabilities** | **Total Value- Liabilities** | $**(2506416)** | $**(8777959)** | $**(24695030)** | $**(29875859)** | $**(65855265)** |

---

<sup>(a)</sup> This amount represents the cumulative appreciation/(depreciation) of forwards contracts, futures contracts, and interest rate swaps as reported on the Consolidated Portfolio of Investments. 

**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 <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** |
|  Futures Contracts | Net realized gain/(loss) from futures contracts | $97457951 | $(37171137) | $11721069 | $85517264 | $157525147 |
|  Forward Contracts | Net realized gain/(loss) from forward foreign currency contracts |  |  | 38456985 |  | 38456985 |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $**97457951** | $**(37171137)** | $**50178054** | $**85517264** | $**195982132** |

---

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 <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** |
|  Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $18832908 | $13653332 | $256221 | $28797829 | $61540289 |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts |  |  | 665937 |  | 665937 |
|  Interest Rate Swaps | Net change in unrealized appreciation/(depreciation) on interest rate swaps |  | 1636652 |  |  | 1636652 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $**18832908** | $**15289984** | $**922158** | $**28797829** | $**63842878** |

---

**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<br> NOTIONAL<br> AMOUNT** | **SHORT FUTURES<br> NOTIONAL <br> AMOUNT** | **FORWARD <br> FOREIGN <br> CURRENCY <br> CONTRACTS — <br> PAYABLE <br> (VALUE AT TRADE <br> DATE)** | **FORWARD <br> FOREIGN <br> CURRENCY <br> CONTRACTS — <br> RECEIVABLE <br> (VALUE AT TRADE <br> DATE)** | **INTEREST <br> RATE SWAPS <br> CONTRACTS — <br> PAYABLE <br> (VALUE AT TRADE <br> DATE)** | **INTEREST <br> RATE SWAPS <br> CONTRACTS — <br> RECEIVABLE <br> (VALUE AT TRADE <br> DATE)** |
|  Abbey Capital Futures Strategy Fund  | $11033972233 | $(6701059404) | $(5611878963) | $5614203091 | $(710864) | $1256415 |

---

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<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | | | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | |
| <br>**DESCRIPTION** | <br>**GROSS AMOUNT<br> PRESENTED <br> IN THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> RECEIVED** | <br>**NET<br> AMOUNT<sup>(1)</sup>** | <br>**GROSS AMOUNT<br> PRESENTED <br> IN THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> PLEDGED<sup>(2)</sup>** | <br>**NET<br> AMOUNT<sup>(3)</sup>** |
|  | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  Forward Foreign Currency Contracts  | $22815906 | $(18323992) | $— | $4491914 | $18323992 | $(18323992) | $— | $— |
|  Interest Rate Swaps | $3769245 | $(2132593) | $— | $1636652 | $2132593 | $(2132593) | $— | $— |

---

<sup>(1)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(2)</sup> Actual collateral pledged may be more than the amount shown. 

<sup>(3)</sup> 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

**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

**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.

**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.

**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** | **EXPENSE CAPS** | **EXPENSE CAPS** | **EXPENSE CAPS** |
| <br>**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

**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,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** |
| <br>**FUND** | **2026** | **2027** | **2028** | **2029** | **TOTAL** |
|  Abbey Capital Futures Strategy Fund  | $934672 | $1582258 | $1366423 | $468858 | $4352211 |

---

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

**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<sup>(a)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL TAX <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)** |
|  Abbey Capital Futures Strategy Fund  | $2207846449 | $632969 | $(155824119) | $(155191150) |

---

<sup>(a)</sup> 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 <br> EARNINGS/(LOSS)** | **PAID-IN<br> CAPITAL** |
|  Abbey Capital Futures Strategy Fund  | $538551897 | $(538551897) |

---

As of August 31, 2025, the components of distributable earnings/(deficits) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **NET UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** | **CAPITAL LOSS <br> CARRYFORWARDS** | **QUALIFIED <br> LATE-YEAR <br> LOSSES** | **OTHER <br> TEMPORARY <br> DIFFERENCES** |
|  Abbey Capital Futures Strategy Fund  | $24131581 | $– $| (358785961) | $(100029046) | $– $|  |

---

**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<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
|  Abbey Capital Futures Strategy Fund  | $55165276 | $– $| 55165276 |

---

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.

**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.

**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

![](fp0096661-9_i.jpg)

**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%** | **EXCHANGE TRADED FUNDS — 49.6%** | **EXCHANGE TRADED FUNDS — 49.6%** |
|  Vanguard S&P 500 ETF <sup>(a)</sup>  | 748285 | $472197766 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $469,200,669)  | **TOTAL EXCHANGE TRADED FUNDS** (Cost $469,200,669)  | 472197766 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **U.S. TREASURY BILLS — 25.3%**  | **U.S. TREASURY BILLS — 25.3%**  | **U.S. TREASURY BILLS — 25.3%**  |
|  3.79%, 03/12/2026 <sup>(b)</sup>  | 3873000 | 3869106 |
|  3.78%, 03/19/2026 <sup>(b)</sup>  | 1390000 | 1387630 |
|  3.64%, 03/26/2026 <sup>(b)</sup>  | 11661000 | 11632729 |
|  3.62%, 04/02/2026 <sup>(b)</sup>  | 1605000 | 1600004 |
|  3.70%, 04/09/2026 <sup>(b)</sup>  | 3370000 | 3357132 |
|  3.60%, 04/16/2026 <sup>(b)</sup>  | 1634000 | 1626612 |
|  3.71%, 04/23/2026 <sup>(b)</sup>  | 5694000 | 5664350 |
|  3.76%, 04/30/2026 <sup>(b)</sup>  | 1503000 | 1494074 |
|  3.77%, 05/14/2026 <sup>(b)</sup>  | 5013000 | 4976558 |
|  3.68%, 05/28/2026 <sup>(b)</sup>  | 7643000 | 7576852 |
|  3.64%, 06/04/2026 <sup>(b)</sup>  | 3603000 | 3569430 |
|  3.54%, 06/11/2026 <sup>(b)</sup>  | 17278000 | 17105674 |
|  3.54%, 07/02/2026 <sup>(b)</sup>  | 55873000 | 55198924 |
|  3.55%, 07/09/2026 <sup>(b)</sup>  | 18218000 | 17985925 |
|  3.56%, 07/16/2026 <sup>(b)</sup>  | 20133000 | 19864202 |
|  3.58%, 07/23/2026 <sup>(b)</sup>  | 18367000 | 18109824 |
|  3.58%, 07/30/2026 <sup>(b)</sup>  | 21996000 | 21673392 |
|  3.56%, 08/06/2026 <sup>(b)</sup>  | 21967000 | 21630740 |
|  3.55%, 08/13/2026 <sup>(b)</sup>  | 6643000 | 6536767 |
|  3.58%, 08/20/2026 <sup>(b)</sup>  | 10698000 | 10519828 |
|  3.57%, 08/27/2026 <sup>(b)</sup>  | 5889000 | 5786796 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $241,168,444)  | **TOTAL U.S. TREASURY BILLS** (Cost $241,168,444)  | 241166549 |
|  **TOTAL INVESTMENTS — 74.9%** (Cost $710,369,113)  | **TOTAL INVESTMENTS — 74.9%** (Cost $710,369,113)  | 713364315 |
|  Other Assets in Excess of Liabilities — 25.1%  | Other Assets in Excess of Liabilities — 25.1%  | 239023772 |
|  **TOTAL NET ASSETS — 100.0%**  | **TOTAL NET ASSETS — 100.0%**  | $952388087 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the annualized
 yield as of February 28, 2026.

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

**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 <br> Purchased** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  10 Year U.S. Ultra Treasury Notes  | 81 | 06/18/2026 | $9455484 | $77094 |
|  3 Month Canadian Overnight Repo Rate Average  | 178 | 09/15/2026 | 31905722 | 3885 |
|  3 Month Canadian Overnight Repo Rate Average  | 554 | 12/15/2026 | 99317309 | 159956 |
|  3 Month Canadian Overnight Repo Rate Average  | 52 | 03/16/2027 | 9319343 | 11996 |
|  3 Month Canadian Overnight Repo Rate Average  | 59 | 06/15/2027 | 10568463 | 14699 |
|  3 Month Canadian Overnight Repo Rate Average  | 42 | 09/14/2027 | 7519079 | 9384 |
|  3 Month Canadian Overnight Repo Rate Average  | 20 | 12/14/2027 | 3578315 | 513 |
|  3 Month Euribor  | 12 | 09/14/2026 | 3474082 | (2408) |
|  3 Month Euribor  | 276 | 12/14/2026 | 79920183 | 21917 |
|  3 Month Euribor  | 148 | 03/15/2027 | 42849192 | 12953 |
|  3 Month Euribor  | 631 | 06/14/2027 | 182632192 | 93361 |
|  3 Month Euribor  | 48 | 09/13/2027 | 13887819 | 8611 |
|  3 Month Euribor  | 173 | 12/13/2027 | 50033572 | 71088 |
|  3 Month Euribor  | 102 | 03/13/2028 | 29486004 | 27103 |
|  3 Month Euribor  | 190 | 06/19/2028 | 54896846 | 47161 |
|  3 Month Euribor  | 19 | 09/18/2028 | 5486878 | 4239 |
|  3 Month Euribor  | 225 | 12/18/2028 | 64942958 | 60232 |
|  3 Month Euribor  | 10 | 03/19/2029 | 2885024 | 2437 |
|  3 Month Euribor  | 20 | 06/18/2029 | 5767686 | 4638 |
|  3 Month New Zealand Treasury Bill  | 32 | 06/10/2026 | 19075768 | 1796 |
|  3 Month New Zealand Treasury Bill  | 25 | 09/16/2026 | 14899293 | 3036 |
|  3 Month Swiss Average Overnight Rate  | 1 | 12/15/2026 | 325584 | (49) |
|  30 Day Federal Funds Rate  | 1 | 02/26/2027 | 404282 | 271 |
|  3-Month Secured Overnight Financing Rate  | 35 | 03/16/2027 | 8482688 | 5338 |
|  3-Month Secured Overnight Financing Rate  | 53 | 06/15/2027 | 12855813 | 10888 |
|  3-Month Secured Overnight Financing Rate  | 149 | 09/14/2027 | 36154850 | 41887 |
|  3-Month Secured Overnight Financing Rate  | 224 | 12/14/2027 | 54353600 | 88125 |
|  3-Month Secured Overnight Financing Rate  | 71 | 03/14/2028 | 17224600 | 25263 |
|  3-Month Secured Overnight Financing Rate  | 70 | 06/20/2028 | 16975000 | 26613 |
|  3-Month Secured Overnight Financing Rate  | 80 | 09/19/2028 | 19391000 | 32463 |
|  3-Month Secured Overnight Financing Rate  | 445 | 12/19/2028 | 107812375 | 267737 |
|  3-Month Secured Overnight Financing Rate  | 41 | 03/20/2029 | 9928150 | 13325 |
|  3-Month Secured Overnight Financing Rate  | 31 | 06/18/2029 | 7502775 | 10750 |
|  3-Month Secured Overnight Financing Rate  | 13 | 09/18/2029 | 3144700 | 5200 |
|  3-Month Secured Overnight Financing Rate  | 13 | 12/18/2029 | 3143075 | 5037 |
|  3-Month Secured Overnight Financing Rate  | 16 | 03/19/2030 | 3866600 | 6425 |
|  Amsterdam Exchanges Index  | 6 | 03/20/2026 | 1458303 | 41552 |
|  Arabica Coffee  | 3 | 05/18/2026 | 315844 | (24206) |
|  ASX SPI 200 Index  | 192 | 03/19/2026 | 31323878 | 730976 |
|  AUD/USD Cross Currency Rate  | 520 | 03/16/2026 | 36992800 | 1524342 |
|  Australian Government 10 Year Bonds  | 94 | 03/16/2026 | 7396720 | 1888 |
|  Australian Government 3 Year Bonds  | 27 | 03/16/2026 | 2016883 | 409 |
|  Brazilian Real/US Dollar Cross Currency Rate  | 1 | 03/31/2026 | 19320 |  |
|  Brent Crude Oil  | 4 | 03/31/2026 | 291480 | 7760 |
|  Brent Crude Oil  | 193 | 03/31/2026 | 14063910 | 608220 |
|  Brent Crude Oil  | 30 | 04/30/2026 | 2168700 | 121340 |
|  Brent Crude Oil  | 16 | 05/29/2026 | 1145760 | 43500 |
|  Brent Crude Oil  | 7 | 10/30/2026 | 480480 | 13880 |
|  British Pound/US Dollar Cross Currency Rate  | 278 | 03/16/2026 | 23421500 | (253163) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  CAC40 10 Euro Index  | 395 | 03/20/2026 | $40108619 | $531301 |
|  Canadian 10 Year Government Bonds  | 940 | 06/19/2026 | 84652029 | 310363 |
|  Canadian 5 Year Bonds  | 413 | 06/19/2026 | 34915993 | 78949 |
|  Canadian Canola Oil  | 89 | 05/14/2026 | 897406 | 3730 |
|  Canadian Canola Oil  | 15 | 07/14/2026 | 153623 | 207 |
|  Canadian Dollar/US Dollar Cross Currency Rate  | 137 | 03/17/2026 | 10056485 | (13840) |
|  Class III Milk  | 5 | 04/28/2026 | 172700 | (60) |
|  Copper  | 76 | 05/27/2026 | 11513050 | 320438 |
|  Copper  | 1 | 07/29/2026 | 152950 | 4688 |
|  Corn No. 2 Yellow  | 332 | 05/14/2026 | 7445100 | 53938 |
|  Crude Oil  | 252 | 03/20/2026 | 16889040 | 667790 |
|  Crude Oil  | 93 | 04/21/2026 | 6220770 | 77890 |
|  Crude Oil  | 17 | 05/19/2026 | 1131520 | 45300 |
|  Crude Oil  | 7 | 06/22/2026 | 463260 | 26300 |
|  Crude Oil  | 2 | 07/21/2026 | 131400 | 1270 |
|  Crude Oil  | 10 | 11/20/2026 | 637300 | 18020 |
|  Crude Soybean Oil  | 510 | 05/14/2026 | 18926100 | 1347738 |
|  Crude Soybean Oil  | 61 | 07/14/2026 | 2265174 | 203088 |
|  Crude Soybean Oil  | 17 | 12/14/2026 | 609246 | 37722 |
|  Dollar Index  | 2 | 03/16/2026 | 195130 | 1130 |
|  Dow Jones Industrial Average Index  | 98 | 03/20/2026 | 24010000 | (74575) |
|  Dow Jones U.S. Micro-Cap Total Stock Index  | 2 | 03/20/2026 | 49000 | (607) |
|  E-mini Consumer Staples Select Sector  | 3 | 03/20/2026 | 272640 | 19440 |
|  E-mini Energy Select Sector  | 1 | 03/20/2026 | 117200 | 14680 |
|  E-mini Materials Sector  | 2 | 03/20/2026 | 226720 | 15380 |
|  Emini S&P 500 ESG Index  | 2 | 03/20/2026 | 610740 | 3670 |
|  Euro STOXX 50 Dividend Index  | 1 | 12/18/2026 | 20016 | 390 |
|  EURO STOXX 50 Index  | 2 | 03/20/2026 | 125061 | 10339 |
|  Euro STOXX 50 Quanto Index  | 388 | 03/20/2026 | 28209096 | 1127238 |
|  Euro STOXX Banks Index  | 31 | 03/20/2026 | 493034 | (11358) |
|  Euro/Japanese Yen Cross Currency Rate  | 57 | 03/16/2026 | 8409111 | 110212 |
|  Euro/Pound Sterling Cross Currency Rate  | 1 | 03/16/2026 | 147812 | 421 |
|  Euro/US Dollar Cross Currency Rate  | 224 | 03/16/2026 | 33118400 | (60683) |
|  Euro/US Dollar Cross Currency Rate  | 5 | 03/16/2026 | 73925 | 100 |
|  Euro-BOBL  | 781 | 03/06/2026 | 108395576 | 190616 |
|  Euro-BTP Future Jun 26  | 81 | 06/08/2026 | 11669873 | 17677 |
|  Euro-BTP Italian Government Bonds  | 365 | 03/06/2026 | 52983245 | 727027 |
|  Euro-Bund  | 429 | 03/06/2026 | 66014427 | 289666 |
|  Euro-OAT Future Jun 26  | 2 | 06/08/2026 | 291713 | 449 |
|  Euro-Schatz  | 1546 | 03/06/2026 | 195517458 | 33043 |
|  European Rapeseed  | 74 | 04/30/2026 | 2129125 | (12909) |
|  European Rapeseed  | 6 | 07/31/2026 | 167049 | 931 |
|  Feeder Cattle  | 29 | 04/30/2026 | 5092400 | (182038) |
|  Feeder Cattle  | 6 | 05/21/2026 | 1041600 | (50788) |
|  Financial Select Sector Index  | 1 | 03/20/2026 | 158290 | (2835) |
|  French Government Bonds  | 549 | 03/06/2026 | 80386714 | 739989 |
|  FTSE 100 Index  | 356 | 03/20/2026 | 52323167 | 3826004 |
|  FTSE Bursa Malaysia KLCI Index  | 22 | 03/31/2026 | 478617 | (9149) |
|  FTSE China A50 Index  | 318 | 03/30/2026 | 4656156 | (68792) |
|  FTSE MIB Index  | 4 | 03/20/2026 | 223422 | 13612 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  FTSE/JSE Top 40 Index  | 125 | 03/19/2026 | $9429155 | $869832 |
|  FTSE/MIB Index  | 44 | 03/20/2026 | 12288192 | 519638 |
|  German Stock Index  | 53 | 03/20/2026 | 39683774 | 608775 |
|  Gold  | 40 | 04/28/2026 | 20991600 | 1421700 |
|  Gold  | 2 | 06/26/2026 | 1057520 | 64130 |
|  Hang Seng China Enterprises Index  | 39 | 03/30/2026 | 2213111 | (51902) |
|  Hang Seng Index  | 120 | 03/30/2026 | 20406473 | (1112) |
|  Hang Seng Index  | 17 | 03/30/2026 | 578183 | 105 |
|  Hard Red Winter Wheat  | 24 | 05/14/2026 | 696600 | 3875 |
|  IBEX 35 Composite Index  | 6 | 03/20/2026 | 130528 | 1581 |
|  IBEX 35 Index  | 11 | 03/20/2026 | 2393014 | 31273 |
|  ICE 3 Month SONIA Rate  | 37 | 09/15/2026 | 12048199 | 2914 |
|  ICE 3 Month SONIA Rate  | 312 | 12/15/2026 | 101711252 | 74626 |
|  ICE 3 Month SONIA Rate  | 654 | 03/16/2027 | 213290568 | 320472 |
|  ICE 3 Month SONIA Rate  | 106 | 06/15/2027 | 34566460 | 43715 |
|  ICE 3 Month SONIA Rate  | 710 | 09/14/2027 | 231458297 | 241702 |
|  ICE 3 Month SONIA Rate  | 338 | 12/14/2027 | 110135945 | 167362 |
|  ICE 3 Month SONIA Rate  | 98 | 03/14/2028 | 31918049 | 47808 |
|  ICE 3 Month SONIA Rate  | 92 | 06/20/2028 | 29949935 | 44388 |
|  ICE 3 Month SONIA Rate  | 144 | 09/19/2028 | 46856327 | 67416 |
|  ICE 3 Month SONIA Rate  | 203 | 12/19/2028 | 66023628 | 92196 |
|  ICE 3 Month SONIA Rate  | 20 | 03/20/2029 | 6501422 | 8979 |
|  ICE 3 Month SONIA Rate  | 13 | 06/19/2029 | 4223953 | 5643 |
|  Industrial Select Sector Index  | 2 | 03/20/2026 | 357380 | 38590 |
|  JPNK400 Index  | 1 | 03/12/2026 | 22924 | 3304 |
|  Lean Hogs  | 88 | 04/15/2026 | 3369520 | (41410) |
|  Lean Hogs  | 250 | 06/12/2026 | 10955000 | 211130 |
|  Lean Hogs  | 92 | 07/15/2026 | 4109640 | 51900 |
|  Light Sweet Crude Oil  | 2 | 03/19/2026 | 67020 | 5058 |
|  Live Cattle  | 55 | 04/30/2026 | 5108950 | (65430) |
|  Live Cattle  | 137 | 06/30/2026 | 12557420 | (273950) |
|  Live Cattle  | 70 | 08/31/2026 | 6378400 | (97080) |
|  Live Cattle  | 6 | 10/30/2026 | 545340 | (2820) |
|  LME Aluminum Forward  | 70 | 03/16/2026 | 5493863 | 472850 |
|  LME Aluminum Forward  | 70 | 04/13/2026 | 5506847 | 30583 |
|  LME Aluminum Forward  | 58 | 05/18/2026 | 4556930 | 26187 |
|  LME Copper Forward  | 10 | 03/16/2026 | 3325215 | 359829 |
|  LME Copper Forward  | 7 | 04/13/2026 | 2331991 | 30928 |
|  LME Copper Forward  | 5 | 05/18/2026 | 1668912 | 44560 |
|  LME Lead Forward  | 15 | 03/16/2026 | 722951 | (47461) |
|  LME Lead Forward  | 10 | 04/13/2026 | 485917 | (2833) |
|  LME Nickel Forward  | 25 | 03/16/2026 | 2652418 | 4729 |
|  LME Nickel Forward  | 5 | 04/13/2026 | 532524 | (14892) |
|  LME Nickel Forward  | 3 | 05/18/2026 | 321013 | 10675 |
|  LME Zinc Forward  | 42 | 03/16/2026 | 3475143 | 224389 |
|  LME Zinc Forward  | 43 | 04/13/2026 | 3561271 | 80608 |
|  LME Zinc Forward  | 37 | 05/18/2026 | 3070491 | (40885) |
|  London Cocoa  | 2 | 05/13/2026 | 55443 | (3248) |
|  London Metals - Aluminum<sup>(a)</sup>  | 562 | 03/16/2026 | 44107867 | 2563706 |
|  London Metals - Aluminum<sup>(a)</sup>  | 229 | 06/15/2026 | 18004495 | 244516 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  London Metals - Copper<sup>(a)</sup>  | 140 | 03/16/2026 | $46553010 | $7727235 |
|  London Metals - Copper<sup>(a)</sup>  | 40 | 06/15/2026 | 13369160 | 277074 |
|  London Metals - Lead<sup>(a)</sup>  | 452 | 03/16/2026 | 21784931 | (963979) |
|  London Metals - Lead<sup>(a)</sup>  | 26 | 06/15/2026 | 1281657 | (9309) |
|  London Metals - Nickel<sup>(a)</sup>  | 173 | 03/16/2026 | 18354735 | 1207866 |
|  London Metals - Nickel<sup>(a)</sup>  | 29 | 06/15/2026 | 3114163 | 99560 |
|  London Metals - Tin<sup>(a)</sup>  | 1 | 03/16/2026 | 288610 | 109260 |
|  London Metals - Tin<sup>(a)</sup>  | 1 | 06/15/2026 | 288910 | 39975 |
|  London Metals - Zinc<sup>(a)</sup>  | 339 | 03/16/2026 | 28049368 | 1521498 |
|  London Metals - Zinc<sup>(a)</sup>  | 139 | 06/15/2026 | 11543081 | (126063) |
|  Long Gilt  | 654 | 06/26/2026 | 82566365 | 855222 |
|  Low Sulphur Gas Oil  | 215 | 04/10/2026 | 15974500 | 1088550 |
|  Low Sulphur Gas Oil  | 23 | 05/12/2026 | 1673250 | 97925 |
|  Low Sulphur Gas Oil  | 17 | 06/11/2026 | 1213800 | 63325 |
|  Low Sulphur Gas Oil  | 4 | 07/10/2026 | 281800 | 23950 |
|  Mexican Peso/US Dollar Cross Currency Rate  | 443 | 03/16/2026 | 12838140 | 645200 |
|  Micro Gold  | 2 | 04/28/2026 | 104958 | 5597 |
|  MSCI EAFE Index  | 35 | 03/20/2026 | 5538925 | 330945 |
|  MSCI Emerging Markets Index  | 117 | 03/20/2026 | 9381645 | 1048132 |
|  MSCI Singapore Index  | 182 | 03/30/2026 | 6641007 | (11468) |
|  Nasdaq 100 Index  | 32 | 03/20/2026 | 16003040 | (313582) |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | 9 | 03/16/2026 | 539955 | (2130) |
|  Nifty 50 Index  | 46 | 03/30/2026 | 2326220 | (31615) |
|  Nikkei 225 Index  | 11 | 03/12/2026 | 2066836 | 205968 |
|  Nikkei 225 Index  | 40 | 03/12/2026 | 15137835 | 1755862 |
|  Nikkei 225 Index  | 6 | 03/12/2026 | 1761450 | 171625 |
|  Nikkei 225 Index  | 25 | 03/12/2026 | 946115 | 103608 |
|  Nikkei 225 Index  | 73 | 03/12/2026 | 13808600 | 1547088 |
|  NY Harbor ULSD  | 222 | 03/31/2026 | 24205104 | 1505410 |
|  NY Harbor ULSD  | 23 | 04/30/2026 | 2445332 | 135559 |
|  NY Harbor ULSD  | 17 | 05/29/2026 | 1775361 | 104790 |
|  NY Harbor ULSD  | 9 | 06/30/2026 | 929653 | 74537 |
|  NY Harbor ULSD  | 4 | 11/30/2026 | 403855 | 36784 |
|  OMXS30 ESG Index  | 3 | 03/20/2026 | 103370 | 2170 |
|  OMXS30 Index  | 360 | 03/20/2026 | 12865546 | 340151 |
|  Palladium  | 13 | 06/26/2026 | 2377050 | 107210 |
|  Platinum  | 31 | 04/28/2026 | 3678925 | 408290 |
|  Platinum  | 2 | 12/23/2026 | 75401 | 5059 |
|  Reformulated Gasoline Blendstock  | 318 | 03/31/2026 | 30525138 | 1374593 |
|  Reformulated Gasoline Blendstock  | 34 | 04/30/2026 | 3274404 | 104790 |
|  Reformulated Gasoline Blendstock  | 22 | 05/29/2026 | 2108938 | 95915 |
|  Reformulated Gasoline Blendstock  | 6 | 06/30/2026 | 569671 | 28858 |
|  Russell 2000 Index  | 144 | 03/20/2026 | 18969840 | (54475) |
|  S&P 500 Index  | 2 | 03/20/2026 | 68890 | (829) |
|  S&P 500 Index  | 108 | 03/20/2026 | 37200600 | (246095) |
|  S&P Mid Cap 400 Index  | 16 | 03/20/2026 | 5724640 | 173175 |
|  S&P Real Estate Select Sector Stock Index  | 1 | 03/20/2026 | 53775 | 350 |
|  S&P/Toronto Stock Exchange 60 Index  | 67 | 03/19/2026 | 19367399 | 1010813 |
|  SGX FTSE Taiwan Index  | 133 | 03/30/2026 | 15083530 | 420007 |
|  SGX Technically Specified Rubber 20  | 2 | 04/30/2026 | 20070 | 905 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  SGX TSI Iron Ore  | 205 | 04/30/2026 | $2016380 | $1705 |
|  SGX TSI Iron Ore  | 3 | 06/30/2026 | 29226 | 246 |
|  Short-term Euro-BTP  | 835 | 03/06/2026 | 106290307 | 182309 |
|  Silver  | 15 | 05/27/2026 | 6996825 | 600025 |
|  South African Rand/US Dollar Cross Currency Rate  | 2 | 03/16/2026 | 62800 | 2138 |
|  Soybean Meal  | 106 | 05/14/2026 | 3397300 | 28870 |
|  Soybeans  | 469 | 05/14/2026 | 27454087 | 346825 |
|  Soybeans  | 295 | 07/14/2026 | 17445563 | 519338 |
|  Soybeans  | 38 | 11/13/2026 | 2143675 | 18700 |
|  STOXX 600 Bank Spread Index  | 9 | 03/20/2026 | 196019 | 11111 |
|  STOXX 600 Utilities Index  | 8 | 03/20/2026 | 270397 | 42933 |
|  STOXX Euro ESG-X Index  | 34 | 03/20/2026 | 928430 | 67398 |
|  STOXX Europe 600 Index  | 79 | 03/20/2026 | 2960015 | 163003 |
|  STOXX Europe 600 Index  | 2 | 03/20/2026 | 60214 | 1371 |
|  Swiss Franc/US Dollar Cross Currency Rate  | 72 | 03/16/2026 | 11734650 | 21044 |
|  Swiss Government Bonds  | 1 | 03/06/2026 | 207934 | 2081 |
|  Swiss Market Index  | 21 | 03/20/2026 | 3811875 | 208701 |
|  Tokyo Price Index  | 27 | 03/12/2026 | 683710 | 89235 |
|  TOPIX Index  | 92 | 03/12/2026 | 23296769 | 3039821 |
|  Two Year Canadian Government Bonds  | 460 | 06/19/2026 | 35738059 | 23016 |
|  U.S. Treasury 10 Year Notes  | 1042 | 06/18/2026 | 118592625 | 576399 |
|  U.S. Treasury 2 Year Notes  | 866 | 06/30/2026 | 181230797 | 91414 |
|  U.S. Treasury 5 Year Note  | 819 | 06/30/2026 | 90205172 | 338375 |
|  U.S. Treasury Long Bonds  | 562 | 06/18/2026 | 66579438 | 503004 |
|  U.S. Treasury Ultra Bonds  | 40 | 06/18/2026 | 4863750 | 52531 |
|  US 3 Year Notes  | 8 | 06/30/2026 | 1713562 | 4875 |
|  Utilities Select Sector Index  | 3 | 03/20/2026 | 288870 | 9160 |
|  Wheat  | 317 | 05/14/2026 | 9375275 | 330088 |
|  Wheat  | 54 | 07/14/2026 | 1616625 | 35638 |
|  WTI Light Sweet Crude Oil  | 6 | 03/19/2026 | 402120 | 18440 |
|  WTI Light Sweet Crude Oil  | 6 | 04/20/2026 | 401340 | 21260 |
|  WTI Light Sweet Crude Oil  | 2 | 05/18/2026 | 133120 | 2870 |
|  WTI Light Sweet Crude Oil  | 2 | 06/18/2026 | 132360 | 2500 |
|  WTI Light Sweet Crude Oil  | 2 | 07/20/2026 | 131400 | 2320 |
|  |  |  |  | $53225253 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  1 Month Secured Overnight Financing Rate  | (19) | 07/31/2026 | $7640590 | $1521 |
|  10 Year Japanese Government Bonds  | (20) | 03/12/2026 | 1701021 | (13057) |
|  3 Month Euribor  | (3) | 06/15/2026 | 868210 | 15 |
|  3 Month Euribor  | (15) | 09/14/2026 | 4342602 | (1329) |
|  3 Month Euribor  | (7) | 12/14/2026 | 2026961 | (1285) |
|  3 Month Swiss Average Overnight Rate  | (1) | 09/15/2026 | 325486 | 33 |
|  3-Month Secured Overnight Financing Rate  | (48) | 09/15/2026 | 11584200 | 538 |
|  3-Month Secured Overnight Financing Rate  | (380) | 12/15/2026 | 91936250 | (52100) |
|  3-Month Secured Overnight Financing Rate  | (340) | 03/16/2027 | 82403250 | (108475) |
|  3-Month Secured Overnight Financing Rate  | (67) | 09/14/2027 | 16257550 | (51910) |
|  3-Year Korea Treasury Bonds  | (180) | 03/17/2026 | 13206257 | (58478) |
|  Arabica Coffee  | (62) | 05/18/2026 | 6527438 | 187013 |
|  Arabica Coffee  | (11) | 07/21/2026 | 1138088 | 41850 |
|  Arabica Coffee  | (3) | 09/18/2026 | 305325 | 11550 |
|  Australian Government 10 Year Bonds  | (965) | 03/16/2026 | 75934421 | (872895) |
|  Australian Government 3 Year Bonds  | (2565) | 03/16/2026 | 191603907 | (298294) |
|  Australian 90 Day Bank Bills  | (327) | 06/11/2026 | 230317855 | 152342 |
|  Australian 90 Day Bank Bills  | (1031) | 09/10/2026 | 725993193 | 224462 |
|  Australian 90 Day Bank Bills  | (166) | 12/10/2026 | 116888390 | 49924 |
|  Australian 90 Day Bank Bills  | (104) | 03/11/2027 | 73236640 | (873) |
|  Australian 90 Day Bank Bills  | (31) | 06/10/2027 | 21832283 | 963 |
|  Australian 90 Day Bank Bills  | (34) | 09/09/2027 | 23946838 | (1907) |
|  Australian 90 Day Bank Bills  | (26) | 12/09/2027 | 18313182 | (1942) |
|  British Pound/US Dollar Cross Currency Rate  | (247) | 03/16/2026 | 20809750 | (11613) |
|  Consumer Discretionary Select Sector Index  | (1) | 03/20/2026 | 236440 | (1480) |
|  Corn No. 2 Yellow  | (280) | 05/14/2026 | 6279000 | (177900) |
|  Corn No. 2 Yellow  | (527) | 07/14/2026 | 12015600 | (395525) |
|  Corn No. 2 Yellow  | (48) | 09/14/2026 | 1093800 | (25050) |
|  Corn No. 2 Yellow  | (58) | 12/14/2026 | 1361550 | (16513) |
|  Cotton No.2  | (402) | 05/06/2026 | 13187610 | (64789) |
|  Cotton No.2  | (51) | 07/09/2026 | 1716660 | 7265 |
|  Crude Palm Oil  | (11) | 04/15/2026 | 284824 | 1632 |
|  Crude Palm Oil  | (37) | 05/15/2026 | 960897 | 4420 |
|  Crude Palm Oil  | (16) | 06/15/2026 | 415934 | 520 |
|  Dollar Index  | (240) | 03/16/2026 | 23415600 | 34718 |
|  Dow Jones Industrial Average Index  | (46) | 03/20/2026 | 11270000 | (10230) |
|  Euro BUXL 30 Year Bonds  | (100) | 03/06/2026 | 13453699 | (404273) |
|  Euro/US Dollar Cross Currency Rate  | (10) | 03/16/2026 | 1478500 | (3919) |
|  Euro-BOBL  | (135) | 03/06/2026 | 18736751 | (134490) |
|  Euro-Bund  | (40) | 03/06/2026 | 6155191 | (90180) |
|  Euro-Schatz  | (1270) | 03/06/2026 | 160612660 | (315526) |
|  Frozen Concentrated Orange Juice  | (17) | 05/08/2026 | 462825 | (10470) |
|  FTSE China A50 Index  | (1113) | 03/30/2026 | 16296546 | 20150 |
|  Hang Seng China Enterprises Index  | (3) | 03/30/2026 | 34048 | 176 |
|  Hang Seng Index  | (21) | 03/30/2026 | 3571133 | 4129 |
|  Hang Seng TECH Index  | (43) | 03/30/2026 | 1412832 | 34148 |
|  Hard Red Winter Wheat  | (30) | 05/14/2026 | 870750 | (43762) |
|  Hard Red Winter Wheat  | (53) | 07/14/2026 | 1572775 | (79662) |
|  ICE European Climate Exchange Emissions  | (28) | 12/14/2026 | 2325531 | 56173 |
|  ICE European Climate Exchange Emissions  | (4) | 12/20/2027 | 341482 | 13163 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Indian Rupee/US Dollar Cross Currency Rate  | (1) | 03/25/2026 | $54810 | $55 |
|  Japanese 10 Year Government Bonds  | (133) | 03/13/2026 | 113100887 | 12135 |
|  Japanese Yen/US Dollar Cross Currency Rate  | (577) | 03/16/2026 | 46286219 | 117431 |
|  Live Cattle  | (9) | 04/30/2026 | 836010 | 3840 |
|  LME Aluminum Forward  | (70) | 03/16/2026 | 5493862 | (28152) |
|  LME Aluminum Forward  | (70) | 04/13/2026 | 5506847 | (4568) |
|  LME Aluminum Forward  | (1) | 05/18/2026 | 78568 | (2928) |
|  LME Copper Forward  | (10) | 03/16/2026 | 3325215 | (40365) |
|  LME Copper Forward  | (7) | 04/13/2026 | 2331991 | 13904 |
|  LME Lead Forward  | (15) | 03/16/2026 | 722951 | 19603 |
|  LME Lead Forward  | (10) | 04/13/2026 | 485917 | 27705 |
|  LME Lead Forward  | (15) | 05/18/2026 | 734501 | 3921 |
|  LME Nickel Forward  | (25) | 03/16/2026 | 2652418 | (436018) |
|  LME Nickel Forward  | (5) | 04/13/2026 | 532524 | (9360) |
|  LME Nickel Forward  | (2) | 05/18/2026 | 214008 | (8727) |
|  LME Zinc Forward  | (42) | 03/16/2026 | 3475143 | (116118) |
|  LME Zinc Forward  | (43) | 04/13/2026 | 3561271 | 58404 |
|  LME Zinc Forward  | (1) | 05/18/2026 | 82986 | 216 |
|  London Cocoa  | (62) | 05/13/2026 | 1718718 | 936593 |
|  London Cocoa  | (35) | 07/16/2026 | 993828 | 506152 |
|  London Cocoa  | (9) | 09/15/2026 | 259922 | 86304 |
|  London Metals - Aluminum<sup>(a)</sup>  | (562) | 03/16/2026 | 44107867 | (1137829) |
|  London Metals - Aluminum<sup>(a)</sup>  | (25) | 06/15/2026 | 1965556 | (44305) |
|  London Metals - Copper<sup>(a)</sup>  | (140) | 03/16/2026 | 46553010 | (1621764) |
|  London Metals - Copper<sup>(a)</sup>  | (2) | 06/15/2026 | 668458 | (8272) |
|  London Metals - Lead<sup>(a)</sup>  | (452) | 03/16/2026 | 21784931 | 675896 |
|  London Metals - Lead<sup>(a)</sup>  | (192) | 06/15/2026 | 9464544 | 70931 |
|  London Metals - Nickel<sup>(a)</sup>  | (173) | 03/16/2026 | 18354735 | (2366742) |
|  London Metals - Nickel<sup>(a)</sup>  | (7) | 06/15/2026 | 751695 | (24250) |
|  London Metals - Tin<sup>(a)</sup>  | (1) | 03/16/2026 | 288610 | (40610) |
|  London Metals - Tin<sup>(a)</sup>  | (1) | 06/15/2026 | 288910 | (59239) |
|  London Metals - Zinc<sup>(a)</sup>  | (339) | 03/16/2026 | 28049368 | (658913) |
|  London Metals - Zinc<sup>(a)</sup>  | (10) | 06/15/2026 | 830437 | 1531 |
|  Lumber  | (2) | 05/15/2026 | 32038 | 316 |
|  Maize  | (4) | 06/05/2026 | 46614 | (1787) |
|  MIAX Red Wheat FutJul26  | (17) | 07/14/2026 | 533162 | (19487) |
|  MIAX Red Wheat FutMay26  | (36) | 05/14/2026 | 1102950 | (50313) |
|  Milling Wheat No. 2  | (406) | 05/11/2026 | 4833276 | (237295) |
|  Milling Wheat No. 2  | (120) | 09/10/2026 | 1460458 | (75755) |
|  Milling Wheat No. 2  | (15) | 12/10/2026 | 187653 | (8596) |
|  MSCI Singapore Index  | (9) | 03/30/2026 | 328401 | (3352) |
|  Nasdaq 100 Index  | (3) | 03/20/2026 | 1500285 | (7900) |
|  Natural Gas  | (9) | 03/26/2026 | 64327 | 1998 |
|  Natural Gas  | (42) | 03/27/2026 | 1200780 | 25510 |
|  Natural Gas  | (15) | 03/30/2026 | 407838 | (21362) |
|  Natural Gas  | (151) | 04/28/2026 | 4350310 | 107140 |
|  Natural Gas  | (58) | 05/27/2026 | 1776540 | 67800 |
|  Natural Gas  | (16) | 06/26/2026 | 533920 | 46150 |
|  Natural Gas  | (7) | 09/28/2026 | 242340 | 16790 |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | (5) | 03/16/2026 | 299975 | (375) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional<br> VALUE** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Nifty 50 Index  | (135) | 03/30/2026 | $6826950 | $120455 |
|  NYSE FANG+ Index  | (2) | 03/20/2026 | 144876 | 9338 |
|  Oats  | (3) | 05/14/2026 | 47963 | (163) |
|  Phelix DE Base Yearly  | (1) | 12/29/2026 | 825064 | (12421) |
|  Phelix DE Baseload Quarterly  | (1) | 03/27/2026 | 182424 | (7458) |
|  Robusta Coffee  | (67) | 05/22/2026 | 2428080 | 69200 |
|  Robusta Coffee  | (30) | 07/27/2026 | 1065600 | 36260 |
|  Rough Rice  | (15) | 05/14/2026 | 322350 | 4420 |
|  Russell 2000 Index  | (37) | 03/20/2026 | 4874195 | (9145) |
|  S&P 500 Index  | (21) | 03/20/2026 | 7233450 | (30975) |
|  SGX TSI Iron Ore  | (76) | 04/30/2026 | 747536 | (22636) |
|  SGX TSI Iron Ore  | (5) | 05/29/2026 | 48970 | (170) |
|  Soybean Meal  | (31) | 05/14/2026 | 993550 | (50520) |
|  Soybean Meal  | (36) | 07/14/2026 | 1162080 | (28320) |
|  Sugar #11  | (1266) | 04/30/2026 | 19694909 | (2262) |
|  Sugar #11  | (222) | 06/30/2026 | 3448637 | 81178 |
|  Sugar #11  | (17) | 09/30/2026 | 270368 | (2453) |
|  Sugar #11  | (7) | 02/26/2027 | 116738 | (2498) |
|  U.S. Treasury 2 Year Notes  | (392) | 06/30/2026 | 82035188 | (129372) |
|  U.S. Treasury Ultra Bonds  | (22) | 06/18/2026 | 2675063 | (28406) |
|  UK Natural Gas  | (15) | 03/30/2026 | 476483 | (15666) |
|  US Cocoa  | (92) | 05/13/2026 | 2656960 | 1363039 |
|  US Cocoa  | (35) | 07/16/2026 | 1029700 | 603950 |
|  US Dollar/Chinese Renminbi Cross Currency Rate  | (2) | 03/16/2026 | 199675 | 3070 |
|  US Dollar/Chinese Renminbi Cross Currency Rate  | (1) | 03/16/2026 | 99907 | 1035 |
|  Wheat  | (78) | 05/14/2026 | 2306850 | (174013) |
|  Wheat  | (46) | 07/14/2026 | 1377125 | (94850) |
|  Wheat  | (8) | 09/14/2026 | 243900 | (18550) |
|  Wheat  | (14) | 12/14/2026 | 438725 | (40725) |
|  White Maize  | (15) | 07/24/2026 | 295690 | 13523 |
|  White Sugar  | (105) | 04/15/2026 | 2140425 | 59690 |
|  White Sugar  | (76) | 07/16/2026 | 1541660 | 29735 |
|  White Sugar  | (20) | 09/15/2026 | 405000 | (460) |
|  Yellow Maize  | (7) | 07/24/2026 | 143308 | (1044) |
|  |  |  |  | $(4912493) |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | $48312760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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 <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/31/2026 | AUD | 10000000 | CAD | 9637913 | $39958 |
| SG Americas Securities LLC | 03/31/2026 | AUD | 5444560 | EUR | 3250000 | 27079 |
| SG Americas Securities LLC | 03/31/2026 | AUD | 6708135 | GBP | 3500000 | 55942 |
| SG Americas Securities LLC | 03/31/2026 | AUD | 4200000 | JPY | 455932260 | 60583 |
| SG Americas Securities LLC | 03/31/2026 | AUD | 13600000 | NZD | 15927678 | 109877 |
| SG Americas Securities LLC | 03/03/2026 | AUD | 18974660 | USD | 13479721 | 23467 |
| SG Americas Securities LLC | 03/18/2026 | AUD | 82540992 | USD | 56708469 | 2027509 |
| SG Americas Securities LLC | 03/03/2026 | BRL | 93128459 | USD | 17635988 | 509976 |
| SG Americas Securities LLC | 04/02/2026 | BRL | 72759631 | USD | 13850051 | 215072 |
| SG Americas Securities LLC | 03/02/2026 | CAD | 201723 | EUR | 125000 | 182 |
| SG Americas Securities LLC | 03/31/2026 | CAD | 4400000 | JPY | 495446600 | 48518 |
| SG Americas Securities LLC | 03/02/2026 | CAD | 61298894 | USD | 44847523 | 97030 |
| SG Americas Securities LLC | 03/18/2026 | CAD | 47737883 | USD | 34960658 | 65353 |
| SG Americas Securities LLC | 03/18/2026 | CHF | 8547679 | EUR | 9350000 | 84087 |
| SG Americas Securities LLC | 03/31/2026 | CHF | 8079680 | EUR | 8875000 | 45523 |
| SG Americas Securities LLC | 03/02/2026 | CHF | 130302 | GBP | 125000 | 1075 |
| SG Americas Securities LLC | 03/31/2026 | CHF | 913429 | GBP | 875000 | 13486 |
| SG Americas Securities LLC | 03/31/2026 | CHF | 2000000 | JPY | 398622800 | 51789 |
| SG Americas Securities LLC | 03/02/2026 | CHF | 1937071 | USD | 2507827 | 12435 |
| SG Americas Securities LLC | 03/03/2026 | CHF | 1915989 | USD | 2479951 | 13152 |
| SG Americas Securities LLC | 03/18/2026 | CHF | 18004970 | USD | 23240935 | 232075 |
| SG Americas Securities LLC | 03/18/2026 | CLP | 3911020492 | USD | 4300021 | 181077 |
| SG Americas Securities LLC | 03/18/2026 | CNH | 357471164 | USD | 51605171 | 571095 |
| SG Americas Securities LLC | 03/31/2026 | CNH | 125219314 | USD | 18200000 | 94770 |
| SG Americas Securities LLC | 04/15/2026 | CNH | 12156763 | USD | 1776312 | 1347 |
| SG Americas Securities LLC | 03/18/2026 | COP | 15407053293 | USD | 4050020 | 35045 |
| SG Americas Securities LLC | 03/18/2026 | CZK | 70609673 | EUR | 2900000 | 13515 |
| SG Americas Securities LLC | 03/02/2026 | EUR | 1100000 | GBP | 959583 | 6769 |
| SG Americas Securities LLC | 03/03/2026 | EUR | 600000 | GBP | 526052 | 165 |
| SG Americas Securities LLC | 03/18/2026 | EUR | 3000000 | GBP | 2619056 | 18767 |
| SG Americas Securities LLC | 03/31/2026 | EUR | 6800000 | GBP | 5936523 | 47972 |
| SG Americas Securities LLC | 03/02/2026 | EUR | 100000 | JPY | 18428192 | 143 |
| SG Americas Securities LLC | 03/31/2026 | EUR | 4500000 | JPY | 819198622 | 65844 |
| SG Americas Securities LLC | 03/18/2026 | EUR | 2798269 | PLN | 11825002 | 663 |
| SG Americas Securities LLC | 03/31/2026 | EUR | 100000 | PLN | 422476 | 142 |
| SG Americas Securities LLC | 03/18/2026 | EUR | 8351759 | SEK | 88977930 | 11282 |
| SG Americas Securities LLC | 03/02/2026 | EUR | 1958536 | USD | 2311419 | 3128 |
| SG Americas Securities LLC | 03/18/2026 | EUR | 43228000 | USD | 51084707 | 46802 |
| SG Americas Securities LLC | 03/03/2026 | GBP | 125000 | CHF | 129415 | 60 |
| SG Americas Securities LLC | 03/31/2026 | GBP | 3750000 | JPY | 782019801 | 32166 |
| SG Americas Securities LLC | 03/18/2026 | HUF | 1618305353 | EUR | 4250000 | 40792 |
| SG Americas Securities LLC | 03/31/2026 | HUF | 494438962 | EUR | 1300000 | 8161 |
| SG Americas Securities LLC | 03/18/2026 | HUF | 3758649491 | USD | 11727073 | 43393 |
| SG Americas Securities LLC | 03/31/2026 | HUF | 1670341270 | USD | 5200000 | 26036 |
| SG Americas Securities LLC | 03/31/2026 | IDR | 5046011000 | USD | 300000 | 709 |
| SG Americas Securities LLC | 03/04/2026 | INR | 64464526 | USD | 700000 | 8378 |
| SG Americas Securities LLC | 03/02/2026 | JPY | 79309999 | GBP | 375000 | 2621 |
| SG Americas Securities LLC | 03/04/2026 | KRW | 8871090543 | USD | 6116444 | 51317 |
| SG Americas Securities LLC | 03/05/2026 | KRW | 1448997632 | USD | 1000000 | 7466 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/09/2026 | KRW | 1606059587 | USD | 1100000 | $16823 |
| SG Americas Securities LLC | 03/11/2026 | KRW | 1610083141 | USD | 1100000 | 19704 |
| SG Americas Securities LLC | 03/12/2026 | KRW | 2622555333 | USD | 1800000 | 23877 |
| SG Americas Securities LLC | 03/18/2026 | KRW | 31432801939 | USD | 21830702 | 34325 |
| SG Americas Securities LLC | 03/02/2026 | MXN | 450865 | USD | 26168 | 5 |
| SG Americas Securities LLC | 03/18/2026 | MXN | 550447150 | USD | 31302036 | 601209 |
| SG Americas Securities LLC | 03/18/2026 | NOK | 190059397 | EUR | 16541972 | 420208 |
| SG Americas Securities LLC | 03/31/2026 | NOK | 52283540 | EUR | 4625000 | 23067 |
| SG Americas Securities LLC | 03/02/2026 | NOK | 2870540 | USD | 300031 | 1863 |
| SG Americas Securities LLC | 03/03/2026 | NOK | 2191021 | USD | 230177 | 252 |
| SG Americas Securities LLC | 03/18/2026 | NOK | 108331414 | USD | 11276202 | 115903 |
| SG Americas Securities LLC | 03/31/2026 | NZD | 5800000 | JPY | 537391460 | 32813 |
| SG Americas Securities LLC | 03/02/2026 | NZD | 1240000 | USD | 742605 | 1291 |
| SG Americas Securities LLC | 03/03/2026 | NZD | 681000 | USD | 406854 | 1704 |
| SG Americas Securities LLC | 03/18/2026 | NZD | 32415000 | USD | 19384687 | 74929 |
| SG Americas Securities LLC | 03/18/2026 | PEN | 5406007 | USD | 1600000 | 10761 |
| SG Americas Securities LLC | 03/18/2026 | PHP | 175464283 | USD | 3000000 | 40938 |
| SG Americas Securities LLC | 03/18/2026 | PLN | 35104112 | EUR | 8275886 | 34882 |
| SG Americas Securities LLC | 03/02/2026 | PLN | 2862916 | USD | 800422 | 797 |
| SG Americas Securities LLC | 03/03/2026 | PLN | 2619390 | USD | 731800 | 1262 |
| SG Americas Securities LLC | 03/02/2026 | SEK | 1000000 | EUR | 93724 | 29 |
| SG Americas Securities LLC | 03/03/2026 | SEK | 1000000 | EUR | 93666 | 97 |
| SG Americas Securities LLC | 03/02/2026 | SEK | 2714161 | USD | 300000 | 699 |
| SG Americas Securities LLC | 03/03/2026 | SEK | 904725 | USD | 100000 | 239 |
| SG Americas Securities LLC | 03/18/2026 | THB | 130664385 | USD | 4200000 | 10492 |
| SG Americas Securities LLC | 03/18/2026 | TRY | 18500000 | USD | 403326 | 11127 |
| SG Americas Securities LLC | 03/05/2026 | TWD | 25177955 | USD | 800000 | 7014 |
| SG Americas Securities LLC | 03/09/2026 | TWD | 12693061 | USD | 400000 | 6959 |
| SG Americas Securities LLC | 03/11/2026 | TWD | 3162894 | USD | 100000 | 1422 |
| SG Americas Securities LLC | 03/12/2026 | TWD | 6308051 | USD | 200000 | 2291 |
| SG Americas Securities LLC | 03/18/2026 | TWD | 180009472 | USD | 5740782 | 34435 |
| SG Americas Securities LLC | 03/31/2026 | TWD | 3125609 | USD | 100000 | 371 |
| SG Americas Securities LLC | 04/07/2026 | TWD | 15608834 | USD | 500000 | 1434 |
| SG Americas Securities LLC | 03/02/2026 | USD | 424268 | CAD | 578458 | 140 |
| SG Americas Securities LLC | 03/04/2026 | USD | 700000 | CLP | 607555820 | 3848 |
| SG Americas Securities LLC | 03/12/2026 | USD | 100000 | CLP | 85805170 | 1685 |
| SG Americas Securities LLC | 03/17/2026 | USD | 100000 | CLP | 85346170 | 2213 |
| SG Americas Securities LLC | 03/18/2026 | USD | 1149995 | CLP | 998261471 | 6225 |
| SG Americas Securities LLC | 03/24/2026 | USD | 300000 | CLP | 260323000 | 1739 |
| SG Americas Securities LLC | 03/02/2026 | USD | 3594749 | CNH | 24571786 | 12584 |
| SG Americas Securities LLC | 03/03/2026 | USD | 1612704 | CNH | 11054090 | 1090 |
| SG Americas Securities LLC | 03/31/2026 | USD | 2600000 | CNH | 17794489 | 193 |
| SG Americas Securities LLC | 03/04/2026 | USD | 500000 | COP | 1848781736 | 7858 |
| SG Americas Securities LLC | 03/05/2026 | USD | 200000 | COP | 729251368 | 5922 |
| SG Americas Securities LLC | 03/11/2026 | USD | 200000 | COP | 735355368 | 4630 |
| SG Americas Securities LLC | 03/24/2026 | USD | 400000 | COP | 1485920000 | 6703 |
| SG Americas Securities LLC | 03/31/2026 | USD | 100000 | CZK | 2049061 | 48 |
| SG Americas Securities LLC | 03/31/2026 | USD | 2220635 | EUR | 1875000 | 1210 |
| SG Americas Securities LLC | 03/02/2026 | USD | 46547211 | GBP | 34531586 | 10702 |
| SG Americas Securities LLC | 03/03/2026 | USD | 2542429 | GBP | 1885555 | 1362 |
| SG Americas Securities LLC | 03/18/2026 | USD | 40030225 | GBP | 29578000 | 167610 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/31/2026 | USD | 1770796 | GBP | 1312500 | $1831 |
| SG Americas Securities LLC | 03/02/2026 | USD | 181208 | HUF | 57594660 | 643 |
| SG Americas Securities LLC | 03/03/2026 | USD | 138141 | HUF | 44009455 | 175 |
| SG Americas Securities LLC | 03/25/2026 | USD | 4600000 | IDR | 77144314650 | 1954 |
| SG Americas Securities LLC | 03/18/2026 | USD | 3000000 | ILS | 9372045 | 7650 |
| SG Americas Securities LLC | 03/05/2026 | USD | 3800000 | INR | 342985910 | 31272 |
| SG Americas Securities LLC | 03/06/2026 | USD | 1200000 | INR | 108344844 | 9577 |
| SG Americas Securities LLC | 03/10/2026 | USD | 1700000 | INR | 154596300 | 1891 |
| SG Americas Securities LLC | 03/11/2026 | USD | 6500000 | INR | 589798035 | 22042 |
| SG Americas Securities LLC | 03/12/2026 | USD | 2600000 | INR | 235910083 | 9106 |
| SG Americas Securities LLC | 03/17/2026 | USD | 300000 | INR | 27228900 | 1066 |
| SG Americas Securities LLC | 03/18/2026 | USD | 26608429 | INR | 2411048811 | 140529 |
| SG Americas Securities LLC | 03/27/2026 | USD | 1700000 | INR | 154886320 | 809 |
| SG Americas Securities LLC | 03/30/2026 | USD | 10900000 | INR | 991881785 | 21012 |
| SG Americas Securities LLC | 03/02/2026 | USD | 38274721 | JPY | 5966865027 | 56277 |
| SG Americas Securities LLC | 03/03/2026 | USD | 38697656 | JPY | 6036144986 | 32185 |
| SG Americas Securities LLC | 03/18/2026 | USD | 62384153 | JPY | 9696028353 | 191494 |
| SG Americas Securities LLC | 03/31/2026 | USD | 4581195 | JPY | 700000000 | 85895 |
| SG Americas Securities LLC | 03/09/2026 | USD | 1100000 | KRW | 1561659000 | 14052 |
| SG Americas Securities LLC | 03/02/2026 | USD | 26229 | MXN | 450865 | 57 |
| SG Americas Securities LLC | 03/03/2026 | USD | 5319 | MXN | 91516 | 7 |
| SG Americas Securities LLC | 03/31/2026 | USD | 492991 | MXN | 8500000 | 965 |
| SG Americas Securities LLC | 03/18/2026 | USD | 551381 | NOK | 5236127 | 751 |
| SG Americas Securities LLC | 03/31/2026 | USD | 60177 | NZD | 100000 | 110 |
| SG Americas Securities LLC | 03/31/2026 | USD | 200000 | PLN | 714211 | 132 |
| SG Americas Securities LLC | 03/02/2026 | USD | 300791 | SEK | 2714160 | 92 |
| SG Americas Securities LLC | 03/18/2026 | USD | 2502563 | SEK | 22412881 | 17024 |
| SG Americas Securities LLC | 03/02/2026 | USD | 669996 | SGD | 846527 | 610 |
| SG Americas Securities LLC | 03/03/2026 | USD | 100000 | SGD | 126453 | 1 |
| SG Americas Securities LLC | 03/03/2026 | USD | 26214 | ZAR | 416502 | 65 |
| SG Americas Securities LLC | 03/18/2026 | ZAR | 250226197 | USD | 15447803 | 242147 |
| SG Americas Securities LLC | 03/02/2026 | AUD | 19321660 | USD | 13763009 | (12860) |
| SG Americas Securities LLC | 03/31/2026 | AUD | 9000000 | USD | 6404643 | (683) |
| SG Americas Securities LLC | 03/31/2026 | CAD | 9500000 | USD | 6987725 | (13419) |
| SG Americas Securities LLC | 03/03/2026 | CHF | 258677 | GBP | 250000 | (320) |
| SG Americas Securities LLC | 03/31/2026 | CHF | 3750000 | USD | 4900007 | (3092) |
| SG Americas Securities LLC | 03/04/2026 | CLP | 607012630 | USD | 700000 | (4470) |
| SG Americas Securities LLC | 03/12/2026 | CLP | 86768830 | USD | 100000 | (581) |
| SG Americas Securities LLC | 03/17/2026 | CLP | 86770830 | USD | 100000 | (581) |
| SG Americas Securities LLC | 03/24/2026 | CLP | 520934400 | USD | 600000 | (3148) |
| SG Americas Securities LLC | 03/31/2026 | CLP | 779076280 | USD | 900000 | (7409) |
| SG Americas Securities LLC | 03/02/2026 | CNH | 24571789 | USD | 3591397 | (9231) |
| SG Americas Securities LLC | 03/03/2026 | CNH | 6253924 | USD | 912787 | (1006) |
| SG Americas Securities LLC | 03/04/2026 | COP | 1830530000 | USD | 500000 | (12716) |
| SG Americas Securities LLC | 03/05/2026 | COP | 740534632 | USD | 200000 | (2919) |
| SG Americas Securities LLC | 03/11/2026 | COP | 741424632 | USD | 200000 | (3017) |
| SG Americas Securities LLC | 03/24/2026 | COP | 1487780000 | USD | 400000 | (6211) |
| SG Americas Securities LLC | 03/26/2026 | COP | 373341316 | USD | 100000 | (1240) |
| SG Americas Securities LLC | 03/31/2026 | COP | 373438316 | USD | 100000 | (1345) |
| SG Americas Securities LLC | 03/31/2026 | CZK | 4085563 | USD | 200000 | (709) |
| SG Americas Securities LLC | 03/02/2026 | EUR | 125000 | CAD | 201897 | (310) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/31/2026 | EUR | 5000000 | CAD | 8063245 | $(1064) |
| SG Americas Securities LLC | 03/18/2026 | EUR | 1250000 | CHF | 1138857 | (6182) |
| SG Americas Securities LLC | 03/18/2026 | EUR | 750000 | CZK | 18199984 | (514) |
| SG Americas Securities LLC | 03/18/2026 | EUR | 1150000 | HUF | 437221778 | (8932) |
| SG Americas Securities LLC | 03/31/2026 | EUR | 200000 | HUF | 75747170 | (253) |
| SG Americas Securities LLC | 03/18/2026 | EUR | 18300000 | JPY | 3381301190 | (42634) |
| SG Americas Securities LLC | 03/18/2026 | EUR | 6586550 | NOK | 75995296 | (200857) |
| SG Americas Securities LLC | 03/02/2026 | EUR | 93719 | SEK | 1000000 | (34) |
| SG Americas Securities LLC | 03/03/2026 | EUR | 93642 | SEK | 1000000 | (126) |
| SG Americas Securities LLC | 03/03/2026 | EUR | 1646000 | USD | 1945306 | (12) |
| SG Americas Securities LLC | 03/31/2026 | EUR | 6125000 | USD | 7278666 | (28544) |
| SG Americas Securities LLC | 03/02/2026 | GBP | 125000 | CHF | 130384 | (1182) |
| SG Americas Securities LLC | 03/31/2026 | GBP | 125000 | CHF | 129905 | (1162) |
| SG Americas Securities LLC | 03/02/2026 | GBP | 962673 | EUR | 1100000 | (2604) |
| SG Americas Securities LLC | 03/03/2026 | GBP | 57771 | EUR | 66031 | (183) |
| SG Americas Securities LLC | 03/18/2026 | GBP | 2556396 | EUR | 2950000 | (44073) |
| SG Americas Securities LLC | 03/31/2026 | GBP | 523542 | EUR | 600000 | (4595) |
| SG Americas Securities LLC | 03/02/2026 | GBP | 375000 | JPY | 78975574 | (479) |
| SG Americas Securities LLC | 03/02/2026 | GBP | 34528496 | USD | 46774316 | (241971) |
| SG Americas Securities LLC | 03/03/2026 | GBP | 33845397 | USD | 45612771 | (1048) |
| SG Americas Securities LLC | 03/18/2026 | GBP | 42958000 | USD | 58026146 | (131148) |
| SG Americas Securities LLC | 03/31/2026 | GBP | 6437500 | USD | 8763889 | (87537) |
| SG Americas Securities LLC | 03/02/2026 | HUF | 57594660 | USD | 181173 | (608) |
| SG Americas Securities LLC | 03/03/2026 | HUF | 58488 | USD | 184 | (1) |
| SG Americas Securities LLC | 03/25/2026 | IDR | 54520085320 | USD | 3250000 | (430) |
| SG Americas Securities LLC | 03/02/2026 | ILS | 314241 | USD | 100921 | (606) |
| SG Americas Securities LLC | 03/18/2026 | ILS | 18689854 | USD | 6050000 | (82618) |
| SG Americas Securities LLC | 03/31/2026 | ILS | 9236168 | USD | 3000000 | (50561) |
| SG Americas Securities LLC | 03/05/2026 | INR | 343495091 | USD | 3800000 | (25677) |
| SG Americas Securities LLC | 03/06/2026 | INR | 108534979 | USD | 1200000 | (7488) |
| SG Americas Securities LLC | 03/10/2026 | INR | 154724946 | USD | 1700000 | (478) |
| SG Americas Securities LLC | 03/11/2026 | INR | 591152592 | USD | 6500000 | (7164) |
| SG Americas Securities LLC | 03/12/2026 | INR | 235903090 | USD | 2600000 | (9182) |
| SG Americas Securities LLC | 03/18/2026 | INR | 937556878 | USD | 10319691 | (27422) |
| SG Americas Securities LLC | 03/30/2026 | INR | 9108160 | USD | 100000 | (101) |
| SG Americas Securities LLC | 03/02/2026 | JPY | 18420602 | EUR | 100000 | (191) |
| SG Americas Securities LLC | 03/18/2026 | JPY | 1144944819 | EUR | 6300000 | (107897) |
| SG Americas Securities LLC | 03/31/2026 | JPY | 109305786 | EUR | 600000 | (8270) |
| SG Americas Securities LLC | 03/31/2026 | JPY | 130560784 | GBP | 625000 | (3922) |
| SG Americas Securities LLC | 03/02/2026 | JPY | 5966538192 | USD | 38248408 | (32057) |
| SG Americas Securities LLC | 03/03/2026 | JPY | 7085000 | USD | 45424 | (40) |
| SG Americas Securities LLC | 03/18/2026 | JPY | 4851980380 | USD | 31496315 | (374545) |
| SG Americas Securities LLC | 03/31/2026 | JPY | 75000000 | USD | 488218 | (6578) |
| SG Americas Securities LLC | 03/03/2026 | KRW | 439555709 | USD | 305922 | (322) |
| SG Americas Securities LLC | 03/31/2026 | KRW | 859159000 | USD | 600000 | (2077) |
| SG Americas Securities LLC | 04/03/2026 | KRW | 1845766726 | USD | 1300000 | (15333) |
| SG Americas Securities LLC | 03/03/2026 | MXN | 91516 | USD | 5314 | (2) |
| SG Americas Securities LLC | 03/31/2026 | MXN | 135500000 | USD | 7879953 | (36478) |
| SG Americas Securities LLC | 03/31/2026 | NOK | 35138395 | USD | 3700000 | (5175) |
| SG Americas Securities LLC | 03/31/2026 | NZD | 6000000 | USD | 3637851 | (33853) |
| SG Americas Securities LLC | 03/31/2026 | PHP | 17291900 | USD | 300000 | (445) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Continued)** 

**February 28, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/31/2026 | PLN | 5491154 | EUR | 1300000 | $(2133) |
| SG Americas Securities LLC | 03/18/2026 | PLN | 30873444 | USD | 8723546 | (83623) |
| SG Americas Securities LLC | 03/31/2026 | PLN | 31311176 | USD | 8800000 | (37745) |
| SG Americas Securities LLC | 03/18/2026 | SEK | 227372994 | EUR | 21331122 | (15996) |
| SG Americas Securities LLC | 03/31/2026 | SEK | 65978019 | EUR | 6250000 | (75397) |
| SG Americas Securities LLC | 03/31/2026 | SEK | 42979318 | NOK | 46000000 | (66795) |
| SG Americas Securities LLC | 03/18/2026 | SEK | 114344804 | USD | 12797521 | (116935) |
| SG Americas Securities LLC | 03/31/2026 | SEK | 39072914 | USD | 4400000 | (63424) |
| SG Americas Securities LLC | 03/02/2026 | SGD | 846526 | USD | 670354 | (969) |
| SG Americas Securities LLC | 03/03/2026 | SGD | 126453 | USD | 100003 | (4) |
| SG Americas Securities LLC | 03/18/2026 | SGD | 29132958 | USD | 23090828 | (24493) |
| SG Americas Securities LLC | 03/31/2026 | SGD | 14466920 | USD | 11500000 | (33623) |
| SG Americas Securities LLC | 03/31/2026 | TRY | 171462487 | USD | 3800000 | (952) |
| SG Americas Securities LLC | 03/02/2026 | USD | 13727247 | AUD | 19321660 | (22902) |
| SG Americas Securities LLC | 03/03/2026 | USD | 470781 | AUD | 662000 | (327) |
| SG Americas Securities LLC | 03/18/2026 | USD | 19817266 | AUD | 28742992 | (636180) |
| SG Americas Securities LLC | 03/03/2026 | USD | 17904842 | BRL | 93128073 | (241047) |
| SG Americas Securities LLC | 04/02/2026 | USD | 349998 | BRL | 1812197 | (316) |
| SG Americas Securities LLC | 03/18/2026 | USD | 27333996 | CAD | 37589556 | (246032) |
| SG Americas Securities LLC | 03/31/2026 | USD | 1685688 | CAD | 2300000 | (2828) |
| SG Americas Securities LLC | 03/02/2026 | USD | 2504627 | CHF | 1936989 | (15527) |
| SG Americas Securities LLC | 03/03/2026 | USD | 507636 | CHF | 392000 | (2439) |
| SG Americas Securities LLC | 03/18/2026 | USD | 14261070 | CHF | 11098829 | (208432) |
| SG Americas Securities LLC | 03/31/2026 | USD | 1135866 | CHF | 875000 | (6747) |
| SG Americas Securities LLC | 03/18/2026 | USD | 9733463 | CNH | 66988035 | (44068) |
| SG Americas Securities LLC | 03/18/2026 | USD | 1599992 | COP | 6163271255 | (34153) |
| SG Americas Securities LLC | 04/06/2026 | USD | 200000 | COP | 759463368 | (360) |
| SG Americas Securities LLC | 03/02/2026 | USD | 2312204 | EUR | 1958536 | (2343) |
| SG Americas Securities LLC | 03/03/2026 | USD | 1632480 | EUR | 1382536 | (1444) |
| SG Americas Securities LLC | 03/18/2026 | USD | 50738231 | EUR | 42974000 | (92838) |
| SG Americas Securities LLC | 03/18/2026 | USD | 510350 | HUF | 163748000 | (2438) |
| SG Americas Securities LLC | 03/31/2026 | USD | 2500000 | IDR | 42136444000 | (11051) |
| SG Americas Securities LLC | 03/02/2026 | USD | 100000 | ILS | 314241 | (315) |
| SG Americas Securities LLC | 03/04/2026 | USD | 704975 | INR | 64464526 | (3403) |
| SG Americas Securities LLC | 03/03/2026 | USD | 300000 | KRW | 439555701 | (5599) |
| SG Americas Securities LLC | 03/04/2026 | USD | 6100000 | KRW | 8871090541 | (67761) |
| SG Americas Securities LLC | 03/05/2026 | USD | 1000000 | KRW | 1447601073 | (6495) |
| SG Americas Securities LLC | 03/10/2026 | USD | 200000 | KRW | 293592874 | (4166) |
| SG Americas Securities LLC | 03/18/2026 | USD | 29586351 | KRW | 43263952212 | (508564) |
| SG Americas Securities LLC | 03/23/2026 | USD | 6100000 | KRW | 8841462000 | (51360) |
| SG Americas Securities LLC | 03/24/2026 | USD | 1000000 | KRW | 1448090000 | (7532) |
| SG Americas Securities LLC | 03/31/2026 | USD | 2700000 | KRW | 3909602470 | (20847) |
| SG Americas Securities LLC | 03/18/2026 | USD | 2074078 | MXN | 36414107 | (36440) |
| SG Americas Securities LLC | 03/02/2026 | USD | 301535 | NOK | 2870541 | (359) |
| SG Americas Securities LLC | 03/02/2026 | USD | 742596 | NZD | 1240000 | (1300) |
| SG Americas Securities LLC | 03/03/2026 | USD | 108543 | NZD | 181000 | (46) |
| SG Americas Securities LLC | 03/18/2026 | USD | 10314879 | NZD | 17535000 | (211865) |
| SG Americas Securities LLC | 03/18/2026 | USD | 450000 | PEN | 1514875 | (1369) |
| SG Americas Securities LLC | 03/18/2026 | USD | 2350000 | PHP | 139142668 | (61455) |
| SG Americas Securities LLC | 03/31/2026 | USD | 100000 | PHP | 5823800 | (888) |
| SG Americas Securities LLC | 03/02/2026 | USD | 800130 | PLN | 2862917 | (1090) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Schedule of Investments (Concluded)** 

**February 28, 2026 (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| SG Americas Securities LLC | 03/03/2026 | USD | 300000 | PLN | 1072835 | $(244) |
| SG Americas Securities LLC | 03/18/2026 | USD | 2039362 | PLN | 7298441 | (3105) |
| SG Americas Securities LLC | 03/03/2026 | USD | 39835 | SEK | 359755 | (24) |
| SG Americas Securities LLC | 03/18/2026 | USD | 7187343 | SGD | 9146495 | (54494) |
| SG Americas Securities LLC | 04/15/2026 | USD | 512074 | SGD | 647053 | (1276) |
| SG Americas Securities LLC | 03/18/2026 | USD | 2250000 | THB | 70702888 | (28310) |
| SG Americas Securities LLC | 03/18/2026 | USD | 155998 | TRY | 7000000 | (822) |
| SG Americas Securities LLC | 03/05/2026 | USD | 800000 | TWD | 25272000 | (10028) |
| SG Americas Securities LLC | 03/09/2026 | USD | 400000 | TWD | 12492218 | (520) |
| SG Americas Securities LLC | 03/11/2026 | USD | 100000 | TWD | 3163523 | (1442) |
| SG Americas Securities LLC | 03/13/2026 | USD | 100000 | TWD | 3143000 | (799) |
| SG Americas Securities LLC | 03/18/2026 | USD | 18780747 | TWD | 586551738 | (37505) |
| SG Americas Securities LLC | 03/25/2026 | USD | 800000 | TWD | 25169840 | (7938) |
| SG Americas Securities LLC | 03/31/2026 | USD | 1600000 | TWD | 50298524 | (15211) |
| SG Americas Securities LLC | 03/02/2026 | USD | 710282 | ZAR | 11313868 | (68) |
| SG Americas Securities LLC | 03/18/2026 | USD | 3751731 | ZAR | 60350250 | (32415) |
| SG Americas Securities LLC | 03/31/2026 | USD | 400000 | ZAR | 6406421 | (1271) |
| SG Americas Securities LLC | 03/02/2026 | ZAR | 11313868 | USD | 712443 | (2093) |
| SG Americas Securities LLC | 03/03/2026 | ZAR | 4776122 | USD | 299945 | (94) |
| SG Americas Securities LLC | 03/31/2026 | ZAR | 94190667 | USD | 5900000 | (290) |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | $2701912 |

---

---

| | |
|:---|:---|
| 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.

**Abbey Capital Multi Asset Fund** 

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $710,369,113)  | $713364315 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 79158817 |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with broker for futures contracts (cost $13,073,345)  | 13035420 |
| &nbsp;&nbsp;&nbsp; Deposit with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 84089263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 11576862 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 1986809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 145677 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 62437204 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 7714198 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 61345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $973569910 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 1223735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 409125 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 14124444 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts  | 5012286 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 412233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 21181823 |
| &nbsp;&nbsp;&nbsp; Net assets  | $952388087 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $78635 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 841943341 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 110366111 |
| &nbsp;&nbsp;&nbsp; Net assets  | $952388087 |
|  **CLASS A SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $5856541 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 487227 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $12.02 |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (100/94.25 of 12.02)  | $12.75 |
|  **CLASS I SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $932009285 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 76900861 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $12.12 |
|  **CLASS C SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $14522261 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 1246882 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.65 |

---

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

**Abbey Capital Multi Asset Fund** 

**CONSOLIDATED STATEMENT OF OPERATIONS** 

**FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $12769810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 12769810 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 8058011 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 83309 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 60545 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 54641 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class C Shares)  | 54500 |
| &nbsp;&nbsp;&nbsp; Director fees  | 49259 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 44126 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 42287 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 25845 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 24355 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 15584 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class A Shares)  | 7505 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 38212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 8558179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (319131) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 8239048 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 4530762 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 492147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 129382920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 946670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 24255391 |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2788562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (6047105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | (38827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 599600 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | 152379358 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $156910120 |

---

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

**Abbey Capital Multi Asset Fund** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **Period <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $4530762 | $26593024 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts  | 155077128 | (86133109) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts  | (2697770) | 44684121 |
|  Net increase/(decrease) in net assets resulting from operations  | 156910120 | (14855964) |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | $(588473) | $(378388) |
| &nbsp;&nbsp;&nbsp; Class I  | (94755218) | (47046224) |
| &nbsp;&nbsp;&nbsp; Class C  | (1610394) | (705624) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (96954085) | (48130236) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1841969 | 6764844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 459215 | 325284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2959733) | (7123067) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (658549) | (32939) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 165967653 | 592911174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 61615417 | 32239748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (230807043) | (687486210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (3223973) | (62335288) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2397867 | 6306682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 1226776 | 557289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4858884) | (5634850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (1234241) | 1229121 |
|  Net increase/(decrease) in net assets from capital share transactions  | (5116763) | (61139106) |
|  Total increase/(decrease) in net assets  | 54839272 | (124125306) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 897548815 | 1021674121 |
| &nbsp;&nbsp;&nbsp; End of period  | $952388087 | $897548815 |

---

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

**Abbey Capital Multi Asset Fund** 

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)**

---

| | | |
|:---|:---|:---|
|  | **Period <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2025** |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 155009 | 585411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 41371 | 27778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (247692) | (639281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class A Shares  | (51312) | (26092) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 14179531 | 51769324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 5506293 | 2739146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (19588161) | (61972402) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I Shares  | 97663 | (7463932) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 210418 | 558577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 113801 | 48587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (427556) | (524764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class C Shares  | (103337) | 82400 |
|  Net increase/(decrease) in shares outstanding  | (56986) | (7407624) |

---

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

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** | **CLASS A** |
|  | **Period <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2023** | **PERIOD<br> FEBRUARY 16,<br> 2022 TO <br> AUGUST 31,<br> 2022<sup>(1)</sup>** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $11.33 | $11.82 | $11.51 | $11.94 | $11.21 |
|  Net investment income/(loss)<sup>(2)</sup>  | 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)<sup>(3)</sup>  | 18.73% | 0.18% | 6.61% | 0.24% | 6.51%<sup>(4)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $5857 | $6104 | $6672 | $1661 | $808 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(6)</sup>  | 2.04%<sup>(5)</sup> | 2.04% | 2.04% | 2.04% | 2.04%<sup>(5)</sup> |
|  Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(6)</sup>  | 2.11%<sup>(5)</sup> | 2.12% | 2.12% | 2.16% | 2.23%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 0.78%<sup>(5)</sup> | 2.36% | 2.88% | 1.99% | (0.87)%<sup>(5)</sup> |
|  Portfolio turnover rate<sup>(7)</sup>  | 11%<sup>(4)</sup> | 0% | 0% | 0% | 0%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception date of Class A Shares of the Fund was February 16, 2022.

<sup>(2)</sup> Calculated based on average shares outstanding for the period.

<sup>(3)</sup> 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. 

<sup>(4)</sup> Not Annualized

<sup>(5)</sup> Annualized

<sup>(6)</sup> 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. 

<sup>(7)</sup> 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.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** | **CLASS I** |
|  | **Period <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2023** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2022** | **YEAR <br> ENDED <br> AUGUST 31, <br> 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)<sup>(1)</sup>  | 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)<sup>(2)</sup>  | 18.87% | 0.49% | 6.88% | 0.38% | 10.40% | 19.72% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $932009 | $876540 | $1000319 | $496775 | $341815 | $94948 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)<sup>(3)</sup>  | 1.79%<sup>(6)</sup> | 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)<sup>(3)</sup>  | 1.79%<sup>(6)</sup> | 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)<sup>(3)</sup>  | 1.86%<sup>(6)</sup> | 1.87% | 1.87% | 1.91% | 1.98% | 2.28% |
|  Ratio of net investment income/(loss) to average net assets  | 1.01%<sup>(6)</sup> | 2.61% | 3.13% | 2.24% | (1.12)% | (1.80)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 11%<sup>(5)</sup> | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

<sup>(4)</sup> 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.

<sup>(5)</sup> Not Annualized

<sup>(6)</sup> Annualized

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

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** | **CLASS C** |
|  | **Period <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **YEAR <br> ENDED <br> AUGUST 31, <br> 2023** | **PERIOD<br> NOVEMBER 8,<br> 2021 <br> TO AUGUST 31,<br> 2022<sup>(1)</sup>** |
|  **Per Share Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $11.04 | $11.59 | $11.32 | $11.85 | $12.51 |
|  Net investment income/(loss)<sup>(2)</sup>  |  | 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)<sup>(3)</sup>  | 18.17% | (0.55)% | 5.93% | (0.63)% | 4.84%<sup>(4)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $14522 | $14905 | $14684 | $5578 | $624 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(6)</sup>  | 2.79%<sup>(5)</sup> | 2.79% | 2.79% | 2.79% | 2.79%<sup>(5)</sup> |
|  Ratio of expenses to average net assets without waivers and/or reimbursements<sup>(6)</sup>  | 2.86%<sup>(5)</sup> | 2.87% | 2.87% | 2.91% | 2.98%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 0.02%<sup>(5)</sup> | 1.63% | 2.13% | 1.24% | (1.88)%<sup>(5)</sup> |
|  Portfolio turnover rate<sup>(7)</sup>  | 11%<sup>(4)</sup> | 0% | 0% | 0% | 0%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception date of Class C Shares of the Fund was November 8, 2021.

<sup>(2)</sup> Calculated based on average shares outstanding for the period.

<sup>(3)</sup> 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. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> 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. 

<sup>(7)</sup> 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.

**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.

**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  | $472197766 | $— | $— | $472197766 |
|  Short-Term Investments  | 241166549 |  |  | 241166549 |
|  Commodity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 33094818 |  |  | 33094818 |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 19485219 |  |  | 19485219 |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | 7714198 |  | 7714198 |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 2479344 |  |  | 2479344 |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 7933820 |  |  | 7933820 |
|  **Total Assets**  | $**776357516** | $**7714198** | $**—** | $**784071714** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(10481089) | $— | $— | $(10481089) |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (1087988) |  |  | (1087988) |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | (5012286) |  | (5012286) |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (364170) |  |  | (364170) |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (2747194) |  |  | (2747194) |
|  **Total Liabilities**  | $**(14680441)** | $**(5012286)** | $**—** | $**(19692727)** |

---

**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.

**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<br> STATEMENT<br> OF ASSETS AND<br> LIABILITIES<br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** |
|  Forward Contracts <sup>(a)</sup> | Unrealized appreciation on forward foreign currency contracts | $— | $— | $7714198 | $— | $7714198 |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | 19485219 | 7933820 | 2479344 | 33094818 | 62993201 |
|  **Total Value- Assets** |  | $19485219 | $7933820 | $10193542 | $33094818 | $70707399 |
| **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
|  Forward Contracts <sup>(a)</sup> | Unrealized depreciation on forward foreign currency contracts | $— | $— | $(5012286) | $— | $(5012286) |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | (1087988) | (2747194) | (364170) | (10481089) | (14680441) |
|  **Total Value- Liabilities** | **Total Value- Liabilities** | $(1087988) | $(2747194) | $(5376456) | $(10481089) | $(19692727) |

---

<sup>(a)</sup> 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 <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** | **REALIZED GAIN/(LOSS)** |
|  Forward Contracts | Net realized gain/(loss) from Forward Foreign Currency Contracts | $— | $— | $24255391 | $— | $24255391 |
|  Futures Contracts | Net realized gain/(loss) from Futures Contracts | 95505036 | (10536264) | 10149125 | 34265023 | 129382920 |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $95505036 | $(10536264) | $34404516 | $34265023 | $153638311 |

---

**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 <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **COMMODITY<br> CONTRACTS** | **TOTAL** |
| **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts | $— | $— | $599600 | $— | $599600 |
|  Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | (24142604) | 4054767 | 1326519 | 12714212 | (6047105) |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $(24142604) | $4054767 | $1926119 | $12714212 | $(5447505) |

---

During the current fiscal period, the Fund's quarterly average volume of derivatives was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **LONG FUTURES<br> NOTIONAL<br> AMOUNT** | **SHORT FUTURES<br> NOTIONAL <br> AMOUNT** | **FORWARD <br> FOREIGN CURRENCY <br> CONTRACTS — <br> PAYABLE <br> (VALUE AT TRADE <br> DATE)** | **FORWARD <br> FOREIGN CURRENCY <br> CONTRACTS — <br> RECEIVABLE <br> (VALUE AT TRADE <br> DATE)** |
|  Abbey Capital Multi Asset Fund  | $4007277103 | $(2139830340) | $(1873415650) | $1875691574 |

---

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.

**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<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | | | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT<br> OFFSET IN CONSOLIDATED <br> STATEMENT OF<br> ASSETS AND LIABILITIES** | |
| <br>**DESCRIPTION** | <br>**GROSS AMOUNT<br> PRESENTED <br> IN THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> RECEIVED** | <br>**NET<br> AMOUNT<sup>(1)</sup>** | <br>**GROSS AMOUNT<br> PRESENTED <br> IN THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> PLEDGED<sup>(2)</sup>** | <br>**NET<br> AMOUNT<sup>(3)</sup>** |
|  | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  Forward Foreign Currency Contracts  | $7714198 | $(5012286) | $— | $2701912 | $5012286 | $(5012286) | $— | $— |

---

<sup>(1)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(2)</sup> Actual collateral pledged may be more than the amount shown. 

<sup>(3)</sup> 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.

**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.

**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.

**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** | **EXPENSE CAPS** | **EXPENSE CAPS** |
| <br>**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.

**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,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** | **EXPIRATION AUGUST 31,** |
| <br>**FUND** | **2026** | **2027** | **2028** | **2029** | **TOTAL** |
|  Abbey Capital Multi Asset Fund  | $261112 | $647218 | $844605 | $319132 | $2072067 |

---

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.

**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** | **Non-U.S. Government** | **U.S. Government** | **U.S. Government** |
| <br>**FUND** | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  Abbey Capital Multi Asset Fund  | $577797487 | $219054622 | $— | $— |

---

**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<sup>(a)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL TAX <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)** |
|  Abbey Capital Multi Asset Fund  | $818702995 | $1212850 | $(48276097) | $(47063247) |

---

<sup>(a)</sup> 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 <br> EARNINGS/(LOSS)** | **PAID-IN<br> CAPITAL** |
|  Abbey Capital Multi Asset Fund  | $90617103 | $(90617103) |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** | **CAPITAL LOSS <br> CARRYFORWARDS** | **OTHER <br> TEMPORARY <br> DIFFERENCES** |
|  Abbey Capital Multi Asset Fund  | $32955251 | $17247286 | $15976509 | $– $– $|  |

---

**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<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
|  Abbey Capital Multi Asset Fund  | $31858343 | $16271893 | $48130236 |

---

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.

**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.

**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

![](fp0096661-7_i.jpg)

**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%** | **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** |
|  **Aerospace/Defense — 2.7%** | **Aerospace/Defense — 2.7%** | **Aerospace/Defense — 2.7%** |
|  **AAR Corp. <sup>(a)</sup>** | 11755 | $1377334 |
|  Aerovironment, Inc. <sup>(a)</sup>  | 1433 | 361474 |
|  Amprius Technologies, Inc. <sup>(a)</sup>  | 178020 | 1910155 |
|  Astronics Corp. <sup>(a)</sup>  | 33907 | 2733582 |
|  ATI, Inc. <sup>(a)</sup>  | 15268 | 2497692 |
|  Curtiss-Wright Corp.  | 2004 | 1403461 |
|  Hexcel Corp.  | 28338 | 2626649 |
|  Innovative Solutions and Support, Inc. <sup>(a)</sup>  | 26768 | 694362 |
|  Karman Holdings, Inc. <sup>(a)</sup>  | 12419 | 1094238 |
|  Mercury Systems, Inc. <sup>(a)</sup>  | 40842 | 3636163 |
|  Moog, Inc. - Class A  | 1762 | 594552 |
|  National Presto Industries, Inc.  | 615 | 81143 |
|  TAT Technologies Ltd. <sup>(a)</sup>  | 24089 | 1333808 |
|  |  | 20344613 |
|  **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
|  Alico, Inc.  | 111460 | 4601069 |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 8943 | 475410 |
|  Dole PLC  | 130720 | 2096749 |
|  Fresh Del Monte Produce, Inc.  | 6955 | 298578 |
|  Turning Point Brands, Inc.  | 11347 | 1554425 |
|  Vital Farms, Inc. <sup>(a)</sup>  | 4462 | 94104 |
|  |  | 9120335 |
|  **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
|  Allegiant Travel Co. <sup>(a)</sup>  | 10578 | 1080543 |
|  Controladora Vuela Cia de Aviacion SAB de CV - ADR <sup>(a)</sup>  | 44205 | 381047 |
|  SkyWest, Inc. <sup>(a)</sup>  | 8137 | 846899 |
|  |  | 2308489 |
|  **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
|  Birkenstock Holding PLC <sup>(a)</sup>  | 34193 | 1424139 |
|  Canada Goose Holdings, Inc. <sup>(a)</sup>  | 45904 | 565078 |
|  Carter's, Inc.  | 11938 | 400520 |
|  Crocs, Inc. <sup>(a)</sup>  | 1693 | 153572 |
|  Kontoor Brands, Inc.  | 4168 | 271795 |
|  Lakeland Industries, Inc.  | 301580 | 2765489 |
|  |  | 5580593 |
|  **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** | **Auto Parts & Equipment — 1.3%** |
|  Adient PLC <sup>(a)</sup>  | 18535 | 450771 |
|  BorgWarner, Inc.  | 6155 | 354343 |
|  Cooper-Standard Holdings, Inc. <sup>(a)</sup>  | 90082 | 3462752 |
|  Dorman Products, Inc. <sup>(a)</sup>  | 1368 | 161232 |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 4261 | 71755 |
|  Gentherm, Inc. <sup>(a)</sup>  | 922 | 30214 |
|  Goodyear Tire & Rubber Co. <sup>(a)</sup>  | 37059 | 305737 |
|  Miller Industries, Inc.  | 53450 | 2246504 |
|  Motorcar Parts of America, Inc. <sup>(a)</sup>  | 271480 | 2807103 |
|  Standard Motor Products, Inc.  | 6173 | 244945 |
|  |  | 10135356 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Banks — 7.4%** | **Banks — 7.4%** | **Banks — 7.4%** |
|  Ameris Bancorp  | 2245 | $174347 |
|  Atlantic Union Bankshares Corp.  | 8734 | 323682 |
|  Bankwell Financial Group, Inc.  | 65620 | 3064454 |
|  Banner Corp.  | 1733 | 101987 |
|  Capital Bancorp, Inc.  | 90500 | 2661605 |
|  Central Pacific Financial Corp.  | 3716 | 118355 |
|  City Holding Co.  | 4208 | 504834 |
|  Colony Bankcorp, Inc.  | 148967 | 2954016 |
|  Columbia Banking System, Inc.  | 7350 | 209107 |
|  Commercial Bancgroup, Inc. <sup>(a)</sup>  | 88278 | 2296111 |
|  Community Financial System, Inc.  | 1997 | 120918 |
|  ConnectOne Bancorp, Inc.  | 5049 | 133950 |
|  Customers Bancorp, Inc. <sup>(a)</sup>  | 13377 | 902145 |
|  Dime Community Bancshares, Inc.  | 1047 | 33870 |
|  Eastern Bankshares, Inc.  | 5441 | 106426 |
|  First BanCorp  | 38999 | 824049 |
|  First Business Financial Services, Inc.  | 55039 | 3007881 |
|  First Commonwealth Financial Corp.  | 18699 | 327793 |
|  First Financial Bancorp  | 24036 | 674691 |
|  First Financial Bankshares, Inc.  | 13162 | 407101 |
|  First Hawaiian, Inc.  | 13502 | 334310 |
|  First Interstate BancSystem, Inc. - Class A  | 7996 | 276742 |
|  First Merchants Corp.  | 2329 | 91017 |
|  Five Star Bancorp  | 65920 | 2566266 |
|  Fulton Financial Corp.  | 91394 | 1869007 |
|  Glacier Bancorp, Inc.  | 39227 | 1784436 |
|  Heritage Commerce Corp.  | 7938 | 98669 |
|  Hope Bancorp, Inc.  | 27648 | 311316 |
|  Horizon Bancorp, Inc.  | 167460 | 2820026 |
|  Huntington Bancshares, Inc.  | 78186 | 1313525 |
|  Independent Bank Corp.  | 1193 | 93138 |
|  Metropolitan Bank Holding Corp.  | 45516 | 3830171 |
|  NBT Bancorp, Inc.  | 1326 | 56647 |
|  Northeast Bank  | 42330 | 4693550 |
|  OFG Bancorp  | 7960 | 319037 |
|  Old National Bancorp  | 10450 | 241395 |
|  Orrstown Financial Services, Inc.  | 57596 | 2070000 |
|  Park National Corp.  | 737 | 121259 |
|  Parke Bancorp, Inc.  | 114621 | 3193341 |
|  Peapack-Gladstone Financial Corp.  | 2621 | 87777 |
|  Preferred Bank  | 1275 | 111843 |
|  S&T Bancorp, Inc.  | 8702 | 363831 |
|  Seacoast Banking Corp. of Florida  | 47768 | 1486540 |
|  Southside Bancshares, Inc.  | 4513 | 141347 |
|  Stellar Bancorp, Inc.  | 2051 | 77241 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Banks — (Continued)** | **Banks — (Continued)** | **Banks — (Continued)** | **Banks — (Continued)** |
|  Stock Yards Bancorp, Inc.  | 1084 | $| 69528 |
|  TriCo Bancshares  | 3184 |  | 152132 |
|  UMB Financial Corp.  | 4909 |  | 568855 |
|  United Community Banks, Inc.  | 12730 |  | 409524 |
|  Unity Bancorp, Inc.  | 62170 |  | 3306822 |
|  VersaBank  | 230570 |  | 3804405 |
|  Walker & Dunlop, Inc.  | 1239 |  | 57006 |
|  Washington Trust Bancorp, Inc.  | 4356 |  | 146754 |
|  WesBanco, Inc.  | 11998 |  | 418370 |
|  |  |  | 56233149 |
|  **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
|  Coca-Cola Consolidated, Inc.  | 2790 |  | 564696 |
|  MGP Ingredients, Inc.  | 4882 |  | 92758 |
|  National Beverage Corp. <sup>(a)</sup>  | 6003 |  | 218209 |
|  Vita Coco Co., Inc. <sup>(a)</sup>  | 76778 |  | 4457731 |
|  |  |  | 5333394 |
|  **Biotechnology — 7.6%** | **Biotechnology — 7.6%** | **Biotechnology — 7.6%** | **Biotechnology — 7.6%** |
|  AbCellera Biologics, Inc. <sup>(a)</sup>  | 120162 |  | 433785 |
|  Aktis Oncology, Inc. <sup>(a)</sup>  | 17086 |  | 343941 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 18573 |  | 1372545 |
|  Apogee Therapeutics, Inc. <sup>(a)</sup>  | 27157 |  | 1900990 |
|  Arcellx, Inc. <sup>(a)</sup>  | 10461 |  | 1190357 |
|  Arcus Biosciences, Inc. <sup>(a)</sup>  | 6260 |  | 127516 |
|  Arcutis Biotherapeutics, Inc. <sup>(a)</sup>  | 79198 |  | 2135970 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup>  | 8589 |  | 543426 |
|  Bright Minds Biosciences, Inc. <sup>(a)</sup>  | 20238 |  | 1696349 |
|  Celcuity, Inc. <sup>(a)</sup>  | 18589 |  | 2076577 |
|  Cogent Biosciences, Inc. <sup>(a)</sup>  | 17449 |  | 677894 |
|  Crinetics Pharmaceuticals, Inc. <sup>(a)</sup>  | 84560 |  | 3475416 |
|  Cullinan Therapeutics, Inc. <sup>(a)</sup>  | 6212 |  | 96286 |
|  Cytokinetics, Inc. <sup>(a)</sup>  | 4225 |  | 262880 |
|  Day One Biopharmaceuticals, Inc. <sup>(a)</sup>  | 58076 |  | 615606 |
|  Definium Therapeutics, Inc. <sup>(a)</sup>  | 150124 |  | 2619664 |
|  Edgewise Therapeutics, Inc. <sup>(a)</sup>  | 90077 |  | 2741944 |
|  Immunome, Inc. <sup>(a)</sup>  | 132949 |  | 2906265 |
|  Invivyd, Inc. <sup>(a)</sup>  | 386139 |  | 652575 |
|  Keros Therapeutics, Inc. <sup>(a)</sup>  | 9554 |  | 135571 |
|  Kiniksa Pharmaceuticals International PLC <sup>(a)</sup>  | 47115 |  | 2096146 |
|  Kura Oncology, Inc. <sup>(a)</sup>  | 8218 |  | 71743 |
|  Larimar Therapeutics, Inc. <sup>(a)</sup>  | 128283 |  | 681183 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 10063 |  | 1995594 |
|  MBX Biosciences, Inc. <sup>(a)</sup>  | 67071 |  | 2183161 |
|  NeoGenomics, Inc. <sup>(a)</sup>  | 142002 |  | 1395880 |
|  Olema Pharmaceuticals, Inc. <sup>(a)</sup>  | 23910 |  | 578622 |
|  Praxis Precision Medicines, Inc. <sup>(a)</sup>  | 19393 |  | 6530593 |
|  Precigen, Inc. <sup>(a)</sup>  | 334192 |  | 1266588 |
|  Relay Therapeutics, Inc. <sup>(a)</sup>  | 19074 |  | 195699 |
|  Rocket Pharmaceuticals, Inc. <sup>(a)</sup>  | 19238 |  | 96382 |
|  Roivant Sciences Ltd. <sup>(a)</sup>  | 39876 |  | 1154011 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Biotechnology — (Continued)** | **Biotechnology — (Continued)** | **Biotechnology — (Continued)** | **Biotechnology — (Continued)** |
|  Scholar Rock Holding Corp. <sup>(a)</sup>  | 47981 | $| 2124119 |
|  Septerna, Inc. <sup>(a)</sup>  | 77166 |  | 2239357 |
|  Structure Therapeutics, Inc. - ADR <sup>(a)</sup>  | 49731 |  | 3132058 |
|  Tarsus Pharmaceuticals, Inc. <sup>(a)</sup>  | 24357 |  | 1839441 |
|  Upstream Bio, Inc. <sup>(a)</sup>  | 5900 |  | 45312 |
|  Vericel Corp. <sup>(a)</sup>  | 1632 |  | 58230 |
|  Vir Biotechnology, Inc. <sup>(a)</sup>  | 25747 |  | 234040 |
|  WaVe Life Sciences Ltd. <sup>(a)</sup>  | 115024 |  | 1602284 |
|  Xencor, Inc. <sup>(a)</sup>  | 15794 |  | 201689 |
|  Xenon Pharmaceuticals, Inc. <sup>(a)</sup>  | 54975 |  | 2376569 |
|  |  |  | 58104258 |
|  **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** | **Building Materials — 1.8%** |
|  AAON, Inc.  | 6180 |  | 625416 |
|  American Woodmark Corp. <sup>(a)</sup>  | 1043 |  | 52254 |
|  Apogee Enterprises, Inc.  | 7722 |  | 307490 |
|  Armstrong World Industries, Inc.  | 4753 |  | 824645 |
|  Boise Cascade Co.  | 3571 |  | 295465 |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 4141 |  | 188333 |
|  LSI Industries, Inc.  | 18917 |  | 408986 |
|  Modine Manufacturing Co. <sup>(a)</sup>  | 5221 |  | 1186472 |
|  NWPX Infrastructure, Inc. <sup>(a)</sup>  | 43110 |  | 3345336 |
|  Simpson Manufacturing Co., Inc.  | 2069 |  | 400496 |
|  SPX Technologies, Inc. <sup>(a)</sup>  | 4521 |  | 1025996 |
|  Titan America SA  | 122546 |  | 2220533 |
|  UFP Industries, Inc.  | 24558 |  | 2527264 |
|  |  |  | 13408686 |
|  **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
|  AdvanSix, Inc.  | 3917 |  | 69840 |
|  Balchem Corp.  | 1142 |  | 207193 |
|  Celanese Corp.  | 4449 |  | 222183 |
|  Chemours Co.  | 9276 |  | 169194 |
|  FMC Corp.  | 66742 |  | 983777 |
|  Innospec, Inc.  | 1121 |  | 85846 |
|  Koppers Holdings, Inc.  | 7974 |  | 301417 |
|  Orion SA  | 9741 |  | 55426 |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 76304 |  | 1791618 |
|  Rogers Corp. <sup>(a)</sup>  | 1868 |  | 201427 |
|  Sensient Technologies Corp.  | 14971 |  | 1520006 |
|  Stepan Co.  | 2701 |  | 137454 |
|  Tronox Holdings PLC  | 51301 |  | 383732 |
|  |  |  | 6129113 |
|  **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** | **Coal — 0.2%** |
|  American Resources Corp. <sup>(a)</sup>  | 184224 |  | 552672 |
|  Warrior Met Coal, Inc.  | 9551 |  | 795025 |
|  |  |  | 1347697 |
|  **Commercial Services — 5.4%** | **Commercial Services — 5.4%** | **Commercial Services — 5.4%** | **Commercial Services — 5.4%** |
|  Acacia Research Corp. <sup>(a)</sup>  | 319200 |  | 1337448 |
|  American Public Education, Inc. <sup>(a)</sup>  | 99639 |  | 4565459 |
|  Andersen Group, Inc. <sup>(a)</sup>  | 43097 |  | 997695 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Commercial Services — (Continued)** | **Commercial Services — (Continued)** | **Commercial Services — (Continued)** | **Commercial Services — (Continued)** |
|  Arlo Technologies, Inc. <sup>(a)</sup>  | 7697 | $| 120766 |
|  BGSF, Inc.  | 150010 |  | 912061 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 6056 |  | 83512 |
|  Brink's Co.  | 4054 |  | 473385 |
|  CoreCivic, Inc. <sup>(a)</sup>  | 219690 |  | 3884119 |
|  Covista, Inc. <sup>(a)</sup>  | 3449 |  | 338002 |
|  CPI Card Group, Inc. <sup>(a)</sup>  | 181830 |  | 2230145 |
|  EVERTEC, Inc.  | 3215 |  | 91017 |
|  Forrester Research, Inc. <sup>(a)</sup>  | 278210 |  | 1663696 |
|  GEO Group, Inc. <sup>(a)</sup>  | 38619 |  | 580830 |
|  Herc Holdings, Inc.  | 10434 |  | 1458569 |
|  Insperity, Inc.  | 14573 |  | 323666 |
|  John Wiley & Sons, Inc. - Class A  | 13184 |  | 408968 |
|  Kelly Services, Inc. - Class A  | 83790 |  | 813601 |
|  KinderCare Learning Cos., Inc. <sup>(a)</sup>  | 24790 |  | 86765 |
|  Lincoln Educational Services Corp. <sup>(a)</sup>  | 87643 |  | 3176182 |
|  MarketAxess Holdings, Inc.  | 1203 |  | 230976 |
|  Matthews International Corp. - Class A  | 5499 |  | 145338 |
|  Paysafe Ltd. <sup>(a)</sup>  | 14167 |  | 88685 |
|  Perdoceo Education Corp.  | 10039 |  | 334801 |
|  Progyny, Inc. <sup>(a)</sup>  | 37967 |  | 671636 |
|  RCM Technologies, Inc. <sup>(a)</sup>  | 111780 |  | 2113760 |
|  Rent-A-Center, Inc.  | 3409 |  | 73123 |
|  Repay Holdings Corp. <sup>(a)</sup>  | 470950 |  | 1309241 |
|  Strategic Education, Inc.  | 1789 |  | 147199 |
|  Universal Technical Institute, Inc. <sup>(a)</sup>  | 101043 |  | 3657757 |
|  USCB Financial Holdings, Inc.  | 133720 |  | 2531320 |
|  Verra Mobility Corp. <sup>(a)</sup>  | 66966 |  | 1119002 |
|  WEX, Inc. <sup>(a)</sup>  | 10417 |  | 1554112 |
|  Willdan Group, Inc. <sup>(a)</sup>  | 22064 |  | 1966785 |
|  WillScot Holdings Corp.  | 74046 |  | 1600134 |
|  |  |  | 41089755 |
|  **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** | **Computers — 1.1%** |
|  Amentum Holdings, Inc. <sup>(a)</sup>  | 2599 |  | 77632 |
|  ASGN, Inc. <sup>(a)</sup>  | 2386 |  | 102359 |
|  CACI International, Inc. - Class A <sup>(a)</sup>  | 1145 |  | 698645 |
|  Cantaloupe, Inc. <sup>(a)</sup>  | 9881 |  | 103158 |
|  ExlService Holdings, Inc. <sup>(a)</sup>  | 7485 |  | 233906 |
|  Figure Technology Solutions, Inc. - Class A <sup>(a)</sup>  | 8806 |  | 222616 |
|  Globant S.A. <sup>(a)</sup>  | 9164 |  | 456001 |
|  Insight Enterprises, Inc. <sup>(a)</sup>  | 2176 |  | 181826 |
|  MAXIMUS, Inc.  | 21944 |  | 1659186 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 49502 |  | 378195 |
|  One Stop Systems, Inc. <sup>(a)</sup>  | 85248 |  | 703722 |
|  Pitney Bowes, Inc.  | 10806 |  | 115948 |
|  Rimini Street, Inc. <sup>(a)</sup>  | 618600 |  | 2301192 |
|  Science Applications International Corp.  | 10476 |  | 966516 |
|  |  |  | 8200902 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
|  Edgewell Personal Care Co.  | 13267 | $301691 |
|  elf Beauty, Inc. <sup>(a)</sup>  | 20213 | 1860607 |
|  Interparfums, Inc.  | 17319 | 1745409 |
|  Oddity Tech Ltd. - Class A <sup>(a)</sup>  | 2475 | 29131 |
|  Perrigo Co. PLC  | 57354 | 758220 |
|  Prestige Brands Holdings, Inc. <sup>(a)</sup>  | 3474 | 240748 |
|  |  | 4935806 |
|  **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
|  G-III Apparel Group Ltd.  | 19012 | 581577 |
|  OPENLANE, Inc. <sup>(a)</sup>  | 43780 | 1248168 |
|  Pool Corp.  | 2106 | 478441 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 8978 | 1282866 |
|  VSE Corp.  | 13959 | 3169670 |
|  WESCO International, Inc.  | 371 | 107405 |
|  |  | 6868127 |
|  **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
|  Dave, Inc. <sup>(a)</sup>  | 4795 | 926730 |
|  Encore Capital Group, Inc. <sup>(a)</sup>  | 3458 | 236147 |
|  Enova International, Inc. <sup>(a)</sup>  | 3612 | 502249 |
|  Houlihan Lokey, Inc.  | 7469 | 1223198 |
|  Interactive Brokers Group, Inc. - Class A  | 12252 | 872220 |
|  LendingClub Corp. <sup>(a)</sup>  | 74263 | 1107261 |
|  Miami International Holdings, Inc. <sup>(a)</sup>  | 30497 | 1299172 |
|  Moelis & Co. - Class A  | 24463 | 1452124 |
|  Perella Weinberg Partners  | 45094 | 834690 |
|  Radian Group, Inc.  | 22816 | 787608 |
|  Silvercrest Asset Management Group, Inc. - Class A  | 80736 | 1227591 |
|  Virtus Investment Partners, Inc.  | 807 | 111656 |
|  WisdomTree, Inc.  | 92824 | 1588219 |
|  World Acceptance Corp. <sup>(a)</sup>  | 2155 | 290666 |
|  |  | 12459531 |
|  **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
|  Ameresco, Inc. - Class A <sup>(a)</sup>  | 23108 | 703870 |
|  Hawaiian Electric Industries, Inc. <sup>(a)</sup>  | 39161 | 606604 |
|  Northwestern Energy Group, Inc.  | 24889 | 1741234 |
|  TXNM Energy, Inc.  | 18036 | 1064485 |
|  Unitil Corp.  | 2272 | 118848 |
|  |  | 4235041 |
|  **Electrical Components & Equipment — 1.8%** | **Electrical Components & Equipment — 1.8%** | **Electrical Components & Equipment — 1.8%** |
|  AZZ, Inc.  | 13809 | 1877748 |
|  Belden, Inc.  | 9744 | 1396315 |
|  Graham Corp. <sup>(a)</sup>  | 26385 | 2142990 |
|  Littelfuse, Inc.  | 1079 | 380304 |
|  nLight, Inc. <sup>(a)</sup>  | 84505 | 4748336 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Electrical Components & Equipment — (Continued)** | **Electrical Components & Equipment — (Continued)** | **Electrical Components & Equipment — (Continued)** | **Electrical Components & Equipment — (Continued)** |
|  Powell Industries, Inc.  | 6207 | $| 3249985 |
|  |  |  | 13795678 |
|  **Electronics — 3.4%** | **Electronics — 3.4%** | **Electronics — 3.4%** | **Electronics — 3.4%** |
|  Allient, Inc.  | 28771 |  | 1894283 |
|  Applied Optoelectronics, Inc. <sup>(a)</sup>  | 69533 |  | 5856765 |
|  Badger Meter, Inc.  | 2217 |  | 337937 |
|  Benchmark Electronics, Inc.  | 4446 |  | 257023 |
|  Brady Corp. - Class A  | 2928 |  | 270372 |
|  Coherent Corp. <sup>(a)</sup>  | 3416 |  | 884505 |
|  Comtech Telecommunications Corp. <sup>(a)</sup>  | 181070 |  | 908971 |
|  ESCO Technologies, Inc.  | 9976 |  | 2766245 |
|  Ingram Micro Holding Corp.  | 67247 |  | 1391340 |
|  Itron, Inc. <sup>(a)</sup>  | 4655 |  | 437337 |
|  Kimball Electronics, Inc. <sup>(a)</sup>  | 125980 |  | 3148240 |
|  Knowles Corp. <sup>(a)</sup>  | 7352 |  | 199754 |
|  Mirion Technologies, Inc. <sup>(a)</sup>  | 109846 |  | 2373772 |
|  OSI Systems, Inc. <sup>(a)</sup>  | 1136 |  | 323987 |
|  Plexus Corp. <sup>(a)</sup>  | 2641 |  | 512697 |
|  Sanmina Corp. <sup>(a)</sup>  | 6648 |  | 1032169 |
|  SYNNEX Corp.  | 830 |  | 130152 |
|  TTM Technologies, Inc. <sup>(a)</sup>  | 8548 |  | 891044 |
|  Vontier Corp.  | 64437 |  | 2636762 |
|  |  |  | 26253355 |
|  **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** | **Energy-Alternate Sources — 0.5%** |
|  Eos Energy Enterprises, Inc. <sup>(a)</sup>  | 251510 |  | 1432350 |
|  Fluence Energy, Inc. <sup>(a)</sup>  | 75573 |  | 1174404 |
|  REX American Resources Corp. <sup>(a)</sup>  | 5040 |  | 179222 |
|  Shoals Technologies Group, Inc. - Class A <sup>(a)</sup>  | 87290 |  | 517630 |
|  Sunrun, Inc. <sup>(a)</sup>  | 7050 |  | 93413 |
|  T1 Energy, Inc. <sup>(a)</sup>  | 62715 |  | 386324 |
|  |  |  | 3783343 |
|  **Engineering & Construction — 3.2%** | **Engineering & Construction — 3.2%** | **Engineering & Construction — 3.2%** | **Engineering & Construction — 3.2%** |
|  Bowman Consulting Group Ltd. <sup>(a)</sup>  | 95920 |  | 3217157 |
|  Cardinal Infrastructure Group, Inc. - Class A <sup>(a)</sup>  | 50784 |  | 1636261 |
|  Comfort Systems USA, Inc.  | 4006 |  | 5726056 |
|  Construction Partners, Inc. - Class A <sup>(a)</sup>  | 16130 |  | 2167388 |
|  EMCOR Group, Inc.  | 4741 |  | 3435423 |
|  Energy Services of America Corp.  | 37817 |  | 590702 |
|  Exponent, Inc.  | 2780 |  | 202328 |
|  Mistras Group, Inc. <sup>(a)</sup>  | 98760 |  | 1509053 |
|  MYR Group, Inc. <sup>(a)</sup>  | 12719 |  | 3433621 |
|  Shimmick Corp. <sup>(a)</sup>  | 171820 |  | 608243 |
|  Sterling Construction Co., Inc. <sup>(a)</sup>  | 2024 |  | 866535 |
|  TopBuild Corp. <sup>(a)</sup>  | 2707 |  | 1213548 |
|  |  |  | 24606315 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
|  Atlanta Braves Holdings, Inc. - Class A <sup>(a)</sup>  | 1183 | $57269 |
|  Cinemark Holdings, Inc.  | 7468 | 210896 |
|  IMAX Corp. <sup>(a)</sup>  | 100217 | 4292294 |
|  Monarch Casino & Resort, Inc.  | 3215 | 308962 |
|  Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup>  | 58560 | 2035546 |
|  Rush Street Interactive, Inc. <sup>(a)</sup>  | 50500 | 997375 |
|  Scientific Games Corp. <sup>(a)</sup>  | 6167 | 579328 |
|  United Parks & Resorts, Inc. <sup>(a)</sup>  | 43272 | 1505433 |
|  Vail Resorts, Inc.  | 8203 | 1114049 |
|  |  | 11101152 |
|  **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
|  CECO Environmental Corp. <sup>(a)</sup>  | 69771 | 4217657 |
|  PureCycle Technologies, Inc. <sup>(a)</sup>  | 15408 | 97224 |
|  Tetra Tech, Inc.  | 15990 | 573082 |
|  |  | 4887963 |
|  **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
|  B&G Foods, Inc.  | 75320 | 399949 |
|  Cal-Maine Foods, Inc.  | 17410 | 1516585 |
|  Grocery Outlet Holding Corp. <sup>(a)</sup>  | 24595 | 242999 |
|  Ingles Markets, Inc. - Class A  | 24664 | 2098906 |
|  J&J Snack Foods Corp.  | 578 | 50321 |
|  Mama's Creations, Inc. <sup>(a)</sup>  | 62725 | 1075106 |
|  Nomad Foods Ltd.  | 63841 | 700336 |
|  Simply Good Foods Co. <sup>(a)</sup>  | 71760 | 1224226 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 19944 | 762060 |
|  Weis Markets, Inc.  | 1995 | 135181 |
|  |  | 8205669 |
|  **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
|  MDU Resources Group, Inc.  | 81982 | 1695388 |
|  Northwest Natural Holding, Co.  | 10869 | 576492 |
|  Southwest Gas Holdings, Inc.  | 18079 | 1594025 |
|  |  | 3865905 |
|  **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
|  Franklin Electric Co., Inc.  | 1896 | 188880 |
|  Hurco Cos., Inc. <sup>(a)</sup>  | 66830 | 1183559 |
|  MSA Safety, Inc.  | 7173 | 1401676 |
|  |  | 2774115 |
|  **Healthcare-Products — 4.2%** | **Healthcare-Products — 4.2%** | **Healthcare-Products — 4.2%** |
|  ABIOMED Inc. <sup>(a)(b)</sup>  | 1453 | 0 |
|  Adaptive Biotechnologies Corp. <sup>(a)</sup>  | 180658 | 2894141 |
|  Albireo Pharma Inc. <sup>(a)(b)</sup>  | 1908 | 0 |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 38718 | 527339 |
|  AngioDynamics, Inc. <sup>(a)</sup>  | 137993 | 1578640 |
|  AxoGen, Inc. <sup>(a)</sup>  | 17568 | 557433 |
|  CONMED Corp.  | 7956 | 365976 |
|  CryoLife, Inc. <sup>(a)</sup>  | 3328 | 128128 |
|  Embecta Corp.  | 80339 | 824278 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Healthcare-Products — (Continued)** | **Healthcare-Products — (Continued)** | **Healthcare-Products — (Continued)** | **Healthcare-Products — (Continued)** |
|  Enovis Corp. <sup>(a)</sup>  | 37759 | $| 961722 |
|  Establishment Labs Holdings, Inc. <sup>(a)</sup>  | 23512 |  | 1850394 |
|  Glaukos Corp. <sup>(a)</sup>  | 7294 |  | 878198 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 5772 |  | 541991 |
|  Haemonetics Corp. <sup>(a)</sup>  | 21543 |  | 1364103 |
|  ICU Medical, Inc. <sup>(a)</sup>  | 13304 |  | 2003316 |
|  Kestra Medical Technologies Ltd. <sup>(a)</sup>  | 34412 |  | 801111 |
|  LeMaitre Vascular, Inc.  | 934 |  | 101040 |
|  Masimo Corp. <sup>(a)</sup>  | 2530 |  | 443636 |
|  Merit Medical Systems, Inc. <sup>(a)</sup>  | 3088 |  | 238332 |
|  NeuroPace, Inc. <sup>(a)</sup>  | 85121 |  | 1241064 |
|  OmniAb, Inc. <sup>(a)(b)</sup>  | 370 |  | 0 |
|  OmniAb, Inc. <sup>(a)(b)</sup>  | 370 |  | 0 |
|  Omnicell, Inc. <sup>(a)</sup>  | 21524 |  | 884636 |
|  Quanterix Corp. <sup>(a)</sup>  | 88002 |  | 576413 |
|  Repligen Corp. <sup>(a)</sup>  | 10285 |  | 1323988 |
|  Sensus Healthcare, Inc. <sup>(a)</sup>  | 310940 |  | 1277963 |
|  SI-BONE, Inc. <sup>(a)</sup>  | 86682 |  | 1345305 |
|  Tactile Systems Technology, Inc. <sup>(a)</sup>  | 57039 |  | 1670672 |
|  Tandem Diabetes Care, Inc. <sup>(a)</sup>  | 122678 |  | 3103753 |
|  Teleflex, Inc.  | 16474 |  | 2010817 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 11648 |  | 1691989 |
|  West Pharmaceutical Services, Inc.  | 2836 |  | 721308 |
|  |  |  | 31907686 |
|  **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** | **Healthcare-Services — 1.2%** |
|  Acadia Healthcare Co., Inc. <sup>(a)</sup>  | 25679 |  | 601916 |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 9965 |  | 1031676 |
|  Ardent Health, Inc. <sup>(a)</sup>  | 8307 |  | 78003 |
|  Chemed Corp.  | 621 |  | 254616 |
|  Ensign Group, Inc.  | 2982 |  | 638655 |
|  Fortrea Holdings, Inc. <sup>(a)</sup>  | 29756 |  | 318984 |
|  HealthEquity, Inc. <sup>(a)</sup>  | 1801 |  | 137758 |
|  MEDNAX, Inc. <sup>(a)</sup>  | 54613 |  | 1084068 |
|  National HealthCare Corp.  | 3006 |  | 491481 |
|  PACS Group, Inc. <sup>(a)</sup>  | 5433 |  | 198359 |
|  Park Dental Partners, Inc. <sup>(a)</sup>  | 52950 |  | 998637 |
|  Privia Health Group, Inc. <sup>(a)</sup>  | 27422 |  | 651273 |
|  RadNet, Inc. <sup>(a)</sup>  | 23798 |  | 1661338 |
|  Surgery Partners, Inc. <sup>(a)</sup>  | 56275 |  | 872263 |
|  US Physical Therapy, Inc.  | 1232 |  | 102207 |
|  |  |  | 9121234 |
|  **Home Builders — 1.5%** | **Home Builders — 1.5%** | **Home Builders — 1.5%** | **Home Builders — 1.5%** |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 4065 |  | 2346562 |
|  Century Communities, Inc.  | 35944 |  | 2416515 |
|  Champion Homes, Inc. <sup>(a)</sup>  | 11150 |  | 1042302 |
|  Installed Building Products, Inc.  | 5254 |  | 1722051 |
|  LCI Industries  | 11343 |  | 1510888 |
|  LGI Homes, Inc. <sup>(a)</sup>  | 23936 |  | 1242278 |
|  M/I Homes, Inc. <sup>(a)</sup>  | 5874 |  | 835048 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Home Builders — (Continued)** | **Home Builders — (Continued)** | **Home Builders — (Continued)** | **Home Builders — (Continued)** |
|  Winnebago Industries, Inc.  | 5231 | $| 208665 |
|  |  |  | 11324309 |
|  **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** | **Home Furnishings — 0.8%** |
|  Hamilton Beach Brands Holding Co. - Class A  | 134440 |  | 2559738 |
|  Leggett & Platt, Inc.  | 39904 |  | 466079 |
|  Sleep Number Corp. <sup>(a)</sup>  | 386380 |  | 2383964 |
|  Universal Electronics, Inc. <sup>(a)</sup>  | 137160 |  | 517093 |
|  |  |  | 5926874 |
|  **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Helen of Troy Ltd. <sup>(a)</sup>  | 29921 |  | 527806 |
|  Quanex Building Products Corp.  | 1957 |  | 40177 |
|  WD-40 Co.  | 1574 |  | 374927 |
|  |  |  | 942910 |
|  **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
|  Central Garden & Pet Co. <sup>(a)</sup>  | 1215 |  | 47616 |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup>  | 303 |  | 10465 |
|  Lifetime Brands, Inc.  | 192700 |  | 637837 |
|  |  |  | 695918 |
|  **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
|  American Integrity Insurance Group, Inc. <sup>(a)</sup>  | 152460 |  | 3104086 |
|  Assured Guaranty Ltd.  | 30193 |  | 2602938 |
|  Axis Capital Holdings Ltd.  | 18525 |  | 1958463 |
|  Employers Holdings, Inc.  | 3627 |  | 149976 |
|  Exzeo Group, Inc. <sup>(a)</sup>  | 40768 |  | 683272 |
|  Genworth Financial, Inc. - Class A <sup>(a)</sup>  | 312972 |  | 2641484 |
|  HCI Group, Inc.  | 2200 |  | 388124 |
|  Heritage Insurance Holdings, Inc. <sup>(a)</sup>  | 158887 |  | 4428181 |
|  NMI Holdings, Inc. - Class A <sup>(a)</sup>  | 30647 |  | 1204733 |
|  RLI Corp.  | 2956 |  | 184218 |
|  Safety Insurance Group, Inc.  | 1593 |  | 123664 |
|  Selective Insurance Group, Inc.  | 3866 |  | 324899 |
|  Stewart Information Services Corp.  | 2200 |  | 156178 |
|  White Mountains Insurance Group Ltd.  | 2047 |  | 4545384 |
|  |  |  | 22495600 |
|  **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** |
|  Bumble, Inc. - Class A <sup>(a)</sup>  | 45686 |  | 138885 |
|  DHI Group, Inc. <sup>(a)</sup>  | 1418080 |  | 3531019 |
|  ePlus, Inc.  | 37781 |  | 3047415 |
|  Figs, Inc. - Class A <sup>(a)</sup>  | 151844 |  | 2345990 |
|  QuinStreet, Inc. <sup>(a)</sup>  | 5337 |  | 62550 |
|  RealReal, Inc. <sup>(a)</sup>  | 222398 |  | 2726600 |
|  Shutterstock, Inc.  | 6902 |  | 115954 |
|  TripAdvisor, Inc. <sup>(a)</sup>  | 69810 |  | 705779 |
|  Wix.com Ltd. <sup>(a)</sup>  | 20017 |  | 1410398 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Internet — (Continued)** | **Internet — (Continued)** | **Internet — (Continued)** | **Internet — (Continued)** |
|  Yelp, Inc. <sup>(a)</sup>  | 17907 | $| 399147 |
|  |  |  | 14483737 |
|  **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
|  Cannae Holdings, Inc.  | 73802 |  | 900384 |
|  Cipher Digital, Inc. <sup>(a)</sup>  | 64020 |  | 998712 |
|  Core Scientific, Inc. <sup>(a)</sup>  | 44536 |  | 755776 |
|  HA Sustainable Infrastructure Capital, Inc.  | 3141 |  | 114709 |
|  Hut 8 Corp. <sup>(a)</sup>  | 16168 |  | 860623 |
|  Innventure, Inc. <sup>(a)</sup>  | 62359 |  | 177100 |
|  Terawulf, Inc. <sup>(a)</sup>  | 252794 |  | 4100319 |
|  |  |  | 7907623 |
|  **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** | **Iron/Steel — 0.6%** |
|  Carpenter Technology Corp.  | 11908 |  | 4740218 |
|  **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
|  Callaway Golf Co. <sup>(a)</sup>  | 8836 |  | 124234 |
|  Lindblad Expeditions Holdings, Inc. <sup>(a)</sup>  | 154445 |  | 3044111 |
|  OneSpaWorld Holdings Ltd.  | 57237 |  | 1232313 |
|  |  |  | 4400658 |
|  **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
|  Boyd Gaming Corp.  | 4776 |  | 397506 |
|  Marcus Corp.  | 65620 |  | 1104385 |
|  |  |  | 1501891 |
|  **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** |
|  Babcock & Wilcox Enterprises, Inc. <sup>(a)</sup>  | 206487 |  | 1829475 |
|  BWX Technologies, Inc.  | 8167 |  | 1682238 |
|  |  |  | 3511713 |
|  **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** |
|  Albany International Corp. - Class A  | 1126 |  | 64914 |
|  Applied Industrial Technologies, Inc.  | 7177 |  | 2028077 |
|  Chart Industries, Inc. <sup>(a)</sup>  | 3219 |  | 667299 |
|  Cognex Corp.  | 25298 |  | 1376211 |
|  DXP Enterprises, Inc. <sup>(a)</sup>  | 9394 |  | 1300787 |
|  Flowserve Corp.  | 17756 |  | 1571761 |
|  Power Solutions International, Inc. <sup>(a)</sup>  | 17032 |  | 1422172 |
|  Tennant Co.  | 18851 |  | 1150477 |
|  Toro Co.  | 5348 |  | 528703 |
|  Twin Disc, Inc.  | 207255 |  | 3769968 |
|  |  |  | 13880369 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  Cable One, Inc.  | 2974 |  | 285355 |
|  Scholastic Corp.  | 5558 |  | 193252 |
|  Sinclair, Inc.  | 17962 |  | 293499 |
|  |  |  | 772106 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Metal Fabricate/Hardware — 1.7%** | **Metal Fabricate/Hardware — 1.7%** | **Metal Fabricate/Hardware — 1.7%** |
|  Advanced Drainage Systems, Inc.  | 11066 | $1896048 |
|  Helios Technologies, Inc.  | 15220 | 1085490 |
|  Janus International Group, Inc. <sup>(a)</sup>  | 115465 | 803636 |
|  Mueller Industries, Inc.  | 11950 | 1409622 |
|  NN, Inc. <sup>(a)</sup>  | 162200 | 244922 |
|  Proto Labs, Inc. <sup>(a)</sup>  | 28413 | 1763879 |
|  Standex International Corp.  | 7010 | 1836620 |
|  Valmont Industries, Inc.  | 3207 | 1474996 |
|  Xometry, Inc. - Class A <sup>(a)</sup>  | 52965 | 2172360 |
|  |  | 12687573 |
|  **Mining — 2.9%** | **Mining — 2.9%** | **Mining — 2.9%** |
|  Almonty Industries, Inc. <sup>(a)</sup>  | 132781 | 2441842 |
|  Centrus Energy Corp. - Class A <sup>(a)</sup>  | 9441 | 1912652 |
|  Century Aluminum Co. <sup>(a)</sup>  | 18637 | 960924 |
|  Energy Fuels, Inc. <sup>(a)</sup>  | 111247 | 2371786 |
|  IAMGOLD Corp. <sup>(a)</sup>  | 138733 | 3408670 |
|  Ivanhoe Electric, Inc. <sup>(a)</sup>  | 156284 | 2686522 |
|  MP Materials Corp. <sup>(a)</sup>  | 12967 | 763367 |
|  Perpetua Resources Corp. <sup>(a)</sup>  | 71176 | 2623547 |
|  United States Antimony Corp. <sup>(a)</sup>  | 168703 | 1508205 |
|  Uranium Energy Corp. <sup>(a)</sup>  | 173345 | 2657379 |
|  USA Rare Earth, Inc. <sup>(a)</sup>  | 53503 | 1011207 |
|  |  | 22346101 |
|  **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** | **Miscellaneous Manufacturing — 1.2%** |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 5340 | 2896416 |
|  Core Molding Technologies, Inc. <sup>(a)</sup>  | 56370 | 1028752 |
|  Enpro, Inc.  | 4961 | 1283163 |
|  Fabrinet <sup>(a)</sup>  | 5595 | 3052800 |
|  JBT Marel Corp.  | 2493 | 383922 |
|  Materion Corp.  | 2877 | 469123 |
|  Smith & Wesson Brands, Inc.  | 7143 | 85002 |
|  |  | 9199178 |
|  **Office Furnishings — 0.0% <sup>(c)</sup>** | **Office Furnishings — 0.0% <sup>(c)</sup>** | **Office Furnishings — 0.0% <sup>(c)</sup>** |
|  Interface, Inc.  | 11644 | 366670 |
|  **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
|  Delek US Holdings, Inc.  | 52764 | 2010836 |
|  Expand Energy Corp.  | 9762 | 1053515 |
|  Helmerich & Payne, Inc.  | 16912 | 595641 |
|  Patterson-UTI Energy, Inc.  | 112890 | 960694 |
|  PBF Energy, Inc. - Class A  | 5245 | 186722 |
|  Range Resources Corp.  | 29237 | 1206903 |
|  Talos Energy, Inc. <sup>(a)</sup>  | 6990 | 85628 |
|  |  | 6099939 |
|  **Oil & Gas Services — 3.1%** | **Oil & Gas Services — 3.1%** | **Oil & Gas Services — 3.1%** |
|  DMC Global, Inc. <sup>(a)</sup>  | 267430 | 1575163 |
|  DNOW, Inc. <sup>(a)</sup>  | 63972 | 753590 |
|  Flotek Industries, Inc. <sup>(a)</sup>  | 74530 | 1144036 |
|  Helix Energy Solutions Group, Inc. <sup>(a)</sup>  | 41891 | 384978 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Oil & Gas Services — (Continued)** | **Oil & Gas Services — (Continued)** | **Oil & Gas Services — (Continued)** | **Oil & Gas Services — (Continued)** |
|  Innovex International, Inc. <sup>(a)</sup>  | 49342 | $| 1300162 |
|  Kodiak Gas Services, Inc.  | 38820 |  | 2118407 |
|  Liberty Energy, Inc.  | 66872 |  | 1878434 |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 64167 |  | 1607383 |
|  Natural Gas Services Group, Inc.  | 135030 |  | 5166248 |
|  Oceaneering International, Inc. <sup>(a)</sup>  | 35309 |  | 1253470 |
|  Oil States International, Inc. <sup>(a)</sup>  | 39848 |  | 521610 |
|  Solaris Energy Infrastructure, Inc.  | 48421 |  | 2403134 |
|  TETRA Technologies, Inc. <sup>(a)</sup>  | 276301 |  | 2392767 |
|  Tidewater, Inc. <sup>(a)</sup>  | 17839 |  | 1416773 |
|  |  |  | 23916155 |
|  **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
|  Amphastar Pharmaceuticals, Inc. <sup>(a)</sup>  | 6771 |  | 136977 |
|  Amylyx Pharmaceuticals, Inc. <sup>(a)</sup>  | 113350 |  | 1719519 |
|  Arvinas, Inc. <sup>(a)</sup>  | 8832 |  | 117201 |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 33425 |  | 614686 |
|  Collegium Pharmaceutical, Inc. <sup>(a)</sup>  | 2619 |  | 109134 |
|  Corcept Therapeutics, Inc. <sup>(a)</sup>  | 3332 |  | 118952 |
|  Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup>  | 37681 |  | 1262690 |
|  Indivior Pharmaceuticals, Inc. <sup>(a)</sup>  | 66751 |  | 2184093 |
|  Madrigal Pharmaceuticals, Inc. <sup>(a)</sup>  | 334 |  | 144288 |
|  Pacira BioSciences, Inc. <sup>(a)</sup>  | 12980 |  | 284392 |
|  Protagonist Therapeutics, Inc. <sup>(a)</sup>  | 13970 |  | 1286358 |
|  Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 14901 |  | 1381770 |
|  Spyre Therapeutics, Inc. <sup>(a)</sup>  | 65274 |  | 2807435 |
|  Xeris Biopharma Holdings, Inc. <sup>(a)</sup>  | 196911 |  | 1205095 |
|  |  |  | 13372590 |
|  **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
|  Ridgepost Capital, Inc. - Class A  | 117916 |  | 951582 |
|  **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
|  Compass, Inc. - Class A <sup>(a)</sup>  | 50573 |  | 493087 |
|  Howard Hughes Holdings, Inc. <sup>(a)</sup>  | 10887 |  | 787892 |
|  Kennedy-Wilson Holdings, Inc.  | 23811 |  | 259064 |
|  McGrath RentCorp  | 31391 |  | 3482831 |
|  |  |  | 5022874 |
|  **REITS — 1.8%** | **REITS — 1.8%** | **REITS — 1.8%** | **REITS — 1.8%** |
|  Agree Realty Corp.  | 1641 |  | 132068 |
|  Alexander & Baldwin, Inc.  | 4543 |  | 94449 |
|  Alpine Income Property Trust, Inc.  | 104034 |  | 2051550 |
|  Apollo Commercial Real Estate Finance, Inc.  | 44054 |  | 466972 |
|  Blackstone Mortgage Trust, Inc. - Class A  | 6106 |  | 117296 |
|  Brandywine Realty Trust  | 72030 |  | 229776 |
|  CareTrust REIT, Inc.  | 7113 |  | 288930 |
|  Centerspace  | 2329 |  | 146494 |
|  Chimera Investment Corp.  | 35803 |  | 487279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **REITS — (Continued)** | **REITS — (Continued)** | **REITS — (Continued)** | **REITS — (Continued)** |
|  Chiron Real Estate, Inc.  | 43148 | $| 1494215 |
|  DiamondRock Hospitality Co.  | 13130 |  | 131825 |
|  EastGroup Properties, Inc.  | 2590 |  | 508443 |
|  Getty Realty Corp.  | 5173 |  | 169778 |
|  Gladstone Commercial Corp.  | 5797 |  | 72405 |
|  Global Net Lease, Inc.  | 24433 |  | 230159 |
|  Kite Realty Group Trust  | 7450 |  | 194073 |
|  LXP Industrial Trust  | 2422 |  | 120034 |
|  Medical Properties Trust, Inc.  | 67175 |  | 386928 |
|  NETSTREIT Corp.  | 3764 |  | 78178 |
|  NexPoint Residential Trust, Inc.  | 2074 |  | 58466 |
|  Outfront Media, Inc. <sup>(a)</sup>  | 49235 |  | 1418460 |
|  PennyMac Mortgage Investment Trust  | 24404 |  | 299193 |
|  Piedmont Realty Trust, Inc. - Class A  | 33537 |  | 254546 |
|  Rayonier, Inc.  | 2658 |  | 57120 |
|  Redwood Trust, Inc.  | 77920 |  | 471416 |
|  Regency Centers Corp.  | 2758 |  | 217882 |
|  Safehold, Inc.  | 11399 |  | 183980 |
|  Service Properties Trust  | 43046 |  | 99006 |
|  Sunrise Realty Trust, Inc.  | 157780 |  | 1478399 |
|  Tanger, Inc.  | 33410 |  | 1238175 |
|  TPG RE Finance Trust, Inc.  | 8617 |  | 72900 |
|  Whitestone REIT  | 14111 |  | 214346 |
|  |  |  | 13464741 |
|  **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** | **Retail — 4.5%** |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 2464 |  | 240979 |
|  Advance Auto Parts, Inc.  | 2595 |  | 137976 |
|  Asbury Automotive Group, Inc. <sup>(a)</sup>  | 16374 |  | 3500434 |
|  BJ's Restaurants, Inc. <sup>(a)</sup>  | 7047 |  | 267716 |
|  BlueLinx Holdings, Inc. <sup>(a)</sup>  | 14349 |  | 945886 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup>  | 10772 |  | 2038278 |
|  Buckle, Inc.  | 2951 |  | 158026 |
|  Build-A-Bear Workshop, Inc.  | 62300 |  | 3031518 |
|  Casey's General Stores, Inc.  | 1888 |  | 1294394 |
|  FirstCash Holdings, Inc.  | 2930 |  | 564875 |
|  Five Below, Inc. <sup>(a)</sup>  | 3696 |  | 826167 |
|  Group 1 Automotive, Inc.  | 2270 |  | 739430 |
|  J Jill, Inc.  | 102700 |  | 1773629 |
|  Kohl's Corp.  | 4833 |  | 79116 |
|  Lithia Motors, Inc.  | 382 |  | 106800 |
|  Murphy USA, Inc.  | 7520 |  | 2938365 |
|  National Vision Holdings, Inc. <sup>(a)</sup>  | 135651 |  | 3658507 |
|  Nu Skin Enterprises, Inc. - Class A  | 35505 |  | 301082 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 10506 |  | 1125193 |
|  Portillo's, Inc. - Class A <sup>(a)</sup>  | 61118 |  | 326370 |
|  PriceSmart, Inc.  | 17479 |  | 2702603 |
|  Red Robin Gourmet Burgers, Inc. <sup>(a)</sup>  | 607100 |  | 3053713 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (CONTINUED)** 

**as of February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Retail — (Continued)** | **Retail — (Continued)** | **Retail — (Continued)** | **Retail — (Continued)** |
|  RH <sup>(a)</sup>  | 2399 | $| 397538 |
|  Shake Shack, Inc. - Class A <sup>(a)</sup>  | 6147 |  | 590173 |
|  Shoe Carnival, Inc.  | 99824 |  | 2015447 |
|  Signet Jewelers Ltd.  | 5100 |  | 490569 |
|  Texas Roadhouse, Inc.  | 2804 |  | 512767 |
|  Tilly's, Inc. - Class A <sup>(a)</sup>  | 271220 |  | 390557 |
|  |  |  | 34208108 |
|  **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** | **Savings & Loans — 1.0%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 3461 |  | 300484 |
|  Banc of California, Inc.  | 1809 |  | 33412 |
|  Beacon Financial Corp.  | 17583 |  | 522918 |
|  FS Bancorp, Inc.  | 81284 |  | 3211531 |
|  Home Bancorp, Inc.  | 24010 |  | 1418991 |
|  Northfield Bancorp, Inc.  | 9880 |  | 131799 |
|  Northwest Bancshares, Inc.  | 5826 |  | 72534 |
|  OceanFirst Financial Corp.  | 5361 |  | 96820 |
|  Provident Financial Services, Inc.  | 15571 |  | 327614 |
|  Riverview Bancorp, Inc.  | 295120 |  | 1578892 |
|  |  |  | 7694995 |
|  **Semiconductors — 4.7%** | **Semiconductors — 4.7%** | **Semiconductors — 4.7%** | **Semiconductors — 4.7%** |
|  Advanced Energy Industries, Inc.  | 5724 |  | 1920803 |
|  Aehr Test Systems <sup>(a)</sup>  | 22302 |  | 834764 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup>  | 33504 |  | 1221891 |
|  Ambiq Micro, Inc. <sup>(a)</sup>  | 29283 |  | 898988 |
|  Amtech Systems, Inc. <sup>(a)</sup>  | 158540 |  | 2068947 |
|  AXT, Inc. <sup>(a)</sup>  | 80921 |  | 3066906 |
|  Camtek Ltd. <sup>(a)</sup>  | 5399 |  | 903739 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 3525 |  | 497448 |
|  Cohu, Inc. <sup>(a)</sup>  | 48342 |  | 1459928 |
|  FormFactor, Inc. <sup>(a)</sup>  | 14402 |  | 1424070 |
|  inTEST Corp. <sup>(a)</sup>  | 205020 |  | 2388483 |
|  Kulicke & Soffa Industries, Inc.  | 6419 |  | 447533 |
|  Lattice Semiconductor Corp. <sup>(a)</sup>  | 13177 |  | 1259985 |
|  MKS, Inc.  | 1371 |  | 335155 |
|  Monolithic Power Systems, Inc.  | 1952 |  | 2230628 |
|  Onto Innovation, Inc. <sup>(a)</sup>  | 9914 |  | 2140333 |
|  Photronics, Inc. <sup>(a)</sup>  | 7595 |  | 284281 |
|  Power Integrations, Inc.  | 6328 |  | 303238 |
|  Semtech Corp. <sup>(a)</sup>  | 19761 |  | 1782837 |
|  Silicon Motion Technology Corp. - ADR  | 27162 |  | 3510145 |
|  SiTime Corp. <sup>(a)</sup>  | 8201 |  | 3263014 |
|  Tower Semiconductor Ltd. <sup>(a)</sup>  | 9327 |  | 1164662 |
|  Ultra Clean Holdings, Inc. <sup>(a)</sup>  | 42126 |  | 2556206 |
|  Veeco Instruments, Inc. <sup>(a)</sup>  | 3472 |  | 106104 |
|  |  |  | 36070088 |
|  **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
|  ACI Worldwide, Inc. <sup>(a)</sup>  | 15290 |  | 606707 |
|  Alignment Healthcare, Inc. <sup>(a)</sup>  | 92535 |  | 1778523 |
|  Asure Software, Inc. <sup>(a)</sup>  | 243790 |  | 2228241 |
|  Blackbaud, Inc. <sup>(a)</sup>  | 799 |  | 38783 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Software — (Continued)** | **Software — (Continued)** | **Software — (Continued)** | **Software — (Continued)** |
|  Commvault Systems, Inc. <sup>(a)</sup>  | 14108 | $| 1200309 |
|  CSG Systems International, Inc.  | 2939 |  | 234826 |
|  DigitalOcean Holdings, Inc. <sup>(a)</sup>  | 21486 |  | 1204505 |
|  Fastly, Inc. - Class A <sup>(a)</sup>  | 102912 |  | 1967677 |
|  Genasys, Inc. <sup>(a)</sup>  | 568340 |  | 1074163 |
|  Global-e Online Ltd. <sup>(a)</sup>  | 34477 |  | 1205661 |
|  Innodata, Inc. <sup>(a)</sup>  | 15445 |  | 682206 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 2185 |  | 59366 |
|  Planet Labs PBC <sup>(a)</sup>  | 145022 |  | 3500831 |
|  Porch Group, Inc. <sup>(a)</sup>  | 58501 |  | 480293 |
|  Procore Technologies, Inc. <sup>(a)</sup>  | 10827 |  | 595918 |
|  Progress Software Corp. <sup>(a)</sup>  | 5306 |  | 222215 |
|  Smith Micro Software, Inc. <sup>(a)</sup>  | 206090 |  | 115410 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 3504 |  | 741026 |
|  Talkspace, Inc. <sup>(a)</sup>  | 5983 |  | 28838 |
|  Vertex, Inc. - Class A <sup>(a)</sup>  | 43726 |  | 633153 |
|  |  |  | 18598651 |
|  **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
|  Applied Digital Corp. <sup>(a)</sup>  | 49622 |  | 1353192 |
|  Array Digital Infrastructure, Inc.  | 8331 |  | 405970 |
|  Aviat Networks, Inc. <sup>(a)</sup>  | 146250 |  | 3662100 |
|  Frequency Electronics, Inc. <sup>(a)</sup>  | 32093 |  | 1611390 |
|  IDT Corp. - Class B  | 3111 |  | 158505 |
|  InterDigital, Inc.  | 869 |  | 318515 |
|  Iridium Communications, Inc.  | 9628 |  | 230591 |
|  LightPath Technologies, Inc. - Class A <sup>(a)</sup>  | 166382 |  | 1735364 |
|  NetGear, Inc. <sup>(a)</sup>  | 7443 |  | 153475 |
|  Telephone & Data Systems, Inc.  | 10347 |  | 463028 |
|  Viavi Solutions, Inc. <sup>(a)</sup>  | 23640 |  | 702344 |
|  Vistance Networks, Inc. <sup>(a)</sup>  | 80792 |  | 1419515 |
|  |  |  | 12213989 |
|  **Textiles — 0.4%** | **Textiles — 0.4%** | **Textiles — 0.4%** | **Textiles — 0.4%** |
|  UniFirst Corp.  | 12770 |  | 2998651 |
|  **Toys/Games/Hobbies — 0.5%** | **Toys/Games/Hobbies — 0.5%** | **Toys/Games/Hobbies — 0.5%** | **Toys/Games/Hobbies — 0.5%** |
|  JAKKS Pacific, Inc.  | 170640 |  | 3730190 |
|  **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
|  ArcBest Corp.  | 23944 |  | 2458091 |
|  Genco Shipping & Trading Ltd.  | 8632 |  | 207600 |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 59196 |  | 3719285 |
|  Hub Group, Inc. - Class A  | 26107 |  | 1124428 |
|  Ituran Location and Control Ltd.  | 18124 |  | 869952 |
|  Knight-Swift Transportation Holdings, Inc.  | 1873 |  | 117849 |
|  Marten Transport Ltd.  | 7327 |  | 99574 |
|  PAMT CORP <sup>(a)</sup>  | 76070 |  | 763743 |
|  Saia, Inc. <sup>(a)</sup>  | 8304 |  | 3366359 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Concluded)** 

**as of February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Transportation — (Continued)** | **Transportation — (Continued)** | **Transportation — (Continued)** |
|  Scorpio Tankers, Inc.  | 4242 | $335457 |
|  |  | 13062338 |
|  **Water — 0.0% <sup>(c)</sup>** | **Water — 0.0% <sup>(c)</sup>** | **Water — 0.0% <sup>(c)</sup>** |
|  American States Water Co.  | 1758 | 131024 |
|  California Water Service Group  | 1969 | 88762 |
|  |  | 219786 |
|  **TOTAL COMMON STOCKS** (Cost $459,523,545)  |  | 734945385 |
|  **TOTAL INVESTMENTS — 96.4%** (Cost $459,523,545)  |  | 734945385 |
|  Other Assets in Excess of Liabilities — 3.6%  |  | 27832193 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $762777578 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05%
 of net assets.

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

**ADARA SMALLER COMPANIES FUND** 

 **STATEMENT of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
|  Investments, at value  | $734945385 |
|  Cash - interest bearing deposit account  | 29294272 |
|  Receivable for investments sold  | 1314292 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 245776 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 139980 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 72793 |
| &nbsp;&nbsp;&nbsp; Cash  | 18713 |
|  Prepaid expenses and other assets  | 38481 |
| &nbsp;&nbsp;&nbsp; Total assets  | 766069692 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 2650525 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 482218 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 15020 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 7509 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 136842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 3292114 |
|  **NET ASSETS**  | $762777578 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $37341 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 460505092 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 302235145 |
|  Total net assets  | $762777578 |
| &nbsp;&nbsp;&nbsp; Net assets  | $762777578 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 37341366 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $20.43 |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $459523545 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Statement of Operations** 

**FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $3028944 |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (2437) |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (9025) |
| &nbsp;&nbsp;&nbsp; Interest income  | 647427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 3664909 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 2587589 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 104641 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 41431 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 30156 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 26248 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 23609 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 23580 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 18671 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 9857 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 5223 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 21432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2892437 |
|  **NET INVESTMENT INCOME**  | 772472 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 49399575 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 49399575 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 56819060 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 56819060 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 106218635 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $106991107 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period Ended<br> February 28, 2026<br> (Unaudited)** | **For the <br> Year Ended<br> August 31, 2025** |
|  **OPERATIONS:**  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $772472 | $1655753 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 49399575 | 47324752 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 56819060 | 28568138 |
|  Net increase (decrease) in net assets from operations  | 106991107 | 77548643 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (59820239) | (20686719) |
|  Total distributions to shareholders  | (59820239) | (20686719) |
|  **CAPITAL TRANSACTIONS:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 32495430 | 52119089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 52757376 | 18720449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (72757519) | (28485844) |
|  Net increase (decrease) in net assets from capital transactions  | 12495287 | 42353694 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 59666155 | 99215618 |
|  **NET ASSETS:**  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 703111423 | 603895805 |
| &nbsp;&nbsp;&nbsp; End of the period  | $762777578 | $703111423 |
|  **SHARES TRANSACTIONS**  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1644111 | 3008317 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 2773784 | 975532 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3576033) | (1594066) |
|  Total increase (decrease) in shares outstanding  | 841862 | 2389783 |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Period <br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31, <br> 2025** | **For the<br> Year<br> Ended<br> August 31, <br> 2024** | **For the<br> Year<br> Ended<br> August 31, <br> 2023** | **For the<br> Year<br> Ended<br> August 31, <br> 2022** | **For the<br> Year<br> Ended<br> August 31, <br> 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)<sup>(a)</sup>  | 0.02 | 0.05 | 0.07 | 0.07 | 0.02 | (0.03) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>**  | 15.73% | 12.25% | 16.72% | 6.40% | (16.93)% | 58.41% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $762778 | $703111 | $603896 | $482440 | $441478 | $536177 |
|  Ratio of expenses to average net assets <sup>(d)</sup>  | 0.80% | 0.80% | 0.80% | 0.82% | 0.84% | 0.84% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.21% | 0.26% | 0.43% | 0.50% | 0.10% | (0.18)% |
|  Portfolio turnover rate <sup>(c)</sup>  | 39% | 71% | 58% | 56% | 56% | 75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

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

**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.&nbsp;&nbsp;&nbsp;&nbsp;

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).

**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**  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $734945385 | $— | $— <sup>(a)</sup> | $734945385 |
|  Total Investments  | $734945385 | $— | $— <sup>(a)</sup> | $734945385 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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

**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.

**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  | $270471203 | $295405052 |

---

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 <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
|  Adara Smaller Companies Fund  | $439472327 | $237673374 | $(23422257) | $214251117 |

---

**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<br> ORDINARY <br> INCOME** | **UNDISTRIBUTED<br> LONG-TERM <br> CAPITAL GAINS** | **CAPITAL LOSS <br> CARRYFORWARDS** | **NET UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **QUALIFIED <br> LATE-YEAR<br> LOSSES** |
|  Adara Smaller Companies Fund  | $– $| 40813160 | $– $| 214251117 | $— |

---

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<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
|  Adara Smaller Companies Fund  | 2025 | $7539135 | $13147584 | $20686719 |

---

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.

**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.

**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

![](fp0096661-8_i.jpg)

**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<br> Assets** |
| &nbsp;&nbsp;&nbsp; Financials  | $168344207 | 20.9% |
| &nbsp;&nbsp;&nbsp; Industrials  | 148009170 | 18.8 |
| &nbsp;&nbsp;&nbsp; Information Technology  | 132649870 | 16.8 |
| &nbsp;&nbsp;&nbsp; Health Care  | 67686328 | 8.8 |
| &nbsp;&nbsp;&nbsp; Materials  | 63170116 | 8.0 |
| &nbsp;&nbsp;&nbsp; Communication Services  | 54106593 | 6.8 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 46036487 | 5.3 |
| &nbsp;&nbsp;&nbsp; Energy  | 38229022 | 4.7 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 34228323 | 4.2 |
| &nbsp;&nbsp;&nbsp; Utilities  | 12902227 | 1.5 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 4259666 | 0.4 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 30228015 | 3.8 |
|  | $799850024 | 100.0% |

---

The following table presents a summary by country of the schedule holdings of the Fund:

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | **% of Net<br> Assets** |
| &nbsp;&nbsp;&nbsp; United Kingdom  | $107143808 | 13.4% |
| &nbsp;&nbsp;&nbsp; Japan  | 104231481 | 13.0 |
| &nbsp;&nbsp;&nbsp; South Korea  | 69967021 | 8.7 |
| &nbsp;&nbsp;&nbsp; Taiwan  | 53236808 | 6.7 |
| &nbsp;&nbsp;&nbsp; France  | 46785243 | 5.8 |
| &nbsp;&nbsp;&nbsp; China  | 41943997 | 5.2 |
| &nbsp;&nbsp;&nbsp; Netherlands  | 41213734 | 5.2 |
| &nbsp;&nbsp;&nbsp; Canada  | 30526279 | 3.8 |
| &nbsp;&nbsp;&nbsp; India  | 28116201 | 3.5 |
| &nbsp;&nbsp;&nbsp; Italy  | 26512421 | 3.3 |
| &nbsp;&nbsp;&nbsp; Switzerland  | 24737070 | 3.1 |
| &nbsp;&nbsp;&nbsp; Brazil  | 22793668 | 2.9 |
| &nbsp;&nbsp;&nbsp; Australia  | 19347034 | 2.4 |
| &nbsp;&nbsp;&nbsp; Germany  | 17766822 | 2.2 |
| &nbsp;&nbsp;&nbsp; Hong Kong  | 15543546 | 1.9 |
| &nbsp;&nbsp;&nbsp; Ireland  | 15532653 | 1.9 |
| &nbsp;&nbsp;&nbsp; Finland  | 11722225 | 1.5 |
| &nbsp;&nbsp;&nbsp; United States  | 10877508 | 1.4 |
| &nbsp;&nbsp;&nbsp; Mexico  | 10795647 | 1.4 |
| &nbsp;&nbsp;&nbsp; Denmark  | 9533930 | 1.2 |
| &nbsp;&nbsp;&nbsp; Spain  | 6460183 | 0.8 |
| &nbsp;&nbsp;&nbsp; Bermuda  | 6167083 | 0.8 |
| &nbsp;&nbsp;&nbsp; Singapore  | 5813138 | 0.7 |
| &nbsp;&nbsp;&nbsp; South Africa  | 5781358 | 0.7 |
| &nbsp;&nbsp;&nbsp; Norway  | 5645348 | 0.7 |
| &nbsp;&nbsp;&nbsp; Israel  | 4936939 | 0.6 |
| &nbsp;&nbsp;&nbsp; Sweden  | 3410170 | 0.4 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates  | 3011162 | 0.4 |
| &nbsp;&nbsp;&nbsp; Portugal  | 2312413 | 0.3 |
| &nbsp;&nbsp;&nbsp; Hungary  | 2075381 | 0.3 |
| &nbsp;&nbsp;&nbsp; Austria  | 1961436 | 0.2 |
| &nbsp;&nbsp;&nbsp; Peru  | $1834082 | 0.2% |
| &nbsp;&nbsp;&nbsp; Belgium  | 1446276 | 0.2 |
| &nbsp;&nbsp;&nbsp; Indonesia  | 1400624 | 0.2 |
| &nbsp;&nbsp;&nbsp; Greece  | 1376617 | 0.2 |
| &nbsp;&nbsp;&nbsp; Turkey  | 1327635 | 0.2 |
| &nbsp;&nbsp;&nbsp; Chile  | 1221662 | 0.2 |
| &nbsp;&nbsp;&nbsp; Thailand  | 1039425 | 0.1 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia  | 1028362 | 0.1 |
| &nbsp;&nbsp;&nbsp; Poland  | 610150 | 0.1 |
| &nbsp;&nbsp;&nbsp; Argentina  | 509810 | 0.1 |
| &nbsp;&nbsp;&nbsp; Uruguay  | 504425 | 0.1 |
| &nbsp;&nbsp;&nbsp; Luxembourg  | 413439 | 0.1 |
| &nbsp;&nbsp;&nbsp; New Zealand  | 336282 | 0.0 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Czech Republic  | 324765 | 0.0 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Panama  | 250746 | 0.0 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Colombia  | 95982 | 0.0 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Russia  | 20 | 0.0 <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 30228015 | 3.8 |
|  | $799850024 | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than 0.05%
 of net assets.

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments** 

**as of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 95.9%** | **COMMON STOCKS — 95.9%** | **COMMON STOCKS — 95.9%** |
|  **Argentina — 0.1%** | **Argentina — 0.1%** | **Argentina — 0.1%** |
|  Grupo Financiero Galicia SA - ADR  | 11367 | $509810 |
|  **Australia — 2.4%** | **Australia — 2.4%** | **Australia — 2.4%** |
|  ANZ Group Holdings Ltd.  | 5980 | 170194 |
|  ASX, Ltd.  | 1716 | 64667 |
|  Bendigo & Adelaide Bank Ltd.  | 12614 | 96063 |
|  BHP Group Ltd. - ADR  | 4125 | 336476 |
|  BHP Group Ltd.  | 126375 | 5127685 |
|  BlueScope Steel Ltd.  | 6357 | 126636 |
|  Brambles Ltd.  | 3197 | 57015 |
|  Cochlear Ltd.  | 990 | 140188 |
|  Coles Group Ltd.  | 3923 | 57532 |
|  Commonwealth Bank Of Australia  | 6321 | 784253 |
|  Computershare Ltd.  | 2023 | 44605 |
|  CSL Ltd.  | 2493 | 260983 |
|  Endeavour Group Ltd.  | 2137 | 5937 |
|  Fortescue Ltd.  | 5658 | 84990 |
|  Goodman Group  | 6677 | 137348 |
|  GPT Group  | 9864 | 35510 |
|  Lottery Corp. Ltd.  | 8950 | 35102 |
|  Macquarie Group Ltd.  | 1008 | 152974 |
|  Macquarie Group, Ltd. - ADR  | 1081 | 164647 |
|  Mirvac Group  | 19373 | 28257 |
|  National Australia Bank Ltd. - ADR  | 11208 | 196252 |
|  National Australia Bank Ltd.  | 7689 | 267981 |
|  Northern Star Resources Ltd.  | 182511 | 4000583 |
|  Orica Ltd.  | 5536 | 96108 |
|  Qantas Airways Ltd.  | 8392 | 59394 |
|  QBE Insurance Group Ltd.  | 3568 | 55409 |
|  REA Group Ltd.  | 1110 | 131321 |
|  Rio Tinto Ltd.  | 16785 | 1995394 |
|  Santos Ltd.  | 19946 | 96121 |
|  Scentre Group  | 14492 | 39393 |
|  SEEK Ltd.  | 4272 | 50420 |
|  SGH Ltd.  | 1507 | 50009 |
|  Sonic Healthcare Ltd.  | 180468 | 3062617 |
|  South32 Ltd.  | 44192 | 144767 |
|  Stockland  | 11630 | 42294 |
|  Suncorp Group Ltd.  | 15828 | 164743 |
|  Transurban Group  | 6702 | 68325 |
|  Washington H Soul Pattinson & Co. Ltd. Old  | 2269 | 61726 |
|  Wesfarmers Ltd.  | 4523 | 256241 |
|  Westpac Banking Corp.  | 11015 | 332972 |
|  Woodside Energy Group Ltd.  | 7097 | 144899 |
|  Woolworths Group Ltd.  | 4642 | 119003 |
|  |  | 19347034 |
|  **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
|  ANDRITZ AG  | 18304 | 1589070 |

---

---

| | | |
|:---|:---|:---|
|  Erste Group Bank AG  | 494 | 58635 |
|  OMV AG  | 4843 | 313731 |
|  |  | 1961436 |
|  **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
|  Ageas SA NV  | 2481 | 184156 |
|  Anheuser-Busch InBev SA/NV - ADR  | 3683 | 298139 |
|  D'ieteren Group  | 282 | 60974 |
|  Elia Group SA/NV  | 1009 | 160314 |
|  Groupe Bruxelles Lambert SA  | 635 | 63716 |
|  KBC Group NV  | 799 | 108211 |
|  Lotus Bakeries NV  | 6 | 74623 |
|  Sofina SA  | 368 | 109311 |
|  Syensqo SA  | 373 | 21267 |
|  UCB SA  | 810 | 243311 |
|  Warehouses De Pauw CVA  | 3980 | 122254 |
|  |  | 1446276 |
|  **Bermuda — 0.8%** | **Bermuda — 0.8%** | **Bermuda — 0.8%** |
|  Everest Group Ltd.  | 5807 | 1948191 |
|  Hiscox Ltd.  | 202493 | 4218892 |
|  |  | 6167083 |
|  **Brazil — 2.6%** | **Brazil — 2.6%** | **Brazil — 2.6%** |
|  Axia Energia - ADR  | 6734 | 81347 |
|  Axia Energia - ADR <sup>(a)</sup>  | 1769 | 20750 |
|  B3 SA - Brasil Bolsa Balcao  | 142300 | 497419 |
|  Banco do Brasil SA - ADR  | 22592 | 119964 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR  | 11318 | 339653 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 45239 | 1357734 |
|  Cia Siderurgica Nacional SA - ADR <sup>(a)</sup>  | 41580 | 69854 |
|  Direcional Engenharia SA  | 194814 | 622842 |
|  Embraer SA - ADR  | 10102 | 729567 |
|  Eneva SA <sup>(a)</sup>  | 88800 | 368780 |
|  Itau Unibanco Holding SA - ADR  | 363202 | 3286978 |
|  Localiza Rent a Car SA - ADR  | 4006 | 45668 |
|  MBRF Global Foods Co. SA - ADR  | 19164 | 76656 |
|  NU Holdings Ltd. - Class A <sup>(a)</sup>  | 215115 | 3222423 |
|  Petroleo Brasileiro SA - Petrobras - ADR  | 10959 | 182248 |
|  PRIO SA <sup>(a)</sup>  | 454758 | 4765356 |
|  Rede D'Or Sao Luiz SA <sup>(b)</sup>  | 108000 | 854267 |
|  Suzano Papel e Celulose SA - ADR  | 6573 | 74472 |
|  Telefonica Brasil SA - ADR  | 13700 | 231667 |
|  TIM SA  | 419400 | 2292322 |
|  Ultrapar Participacoes SA  | 23500 | 118314 |
|  Ultrapar Participacoes SA - ADR  | 8959 | 45243 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Brazil — 2.6% (Continued)** | **Brazil — 2.6% (Continued)** | **Brazil — 2.6% (Continued)** |
|  Vale SA - ADR  | 58699 | $1008449 |
|  XP, Inc. - Class A  | 834 | 17956 |
|  |  | 20429929 |
|  **Canada — 3.8%** | **Canada — 3.8%** | **Canada — 3.8%** |
|  Agnico Eagle Mines Ltd.  | 1913 | 481311 |
|  Agnico Eagle Mines Ltd.  | 1900 | 477253 |
|  Alimentation Couche-Tard, Inc.  | 4012 | 243476 |
|  Allied Gold Corp. <sup>(a)</sup>  | 86451 | 2736670 |
|  Bank Montreal  | 2588 | 372491 |
|  Bank of Nova Scotia  | 3619 | 274139 |
|  Barrick Mining Corp.  | 6196 | 314385 |
|  BCE, Inc.  | 4684 | 123236 |
|  Brookfield Corp.  | 5038 | 220866 |
|  CAE, Inc. <sup>(a)</sup>  | 1578 | 46772 |
|  Cameco Corp.  | 6676 | 790438 |
|  Canadian Imperial Bank of Commerce  | 2982 | 301063 |
|  Canadian National Railway Co.  | 3433 | 385148 |
|  Canadian Natural Resources Ltd.  | 11652 | 510008 |
|  Canadian Pacific Kansas City Ltd.  | 1018 | 89167 |
|  Celestica, Inc. <sup>(a)</sup>  | 359 | 99669 |
|  CGI, Inc.  | 1307 | 95882 |
|  Dollarama, Inc.  | 1557 | 229227 |
|  Enbridge, Inc.  | 6869 | 365019 |
|  Equinox Gold Corp. <sup>(a)</sup>  | 224039 | 4204683 |
|  Fairfax Financial Holdings Ltd.  | 155 | 266780 |
|  FirstService Corp.  | 230 | 36241 |
|  Fortis, Inc.  | 6019 | 346093 |
|  Franco-Nevada Corp.  | 1038 | 291273 |
|  GFL Environmental, Inc.  | 718 | 31728 |
|  Gildan Activewear, Inc.  | 5757 | 391994 |
|  Hammond Power Solutions, Inc.  | 3718 | 535083 |
|  Imperial Oil Ltd.  | 2792 | 327502 |
|  Kinross Gold Corp.  | 77208 | 2853874 |
|  Kinross Gold Corp.  | 3369 | 124619 |
|  Magna International, Inc.  | 3010 | 189781 |
|  Manulife Financial Corp.  | 6860 | 243804 |
|  National Bank of Canada  | 1838 | 256516 |
|  Nutrien Ltd.  | 59689 | 4489201 |
|  Nutrien Ltd.  | 1238 | 92937 |
|  Pembina Pipeline Corp.  | 2696 | 118597 |
|  Royal Bank Canada  | 5701 | 953378 |
|  Shopify, Inc. - Class A <sup>(a)</sup>  | 3733 | 450685 |
|  South Bow Corp.  | 584 | 18811 |
|  Stantec, Inc.  | 565 | 52415 |
|  Sun Life Financial, Inc.  | 2753 | 180459 |
|  Suncor Energy, Inc.  | 1529 | 86419 |
|  TC Energy Corp.  | 5100 | 328287 |
|  Teck Resources Ltd. - Class B  | 8215 | 483781 |
|  Teck Resources Ltd. - Class B  | 60417 | 3548261 |
|  Thomson Reuters Corp.  | 1367 | 131792 |

---

---

| | | |
|:---|:---|:---|
|  Toronto-Dominion Bank  | 6970 | 678599 |
|  Wheaton Precious Metals Corp.  | 2998 | 490623 |
|  WSP Global, Inc.  | 979 | 165843 |
|  |  | 30526279 |
|  **Chile — 0.2%** | **Chile — 0.2%** | **Chile — 0.2%** |
|  Antofagasta PLC  | 8790 | 505011 |
|  Cia Cervecerias Unidas SA - ADR  | 4167 | 55588 |
|  Sociedad Quimica y Minera de Chile SA - ADR <sup>(a)</sup>  | 8664 | 661063 |
|  |  | 1221662 |
|  **China — 5.2%** | **China — 5.2%** | **China — 5.2%** |
|  AAC Technologies Holdings, Inc.  | 32000 | 152108 |
|  Advanced Micro-Fabrication Equipment, Inc. - Class A  | 22487 | 1154550 |
|  Air China Ltd. - Class H <sup>(a)</sup>  | 74000 | 64181 |
|  Akeso, Inc. <sup>(a)(b)</sup>  | 5000 | 68118 |
|  ANTA Sports Products Ltd.  | 5561 | 60175 |
|  Baidu, Inc. - ADR <sup>(a)</sup>  | 440 | 54754 |
|  Baidu, Inc. - Class A <sup>(a)</sup>  | 64050 | 994910 |
|  Bilibili, Inc. - ADR <sup>(a)</sup>  | 4363 | 121728 |
|  BYD Co. Ltd. - Class H  | 12000 | 144661 |
|  China Coal Energy Co. Ltd. - Class H  | 44000 | 73070 |
|  China Conch Environment Protection Holdings Ltd. <sup>(a)</sup>  | 21500 | 1532 |
|  China Construction Bank Corp. - Class H  | 200000 | 203479 |
|  China Jushi Co. Ltd. - Class A  | 189700 | 745641 |
|  China Merchants Bank Co. Ltd. - Class H  | 154063 | 958380 |
|  China Pacific Insurance Group Co. Ltd. - Class H  | 40400 | 184909 |
|  China Shenhua Energy Co. Ltd. - Class H  | 178500 | 1023429 |
|  Contemporary Amperex Technology Co. Ltd. - Class A  | 12405 | 617189 |
|  ENN Energy Holdings Ltd.  | 4400 | 38603 |
|  Fuyao Glass Industry Group Co. Ltd. - Class H <sup>(b)</sup>  | 6400 | 53109 |
|  Guotai Haitong Securities Co. Ltd. - Class H <sup>(b)</sup>  | 240400 | 489559 |
|  H World Group Ltd. - ADR  | 1879 | 102969 |
|  Haier Smart Home Co. Ltd. - ADR  | 4117 | 55703 |
|  Haitian International Holdings Ltd.  | 31000 | 100178 |
|  Hansoh Pharmaceutical Group Co. Ltd. <sup>(b)</sup>  | 16000 | 71232 |
|  Hesai Group - ADR <sup>(a)</sup>  | 9480 | 255486 |
|  Industrial & Commercial Bank of China Ltd. - Class H  | 1737000 | 1428610 |
|  JD.com, Inc. - ADR  | 5286 | 140238 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A  | 65100 | 535586 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China — 5.2% (Continued)** | **China — 5.2% (Continued)** | **China — 5.2% (Continued)** |
|  KE Holdings, Inc. - ADR  | 4582 | $75374 |
|  Lenovo Group Ltd.  | 32000 | 39498 |
|  Li Auto, Inc. - ADR <sup>(a)</sup>  | 34 | 598 |
|  Meituan - ADR <sup>(a)</sup>  | 4650 | 95604 |
|  NAURA Technology Group Co. Ltd. - Class A  | 19300 | 1326047 |
|  NetEase, Inc. - ADR  | 10060 | 1156598 |
|  NetEase, Inc.  | 49300 | 1110492 |
|  New China Life Insurance Co. Ltd. - Class H  | 45800 | 322305 |
|  New Oriental Education & Technology Group, Inc. - ADR  | 2260 | 123509 |
|  Nongfu Spring Co. Ltd. - Class H <sup>(b)</sup>  | 9600 | 57919 |
|  PetroChina Co. Ltd. - Class H  | 1312000 | 1597978 |
|  PICC Property & Casualty Co. Ltd. - Class H  | 48000 | 99041 |
|  Ping An Insurance Group Co. of China Ltd. - Class H  | 172000 | 1487911 |
|  Pop Mart International Group Ltd. <sup>(b)</sup>  | 3200 | 94153 |
|  RLX Technology, Inc. - ADR  | 23295 | 56374 |
|  Shanghai Pharmaceuticals Holding Co. Ltd. - Class H  | 39800 | 59161 |
|  Shenzhou International Group Holdings Ltd.  | 65900 | 529972 |
|  Sieyuan Electric Co. Ltd. - Class A  | 25100 | 783868 |
|  Sinopharm Group Co. Ltd. - Class H  | 36400 | 98136 |
|  Sinotruk Hong Kong Ltd.  | 19500 | 102653 |
|  Sunac Services Holdings Ltd. <sup>(b)</sup>  | 619 | 105 |
|  Sunresin New Materials Co. Ltd. - Class A  | 64700 | 704446 |
|  TAL Education Group - ADR <sup>(a)</sup>  | 7594 | 79965 |
|  Tencent Holdings Ltd. - ADR  | 24871 | 1634025 |
|  Tencent Holdings Ltd.  | 239830 | 15779335 |
|  Tencent Music Entertainment Group - ADR  | 129822 | 1895401 |
|  Tongcheng Travel Holdings Ltd.  | 430000 | 1132769 |
|  Weichai Power Co. Ltd. - Class H  | 24000 | 99872 |
|  WuXi AppTec Co. Ltd. - Class H <sup>(b)</sup>  | 63400 | 962175 |
|  Wuxi Biologics Cayman, Inc. <sup>(a)(b)</sup>  | 17000 | 87282 |
|  Xiaomi Corp. - ADR <sup>(a)</sup>  | 2247 | 49569 |
|  XPeng, Inc. - ADR <sup>(a)</sup>  | 2396 | 42074 |
|  Yangzijiang Shipbuilding Holdings Ltd.  | 26600 | 90918 |
|  Yum China Holdings, Inc.  | 1455 | 79894 |
|  Zijin Mining Group Co. Ltd. - Class H  | 24000 | 137373 |
|  ZTE Corp. - Class H  | 16600 | 57516 |
|  |  | 41943997 |

---

---

| | | |
|:---|:---|:---|
|  **Colombia — 0.0% <sup>(c)</sup>** | **Colombia — 0.0% <sup>(c)</sup>** | **Colombia — 0.0% <sup>(c)</sup>** |
|  Grupo Cibest SA - ADR  | 1414 | $95982 |
|  **Czech Republic — 0.0% <sup>(c)</sup>** | **Czech Republic — 0.0% <sup>(c)</sup>** | **Czech Republic — 0.0% <sup>(c)</sup>** |
|  CSG NV <sup>(a)</sup>  | 8635 | 324765 |
|  **Denmark — 1.2%** | **Denmark — 1.2%** | **Denmark — 1.2%** |
|  AP Moller - Maersk AS - Class B  | 28 | 69520 |
|  Carlsberg A/S - Class B  | 1277 | 198659 |
|  Danske Bank AS  | 125960 | 6571902 |
|  DSV AS - ADR  | 826 | 106414 |
|  DSV AS  | 208 | 53689 |
|  Genmab AS <sup>(a)</sup>  | 372 | 109527 |
|  Novo Nordisk AS - ADR  | 12898 | 483030 |
|  Novo Nordisk AS  | 46645 | 1764279 |
|  Novonesis Novozymes B  | 1601 | 95206 |
|  Vestas Wind Systems AS  | 3196 | 81704 |
|  |  | 9533930 |
|  **Finland — 1.5%** | **Finland — 1.5%** | **Finland — 1.5%** |
|  Elisa OYJ  | 1277 | 65592 |
|  Fortum Oyj  | 2493 | 58290 |
|  Kone Oyj - Class B  | 51183 | 3858854 |
|  Mandatum Oyj  | 2616 | 21095 |
|  Neste Oyj  | 2862 | 71518 |
|  Nordea Bank Abp  | 151624 | 2936353 |
|  Nordea Bank Abp  | 93 | 1800 |
|  Orion Oyj - Class B  | 672 | 53832 |
|  Sampo Oyj  | 409718 | 4540945 |
|  Wartsila OYJ Abp  | 2624 | 113946 |
|  |  | 11722225 |
|  **France — 5.8%** | **France — 5.8%** | **France — 5.8%** |
|  Accor SA  | 35891 | 2083299 |
|  Air Liquide SA  | 18737 | 3939930 |
|  Air Liquide SA - ADR  | 2142 | 89964 |
|  Airbus Group SE  | 1871 | 406293 |
|  AXA SA  | 3534 | 172820 |
|  BioMerieux  | 235 | 27775 |
|  BNP Paribas SA  | 3223 | 361884 |
|  Bouygues SA  | 2565 | 158738 |
|  Bureau Veritas SA  | 139610 | 4851655 |
|  Canal+ SA  | 3398 | 14113 |
|  Capgemini SE  | 15710 | 1985381 |
|  Cie de Saint-Gobain SA  | 20776 | 2105476 |
|  Cie Generale des Etablissements Michelin SCA  | 86159 | 3484374 |
|  Danone SA  | 3796 | 326452 |
|  Dassault Aviation SA  | 263 | 105631 |
|  Eiffage SA  | 428 | 73805 |
|  Engie SA - ADR  | 8968 | 304464 |
|  Essilor International Cie Generale d'Opitque SA  | 1232 | 326094 |
|  EssilorLuxottica SA - ADR  | 144 | 19152 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **France — 5.8% (Continued)** | **France — 5.8% (Continued)** | **France — 5.8% (Continued)** |
|  Eurazeo SA  | 19441 | $1142399 |
|  Getlink SE  | 1582 | 34349 |
|  Havas NV  | 340 | 6930 |
|  Hermes International SCA  | 123 | 295626 |
|  Ipsen SA  | 10158 | 1982868 |
|  Kering SA  | 247 | 82829 |
|  Legrand SA  | 1347 | 243978 |
|  L'Oreal SA - ADR  | 3400 | 317798 |
|  L'Oreal SA  | 261 | 122291 |
|  Louis Hachette Group  | 3398 | 6880 |
|  LVMH Moet Hennessy Louis Vuitton SE - ADR  | 2495 | 318611 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 493 | 315037 |
|  Orange SA  | 13221 | 284814 |
|  Pernod Ricard SA  | 14737 | 1359938 |
|  Pernod Ricard SA - ADR  | 3440 | 63743 |
|  Publicis Groupe SA  | 2188 | 194831 |
|  Rexel SA  | 50820 | 2200908 |
|  Safran SA  | 1176 | 473621 |
|  Sanofi SA - ADR  | 6502 | 316387 |
|  Sanofi SA  | 50222 | 4911781 |
|  Sartorius Stedim Biotech  | 191 | 41276 |
|  Schneider Electric SE  | 1256 | 410473 |
|  Schneider Electric SE - ADR  | 4025 | 262470 |
|  Societe Generale SA  | 2392 | 207292 |
|  SPIE SA  | 41676 | 2580049 |
|  Thales SA  | 7675 | 2329495 |
|  TotalEnergies SE  | 7259 | 583188 |
|  Unibail-Rodamco-Westfield  | 938 | 117520 |
|  Vallourec SACA  | 185336 | 4336260 |
|  Vinci SA  | 2155 | 357700 |
|  Vinci SA - ADR  | 1124 | 46601 |
|  |  | 46785243 |
|  **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
|  Allianz SE - ADR  | 8610 | 387192 |
|  Allianz SE  | 644 | 289206 |
|  Aumovio SE <sup>(a)</sup>  | 261 | 12946 |
|  BASF SE  | 2932 | 167945 |
|  Bayer AG  | 2559 | 126621 |
|  Bayerische Motoren Werke AG - ADR  | 3309 | 116576 |
|  Bayerische Motoren Werke AG  | 509 | 53345 |
|  Beiersdorf AG  | 260 | 32889 |
|  Commerzbank AG  | 18102 | 734392 |
|  Covestro AG <sup>(a)(b)</sup>  | 695 | 49749 |
|  Daimler AG  | 3623 | 250670 |
|  Daimler Truck Holding AG  | 1811 | 91372 |
|  Delivery Hero SE <sup>(a)(b)</sup>  | 1653 | 38019 |
|  Deutsche Bank AG  | 8776 | 310846 |
|  Deutsche Boerse AG  | 15098 | 4126179 |
|  Deutsche Boerse AG - ADR  | 2810 | 76854 |

---

---

| | | |
|:---|:---|:---|
|  Deutsche Post AG - ADR  | 1603 | 94449 |
|  Deutsche Telekom AG - ADR  | 5690 | 229193 |
|  Deutsche Telekom AG  | 1461 | 58674 |
|  E.ON SE  | 7701 | 179078 |
|  Fresenius Medical Care AG  | 918 | 42760 |
|  Fresenius SE & Co. KGaA  | 1112 | 66661 |
|  Hannover Rueck SE  | 421 | 127572 |
|  Heidelberg Materials AG  | 446 | 99365 |
|  Henkel AG & Co. KGaA  | 1341 | 121452 |
|  Infineon Technologies AG  | 1482 | 79872 |
|  KION Group AG  | 1235 | 83818 |
|  Knorr-Bremse AG  | 679 | 88872 |
|  Merck KGaA  | 587 | 88940 |
|  MTU Aero Engines AG - ADR  | 562 | 120763 |
|  Muenchener Rueckversicherungs-Gesellschaft AG  | 633 | 413111 |
|  Rheinmetall AG  | 673 | 1331311 |
|  RWE AG  | 3207 | 206302 |
|  SAP SE - ADR  | 3821 | 770046 |
|  Schaeffler AG  | 1003 | 12219 |
|  Siemens AG  | 8807 | 2546490 |
|  Siemens Energy AG  | 8883 | 1720440 |
|  TeamViewer SE - ADR <sup>(a)</sup>  | 4442 | 11794 |
|  Volkswagen AG  | 1057 | 126304 |
|  Zalando SE <sup>(a)(b)</sup>  | 91598 | 2226723 |
|  |  | 17711010 |
|  **Greece — 0.2%** | **Greece — 0.2%** | **Greece — 0.2%** |
|  National Bank of Greece SA  | 84628 | 1376617 |
|  **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
|  AIA Group Ltd. - ADR  | 7624 | 336752 |
|  Alibaba Group Holding Ltd. - ADR  | 7061 | 1017561 |
|  Alibaba Group Holding Ltd.  | 335000 | 6062408 |
|  BOC Hong Kong Holdings Ltd.  | 28000 | 160153 |
|  BYD Electronic International Co. Ltd.  | 23500 | 96426 |
|  China Merchants Port Holdings Co. Ltd.  | 60000 | 134059 |
|  China Resources Power Holdings Co. Ltd.  | 14000 | 33376 |
|  CK Asset Holdings Ltd.  | 8500 | 53931 |
|  CK Hutchison Holdings Ltd.  | 256500 | 2111970 |
|  CK Infrastructure Holdings Ltd.  | 8000 | 67837 |
|  CLP Holdings Ltd.  | 20000 | 189522 |
|  Futu Holdings Ltd. - ADR <sup>(a)</sup>  | 852 | 126812 |
|  Galaxy Entertainment Group Ltd.  | 13000 | 69175 |
|  Geely Automobile Holdings, Ltd.  | 31000 | 63994 |
|  Henderson Land Development Co. Ltd.  | 23000 | 103966 |
|  HKT Trust & HKT Ltd.  | 54000 | 85123 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hong Kong — 1.9% (Continued)** | **Hong Kong — 1.9% (Continued)** | **Hong Kong — 1.9% (Continued)** |
|  Hong Kong Exchanges & Clearing Ltd.  | 580 | $30986 |
|  Hongkong Land Holdings Ltd.  | 7900 | 68397 |
|  Jardine Matheson Holdings, Ltd.  | 4800 | 395713 |
|  MTR Corp. Ltd.  | 16500 | 78580 |
|  Power Assets Holdings Ltd.  | 11000 | 89156 |
|  Prudential PLC  | 124072 | 1900354 |
|  Sun Hung Kai Properties Ltd.  | 9000 | 167316 |
|  Swire Pacific Ltd. - Class A  | 4000 | 42968 |
|  Techtronic Industries Co. Ltd.  | 60500 | 979839 |
|  WH Group Ltd. <sup>(b)</sup>  | 52500 | 66033 |
|  Wharf Holdings Ltd.  | 14000 | 46348 |
|  Zijin Gold International Co. Ltd. <sup>(a)</sup>  | 32700 | 964791 |
|  |  | 15543546 |
|  **Hungary — 0.3%** | **Hungary — 0.3%** | **Hungary — 0.3%** |
|  OTP Bank, PLC  | 16833 | 2075381 |
|  **India — 3.5%** | **India — 3.5%** | **India — 3.5%** |
|  Adani Ports & Special Economic Zone Ltd.  | 86352 | 1445592 |
|  Axis Bank Ltd.  | 86972 | 1324736 |
|  Bajaj Finance Ltd.  | 328386 | 3601452 |
|  Bharat Electronics Ltd.  | 243812 | 1193813 |
|  Bharti Airtel Ltd.  | 69498 | 1438941 |
|  BSE Ltd.  | 33485 | 999030 |
|  Dr Reddy's Laboratories Ltd. - ADR  | 40549 | 583095 |
|  Eternal Ltd. <sup>(a)</sup>  | 209531 | 567018 |
|  GMR Airports Ltd. <sup>(a)</sup>  | 520586 | 576798 |
|  HDFC Bank Ltd. - ADR  | 205775 | 6553934 |
|  HDFC Bank Ltd.  | 367247 | 3589840 |
|  Hindustan Copper Ltd.  | 52198 | 325419 |
|  ICICI Bank Ltd. - ADR  | 63941 | 1950840 |
|  Infosys Ltd. - ADR  | 40505 | 584892 |
|  Mahindra & Mahindra Ltd.  | 10796 | 403516 |
|  Max Healthcare Institute Ltd.  | 18453 | 222117 |
|  One 97 Communications Ltd. <sup>(a)</sup>  | 20812 | 251655 |
|  Reliance Industries Ltd.  | 72882 | 1118545 |
|  UltraTech Cement Ltd.  | 6544 | 912410 |
|  Wipro Ltd. - ADR  | 212864 | 472558 |
|  |  | 28116201 |
|  **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
|  Astra International Tbk PT - ADR  | 3615 | 30004 |
|  Bank Central Asia Tbk PT  | 1263600 | 539544 |
|  Bank Mandiri Persero Tbk PT - ADR  | 9299 | 115680 |
|  Bank Rakyat Indonesia Persero Tbk PT - ADR  | 8191 | 94033 |
|  Telekomunikasi Indonesia Persero Tbk PT  | 2942700 | 621363 |
|  |  | 1400624 |

---

---

| | | |
|:---|:---|:---|
|  **Ireland — 1.9%** | **Ireland — 1.9%** | **Ireland — 1.9%** |
|  AerCap Holdings NV  | 44600 | $6665024 |
|  AIB Group PLC  | 197530 | 2050322 |
|  Aon PLC - Class A  | 15009 | 5035069 |
|  DCC PLC  | 452 | 31519 |
|  Experian PLC  | 3571 | 134410 |
|  ICON PLC <sup>(a)</sup>  | 11458 | 1239068 |
|  Kingspan Group PLC  | 554 | 54848 |
|  PDD Holdings, Inc. - ADR <sup>(a)</sup>  | 3108 | 322393 |
|  |  | 15532653 |
|  **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
|  Check Point Software Technologies Ltd. <sup>(a)</sup>  | 11651 | 1771768 |
|  Elbit Systems Ltd.  | 666 | 512181 |
|  ICL Group Ltd.  | 12592 | 60442 |
|  Nice Ltd. - ADR <sup>(a)</sup>  | 613 | 71261 |
|  Nova Ltd. <sup>(a)</sup>  | 489 | 214602 |
|  Teva Pharmaceutical Industries Ltd. - ADR <sup>(a)</sup>  | 3884 | 131512 |
|  Tower Semiconductor Ltd. <sup>(a)</sup>  | 17200 | 2147764 |
|  Wix.com Ltd. <sup>(a)</sup>  | 389 | 27409 |
|  |  | 4936939 |
|  **Italy — 3.3%** | **Italy — 3.3%** | **Italy — 3.3%** |
|  Enel SpA  | 394610 | 4745165 |
|  Eni SpA  | 9979 | 233057 |
|  Ferrari NV  | 642 | 243909 |
|  Ferrari NV  | 141 | 53273 |
|  FinecoBank Banca Fineco SpA  | 217182 | 5111181 |
|  Generali  | 1602 | 68215 |
|  Intesa Sanpaolo  | 31407 | 215501 |
|  Iveco Group NV  | 1324 | 29992 |
|  Leonardo SpA  | 79489 | 5355262 |
|  Mediobanca Banca di Credito Finanziario SpA  | 3974 | 86104 |
|  Prysmian SpA  | 641 | 77209 |
|  Recordati SPA  | 80522 | 4600538 |
|  Saipem SpA  | 1252039 | 5264298 |
|  UniCredit SpA  | 5035 | 428717 |
|  |  | 26512421 |
|  **Japan — 13.0%** | **Japan — 13.0%** | **Japan — 13.0%** |
|  Advantest Corp.  | 2400 | 415607 |
|  Aeon Co. Ltd.  | 15600 | 222088 |
|  Aisin Corp.  | 3300 | 58577 |
|  Ajinomoto Co., Inc.  | 3000 | 95418 |
|  Asahi Kasei Corp.  | 230600 | 2717721 |
|  Bandai Namco Holdings, Inc.  | 2400 | 65069 |
|  BayCurrent, Inc.  | 100700 | 2924083 |
|  Bridgestone Corp.  | 6600 | 159325 |
|  Canon, Inc.  | 2700 | 81599 |
|  Central Japan Railway Co.  | 2100 | 61983 |
|  Chiba Bank Ltd.  | 4900 | 72882 |
|  Chugai Pharmaceutical Co. Ltd.  | 51800 | 3492892 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan — 13.0% (Continued)** | **Japan — 13.0% (Continued)** | **Japan — 13.0% (Continued)** |
|  Daifuku Co. Ltd.  | 1800 | $74299 |
|  Dai-ichi Life Holdings, Inc.  | 26768 | 274676 |
|  Daiichi Sankyo Co. Ltd. - ADR  | 876 | 17091 |
|  Daiichi Sankyo Co. Ltd.  | 648 | 12762 |
|  Daikin Industries Ltd.  | 149 | 18931 |
|  Daito Trust Construction Co. Ltd.  | 800 | 18422 |
|  Daiwa House Industry Co. Ltd.  | 1500 | 54130 |
|  Denso Corp.  | 7600 | 109044 |
|  Disco Corp.  | 3300 | 1586658 |
|  East Japan Railway Co.  | 1400 | 34581 |
|  FANUC Corp.  | 1700 | 76976 |
|  Fast Retailing Co. Ltd.  | 841 | 368747 |
|  Fuji Electric Co. Ltd.  | 24200 | 2144963 |
|  FUJIFILM Holdings Corp.  | 5400 | 111046 |
|  Fujikura Ltd.  | 1400 | 239054 |
|  Fujitsu Ltd.  | 5300 | 118152 |
|  Fukuoka Financial Group, Inc.  | 3000 | 131221 |
|  GMO Payment Gateway, Inc.  | 18500 | 959378 |
|  Hamamatsu Photonics KK  | 4190 | 54020 |
|  Hikari Tsushin, Inc.  | 8200 | 2318262 |
|  Hitachi Construction Machinery Co. Ltd.  | 46500 | 2089199 |
|  Hitachi Ltd. - ADR  | 18300 | 610671 |
|  Hitachi Ltd.  | 220205 | 7208920 |
|  Honda Motor Co. Ltd. - ADR  | 1291 | 38937 |
|  Honda Motor Co. Ltd.  | 5400 | 54094 |
|  Hoshizaki Corp.  | 800 | 28114 |
|  Hoya Corp.  | 870 | 157146 |
|  Hoya Corp. - ADR  | 487 | 87738 |
|  Ibiden Co. Ltd.  | 12400 | 754032 |
|  IHI Corp.  | 2800 | 76601 |
|  Inpex Corp.  | 6228 | 152042 |
|  ITOCHU Corp. - ADR  | 4260 | 61387 |
|  ITOCHU Corp.  | 18500 | 267858 |
|  Japan Airlines Co. Ltd.  | 2600 | 53720 |
|  Japan Post Bank Co. Ltd.  | 3700 | 72435 |
|  Japan Post Insurance Co. Ltd.  | 47500 | 1550443 |
|  Japan Real Estate Investment Corp.  | 229 | 190665 |
|  Japan Tobacco, Inc.  | 26200 | 1002396 |
|  Kansai Electric Power Co., Inc.  | 3700 | 66828 |
|  KDDI Corp.  | 390796 | 6712905 |
|  Keyence Corp.  | 1000 | 421452 |
|  Kioxia Holdings Corp. <sup>(a)</sup>  | 59000 | 7973521 |
|  Kokusai Electric Corp.  | 32000 | 1313211 |
|  Komatsu Ltd.  | 4400 | 211202 |
|  Konami Group Corp.  | 400 | 53377 |
|  Lasertec Corp.  | 200 | 43121 |
|  LY Corp.  | 14900 | 36829 |
|  Marubeni Corp.  | 2800 | 107150 |
|  McDonald's Holdings Co. Japan Ltd.  | 2600 | 123711 |

---

---

| | | |
|:---|:---|:---|
|  MEIJI Holdings Co. Ltd.  | 5100 | $131571 |
|  Mitsubishi Chemical Group Corp.  | 167300 | 1241490 |
|  Mitsubishi Corp.  | 12300 | 415070 |
|  Mitsubishi Electric Corp.  | 96900 | 3688307 |
|  Mitsubishi Estate Co. Ltd.  | 3100 | 104542 |
|  Mitsubishi Heavy Industries Ltd.  | 11300 | 360220 |
|  Mitsubishi UFJ Financial Group, Inc. - ADR  | 53334 | 994146 |
|  Mitsui & Co. Ltd.  | 10718 | 401815 |
|  Mitsui OSK Lines Ltd.  | 9000 | 333942 |
|  Mizuho Financial Group, Inc.  | 3500 | 156149 |
|  MS&AD Insurance Group Holdings, Inc.  | 2700 | 75239 |
|  Murata Manufacturing Co. Ltd. - ADR  | 86 | 1126 |
|  Murata Manufacturing Co. Ltd.  | 2657 | 69480 |
|  NEC Corp.  | 2500 | 69308 |
|  Nexon Co. Ltd.  | 2300 | 48856 |
|  Nintendo Co. Ltd. - ADR  | 5760 | 80986 |
|  Nintendo Co. Ltd.  | 100 | 5656 |
|  Nippon Building Fund Inc.  | 338 | 314442 |
|  Nippon Sanso Holdings Corp.  | 79700 | 3057667 |
|  Nippon Steel Corp.  | 40000 | 162500 |
|  Nippon Yusen KK  | 1500 | 51504 |
|  Nisshin Seifun Group, Inc.  | 2700 | 37760 |
|  Nitori Holdings Co. Ltd.  | 3700 | 74120 |
|  Nomura Research Institute Ltd.  | 64000 | 1755915 |
|  NTT, Inc. - ADR  | 984 | 24000 |
|  NTT, Inc.  | 1200 | 1174 |
|  Osaka Gas Co. Ltd.  | 39800 | 1661412 |
|  Otsuka Holdings Co. Ltd.  | 1000 | 68910 |
|  Pan Pacific International Holdings Corp.  | 7500 | 50122 |
|  Panasonic Holdings Corp.  | 4500 | 72567 |
|  Rakus Co. Ltd.  | 130600 | 730144 |
|  Rakuten Bank Ltd. <sup>(a)</sup>  | 43900 | 1785999 |
|  Rakuten Group, Inc. <sup>(a)</sup>  | 7200 | 38224 |
|  Recruit Holdings Co. Ltd.  | 4392 | 191119 |
|  Resona Holdings, Inc.  | 274200 | 3345739 |
|  Sansan, Inc. <sup>(a)</sup>  | 61900 | 465725 |
|  SBI Holdings, Inc.  | 5200 | 111221 |
|  SCREEN Holdings Co. Ltd.  | 700 | 102044 |
|  Secom Co. Ltd.  | 3500 | 135791 |
|  Sekisui House Ltd.  | 4000 | 97721 |
|  Seven & i Holdings Co. Ltd.  | 4400 | 62051 |
|  Seven & i Holdings Co. Ltd. - ADR  | 2700 | 37854 |
|  Shin-Etsu Chemical Co. Ltd. - ADR  | 6860 | 134730 |
|  Shin-Etsu Chemical Co. Ltd.  | 3270 | 128745 |
|  Shionogi & Co. Ltd.  | 3300 | 77921 |
|  Shizuoka Financial Group, Inc.  | 3900 | 78401 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan — 13.0% (Continued)** | **Japan — 13.0% (Continued)** | **Japan — 13.0% (Continued)** |
|  SMC Corp.  | 7900 | $3778992 |
|  SoftBank Corp.  | 28000 | 38298 |
|  SoftBank Group Corp.  | 10800 | 276544 |
|  Sompo Holdings, Inc.  | 1800 | 71414 |
|  Sony Group Corp. - ADR  | 24030 | 554132 |
|  Sony Group Corp.  | 167600 | 3852833 |
|  Sugi Holdings Co. Ltd.  | 68800 | 1581609 |
|  Sumitomo Corp.  | 4000 | 169853 |
|  Sumitomo Electric Industries, Ltd.  | 3200 | 211453 |
|  Sumitomo Heavy Industries Ltd.  | 2000 | 78869 |
|  Sumitomo Metal Mining Co. Ltd.  | 2000 | 162436 |
|  Sumitomo Mitsui Financial Group, Inc.  | 109900 | 4147141 |
|  Sumitomo Mitsui Financial Group, Inc. - ADR  | 56610 | 1270328 |
|  Sumitomo Mitsui Trust Group, Inc.  | 1600 | 55790 |
|  Sumitomo Realty & Development Co. Ltd.  | 2600 | 87897 |
|  Suzuken Co. Ltd.  | 49300 | 2079614 |
|  Suzuki Motor Corp.  | 258000 | 3901830 |
|  T&D Holdings, Inc.  | 5200 | 140049 |
|  Taisei Corp.  | 1800 | 233885 |
|  Takeda Pharmaceutical Co. Ltd.  | 5200 | 194621 |
|  TDK Corp.  | 8800 | 135946 |
|  Terumo Corp.  | 324 | 4384 |
|  Toho Co. Ltd.  | 5500 | 55118 |
|  Tokio Marine Holdings, Inc.  | 5500 | 228424 |
|  Tokyo Electron Ltd.  | 1200 | 337650 |
|  Tokyo Electron Ltd. - ADR  | 1572 | 222234 |
|  Tokyo Gas Co. Ltd.  | 1500 | 73634 |
|  TOTO, Ltd.  | 52300 | 2038160 |
|  Toyo Suisan Kaisha Ltd.  | 42400 | 3335282 |
|  Toyota Industries Corp.  | 600 | 77705 |
|  Toyota Motor Corp. - ADR  | 2161 | 523783 |
|  Toyota Motor Corp.  | 7100 | 172021 |
|  Toyota Tsusho Corp.  | 2700 | 120692 |
|  Tsuruha Holdings, Inc.  | 3800 | 63875 |
|  United Urban Investment Corp.  | 51 | 60563 |
|  USS Co. Ltd.  | 3400 | 41297 |
|  Yokogawa Electric Corp.  | 2100 | 83763 |
|  Yokohama Financial Group, Inc.  | 11723 | 126575 |
|  |  | 104231481 |
|  **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
|  Eurofins Scientific SE <sup>(a)</sup>  | 725 | 58421 |
|  Millicom International Cellular SA  | 3930 | 286458 |
|  Reinet Investments SCA  | 1940 | 68560 |
|  |  | 413439 |
|  **Mexico — 1.4%** | **Mexico — 1.4%** | **Mexico — 1.4%** |
|  America Movil SAB de CV - ADR  | 148856 | 3873233 |

---

---

| | | |
|:---|:---|:---|
|  Arca Continental SAB de CV  | 46100 | 556508 |
|  Coca-Cola Femsa SA De CV - ADR  | 23352 | 2595575 |
|  Fomento Economico Mexicano SAB de CV - ADR  | 11025 | 1238328 |
|  Grupo Aeroportuario del Pacifico SAB de CV - ADR  | 392 | 102218 |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR  | 471 | 169405 |
|  Grupo Financiero Banorte SAB de CV  | 136600 | 1553268 |
|  Grupo Financiero Banorte SAB de CV - ADR  | 1349 | 76879 |
|  Vista Energy SAB de CV - ADR <sup>(a)</sup>  | 9627 | 555863 |
|  Wal-Mart de Mexico SAB de CV - ADR  | 2289 | 74370 |
|  |  | 10795647 |
|  **Netherlands — 5.2%** | **Netherlands — 5.2%** | **Netherlands — 5.2%** |
|  ABN AMRO Bank NV <sup>(b)</sup>  | 138982 | 4654894 |
|  Adyen NV <sup>(a)(b)</sup>  | 1246 | 1463213 |
|  Aegon Ltd.  | 14288 | 108737 |
|  Argenx SE - ADR <sup>(a)</sup>  | 319 | 244647 |
|  ASM International NV  | 2951 | 2488837 |
|  ASML Holding NV  | 1368 | 1984366 |
|  ASML Holding NV  | 3266 | 4750097 |
|  BE Semiconductor Industries NV  | 395 | 88515 |
|  Euronext NV <sup>(b)</sup>  | 39799 | 6575467 |
|  Ferrovial SE  | 3150 | 234766 |
|  Heineken Holding NV  | 2322 | 201147 |
|  Heineken NV  | 22327 | 2067901 |
|  IMCD NV  | 21628 | 2083641 |
|  ING Groep NV  | 7103 | 204942 |
|  JDE Peet's NV  | 2304 | 86376 |
|  Koninklijke Ahold Delhaize NV  | 120870 | 5965592 |
|  Koninklijke Ahold Delhaize NV - ADR  | 4031 | 198688 |
|  Magnum Ice Cream Co. NV <sup>(a)</sup>  | 2200 | 34914 |
|  NN Group NV  | 3039 | 249252 |
|  Prosus NV  | 31393 | 1613602 |
|  QIAGEN NV  | 59051 | 2935971 |
|  Stellantis NV  | 5160 | 42024 |
|  Wolters Kluwer  | 35675 | 2882025 |
|  Wolters Kluwer NV - ADR  | 667 | 54120 |
|  |  | 41213734 |
|  **New Zealand — 0.0% <sup>(c)</sup>** | **New Zealand — 0.0% <sup>(c)</sup>** | **New Zealand — 0.0% <sup>(c)</sup>** |
|  Auckland International Airport Ltd.  | 13450 | 73903 |
|  Fisher & Paykel Healthcare Corp. Ltd.  | 6540 | 159885 |
|  Infratil Ltd.  | 7199 | 48398 |
|  Meridian Energy Ltd.  | 15956 | 54096 |
|  |  | 336282 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Norway — 0.7%** | **Norway — 0.7%** | **Norway — 0.7%** |
|  Aker BP ASA  | 3025 | $91907 |
|  DNB Bank ASA  | 138475 | 4383346 |
|  Equinor ASA - ADR  | 2925 | 87253 |
|  Kongsberg Gruppen ASA  | 1685 | 68329 |
|  Norsk Hydro ASA  | 109341 | 1014513 |
|  |  | 5645348 |
|  **Panama — 0.0% <sup>(c)</sup>** | **Panama — 0.0% <sup>(c)</sup>** | **Panama — 0.0% <sup>(c)</sup>** |
|  Copa Holdings SA - Class A  | 1809 | 250746 |
|  **Peru — 0.2%** | **Peru — 0.2%** | **Peru — 0.2%** |
|  Credicorp Ltd.  | 5295 | 1834082 |
|  **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
|  Powszechny Zaklad Ubezpieczen SA  | 32205 | 610150 |
|  **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
|  Galp Energia SGPS SA  | 103969 | 2256014 |
|  Jeronimo Martins SGPS SA  | 2146 | 56399 |
|  |  | 2312413 |
|  **Russia — 0.0% <sup>(c)</sup>** | **Russia — 0.0% <sup>(c)</sup>** | **Russia — 0.0% <sup>(c)</sup>** |
|  GMK Norilskiy Nickel PAO - ADR <sup>(a)(d)</sup>  | 2034 | 20 |
|  Polyus PJSC <sup>(a)(d)</sup>  | 17190 | 0 |
|  T-Tekhnologii MKPAO - GDR <sup>(a)(d)</sup>  | 3732 | 0 |
|  |  | 20 |
|  **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
|  Etihad Etisalat Co.  | 17220 | 294759 |
|  Saudi National Bank  | 66019 | 733603 |
|  |  | 1028362 |
|  **Singapore — 0.7%** | **Singapore — 0.7%** | **Singapore — 0.7%** |
|  Ascendas Real Estate Investment Trust  | 23000 | 48857 |
|  BOC Aviation Ltd. <sup>(b)</sup>  | 6200 | 68855 |
|  CapitaLand Investment Ltd.  | 23000 | 55581 |
|  CapitaLand Mall Trust  | 25715 | 49750 |
|  DBS Group Holdings Ltd. - ADR  | 2449 | 440330 |
|  DBS Group Holdings Ltd.  | 81710 | 3680644 |
|  Jardine Cycle & Carriage Ltd.  | 4000 | 111658 |
|  JOYY, Inc. - ADR  | 2046 | 122085 |
|  Keppel Ltd.  | 9600 | 99155 |
|  Oversea-Chinese Banking Corp. Ltd.  | 9000 | 152309 |
|  Sea Ltd. - ADR <sup>(a)</sup>  | 1743 | 189028 |
|  Singapore Airlines Ltd.  | 7700 | 43669 |
|  Singapore Exchange Ltd.  | 6000 | 86164 |
|  Singapore Technologies Engineering Ltd.  | 8400 | 66099 |
|  Singapore Telecommunications Ltd.  | 60600 | 241101 |

---

---

| | | |
|:---|:---|:---|
|  Trip.com Group Ltd. - ADR  | 2602 | 136917 |
|  United Overseas Bank Ltd.  | 6000 | 175065 |
|  Wilmar International Ltd.  | 16500 | 45871 |
|  |  | 5813138 |
|  **South Africa — 0.7%** | **South Africa — 0.7%** | **South Africa — 0.7%** |
|  Aspen Pharmacare Holdings Ltd. - ADR  | 6986 | 60429 |
|  Bid Corp. Ltd.  | 1987 | 52426 |
|  Bidvest Group Ltd.  | 2568 | 40677 |
|  Capitec Bank Holdings Ltd.  | 5763 | 1717255 |
|  FirstRand Ltd.  | 25812 | 160850 |
|  Gold Fields, Ltd. - ADR  | 4549 | 267663 |
|  Harmony Gold Mining Co. Ltd. - ADR  | 2853 | 64906 |
|  Impala Platinum Holdings, Ltd.  | 24492 | 544107 |
|  MTN Group Ltd.  | 157624 | 2050235 |
|  Naspers Ltd. - ADR  | 23900 | 267202 |
|  Nedbank Group Ltd. - ADR  | 2666 | 52947 |
|  Sanlam Ltd. - ADR  | 5156 | 69658 |
|  Sasol Ltd. <sup>(a)</sup>  | 12990 | 118360 |
|  Standard Bank Group Ltd.  | 9099 | 183249 |
|  Valterra Platinum Ltd. - ADR  | 4728 | 92007 |
|  Valterra Platinum Ltd.  | 340 | 39387 |
|  |  | 5781358 |
|  **South Korea — 8.7%** | **South Korea — 8.7%** | **South Korea — 8.7%** |
|  APR Corp.  | 3855 | 837461 |
|  Celltrion, Inc.  | 1079 | 178641 |
|  Hana Financial Group, Inc.  | 16986 | 1436799 |
|  Hanwha Aerospace Co. Ltd.  | 655 | 544491 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 7168 | 2242188 |
|  Hyosung Heavy Industries Corp.  | 426 | 835042 |
|  Hyundai Mobis Co. Ltd.  | 1722 | 618977 |
|  Hyundai Motor Co.  | 3393 | 1590721 |
|  KB Financial Group, Inc. - ADR  | 6431 | 707410 |
|  KB Financial Group, Inc.  | 14874 | 1641615 |
|  Korea Electric Power Corp.  | 14210 | 571159 |
|  KT Corp. - ADR <sup>(a)</sup>  | 48933 | 1164605 |
|  KT Corp.  | 59121 | 2630867 |
|  KT&G Corp.  | 9019 | 1021913 |
|  LG Chem Ltd.  | 462 | 134340 |
|  LIG Nex1 Co. Ltd. <sup>(a)</sup>  | 4435 | 1565635 |
|  NAVER Corp.  | 19566 | 3456420 |
|  NongShim Co. Ltd. <sup>(a)</sup>  | 4598 | 1373406 |
|  POSCO Holdings, Inc.  | 2241 | 643168 |
|  POSCO Holdings, Inc. - ADR  | 3580 | 249132 |
|  Samsung Electronics Co. Ltd.  | 165742 | 24806826 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 7074 | 2606340 |
|  Samsung Heavy Industries Co. Ltd. <sup>(a)</sup>  | 31164 | 627276 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — 8.7% (Continued)** | **South Korea — 8.7% (Continued)** | **South Korea — 8.7% (Continued)** |
|  Shinhan Financial Group Co. Ltd. - ADR  | 9162 | $612113 |
|  SK hynix, Inc.  | 22955 | 16972755 |
|  SK Telecom Co. Ltd. - ADR  | 3 | 91 |
|  Tokai Carbon Korea Co. Ltd.  | 3480 | 545148 |
|  Woori Financial Group, Inc. - ADR  | 4696 | 352482 |
|  |  | 69967021 |
|  **Spain — 0.8%** | **Spain — 0.8%** | **Spain — 0.8%** |
|  Acciona SA  | 369 | 107090 |
|  Aena SME SA <sup>(b)</sup>  | 2010 | 63352 |
|  Amadeus IT Group SA - ADR  | 1437 | 89151 |
|  Banco Bilbao Vizcaya Argentaria SA  | 92814 | 2149721 |
|  Banco Bilbao Vizcaya Argentaria SA - ADR  | 7661 | 177199 |
|  Banco Santander SA  | 119992 | 1513347 |
|  CaixaBank SA  | 92414 | 1139030 |
|  EDP Renovaveis SA  | 5230 | 82624 |
|  Grifols SA - ADR  | 6482 | 58986 |
|  Iberdrola SA  | 16392 | 386905 |
|  Iberdrola SA - ADR  | 1618 | 152901 |
|  Industria de Diseno Textil SA  | 3811 | 254489 |
|  Naturgy Energy Group SA  | 2048 | 63741 |
|  Repsol SA  | 7844 | 177514 |
|  Telefonica SA  | 9725 | 44133 |
|  |  | 6460183 |
|  **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
|  Alfa Laval AB  | 1251 | 73836 |
|  Alleima AB  | 657 | 5983 |
|  Assa Abloy AB - Class B  | 2940 | 125141 |
|  Atlas Copco AB - ADR  | 6624 | 142813 |
|  Atlas Copco AB - Class A  | 6804 | 146383 |
|  Boliden AB <sup>(a)</sup>  | 2900 | 229877 |
|  Electrolux AB - Class B <sup>(a)</sup>  | 972 | 8159 |
|  Epiroc AB  | 4564 | 137105 |
|  EQT AB  | 1545 | 47619 |
|  Essity AB - Class B  | 5178 | 164477 |
|  H & M Hennes & Mauritz AB - Class B  | 6863 | 146318 |
|  Hexagon AB - Class B  | 4953 | 56347 |
|  Investor AB <sup>(a)</sup>  | 1630 | 67990 |
|  L E Lundbergforetagen AB - Class B  | 2728 | 178589 |
|  Saab AB  | 15934 | 1163453 |
|  Sandvik AB  | 2323 | 102377 |
|  Spotify Technology SA <sup>(a)</sup>  | 281 | 144698 |
|  Svenska Cellulosa AB SCA - Class B  | 8928 | 121205 |
|  Swedish Orphan Biovitrum AB <sup>(a)</sup>  | 1614 | 70526 |
|  Tele2 AB - Class B  | 3689 | 77853 |

---

---

| | | |
|:---|:---|:---|
|  Telefonaktiebolaget LM Ericsson - Class B  | 5013 | 57950 |
|  Volvo AB - Class B  | 3636 | 141471 |
|  |  | 3410170 |
|  **Switzerland — 3.1%** | **Switzerland — 3.1%** | **Switzerland — 3.1%** |
|  ABB Ltd.  | 4533 | 422187 |
|  ABB Ltd. - ADR  | 879 | 81562 |
|  Accelleron Industries AG  | 226 | 21318 |
|  Alcon AG  | 1673 | 145852 |
|  Banque Cantonale Vaudoise <sup>(a)</sup>  | 429 | 65631 |
|  Barry Callebaut AG  | 47 | 88340 |
|  BKW AG  | 258 | 50697 |
|  Chocoladefabriken Lindt & Spruengli AG  | 20 | 330193 |
|  Cie Financiere Richemont SA - ADR  | 12160 | 246848 |
|  Coca-Cola HBC AG  | 11680 | 758167 |
|  EMS-Chemie Holding AG  | 143 | 118636 |
|  Galderma Group AG  | 334 | 63029 |
|  Geberit AG  | 202 | 169853 |
|  Givaudan SA  | 61 | 245000 |
|  Givaudan SA - ADR  | 600 | 48210 |
|  Helvetia Baloise Holding AG  | 528 | 137166 |
|  LafargeHolcim Ltd.  | 2013 | 185058 |
|  Logitech International SA  | 444 | 40826 |
|  Lonza Group AG  | 291 | 202403 |
|  Lonza Group AG - ADR  | 370 | 25652 |
|  Nestle SA  | 826 | 90249 |
|  Nestle SA - ADR  | 9402 | 1025194 |
|  Novartis AG - ADR  | 6575 | 1108677 |
|  Novartis AG  | 16031 | 2695482 |
|  Partners Group Holding AG  | 95 | 105569 |
|  Roche Holding AG - ADR  | 20048 | 1193858 |
|  Roche Holdings AG  | 19241 | 9156820 |
|  Sandoz Group AG  | 30459 | 2683202 |
|  Sandoz Group AG - ADR  | 1166 | 102631 |
|  Schindler Holding AG  | 651 | 237320 |
|  SGS SA  | 1024 | 129357 |
|  Sika AG  | 409 | 84480 |
|  Sonova Holding AG  | 331 | 86294 |
|  STMicroelectronics NV  | 2229 | 74917 |
|  Swiss Life Holding AG  | 208 | 238193 |
|  Swiss Prime Site AG  | 798 | 152274 |
|  Swiss Re AG  | 157 | 27638 |
|  Swisscom AG  | 528 | 495264 |
|  Swissquote Group Holding SA  | 980 | 522882 |
|  UBS Group AG  | 13717 | 569939 |
|  Zurich Insurance Group AG - ADR  | 7180 | 270327 |
|  Zurich Insurance Group AG  | 318 | 239875 |
|  |  | 24737070 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Taiwan — 6.7%** | **Taiwan — 6.7%** | **Taiwan — 6.7%** |
|  Accton Technology Corp.  | 4000 | $176021 |
|  ASE Technology Holding Co. Ltd.  | 174000 | 2096626 |
|  ASE Technology Holding Co. Ltd. - ADR  | 6033 | 146542 |
|  ASPEED Technology, Inc.  | 3000 | 925989 |
|  Cathay Financial Holding Co. Ltd.  | 51000 | 129336 |
|  Chroma ATE, Inc.  | 22000 | 955987 |
|  Chunghwa Telecom Co. Ltd.  | 115000 | 494899 |
|  Chunghwa Telecom Co. Ltd. - ADR  | 4171 | 180354 |
|  CTBC Financial Holding Co. Ltd.  | 1128000 | 2006553 |
|  Delta Electronics, Inc.  | 39000 | 1758659 |
|  Formosa Plastic Corp.  | 43000 | 70536 |
|  Fubon Financial Holding Co. Ltd.  | 37925 | 113744 |
|  Hon Hai Precision Industry Co. Ltd.  | 87353 | 668145 |
|  King Slide Works Co. Ltd.  | 34000 | 3658915 |
|  Kinik Co.  | 29000 | 478631 |
|  MediaTek, Inc.  | 38000 | 2340784 |
|  Mega Financial Holding Co. Ltd.  | 56000 | 72041 |
|  Quanta Computer, Inc.  | 14000 | 128481 |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 341861 | 21331509 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 33924 | 12707252 |
|  Unimicron Technology Corp.  | 18000 | 272276 |
|  United Microelectronics Corp. - ADR  | 36418 | 380204 |
|  Universal Microwave Technology, Inc.  | 21360 | 1078776 |
|  Vanguard International Semiconductor Corp.  | 237000 | 1004738 |
|  Wistron Corp.  | 14000 | 59810 |
|  |  | 53236808 |
|  **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
|  Fabrinet <sup>(a)</sup>  | 1905 | 1039425 |
|  **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
|  BIM Birlesik Magazalar AS  | 71783 | 1093333 |
|  Turkcell Iletisim Hizmetleri AS - ADR  | 34763 | 234302 |
|  |  | 1327635 |
|  **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** | **United Arab Emirates — 0.4%** |
|  Abu Dhabi Community Bank.  | 152085 | 627622 |
|  Aldar Properties PJSC  | 402848 | 1184549 |
|  Dubai Electricity & Water Authority PJSC  | 442974 | 361978 |
|  Emaar Properties PJSC  | 189652 | 837013 |
|  |  | 3011162 |

---

---

| | | |
|:---|:---|:---|
|  **United Kingdom — 13.4%** | **United Kingdom — 13.4%** | **United Kingdom — 13.4%** |
|  3i Group PLC  | 3463 | $154713 |
|  Admiral Group PLC  | 116586 | 4657566 |
|  Ashtead Group PLC  | 61745 | 4422610 |
|  Associated British Foods PLC  | 1593 | 42425 |
|  AstraZeneca PLC  | 6005 | 1251742 |
|  AstraZeneca PLC  | 50456 | 10617623 |
|  Autotrader Group PLC <sup>(b)</sup>  | 5141 | 34054 |
|  Babcock International Group PLC  | 251473 | 4593796 |
|  BAE Systems PLC - ADR  | 2426 | 281416 |
|  BAE Systems PLC  | 338413 | 9663601 |
|  Barclays PLC  | 126063 | 765169 |
|  BP PLC - ADR  | 1 | 39 |
|  British American Tobacco PLC - ADR  | 8945 | 560404 |
|  BT Group PLC  | 20707 | 60353 |
|  Bunzl PLC  | 135968 | 4011863 |
|  Coca-Cola Europacific Partners PLC  | 1477 | 163105 |
|  Compass Group PLC  | 143874 | 4405937 |
|  Compass Group PLC - ADR  | 7353 | 225884 |
|  Diageo PLC - ADR  | 1518 | 135861 |
|  Diploma PLC  | 43339 | 3310476 |
|  Endeavour Mining PLC  | 64098 | 4612161 |
|  Endeavour Mining PLC  | 1096 | 78307 |
|  GSK PLC - ADR  | 5851 | 345970 |
|  Haleon PLC - ADR  | 8472 | 93785 |
|  Halma PLC  | 1292 | 72701 |
|  Hikma Pharmaceuticals PLC  | 183459 | 3253663 |
|  HSBC Holdings PLC - ADR  | 9910 | 923216 |
|  IMI PLC  | 31897 | 1237595 |
|  Imperial Brands PLC - ADR  | 4457 | 199807 |
|  Informa PLC  | 204034 | 2304423 |
|  InterContinental Hotels Group PLC  | 1515 | 208192 |
|  Intertek Group PLC  | 1279 | 81498 |
|  J Sainsbury PLC  | 13361 | 62841 |
|  Legal & General Group PLC  | 36815 | 134477 |
|  Lloyds Banking Group PLC - ADR  | 29724 | 164968 |
|  London Stock Exchange Group PLC  | 26956 | 3211641 |
|  London Stock Exchange Group PLC - ADR <sup>(a)</sup>  | 2464 | 73797 |
|  M&G PLC  | 12144 | 51854 |
|  National Grid PLC - ADR  | 2605 | 244271 |
|  National Grid PLC  | 5579 | 104365 |
|  NatWest Group PLC  | 316100 | 2624402 |
|  Next PLC  | 952 | 173493 |
|  Nomad Foods Ltd.  | 108138 | 1186274 |
|  Pearson PLC - ADR  | 15198 | 196054 |
|  Reckitt Benckiser Group PLC - ADR  | 14376 | 252443 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (ConCLUDED)** 

**as of FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom — 13.4% (Continued)** | **United Kingdom — 13.4% (Continued)** | **United Kingdom — 13.4% (Continued)** |
|  RELX PLC  | 45772 | $1598976 |
|  RELX PLC - ADR  | 7297 | 253863 |
|  Rentokil Initial PLC  | 7414 | 45806 |
|  Rio Tinto PLC - ADR  | 2114 | 210005 |
|  Rolls-Royce Holdings PLC  | 23167 | 416592 |
|  Segro PLC  | 2361 | 26727 |
|  Severn Trent PLC  | 3066 | 135332 |
|  Shell PLC  | 114202 | 4783124 |
|  Shell PLC - ADR  | 92743 | 7744968 |
|  Smith & Nephew PLC  | 2921 | 53922 |
|  Smiths Group PLC  | 53444 | 1975851 |
|  SSE PLC - ADR  | 5415 | 198730 |
|  Standard Chartered PLC  | 30319 | 747893 |
|  Tesco PLC  | 24237 | 156899 |
|  Unilever PLC - ADR  | 9780 | 721275 |
|  Weir Group PLC  | 281638 | 13358218 |
|  Whitbread PLC  | 1412 | 49437 |
|  Wise PLC - Class A <sup>(a)</sup>  | 294760 | 3415355 |
|  |  | 107143808 |
|  **United States — 1.4%** | **United States — 1.4%** | **United States — 1.4%** |
|  BeOne Medicines Ltd. - ADR <sup>(a)</sup>  | 3359 | 1064769 |
|  Brookfield Asset Management Ltd.  | 1009 | 47171 |
|  Ferguson Enterprises, Inc.  | 11803 | 3077750 |
|  Palo Alto Networks, Inc. <sup>(a)</sup>  | 1267 | 188754 |
|  PriceSmart, Inc.  | 3659 | 565755 |
|  RB Global, Inc.  | 1064 | 107421 |
|  Restaurant Brands International, Inc.  | 3260 | 233775 |
|  Seagate Technology Holdings PLC  | 1268 | 517141 |
|  SharkNinja, Inc. <sup>(a)</sup>  | 8562 | 1052013 |
|  SiTime Corp. <sup>(a)</sup>  | 1934 | 769500 |
|  Southern Copper Corp.  | 14904 | 3253459 |
|  |  | 10877508 |
|  **Uruguay — 0.1%** | **Uruguay — 0.1%** | **Uruguay — 0.1%** |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 287 | 504425 |
|  **TOTAL COMMON STOCKS** (Cost $511,987,700)  |  | 767202458 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS — 0.3%** |  |  |
|  **Brazil — 0.3%** |  |  |
|  Banco Bradesco SA  | 572400 | $2363739 |
|  **Germany — 0.0% <sup>(c)</sup>** |  |  |
|  Porsche Auto SE  | 1320 | 55812 |
|  **TOTAL PREFERRED STOCKS** (Cost $2,049,327)  |  | 2419551 |
|  **TOTAL INVESTMENTS — 96.2%** (Cost $514,037,027)  |  | 769622009 |
|  Other Assets in Excess of Liabilities — 3.8%  |  | 30228015 |
|  **TOTAL NET ASSETS — 100.0%** |  | $799850024 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

**AQUARIUS INTERNATIONAL FUND** 

 **STATEMENT of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
|  Investments, at value  | $769622009 |
|  Cash - interest bearing deposit account  | 30165050 |
|  Receivable for investments sold  | 4726601 |
|  Dividends receivable  | 864743 |
|  Receivable for fund shares sold  | 774567 |
|  Dividend tax reclaims receivable  | 703220 |
|  Interest receivable  | 72645 |
|  Cash  | 26154 |
|  Foreign currency, at value  | 15524 |
|  Prepaid expenses and other assets  | 36392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 807006905 |
|  **LIABILITIES:** |  |
|  Payable for investments purchased  | 6362770 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 530058 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 53540 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 11592 |
|  Payable for expenses and other liabilities  | 198921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 7156881 |
|  **NET ASSETS**  | $799850024 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $51486 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 519344377 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 280454161 |
|  Total net assets  | $799850024 |
| &nbsp;&nbsp;&nbsp; Net assets  | $799850024 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 51486413 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | 15.54 |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | 514037027 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost  | $16013 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Statement of Operations** 

**FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $5034180 |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (50686) |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (380791) |
| &nbsp;&nbsp;&nbsp; Interest income  | 569104 |
| &nbsp;&nbsp;&nbsp; Other income  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 5171874 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 1863764 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 194685 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 179650 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 47304 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 36607 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 29247 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 16623 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 16239 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 15156 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 5190 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 30125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 2434590 |
|  **NET INVESTMENT INCOME**  | 2737284 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 40227494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments  | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (333074) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 39895159 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 84838507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 18401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 84856908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 124752067 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $127489351 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Period Ended<br> February 28, 2026<br> (Unaudited)** | **For the<br> Year Ended<br> August 31, 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2737284 | $11684320 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 39895159 | 19497903 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 84856908 | 51628870 |
|  Net increase (decrease) in net assets from operations  | 127489351 | 82811093 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (15843411) | (9827963) |
|  Total distributions to shareholders  | (15843411) | (9827963) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 45902243 | 73428337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 13029183 | 8355699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (58719139) | (48209671) |
|  Net increase (decrease) in net assets from capital transactions  | 212287 | 33574365 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 111858227 | 106557495 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 687991797 | 581434302 |
| &nbsp;&nbsp;&nbsp; End of the period  | $799850024 | $687991797 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3258460 | 6228229 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 948957 | 731672 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4106210) | (3935918) |
|  Total increase (decrease) in shares outstanding  | 101207 | 3023983 |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> Period <br> Ended<br> February 28, <br> 2026<br> (Unaudited)** | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31, <br> 2023** | **For the<br> Year Ended<br> August 31, <br> 2022** | **For the<br> Year Ended<br> August 31, <br> 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<sup>(a)</sup>  | 0.05 | 0.23 | 0.21 | 0.21 | 0.16 | 0.12 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>** | 18.73% | 13.32% | 19.53% | 11.89% | (21.38)% | 21.46% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $799850 | $687992 | $581434 | $451597 | $355666 | $382824 |
|  Ratio of expenses to average net assets <sup>(d)</sup>  | 0.67% | 0.67% | 0.69% | 0.70% | 0.73% | 0.75% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.76% | 1.90% | 1.97% | 2.16% | 1.48% | 1.08% |
|  Portfolio turnover rate <sup>(c)</sup>  | 37% | 64% | 59% | 78% | 52% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

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

**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

**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**  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $186715733 | $580486705 | $20 | $767202458 |
|  Preferred Stocks  | 2363739 | 55812 | – | 2419551 |
|  Total Investments  | $189079472 | $580542517 | $20 | $769622009 |

---

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.

**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,

**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.

**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  | $260981326 | $274524696 |

---

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.

**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 <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
|  Aquarius International Fund  | $496392824 | $183619098 | $(19574077) | $164045021 |

---

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<br> ORDINARY <br> INCOME** | **UNDISTRIBUTED<br> LONG-TERM <br> CAPITAL GAINS** | **CAPITAL LOSS <br> CARRYFORWARDS** | **NET UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **QUALIFIED <br> LATE-YEAR<br> LOSSES** |
|  Aquarius International Fund  | $11065063 | $– $| (6333301) | $164045021 | $— |

---

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<br> Ended** | **ORDINARY<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
|  Aquarius International Fund  | 2025 | $9827963 | $– $| 9827963 |

---

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.

**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.

**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.

**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

![](fp0096661-16_i.jpg)

**BOSTON PARTNERS INVESTMENT FUNDS**<br>

**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%** | **COMMON STOCKS — 96.8%** | **COMMON STOCKS — 96.8%** |
|  **Communication Services — 6.8%** | **Communication Services — 6.8%** | **Communication Services — 6.8%** |
|  Alphabet, Inc. - Class A  | 109566 | $34158296 |
|  Match Group, Inc.  | 135662 | 4286919 |
|  Meta Platforms, Inc. - Class A  | 39973 | 25909699 |
|  Omnicom Group, Inc. <sup>(a)</sup>  | 95308 | 8128819 |
|  Walt Disney Co.  | 148984 | 15798264 |
|  |  | 88281997 |
|  **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** | **Consumer Discretionary — 3.6%** |
|  Booking Holdings, Inc.  | 3948 | 16736954 |
|  LKQ Corp.  | 130513 | 4321285 |
|  NVR, Inc. <sup>(b)</sup>  | 1660 | 12479531 |
|  TopBuild Corp. <sup>(b)</sup>  | 11289 | 5060859 |
|  Wyndham Hotels & Resorts, Inc.  | 98340 | 8044212 |
|  |  | 46642841 |
|  **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** | **Consumer Staples — 4.5%** |
|  Coca-Cola Europacific Partners PLC  | 43012 | 4749815 |
|  Keurig Dr Pepper, Inc. <sup>(a)</sup>  | 338410 | 10247055 |
|  Philip Morris International, Inc.  | 153665 | 28709232 |
|  Sysco Corp.  | 154510 | 14085132 |
|  |  | 57791234 |
|  **Energy — 4.5%** | **Energy — 4.5%** | **Energy — 4.5%** |
|  BP PLC - ADR  | 84726 | 3292452 |
|  Canadian Natural Resources Ltd. <sup>(a)</sup>  | 161821 | 7082905 |
|  ConocoPhillips  | 63105 | 7159893 |
|  Exxon Mobil Corp.  | 43793 | 6678432 |
|  Halliburton Co.  | 172945 | 6226020 |
|  Phillips 66  | 30426 | 4695645 |
|  Range Resources Corp.  | 238235 | 9834341 |
|  Shell PLC - ADR  | 60167 | 5024546 |
|  SLB Ltd.  | 158081 | 8115879 |
|  |  | 58110113 |
|  **Financials — 27.4% <sup>(c)</sup>** | **Financials — 27.4% <sup>(c)</sup>** | **Financials — 27.4% <sup>(c)</sup>** |
|  Allstate Corp.  | 36155 | 7755971 |
|  American International Group, Inc.  | 228689 | 18407178 |
|  Aon PLC - Class A  | 26161 | 8776231 |
|  Bank of America Corp.  | 695656 | 34664539 |
|  Capital One Financial Corp.  | 51455 | 10066656 |
|  Chubb Ltd.  | 62290 | 21232169 |
|  Citigroup, Inc.  | 114733 | 12642429 |
|  Corpay, Inc. <sup>(b)</sup>  | 89242 | 29012574 |
|  Credit Acceptance Corp. <sup>(a)(b)</sup>  | 12310 | 5824846 |
|  Fidelity National Information Services, Inc.  | 87243 | 4445903 |
|  First American Financial Corp.  | 216111 | 15151542 |
|  Global Payments, Inc.  | 78516 | 6003333 |
|  Goldman Sachs Group, Inc.  | 20405 | 17539526 |
|  JPMorgan Chase & Co.  | 86781 | 26060334 |
|  Loews Corp.  | 157395 | 17316598 |
|  LPL Financial Holdings, Inc.  | 34018 | 10218327 |
|  Markel Group, Inc. <sup>(b)</sup>  | 8960 | 18569331 |
|  Renaissance Holdings Ltd.  | 51684 | 15632343 |
|  Travelers Cos., Inc.  | 40734 | 12572142 |
|  Visa, Inc. - Class A  | 54251 | 17367915 |
|  Wells Fargo & Co.  | 288809 | 23523493 |
|  WEX, Inc. <sup>(a)(b)</sup>  | 50297 | 7503810 |
|  White Mountains Insurance Group Ltd.  | 6324 | 14042505 |
|  |  | 354329695 |
|  **Health Care — 15.2%** | **Health Care — 15.2%** | **Health Care — 15.2%** |
|  AbbVie, Inc.  | 109062 | $25311109 |
|  Amgen, Inc.  | 41513 | 16113686 |
|  Cencora, Inc.  | 46783 | 17409826 |
|  Cigna Group  | 41993 | 12170411 |
|  Elevance Health, Inc.  | 17794 | 5694080 |
|  GE HealthCare Technologies, Inc.  | 85669 | 7219327 |
|  Johnson & Johnson  | 134419 | 33393712 |
|  McKesson Corp.  | 10769 | 10632988 |
|  Medtronic PLC  | 234187 | 22870702 |
|  Merck & Co., Inc. <sup>(a)</sup>  | 81560 | 10098759 |
|  Sanofi SA - ADR  | 426731 | 20764730 |
|  UnitedHealth Group, Inc.  | 27252 | 7992194 |
|  Zimmer Biomet Holdings, Inc.  | 72152 | 7102643 |
|  |  | 196774167 |
|  **Industrials — 11.6%** | **Industrials — 11.6%** | **Industrials — 11.6%** |
|  Acuity, Inc.  | 26531 | 8001484 |
|  Allegion PLC  | 79849 | 12867666 |
|  Allison Transmission Holdings, Inc.  | 100759 | 12625103 |
|  AMETEK, Inc.  | 33401 | 7990187 |
|  EnerSys  | 26663 | 4430058 |
|  Equifax, Inc.  | 22254 | 4650196 |
|  Expeditors International of Washington, Inc.  | 56439 | 8185348 |
|  Huron Consulting Group, Inc. <sup>(b)</sup>  | 59191 | 8369607 |
|  Landstar System, Inc.  | 40896 | 6664003 |
|  Masco Corp.  | 66269 | 4746186 |
|  Middleby Corp. <sup>(b)</sup>  | 43768 | 7390665 |
|  Resideo Technologies, Inc. <sup>(b)</sup>  | 164361 | 6360771 |
|  Robert Half, Inc. <sup>(a)</sup>  | 84030 | 2052013 |
|  Science Applications International Corp.  | 77467 | 7147105 |
|  Sensata Technologies Holding PLC  | 171686 | 6410755 |
|  SS&C Technologies Holdings, Inc.  | 196192 | 14771296 |
|  Textron, Inc.  | 78653 | 7759118 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 90401 | 6818043 |
|  Westinghouse Air Brake Technologies Corp.  | 46563 | 12290304 |
|  |  | 149529908 |
|  **Information Technology — 21.6%** | **Information Technology — 21.6%** | **Information Technology — 21.6%** |
|  Accenture PLC - Class A  | 37930 | 7916750 |
|  Adobe, Inc. <sup>(b)</sup>  | 15247 | 4000965 |
|  Analog Devices, Inc.  | 53178 | 18920201 |
|  Applied Materials, Inc.  | 33927 | 12631022 |
|  Arrow Electronics, Inc. <sup>(b)</sup>  | 115613 | 17591674 |
|  CDW Corp.  | 149557 | 18341670 |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 109448 | 16643757 |
|  Cisco Systems, Inc.  | 274872 | 21841329 |
|  Cognizant Technology Solutions Corp. - Class A  | 241047 | 15530658 |
|  Flex Ltd. <sup>(b)</sup>  | 300247 | 18921566 |
|  Gen Digital, Inc.  | 96756 | 2183783 |
|  Jabil, Inc.  | 57576 | 15257064 |
|  KLA Corp.  | 7235 | 11030119 |
|  Lam Research Corp.  | 53950 | 12618366 |
|  Microchip Technology, Inc.  | 192748 | 14386711 |
|  Micron Technology, Inc.  | 57202 | 23588389 |

---

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

**BOSTON PARTNERS ALL-CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **Value** |
|  **Information Technology — 21.6% (continued)** | **Information Technology — 21.6% (continued)** |  |
|  Nice Ltd. - ADR <sup>(a)(b)</sup>  | 56598 | $6579517 |
|  Oracle Corp.  | 94164 | 13691446 |
|  QUALCOMM, Inc.  | 46208 | 6578171 |
|  Roper Technologies, Inc.  | 8004 | 2799239 |
|  TD SYNNEX Corp.  | 59823 | 9380845 |
|  Zebra Technologies Corp. - Class A <sup>(b)</sup>  | 40769 | 9130625 |
|  |  | 279563867 |
|  **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** |
|  CRH PLC  | 154856 | 18579623 |
|  **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
|  Fermi, Inc. <sup>(b)</sup>  | 142006 | 1415800 |
|  **TOTAL COMMON STOCKS** (Cost $655,077,752)  |  | 1251019245 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.0%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  | 38632507 | 38632507 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $38,632,507)  |  | 38632507 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $693,710,259)  |  | 1289651752 |
|  Other Assets in Excess of Liabilities — 0.2%  | 0.00192 | 2479611 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $1292131363 |

---

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<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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.

<sup>(d)</sup> 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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $1251019245 | $— | $— | $1251019245 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 38632507 |
|  Total Investments  | $1251019245 | $— | $— | $1289651752 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** | **COMMON STOCKS — 97.8%** |
|  **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** |
|  Sonic Healthcare Ltd.  | 158466 | $2689233 |
|  **Bermuda — 1.5%** | **Bermuda — 1.5%** | **Bermuda — 1.5%** |
|  Everest Group Ltd.  | 4153 | 1393290 |
|  Hiscox Ltd.  | 91644 | 1909380 |
|  RenaissanceRe Holdings Ltd.  | 5114 | 1546781 |
|  |  | 4849451 |
|  **Denmark — 1.1%** | **Denmark — 1.1%** | **Denmark — 1.1%** |
|  Danske Bank AS  | 66424 | 3465640 |
|  **Finland — 1.5%** | **Finland — 1.5%** | **Finland — 1.5%** |
|  Nordea Bank Abp  | 240784 | 4663027 |
|  **France — 14.1%** | **France — 14.1%** | **France — 14.1%** |
|  Accor SA  | 21526 | 1249480 |
|  Airbus Group SE  | 11538 | 2505511 |
|  Alten SA  | 8666 | 648519 |
|  BNP Paribas SA  | 14201 | 1594513 |
|  Bureau Veritas SA  | 102637 | 3566788 |
|  Capgemini SE  | 18429 | 2329000 |
|  Cie de Saint-Gobain SA  | 28595 | 2897867 |
|  Cie Generale des Etablissements Michelin SCA  | 42122 | 1703465 |
|  Eiffage SA  | 18249 | 3146905 |
|  Elis SA  | 84075 | 2697382 |
|  Ipsen SA  | 14498 | 2830047 |
|  Rexel SA  | 121271 | 5251994 |
|  Sanofi SA  | 15174 | 1484038 |
|  SPIE SA  | 71309 | 4414549 |
|  TotalEnergies SE  | 52379 | 4195643 |
|  Vallourec SACA  | 159691 | 3736250 |
|  |  | 44251951 |
|  **Germany — 1.7%** | **Germany — 1.7%** | **Germany — 1.7%** |
|  Deutsche Telekom AG  | 99459 | 3994289 |
|  Siemens AG  | 4980 | 1439937 |
|  |  | 5434226 |
|  **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |
|  Prudential PLC  | 241895 | 3704995 |
|  **Ireland — 3.6%** | **Ireland — 3.6%** | **Ireland — 3.6%** |
|  AIB Group PLC  | 362267 | 3760259 |
|  Glanbia PLC  | 99537 | 2058227 |
|  Kerry Group PLC - Class A  | 29905 | 2657226 |
|  Ryanair Holdings PLC - ADR <sup>(a)</sup>  | 42843 | 2891474 |
|  |  | 11367186 |
|  **Israel — 0.6%** | **Israel — 0.6%** | **Israel — 0.6%** |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 12636 | 1921557 |
|  **Italy — 3.2%** | **Italy — 3.2%** | **Italy — 3.2%** |
|  Enel SpA  | 198950 | 2392363 |
|  Italgas SpA  | 119569 | 1540958 |
|  Lottomatica Group SpA  | 48800 | 1181158 |
|  Saipem SpA <sup>(a)</sup>  | 687685 | 2891426 |
|  UniCredit SpA  | 23498 | 2000793 |
|  |  | 10006698 |
|  **Japan — 5.8%** | **Japan — 5.8%** | **Japan — 5.8%** |
|  Fuji Electric Co. Ltd.  | 21400 | $1896785 |
|  Japan Post Insurance Co. Ltd.  | 16500 | 538575 |
|  Mitsubishi Chemical Group Corp.  | 164700 | 1222196 |
|  Mitsubishi UFJ Financial Group, Inc.  | 80700 | 1498116 |
|  Nippon Gas Co. Ltd.  | 26400 | 528483 |
|  Renesas Electronics Corp.  | 193600 | 3651065 |
|  Sugi Holdings Co. Ltd.  | 95100 | 2186207 |
|  Sumitomo Mitsui Financial Group, Inc.  | 41000 | 1547159 |
|  Suzuki Motor Corp.  | 169100 | 2557362 |
|  Toyo Suisan Kaisha Ltd.  | 31200 | 2454264 |
|  |  | 18080212 |
|  **Netherlands — 3.7%** | **Netherlands — 3.7%** | **Netherlands — 3.7%** |
|  ABN AMRO Bank NV <sup>(c)</sup>  | 60559 | 2028289 |
|  Heineken NV  | 17549 | 1625368 |
|  ING Groep NV  | 149378 | 4309994 |
|  Koninklijke Ahold NV  | 74511 | 3677523 |
|  |  | 11641174 |
|  **Portugal — 0.7%** | **Portugal — 0.7%** | **Portugal — 0.7%** |
|  Galp Energia SGPS SA  | 101278 | 2197622 |
|  **South Korea — 2.0%** | **South Korea — 2.0%** | **South Korea — 2.0%** |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 4585 | 1434212 |
|  KB Financial Group, Inc.  | 14430 | 1592612 |
|  KT Corp.  | 40949 | 1822218 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 3894 | 1434703 |
|  |  | 6283745 |
|  **Spain — 3.5%** | **Spain — 3.5%** | **Spain — 3.5%** |
|  Amadeus IT Group SA  | 20576 | 1272666 |
|  Banco Bilbao Vizcaya Argentaria SA  | 204899 | 4745790 |
|  Bankinter SA  | 177875 | 2951543 |
|  Grifols SA  | 169099 | 2121514 |
|  |  | 11091513 |
|  **Sweden — 0.6%** | **Sweden — 0.6%** | **Sweden — 0.6%** |
|  Loomis AB  | 35944 | 1815504 |
|  **Switzerland — 2.5%** | **Switzerland — 2.5%** | **Switzerland — 2.5%** |
|  Aptiv PLC <sup>(a)(b)</sup>  | 19637 | 1444105 |
|  Glencore PLC  | 452513 | 3269695 |
|  Sandoz Group AG  | 35416 | 3119876 |
|  |  | 7833676 |
|  **United Kingdom — 13.1%** | **United Kingdom — 13.1%** | **United Kingdom — 13.1%** |
|  Admiral Group PLC  | 59832 | 2390266 |
|  AstraZeneca PLC  | 22768 | 4791146 |
|  Coca-Cola Europacific Partners PLC  | 26151 | 2887855 |
|  Hikma Pharmaceuticals PLC  | 127542 | 2261970 |
|  IMI PLC  | 82264 | 3191821 |
|  Informa PLC  | 327525 | 3699169 |
|  Marks & Spencer Group PLC  | 729783 | 3901501 |
|  NatWest Group PLC  | 524199 | 4352132 |
|  Shell PLC  | 95725 | 4009251 |
|  SSE PLC  | 68868 | 2489269 |
|  Tesco PLC  | 649386 | 4203835 |
|  Weir Group PLC  | 64275 | 3048592 |
|  |  | 41226807 |

---

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

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 36.5% <sup>(d)</sup>** | **United States — 36.5% <sup>(d)</sup>** | **United States — 36.5% <sup>(d)</sup>** |
|  AbbVie, Inc.  | 10404 | $2414560 |
|  Acuity, Inc.  | 5766 | 1738968 |
|  Allstate Corp.  | 12349 | 2649107 |
|  Amgen, Inc.  | 8795 | 3413867 |
|  Aon PLC - Class A  | 8135 | 2729048 |
|  Bank of America Corp.  | 70530 | 3514510 |
|  Biogen, Inc. <sup>(b)</sup>  | 11944 | 2291098 |
|  CDW Corp.  | 16195 | 1986155 |
|  Cencora, Inc.  | 5643 | 2099986 |
|  Charles Schwab Corp.  | 21125 | 2011100 |
|  Chubb Ltd.  | 7521 | 2563608 |
|  Cigna Group  | 7446 | 2158000 |
|  Cisco Systems, Inc.  | 29907 | 2376410 |
|  ConocoPhillips  | 20881 | 2369158 |
|  CRH PLC  | 45373 | 5429730 |
|  Cummins, Inc.  | 4138 | 2416054 |
|  Diamondback Energy, Inc.  | 11428 | 1989386 |
|  DuPont de Nemours, Inc.  | 33166 | 1659627 |
|  East West Bancorp, Inc.  | 16802 | 1838979 |
|  EPAM Systems, Inc. <sup>(a)(b)</sup>  | 9214 | 1299174 |
|  FedEx Corp.  | 8126 | 3144762 |
|  Fifth Third Bancorp  | 43807 | 2167132 |
|  Flowserve Corp.  | 25475 | 2255047 |
|  Freeport-McMoRan, Inc.  | 56695 | 3859796 |
|  GE HealthCare Technologies, Inc.  | 34674 | 2921978 |
|  Gen Digital, Inc.  | 122012 | 2753811 |
|  Goldman Sachs Group, Inc.  | 2246 | 1930594 |
|  HCA Healthcare, Inc.  | 3538 | 1874079 |
|  Huntington Bancshares, Inc.  | 126808 | 2130374 |
|  IQVIA Holdings, Inc. <sup>(b)</sup>  | 10080 | 1802405 |
|  Johnson & Johnson  | 9226 | 2292015 |
|  JPMorgan Chase & Co.  | 9424 | 2830027 |
|  KBR, Inc.  | 20248 | 855073 |
|  Labcorp Holdings, Inc. <sup>(a)</sup>  | 13907 | 4020792 |
|  Leidos Holdings, Inc.  | 7170 | 1255467 |
|  M&T Bank Corp.  | 10273 | 2229036 |
|  Marathon Petroleum Corp.  | 7394 | 1465565 |
|  NetApp, Inc.  | 22045 | 2183116 |
|  Range Resources Corp.  | 76902 | 3174515 |
|  Resideo Technologies, Inc. <sup>(b)</sup>  | 196 | 7585 |
|  SLB Ltd.  | 50920 | 2614233 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 12542 | 3002429 |
|  Textron, Inc.  | 41040 | 4048596 |
|  T-Mobile US, Inc.  | 14258 | 3095269 |
|  United Rentals, Inc.  | 2491 | 2092440 |
|  US Foods Holding Corp. <sup>(b)</sup>  | 16732 | 1616479 |
|  Walt Disney Co.  | 35862 | 3802807 |
|  |  | 114373947 |
|  **TOTAL COMMON STOCKS** (Cost $213,787,825)  |  | 306898164 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(e)</sup>  | 7744556 | $7744556 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $7,744,556)  |  | 7744556 |
|  **TOTAL INVESTMENTS — 100.3%** (Cost $221,532,381)  |  | 314642720 |
|  Liabilities in Excess of Other Assets — (0.3)%  |  | (1029332) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $313613388 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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.

<sup>(e)</sup> 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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $130385939 | $176512225 | $— | $306898164 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 7744556 |
|  Total Investments  | $130385939 | $176512225 | $— | $314642720 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**Allocation of Portfolio Holdings by Country as of FEBRUARY 28, 2026**

---

| | | |
|:---|:---|:---|
| **COUNTRY** | **Value** | **% of Net<br> Assets** |
|  France  | $44251951 | 14.1% |
|  United Kingdom  | 41226807 | 13.1 |
|  Japan  | 18080212 | 5.8 |
|  Netherlands  | 11641174 | 3.7 |
|  Ireland  | 11367186 | 3.6 |
|  Spain  | 11091513 | 3.5 |
|  Italy  | 10006698 | 3.2 |
|  Switzerland  | 7833676 | 2.5 |
|  South Korea  | 6283745 | 2.0 |
|  Germany  | 5434226 | 1.7 |
|  Bermuda  | 4849451 | 1.5 |
|  Finland  | 4663027 | 1.5 |
|  Hong Kong  | 3704995 | 1.2 |
|  Denmark  | 3465640 | 1.1 |
|  Australia  | 2689233 | 0.9 |
|  Portugal  | 2197622 | 0.7 |
|  Israel  | 1921557 | 0.6 |
|  Sweden  | 1815504 | 0.6 |
|  United States  | 122118503 | 39.0 |
|  Liabilities in Excess of Other Assets  | (1029332) | (0.3) |
|  | $313613388 | 100.0% |

---

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

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**SECTOR CLASSIFICATION as of FEBRUARY 28, 2026**

---

| | | |
|:---|:---|:---|
| **SECTOR** | **Value** | **% of Net<br> Assets** |
|  Financials  | $78021372 | 24.8% |
|  Industrials  | 58013313 | 18.5 |
|  Health Care  | 47589033 | 15.3 |
|  Energy  | 28643049 | 9.1 |
|  Consumer Staples  | 27268485 | 8.6 |
|  Information Technology  | 19148807 | 6.0 |
|  Communication Services  | 16413752 | 5.3 |
|  Materials  | 15441044 | 4.8 |
|  Consumer Discretionary  | 9408236 | 3.1 |
|  Utilities  | 6951073 | 2.3 |
|  Investments Purchased with Proceeds from Securities Lending  | 7744556 | 2.5 |
|  Other Assets in Excess of Liabilities  | (1029332) | (0.3) |
|  | $313613388 | 100.0% |

---

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** | **COMMON STOCKS — 95.3%** |
|  **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
|  Alphabet, Inc. - Class A <sup>(a)</sup>  | 9831 | $3064912 |
|  Cars.com, Inc. <sup>(b)(c)</sup>  | 34316 | 293059 |
|  DoubleDown Interactive Co. Ltd. - ADR <sup>(a)(b)</sup>  | 71931 | 657449 |
|  EverQuote, Inc. - Class A <sup>(b)</sup>  | 18184 | 287307 |
|  Gravity Co. Ltd. - ADR <sup>(b)</sup>  | 10631 | 691228 |
|  |  | 4993955 |
|  **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** |
|  Abercrombie & Fitch Co. - Class A <sup>(b)</sup>  | 8432 | 824650 |
|  Arcos Dorados Holdings, Inc. - Class A <sup>(a)</sup>  | 200156 | 1761373 |
|  Carriage Services, Inc. <sup>(a)</sup>  | 22607 | 1041504 |
|  Cavco Industries, Inc. <sup>(b)(c)</sup>  | 1909 | 1101989 |
|  El Pollo Loco Holdings, Inc. <sup>(b)</sup>  | 31470 | 348058 |
|  Frontdoor, Inc. <sup>(b)</sup>  | 21377 | 1465821 |
|  JD.com, Inc. - Class A  | 47636 | 632401 |
|  Johnson Outdoors, Inc. - Class A  | 8021 | 388938 |
|  Leon's Furniture Ltd.  | 23307 | 486798 |
|  Perdoceo Education Corp. <sup>(a)</sup>  | 13499 | 450192 |
|  Super Group SGHC Ltd. <sup>(a)</sup>  | 81353 | 870477 |
|  |  | 9372201 |
|  **Consumer Staples — 4.7%** | **Consumer Staples — 4.7%** | **Consumer Staples — 4.7%** |
|  Ambev SA - ADR <sup>(a)(c)</sup>  | 253043 | 799616 |
|  British American Tobacco PLC - ADR <sup>(a)</sup>  | 34691 | 2173391 |
|  Maplebear, Inc. <sup>(b)</sup>  | 13110 | 491756 |
|  PriceSmart, Inc.  | 6520 | 1008122 |
|  US Foods Holding Corp. <sup>(b)</sup>  | 7163 | 692018 |
|  |  | 5164903 |
|  **Energy — 0.4%** | **Energy — 0.4%** | **Energy — 0.4%** |
|  Weatherford International PLC  | 4747 | 500619 |
|  **Financials — 25.0% <sup>(d)</sup>** | **Financials — 25.0% <sup>(d)</sup>** | **Financials — 25.0% <sup>(d)</sup>** |
|  Acadian Asset Management, Inc.  | 30751 | 1656249 |
|  American Integrity Insurance Group, Inc. <sup>(a)(b)</sup>  | 31798 | 647407 |
|  Banco Bilbao Vizcaya Argentaria SA - ADR <sup>(a)</sup>  | 47591 | 1100780 |
|  Bank of America Corp. <sup>(a)</sup>  | 22008 | 1096659 |
|  BGC Group, Inc. - Class A <sup>(a)</sup>  | 198970 | 1894194 |
|  Citigroup, Inc. <sup>(a)</sup>  | 13172 | 1451423 |
|  Exzeo Group, Inc. <sup>(b)(c)</sup>  | 29898 | 501091 |
|  Fairfax Financial Holdings Ltd. <sup>(c)</sup>  | 1260 | 2168441 |
|  FinVolution Group - ADR <sup>(a)</sup>  | 63817 | 358652 |
|  Fiserv, Inc. <sup>(b)</sup>  | 6713 | 418153 |
|  Hamilton Insurance Group Ltd. - Class B <sup>(a)(b)</sup>  | 65281 | 2062227 |
|  Heritage Insurance Holdings, Inc. <sup>(a)(b)</sup>  | 29394 | 819211 |
|  Intercontinental Exchange, Inc.  | 3303 | 542121 |
|  Intercorp Financial Services, Inc.  | 13897 | 672337 |
|  Jiayin Group, Inc. - ADR  | 17890 | 115927 |
|  KB Financial Group, Inc. - ADR <sup>(c)</sup>  | 18274 | 2010140 |
|  Lincoln National Corp.  | 13636 | 467715 |
|  Marex Group PLC  | 27927 | 1213707 |
|  NewtekOne, Inc. <sup>(a)</sup>  | 44451 | 545858 |
|  Northeast Bank <sup>(c)</sup>  | 3708 | 411143 |
|  **Financials — 25.0% <sup>(d)</sup>** **(continued)** |  |  |
|  Northeast Community Bancorp, Inc.  | 16022 | $387732 |
|  Oppenheimer Holdings, Inc. - Class A  | 12607 | 1087858 |
|  Popular, Inc.  | 5126 | 693855 |
|  Rithm Capital Corp. <sup>(a)</sup>  | 64898 | 652225 |
|  SiriusPoint Ltd. <sup>(b)</sup>  | 34532 | 730007 |
|  Stifel Financial Corp.  | 10967 | 812069 |
|  Up Fintech Holding Ltd. - ADR <sup>(b)</sup>  | 74160 | 579931 |
|  Virtu Financial, Inc. - Class A  | 14706 | 608975 |
|  Visa, Inc. - Class A  | 2509 | 803231 |
|  Wells Fargo & Co. <sup>(a)</sup>  | 13853 | 1128327 |
|  |  | 27637645 |
|  **Health Care — 11.3%** | **Health Care — 11.3%** | **Health Care — 11.3%** |
|  AstraZeneca PLC  | 5993 | 1249241 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 67756 | 1563809 |
|  Cigna Group <sup>(a)</sup>  | 1904 | 551817 |
|  Cross Country Healthcare, Inc. <sup>(b)</sup>  | 67385 | 586250 |
|  GE HealthCare Technologies, Inc.  | 9964 | 839666 |
|  Harmony Biosciences Holdings, Inc. <sup>(b)</sup>  | 13247 | 378069 |
|  HCA Healthcare, Inc. <sup>(a)</sup>  | 1084 | 574195 |
|  ICON PLC <sup>(b)(c)</sup>  | 4820 | 521235 |
|  Johnson & Johnson <sup>(a)</sup>  | 7288 | 1810558 |
|  Medtronic PLC <sup>(a)</sup>  | 9111 | 889780 |
|  Novartis AG - ADR <sup>(c)</sup>  | 6227 | 1049997 |
|  Quest Diagnostics, Inc.  | 3675 | 778769 |
|  Sandoz Group AG - ADR  | 6104 | 537274 |
|  Select Medical Holdings Corp.  | 27451 | 410941 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 3177 | 760542 |
|  |  | 12502143 |
|  **Industrials — 9.3%** | **Industrials — 9.3%** | **Industrials — 9.3%** |
|  Barrett Business Services, Inc. <sup>(a)</sup>  | 24542 | 681531 |
|  CACI International, Inc. - Class A <sup>(b)</sup>  | 1110 | 677289 |
|  Euroseas Ltd.  | 10702 | 735656 |
|  Everus Construction Group, Inc. <sup>(b)</sup>  | 6081 | 735011 |
|  Galliford Try Holdings PLC  | 366301 | 2708612 |
|  Herc Holdings, Inc.  | 3791 | 529944 |
|  KBR, Inc.  | 12696 | 536152 |
|  Nextpower, Inc. - Class A <sup>(b)(c)</sup>  | 6494 | 682519 |
|  Public Policy Holding Co., Inc.  | 29653 | 355613 |
|  Quanta Services, Inc. <sup>(a)</sup>  | 1537 | 865454 |
|  RCM Technologies, Inc. <sup>(b)</sup>  | 16451 | 311089 |
|  Sterling Infrastructure, Inc. <sup>(a)(b)</sup>  | 2294 | 982130 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 6020 | 454028 |
|  |  | 10255028 |
|  **Information Technology — 22.0%** | **Information Technology — 22.0%** | **Information Technology — 22.0%** |
|  ACI Worldwide, Inc. <sup>(b)</sup>  | 13036 | 517268 |
|  Adeia, Inc. <sup>(a)</sup>  | 69465 | 1437231 |
|  Broadcom, Inc.  | 5398 | 1724931 |
|  CDW Corp.  | 7184 | 881046 |
|  Cognizant Technology Solutions Corp. - Class A <sup>(a)</sup>  | 11541 | 743587 |
|  Commvault Systems, Inc. <sup>(b)</sup>  | 5987 | 509374 |
|  Dell Technologies, Inc. - Class C <sup>(c)</sup>  | 11367 | 1683225 |
|  EPAM Systems, Inc. <sup>(b)</sup>  | 4209 | 593469 |
|  HubSpot, Inc. <sup>(b)</sup>  | 4750 | 1256423 |
|  InterDigital, Inc. <sup>(c)</sup>  | 3890 | 1425802 |
|  LiveRamp Holdings, Inc. <sup>(b)</sup>  | 16467 | 447408 |

---

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Information Technology — 22.0% (continued)** | **Information Technology — 22.0% (continued)** |  |  |
|  Microchip Technology, Inc. <sup>(c)</sup>  | 3625 | $| 270570 |
|  Nice Ltd. - ADR <sup>(b)(c)</sup>  | 3361 |  | 390716 |
|  Okta, Inc. <sup>(b)</sup>  | 11863 |  | 860068 |
|  Open Text Corp.  | 17530 |  | 434218 |
|  Oracle Corp. <sup>(a)</sup>  | 3077 |  | 447396 |
|  Photronics, Inc. <sup>(a)(b)(c)</sup>  | 47169 |  | 1765536 |
|  QUALCOMM, Inc. <sup>(a)</sup>  | 3627 |  | 516340 |
|  RingCentral, Inc. - Class A <sup>(a)(b)(c)</sup>  | 45996 |  | 1676554 |
|  Salesforce, Inc.  | 4150 |  | 808378 |
|  Samsung Electronics Co. Ltd.  | 21309 |  | 3189346 |
|  Silicon Motion Technology Corp. - ADR  | 5289 |  | 683497 |
|  Telefonaktiebolaget LM Ericsson - ADR <sup>(a)(c)</sup>  | 87601 |  | 1016172 |
|  Twilio, Inc. - Class A <sup>(b)</sup>  | 9113 |  | 1102308 |
|  |  |  | 24380863 |
|  **Materials — 5.0%** | **Materials — 5.0%** | **Materials — 5.0%** | **Materials — 5.0%** |
|  Ferroglobe PLC <sup>(a)</sup>  | 131860 |  | 673805 |
|  Glencore PLC - ADR <sup>(a)</sup>  | 53806 |  | 771578 |
|  Methanex Corp. <sup>(c)</sup>  | 19028 |  | 961485 |
|  Mosaic Co.  | 20745 |  | 577541 |
|  Pan American Silver Corp.  | 21720 |  | 1492164 |
|  Taseko Mines Ltd. <sup>(a)(b)</sup>  | 66083 |  | 586817 |
|  Ternium SA - ADR <sup>(a)(c)</sup>  | 11482 |  | 499122 |
|  |  |  | 5562512 |
|  **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** |
|  Kennedy-Wilson Holdings, Inc.  | 43249 |  | 470549 |
|  Newmark Group, Inc. - Class A <sup>(a)</sup>  | 103036 |  | 1496083 |
|  Park Hotels & Resorts, Inc. <sup>(a)</sup>  | 54365 |  | 614868 |
|  Pebblebrook Hotel Trust <sup>(a)</sup>  | 55424 |  | 711090 |
|  |  |  | 3292590 |
|  **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** | **Utilities — 1.6%** |
|  NRG Energy, Inc.  | 5965 |  | 1067497 |
|  Xcel Energy, Inc.  | 8709 |  | 725982 |
|  |  |  | 1793479 |
|  **TOTAL COMMON STOCKS** (Cost $73,405,363)  |  |  | 105455938 |

---

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contracts** | **Value** |
|  **PURCHASED OPTIONS — 0.1% <sup>(b)</sup>** |  |  |  |
|  **Put Options — 0.1% <sup>(e)(f)</sup>** |  |  |  |
|  Catalyst Pharmaceuticals, Inc., Expiration: 06/18/2026; Exercise Price: $20.00  | 1562516 | 677 | 67700 |
|  Perdoceo Education Corp., Expiration: 03/20/2026; Exercise Price: $25.00  | 503585 | 151 | 5662 |
|  TOTAL PURCHASED OPTIONS (Cost $98,545)  |  |  | 73362 |
|  |  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.3%** |  |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(g)</sup>  |  | 11377342 | 11377342 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $11,377,342)  |  |  | 11377342 |
|  |  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.8%** |  |  |  |
|  MSILF Prime Portfolio - Institutional Class, 3.70% <sup>(g)</sup>  |  | 952510 | 952789 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $952,789)  |  |  | 952789 |
|  **TOTAL INVESTMENTS — 106.5%** (Cost $85,834,039)  |  |  | 117859431 |
|  Liabilities in Excess of Other Assets — (6.5)%  |  | (0.06456) | (7147196) |
|  **TOTAL NET ASSETS — 100.0%**  |  |  | $110712235 |

---

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<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Exchange-traded.

<sup>(g)</sup> 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.

**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 <br> SOLD SHORT** | **Shares** | **Value** |
|  **COMMON STOCKS — (18.4)%** | **COMMON STOCKS — (18.4)%** | **COMMON STOCKS — (18.4)%** |
|  **Communication Services — (1.6)%** | **Communication Services — (1.6)%** | **Communication Services — (1.6)%** |
|  AST SpaceMobile, Inc.  | (4761) | $(377024) |
|  Boston Omaha Corp. - Class A  | (15923) | (196649) |
|  CTC Communications Group, Inc. <sup>(a)</sup>  | (98900) | 0 |
|  Ibotta, Inc. - Class A  | (5814) | (145176) |
|  Newsmax, Inc.  | (44549) | (265066) |
|  Stubhub Holdings, Inc. - Class A  | (14854) | (142153) |
|  Telesat Corp.  | (19751) | (620181) |
|  |  | (1746249) |
|  **Consumer Discretionary — (2.6)%** | **Consumer Discretionary — (2.6)%** | **Consumer Discretionary — (2.6)%** |
|  Acushnet Holdings Corp.  | (4842) | (495482) |
|  Brunello Cucinelli SpA  | (2126) | (205722) |
|  Cava Group, Inc.  | (2736) | (225638) |
|  Goodyear Tire & Rubber Co.  | (24163) | (199345) |
|  GoPro, Inc. - Class A  | (134866) | (130523) |
|  Petco Health & Wellness Co., Inc.  | (35944) | (91657) |
|  Pop Mart International Group Ltd.  | (8600) | (253037) |
|  Qsound Labs, Inc. <sup>(a)</sup>  | (4440) | 0 |
|  QuantumScape Corp.  | (34168) | (236443) |
|  Rivian Automotive, Inc. - Class A  | (33741) | (517249) |
|  Serve Robotics, Inc.  | (18781) | (187622) |
|  Shake Shack, Inc. - Class A  | (2794) | (268252) |
|  Venu Holding Corp.  | (25152) | (129533) |
|  |  | (2940503) |
|  **Consumer Staples — (2.2)%** | **Consumer Staples — (2.2)%** | **Consumer Staples — (2.2)%** |
|  Amish Naturals, Inc. <sup>(a)</sup>  | (25959) | 0 |
|  Brown-Forman Corp. - Class B  | (8909) | (257114) |
|  Costco Wholesale Corp.  | (363) | (366917) |
|  Hershey Co.  | (1997) | (471851) |
|  Mama's Creations, Inc.  | (44642) | (765164) |
|  Marzetti Co.  | (1791) | (294333) |
|  Westrock Coffee Co.  | (56622) | (250269) |
|  |  | (2405648) |
|  **Energy — (1.0)%** | **Energy — (1.0)%** | **Energy — (1.0)%** |
|  Beard Co. <sup>(a)</sup>  | (9710) | 0 |
|  Calumet, Inc.  | (25021) | (674566) |
|  Comstock Resources, Inc.  | (21052) | (412830) |
|  |  | (1087396) |
|  **Financials — (0.9)%** | **Financials — (0.9)%** | **Financials — (0.9)%** |
|  Bakkt, Inc.  | (22289) | (213083) |
|  Commonwealth Bank of Australia  | (3333) | (413529) |
|  Innventure, Inc.  | (40486) | (114980) |
|  StepStone Group, Inc. - Class A  | (5012) | (216218) |
|  |  | (957810) |
|  **Health Care — (0.9)%** | **Health Care — (0.9)%** | **Health Care — (0.9)%** |
|  AirSculpt Technologies, Inc.  | (48963) | (77361) |
|  BodyTel Scientific, Inc. <sup>(a)</sup>  | (4840) | 0 |
|  CareView Communications, Inc.  | (165489) | (4220) |
|  Establishment Labs Holdings, Inc.  | (7708) | (606620) |
|  Hims & Hers Health, Inc.  | (5545) | (80513) |
|  Stevanato Group SpA  | (17003) | (263887) |
|  |  | (1032601) |
|  **Industrials — (3.0)%** | **Industrials — (3.0)%** | **Industrials — (3.0)%** |
|  Ameresco, Inc. - Class A  | (8132) | $(247701) |
|  Amprius Technologies, Inc.  | (29915) | (320988) |
|  Applied Energetics, Inc.  | (71523) | (78818) |
|  Construction Partners, Inc. - Class A  | (2238) | (300720) |
|  Corporate Resource Services, Inc. <sup>(a)</sup>  | (218896) | (22) |
|  DynaMotive Energy Systems Corp. <sup>(a)</sup>  | (72185) | (7) |
|  Ener1, Inc. <sup>(a)</sup>  | (102820) | (10) |
|  Hertz Global Holdings, Inc.  | (56552) | (256746) |
|  Limbach Holdings, Inc.  | (2055) | (187868) |
|  NANO Nuclear Energy, Inc.  | (10257) | (272734) |
|  NuScale Power Corp.  | (14156) | (181905) |
|  Palladyne AI Corp.  | (44379) | (311984) |
|  Redwire Corp.  | (45431) | (412059) |
|  Richtech Robotics, Inc. - Class B  | (192868) | (480241) |
|  Sky Harbour Group Corp.  | (25875) | (227183) |
|  Valence Technology, Inc. <sup>(a)</sup>  | (27585) | (3) |
|  |  | (3278989) |
|  **Information Technology — (5.0)%** | **Information Technology — (5.0)%** | **Information Technology — (5.0)%** |
|  Aehr Test Systems  | (10077) | (377182) |
|  Aeluma, Inc.  | (14248) | (220417) |
|  Aeva Technologies, Inc.  | (13073) | (173348) |
|  Amplitude, Inc. - Class A  | (19539) | (142635) |
|  ANTs software, Inc. <sup>(a)</sup>  | (10334) | (1) |
|  Atomera, Inc.  | (76819) | (387168) |
|  BigBear.ai Holdings, Inc.  | (69071) | (273521) |
|  C3.ai, Inc. - Class A  | (23089) | (183558) |
|  Consygen, Inc. <sup>(a)</sup>  | (200) | 0 |
|  D-Wave Quantum, Inc.  | (16182) | (303898) |
|  Entegris, Inc.  | (3515) | (465562) |
|  Evolv Technologies Holdings, Inc.  | (76145) | (403568) |
|  Figma, Inc. - Class A  | (7462) | (219308) |
|  Interliant, Inc. <sup>(a)</sup>  | (600) | 0 |
|  Lightwave Logic, Inc.  | (93759) | (413477) |
|  MicroVision, Inc.  | (203899) | (159265) |
|  Nestor, Inc. <sup>(a)</sup>  | (15200) | (1) |
|  NextNav, Inc.  | (34021) | (547398) |
|  Palantir Technologies, Inc. - Class A  | (1551) | (212782) |
|  PAR Technology Corp.  | (9541) | (156377) |
|  POET Technologies, Inc.  | (45303) | (271818) |
|  Rigetti Computing, Inc.  | (12668) | (220677) |
|  SoundHound AI, Inc. - Class A  | (30717) | (264166) |
|  Tiger Telematics, Inc. <sup>(a)</sup>  | (6510) | 0 |
|  Tucows, Inc. - Class A  | (7781) | (141303) |
|  Uni-Pixel, Inc. <sup>(a)</sup>  | (19665) | (2) |
|  Worldgate Communications, Inc. <sup>(a)</sup>  | (582655) | (58) |
|  XRiver Corp. <sup>(a)</sup>  | (34156) | 0 |
|  |  | (5537490) |
|  **Materials — (1.1)%** | **Materials — (1.1)%** | **Materials — (1.1)%** |
|  PureCycle Technologies, Inc.  | (40016) | (252501) |
|  TMC the metals co, Inc.  | (151285) | (948557) |
|  |  | (1201058) |

---

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **SCHEDULE OF SECURITIES <br> SOLD SHORT** | **Shares** | **Value** |
|  **Utilities — (0.1)%** | **Utilities — (0.1)%** | **Utilities — (0.1)%** |
|  Oklo, Inc.  | (2205) | $(138805) |
|  **TOTAL COMMON STOCKS** (Proceeds $25,199,817)  |  | (20326549) |
|  **TOTAL SECURITIES SOLD SHORT - (18.4)%** (Proceeds $25,199,817)  |  | $(20326549) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> 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.

**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:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $98569966 | $6885972 | $— | $105455938 |
|  Purchased Options  | 67700 | 5662 |  | 73362 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 11377342 |
|  Money Market Funds  | 952789 |  |  | 952789 |
|  Total Investments  | $99590455 | $6891634 | $— | $117859431 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $(19454157) | $(872288) | $(104) | $(20326549) |
|  Total Investments  | $(19454157) | $(872288) | $(104) | $(20326549) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** |
|  **Communication Services — 3.6%** | **Communication Services — 3.6%** | **Communication Services — 3.6%** |
|  Alphabet, Inc. - Class A <sup>(a)</sup>  | 17001 | $5300232 |
|  Deutsche Telekom AG  | 31473 | 1263961 |
|  Informa PLC  | 271538 | 3066834 |
|  Meta Platforms, Inc. - Class A  | 1856 | 1203022 |
|  Nexstar Media Group, Inc.  | 11100 | 2786322 |
|  Omnicom Group, Inc.  | 21129 | 1802092 |
|  T-Mobile US, Inc. <sup>(a)</sup>  | 9994 | 2169598 |
|  Walt Disney Co.  | 37179 | 3942461 |
|  |  | 21534522 |
|  **Consumer Discretionary — 9.7%** | **Consumer Discretionary — 9.7%** | **Consumer Discretionary — 9.7%** |
|  Aptiv PLC <sup>(b)</sup>  | 21424 | 1575521 |
|  AutoNation, Inc. <sup>(b)</sup>  | 9730 | 1898907 |
|  AutoZone, Inc. <sup>(b)</sup>  | 824 | 3094598 |
|  Best Buy Co., Inc.  | 16539 | 1024922 |
|  Booking Holdings, Inc.  | 1139 | 4828620 |
|  Boyd Gaming Corp.  | 59503 | 4952435 |
|  Churchill Downs, Inc.  | 24672 | 2268097 |
|  Covista, Inc. <sup>(b)</sup>  | 15617 | 1530466 |
|  Darden Restaurants, Inc.  | 10064 | 2152186 |
|  eBay, Inc.  | 24707 | 2244878 |
|  Flutter Entertainment PLC <sup>(b)</sup>  | 18783 | 1943849 |
|  Frontdoor, Inc. <sup>(a)(b)</sup>  | 132779 | 9104656 |
|  Home Depot, Inc.  | 4456 | 1696488 |
|  Lennar Corp. - Class A  | 20478 | 2341864 |
|  LKQ Corp.  | 51845 | 1716588 |
|  Lowe's Cos., Inc.  | 3333 | 881812 |
|  Restaurant Brands International, Inc.  | 15028 | 1077658 |
|  Ross Stores, Inc.  | 15734 | 3235540 |
|  TJX Cos., Inc. <sup>(a)</sup>  | 22551 | 3645595 |
|  Valvoline, Inc. <sup>(b)</sup>  | 54888 | 2074766 |
|  Wyndham Hotels & Resorts, Inc.  | 37901 | 3100302 |
|  Yum! Brands, Inc.  | 14328 | 2409396 |
|  |  | 58799144 |
|  **Consumer Staples — 6.0%** | **Consumer Staples — 6.0%** | **Consumer Staples — 6.0%** |
|  British American Tobacco PLC - ADR  | 40695 | 2549542 |
|  Coca-Cola Co.  | 46946 | 3828916 |
|  Coca-Cola Consolidated, Inc.  | 15115 | 3059276 |
|  Coca-Cola Europacific Partners PLC  | 19527 | 2156366 |
|  Glanbia PLC  | 54076 | 1118184 |
|  Kerry Group PLC - Class A  | 8351 | 742033 |
|  Maplebear, Inc. <sup>(b)</sup>  | 46290 | 1736338 |
|  McCormick & Co., Inc.  | 31575 | 2243088 |
|  Philip Morris International, Inc.  | 18583 | 3471862 |
|  Primo Brands Corp.  | 72981 | 1655209 |
|  Sysco Corp.  | 39675 | 3616773 |
|  Toyo Suisan Kaisha Ltd.  | 18410 | 1448173 |
|  US Foods Holding Corp. <sup>(a)(b)</sup>  | 58355 | 5637676 |
|  Walmart, Inc.  | 25363 | 3245196 |
|  |  | 36508632 |
|  **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
|  Cheniere Energy, Inc.  | 10034 | 2365315 |
|  Permian Resources Corp.  | 62746 | 1147624 |
|  Rockpoint Gas Storage, Inc. - Class A  | 63091 | 1311727 |
|  |  | 4824666 |
|  **Financials — 17.1%** | **Financials — 17.1%** | **Financials — 17.1%** |
|  Admiral Group PLC  | 34316 | $1370911 |
|  AIB Group PLC  | 101989 | 1058625 |
|  Allstate Corp.  | 14006 | 3004567 |
|  American Express Co.  | 5212 | 1609987 |
|  Ameriprise Financial, Inc. <sup>(a)</sup>  | 5831 | 2741270 |
|  Aon PLC - Class A  | 12326 | 4135003 |
|  Apollo Global Management, Inc.  | 10228 | 1069849 |
|  Arthur J Gallagher & Co.  | 7692 | 1755314 |
|  Baldwin Insurance Group, Inc. - Class A <sup>(b)</sup>  | 44607 | 1036221 |
|  Bank of America Corp. <sup>(a)</sup>  | 110611 | 5511746 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)(b)</sup>  | 5684 | 2870136 |
|  Brown & Brown, Inc.  | 16050 | 1152711 |
|  Capital One Financial Corp.  | 5516 | 1079150 |
|  Charles Schwab Corp.  | 23310 | 2219112 |
|  Chubb Ltd.  | 9232 | 3146819 |
|  Corpay, Inc. <sup>(b)</sup>  | 10736 | 3490274 |
|  Danske Bank AS  | 19046 | 993716 |
|  East West Bancorp, Inc.  | 18647 | 2040914 |
|  Equitable Holdings, Inc.  | 11184 | 449820 |
|  Evercore, Inc. - Class A  | 5460 | 1686266 |
|  Everest Group Ltd.  | 5418 | 1817685 |
|  Fidelity National Information Services, Inc.  | 30308 | 1544496 |
|  Fifth Third Bancorp <sup>(a)</sup>  | 31099 | 1538467 |
|  First American Financial Corp.  | 16035 | 1124214 |
|  Global Payments, Inc.  | 23947 | 1830988 |
|  Goldman Sachs Group, Inc. <sup>(a)</sup>  | 1349 | 1159560 |
|  Hiscox Ltd.  | 110570 | 2303699 |
|  Huntington Bancshares, Inc. <sup>(a)</sup>  | 114041 | 1915889 |
|  ING Groep NV  | 71848 | 2073026 |
|  Intercontinental Exchange, Inc.  | 6589 | 1081453 |
|  JPMorgan Chase & Co. <sup>(a)</sup>  | 24952 | 7493086 |
|  LPL Financial Holdings, Inc.  | 12046 | 3618377 |
|  M&T Bank Corp.  | 8993 | 1951301 |
|  Markel Group, Inc. <sup>(a)(b)</sup>  | 1815 | 3761533 |
|  Morgan Stanley  | 8687 | 1446472 |
|  NatWest Group PLC  | 216365 | 1796358 |
|  Nordea Bank Abp  | 103634 | 2006978 |
|  Progressive Corp.  | 9308 | 1988747 |
|  Renaissance Holdings Ltd.  | 8972 | 2713671 |
|  Synchrony Financial <sup>(a)</sup>  | 18098 | 1250753 |
|  Travelers Cos., Inc.  | 6831 | 2108320 |
|  Visa, Inc. - Class A  | 8422 | 2696219 |
|  Voya Financial, Inc.  | 6702 | 448230 |
|  Wells Fargo & Co. <sup>(a)</sup>  | 82627 | 6729969 |
|  WEX, Inc. <sup>(b)</sup>  | 12203 | 1820566 |
|  White Mountains Insurance Group Ltd.  | 1164 | 2584674 |
|  |  | 103227142 |
|  **Health Care — 11.0%** | **Health Care — 11.0%** | **Health Care — 11.0%** |
|  Abbott Laboratories <sup>(a)</sup>  | 10485 | 1219930 |
|  AbbVie, Inc. <sup>(a)</sup>  | 32262 | 7487365 |
|  Amgen, Inc.  | 12937 | 5021626 |
|  AstraZeneca PLC  | 12717 | 2676080 |
|  Biogen, Inc. <sup>(b)</sup>  | 15584 | 2989323 |
|  Bristol-Myers Squibb Co.  | 35181 | 2194239 |
|  Cencora, Inc.  | 8829 | 3285624 |

---

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

**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. <sup>(b)</sup>  | 1571 | $70506 |
|  Cigna Group <sup>(a)</sup>  | 7344 | 2128438 |
|  CVS Health Corp.  | 33573 | 2682483 |
|  Elevance Health, Inc. <sup>(a)</sup>  | 1592 | 509440 |
|  GE HealthCare Technologies, Inc.  | 29144 | 2455965 |
|  Grifols SA  | 51387 | 644701 |
|  Halozyme Therapeutics, Inc. <sup>(b)</sup>  | 19849 | 1380101 |
|  HCA Healthcare, Inc.  | 2320 | 1228904 |
|  Humana, Inc.  | 1797 | 342400 |
|  ICON PLC <sup>(b)</sup>  | 2826 | 305604 |
|  Ipsen SA  | 2996 | 584827 |
|  IQVIA Holdings, Inc. <sup>(b)</sup>  | 14110 | 2523009 |
|  Johnson & Johnson  | 21990 | 5462976 |
|  Labcorp Holdings, Inc.  | 7985 | 2308623 |
|  McKesson Corp.  | 3354 | 3311639 |
|  Medtronic PLC  | 26716 | 2609084 |
|  Merck & Co., Inc.  | 2330 | 288501 |
|  Molina Healthcare, Inc. <sup>(a)(b)</sup>  | 861 | 132637 |
|  Novartis AG - ADR  | 9385 | 1582499 |
|  Novo Nordisk AS  | 34417 | 1301773 |
|  Pfizer, Inc.  | 3133 | 86627 |
|  QIAGEN NV  | 20785 | 1035093 |
|  Quest Diagnostics, Inc.  | 8349 | 1769237 |
|  Sandoz Group AG  | 15765 | 1388774 |
|  Sanofi SA  | 1070 | 104647 |
|  Stryker Corp.  | 666 | 258048 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 6799 | 1627613 |
|  UCB SA  | 208 | 62480 |
|  UnitedHealth Group, Inc.  | 11570 | 3393134 |
|  Zimmer Biomet Holdings, Inc.  | 1572 | 154748 |
|  |  | 66608698 |
|  **Industrials — 20.1%** | **Industrials — 20.1%** | **Industrials — 20.1%** |
|  3M Co.  | 17297 | 2859540 |
|  Acuity, Inc.  | 3430 | 1034454 |
|  AECOM Technology Corp.  | 30249 | 2963797 |
|  Airbus Group SE  | 11363 | 2467509 |
|  Allegion PLC  | 17216 | 2774358 |
|  Allison Transmission Holdings, Inc.  | 25685 | 3218330 |
|  American Superconductor Corp. <sup>(b)</sup>  | 54322 | 1769811 |
|  AMETEK, Inc. <sup>(a)</sup>  | 8609 | 2059445 |
|  Brink's Co.  | 39894 | 4658422 |
|  Builders FirstSource, Inc. <sup>(b)</sup>  | 23086 | 2407639 |
|  CACI International, Inc. - Class A <sup>(b)</sup>  | 1707 | 1041560 |
|  Canadian Pacific Kansas City Ltd.  | 21007 | 1840003 |
|  Carrier Global Corp.  | 33867 | 2181035 |
|  CH Robinson Worldwide, Inc.  | 20630 | 3821707 |
|  Cummins, Inc.  | 3853 | 2249651 |
|  Delta Air Lines, Inc.  | 22472 | 1476410 |
|  DNOW, Inc. <sup>(b)</sup>  | 154702 | 1822390 |
|  Dover Corp.  | 11344 | 2558072 |
|  Equifax, Inc.  | 12679 | 2649404 |
|  Esab Corp.  | 21654 | 2732085 |
|  Expeditors International of Washington, Inc.  | 14994 | 2174580 |
|  FedEx Corp.  | 7415 | 2869605 |
|  HNI Corp.  | 70895 | 3187439 |
|  Honeywell International, Inc.  | 11806 | 2875824 |
|  **Industrials — 20.1% (continued)** |  |  |
|  Howmet Aerospace, Inc. <sup>(a)</sup>  | 15060 | $3953702 |
|  Hubbell, Inc.  | 6493 | 3322014 |
|  Huron Consulting Group, Inc. <sup>(b)</sup>  | 16969 | 2399417 |
|  IDEX Corp.  | 14391 | 3014483 |
|  IMI PLC  | 68031 | 2639584 |
|  Jacobs Solutions, Inc.  | 33414 | 4606454 |
|  KBR, Inc.  | 60170 | 2540979 |
|  L3Harris Technologies, Inc.  | 15875 | 5787072 |
|  Leidos Holdings, Inc. <sup>(a)</sup>  | 9649 | 1689540 |
|  Masco Corp. <sup>(a)</sup>  | 24131 | 1728262 |
|  Masterbrand, Inc. <sup>(a)(b)</sup>  | 219217 | 2218476 |
|  Matson, Inc.  | 10315 | 1713631 |
|  Middleby Corp. <sup>(b)</sup>  | 8641 | 1459119 |
|  Nordson Corp.  | 8802 | 2582859 |
|  Old Dominion Freight Line, Inc.  | 12633 | 2565131 |
|  Otis Worldwide Corp.  | 19836 | 1836020 |
|  Parker-Hannifin Corp. <sup>(a)</sup>  | 1710 | 1725698 |
|  Rexel SA  | 58164 | 2518962 |
|  Siemens AG  | 4369 | 1263270 |
|  SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 29300 | 2205997 |
|  TriNet Group, Inc.  | 1342 | 51103 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 42800 | 3227976 |
|  UFP Industries, Inc.  | 23490 | 2417356 |
|  United Airlines Holdings, Inc. <sup>(b)</sup>  | 17446 | 1854510 |
|  Upwork, Inc. <sup>(a)(b)</sup>  | 190634 | 2558308 |
|  |  | 121572993 |
|  **Information Technology — 11.6%** | **Information Technology — 11.6%** | **Information Technology — 11.6%** |
|  Adeia, Inc. <sup>(a)</sup>  | 114691 | 2372957 |
|  Applied Materials, Inc.  | 6715 | 2499994 |
|  Arrow Electronics, Inc. <sup>(a)(b)</sup>  | 8125 | 1236300 |
|  Broadcom, Inc.  | 14051 | 4489997 |
|  Capgemini SE  | 7568 | 956420 |
|  CDW Corp.  | 13326 | 1634301 |
|  Celestica, Inc. <sup>(b)</sup>  | 6789 | 1884830 |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 7171 | 1090494 |
|  Dell Technologies, Inc. - Class C  | 11024 | 1632434 |
|  EPAM Systems, Inc. <sup>(b)</sup>  | 14812 | 2088492 |
|  Flex Ltd. <sup>(a)(b)</sup>  | 77825 | 4904532 |
|  Gen Digital, Inc. <sup>(a)</sup>  | 89154 | 2012206 |
|  InterDigital, Inc.  | 13040 | 4779551 |
|  Jabil, Inc. <sup>(a)</sup>  | 8441 | 2236781 |
|  Keysight Technologies, Inc. <sup>(b)</sup>  | 11128 | 3419968 |
|  Lam Research Corp.  | 18739 | 4382865 |
|  Microchip Technology, Inc. <sup>(a)</sup>  | 26735 | 1995500 |
|  Micron Technology, Inc.  | 6120 | 2523704 |
|  NetApp, Inc.  | 16265 | 1610723 |
|  Nice Ltd. - ADR <sup>(b)</sup>  | 9992 | 1161570 |
|  NXP Semiconductors NV  | 5775 | 1310983 |
|  Oracle Corp. <sup>(a)</sup>  | 8682 | 1262363 |
|  Qnity Electronics, Inc.  | 24120 | 3057451 |
|  Salesforce, Inc.  | 7018 | 1367036 |
|  Samsung Electronics Co. Ltd.  | 40832 | 6111380 |
|  Seagate Technology Holdings PLC  | 10316 | 4207277 |
|  Trimble, Inc. <sup>(b)</sup>  | 26089 | 1744571 |
|  Vontier Corp.  | 31829 | 1302443 |
|  Zebra Technologies Corp. - Class A <sup>(b)</sup>  | 4862 | 1088894 |
|  |  | 70366017 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Materials — 5.2%** | **Materials — 5.2%** | **Materials — 5.2%** |
|  Allied Gold Corp. <sup>(b)</sup>  | 50860 | $1610010 |
|  Almonty Industries, Inc. <sup>(b)</sup>  | 127945 | 2352909 |
|  Ball Corp.  | 41400 | 2779182 |
|  Barrick Mining Corp.  | 45693 | 2318463 |
|  CRH PLC  | 25473 | 3056250 |
|  DuPont de Nemours, Inc.  | 34240 | 1713370 |
|  Endeavour Mining PLC  | 20382 | 1466584 |
|  Equinox Gold Corp. <sup>(b)</sup>  | 109415 | 2053461 |
|  Freeport-McMoRan, Inc.  | 34721 | 2363806 |
|  Louisiana-Pacific Corp.  | 18087 | 1532692 |
|  Methanex Corp.  | 76045 | 3842554 |
|  OR Royalties, Inc.  | 56295 | 2667311 |
|  Royal Gold, Inc.  | 13038 | 3908662 |
|  |  | 31665254 |
|  **Real Estate — 2.9%** | **Real Estate — 2.9%** | **Real Estate — 2.9%** |
|  BXP, Inc.  | 29066 | 1673620 |
|  COPT Defense Properties  | 58934 | 1872923 |
|  Essential Properties Realty Trust, Inc.  | 98773 | 3352356 |
|  Extra Space Storage, Inc.  | 11338 | 1712378 |
|  Invitation Homes, Inc.  | 26640 | 701698 |
|  Jones Lang LaSalle, Inc. <sup>(b)</sup>  | 8599 | 2713414 |
|  Kimco Realty Corp.  | 95733 | 2254512 |
|  Lamar Advertising Co. - Class A <sup>(a)</sup>  | 10860 | 1495856 |
|  Regency Centers Corp. <sup>(a)</sup>  | 21393 | 1690047 |
|  |  | 17466804 |
|  **Utilities — 8.6%** | **Utilities — 8.6%** | **Utilities — 8.6%** |
|  American Electric Power Co., Inc.  | 20805 | 2784125 |
|  CenterPoint Energy, Inc. <sup>(a)</sup>  | 91294 | 3971289 |
|  Enel SpA  | 154501 | 1857867 |
|  Entergy Corp.  | 44799 | 4798421 |
|  FirstEnergy Corp. <sup>(a)</sup>  | 83998 | 4297338 |
|  NextEra Energy, Inc.  | 17682 | 1658041 |
|  NiSource, Inc. <sup>(a)</sup>  | 88773 | 4198963 |
|  NRG Energy, Inc.  | 24726 | 4424965 |
|  OGE Energy Corp.  | 83040 | 4080586 |
|  PPL Corp. <sup>(a)</sup>  | 97303 | 3792871 |
|  Southern Co.  | 34277 | 3337894 |
|  SSE PLC  | 104108 | 3763036 |
|  Talen Energy Corp. <sup>(b)</sup>  | 8485 | 3147680 |
|  Vistra Energy Corp.  | 13586 | 2362470 |
|  Xcel Energy, Inc.  | 40857 | 3405839 |
|  |  | 51881385 |
|  **TOTAL COMMON STOCKS** (Cost $396,133,403)  |  | 584455257 |
|  | **Par** |  |
|  **CONVERTIBLE NOTES — 0.1%** | **CONVERTIBLE NOTES — 0.1%** | **CONVERTIBLE NOTES — 0.1%** |
|  Andrada Mining Ltd., 12.00%, 07/31/2026 <sup>(c)</sup>  | GBP 700,000 | 929019 |
|  **TOTAL CONVERTIBLE NOTES** (Cost $915,464)  |  | 929019 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 0.0% <sup>(d)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(d)</sup>** | **MONEY MARKET FUNDS — 0.0% <sup>(d)</sup>** |
|  BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Institutional Class, 3.55% <sup>(a)(e)</sup>  | 2256 | $2256 |
|  Federated Hermes U.S. Treasury Cash Reserves - Institutional Class, 3.52% <sup>(a)(e)</sup>  | 2257 | 2257 |
|  Fidelity Treasury Portfolio - Class I, 3.56% <sup>(a)(e)</sup>  | 2257 | 2257 |
|  Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 3.55% <sup>(a)(e)</sup>  | 2257 | 2257 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $9,027)  |  | 9027 |
|  **TOTAL INVESTMENTS — 96.7%** (Cost $397,057,894)  |  | 585393303 |
|  Other Assets in Excess of Liabilities — 3.3%  |  | 19834003 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $605227306 |

---

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<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Represents less than 0.05% of net assets. 

<sup>(e)</sup> 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.

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **COMMON STOCKS — (14.9)%** | **COMMON STOCKS — (14.9)%** | **COMMON STOCKS — (14.9)%** |
|  **Communication Services — (1.0)%** | **Communication Services — (1.0)%** | **Communication Services — (1.0)%** |
|  Dentsu Group, Inc.  | (76600) | $(1445506) |
|  Grindr, Inc.  | (74485) | (847639) |
|  Lumen Technologies, Inc.  | (130733) | (929512) |
|  Newsmax, Inc.  | (104724) | (623108) |
|  Roblox Corp. - Class A  | (14892) | (1022485) |
|  TELUS Corp.  | (73184) | (1003292) |
|  |  | (5871542) |
|  **Consumer Discretionary — (2.8)%** | **Consumer Discretionary — (2.8)%** | **Consumer Discretionary — (2.8)%** |
|  Birkenstock Holding PLC  | (14714) | (612838) |
|  Breville Group Ltd.  | (58520) | (1326028) |
|  CarMax, Inc.  | (17935) | (774254) |
|  Carvana Co.  | (1980) | (661637) |
|  Cava Group, Inc.  | (13891) | (1145591) |
|  Floor & Decor Holdings, Inc. - Class A  | (7338) | (506982) |
|  Hilton Grand Vacations, Inc.  | (42493) | (1910485) |
|  InterContinental Hotels Group PLC  | (4810) | (660992) |
|  LGI Homes, Inc.  | (25875) | (1342913) |
|  Livewire Group, Inc.  | (45853) | (77033) |
|  Meritage Homes Corp.  | (18381) | (1386295) |
|  MGM Resorts International  | (49131) | (1810969) |
|  Moncler SpA  | (11559) | (797377) |
|  NIKE, Inc. - Class B  | (13536) | (841668) |
|  Nokian Renkaat Oyj  | (26887) | (338253) |
|  On Holding AG - Class A  | (10227) | (475351) |
|  QuantumScape Corp.  | (24708) | (170979) |
|  Shake Shack, Inc. - Class A  | (9161) | (879548) |
|  Texas Roadhouse, Inc.  | (5628) | (1029192) |
|  |  | (16748385) |
|  **Consumer Staples — (2.0)%** | **Consumer Staples — (2.0)%** | **Consumer Staples — (2.0)%** |
|  Brown-Forman Corp. - Class B  | (53916) | (1556016) |
|  Campbell's Co.  | (51859) | (1397600) |
|  Church & Dwight Co., Inc.  | (13433) | (1408584) |
|  Costco Wholesale Corp.  | (1056) | (1067394) |
|  Coty, Inc. - Class A  | (275942) | (692614) |
|  Ezaki Glico Co. Ltd.  | (25100) | (975096) |
|  Hershey Co.  | (2320) | (548170) |
|  Hormel Foods Corp.  | (40215) | (1029504) |
|  Kikkoman Corp.  | (45900) | (441368) |
|  Kraft Heinz Co.  | (58872) | (1448840) |
|  Lotus Bakeries NV  | (81) | (1007412) |
|  Sprouts Farmers Market, Inc.  | (5968) | (440856) |
|  |  | (12013454) |
|  **Energy — (0.3)%** | **Energy — (0.3)%** | **Energy — (0.3)%** |
|  Dorchester Minerals LP  | (10974) | (285214) |
|  Occidental Petroleum Corp.  | (15677) | (832135) |
|  Repsol SA  | (14985) | (339119) |
|  Technip Energies NV  | (9195) | (398410) |
|  |  | (1854878) |
|  **Financials — (2.1)%** | **Financials — (2.1)%** | **Financials — (2.1)%** |
|  Aozora Bank Ltd.  | (155800) | (2815712) |
|  Block, Inc.  | (15706) | (1000472) |
|  goeasy Ltd.  | (10749) | (846177) |
|  Jack Henry & Associates, Inc.  | (3579) | (581444) |
|  **Financials — (2.1)% (continued)** |  |  |
|  Kinsale Capital Group, Inc.  | (3229) | $(1258245) |
|  LIFENET INSURANCE CO  | (99300) | (1420860) |
|  Selective Insurance Group, Inc.  | (6955) | (584498) |
|  SoFi Technologies, Inc.  | (65842) | (1169354) |
|  StepStone Group, Inc. - Class A  | (23173) | (999683) |
|  T Rowe Price Group, Inc.  | (9472) | (896335) |
|  Toast, Inc. - Class A  | (29253) | (798899) |
|  Trupanion, Inc.  | (8076) | (214337) |
|  |  | (12586016) |
|  **Health Care — (1.4)%** | **Health Care — (1.4)%** | **Health Care — (1.4)%** |
|  10X Genomics, Inc. - Class A  | (38620) | (890191) |
|  Ambu AS - Class B  | (21027) | (266489) |
|  Anavex Life Sciences Corp.  | (110879) | (491194) |
|  ARS Pharmaceuticals, Inc.  | (56534) | (524635) |
|  Carl Zeiss Meditec AG  | (9672) | (308516) |
|  Claritev Corp.  | (9274) | (124921) |
|  Hims & Hers Health, Inc.  | (9503) | (137984) |
|  ImmunityBio, Inc.  | (70583) | (690302) |
|  Krystal Biotech, Inc.  | (1472) | (405742) |
|  LENZ Therapeutics, Inc.  | (21561) | (290858) |
|  Medline, Inc.  | (14702) | (698492) |
|  Mesoblast Ltd. - ADR  | (28324) | (448935) |
|  Moderna, Inc.  | (15996) | (856906) |
|  Neogen Corp.  | (84068) | (944084) |
|  Omada Health, Inc.  | (29099) | (357336) |
|  Oxford Nanopore Technologies PLC  | (209272) | (375080) |
|  Recursion Pharmaceuticals, Inc. - Class A  | (65617) | (240814) |
|  TransMedics Group, Inc.  | (4635) | (673280) |
|  |  | (8725759) |
|  **Industrials — (1.8)%** | **Industrials — (1.8)%** | **Industrials — (1.8)%** |
|  Alliance Laundry Holdings, Inc.  | (31804) | (713364) |
|  Arcosa, Inc.  | (11566) | (1243114) |
|  Ashtead Group PLC  | (3689) | (264232) |
|  Eos Energy Enterprises, Inc.  | (51046) | (290707) |
|  Fastenal Co.  | (6867) | (316157) |
|  GrafTech International Ltd.  | (19903) | (138326) |
|  Hexcel Corp.  | (12344) | (1144165) |
|  Husqvarna AB - Class B  | (137264) | (660051) |
|  Kadant, Inc.  | (718) | (243524) |
|  Kornit Digital Ltd.  | (17511) | (267743) |
|  Kuehne + Nagel International AG  | (4227) | (983527) |
|  Mitsui OSK Lines Ltd.  | (25500) | (946168) |
|  Proto Labs, Inc.  | (59198) | (3675012) |
|  Shoals Technologies Group, Inc. - Class A  | (52463) | (311105) |
|  |  | (11197195) |
|  **Information Technology — (1.1)%** | **Information Technology — (1.1)%** | **Information Technology — (1.1)%** |
|  Amdocs Ltd.  | (15132) | (1056214) |
|  Cognex Corp.  | (72120) | (3923328) |
|  Power Integrations, Inc.  | (37457) | (1794939) |
|  |  | (6774481) |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **Materials — (0.7)%** | **Materials — (0.7)%** | **Materials — (0.7)%** |
|  Antofagasta PLC  | (4739) | $(272269) |
|  BASF SE  | (29692) | (1700763) |
|  International Paper Co.  | (45046) | (1961753) |
|  Ryerson Holding Corp.  | (12992) | (339871) |
|  |  | (4274656) |
|  **Real Estate — (1.3)%** | **Real Estate — (1.3)%** | **Real Estate — (1.3)%** |
|  Aroundtown SA  | (199268) | (719231) |
|  Mid-America Apartment Communities, Inc.  | (10308) | (1379829) |
|  Nomura Real Estate Master Fund, Inc.  | (1393) | (1488757) |
|  Segro PLC  | (148919) | (1685823) |
|  Unibail-Rodamco-Westfield  | (20008) | (2506755) |
|  |  | (7780395) |
|  **Utilities — (0.4)%** | **Utilities — (0.4)%** | **Utilities — (0.4)%** |
|  Verbund AG - Class A  | (30133) | (2145588) |
|  **TOTAL COMMON STOCKS** (Proceeds $95,996,824)  |  | (89972349) |
|  **PREFERRED STOCKS — (0.1)%** | **PREFERRED STOCKS — (0.1)%** | **PREFERRED STOCKS — (0.1)%** |
|  **Consumer Discretionary — (0.1)%** | **Consumer Discretionary — (0.1)%** | **Consumer Discretionary — (0.1)%** |
|  Dr Ing hc F Porsche AG, 0.00%  | (20347) | (991950) |
|  **TOTAL PREFERRED STOCKS** (Proceeds $1,681,991)  |  | (991950) |
|  **TOTAL SECURITIES SOLD SHORT — (15.0)%** (Proceeds $97,678,815)  |  | $(90964299) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

**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 <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  Acer, Inc.  | Goldman Sachs | Pay | EFFR + (6.00)% | Termination | 12/13/2028 |  | $(730409) | $(13323) |
|  Acer, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.60)% | Termination | 12/29/2027 |  | (207183) | 74656 |
|  Acushnet Holdings Corp.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 10/06/2027 |  | (344033) | (122632) |
|  Acushnet Holdings Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1119900) | (203528) |
|  Amcor PLC  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1744090) | (275312) |
|  American Airlines Group, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (697938) | (9306) |
|  Ascendis Pharma AS  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (844803) | (89646) |
|  Bank of Hawaii Corp.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (910983) | (102659) |
|  Bank of Hawaii Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1978052) | (222907) |
|  Blackstone, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1790452) | 751452 |
|  Caris Life Sciences, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (6.83)% | Termination | 08/24/2028 |  | (434299) | 403974 |
|  Cincinnati Financial Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1064886) | (13881) |
|  Commonwealth Bank of Australia  | Morgan Stanley | Pay | RBA + (0.55)% | Termination | 12/02/2028 | AUD | (4911362) | (468031) |
|  Compal Electronics, Inc.  | Goldman Sachs | Pay | EFFR + (4.75)% | Termination | 12/13/2028 |  | (670297) | (18445) |
|  Corcept Therapeutics, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (270927) | 363679 |
|  Cracker Barrel Old Country Store, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (4.10)% | Termination | 08/24/2028 |  | (487332) | 245985 |
|  Cracker Barrel Old Country Store, Inc.  | Morgan Stanley | Pay | EFFR + (1.19)% | Termination | 12/13/2028 |  | (542236) | (106105) |
|  CVB Financial Corp.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 10/08/2026 |  | (1008998) | (114046) |
|  CVB Financial Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (53613) | 925 |
|  Dick's Sporting Goods, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1433962) | 133373 |
|  Digital Realty Trust, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1508149) | (113818) |
|  Entegris, Inc.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 04/09/2028 |  | (509270) | (245645) |
|  Entegris, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1247149) | (402635) |
|  EQT AB  | J.P. Morgan Securities, Inc. | Pay | STIBOR + (0.30)% | Termination | 08/27/2028 | SEK | (22439371) | 508392 |
|  First Financial Bankshares, Inc.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1491321) | 20417 |
|  First Financial Bankshares, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (854318) | 6928 |
|  Fortis, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2108065) | (245755) |
|  Fuji Media Holdings, Inc.  | J.P. Morgan Securities, Inc. | Pay | MUTAN + (1.25)% | Termination | 08/30/2028 | JPY | (238494600) | (140105) |
|  Fuji Media Holdings, Inc.  | Morgan Stanley | Pay | TONA + (4.63)% | Termination | 02/11/2029 | JPY | (37600500) | 8909 |
|  Glacier Bancorp, Inc.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1689772) | (82010) |
|  Glacier Bancorp, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1480654) | (71860) |
|  Greif, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2248773) | (170225) |
|  Hayward Holdings, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2785664) | 43895 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  Hinge Health, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.58)% | Termination | 08/24/2028 |  | $(588378) | $197464 |
|  Hyatt Hotels Corp.  | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 12/03/2028 |  | (234014) | 1713 |
|  Hyatt Hotels Corp.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1406504) | (193742) |
|  Infosys Ltd.  | Goldman Sachs | Pay | EFFR + (8.05)% | Termination | 10/08/2028 |  | (343080) | 39987 |
|  Infosys Ltd.  | Morgan Stanley | Pay | EFFR + (8.34)% | Termination | 12/13/2028 |  | (1401055) | 331077 |
|  KB Home  | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 12/03/2028 |  | (529685) | 7662 |
|  KB Home  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (2163055) | (40453) |
|  Kimberly-Clark Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1309643) | (111350) |
|  Kinsale Capital Group, Inc.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 09/23/2026 |  | (135995) | 24936 |
|  Kinsale Capital Group, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (125474) | (10490) |
|  Lemonade, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.49)% | Termination | 08/24/2028 |  | (340294) | 73464 |
|  Liberty Global Ltd.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (2196276) | (226336) |
|  Madrigal Pharmaceuticals, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (443232) | 144633 |
|  Moelis & Co.  | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 12/03/2028 |  | (189299) | 14117 |
|  Moelis & Co.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (2136485) | 309687 |
|  National Beverage Corp.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (303995) | (19384) |
|  National Beverage Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (518569) | (30779) |
|  Novanta, Inc.  | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 09/02/2026 |  | (2677173) | 225925 |
|  Novanta, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (449937) | (60503) |
|  Pan Jit International, Inc.  | Goldman Sachs | Pay | EFFR + (7.75)% | Termination | 12/13/2028 |  | (2557387) | 2114 |
|  RLI Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (727586) | 436 |
|  Sagax AB  | Goldman Sachs | Pay | STIBOR + (0.40)% | Termination | 01/16/2028 | SEK | (10490293) | 152813 |
|  Sagax AB  | Morgan Stanley | Pay | STIBOR + (0.55)% | Termination | 08/29/2027 | SEK | (4824087) | 253765 |
|  SDI Corp.  | Goldman Sachs | Pay | EFFR + (6.25)% | Termination | 12/13/2028 |  | (400468) | (27421) |
|  Service Corp. International  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2974332) | (57182) |
|  Shenzhen Goodix Technology Co. Ltd.  | Morgan Stanley | Pay | EFFR + (8.07)% | Termination | 08/05/2026 |  | (1212772) | (351088) |
|  Shenzhen Goodix Technology Co. Ltd.  | Morgan Stanley | Pay | EFFR + (8.07)% | Termination | 08/08/2026 |  | (276357) | (19987) |
|  Simpson Manufacturing Co., Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1788200) | (58016) |
|  SL Green Realty Corp.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (1406343) | 190868 |
|  Spirax Group PLC  | J.P. Morgan Securities, Inc. | Pay | SONIA + (0.30)% | Termination | 08/30/2028 | GBP | (290034) | (27422) |
|  Stora Enso Oyj  | J.P. Morgan Securities, Inc. | Pay | EUSTR + (0.30)% | Termination | 08/27/2028 | EUR | (1774738) | (318989) |
|  Swiss Re AG  | J.P. Morgan Securities, Inc. | Pay | SARON + (0.30)% | Termination | 08/27/2028 | CHF | (773691) | 76531 |
|  Swiss Re AG  | UBS AG | Pay | SARON + (0.30)% | Termination | 01/10/2029 | CHF | (92582) | (4638) |
|  Tetra Tech, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (946749) | (7523) |
|  Texas Capital Bancshares, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2113182) | (173161) |
|  TG Therapeutics, Inc.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | (430949) | 14014 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  Tractor Supply Co.  | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/13/2028 |  | $(1259816) | $30035 |
|  Treasury Wine Estates Ltd.  | Goldman Sachs | Pay | RBA + (0.50)% | Termination | 01/16/2028 | AUD | (133948) | 119192 |
|  Treasury Wine Estates Ltd.  | Morgan Stanley | Pay | RBA + (0.55)% | Termination | 12/02/2028 | AUD | (434292) | 90557 |
|  United Natural Foods, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (892929) | (240877) |
|  United Parks & Resorts, Inc.  | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (774182) | 291193 |
|  VAT Group AG  | Morgan Stanley | Pay | SARON + 0.45% | Termination | 12/13/2028 | CHF | (2738959) | (979406) |
|  Zurich Insurance Group AG  | J.P. Morgan Securities, Inc. | Pay | SARON + (0.30)% | Termination | 08/27/2028 | CHF | (967280) | 27058 |
|  Zurich Insurance Group AG  | UBS AG | Pay | SARON + (0.30)% | Termination | 01/10/2029 | CHF | (115539) | 5243 |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  |  |  |  |  |  | (1003552) |

---

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.

**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:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $536045784 | $48409473 | $— | $584455257 |
|  Convertible Notes  |  |  | 929019 | 929019 |
|  Money Market Funds  | 9027 |  |  | 9027 |
|  Total Investments  | $536054811 | $48409473 | $929019 | $585393303 |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Total Return Swaps \*  | $— | $5187069 | $— | $5187069 |
|  Total Other Financial Instruments  | $— | $5187069 | $— | $5187069 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $(65171724) | $(24800625) | $— | $(89972349) |
|  Preferred Stocks  |  | (991950) |  | (991950) |
|  Total Investments  | $(65171724) | $(25792575) | $— | $(90964299) |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Total Return Swaps \*  | $— | $(6190621) | $— | $(6190621) |
|  Total Other Financial Instruments  | $— | $(6190621) | $— | $(6190621) |

---

\* 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.

**BOSTON PARTNERS SMALL CAP VALUE FUND II** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |
|  **Communication Services — 2.7%** | **Communication Services — 2.7%** | **Communication Services — 2.7%** |
|  Cargurus, Inc. <sup>(a)</sup>  | 222934 | $6844074 |
|  EverQuote, Inc. - Class A <sup>(a)</sup>  | 158930 | 2511094 |
|  Magnite, Inc. <sup>(a)</sup>  | 587567 | 8002662 |
|  Stagwell, Inc. <sup>(a)(b)</sup>  | 703958 | 3393078 |
|  |  | 20750908 |
|  **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** | **Consumer Discretionary — 12.5%** |
|  Boyd Gaming Corp.  | 45868 | 3817594 |
|  Carriage Services, Inc.  | 118170 | 5444092 |
|  Cavco Industries, Inc. <sup>(a)(b)</sup>  | 7319 | 4224966 |
|  Churchill Downs, Inc.  | 43033 | 3956024 |
|  Covista, Inc. <sup>(a)</sup>  | 60909 | 5969082 |
|  Frontdoor, Inc. <sup>(a)</sup>  | 154298 | 10580214 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 51222 | 8147883 |
|  Green Brick Partners, Inc. <sup>(a)(b)</sup>  | 44902 | 3307481 |
|  Group 1 Automotive, Inc. <sup>(b)</sup>  | 16939 | 5517710 |
|  Installed Building Products, Inc. <sup>(b)</sup>  | 8331 | 2730569 |
|  Laureate Education, Inc. <sup>(a)</sup>  | 286950 | 9279963 |
|  LCI Industries  | 22229 | 2960903 |
|  Lear Corp.  | 34326 | 4505287 |
|  Murphy USA, Inc. <sup>(b)</sup>  | 14033 | 5483254 |
|  Taylor Morrison Home Corp. <sup>(a)</sup>  | 69875 | 4604064 |
|  Valvoline, Inc. <sup>(a)(b)</sup>  | 143644 | 5429743 |
|  Visteon Corp. <sup>(b)</sup>  | 44390 | 4246791 |
|  Winnebago Industries, Inc. <sup>(b)</sup>  | 70969 | 2830953 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 53086 | 4342435 |
|  |  | 97379008 |
|  **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** | **Consumer Staples — 1.4%** |
|  Nature's Sunshine Products, Inc. <sup>(a)</sup>  | 157316 | 4354507 |
|  PriceSmart, Inc. <sup>(b)</sup>  | 20421 | 3157495 |
|  Spectrum Brands Holdings, Inc.  | 47618 | 3732299 |
|  |  | 11244301 |
|  **Energy — 6.4%** | **Energy — 6.4%** | **Energy — 6.4%** |
|  Archrock, Inc.  | 152156 | 5375671 |
|  Bristow Group, Inc. <sup>(a)</sup>  | 104291 | 4974681 |
|  Helix Energy Solutions Group, Inc. <sup>(a)</sup>  | 357763 | 3287842 |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 400702 | 10037585 |
|  Oceaneering International, Inc. <sup>(a)</sup>  | 105690 | 3751995 |
|  South Bow Corp.  | 172024 | 5540893 |
|  Tidewater, Inc. <sup>(a)(b)</sup>  | 89330 | 7094589 |
|  Viper Energy, Inc. - Class A <sup>(b)</sup>  | 80838 | 3762200 |
|  Weatherford International PLC  | 55348 | 5837000 |
|  |  | 49662456 |
|  **Financials — 28.6% <sup>(c)</sup>** | **Financials — 28.6% <sup>(c)</sup>** | **Financials — 28.6% <sup>(c)</sup>** |
|  AMERISAFE, Inc.  | 50157 | 1631607 |
|  Assured Guaranty Ltd.  | 81642 | 7038357 |
|  Axis Capital Holdings Ltd.  | 54724 | 5785421 |
|  Axos Financial, Inc. <sup>(a)(b)</sup>  | 56965 | 4945701 |
|  Baldwin Insurance Group, Inc. - Class A <sup>(a)</sup>  | 105846 | 2458803 |
|  Bar Harbor Bankshares  | 141210 | 4555435 |
|  BGC Group, Inc. - Class A  | 427987 | 4074436 |
|  Byline Bancorp, Inc.  | 177998 | 5553538 |
|  Citizens Community Bancorp, Inc.  | 167375 | 2913999 |
|  Columbia Banking System, Inc. <sup>(b)</sup>  | 124862 | 3552324 |
|  **Financials — 28.6% <sup>(c)</sup>** **(continued)** |  |  |
|  ConnectOne Bancorp, Inc.  | 144258 | $3827165 |
|  Credit Acceptance Corp. <sup>(a)(b)</sup>  | 7196 | 3405003 |
|  Essent Group Ltd.  | 59960 | 3647966 |
|  Euronet Worldwide, Inc. <sup>(a)</sup>  | 45249 | 3147068 |
|  EVERTEC, Inc.  | 99831 | 2826216 |
|  EZCORP, Inc. - Class A <sup>(a)(b)</sup>  | 107670 | 2856485 |
|  Federal Agricultural Mortgage Corp. - Class C  | 51420 | 8106877 |
|  First American Financial Corp.  | 113560 | 7961692 |
|  First Bancorp/Southern Pines NC <sup>(b)</sup>  | 84935 | 4823459 |
|  First Mid Bancshares, Inc.  | 114873 | 4710942 |
|  FirstCash Holdings, Inc.  | 62337 | 12017950 |
|  Global Indemnity Group LLC - Class A  | 109107 | 3145555 |
|  Hamilton Insurance Group Ltd. - Class B <sup>(a)</sup>  | 122455 | 3868353 |
|  Hancock Whitney Corp. <sup>(b)</sup>  | 99362 | 6539013 |
|  Heritage Commerce Corp.  | 284512 | 3536484 |
|  Heritage Financial Corp.  | 157513 | 4159918 |
|  Home BancShares, Inc. <sup>(b)</sup>  | 184122 | 5055990 |
|  James River Group Holdings, Inc.  | 602153 | 4215071 |
|  NCR Atleos Corp. <sup>(a)</sup>  | 77907 | 3449722 |
|  Nicolet Bankshares, Inc. <sup>(b)</sup>  | 54401 | 8310297 |
|  Northeast Bank <sup>(b)</sup>  | 73527 | 8152674 |
|  Northrim BanCorp, Inc.  | 149900 | 3521151 |
|  Old Second Bancorp, Inc.  | 326806 | 6415202 |
|  Oppenheimer Holdings, Inc. - Class A  | 76870 | 6633112 |
|  PennyMac Financial Services, Inc. <sup>(b)</sup>  | 52007 | 4781004 |
|  PennyMac Mortgage Investment Trust <sup>(b)</sup>  | 292243 | 3582899 |
|  Preferred Bank <sup>(b)</sup>  | 68675 | 6024171 |
|  Red River Bancshares, Inc.  | 56266 | 4990794 |
|  Redwood Trust, Inc.  | 431243 | 2609020 |
|  Silvercrest Asset Management Group, Inc. - Class A  | 171440 | 2606745 |
|  South Plains Financial, Inc.  | 75540 | 3094118 |
|  Stewart Information Services Corp.  | 78426 | 5567462 |
|  StoneX Group, Inc. <sup>(a)(b)</sup>  | 83699 | 10671623 |
|  Voya Financial, Inc.  | 48139 | 3219536 |
|  WEX, Inc. <sup>(a)(b)</sup>  | 32694 | 4877618 |
|  White Mountains Insurance Group Ltd.  | 1504 | 3339647 |
|  |  | 222207623 |
|  **Health Care — 6.8%** | **Health Care — 6.8%** | **Health Care — 6.8%** |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 49625 | 5137676 |
|  Aveanna Healthcare Holdings, Inc. <sup>(a)</sup>  | 514433 | 3786227 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)</sup>  | 190842 | 4404633 |
|  Cross Country Healthcare, Inc. <sup>(a)</sup>  | 349122 | 3037361 |
|  Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup>  | 212786 | 7130459 |
|  Haemonetics Corp. <sup>(a)</sup>  | 77694 | 4919584 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 81443 | 5662732 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup>  | 147528 | 4210449 |
|  Lantheus Holdings, Inc. <sup>(a)</sup>  | 47013 | 3521744 |
|  Omnicell, Inc. <sup>(a)</sup>  | 120574 | 4955592 |
|  Option Care Health, Inc. <sup>(a)</sup>  | 185724 | 6028601 |
|  |  | 52795058 |

---

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

**BOSTON PARTNERS SMALL CAP VALUE FUND II** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Industrials — 19.3%** | **Industrials — 19.3%** | **Industrials — 19.3%** |
|  ABM Industries, Inc.  | 93961 | $4181265 |
|  AZZ, Inc.  | 28624 | 3892292 |
|  Brink's Co.  | 80838 | 9439453 |
|  Civeo Corp. <sup>(b)</sup>  | 119623 | 3312361 |
|  Columbus McKinnon Corp.  | 151957 | 2884144 |
|  Concentrix Corp. <sup>(b)</sup>  | 71665 | 2350612 |
|  CRA International, Inc.  | 27467 | 4742452 |
|  DNOW, Inc. <sup>(a)</sup>  | 192123 | 2263209 |
|  DXP Enterprises, Inc. <sup>(a)</sup>  | 9722 | 1346205 |
|  EnerSys  | 34121 | 5669204 |
|  First Advantage Corp. <sup>(a)(b)</sup>  | 346449 | 3987628 |
|  FTI Consulting, Inc. <sup>(a)</sup>  | 14854 | 2442295 |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 82658 | 3759286 |
|  Granite Construction, Inc. <sup>(b)</sup>  | 64654 | 8693377 |
|  Griffon Corp.  | 41396 | 3528595 |
|  HNI Corp.  | 144127 | 6479950 |
|  Huron Consulting Group, Inc. <sup>(a)(b)</sup>  | 46885 | 6629539 |
|  IBEX Holdings Ltd. <sup>(a)</sup>  | 204421 | 5907767 |
|  Janus International Group, Inc. <sup>(a)(b)</sup>  | 424421 | 2953970 |
|  Karat Packaging, Inc.  | 119177 | 2937713 |
|  KBR, Inc.  | 94554 | 3993015 |
|  Korn Ferry  | 49406 | 3096274 |
|  Landstar System, Inc.  | 23956 | 3903630 |
|  Legalzoom.com, Inc. <sup>(a)</sup>  | 763878 | 5370062 |
|  LSI Industries, Inc.  | 256544 | 5546481 |
|  Matson, Inc.  | 40055 | 6654337 |
|  Maximus, Inc.  | 84153 | 6362808 |
|  Mayville Engineering Co., Inc. <sup>(a)</sup>  | 165726 | 3480246 |
|  Primoris Services Corp.  | 54750 | 8251920 |
|  Robert Half, Inc. <sup>(b)</sup>  | 89761 | 2191964 |
|  Sensata Technologies Holding PLC  | 145327 | 5426510 |
|  Sterling Infrastructure, Inc. <sup>(a)(b)</sup>  | 6652 | 2847921 |
|  Upwork, Inc. <sup>(a)(b)</sup>  | 427693 | 5739640 |
|  |  | 150266125 |
|  **Information Technology — 14.5%** | **Information Technology — 14.5%** | **Information Technology — 14.5%** |
|  A10 Networks, Inc.  | 203922 | 3927538 |
|  Adeia, Inc.  | 353965 | 7323536 |
|  Arrow Electronics, Inc. <sup>(a)</sup>  | 33937 | 5163854 |
|  ASGN, Inc. <sup>(a)</sup>  | 72795 | 3122905 |
|  Avnet, Inc.  | 74756 | 4921935 |
|  Axcelis Technologies, Inc. <sup>(a)(b)</sup>  | 48130 | 3976019 |
|  Bel Fuse, Inc. - Class B <sup>(b)</sup>  | 46667 | 10719877 |
|  Belden, Inc. <sup>(b)</sup>  | 42355 | 6069471 |
|  Benchmark Electronics, Inc.  | 109008 | 6301752 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 29955 | 4227250 |
|  Daktronics, Inc. <sup>(a)</sup>  | 236709 | 6102358 |
|  Dolby Laboratories, Inc. - Class A  | 52994 | 3527811 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 23929 | 3373989 |
|  Insight Enterprises, Inc. <sup>(a)</sup>  | 27271 | 2278765 |
|  InterDigital, Inc. <sup>(b)</sup>  | 20543 | 7529626 |
|  Littelfuse, Inc.  | 7842 | 2763991 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 168348 | 4574015 |
|  OSI Systems, Inc. <sup>(a)(b)</sup>  | 15004 | 4279141 |
|  Penguin Solutions, Inc. <sup>(a)</sup>  | 292412 | 6076321 |
|  Photronics, Inc. <sup>(a)</sup>  | 123271 | 4614034 |
|  Qorvo, Inc. <sup>(a)</sup>  | 33106 | 2744487 |
|  Teradata Corp. <sup>(a)</sup>  | 108354 | 3412067 |
|  **Information Technology — 14.5% (continued)** | **Information Technology — 14.5% (continued)** |  |
|  Vontier Corp.  | 97881 | $4005291 |
|  Yext, Inc. <sup>(a)</sup>  | 376938 | 2141008 |
|  |  | 113177041 |
|  **Materials — 3.1%** | **Materials — 3.1%** | **Materials — 3.1%** |
|  Ashland, Inc.  | 49949 | 3114820 |
|  Commercial Metals Co.  | 72910 | 5344303 |
|  Element Solutions, Inc.  | 160045 | 5615979 |
|  Graphic Packaging Holding Co.  | 197058 | 2410019 |
|  Myers Industries, Inc.  | 161976 | 3623403 |
|  OR Royalties, Inc.  | 85168 | 4036112 |
|  |  | 24144636 |
|  **Real Estate — 1.8%** | **Real Estate — 1.8%** | **Real Estate — 1.8%** |
|  BRT Apartments Corp.  | 92031 | 1350095 |
|  Cousins Properties, Inc.  | 93702 | 2170138 |
|  CTO Realty Growth, Inc.  | 126434 | 2462934 |
|  Essential Properties Realty Trust, Inc.  | 111187 | 3773687 |
|  First Industrial Realty Trust, Inc.  | 65525 | 4137249 |
|  |  | 13894103 |
|  **Utilities — 0.2%** | **Utilities — 0.2%** | **Utilities — 0.2%** |
|  Pure Cycle Corp. <sup>(a)</sup>  | 142370 | 1504851 |
|  **TOTAL COMMON STOCKS** (Cost $612,158,280)  |  | 757026110 |
|  **CLOSED-END FUNDS — 0.4%** | **CLOSED-END FUNDS — 0.4%** | **CLOSED-END FUNDS — 0.4%** |
|  Golub Capital BDC, Inc. <sup>(b)</sup>  | 215317 | 2581650 |
|  **TOTAL CLOSED-END FUNDS** (Cost $3,326,487)  |  | 2581650 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  | 92801420 | 92801420 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $92,801,420)  |  | 92801420 |
|  **TOTAL INVESTMENTS — 109.6%** (Cost $708,286,187)  |  | 852409180 |
|  Liabilities in Excess of Other Assets — (9.6)%  |  | (74442700) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $777966480 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

**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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

<sup>(d)</sup> 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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $757026110 | $— | $— | $757026110 |
|  Closed-End Funds  | 2581650 |  |  | 2581650 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 92801420 |
|  Total Investments  | $759607760 | $— | $— | $852409180 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**WPG PARTNERS SELECT SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.4%** | **COMMON STOCKS — 92.4%** |  |
|  **Communication Services — 2.0%** |  |  |
|  IAC, Inc. <sup>(a)</sup>  | 109363 | $4190790 |
|  **Consumer Discretionary — 9.6%** |  |  |
|  Academy Sports & Outdoors, Inc.  | 34606 | 2080859 |
|  Driven Brands Holdings, Inc. <sup>(a)</sup>  | 182608 | 2008688 |
|  Holley, Inc. <sup>(a)</sup>  | 799604 | 3262384 |
|  National Vision Holdings, Inc. <sup>(a)</sup>  | 232943 | 6282473 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup>  | 137450 | 6363935 |
|  |  | 19998339 |
|  **Energy — 8.9%** |  |  |
|  BKV Corp. <sup>(a)</sup>  | 278130 | 8713813 |
|  Liberty Energy, Inc.  | 123540 | 3470238 |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 100917 | 2527971 |
|  Scorpio Tankers, Inc.  | 48060 | 3800585 |
|  |  | 18512607 |
|  **Financials — 10.2%** |  |  |
|  American Integrity Insurance Group, Inc. <sup>(a)</sup>  | 188018 | 3828046 |
|  BGC Group, Inc. - Class A  | 518952 | 4940423 |
|  First BanCorp  | 209158 | 4419509 |
|  Northpointe Bancshares, Inc.  | 164518 | 2971195 |
|  Peapack-Gladstone Financial Corp.  | 43130 | 1444424 |
|  Perella Weinberg Partners  | 197401 | 3653892 |
|  |  | 21257489 |
|  **Health Care — 16.4%** |  |  |
|  AMN Healthcare Services, Inc. <sup>(a)</sup>  | 176379 | 3435863 |
|  CareDx, Inc. <sup>(a)</sup>  | 230122 | 4317089 |
|  Cross Country Healthcare, Inc. <sup>(a)</sup>  | 254647 | 2215429 |
|  Cytek Biosciences, Inc. <sup>(a)</sup>  | 692936 | 3104353 |
|  ICON PLC <sup>(a)</sup>  | 32172 | 3479080 |
|  Innoviva, Inc. <sup>(a)</sup>  | 238962 | 5486568 |
|  Mesa Laboratories, Inc.  | 27244 | 2630953 |
|  Option Care Health, Inc. <sup>(a)</sup>  | 65045 | 2111361 |
|  PTC Therapeutics, Inc. <sup>(a)</sup>  | 76116 | 5190350 |
|  Teleflex, Inc.  | 17905 | 2185484 |
|  |  | 34156530 |
|  **Industrials — 17.1%** |  |  |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 213975 | 2950715 |
|  Custom Truck One Source, Inc. <sup>(a)</sup>  | 256880 | 1839261 |
|  Marten Transport Ltd.  | 216303 | 2939558 |
|  Maximus, Inc.  | 31921 | 2413547 |
|  MYR Group, Inc. <sup>(a)</sup>  | 9525 | 2571369 |
|  Proficient Auto Logistics, Inc. <sup>(a)</sup>  | 309874 | 2345746 |
|  Regal Rexnord Corp.  | 19023 | 4203703 |
|  RXO, Inc. <sup>(a)</sup>  | 199555 | 3184898 |
|  Star Bulk Carriers Corp.  | 185087 | 4865937 |
|  TrueBlue, Inc. <sup>(a)</sup>  | 303666 | 1284507 |
|  Tutor Perini Corp.  | 54835 | 4132914 |
|  V2X, Inc. <sup>(a)</sup>  | 38904 | 2713554 |
|  |  | 35445709 |
|  **Information Technology — 17.4%** |  |  |
|  8x8, Inc. <sup>(a)</sup>  | 927046 | $1983878 |
|  Littelfuse, Inc.  | 13438 | 4736358 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 360342 | 2753013 |
|  Onto Innovation, Inc. <sup>(a)</sup>  | 16800 | 3626952 |
|  Pegasystems, Inc.  | 69977 | 3060094 |
|  Silicon Motion Technology Corp. - ADR  | 31909 | 4123600 |
|  Teradata Corp. <sup>(a)</sup>  | 273411 | 8609712 |
|  Ultra Clean Holdings, Inc. <sup>(a)</sup>  | 120322 | 7301139 |
|  |  | 36194746 |
|  **Materials — 7.2%** |  |  |
|  Century Aluminum Co. <sup>(a)</sup>  | 39055 | 2013676 |
|  Huntsman Corp.  | 332350 | 4204227 |
|  Ingevity Corp. <sup>(a)</sup>  | 45753 | 3295589 |
|  Kronos Worldwide, Inc.  | 415763 | 2415583 |
|  thyssenkrupp AG  | 251440 | 3102586 |
|  |  | 15031661 |
|  **Real Estate — 3.6%** |  |  |
|  Broadstone Net Lease, Inc.  | 272693 | 5287517 |
|  National Storage Affiliates Trust  | 61245 | 2144800 |
|  |  | 7432317 |
|  **TOTAL COMMON STOCKS** (Cost $157,842,359)  |  | 192220188 |
|  **TOTAL INVESTMENTS — 92.4%** (Cost $157,842,359)  |  | 192220188 |
|  Other Assets in Excess of Liabilities — 7.6%  |  | 15771118 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $207991306 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

<sup>(a)</sup> Non-income producing security.

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

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $189117602 | $3102586 | $— | $192220188 |
|  Total Investments  | $189117602 | $3102586 | $— | $192220188 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

**WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |  |
|  **Communication Services — 1.8%** |  |  |
|  Cargurus, Inc. <sup>(a)</sup>  | 6104 | $187393 |
|  IAC, Inc. <sup>(a)</sup>  | 11397 | 436733 |
|  |  | 624126 |
|  **Consumer Discretionary — 5.0%** |  |  |
|  Academy Sports & Outdoors, Inc. <sup>(b)</sup>  | 5714 | 343583 |
|  ADT, Inc.  | 49378 | 396011 |
|  Advance Auto Parts, Inc. <sup>(b)</sup>  | 4145 | 220390 |
|  Century Communities, Inc.  | 4538 | 305090 |
|  Dave & Buster's Entertainment, Inc. <sup>(a)</sup>  | 4223 | 62162 |
|  Driven Brands Holdings, Inc. <sup>(a)(b)</sup>  | 30778 | 338558 |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 7158 | 120541 |
|  |  | 1786335 |
|  **Consumer Staples — 1.1%** |  |  |
|  Post Holdings, Inc. <sup>(a)(b)</sup>  | 2535 | 269470 |
|  Vital Farms, Inc. <sup>(a)</sup>  | 6408 | 135145 |
|  |  | 404615 |
|  **Energy — 8.8%** |  |  |
|  Antero Resources Corp. <sup>(a)</sup>  | 4424 | 162848 |
|  Atlas Energy Solutions, Inc. <sup>(b)</sup>  | 19883 | 191473 |
|  BKV Corp. <sup>(a)(b)</sup>  | 25539 | 800137 |
|  DHT Holdings, Inc.  | 22363 | 435855 |
|  Expro Group Holdings NV <sup>(a)</sup>  | 12122 | 216499 |
|  Liberty Energy, Inc.  | 14014 | 393653 |
|  Northern Oil & Gas, Inc. <sup>(b)</sup>  | 3443 | 94992 |
|  Scorpio Tankers, Inc.  | 7776 | 614926 |
|  SM Energy Co.  | 8819 | 203984 |
|  |  | 3114367 |
|  **Financials — 15.9%** |  |  |
|  BGC Group, Inc. - Class A  | 72453 | 689753 |
|  CNO Financial Group, Inc.  | 12427 | 519573 |
|  Enterprise Financial Services Corp.  | 12447 | 710724 |
|  First BanCorp <sup>(b)</sup>  | 20438 | 431855 |
|  FirstCash Holdings, Inc.  | 606 | 116831 |
|  Hanover Insurance Group, Inc.  | 1659 | 299665 |
|  National Bank Holdings Corp. - Class A <sup>(b)</sup>  | 12251 | 489917 |
|  Popular, Inc.  | 1250 | 169200 |
|  Primerica, Inc.  | 1349 | 342187 |
|  Prosperity Bancshares, Inc.  | 7267 | 511379 |
|  Slide Insurance Holdings, Inc. <sup>(a)</sup>  | 18306 | 347814 |
|  Webster Financial Corp. <sup>(b)</sup>  | 5049 | 364184 |
|  WesBanco, Inc.  | 18535 | 646315 |
|  |  | 5639397 |
|  **Health Care — 10.0%** |  |  |
|  Aveanna Healthcare Holdings, Inc. <sup>(a)</sup>  | 45715 | 336462 |
|  Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 856 | 238345 |
|  Haemonetics Corp. <sup>(a)</sup>  | 2989 | 189264 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 3642 | 253228 |
|  ICON PLC <sup>(a)(b)</sup>  | 2530 | 273594 |
|  Integer Holdings Corp. <sup>(a)</sup>  | 1031 | 89367 |
|  Option Care Health, Inc. <sup>(a)(b)</sup>  | 22270 | 722884 |
|  Phreesia, Inc. <sup>(a)(b)</sup>  | 22614 | 278831 |
|  PTC Therapeutics, Inc. <sup>(a)</sup>  | 8833 | 602322 |
|  Teleflex, Inc.  | 4590 | 560256 |
|  |  | 3544553 |
|  **Industrials — 17.6%** |  |  |
|  ABM Industries, Inc.  | 10563 | $470053 |
|  Arcosa, Inc.  | 2346 | 252148 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 41448 | 571568 |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 8331 | 523437 |
|  Hillman Solutions Corp. <sup>(a)</sup>  | 39368 | 322818 |
|  Hub Group, Inc. - Class A  | 8615 | 371048 |
|  Knight-Swift Transportation Holdings, Inc.  | 7042 | 443083 |
|  ManpowerGroup, Inc.  | 8965 | 250751 |
|  Maximus, Inc.  | 6296 | 476040 |
|  MYR Group, Inc. <sup>(a)</sup>  | 1655 | 446784 |
|  Regal Rexnord Corp.  | 2468 | 545379 |
|  RXO, Inc. <sup>(a)</sup>  | 23344 | 372570 |
|  Star Bulk Carriers Corp.  | 20076 | 527798 |
|  Timken Co.  | 3105 | 336520 |
|  UFP Industries, Inc.  | 3327 | 342381 |
|  |  | 6252378 |
|  **Information Technology — 14.9%** |  |  |
|  ASGN, Inc. <sup>(a)</sup>  | 6933 | 297426 |
|  Crane NXT Co. <sup>(b)</sup>  | 10326 | 498643 |
|  Diodes, Inc. <sup>(a)</sup>  | 3393 | 231504 |
|  Littelfuse, Inc.  | 1453 | 512124 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 37979 | 290160 |
|  Onto Innovation, Inc. <sup>(a)</sup>  | 2053 | 443222 |
|  Pegasystems, Inc.  | 6091 | 266359 |
|  Ralliant Corp.  | 6423 | 294751 |
|  Semtech Corp. <sup>(a)</sup>  | 3526 | 318116 |
|  Silicon Motion Technology Corp. - ADR <sup>(b)</sup>  | 4392 | 567578 |
|  Teradata Corp. <sup>(a)</sup>  | 28362 | 893119 |
|  Ultra Clean Holdings, Inc. <sup>(a)</sup>  | 10936 | 663597 |
|  |  | 5276599 |
|  **Materials — 11.9%** |  |  |
|  Alcoa Corp.  | 3487 | 216473 |
|  Ashland, Inc.  | 8961 | 558808 |
|  Capstone Copper Corp. <sup>(a)</sup>  | 38751 | 400848 |
|  Celanese Corp., Series A  | 5045 | 251947 |
|  Commercial Metals Co.  | 4638 | 339966 |
|  Constellium SE <sup>(a)</sup>  | 8648 | 215249 |
|  Huntsman Corp. <sup>(b)</sup>  | 34483 | 436210 |
|  Ingevity Corp. <sup>(a)</sup>  | 3902 | 281061 |
|  Louisiana-Pacific Corp.  | 4194 | 355400 |
|  Sonoco Products Co. <sup>(b)</sup>  | 4654 | 262811 |
|  thyssenkrupp AG  | 31610 | 390044 |
|  Warrior Met Coal, Inc.  | 5914 | 492281 |
|  |  | 4201098 |
|  **Real Estate — 5.9%** |  |  |
|  Brixmor Property Group, Inc. <sup>(b)</sup>  | 18292 | 553699 |
|  Broadstone Net Lease, Inc.  | 23961 | 464604 |
|  Getty Realty Corp. <sup>(b)</sup>  | 16617 | 545370 |
|  National Storage Affiliates Trust <sup>(b)</sup>  | 8751 | 306460 |
|  Newmark Group, Inc. - Class A  | 15695 | 227891 |
|  |  | 2098024 |

---

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

**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.  | 6403 | $471645 |
|  IDACORP, Inc.  | 2473 | 356038 |
|  Portland General Electric Co. <sup>(b)</sup>  | 8341 | 450080 |
|  Spire, Inc.  | 5711 | 523185 |
|  |  | 1800948 |
|  **TOTAL COMMON STOCKS** (Cost $28,446,823)  |  | 34742440 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 5831045 | 5831045 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $5,831,045)  |  | 5831045 |
|  **TOTAL INVESTMENTS — 114.5%** (Cost $34,277,868)  |  | 40573485 |
|  Liabilities in Excess of Other Assets — (14.5)%  |  | (5126884) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $35446601 |

---

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<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $34352396 | $390044 | $— | $34742440 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 5831045 |
|  Total Investments  | $34352396 | $390044 | $— | $40573485 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Boston<br> Partners<br> All-Cap<br> Value Fund** | **Boston<br> Partners <br> Global<br> Equity Fund** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $1289651752 | $314642720 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 41165054 | 5176145 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 1124742 | 327663 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 359957 | 534549 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 306364 | 645538 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 114190 | 8980 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 8427 | 1203 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for contracts for difference  |  |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for securities sold short |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  | 657704 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 92332 | 31605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 1332822818 | 322026107 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 38632507 | 7744556 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 883287 |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 769968 | 222798 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 75600 | 12562 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends payable  |  |  |
| &nbsp;&nbsp;&nbsp; Interest payable  |  | 106 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 360666 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 330093 | 72031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 40691455 | 8412719 |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $1292131363 | $313613388 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 and 0.001 per share)  | $38643 | $10515 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 597800524 | 209102189 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 694292196 | 104500684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $1292131363 | $313613388 |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $1092771610 | $313613388 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 32633369 | 10514950 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | 33.49 | 29.83 |
|  **Investor Class** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $199359753 | $— |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 6009587 |  |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | 33.17 |  |
|  **COST:** |  |  |
|  Investments, at cost  | $693710259 | $221532381 |
|  Foreign currency, at cost  |  |  |
|  **PROCEEDS:** |  |  |
|  Securities sold short proceeds  |  |  |
|  **LOANED SECURITIES:** |  |  |
|  at value (included in investments)  | 38083673 | 7528832 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Boston<br> Partners<br> Long/Short<br> Equity Fund** | **Boston<br> Partners<br> Long/Short<br> Research <br> Fund** | **Boston<br> Partners<br> Small Cap<br> Value Fund II** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $117859431 | $585393303 | $852409180 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 2675931 | 12657350 | 18678530 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 69234 | 500652 | 403794 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 29509 | 772472 | 3805 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 1252782 | 331388 | 871785 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 8659 | 134258 | 36648 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 1616 |  | 9914 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for contracts for difference  |  | 900000 |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for securities sold short  | 20657984 | 64503124 |  |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 39792 | 3622734 | 1870421 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value  | 1762518 | 34830628 |  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts<sup>(1)</sup>  |  | 5187069 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 47582 | 148465 | 30104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 144405038 | 708981443 | 874314181 |
|  **LIABILITIES**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value  | 20326549 | 90964299 |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 11377342 |  | 92801420 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 1004717 | 469618 | 380027 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 138913 | 512641 | 560011 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 4632 | 4576 | 60184 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on swap contracts<sup>(1)</sup>  |  | 6190621 |  |
| &nbsp;&nbsp;&nbsp; Dividends payable  | 9507 | 113904 |  |
| &nbsp;&nbsp;&nbsp; Interest payable  | 43 |  | 4004 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 786007 | 5361698 | 2392077 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 45093 | 136780 | 149978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 33692803 | 103754137 | 96347701 |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $110712235 | $605227306 | $777966480 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, and 0.001 per share)  | $7830 | $41210 | $28539 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 73253600 | 380925958 | 604512344 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 37450805 | 224286523 | 173425597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $110712235 | $605253691 | $777966480 |
|  **Institutional Class** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $86861498 | $596593133 | $724380959 |
| &nbsp;&nbsp;&nbsp; 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)  | 5678615 | 40588679 | 26426577 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $15.30 | 14.70 | 27.41 |
|  **Investor Class** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $23850737 | $8634173 | $53585521 |
| &nbsp;&nbsp;&nbsp; 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)  | 2151318 | 620943 | 2111956 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | 11.09 | 13.90 | 25.37 |
|  **COST:** |  |  |  |
|  Investments, at cost  | $85834039 | $397057894 | $708286187 |
|  Foreign currency, at cost  | 1703998 | 34461909 |  |
|  **PROCEEDS:** |  |  |  |
|  Securities sold short proceeds  | 25199817 | 97678815 |  |
|  **LOANED SECURITIES:** |  |  |  |
|  at value (included in investments)  | 11243626 |  | 88690803 |

---

<sup>(1)</sup> Primary risk exposure is equity contracts

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **WPG Partners<br> Select Small <br> Cap<br> Value Fund** | **WPG Partners<br> Small Cap <br> Value<br> Diversified <br> Fund** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $192220188 | $40573485 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 14680094 | 1011743 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 5675681 | 89899 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 72989 | 30844 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 22071 | 2681 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 20827 |  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 8079 | 1094 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  | 708 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for contracts for difference  |  |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for securities sold short  |  |  |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts. |  |  |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 24752 | 12313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 212724681 | 41722767 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 4458910 | 282728 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 147841 | 21552 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 32420 | 100000 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 3505 | 403 |
| &nbsp;&nbsp;&nbsp; Interest payable  | 100 | 228 |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  | 5831045 |
| &nbsp;&nbsp;&nbsp; Payable to custodian foreign currency, at value  |  | 1760 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 90599 | 38450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 4733375 | 6276166 |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $207991306 | $35446601 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 and 0.001 per share)  | $16149 | $1706 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 169816120 | 27123474 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 38159037 | 8321421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $207991306 | $35446601 |
|  **Institutional** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $207991306 | $35446601 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 16148529 | 1705750 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | 12.88 | 20.78 |
|  **COST:** |  |  |
|  Investments, at cost  | $157842359 | $34277868 |
|  **PROCEEDS:** |  |  |
|  Foreign currency proceeds  |  | 1767 |
|  **LOANED SECURITIES:** |  |  |
|  at value (included in investments)  |  | 5662021 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Statements of Operations** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Boston<br> Partners<br> All-Cap<br> Value Fund** | **Boston<br> Partners <br> Global<br> Equity Fund** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $8899762 | $2007759 |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (18099) | (1629) |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (21916) | (76316) |
| &nbsp;&nbsp;&nbsp; Interest income  | 589351 | 107382 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 97399 | 7347 |
| &nbsp;&nbsp;&nbsp; Other income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 9546497 | 2044543 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 4501607 | 1288088 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 436814 | 113805 |
| &nbsp;&nbsp;&nbsp; Distribution expenses - Investor Class  | 251324 |  |
| &nbsp;&nbsp;&nbsp; Legal fees  | 175069 | 39709 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 134957 | 43568 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 119128 | 25717 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 110787 | 30639 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 23983 | 29855 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 21943 | 17952 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 17969 | 1206 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 7893 | 14959 |
| &nbsp;&nbsp;&nbsp; Interest expense  | 4150 | 1055 |
| &nbsp;&nbsp;&nbsp; Dividends expenses  |  |  |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 40326 | 10403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 5845950 | 1616956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (445783) | (256254) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 5400167 | 1360702 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)**  | 4146330 | 683841 |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 83562903 | 18538753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 20793975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  |  | (9783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 104356878 | 18528970 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1915892 | 23047956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 1543 | (1939) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1917435 | 23046017 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 106274313 | 41574987 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $110420643 | $42258828 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF OPERATIONS (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Boston<br> Partners<br> Long/Short<br> Equity Fund**  | **Boston<br> Partners<br> Long/Short<br> Research <br> Fund** | **Boston<br> Partners<br> Small Cap<br> Value Fund II** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $732448 | $3952298 | $4941053 |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (4980) | (2009) | (79) |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (26786) | (37227) | (30945) |
| &nbsp;&nbsp;&nbsp; Interest income  | 58868 | 141738 | 404433 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 23122 |  | 65066 |
| &nbsp;&nbsp;&nbsp; Other income  |  | (9143) |  |
| &nbsp;&nbsp;&nbsp; Prime broker interest income  | 256847 | 1127413 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1039519 | 5173070 | 5379528 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 1078375 | 3491966 | 2912966 |
| &nbsp;&nbsp;&nbsp; Investment advisory fee - recouped  |  |  | 11888 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 30246 | 144221 | 212363 |
| &nbsp;&nbsp;&nbsp; Distribution expenses - Investor Class  | 25308 | 10820 | 65612 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 11294 | 77096 | 67659 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 21358 | 92141 | 66304 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 7471 | 50002 | 42935 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 8377 | 44513 | 52847 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 10608 | 25279 | 13848 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 19939 | 20893 | 31569 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 1141 | 5382 | 7051 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 10632 | 13532 | 7894 |
| &nbsp;&nbsp;&nbsp; Interest expense  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends expenses  | 23189 | 527151 |  |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 5234 | 19247 | 18360 |
| &nbsp;&nbsp;&nbsp; Prime broker interest expense  | 110064 | 93639 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1363236 | 4615882 | 3511296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (265290) |  | (52935) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 1097946 | 4615882 | 3458361 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME/(LOSS)**  | (58427) | 557188 | 1921167 |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 3860993 | 37816732 | 31746637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  |  |  | 5429819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | (1998159) | 769269 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts<sup>(1)</sup>  |  | (758882) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (312779) | 451788 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1550055 | 38278907 | 37176456 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 7432996 | 20205208 | (5642226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | 2647749 | (2587469) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts<sup>(1)</sup>  |  | (1678337) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 278687 | (518701) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 10359432 | 15420701 | (5642226) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 11909487 | 53699608 | 31534230 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $11851060 | $54256796 | $33455397 |

---

<sup>(1)</sup> Primary risk exposure is equity contracts

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF OPERATIONS (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **WPG Partners<br> Select Small <br> Cap<br> Value Fund** | **WPG Partners<br> Small Cap <br> Value<br> Diversified <br> Fund** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $3273890 | $469162 |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (2000) | (258) |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (16962) | (2898) |
| &nbsp;&nbsp;&nbsp; Interest income  | 128557 | 16340 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  | 6672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 3383485 | 489018 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 847408 | 131157 |
| &nbsp;&nbsp;&nbsp; Investment advisory fee - recouped  | 26695 |  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 37554 | 6749 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 29057 | 13824 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 23647 | 2464 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 23425 | 13723 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 11781 | 2129 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 11282 | 10339 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 7894 | 7893 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 6313 | 2020 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 5115 |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | 2414 |  |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 4844 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1037429 | 192494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  |  | (12154) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 1037429 | 180340 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 2346056 | 308678 |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 15162981 | 2068965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (6038) | (819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 15156943 | 2068146 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 16949836 | 1802049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 380 | 35 |
|  Net change in unrealized appreciation (depreciation)  | 16950216 | 1802084 |
|  Net realized and unrealized gain (loss)  | 32107159 | 3870230 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $34453215 | $4178908 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Boston Partners<br> All-Cap Value Fund** | **Boston Partners<br> All-Cap Value Fund** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $4146330 | $11483688 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 104356878 | 143550107 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 1917435 | (43935729) |
|  Net increase/(decrease) in net assets resulting from operations  | 110420643 | 111098066 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (93370317) | (115942510) |
| &nbsp;&nbsp;&nbsp; Investor Class  | (17472519) | (19479841) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (110842836) | (135422351) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 99141252 | 103855302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 76151653 | 92688487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (166246165) | (363671223) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 4999562 | 10161894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 16520815 | 18446970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (24128491) | (44006445) |
|  Net increase/(decrease) in net assets from capital transactions  | 6438626 | (182525015) |
|  Total increase/(decrease) in net assets  | 6016433 | (206849300) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 1286114930 | 1492964230 |
| &nbsp;&nbsp;&nbsp; End of period  | $1292131363 | $1286114930 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2947898 | 3266267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 2326662 | 2983215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4910500) | (11446582) |
|  Net increase/(decrease)  | 364060 | (5197100) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 149743 | 317807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 509273 | 597569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (724184) | (1375919) |
|  Net increase/(decrease)  | 298892 | (460543) |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Boston Partners<br> Global Equity Fund** | **Boston Partners<br> Global Equity Fund** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $683841 | $4886958 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 18528970 | 20894526 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 23046017 | 16055765 |
|  Net increase/(decrease) in net assets resulting from operations  | 42258828 | 41837249 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (27370105) | (11307608) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
|  Net decrease in net assets from dividends and distributions to shareholders  | (27370105) | (11307608) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 19352198 | 22287855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 25576548 | 10762707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (23375707) | (31056072) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  |  |  |
|  Net increase/(decrease) in net assets from capital transactions  | 21553039 | 1994490 |
|  Total increase/(decrease) in net assets  | 36441762 | 32524131 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 277171626 | 244647495 |
| &nbsp;&nbsp;&nbsp; End of period  | $313613388 | $277171626 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 674259 | 898831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 931411 | 458768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (834984) | (1229367) |
|  Net increase/(decrease)  | 770686 | 128232 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Boston Partners<br> Long/Short Equity Fund** | **Boston Partners<br> Long/Short Equity Fund** | **Boston Partners<br> Long/Short Research Fund** | **Boston Partners<br> Long/Short Research Fund** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $(58427) | $189925 | $557188 | $3578945 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 1550055 | 10009849 | 38278907 | 57618772 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 10359432 | 1534410 | 15420701 | (18628706) |
|  Net increase/(decrease) in net assets resulting from operations  | 11851060 | 11734184 | 54256796 | 42569011 |
|  **Dividends and distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (5691316) | (8827226) | (53473902) | (59554854) |
| &nbsp;&nbsp;&nbsp; Investor Class  | (1968589) | (3581735) | (894697) | (849904) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (7659905) | (12408961) | (54368599) | (60404758) |
|  **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 47113995 | 20751764 | 80106497 | 144517472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 5595183 | 8511483 | 29751662 | 31639246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (32091930) | (14344409) | (43174757) | (212550287) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 6908624 | 5499897 | 906834 | 2245684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 1943791 | 3529613 | 894697 | 849904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4178286) | (4937584) | (1961184) | (1976343) |
|  Net increase/(decrease) in net assets from capital transactions  | 25291377 | 19010764 | 66523749 | (35274324) |
|  Total increase/(decrease) in net assets  | 29482532 | 18335987 | 66411946 | (53110071) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 81229703 | 62893716 | 538841745 | 591951816 |
| &nbsp;&nbsp;&nbsp; End of period  | $110712235 | $81229703 | $605253691 | $538841745 |
|  **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3166071 | 1585879 | 5536013 | 10159559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 389095 | 671782 | 2113044 | 2291039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2192395) | (1103856) | (2937140) | (15290264) |
|  Net increase/(decrease)  | 1362771 | 1153805 | 4711917 | (2839666) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 641443 | 539982 | 65792 | 165585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 186365 | 372715 | 67119 | 64533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (382351) | (495654) | (142356) | (146975) |
|  Net increase/(decrease)  | 1808228 | 417043 | 4702472 | 83143 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **Boston Partners<br> Small Cap Value Fund II** | **Boston Partners<br> Small Cap Value Fund II** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1921167 | $3586403 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 37176456 | 60342362 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | (5642226) | (2144927) |
|  Net increase/(decrease) in net assets resulting from operations  | 33455397 | 61783838 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (44970154) | (66484637) |
| &nbsp;&nbsp;&nbsp; Investor Class  | (3922327) | (7573971) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (48892481) | (74058608) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 208482454 | 139949131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 44066619 | 64990134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (100322533) | (151668934) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1076618 | 2012228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 3791538 | 7332895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4331488) | (9874530) |
|  Net increase/(decrease) in net assets from capital transactions  | 152763208 | 52740924 |
|  Total increase/(decrease) in net assets  | 137326124 | 40466154 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 640640356 | 600174202 |
| &nbsp;&nbsp;&nbsp; End of period  | $777966480 | $640640356 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 7631049 | 5249893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 1662891 | 2407042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3667231) | (5634391) |
|  Net increase/(decrease)  | 5626709 | 2022544 |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 42477 | 80685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 154504 | 291219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (171259) | (398157) |
|  Net increase/(decrease)  | 5652431 | (26253) |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **WPG Partners<br> Select Small Cap Value Fund** | **WPG Partners<br> Select Small Cap Value Fund** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $2346056 | $445029 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 15156943 | (2803505) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 16950216 | (211582) |
|  Net increase/(decrease) in net assets resulting from operations  | 34453215 | (2570058) |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (8708068) | (5331430) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (8708068) | (5331430) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 18721642 | 125679607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 6866238 | 4074306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (32753398) | (56070384) |
|  Net increase/(decrease) in net assets from capital transactions  | (7165518) | 73683529 |
|  Total increase/(decrease) in net assets  | 18579629 | 65782041 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 189411677 | 123629636 |
| &nbsp;&nbsp;&nbsp; End of period  | $207991306 | $189411677 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1576791 | 11698764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 593453 | 346749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2840102) | (5455668) |
|  Net increase/(decrease)  | (669858) | 6589845 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF CHANGES IN NET ASSETS (CONCLUDED)**

---

| | | |
|:---|:---|:---|
|  | **WPG Partners<br> Small Cap Value <br> Diversified Fund** | **WPG Partners<br> Small Cap Value <br> Diversified Fund** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the<br> Year Ended<br> August 31, <br> 2025** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $308678 | $256398 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 2068146 | 2860594 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 1802084 | (2785994) |
|  Net increase/(decrease) in net assets resulting from operations  | 4178908 | 330998 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (3003927) | (1976316) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (3003927) | (1976316) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 252717 | 2138827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2865186 | 1907591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1258803) | (3066734) |
|  Net increase/(decrease) in net assets from capital transactions  | 1859100 | 979684 |
|  Total increase/(decrease) in net assets  | 3034081 | (665633) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 32412520 | 33078153 |
| &nbsp;&nbsp;&nbsp; End of period  | $35446601 | $32412520 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 12664 | 108046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 149775 | 95332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (63100) | (162749) |
|  Net increase/(decrease)  | 99339 | 40629 |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 Return<sup>1</sup>  | 8.88% | 8.90% | 19.04% | 12.00% | (3.76)% | 39.91% |
|  Net Assets, End of Period (000)  | $1092772 | $1083763 | $1272666 | $1164397 | $1200629 | $1653698 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 0.80%<sup>3</sup> | 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%<sup>3</sup> | 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%<sup>3</sup> | 0.87% | 0.96% | 1.35% | 1.00% | 0.86% |
|  Portfolio Turnover Rate  | 10%<sup>4</sup> | 37% | 24% | 33% | 29% | 33% |

---

\* Calculated based on average shares outstanding for the period.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 Return<sup>1</sup>  | 8.71% | 8.65% | 18.77% | 11.68% | (4.00)% | 39.57% |
|  Net Assets, End of Period (000)  | $199360 | $202352 | $220298 | $228631 | $230437 | $279306 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.05%<sup>3</sup> | 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%<sup>3</sup> | 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%<sup>3</sup> | 0.62% | 0.71% | 1.10% | 0.75% | 0.61% |
|  Portfolio Turnover Rate  | 10%<sup>4</sup> | 37% | 24% | 33% | 29% | 33% |

---

\* Calculated based on average shares outstanding for the period.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 Return<sup>1</sup>  | 15.58% | 17.49% | 22.17% | 15.28% | (8.27)% | 39.66% |
|  Net Assets, End of Period (000)  | $313613 | $277172 | $244647 | $212164 | $171407 | $183433 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 0.95%<sup>3</sup> | 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%<sup>3</sup> | 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%<sup>3</sup> | 1.98% | 1.98% | 2.20% | 1.94% | 1.38% |
|  Portfolio Turnover Rate  | 30%<sup>4</sup> | 55% | 48% | 51% | 59% | 88% |

---

\* Calculated based on average shares outstanding for the period.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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)<sup>(b)</sup> | 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 <sup>(b)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $15.30 | $14.53 | $15.04 | $14.99 | $14.73 | $14.21 |
|  Total Investment Return<sup>1</sup>  | 13.75% | 17.30% | 23.51% | 14.69% | 8.35% | 29.08% |
|  Net Assets, End of Period (000)  | $86861 | $62729 | $47563 | $56303 | $54733 | $49551 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 2.01 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 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)%<sup>3</sup> | 0.34% | 0.43% | 0.50% | (0.87)% | (0.91)% |
|  Portfolio Turnover Rate  | 46 %<sup>4</sup> | 54% | 35% | 44% | 40% | 31% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 <sup>(c)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $11.09 | $10.85 | $11.90 | $12.45 | $12.54 | $12.22 |
|  Total Investment Return<sup>1</sup>  | 13.52% | 17.00% | 23.26% | 14.44% | 8.07% | 28.71% |
|  Net Assets, End of Period (000)  | $23851 | $18501 | $15331 | $11748 | $11720 | $11571 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 2.27 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 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)%<sup>3</sup> | 0.09% | 0.18% | 0.25% | (1.12)% | (1.16)% |
|  Portfolio Turnover Rate  | 46 %<sup>4</sup> | 54% | 35% | 44% | 40% | 31% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 <sup>(c)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $14.70 | $14.77 | $15.09 | $14.15 | $15.98 | $16.82 |
|  Total Investment Return<sup>1</sup>  | 10.10% | 8.85% | 18.79% | 7.16% | 7.17% | 26.37% |
|  Net Assets, End of Period (000)  | $596593 | $529974 | $584044 | $688944 | $801913 | $808565 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.62 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 0.64% | 0.88% | 1.12% | (0.10)% | (0.66)% |
|  Portfolio Turnover Rate  | 28 %<sup>4</sup> | 65% | 53% | 54% | 85% | 61% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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)<sup>(b)</sup> | 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 <sup>(b)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $13.91 | $14.07 | $14.45 | $13.62 | $15.48 | $16.39 |
|  Total Investment Return<sup>1</sup>  | 9.88% | 8.58% | 18.43% | 6.92% | 6.91% | 25.98% |
|  Net Assets, End of Period (000)  | $8634 | $8868 | $7907 | $7483 | $11989 | $10220 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.87 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 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)%<sup>3</sup> | 0.39% | 0.63% | 0.87% | (0.35)% | (0.91)% |
|  Portfolio Turnover Rate  | 28 %<sup>4</sup> | 65% | 53% | 54% | 85% | 61% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 <sup>(c)</sup> |  |  |  |  |  |
|  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 Return<sup>1</sup>  | 4.52% | 10.97% | 19.09% | 7.17% | (8.88)% | 54.40% |
|  Net Assets, End of Period (000)  | $724381 | $585921 | $542807 | $533633 | $688375 | $776442 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 0.99 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 0.65% | 0.84% | 0.91% | 0.61% | 0.52% |
|  Portfolio Turnover Rate  | 44 %<sup>4</sup> | 70% | 55% | 65% | 24% | 33% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 <sup>(c)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $25.37 | $26.23 | $27.16 | $25.95 | $26.12 | $30.81 |
|  Total Investment Return<sup>1</sup>  | 4.38% | 10.69% | 18.80% | 6.90% | (9.11)% | 54.01% |
|  Net Assets, End of Period (000)  | $53586 | $54719 | $57367 | $61041 | $82898 | $104282 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.24 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 0.40% | 0.59% | 0.66% | 0.36% | 0.27% |
|  Portfolio Turnover Rate  | 44 %<sup>4</sup> | 70% | 55% | 65% | 24% | 33% |

---

\* Calculated based on average shares outstanding.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Period <br> December 29, <br> 2021\*\* <br> through <br> August 31,<br> 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 Return<sup>1</sup>  | 20.15% | (3.86)% | 18.12% | 25.94% | (6.00)% |
|  Net Assets, End of Period (000)  | $207991 | $189412 | $123630 | $107329 | $17845 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.07%<sup>3</sup> | 1.10% | 1.10% | 1.10% | 1.10% |
|  Ratio of Expenses to Average Net Assets Without Waivers and Reimbursements if any  | 1.10%<sup>3</sup> | 1.13% | 1.13% | 1.16% | 2.93% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 2.49%<sup>3</sup> | 0.28% | 0.02% | 0.65% | (0.22)% |
|  Portfolio Turnover Rate  | 89%<sup>4</sup> | 155% | 160% | 118% | 70% |

---

\* Calculated based on average shares outstanding.

\*\* Commencement of operations.

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Six Months <br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** | **For the <br> Year Ended <br> August 31, <br> 2023** | **For the <br> Year Ended <br> August 31, <br> 2022** | **For the <br> Year Ended <br> August 31, <br> 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 <sup>(c)</sup> |  |  |  |  |  |
|  Net Asset Value, End of Period  | $20.78 | $20.18 | $21.13 | $18.81 | $19.92 | $19.33 |
|  Total Investment Return<sup>1</sup>  | 13.26% | 1.39% | 20.99% | 11.35% | 4.59% | 62.66% |
|  Net Assets, End of Period (000)  | $35447 | $32413 | $33078 | $29263 | $32264 | $27602 |
|  Ratio of Expenses to Average Net Assets With Waivers and Reimbursements if any<sup>2</sup>  | 1.10 %<sup>3</sup> | 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 %<sup>3</sup> | 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 %<sup>3</sup> | 0.81% | 0.84% | 1.06% | 0.44% | 0.40% |
|  Portfolio Turnover Rate  | 51 %<sup>4</sup> | 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.  |

---

<sup>1</sup> 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. 

<sup>2</sup> 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.

<sup>3</sup> Annualized

<sup>4</sup> Not Annualized

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Notes to Financial Statements** 

**FEBRUARY 28, 2026 (UNAUDITED)**

&nbsp;&nbsp;&nbsp;&nbsp;**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).

**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.

**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

**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** | **BP LONG/SHORT EQUITY FUND** | **BP LONG/SHORT EQUITY FUND** |
| **DAYS<br> UTILIZED** | **AVERAGE DAILY<br> BORROWINGS** | **WEIGHTED AVERAGE<br> 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% |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **BP LONG/SHORT RESEARCH FUND** | **BP LONG/SHORT RESEARCH FUND** | **BP LONG/SHORT RESEARCH FUND** |
| **DAYS<br> UTILIZED** | **AVERAGE DAILY<br> BORROWINGS** | **WEIGHTED AVERAGE<br> 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<br> LONG** | **NOTIONAL AMOUNT<br> SHORT** |
|  BP Long/Short Equity Fund  | $– $| 25637 |
|  BP Long/Short Research Fund  | – | 79835211 |

---

**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 <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** | | **GROSS AMOUNT NOT <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT <br> OFFSET IN THE STATEMENT OF <br> ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> ASSETS** | **FINANCIAL <br> INSTRUMENTS** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET <br> AMOUNT<sup>1</sup>** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS** | **CASH <br> COLLATERAL <br> PLEDGED<sup>2</sup>** | **NET <br> AMOUNT<sup>3</sup>** |
|  BP Long/Short Research Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | $585384 | $(585384) | $— | $— | $(745565) | $585384 | $160181 | $— |
| &nbsp;&nbsp;&nbsp; HSBC Bank  | 23492 |  |  | 23492 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | 2827437 | (1642303) |  | 1185134 | (1642303) | 1642303 |  |  |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 1745513 | (1745513) |  |  | (3798115) | 1745513 |  | (2052602) |
| &nbsp;&nbsp;&nbsp; UBS AG  | 5243 | (4638) |  | 605 | (4638) | 4638 |  |  |
|  Total  | $5187069 | $(3977838) | $— | $1209231 | $(6190621) | $3977838 | $160181 | $(2052602) |

---

<sup>1</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>2</sup> Actual collateral pledged may be more than the amount shown. 

<sup>3</sup> 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,

**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 <br> OPTIONS<br> (COST)** | **WRITTEN OPTIONS<br> (PROCEEDS)** |
|  BP Long/Short Equity Fund  | $22760 | $— |
|  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** | **EXPENSE CAPS** |
| <br>**FUND** | <br>**ADVISORY FEE** | **INSTITUTIONAL <br> CLASS**  | **INVESTOR <br> 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.

**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  | $11888 |
|  WPG Select Small Cap Value Fund  | 26695 |

---

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  | $581154 | $650637 | $657804 | $445783 | $2335378 |
|  BP Global Equity Fund  | 312531 | 357823 | 394414 | $256254 | $1321022 |
|  BP Long/Short Equity Fund  | 440825 | 414321 | 416555 | $265290 | $1536991 |
|  BP Small Cap Value Fund II  | 301845 | 231790 | 196442 | $52935 | $783012 |
|  WPG Select Small Cap Value Fund  | 26270 | 39014 | 47132 | $— | $112416 |
|  WPG Small Cap Value Diversified Fund  | 64117 | 51465 | 36289 | $12154 | $164024 |

---

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.

**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  | $120940891 | $243137195 |
|  BP Global Equity Fund  | 84387981 | 86378342 |
|  BP Long/Short Equity Fund  | 60511260 | 42536937 |
|  BP Long/Short Research Fund  | 152918401 | 157083123 |
|  BP Small Cap Value Fund II  | 398209298 | 293998201 |
|  WPG Select Small Cap Value Fund  | 162758493 | 180766342 |
|  WPG Small Cap Value Diversified Fund  | 16484944 | 17353695 |

---

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 <br> TAX COST**  | **UNREALIZED <br> APPRECIATION**  | **UNREALIZED <br> (DEPRECIATION)**  | **NET UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)**  |
|  BP All-Cap Value Fund  | $764873615 | $596705636 | $(6018038) | $590687598 |
|  BP Global Equity Fund  | 206166343 | 74761924 | (7242179) | 67519745 |
|  BP Long/Short Equity Fund  | 41919980 | 32116188 | (6412161) | 25704027 |
|  BP Long/Short Research Fund  | 281454998 | 194135861 | (18783749) | 175352112 |
|  BP Small Cap Value Fund II  | 552188816 | 168533425 | (22311561) | 146221864 |
|  WPG Select Small Cap Value Fund  | 166375832 | 27091669 | (15352609) | 11739060 |
|  WPG Small Cap Value Diversified Fund  | 33081498 | 5909555 | (1767014) | 4142541 |

---

**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 <br> EARNINGS/(LOSS)** | **PAID-IN <br> CAPITAL** |
|  BP All-Cap Value Fund  | $(15304321) | $15304321 |
|  BP Global Equity Fund  | (735708) | 735708 |
|  BP Long/Short Equity Fund  | (893953) | 893953 |
|  BP Long/Short Research Fund  | (13169470) | 13169470 |
|  BP Small Cap Value Fund II  | (4756490) | 4756490 |
|  WPG Select Small Cap Value Fund  | (941667) | 941667 |
|  WPG Small Cap Value Diversified Fund  | (218333) | 218333 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **CAPITAL LOSS <br> CARRYFORWARDS** | **QUALIFIED <br> LATE-YEAR LOSS <br> DEFERRAL** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  BP All-Cap Value Fund  | $7898743 | $96128048 | $– $|  | $— | $590687598 |
|  BP Global Equity Fund  | 8432265 | 13659951 | – |  |  | 67519745 |
|  BP Long/Short Equity Fund  | 2304806 | 5355099 | – |  | (104282) | 25704027 |
|  BP Long/Short Research Fund  | 5382747 | 44223778 | – |  | (560311) | 175352112 |
|  BP Small Cap Value Fund II  | 3536944 | 39103873 | – |  |  | 146221864 |
|  WPG Select Small Cap Value Fund  | 445518 | 229312 | – |  |  | 11739060 |
|  WPG Small Cap Value Diversified Fund  | 365764 | 2638136 | – |  |  | 4142531 |

---

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** | **2025** | **2025** |
| <br>**FUND** | **ORDINARY <br> INCOME**  | **LONG-TERM <br> GAINS**  | **TOTAL** |
|  BP All-Cap Value Fund  | $14315274 | $121107077 | $135422351 |
|  BP Global Equity Fund  | 4444770 | 6862838 | 11307608 |
|  BP Long/Short Equity Fund  | 5977261 | 6431700 | 12408961 |
|  BP Long/Short Research Fund  | 4599811 | 55804947 | 60404758 |
|  BP Small Cap Value Fund II  | 7882656 | 66175952 | 74058608 |
|  WPG Select Small Cap Value Fund  | 3800237 | 1531193 | 5331430 |
|  WPG Small Cap Value Diversified Fund  | 898973 | 1077343 | 1976316 |

---

**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 <br> OF SECURITIES <br> LOANED**  | **MARKET VALUE OF <br> COLLATERAL**  | **INCOME RECEIVED <br> FROM SECURITIES <br> LENDING**  |
|  BP All-Cap Value Fund  | $38083673 | $38632507 | $97399 |
|  BP Global Equity Fund  | 7528832 | 7744556 | 7347 |
|  BP Long/Short Equity Fund  | 11243626 | 11377342 | 23122 |
|  BP Small Cap Value Fund II  | 88690803 | 92801420 | 65065 |
|  WPG Small Cap Value Diversified Fund  | 5662021 | 5831045 | 6673 |

---

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

**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<br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT OFFSET IN THE<br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS AMOUNT <br> OF RECOGNIZED <br> ASSETS**  | <br>**GROSS <br> AMOUNTS <br> OFFSET IN <br> THE STATEMENTS <br> OF ASSETS <br> AND LIABILITIES**  | <br>**NET AMOUNT <br> OF ASSETS <br> PRESENTED IN <br> THE STATEMENTS <br> OF ASSETS <br> AND LIABILITIES**  | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>**  | **CASH <br> COLLATERAL <br> RECEIVED**  | **NET AMOUNT** |
|  BP All-Cap Value Fund  | $38083673 |  | $38083673 | $(38083673) |  |  |
|  BP Global Equity Fund  | 7528832 |  | 7528832 | (7528832) |  |  |
|  BP Long/Short Equity Fund  | 11243626 |  | 11243626 | (11243626) |  |  |
|  BP Small Cap Value Fund II  | 88690803 |  | 88690803 | (88690803) |  |  |
|  WPG Small Cap Value Diversified Fund  | 5662021 |  | 5662021 | (5662021) |  |  |

---

<sup>1</sup> 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 <br> AMOUNT OF <br> DAYS <br> BORROWED**  | **AVERAGE <br> BORROWINGS**  | **MAXIMUM <br> AMOUNT <br> OUTSTANDING**  | **INTEREST <br> EXPENSE**  | **AVERAGE <br> INTEREST RATE**  |
|  BP All-Cap Value Fund  | 2 | $10710500 | $19206000 | $4150 | 6.83% |
|  BP Global Equity Fund  | 5 | 1463600 | 5066000 | 1372 | 6.79% |
|  BP Long/Short Equity Fund  | 7 | 2665143 | 11827000 | 3668 | 6.92% |
|  BP Long/Short Research Fund  | 35 | 2807886 | 25979000 | 19226 | 7.15% |
|  WPG Partners Select Small Cap Value Fund  | 2 | 5948500 | 7213000 | 2313 | 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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**OTHER INFORMATION** 

**FEBRUARY 28, 2026 (UNAUDITED)**

<u><u>Boston Partners Long/Short Equity Fund</u></u>

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.

**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.

![](fp0096661-16_70.jpg)

![](campbell_i.jpg)

**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%** | **U.S. TREASURY BILLS — 73.1%** |  |
|  3.93%, 03/05/2026 <sup>(a)</sup>  | $250000000 | $249924893 |
|  3.74%, 04/09/2026 <sup>(a)</sup>  | 260000000 | 259007198 |
|  3.72%, 05/14/2026 <sup>(a)</sup>  | 200000000 | 198546084 |
|  3.60%, 06/04/2026 <sup>(a)</sup>  | 225000000 | 222903605 |
|  3.50%, 07/09/2026 <sup>(a)</sup>  | 220000000 | 217197475 |
|  3.57%, 08/06/2026 <sup>(a)</sup>  | 300000000 | 295407750 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $1,442,909,071) |  | 1442987005 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 2.4%** | **MONEY MARKET FUNDS — 2.4%** |  |
|  BlackRock Liquidity Funds T-Fund - Institutional Class, 3.56% <sup>(b)</sup>  | 47389892 | 47389892 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $47,389,892)  |  | 47389892 |
|  **TOTAL INVESTMENTS — 75.5%** (Cost $1,490,298,963)  |  | 1490376897 |
|  Other Assets in Excess of Liabilities — 24.5%  |  | 482509396 |
|  **TOTAL NET ASSETS — 100.0%** |  | $1972886293 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of February 28, 2026.

<sup>(b)</sup> 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.

**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 <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  3 Month Euribor  | 3779 | 03/15/2027 | $1094102013 | $517635 |
|  Arabica Coffee  | 269 | 05/18/2026 | 28320656 | (80350) |
|  ASX SPI 200 Index  | 44 | 03/19/2026 | 7178389 | 25247 |
|  Brent Crude Oil  | 736 | 04/30/2026 | 53205440 | 1137114 |
|  CAC40 10 Euro Index  | 773 | 03/20/2026 | 78491043 | 726491 |
|  Canadian 10 Year Government Bonds  | 3400 | 06/19/2026 | 306188190 | 1912428 |
|  Canadian Canola Oil  | 1219 | 05/14/2026 | 12291431 | 137448 |
|  Copper  | 19 | 05/27/2026 | 2878262 | 81166 |
|  Corn No. 2 Yellow  | 2599 | 05/14/2026 | 58282575 | 100988 |
|  Dow Jones Industrial Average Index  | 37 | 03/20/2026 | 9065000 | (77213) |
|  Euro STOXX 50 Quanto Index  | 543 | 03/20/2026 | 39478194 | (27315) |
|  EURO-BOBL  | 4924 | 06/08/2026 | 687129302 | 1330267 |
|  Euro-BTP  | 1084 | 06/08/2026 | 156174593 | 248471 |
|  Euro-Bund  | 5045 | 06/08/2026 | 770183502 | 1207871 |
|  EURO-BUXL 30Y  | 31 | 06/08/2026 | 4150867 | 23523 |
|  Euro-OAT  | 947 | 06/08/2026 | 138126313 | 266633 |
|  EURO-SCHATZ  | 7950 | 06/08/2026 | 1005034207 | 42941 |
|  Feeder Cattle  | 470 | 04/30/2026 | 82532000 | (3111819) |
|  FTSE 100 Index  | 939 | 03/20/2026 | 138009703 | 3591358 |
|  FTSE China A50 Index  | 449 | 03/30/2026 | 6574258 | (60938) |
|  FTSE/JSE Top 40 Index  | 930 | 03/19/2026 | 70152910 | 3376043 |
|  FTSE/MIB Index  | 253 | 03/20/2026 | 70657106 | 2858578 |
|  Hang Seng China Enterprises Index  | 33 | 03/30/2026 | 1872632 | (45105) |
|  IBEX 35 Index  | 359 | 03/20/2026 | 78099288 | 1967407 |
|  ICE 3 Month SONIA Rate  | 7234 | 06/15/2027 | 2358997817 | 2880874 |
|  Lean Hogs  | 409 | 04/15/2026 | 15660610 | 68297 |
|  Live Cattle  | 1459 | 04/30/2026 | 135526510 | (4895076) |
|  London Metals - Aluminum<sup>(a)</sup>  | 2631 | 03/16/2026 | 206490746 | 10458125 |
|  London Metals - Aluminum<sup>(a)</sup>  | 878 | 06/15/2026 | 69030336 | 1313940 |
|  London Metals - Copper<sup>(a)</sup>  | 1208 | 03/16/2026 | 401685972 | 55014443 |
|  London Metals - Copper<sup>(a)</sup>  | 109 | 06/15/2026 | 36430961 | 1057402 |
|  London Metals - Lead<sup>(a)</sup>  | 1653 | 03/16/2026 | 79669228 | (3729436) |
|  London Metals - Nickel<sup>(a)</sup>  | 1047 | 03/16/2026 | 111083281 | 11371093 |
|  London Metals - Nickel<sup>(a)</sup>  | 48 | 06/15/2026 | 5154477 | (41) |
|  London Metals - Zinc<sup>(a)</sup>  | 3866 | 03/16/2026 | 319878639 | 9469747 |
|  London Metals - Zinc<sup>(a)</sup>  | 203 | 06/15/2026 | 16857881 | (322138) |
|  Long Gilt  | 6038 | 06/26/2026 | 762287023 | 8907840 |
|  Low Sulphur Gas Oil  | 788 | 04/10/2026 | 58548400 | 4218595 |
|  MSCI Singapore Index  | 1126 | 03/30/2026 | 41086671 | (316342) |
|  Nasdaq 100 Index  | 168 | 03/20/2026 | 84015960 | (14913) |
|  Natural Gas  | 597 | 03/27/2026 | 17068230 | (608535) |
|  Natural Gas  | 380 | 04/29/2026 | 10526293 | 220522 |
|  NY Harbor ULSD  | 74 | 03/31/2026 | 8068368 | 229128 |
|  OMXS30 Index  | 1960 | 03/20/2026 | 70045749 | 1750811 |
|  Physcial Electricity Index  | 203 | 04/29/2026 | 12723006 | 379299 |
|  Reformulated Gasoline Blendstock  | 730 | 03/31/2026 | 70073430 | 2734021 |
|  Robusta Coffee  | 866 | 05/22/2026 | 31383840 | (2208339) |
|  Russell 2000 Index  | 16 | 03/20/2026 | 2107760 | (5701) |
|  S&P 500 Index  | 11 | 03/20/2026 | 3788950 | (8575) |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Schedule of INVESTMENTS (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  S&P/Toronto Stock Exchange 60 Index  | 178 | 03/19/2026 | $51453686 | $750436 |
|  SGX FTSE Taiwan Index  | 209 | 03/30/2026 | 23702690 | 629592 |
|  SGX TSI Iron Ore  | 521 | 04/30/2026 | 5124556 | 150517 |
|  Soybeans  | 856 | 05/14/2026 | 50108100 | 1209290 |
|  TOPIX Index  | 70 | 03/12/2026 | 17725803 | 794166 |
|  U.S. Treasury 10 Year Notes  | 4769 | 06/18/2026 | 542771813 | 2653688 |
|  U.S. Treasury 5 Year Note  | 5034 | 06/30/2026 | 554447906 | 1617618 |
|  U.S. Treasury Long Bonds  | 2849 | 06/18/2026 | 337517469 | 3062548 |
|  U.S. Treasury Ultra Bonds  | 279 | 06/18/2026 | 33924656 | 316455 |
|  UK Natural Gas  | 125 | 04/29/2026 | 4072241 | 75925 |
|  US Cocoa  | 281 | 05/13/2026 | 8115280 | (472249) |
|  Wheat  | 1605 | 05/14/2026 | 47467875 | 2172828 |
|  |  |  |  | $127074724 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  3 Month Canadian Overnight Repo Rate Average  | (505) | 09/14/2027 | $90407976 | $(62902) |
|  3-Month Secured Overnight Financing Rate  | (2504) | 09/14/2027 | 607595600 | (681884) |
|  Austrailian Government 10 Year Bonds  | (9438) | 03/16/2026 | 742662255 | (8375564) |
|  Austrailian Government 3 Year Bonds  | (194) | 03/16/2026 | 14491680 | (24292) |
|  Australian 90 Day Bank Bills  | (4504) | 03/11/2027 | 3171716739 | (522735) |
|  Cotton No.2  | (510) | 05/06/2026 | 16730550 | (443725) |
|  Crude Oil  | (115) | 03/20/2026 | 7707300 | (231438) |
|  Crude Soybean Oil  | (819) | 05/14/2026 | 30393090 | (2890117) |
|  German Stock Index  | (72) | 03/20/2026 | 53910033 | (135498) |
|  Gold  | (79) | 04/28/2026 | 41458410 | (514455) |
|  Hang Seng Index  | (127) | 03/30/2026 | 21596850 | (64991) |
|  Hard Red Winter Wheat  | (49) | 05/14/2026 | 1422225 | (4923) |
|  ICE European Climate Exchange Emissions  | (49) | 12/14/2026 | 4069679 | 818326 |
|  Japanese 10 Year Government Bonds  | (353) | 03/13/2026 | 300185061 | (472282) |
|  London Metals - Aluminum<sup>(a)</sup>  | (2631) | 03/16/2026 | 206490746 | (9600320) |
|  London Metals - Aluminum<sup>(a)</sup>  | (620) | 06/15/2026 | 48745795 | (375742) |
|  London Metals - Copper<sup>(a)</sup>  | (1208) | 03/16/2026 | 401685972 | (39106521) |
|  London Metals - Copper<sup>(a)</sup>  | (223) | 06/15/2026 | 74533068 | (1001387) |
|  London Metals - Lead<sup>(a)</sup>  | (1653) | 03/16/2026 | 79669228 | 3533368 |
|  London Metals - Lead<sup>(a)</sup>  | (642) | 06/15/2026 | 31647069 | 87296 |
|  London Metals - Nickel<sup>(a)</sup>  | (1047) | 03/16/2026 | 111083280 | (7428679) |
|  London Metals - Nickel<sup>(a)</sup>  | (428) | 06/15/2026 | 45960754 | (1524297) |
|  London Metals - Zinc<sup>(a)</sup>  | (3866) | 03/16/2026 | 319878639 | (19771737) |
|  London Metals - Zinc<sup>(a)</sup>  | (998) | 06/15/2026 | 82877662 | 841806 |
|  MSCI EAFE Index  | (11) | 03/20/2026 | 1740805 | (95384) |
|  MSCI Emerging Markets Index  | (31) | 03/20/2026 | 2485735 | (152836) |
|  Nifty 50 Index  | (170) | 03/30/2026 | 8596900 | 118765 |
|  Nikkei 225 Index  | (184) | 03/12/2026 | 69634041 | (458329) |
|  Palladium  | (39) | 06/26/2026 | 7131150 | (215566) |
|  Platinum  | (15) | 04/28/2026 | 1780125 | (211382) |
|  S&P Mid Cap 400 Index  | (13) | 03/20/2026 | 4651270 | (3379) |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Schedule of INVESTMENTS (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Silver  | (70) | 05/27/2026 | $32651850 | $(1603023) |
|  Soybean Meal  | (559) | 05/14/2026 | 17915950 | (882168) |
|  Sugar #11  | (2240) | 04/30/2026 | 34847232 | (390163) |
|  U.S. Treasury 2 Year Notes  | (3632) | 06/30/2026 | 760081127 | (1346710) |
|  |  |  |  | $(93192868) |
|  **Net Unrealized Appreciation (Depreciation)** |  |  |  | $33881856 |

---

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.

<sup>(a)</sup> 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.

**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 <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| UBS AG | 03/18/2026 | AUD | 893100000 | USD | 604657825 | $30870050 |
| UBS AG | 03/18/2026 | BRL | 1382200000 | USD | 249382785 | 18829511 |
| UBS AG | 03/18/2026 | CAD | 780050000 | USD | 570710624 | 1623917 |
| UBS AG | 03/18/2026 | CHF | 284000000 | USD | 363472745 | 6776976 |
| UBS AG | 03/18/2026 | CLP | 111840000000 | USD | 124261795 | 3880208 |
| UBS AG | 03/18/2026 | CNH | 223100000 | USD | 32096233 | 467303 |
| UBS AG | 03/18/2026 | COP | 455760000000 | USD | 116900136 | 3941219 |
| UBS AG | 03/18/2026 | CZK | 4158800000 | USD | 202127460 | 702964 |
| UBS AG | 03/18/2026 | EUR | 1636350000 | USD | 1923791254 | 11737658 |
| UBS AG | 03/18/2026 | GBP | 1773300000 | USD | 2387821631 | 2075453 |
| UBS AG | 03/18/2026 | HUF | 92838000000 | USD | 281300977 | 9427516 |
| UBS AG | 03/25/2026 | IDR | 5101425000000 | USD | 303095618 | 965496 |
| UBS AG | 03/18/2026 | KRW | 296205000000 | USD | 203065883 | 2977804 |
| UBS AG | 03/18/2026 | MXN | 5310600000 | USD | 295712724 | 12083173 |
| UBS AG | 03/18/2026 | NOK | 6571500000 | USD | 658750008 | 32307325 |
| UBS AG | 03/18/2026 | NZD | 1385600000 | USD | 814568370 | 17245439 |
| UBS AG | 03/18/2026 | PHP | 11358000000 | USD | 192056003 | 4787304 |
| UBS AG | 03/18/2026 | PLN | 1051200000 | USD | 293065960 | 1111989 |
| UBS AG | 03/18/2026 | SGD | 97053000 | USD | 76053310 | 789452 |
| UBS AG | 03/18/2026 | TWD | 2634300000 | USD | 84400663 | 115190 |
| UBS AG | 03/18/2026 | USD | 6716840 | COP | 25140000000 | 51157 |
| UBS AG | 03/18/2026 | USD | 2553576081 | GBP | 1891300000 | 4649020 |
| UBS AG | 03/18/2026 | USD | 1202646826 | JPY | 186940500000 | 3565473 |
| UBS AG | 03/18/2026 | ZAR | 4690400000 | USD | 278388225 | 15714244 |
| UBS AG | 03/18/2026 | INR | 33065000000 | USD | 364733016 | (1753582) |
| UBS AG | 03/18/2026 | JPY | 193063500000 | USD | 1246072169 | (7716421) |
| UBS AG | 03/18/2026 | SEK | 1824750000 | USD | 203260653 | (899924) |
| UBS AG | 03/18/2026 | USD | 614562009 | AUD | 905250000 | (29611777) |
| UBS AG | 03/18/2026 | USD | 110005953 | BRL | 583600000 | (3240101) |
| UBS AG | 03/18/2026 | USD | 876578196 | CAD | 1200900000 | (4540387) |
| UBS AG | 03/18/2026 | USD | 528814196 | CHF | 416100000 | (13653793) |
| UBS AG | 03/18/2026 | USD | 98774321 | CLP | 86330000000 | (139298) |
| UBS AG | 03/18/2026 | USD | 95111901 | CNH | 665200000 | (1980273) |
| UBS AG | 03/18/2026 | USD | 211485789 | CZK | 4380400000 | (2152374) |
| UBS AG | 03/18/2026 | USD | 2370406609 | EUR | 2012100000 | (9571833) |
| UBS AG | 03/18/2026 | USD | 177228458 | HUF | 57975000000 | (4324186) |
| UBS AG | 03/25/2026 | USD | 296321884 | IDR | 4986450000000 | (886355) |
| UBS AG | 03/18/2026 | USD | 286199043 | INR | 26201000000 | (1429088) |
| UBS AG | 03/18/2026 | USD | 137026521 | KRW | 197880000000 | (621138) |
| UBS AG | 03/18/2026 | USD | 367402154 | MXN | 6552900000 | (12395935) |
| UBS AG | 03/18/2026 | USD | 275146675 | NOK | 2683500000 | (7049529) |
| UBS AG | 03/18/2026 | USD | 912374059 | NZD | 1562250000 | (25487605) |
| UBS AG | 03/18/2026 | USD | 101151273 | PHP | 5928750000 | (1598750) |
| UBS AG | 03/18/2026 | USD | 232366949 | PLN | 840000000 | (2706755) |
| UBS AG | 03/18/2026 | USD | 413039071 | SEK | 3764850000 | (4474446) |
| UBS AG | 03/18/2026 | USD | 171041069 | SGD | 219606000 | (2834356) |
| UBS AG | 03/18/2026 | USD | 18685277 | TWD | 589500000 | (227564) |
| UBS AG | 03/18/2026 | USD | 265374878 | ZAR | 4302000000 | (4373719) |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | $43026652 |

---

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

**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.

**Campbell Systematic Macro Fund** 

**Consolidated Statement of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Short-term investments, at value (cost $1,490,298,963)  | $1490376897 |
| &nbsp;&nbsp;&nbsp; Deposit at broker for future contracts  | 222282733 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 184454503 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 148458370 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 186695839 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 3667898 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 634492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 2236570732 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 114576514 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign contracts  | 143669187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 2282576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 1235627 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 1920535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 263684439 |
| &nbsp;&nbsp;&nbsp; NET ASSETS  | $1972886293 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $201701 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 1934381712 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 38302880 |
| &nbsp;&nbsp;&nbsp; Total net assets  | $1972886293 |
|  **Class A** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $48748161 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 5043760 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $9.67 |
| &nbsp;&nbsp;&nbsp; Max offering price per share (net asset value per share divided by 0.965)<sup>(1)</sup>  | $10.02 |
|  **Class C** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | 21199741 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 2358406 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $8.99 |
|  **Class I** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | 1902938391 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 194299212 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $9.79 |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $1490298963 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost  | $44149664 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 3.50%.

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

**Campbell Systematic Macro Fund** 

**Consolidated Statement of Operations** 

**For the Period Ended February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $35622771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 35622771 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 15959202 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 1595952 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 248516 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 228211 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 172900 |
| &nbsp;&nbsp;&nbsp; Distribution expenses - Class C  | 82350 |
| &nbsp;&nbsp;&nbsp; Distribution expenses - Class A  | 62930 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 138687 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 133661 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 42954 |
| &nbsp;&nbsp;&nbsp; Shareholder service costs - Class C  | 27450 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 25976 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 18701 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 16697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 18754187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (1551821) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 17202366 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 18420405 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp; **Net realized gain (loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 48088134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts  | (75403744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 2976168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (24339442) |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (315809) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future contracts  | 7248889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts  | 75741392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (74366) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 82600106 |
|  Net realized and unrealized gain (loss)  | 58260664 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $76681069 |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended<br> February 28, <br> 2026 <br> (Unaudited)** | **For the <br> Year Ended <br> August 31, <br> 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $18420405 | $38542102 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts  | (24339442) | (2225780) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts  | 82600106 | (9445861) |
|  Net increase/(decrease) in net assets resulting from operations  | 76681069 | 26870461 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  | (1510072) | (1420635) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  | (583867) | (364758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  | (57982343) | (37163038) |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (60076282) | (38948431) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (60076282) | (38948431) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 7061700 | 20988989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 1493743 | 1412399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (12267348) | (24360331) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (3711905) | (1958943) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2753690 | 7099091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 578750 | 361630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4495122) | (3446361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (1162682) | 4014360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 429282593 | 1183826586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 50430512 | 33469034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (485485102) | (485223860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (5771997) | 732071760 |
|  Net increase/(decrease) in net assets from capital share transactions  | (10646584) | 734127177 |
|  Total increase/(decrease) in net assets  | 5958203 | 722049207 |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Statements of Changes in Net Assets (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Period Ended<br> February 28, <br> 2026 <br> (Unaudited)** | **For the <br> Year Ended <br> August 31, <br> 2025** |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | $1966928090 | $1244878883 |
| &nbsp;&nbsp;&nbsp; End of period  | $1972886293 | $1966928090 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 748910 | 2149736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 159248 | 148674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1306566) | (2517992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (398408) | (219582) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 311962 | 776735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 66219 | 40678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (509641) | (378480) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (131408) | 438933 |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 44488983 | 119207029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 5308475 | 3482730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (50529478) | (49030020) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (732020) | 73659739 |
|  Net increase/(decrease) in shares outstanding  | (1261888) | 73879090 |

---

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

**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. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** | **Class A** |
|  | **For the <br> Period <br> Ended<br> February 28, <br> 2026 <br> (Unaudited)** | **For the <br> Year <br> Ended <br> August 31, <br> 2025** | **For the <br> Year <br> Ended <br> August 31, <br> 2024** | **For the <br> Year <br> Ended <br> August 31, <br> 2023** | **For the <br> Year <br> Ended <br> August 31, <br> 2022** | **For the <br> Year <br> Ended <br> August 31, <br> 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)<sup>(1)</sup>  | 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 <sup>(2)</sup>  | 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 <sup>(3)</sup>  | 3.92% | 3.06% | 3.15% | 0.93% | 30.09% | 16.03% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $48748 | $52105 | $53942 | $61813 | $65549 | $12613 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</sup>  | 1.82%<sup>(7)</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.03% |
|  Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments<sup>(5)</sup>  | 1.98%<sup>(7)</sup> | 2.09% | 2.09% | 2.12% | 2.16% | 2.36% |
|  Ratio of net investment income/(loss) to average net assets  | 1.57%<sup>(7)</sup> | 2.09% | 2.67% | 1.71% | (1.32)% | (1.93)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 0% | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

---

| | |
|:---|:---|
|  <sup>(4)</sup> Ratio of net expenses to average net assets excluding interest expense  | 2.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  <sup>(5)</sup> Ratio of gross expenses to average net assets excluding interest expense  | 2.09% | 2.12% | 2.16% | 2.33% |

---

<sup>(6)</sup> <sup></sup>Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

<sup>(7)</sup> Annualized.

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

**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. <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** | **Class C** |
|  | **For the <br> Period <br> Ended<br> February 28, <br> 2026 <br> (Unaudited)** | **For the <br> Year <br> Ended <br> August 31, <br> 2025** | **For the <br> Year <br> Ended <br> August 31, <br> 2024** | **For the <br> Year <br> Ended <br> August 31, <br> 2023** | **For the <br> Year <br> Ended <br> August 31, <br> 2022** | **For the <br> Year <br> Ended <br> August 31, <br> 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)<sup>(1)</sup>  | 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 <sup>(2)</sup>  | 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 <sup>(3)</sup>  | 3.62% | 2.26% | 2.38% | 0.22% | 29.13% | 15.11% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $21200 | $22196 | $18205 | $18610 | $15654 | $9079 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</sup>  | 2.58%<sup>(7)</sup> | 2.75% | 2.75% | 2.75% | 2.75% | 2.78% |
|  Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments <sup>(5)</sup>  | 2.74%<sup>(7)</sup> | 2.84% | 2.84% | 2.87% | 2.91% | 3.11% |
|  Ratio of net investment income/(loss) to average net assets  | 0.82%<sup>(7)</sup> | 1.34% | 1.92% | 0.96% | (2.07)% | (2.67)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 0% | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

---

| | |
|:---|:---|
|  <sup>(4)</sup> Ratio of net expenses to average net assets excluding interest expense  | 2.75% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  <sup>(5)</sup> Ratio of gross expenses to average net assets excluding interest expense  | 2.84% | 2.87% | 2.91% | 3.08% |

---

<sup>(6)</sup> <sup></sup>Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

<sup>(7)</sup> Annualized.

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **For the <br> Period <br> Ended<br> February 28, <br> 2026 <br> (Unaudited)** | **For the <br> Year <br> Ended <br> August 31, <br> 2025** | **For the <br> Year <br> Ended <br> August 31, <br> 2024** | **For the <br> Year <br> Ended <br> August 31, <br> 2023** | **For the <br> Year <br> Ended <br> August 31, <br> 2022** | **For the <br> Year <br> Ended <br> August 31, <br> 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)<sup>(1)</sup>  | 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 <sup>(2)</sup>  | 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 <sup>(3)</sup>  | 4.07% | 3.38% | 3.42% | 1.25% | 30.35% | 16.34% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $1902939 | $1892627 | $1172732 | $783009 | $555072 | $119324 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</sup>  | 1.58%<sup>(7)</sup> | 1.75% | 1.75% | 1.75% | 1.75% | 1.78% |
|  Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments <sup>(5)</sup>  | 1.74%<sup>(7)</sup> | 1.84% | 1.84% | 1.87% | 1.91% | 2.11% |
|  Ratio of net investment income/(loss) to average net assets  | 1.82%<sup>(7)</sup> | 2.34% | 2.92% | 1.96% | (1.07)% | (1.68)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 0% | 0% | 0% | 0% | 0% | 0% |

---

<sup>(1)</sup> Calculated based on average shares outstanding for the period.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

---

| | |
|:---|:---|
|  <sup>(4)</sup> Ratio of net expenses to average net assets excluding interest expense  | 1.75% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  <sup>(5)</sup> Ratio of gross expenses to average net assets excluding interest expense  | 1.84% | 1.87% | 1.91% | 2.08% |

---

<sup>(6)</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

<sup>(7)</sup> Annualized.

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

**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.

**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  | $1490376897 | $— | $— | $1490376897 |
|  Commodity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 106880683 |  |  | 106880683 |
|  Equity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 16588894 |  |  | 16588894 |
|  Interest Rate Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 24988793 |  |  | 24988793 |
|  Foreign Exchange Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | 186695841 |  | 186695841 |
|  Total Assets  | $1638835267 | $186695841 | $— | $1825531108 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3** | **TOTAL** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(101623626) | $— | $— | $(101623626) |
|  Equity Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (1466519) |  |  | (1466519) |
|  Interest Rate Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | (11486369) |  |  | (11486369) |
|  Foreign Exchange Contracts  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  |  | (143669189) |  | (143669189) |
|  Total Liabilities  | $(114576514) | $(143669189) | $— | $(258245703) |

---

**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.

**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 <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES <br> LOCATION** | **COMMODITY <br> CONTRACTS** | **EQUITY <br> CONTRACTS** | **INTEREST <br> RATE <br> CONTRACTS** | **FOREIGN <br> CURRENCY <br> CONTRACTS** | **TOTAL** |
| **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** | **ASSET DERIVATIVES** |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | $106880683 | $16588894 | $24988793 | $— | $148458370 |
|  Forward Contracts <sup>(a)</sup> | Unrealized appreciation on forward foreign currency contracts |  |  |  | 186695841 | 186695841 |
|  **Total Value - Assets** |  | $**106880683** | $**16588894** | $**24988793** | $**186695841** | $**335154211** |
| **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | $(101623626) | $(1466519) | $(11486369) | $— | $(114576514) |
|  Forward Contracts <sup>(a)</sup> | Unrealized depreciation on forward foreign currency contracts |  |  |  | (143669189) | (143669189) |
|  **Total Value - Liabilities** |  | $**(101623626)** | $**(1466519)** | $**(11486369)** | $**(143669189)** | $**(258245703)** |

---

<sup>(a)</sup> This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Portfolio of Investments. 

**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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **DERIVATIVE TYPE** | **CONSOLIDATED <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **COMMODITY<br> CONTRACTS** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **TOTAL** |
| **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** | **REALIZED GAIN (LOSS)** |
|  Futures Contracts | Net realized gain/(loss) from futures contracts | $92664230 | $19359398 | $(63003237) | $— | $49020391 |
|  Forward Contracts | Net realized gain/(loss) from forward foreign currency contracts |  |  |  | (75403744) | (75403744) |
|  **Total Realized Gain/(Loss)** |  | $**92664230** | $**19359398** | $**(63003237)** | $**(75403744)** | $**(26383353)** |

---

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **DERIVATIVE TYPE** | **CONSOLIDATED <br> STATEMENT OF <br> OPERATIONS <br> LOCATION** | **COMMODITY<br> CONTRACTS** | **EQUITY<br> CONTRACTS** | **INTEREST<br> RATE<br> CONTRACTS** | **FOREIGN<br> CURRENCY<br> CONTRACTS** | **TOTAL** |
| **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** | **CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION)** |
|  Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(18648276) | $9906128 | $15991039 | $— | $7248891 |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts |  |  |  | 75741391 | 75741391 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** |  | $**(18648276)** | $**9906128** | $**15991039** | $**75741391** | $**82990282** |

---

**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 <br> NOTIONAL AMOUNT** | **SHORT FUTURES <br> NOTIONAL AMOUNT** | **FORWARD <br> FOREIGN CURRENCY <br> CONTRACTS-PAYABLE <br> (VALUE AT TRADE DATE)** | **FORWARD FOREIGN <br> CURRENCY CONTRACTS-<br> RECEIVABLE (VALUE AT <br> TRADE DATE)** |
|  Campbell Systematic Macro Fund  | $9167033643 | (5375875355) | $(24811803245) | $24746190621 |

---

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 <br> CONSOLIDATED STATEMENT OF <br> ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT OFFSET IN <br> CONSOLIDATED STATEMENT OF <br> ASSETS AND LIABILITIES** | | | **GROSS AMOUNT NOT OFFSET <br> IN CONSOLIDATED STATEMENT <br> OF ASSETS AND LIABILITIES** | **GROSS AMOUNT NOT OFFSET <br> IN CONSOLIDATED STATEMENT <br> OF ASSETS AND LIABILITIES** | |
| <br>**DESCRIPTION** | <br>**GROSS <br> AMOUNT <br> PRESENTED IN <br> THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> RECEIVED** | <br>**NET<br> AMOUNT<sup>(1)</sup>** | <br>**GROSS <br> AMOUNT <br> PRESENTED IN <br> THE <br> CONSOLIDATED <br> STATEMENT OF <br> ASSETS AND <br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS** | **COLLATERAL<br> PLEDGED<sup>(2)</sup>** | <br>**NET<br> AMOUNT<sup>(3)</sup>** |
|  | **ASSETS** | **ASSETS** | **ASSETS** | **ASSETS** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** | **LIABILITIES** |
|  Forward Foreign Currency Contracts  | $186695840 | $(143669189) | $— | $43026651 | $(143669189) | $143669189 | $— | $— |

---

<sup>(1)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(2)</sup> Actual collateral pledged may be more than the amount shown. 

<sup>(3)</sup> 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

**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

**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.

**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** | **EXPENSE CAP** | **EXPENSE CAP** |
| <br>**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.

**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** | **EXPIRATION** | **EXPIRATION** | **EXPIRATION** | **EXPIRATION** |
| **August 31, 2026** | **August 31, 2027** | **August 31, 2028** | **August 31, 2029** | **Total** |
| $34279 | $951565 | $1446663 | $1551821 | $3984328 |

---

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.

**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<sup>(a)</sup>:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL TAX <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  Campbell Systematic Macro Fund  | $1738360224 | $22000713 | $(17198693) | $4802020 |

---

<sup>(a)</sup> 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<br> EARNINGS/(LOSS)** | **PAID-IN<br> CAPITAL** |
|  Campbell Systematic Macro Fund  | $53291796 | $(53291796) |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **POST-OCTOBER <br> LOSS <br> DEFERRAL**  | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)** |
|  Campbell Systematic Macro Fund  | $60076281 | $– $| (68465424) | $(257250) | $4802020 |

---

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<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
|  Campbell Systematic Macro Fund  | 2025 | $38948431 | $– $| 38948431 |

---

**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.

**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.

**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%** | **OPEN-END FUNDS — 99.9%** | **OPEN-END FUNDS — 99.9%** |
|  DFA U.S. Large Company Portfolio - Class Institutional  | 6358783 | $290596405 |
|  DFA U.S. Micro Cap Portfolio - Class Institutional  | 22902264 | 776844800 |
|  DFA U.S. Small Cap Portfolio - Class Institutional  | 13766426 | 778491393 |
|  DFA U.S. Small Cap Value Portfolio - Class Institutional <sup>(a)</sup>  | 23270835 | 1328299282 |
|  Dimensional U.S. Large Cap Value Portfolio III - Class Institutional  | 23569930 | 922055656 |
|  iShares Core S&P 500 ETF  | 708078 | 488134812 |
|  iShares MSCI USA Value Factor ETF <sup>(b)</sup>  | 2455658 | 370288670 |
|  U.S. Large Cap Value Series  | 2825615 | 298017662 |
|  **TOTAL OPEN-END FUNDS** (Cost $2,534,528,295)  |  | 5252728680 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 0.01%** | **SHORT-TERM INVESTMENTS – 0.01%** | **SHORT-TERM INVESTMENTS – 0.01%** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.0% <sup>(d)</sup>** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.0% <sup>(d)</sup>** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.0% <sup>(d)</sup>** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 169675 | 169675 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.59% <sup>(c)</sup>  | 5244695 | 5244695 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $5,414,370)  |  | 5414370 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.0% (Cost $2,539,942,665)  |  | 5258143050 |
|  Liabilities in Excess of Other Assets — (0.0)% <sup>(d)</sup>  |  | (1604333) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $5256538717 |

---

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents
 the 7-day annualized yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**FREE MARKET FUNDS** 

**FREE MARKET INTERNATIONAL EQUITY FUND** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.9%** | **OPEN-END FUNDS — 99.9%** | **OPEN-END FUNDS — 99.9%** |
|  DFA Emerging Markets Small Cap Portfolio - Class Institutional  | 7382617 | $215055647 |
|  DFA Emerging Markets Value Portfolio - Class Institutional  | 5186402 | 220681390 |
|  DFA International Small Cap Value Portfolio - Class Institutional <sup>(a)</sup>  | 50611237 | 1793662239 |
|  DFA International Value Portfolio III - Class Institutional  | 28073767 | 774274495 |
|  Dimensional International Small Cap ETF <sup>(b)</sup>  | 11919623 | 441383640 |
|  International Value Series  | 9902536 | 565632848 |
|  iShares Core MSCI EAFE ETF  | 2242147 | 220447893 |
|  iShares Core MSCI Emerging Markets ETF  | 3060757 | 234943707 |
|  **TOTAL OPEN-END FUNDS** (Cost $2,375,714,137)  |  | 4466081859 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 0.5%** | **SHORT-TERM INVESTMENTS – 0.5%** | **SHORT-TERM INVESTMENTS – 0.5%** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 17546200 | 17546200 |
|  | **SHARES** |  |
|  **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.59% <sup>(c)</sup>  | 4390730 | 4390730 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $21,936,930)  |  | 21936930 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.4% (Cost $2,397,651,067)  |  | 4488018789 |
|  Liabilities in Excess of Other Assets — (0.4)%  |  | (19458830) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $4468559959 |

---

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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  | 17036755 | $195070846 |
|  DFA One-Year Fixed Income Portfolio - Class Institutional  | 45702297 | 468448546 |
|  DFA Short-Term Government Portfolio - Class Institutional  | 12960894 | 129608945 |
|  DFA Two-Year Global Fixed Income Portfolio - Class Institutional  | 82491936 | 809245888 |
|  Dimensional Inflation-Protected Securities ETF  | 3841766 | 162621955 |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF <sup>(a)</sup>  | 14616538 | 778038317 |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF <sup>(a)</sup>  | 3563668 | 194255542 |
|  iShares Core International Aggregate Bond ETF <sup>(a)</sup>  | 9582279 | 487354710 |
|  **TOTAL OPEN-END FUNDS** (Cost $3,249,951,381)  |  | 3224644749 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 6.1%** | **SHORT-TERM INVESTMENTS – 6.1%** | **SHORT-TERM INVESTMENTS – 6.1%** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(b)</sup>  | 177502554 | 177502554 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
|  Invesco Government & Agency Portfolio - Institutional Class, 3.59% <sup>(b)</sup>  | 18957332 | 18957332 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $196,459,886)  |  | 196459886 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 105.5% (Cost $3,446,411,267)  |  | 3421104635 |
|  Liabilities in Excess of Other Assets — (5.5)%  |  | (177867995) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $3243236640 |

---

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**FREE MARKET FUNDS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Free Market<br> U.S. Equity<br> Fund** | **Free Market<br> International<br> Equity Fund** | **Free Market<br> Fixed Income<br> Fund** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $5258143050 | $4488018789 | $3421104635 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 2311100 | 1607672 | 2009515 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 18257 | 9762 | 50770 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 997 | 2651 | 9978 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 186956 | 256410 | 62969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 5260660360 | 4489895284 | 3423237867 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 169675 | 17546200 | 177502554 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 1962591 | 1635590 | 1210776 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 1451333 | 1496642 | 906409 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 38308 | 268470 |  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 499736 | 388423 | 381488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 4121643 | 21335325 | 180001227 |
|  **NET ASSETS**  | $5256538717 | $4468559959 | $3243236640 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001 and 0.001 per share)  | $184294 | $254291 | $320837 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 2557271385 | 2303031116 | 3303506201 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 2699083038 | 2165274552 | (60590398) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $5256538717 | $4468559959 | $3243236640 |
|  **Class L** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $5256538717 | $4468559959 | $3243236640 |
| &nbsp;&nbsp;&nbsp; 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)  | 184294005 | 254290533 | 320837216 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $28.52 | $17.57 | $10.11 |
|  **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $2637427519 | $2540601721 | $3442203523 |
|  **LOANED SECURITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments)  | $165869 | $17211544 | $173576651 |

---

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

**FREE MARKET FUNDS** 

**Statements of Operations** 

**FOR THE Period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Free Market<br> U.S. Equity<br> Fund** | **Free Market<br> International<br> Equity Fund** | **Free Market<br> Fixed Income<br> Fund** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $34059078 | $74687359 | $72634836 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 6204 | 82308 | 58335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 34065282 | 74769667 | 72693171 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 11574733 | 9752501 | 7505869 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 237358 | 275388 | 244597 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 242024 | 253930 | 187476 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 228927 | 193768 | 158209 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 126938 | 96985 | 95594 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 55196 | 42302 | 48219 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 42212 | 43507 | 44253 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 68275 | 38782 | 33636 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 29341 | 35041 | 27414 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 844 | 883 | 846 |
| &nbsp;&nbsp;&nbsp; Shareholder service costs - Class L  | 7915 | 30671 |  |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 90412 | 71872 | 56773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 12704175 | 10835630 | 8402886 |
|  **NET INVESTMENT INCOME**  | 21361107 | 63934037 | 64290285 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 13048955 | 84988634 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  |  | 53825316 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 13048955 | 138813950 |  |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 548868403 | 683668577 | 5142990 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 548868403 | 683668577 | 5142990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 561917358 | 822482527 | 5142990 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $583278465 | $886416564 | $69433275 |

---

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

**FREE MARKET U.S. EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $21361107 | $44243821 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 13048955 | 91783284 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 548868403 | 237522566 |
|  Net increase (decrease) in net assets from operations  | 583278465 | 373549671 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (89646347) | (154518979) |
|  Total distributions to shareholders  | (89646347) | (154518979) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 354069944 | 632201143 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 89561753 | 154352458 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (271872742) | (715622248) |
|  Net increase (decrease) in net assets from capital transactions  | 171758955 | 70931353 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 665391073 | 289962045 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 4591147644 | 4301185599 |
| &nbsp;&nbsp;&nbsp; End of the period  | $5256538717 | $4591147644 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 13199310 | 26511980 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 3341856 | 6420651 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (10047210) | (29293338) |
|  Total increase (decrease) in shares outstanding  | 6493956 | 3639293 |

---

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

**FREE MARKET INTERNATIONAL EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $63934037 | $108324622 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 138813950 | 83345902 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 683668577 | 553864393 |
|  Net increase (decrease) in net assets from operations  | 886416564 | 745534917 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (181190424) | (109536909) |
|  Total distributions to shareholders  | (181190424) | (109536909) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 218813495 | 432541599 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 181019054 | 109445428 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (451301987) | (646629997) |
|  Net increase (decrease) in net assets from capital transactions  | (51469438) | (104642970) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 653756702 | 531355038 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 3814803257 | 3283448219 |
| &nbsp;&nbsp;&nbsp; End of the period  | $4468559959 | $3814803257 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 13738571 | 34426799 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 11626143 | 9592062 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (28528961) | (50803673) |
|  Total increase (decrease) in shares outstanding  | (3164247) | (6784812) |

---

 

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

**FREE MARKET FIXED INCOME FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $64290285 | $117616476 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  |  | (16879856) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 5142990 | 19381807 |
|  Net increase (decrease) in net assets from operations  | 69433275 | 120118427 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (84957642) | (106899138) |
|  Total distributions to shareholders  | (84957642) | (106899138) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 378957166 | 462057165 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 84854138 | 106780333 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (149892983) | (528152175) |
|  Net increase (decrease) in net assets from capital transactions  | 313918321 | 40685323 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 298393954 | 53904612 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 2944842686 | 2890938074 |
| &nbsp;&nbsp;&nbsp; End of the period  | $3243236640 | $2944842686 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 37549117 | 45904400 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 8450738 | 10782119 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (14828597) | (52489494) |
|  Total increase (decrease) in shares outstanding  | 31171258 | 4197025 |

---

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

**FREE MARKET FUNDS** 

**FREE MARKET U.S. EQUITY FUND** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY <br> 28, <br> 2026 <br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.12 | 0.25 | 0.24 | 0.24 | 0.21 | 0.21 |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 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 <sup>(c)</sup>**  | 12.50% | 8.52% | 20.30% | 9.92% | (6.77)% | 49.28% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(d)</sup>** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $5256539 | $4591148 | $4301186 | $3678899 | $3292855 | $3635318 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.53% | 0.54% | 0.54% | 0.55% | 0.56% | 0.55% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.89% | 1.05% | 1.08% | 1.18% | 0.92% | 1.05% |
|  Portfolio turnover rate <sup>(c)</sup>  | 1% | 6% | 4% | 2% | 7% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**FREE MARKET FUNDS** 

**FREE MARKET INTERNATIONAL EQUITY FUND** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY <br> 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.25 | 0.41 | 0.33 | 0.27 | 0.34 | 0.18 |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 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 <sup>(c)</sup>**  | 24.10% | 23.60% | 17.86% | 15.82% | (15.63)% | 34.43% |
|  **SUPPLEMENTAL DATA AND RATIOS:** <sup>(d)</sup> |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $4468560 | $3814803 | $3283448 | $2825629 | $2395377 | $2682213 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.54% | 0.55% | 0.55% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 3.21% | 3.22% | 2.92% | 2.68% | 3.08% | 1.70% |
|  Portfolio turnover rate <sup>(c)</sup>  | 3% | 5% | 13% | 3% | 2% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**FREE MARKET FUNDS** 

**FREE MARKET FIXED INCOME FUND** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY <br> 28, <br> 2026 <br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.21 | 0.41 | 0.32 | 0.17 | 0.05 | 0.03 |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 0.01 | 0.01 | 0.29 | (0.01) | (0.74) | —<sup>(2)</sup> |
|  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  |  |  |  |  |  | —<sup>(2)</sup> |
|  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 <sup>(d)</sup>** | 2.25% | 4.26% | 6.30% | 1.62% | (6.51)% | 0.31% |
|  **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $3243237 | $2944843 | $2890938 | $2785355 | $2749164 | $2820610 |
|  Ratio of expenses to average net assets <sup>(f)</sup>  | 0.55% | 0.54% | 0.55% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 4.22% | 4.08% | 3.20% | 1.72% | 0.51% | 0.27% |
|  Portfolio turnover rate <sup>(d)</sup>  | —% | 15% | 8% | 3% | 3% | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

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

**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.

**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**  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Open-End Funds  | $4954711018 | $— | $— | $4954711018 |
|  Investments Measured at Net Asset Value\*  |  |  |  | 298017662 |
|  Investments Purchased with Proceeds from Securities Lending\*  |  |  |  | 169675 |
|  Money Market Funds  | 5244695 |  |  | 5244695 |
|  Total Investments\*\*  | $4959955713 | $— | $— | $5258143050 |

---

\* 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 FUNDS** 

**Notes to Financial Statements (Continued)** 

**February 28, 2026 (Unaudited)**

**FREE MARKET INTERNATIONAL EQUITY Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Open-End Funds  | $3900449011 | $— | $— | $3900449011 |
|  Investments Measured at Net Asset Value\*  |  |  |  | 565632848 |
|  Investments Purchased with Proceeds from Securities Lending\*  |  |  |  | 17546200 |
|  Money Market Funds  | 4390730 |  |  | 4390730 |
|  Total Investments\*\*  | $3904839741 | $— | $— | $4488018789 |

---

\* 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**  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Open-End Funds  | $3224644749 | $— | $— | $3224644749 |
|  Investments Purchased with Proceeds from Securities Lending\*  |  |  |  | 177502554 |
|  Money Market Funds  | 18957332 |  |  | 18957332 |
|  Total Investments\*\*  | $3243602081 | $— | $— | $3421104635 |

---

\* 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

**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.

**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 |

---

**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  | $147282859 | $46000078 |
|  Free Market International Equity Fund  | 134899575 | 251232863 |
|  Free Market Fixed Income Fund  | 289716621 |  |

---

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.

**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<br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  Free Market U.S. Equity Fund  | $2457111636 | $2169331982 | $(24365450) | $2144966532 |
|  Free Market International Equity Fund  | 2431341356 | 1422194478 | (29130360) | 1393064118 |
|  Free Market Fixed Income Fund  | 2997777955 | 24167811 | (53402280) | (29234469) |

---

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 <br> EARNINGS/(LOSS)** | **Paid-In <br> Capital** |
|  Free Market U.S. Equity Fund  | $60484388 | $2385696724 |
|  Free Market International Equity Fund  | 92419413 | 2354754845 |
|  Free Market Fixed Income Fund  | 23405958 | 2989908717 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Undistributed<br> Ordinary Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Capital Loss <br> CarryForwards** | **NET Unrealized<br> Appreciation/<br> (Depreciation)** |
|  Free Market U.S. Equity Fund  | $14955064 | $45529324 | $— | $2144966532 |
|  Free Market International Equity Fund  | 92419413 |  | (25435119) | 1393064118 |
|  Free Market Fixed Income Fund  | 23405958 |  | (39237520) | (29234469) |

---

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.

**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<br> Income** | **Long-Term<br> Gains** | **RETURN OF <br> CAPITAL** | **Total** |
|  Free Market U.S. Equity Fund  | $42663107 | $111855872 | $– $| 154518979 |
|  Free Market International Equity Fund  | 109536909 |  | – | 109536909 |
|  Free Market Fixed Income Fund  | 106899138 |  | – | 106899138 |

---

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 <br> of Securities <br> Loaned** | **Market Value of <br> Collateral** | **INCOME RECEIVED <br> FROM SECURITIES <br> LENDING** |
|  Free Market U.S. Equity Fund  | $165869 | $169675 | $6204 |
|  Free Market International Equity Fund  | 17211544 | 17546200 | 82308 |
|  Free Market Fixed Income Fund  | 173576651 | 177502554 | 58335 |

---

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),

**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 <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> ASSETS** | <br>**GROSS <br> AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED <br> IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **Net<br> Amount<sup>2</sup>** |
|  Free Market U.S. Equity Fund  | $165869 | $— | $165869 | (165869) | $— | $— |
|  Free Market International Equity Fund  | 17211544 |  | 17211544 | (17211544) |  |  |
|  Free Market Fixed Income Fund  | 173576651 |  | 173576651 | (173576651) |  |  |

---

**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.

**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.

**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%** | **OPEN-END FUNDS — 99.2%** |  |
|  DFA U.S. Large Cap Value Portfolio III - Class Institutional <sup>(a)</sup>  | 205174 | $8026388 |
|  DFA U.S. Large Company Portfolio - Class Institutional  | 91255 | 4170346 |
|  DFA U.S. Micro Cap Portfolio - Class Institutional  | 135438 | 4594068 |
|  DFA U.S. Small Cap Portfolio - Class Institutional  | 81295 | 4597250 |
|  DFA U.S. Small Cap Value Portfolio - Class Institutional  | 53274 | 3040882 |
|  DFA VA U.S. Large Value Portfolio  | 32933 | 1246184 |
|  DFA VA U.S. Targeted Value Portfolio  | 187288 | 4567948 |
|  **TOTAL OPEN-END FUNDS** (Cost $21,583,646)  |  | 30243066 |
|  **SHORT-TERM INVESTMENTS – 0.9%** | **SHORT-TERM INVESTMENTS – 0.9%** |  |
|  **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** |  |
|  STIT-Government & Agency Portfolio - Institutional Class, 3.59% <sup>(b)</sup>  | 285698 | 285698 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $285,698)  |  | 285698 |
|  **TOTAL INVESTMENTS — 100.1%** (Cost $21,869,344)  |  | 30528764 |
|  Liabilities in Excess of Other Assets — (0.1)%  |  | (27564) |
|  **TOTAL NET ASSETS — 100.0%** |  | $30501200 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.3%** | **OPEN-END FUNDS — 99.3%** |  |
|  DFA Emerging Markets Small Cap Portfolio - Class Institutional  | 41367 | $1205032 |
|  DFA Emerging Markets Value Portfolio - Class Institutional  | 29062 | 1236574 |
|  DFA International Small Cap Value Portfolio - Class Institutional <sup>(a)</sup>  | 198745 | 7043529 |
|  DFA International Value Portfolio III - Class Institutional <sup>(a)</sup>  | 272231 | 7508141 |
|  DFA VA International Small Portfolio  | 258107 | 4245868 |
|  DFA VA International Value Portfolio  | 60059 | 1249234 |
|  iShares Core MSCI EAFE ETF  | 10080 | 991066 |
|  iShares Core MSCI Emerging Markets ETF  | 17074 | 1310600 |
|  **TOTAL OPEN-END FUNDS** (Cost $15,394,410)  |  | 24790044 |
|  **SHORT-TERM INVESTMENTS – 0.9%** | **SHORT-TERM INVESTMENTS – 0.9%** |  |
|  **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** |  |
|  STIT-Government & Agency Portfolio - Institutional Class, 3.59% <sup>(b)</sup>  | 226011 | 226011 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $226,011)  |  | 226011 |
|  **TOTAL INVESTMENTS — 100.2%** (Cost $15,620,421)  |  | 25016055 |
|  Liabilities in Excess of Other Assets — (0.2)%  |  | (46335) |
|  **TOTAL NET ASSETS — 100.0%** |  | $24969720 |

---

Percentages are stated as a percent of net assets.

ETF - Exchange Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 98.5%** | **OPEN-END FUNDS — 98.5%** |  |
|  DFA Intermediate Government Fixed Income Portfolio - Class Institutional  | 136490 | $1562811 |
|  DFA One-Year Fixed Income Portfolio - Class Institutional  | 286832 | 2940029 |
|  DFA Short-Term Government Portfolio - Class Institutional  | 102402 | 1024018 |
|  DFA Two-Year Global Fixed Income Portfolio - Class Institutional  | 392490 | 3850326 |
|  Dimensional Inflation-Protected Securities ETF  | 30602 | 1295383 |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF <sup>(a)</sup>  | 115924 | 6170635 |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF <sup>(a)</sup>  | 28501 | 1553589 |
|  iShares Core International Aggregate Bond ETF  | 76355 | 3883415 |
|  VA Global Bond Portfolio  | 260860 | 2574689 |
|  VA Short-Term Fixed Income Portfolio  | 50542 | 511989 |
|  **TOTAL OPEN-END FUNDS** (Cost $25,607,683)  |  | 25366884 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 20.0%** | **SHORT-TERM INVESTMENTS – 20.0%** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 18.5%** |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(b)</sup>  | 4760971 | 4760971 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MONEY MARKET FUNDS — 1.5%** | **MONEY MARKET FUNDS — 1.5%** |  |
|  STIT-Government & Agency Portfolio - Institutional Class, 3.59% <sup>(b)</sup>  | 380682 | $380682 |
|  **TOTAL SHORT-TERM INVESTMENTS** (Cost $5,141,653)  |  | 5141653 |
|  **TOTAL INVESTMENTS — 118.5%** (Cost $30,749,336)  |  | 30508537 |
|  Liabilities in Excess of Other Assets — (18.5)%  |  | (4768695) |
|  **TOTAL NET ASSETS — 100.0%** |  | $25739842 |

---

Percentages are stated as a percent of net assets.

ETF - Exchange Traded Fund

LLC - Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**MATSON MONEY VI PORTFOLIOS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **MATSON MONEY<br> U.S. EQUITY<br> VI PORTFOLIO** | **MATSON MONEY<br> INTERNATIONAL <br> EQUITY<br> VI PORTFOLIO** | **MATSON MONEY<br> FIXED INCOME<br> VI PORTFOLIO** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $30528764 | $25016055 | $30508537 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  | 21698 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  | 17 | 2038 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 756 | 598 | 1098 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 102 | 237 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 30529622 | 25016907 | 30533457 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  | 4760971 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 11726 | 9363 | 9823 |
| &nbsp;&nbsp;&nbsp; Payable for audit fees  | 3742 | 3743 | 8835 |
| &nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 5545 | 5376 | 5814 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 1616 | 1645 | 1629 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  |  |  | 1571 |
| &nbsp;&nbsp;&nbsp; Payable for printing and mailing  | 1473 | 1132 | 1433 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 1674 | 24055 |  |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 2646 | 1873 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 28422 | 47187 | 4793615 |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $30501200 | $24969720 | $25739842 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001 and 0.001 per share)  | $861 | $673 | $1060 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 21135636 | 15022025 | 26798425 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 9364703 | 9947022 | (1059643) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $30501200 | $24969720 | $25739842 |
|  **Class L** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $30501200 | $24969720 | $25739842 |
| &nbsp;&nbsp;&nbsp; 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)  | 861114 | 672579 | 1059624 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $35.42 | $37.13 | $24.29 |
|  **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $21869344 | $15620421 | $30749336 |
|  **LOANED SECURITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments)  | $— | $— | $4650412 |

---

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

**MATSON MONEY VI PORTFOLIOS** 

**Statements of Operations** 

**FOR THE period ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **MATSON MONEY<br> U.S. EQUITY<br> VI PORTFOLIO** | **MATSON MONEY<br> INTERNATIONAL <br> EQUITY<br> VI PORTFOLIO** | **MATSON MONEY<br> FIXED INCOME<br> VI PORTFOLIO** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $342406 | $625695 | $656021 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  | 712 | 5720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 342406 | 626407 | 661741 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 72630 | 57069 | 63343 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 5375 | 5320 | 5964 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 760 | 760 | 5857 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 2851 | 2279 | 2762 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 2531 | 1952 | 2365 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 24 |  | 1583 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 727 | 1009 | 1455 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 366 | 491 | 399 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 202 | 172 | 187 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 104 | 82 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 85570 | 69134 | 84009 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 256836 | 557273 | 577732 |
| &nbsp;&nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain (loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 964338 | 906509 | (30230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  | 333985 | 367735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1298323 | 1274244 | (30230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation (depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1633395 | 3011822 | 28872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1633395 | 3011822 | 28872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 2931718 | 4286066 | (1358) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $3188554 | $4843339 | $576374 |

---

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

**MATSON MONEY U.S. EQUITY VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $256836 | $213074 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1298323 | 1765593 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1633395 | 352294 |
|  Net increase (decrease) in net assets from operations  | 3188554 | 2330961 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (2054164) | (2675128) |
|  Total distributions to shareholders  | (2054164) | (2675128) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 394363 | 2852803 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 2054164 | 2675128 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (2393664) | (4176491) |
|  Net increase (decrease) in net assets from capital transactions  | 54863 | 1351440 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 1189253 | 1007273 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 29311947 | 28304674 |
| &nbsp;&nbsp;&nbsp; End of the period  | $30501200 | $29311947 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 11355 | 90322 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 61539 | 83702 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (69078) | (123441) |
|  Total increase (decrease) in shares outstanding  | 3816 | 50583 |

---

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

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $557273 | $644001 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1274244 | 1152737 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3011822 | 2524818 |
|  Net increase (decrease) in net assets from operations  | 4843339 | 4321556 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (1909549) | (981218) |
|  Total distributions to shareholders  | (1909549) | (981218) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 313500 | 2053034 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 1909549 | 981218 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (2671103) | (4847639) |
|  Net increase (decrease) in net assets from capital transactions  | (448054) | (1813387) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 2485736 | 1526951 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 22483984 | 20957033 |
| &nbsp;&nbsp;&nbsp; End of the period  | $24969720 | $22483984 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 8969 | 73240 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 57795 | 38434 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (77829) | (170344) |
|  Total increase (decrease) in shares outstanding  | (11065) | (58670) |

---

 

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

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $577732 | $947386 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (30230) | (166655) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 28872 | 214061 |
|  Net increase (decrease) in net assets from operations  | 576374 | 994792 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class L  | (850596) | (916426) |
|  Total distributions to shareholders  | (850596) | (916426) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 2237489 | 1870932 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 850596 | 916426 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (1995970) | (3696779) |
|  Net increase (decrease) in net assets from capital transactions  | 1092115 | (909421) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 817893 | (831055) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 24921949 | 25753004 |
| &nbsp;&nbsp;&nbsp; End of the period  | $25739842 | $24921949 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class L  | 91502 | 76641 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class L  | 35353 | 38651 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class L  | (81442) | (152499) |
|  Total increase (decrease) in shares outstanding  | 45413 | (37207) |

---

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

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY U.S. EQUITY VI PORTFOLIO** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.30 | 0.25 | 0.27 | 0.28 | 0.23 | 0.25 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>** | 11.42% | 7.94% | 19.90% | 10.14% | (6.64)% | 49.31% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(d)</sup>** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $30501 | $29312 | $28305 | $27771 | $27817 | $31796 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.59% | 0.73% | 0.76% | 0.74% | 0.73% | 0.74% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 1.77% | 0.78% | 0.84% | 0.90% | 0.65% | 0.77% |
|  Portfolio turnover rate <sup>(c)</sup>  | 2% | 11% | 8% | 9% | 15% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.83 | 0.87 | 0.73 | 0.61 | 0.73 | 0.37 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>** | 23.07% | 22.54% | 17.23% | 15.39% | (15.66)% | 33.96% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(d)</sup>** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $24970 | $22484 | $20957 | $20351 | $19100 | $22780 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.61% | 0.78% | 0.83% | 0.80% | 0.80% | 0.80% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 4.88% | 3.07% | 2.84% | 2.60% | 2.86% | 1.48% |
|  Portfolio turnover rate <sup>(c)</sup>  | 4% | 11% | 6% | 11% | 11% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

**Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **YEAR ENDED <br> AUGUST 31, <br> 2025** | **YEAR ENDED <br> AUGUST 31, <br> 2024** | **YEAR ENDED <br> AUGUST 31, <br> 2023** | **YEAR ENDED <br> AUGUST 31, <br> 2022** | **YEAR ENDED <br> AUGUST 31, <br> 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<sup>(a)</sup>  | 0.55 | 0.91 | 0.74 | 0.37 | 0.10 | 0.02 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  |  | 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 <sup>(c)</sup>** | 2.28% | 4.04% | 6.12% | 1.36% | (7.08)% | 0.22% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(d)</sup>** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $25740 | $24922 | $25753 | $26927 | $28299 | $33103 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.66% | 0.75% | 0.76% | 0.74% | 0.73% | 0.73% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 4.56% | 3.74% | 3.10% | 1.59% | 0.39% | 0.07% |
|  Portfolio turnover rate <sup>(c)</sup>  | 6% | 19% | 15% | 8% | 7% | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**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

**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**  |
|  <u>**Investments**</u>: |  |  |  |  |
|  Open-End Funds  | $24428934 | $— | $— | $24428934 |
|  Investments Measured at Net Asset Value\*  |  |  |  | 5814132 |
|  Money Market Funds  | 285698 |  |  | 285698 |
|  Total Investments\*\*  | $24714632 | $— | $— | $30528764 |

---

\* 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 VI PORTFOLIOS** 

**Notes to Financial Statements (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3** | **TOTAL**  |
|  <u>**Investments**</u>: |  |  |  |  |
|  Open-End Funds  | $19294942 | $— | $— | $19294942 |
|  Investments Measured at Net Asset Value\*  |  |  |  | 5495102 |
|  Money Market Funds  | 226011 |  |  | 226011 |
|  Total Investments\*\*  | $19520953 | $— | $— | $25016055 |

---

\* 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**  |
|  <u>**Investments**</u>: |  |  |  |  |
|  Open-End Funds  | $22280206 | $— | $— | $22280206 |
|  Investments Measured at Net Asset Value\*  |  |  |  | 3086678 |
|  Investments Purchased with Proceeds from Securities Lending\*  |  |  |  | 4760971 |
|  Money Market Funds  | 380682 |  |  | 380682 |
|  Total Investments\*\*  | $22660888 | $— | $— | $30508537 |

---

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

**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.

**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 <br> 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 |

---

**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  | $695000 | $2193841 |
|  Matson Money International Equity VI Portfolio  | 1028225 | 2505760 |
|  Matson Money Fixed Income VI Portfolio  | 1971134 | 1447886 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

**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 <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED<br> (DEPRECIATION)** | **NET<br> UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
|  Matson Money U.S. Equity VI Portfolio  | $22573451 | $7033083 | $(211316) | $6821767 |
|  Matson Money International Equity VI Portfolio  | 16636036 | 6422212 | (492820) | 5929392 |
|  Matson Money Fixed Income VI Portfolio  | 25674305 | 312676 | (791121) | (478445) |

---

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 <br> Ordinary <br> Income** | **Undistributed<br> Long-Term<br> Capital Gains** | **Capital Loss<br> CarryForwards** | **Net <br> Unrealized<br> Appreciation/<br> (Depreciation)** |
|  Matson Money U.S. Equity VI Portfolio  | $49087 | $1359459 | $— | $6821767 |
|  Matson Money International Equity VI Portfolio  | 160089 | 923751 |  | 5929392 |
|  Matson Money Fixed Income VI Portfolio  | 260635 |  | (567612) | (478445) |

---

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:

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PORTFOLIO** | **ORDINARY<br> INCOME** | **LONG-TERM <br> GAINS** | **RETURN OF<br> CAPITAL** | **TOTAL** |
|  Matson Money U.S. Equity VI Portfolio  | $227887 | $2447241 | – $| 2675128 |
|  Matson Money International Equity VI Portfolio  | 603814 | 377404 | – | 981218 |
|  Matson Money Fixed Income VI Portfolio  | 916426 |  | – | 916426 |

---

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 <br> OF SECURITIES <br> LOANED** | **MARKET VALUE <br> OF COLLATERAL** | **INCOME RECEIVED <br> FROM SECURITIES <br> LENDING** |
|  Matson Money U.S. Equity Portfolio  | $— | $— | $— |
|  Matson Money International Equity Portfolio  |  |  | 712 |
|  Matson Money Fixed Income Portfolio  | 4650412 | 4760971 | 5719 |

---

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

**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 <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**PORTFOLIO** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> ASSETS** | <br>**GROSS <br> AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED <br> IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET <br> AMOUNT<sup>2</sup>** |
|  Matson Money U.S. Equity Portfolio  | $— | $— | $— | $— | $— | $— |
|  Matson Money International Equity Portfolio  |  |  |  |  |  |  |
|  Matson Money Fixed Income Portfolio  | 4650412 |  | 4650412 | (4650412) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> 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.

**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.

**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

![](mfam_i.jpg)

Financial Statements

Motley Fool Asset Management ETFs

Series of The RBB Fund, Inc.

**2/28/26 (UNAUDITED)**

---

| | |
|:---|:---|
| Motley Fool Global Opportunities ETF | ![](mfam_ia.jpg) |
| Motley Fool Mid-Cap Growth ETF | ![](mfam_ib.jpg) |
| Motley Fool 100 Index ETF | ![](mfam_ic.jpg) |
| Motley Fool Small-Cap Growth ETF | ![](mfam_id.jpg) |
| Motley Fool Capital Efficiency 100 Index ETF | ![](mfam_ie.jpg) |
| Motley Fool Next Index ETF | ![](mfam_if.jpg) |
| Motley Fool Innovative Growth Factor ETF | ![](mfam_ig.jpg) |
| Motley Fool Momentum Factor ETF | ![](mfam_ih.jpg) |
| Motley Fool Value Factor ETF | ![](mfam_ii.jpg) |

---

**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 <br> Assets** |
|  United States  | $201412820 | 55.5% |
|  United Kingdom  | 41666705 | 11.5 |
|  Philippines  | 20052975 | 5.5 |
|  Canada  | 19933627 | 5.5 |
|  Taiwan  | 14683536 | 4.0 |
|  Japan  | 14131536 | 3.9 |
|  Thailand  | 10962252 | 3.0 |
|  Ireland  | 10761639 | 3.0 |
|  China  | 10622669 | 2.9 |
|  Argentina  | 7598018 | 2.1 |
|  Germany  | 6653486 | 1.8 |
|  Spain  | 5605768 | 1.5 |
|  Israel  | 5356597 | 1.5 |
|  Netherlands  | 3237304 | 0.9 |
|  Kenya  | 992248 | 0.3 |
|  United Arab Emirates  | 0 | — <sup>(a)</sup> |
|  Liabilities in Excess of Other Assets  | (10474232) | (2.9) |
|  | $363196948 | 100.0% |

---

<sup>(a)</sup> Represents less than 0.05% of net assets. 

---

| | | |
|:---|:---|:---|
| **Sector Classification as of February 28, 2026** | **Values** | **% of Net <br> Assets** |
|  Industrials  | $86095030 | 23.8% |
|  Financials  | 62523171 | 17.2 |
|  Communication Services  | 52674152 | 14.5 |
|  Information Technology  | 40155054 | 11.0 |
|  Consumer Discretionary  | 37947037 | 10.4 |
|  Real Estate  | 25004721 | 6.9 |
|  Health Care  | 22689042 | 6.3 |
|  Consumer Staples  | 21146450 | 5.8 |
|  Materials  | 6653486 | 1.8 |
|  Investments Purchased with Proceeds from Securities Lending  | 18783037 | 5.2 |
|  Liabilities in Excess of Other Assets  | (10474232) | (2.9) |
|  | $363196948 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool global opportunities ETF** 

**Schedule of Investments (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** | **COMMON STOCKS — 97.7%** |
|  **Argentina — 2.1%** | **Argentina — 2.1%** | **Argentina — 2.1%** |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 4323 | $7598018 |
|  **Canada — 5.5%** | **Canada — 5.5%** | **Canada — 5.5%** |
|  Canadian National Railway Co. <sup>(b)</sup>  | 49782 | 5585042 |
|  Waste Connections, Inc.  | 83359 | 14348585 |
|  |  | 19933627 |
|  **China — 2.9%** | **China — 2.9%** | **China — 2.9%** |
|  Yum China Holdings, Inc.  | 193456 | 10622669 |
|  **Germany — 1.8%** | **Germany — 1.8%** | **Germany — 1.8%** |
|  Symrise AG  | 72582 | 6653486 |
|  **Ireland — 3.0%** | **Ireland — 3.0%** | **Ireland — 3.0%** |
|  ICON PLC <sup>(a)(b)</sup>  | 29238 | 3161797 |
|  Kerry Group PLC - Class A  | 68883 | 6128830 |
|  Kerry Group PLC - Class A  | 17485 | 1471012 |
|  |  | 10761639 |
|  **Israel — 1.5%** | **Israel — 1.5%** | **Israel — 1.5%** |
|  Cellebrite DI Ltd. <sup>(a)</sup>  | 401544 | 5356597 |
|  **Japan — 3.9%** | **Japan — 3.9%** | **Japan — 3.9%** |
|  Nintendo Co. Ltd.  | 245342 | 14131536 |
|  **Kenya — 0.3%** | **Kenya — 0.3%** | **Kenya — 0.3%** |
|  Safaricom PLC  | 4000000 | 992248 |
|  **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
|  Universal Music Group NV  | 143368 | 3237304 |
|  **Philippines — 5.5%** | **Philippines — 5.5%** | **Philippines — 5.5%** |
|  International Container Terminal Services, Inc.  | 1610522 | 20052975 |
|  **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
|  Cellnex Telecom SA <sup>(c)</sup>  | 147611 | 5605768 |
|  **Taiwan — 4.0%** | **Taiwan — 4.0%** | **Taiwan — 4.0%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 39200 | 14683536 |
|  **Thailand — 3.0%** | **Thailand — 3.0%** | **Thailand — 3.0%** |
|  Fabrinet <sup>(a)</sup>  | 20091 | $10962252 |
|  **United Arab Emirates — 0.0% <sup>(d)</sup>** | **United Arab Emirates — 0.0% <sup>(d)</sup>** | **United Arab Emirates — 0.0% <sup>(d)</sup>** |
|  NMC Health PLC <sup>(a)(e)</sup>  | 485482 | 0 |
|  **United Kingdom — 11.5%** | **United Kingdom — 11.5%** | **United Kingdom — 11.5%** |
|  Aon PLC - Class A  | 26867 | 9013072 |
|  Ashtead Group PLC  | 93881 | 6738410 |
|  Close Brothers Group PLC <sup>(a)</sup>  | 1513834 | 10114940 |
|  London Stock Exchange Group PLC  | 79641 | 9509309 |
|  RELX PLC - ADR <sup>(b)</sup>  | 86500 | 3009335 |
|  Rentokil Initial PLC - ADR <sup>(b)</sup>  | 103791 | 3246582 |
|  System1 Group PLC  | 13138 | 35057 |
|  |  | 41666705 |
|  **United States — 50.3% <sup>(f)</sup>** | **United States — 50.3% <sup>(f)</sup>** | **United States — 50.3% <sup>(f)</sup>** |
|  Alphabet, Inc. - Class C  | 81405 | 25351959 |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 351023 | 4780933 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 93935 | 19726350 |
|  American Tower Corp.  | 48458 | 9297152 |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 20688 | 11221171 |
|  Brookfield Asset Management Ltd. <sup>(b)</sup>  | 178508 | 8345249 |
|  Costco Wholesale Corp.  | 13402 | 13546608 |
|  DexCom, Inc. <sup>(a)</sup>  | 116877 | 8582278 |
|  Equinix, Inc.  | 11538 | 11241012 |
|  Fastenal Co.  | 211244 | 9725674 |
|  Mastercard, Inc. - Class A  | 27736 | 14345336 |
|  Netflix, Inc. <sup>(a)</sup>  | 34500 | 3320280 |
|  Salesforce, Inc.  | 33125 | 6452419 |
|  SBA Communications Corp.  | 22204 | 4466557 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 25000 | 2700250 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 87806 | 11195265 |
|  Waters Corp. <sup>(a)</sup>  | 19300 | 6164034 |
|  Watsco, Inc. <sup>(b)</sup>  | 29155 | 12167256 |
|  |  | 182629783 |
|  **TOTAL COMMON STOCKS** (Cost $190,203,849)  |  | 354888143 |

---

The accompanying notes are an integral part of these financial statements.

**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%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.2%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(g)</sup>  | 18783037 | $18783037 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $18,783,037)  |  | 18783037 |
|  **TOTAL INVESTMENTS — 102.9%** (Cost $208,986,886)  |  | 373671180 |
|  Liabilities in Excess of Other Assets — (2.9)%  |  | (10474232) |
|  **TOTAL NET ASSETS — 100.0%** |  | $363196948 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Represents less than 0.05% of net assets. 

<sup>(e)</sup> 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. 

<sup>(f)</sup> 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.

<sup>(g)</sup> 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.

**Motley Fool mid-cap growth ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
|  **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** | **Aerospace & Defense — 3.0%** |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 7323 | $3971995 |
|  **Air Freight & Logistics — 5.5%** | **Air Freight & Logistics — 5.5%** | **Air Freight & Logistics — 5.5%** |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 115246 | 7240906 |
|  **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
|  Carlisle Cos., Inc.  | 246 | 97113 |
|  **Capital Markets — 7.9%** | **Capital Markets — 7.9%** | **Capital Markets — 7.9%** |
|  Morningstar, Inc.  | 9919 | 1816566 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 66937 | 8534467 |
|  |  | 10351033 |
|  **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
|  Performance Food Group Co. <sup>(a)</sup>  | 29223 | 2836384 |
|  **Financial Services — 3.8%** | **Financial Services — 3.8%** | **Financial Services — 3.8%** |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 180942 | 4941526 |
|  **Health Care Equipment & Supplies — 14.6%** | **Health Care Equipment & Supplies — 14.6%** | **Health Care Equipment & Supplies — 14.6%** |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 328965 | 4480503 |
|  Cooper Cos., Inc. <sup>(a)(b)</sup>  | 31582 | 2642466 |
|  DexCom, Inc. <sup>(a)</sup>  | 87997 | 6461620 |
|  Penumbra, Inc. <sup>(a)(b)</sup>  | 16213 | 5583595 |
|  |  | 19168184 |
|  **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** |
|  HealthEquity, Inc. <sup>(a)</sup>  | 70733 | 5410367 |
|  **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** | **Hotels, Restaurants & Leisure — 3.6%** |
|  Wingstop, Inc. <sup>(b)</sup>  | 18113 | 4700505 |
|  **Insurance — 4.1%** | **Insurance — 4.1%** | **Insurance — 4.1%** |
|  Brown & Brown, Inc.  | 74309 | 5336872 |
|  Goosehead Insurance, Inc. - Class A <sup>(a)(b)</sup>  | 670 | 36314 |
|  |  | 5373186 |
|  **IT Services — 2.7%** | **IT Services — 2.7%** | **IT Services — 2.7%** |
|  MongoDB, Inc. <sup>(a)</sup>  | 10652 | 3498863 |
|  **Life Sciences Tools & Services — 6.6%** | **Life Sciences Tools & Services — 6.6%** | **Life Sciences Tools & Services — 6.6%** |
|  Waters Corp. <sup>(a)</sup>  | 12580 | $4017801 |
|  West Pharmaceutical Services, Inc.  | 18386 | 4676295 |
|  |  | 8694096 |
|  **Professional Services — 4.5%** | **Professional Services — 4.5%** | **Professional Services — 4.5%** |
|  Broadridge Financial Solutions, Inc.  | 31765 | 5904161 |
|  **Software — 15.0%** | **Software — 15.0%** | **Software — 15.0%** |
|  Alarm.com Holdings, Inc. <sup>(a)</sup>  | 54971 | 2630362 |
|  Datadog, Inc. - Class A <sup>(a)</sup>  | 35027 | 3921623 |
|  Guidewire Software, Inc. <sup>(a)</sup>  | 30901 | 4490533 |
|  HubSpot, Inc. <sup>(a)</sup>  | 11210 | 2965157 |
|  Monday.com Ltd. <sup>(a)(b)</sup>  | 21529 | 1563867 |
|  Tyler Technologies, Inc. <sup>(a)</sup>  | 11503 | 4079999 |
|  |  | 19651541 |
|  **Specialized REITs — 4.3%** | **Specialized REITs — 4.3%** | **Specialized REITs — 4.3%** |
|  SBA Communications Corp.  | 27682 | 5568511 |
|  **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
|  Tractor Supply Co.  | 82788 | 4291730 |
|  **Trading Companies & Distributors — 13.7%** | **Trading Companies & Distributors — 13.7%** | **Trading Companies & Distributors — 13.7%** |
|  Fastenal Co.  | 67305 | 3098722 |
|  QXO, Inc. <sup>(a)</sup>  | 329598 | 7893872 |
|  SiteOne Landscape Supply, Inc. <sup>(a)(b)</sup>  | 32582 | 4655642 |
|  Watsco, Inc. <sup>(b)</sup>  | 5497 | 2294063 |
|  |  | 17942299 |
|  **TOTAL COMMON STOCKS** (Cost $97,107,232)  |  | 129642400 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool mid-cap growth ETF** 

**Schedule of Investments (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 8534209 | $8534209 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,534,209)  |  | 8534209 |
|  **TOTAL INVESTMENTS — 105.5%** (Cost $105,641,441)  |  | 138176609 |
|  Liabilities in Excess of Other Assets — (5.5)%  |  | (7164100) |
|  **TOTAL NET ASSETS — 100.0%** |  | $131012509 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> <sup></sup>Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

**Motley Fool 100 Index ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  Altaba, Inc. - Escrow Shares <sup>(a)(b)</sup>  | 8565 | $8479 |
|  **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** | **Aerospace & Defense — 1.3%** |
|  Axon Enterprise, Inc. <sup>(b)</sup>  | 6374 | 3457258 |
|  Howmet Aerospace, Inc.  | 37903 | 9950674 |
|  Rocket Lab Corp. <sup>(b)</sup>  | 52886 | 3654423 |
|  TransDigm Group, Inc.  | 5322 | 6933448 |
|  |  | 23995803 |
|  **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** | **Air Freight & Logistics — 0.5%** |
|  FedEx Corp.  | 21930 | 8486910 |
|  **Automobiles — 3.5%** | **Automobiles — 3.5%** | **Automobiles — 3.5%** |
|  Ford Motor Co.  | 372366 | 5246637 |
|  Tesla, Inc. <sup>(b)</sup>  | 150804 | 60700118 |
|  |  | 65946755 |
|  **Banks — 2.3%** | **Banks — 2.3%** | **Banks — 2.3%** |
|  JPMorgan Chase & Co.  | 126035 | 37848311 |
|  Truist Financial Corp.  | 119401 | 5887663 |
|  |  | 43735974 |
|  **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
|  Monster Beverage Corp. <sup>(b)</sup>  | 91120 | 7772536 |
|  **Biotechnology — 2.8%** | **Biotechnology — 2.8%** | **Biotechnology — 2.8%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(b)</sup>  | 12317 | 4100576 |
|  Amgen, Inc.  | 50221 | 19493783 |
|  Gilead Sciences, Inc.  | 115712 | 17235302 |
|  Vertex Pharmaceuticals, Inc. <sup>(b)</sup>  | 23666 | 11757979 |
|  |  | 52587640 |
|  **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** | **Broadline Retail — 4.6%** |
|  Amazon.com, Inc. <sup>(b)</sup>  | 375794 | 78916740 |
|  Coupang, Inc. <sup>(b)</sup>  | 170360 | 3250469 |
|  eBay, Inc.  | 43424 | 3945504 |
|  |  | 86112713 |
|  **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
|  CME Group, Inc.  | 33698 | 10766511 |
|  Goldman Sachs Group, Inc.  | 29453 | 25316915 |
|  Intercontinental Exchange, Inc.  | 53184 | 8729090 |
|  **Capital Markets — 2.6% (continued)** | **Capital Markets — 2.6% (continued)** |  |
|  Nasdaq, Inc.  | 53371 | $4674232 |
|  |  | 49486748 |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Ecolab, Inc.  | 26413 | 8144449 |
|  Sherwin-Williams Co.  | 22995 | 8337757 |
|  |  | 16482206 |
|  **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
|  Cintas Corp.  | 37312 | 7504563 |
|  Copart, Inc. <sup>(b)</sup>  | 90286 | 3438994 |
|  Waste Management, Inc.  | 37567 | 9047636 |
|  |  | 19991193 |
|  **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** | **Communications Equipment — 1.2%** |
|  Arista Networks, Inc. <sup>(b)</sup>  | 119727 | 15983555 |
|  Motorola Solutions, Inc.  | 15517 | 7483228 |
|  |  | 23466783 |
|  **Consumer Staples Distribution & Retail — 4.7%** | **Consumer Staples Distribution & Retail — 4.7%** | **Consumer Staples Distribution & Retail — 4.7%** |
|  Costco Wholesale Corp.  | 41400 | 41846706 |
|  Walmart, Inc.  | 361647 | 46272734 |
|  |  | 88119440 |
|  **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Corning, Inc.  | 80722 | 12138974 |
|  **Entertainment — 3.5%** | **Entertainment — 3.5%** | **Entertainment — 3.5%** |
|  Netflix, Inc. <sup>(b)</sup>  | 425103 | 40911913 |
|  ROBLOX Corp. - Class A <sup>(b)</sup>  | 65618 | 4505332 |
|  Take-Two Interactive Software, Inc. <sup>(b)</sup>  | 17225 | 3642743 |
|  Walt Disney Co.  | 166554 | 17661386 |
|  |  | 66721374 |
|  **Financial Services — 8.2%** | **Financial Services — 8.2%** | **Financial Services — 8.2%** |
|  Berkshire Hathaway, Inc. - Class B <sup>(b)</sup>  | 85490 | 43168175 |
|  Block, Inc. <sup>(b)</sup>  | 56688 | 3611026 |
|  Mastercard, Inc. - Class A  | 83500 | 43187035 |
|  PayPal Holdings, Inc.  | 39776 | 1838049 |
|  Rocket Cos., Inc. - Class A  | 266354 | 4844979 |
|  Visa, Inc. - Class A  | 178412 | 57116818 |
|  |  | 153766082 |
|  **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** | **Ground Transportation — 1.8%** |
|  Old Dominion Freight Line, Inc.  | 19440 | 3947292 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool 100 Index ETF** 

**Schedule of Investments (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Ground Transportation — 1.8% (continued)** | **Ground Transportation — 1.8% (continued)** | **Ground Transportation — 1.8% (continued)** |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 196315 | $14806077 |
|  Union Pacific Corp. <sup>(c)</sup>  | 55320 | 14658694 |
|  |  | 33412063 |
|  **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
|  DexCom, Inc. <sup>(b)</sup>  | 36352 | 2669327 |
|  GE HealthCare Technologies, Inc.  | 42487 | 3580380 |
|  IDEXX Laboratories, Inc. <sup>(b)</sup>  | 7442 | 4887385 |
|  Intuitive Surgical, Inc. <sup>(b)</sup>  | 33071 | 16651579 |
|  ResMed, Inc.  | 13594 | 3483598 |
|  |  | 31272269 |
|  **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** | **Health Care Providers & Services — 1.7%** |
|  CVS Health Corp.  | 118756 | 9488604 |
|  HCA Healthcare, Inc.  | 21300 | 11282610 |
|  McKesson Corp.  | 11593 | 11446581 |
|  |  | 32217795 |
|  **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
|  Veeva Systems, Inc. - Class A <sup>(b)</sup>  | 15327 | 2789667 |
|  **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** | **Hotels, Restaurants & Leisure — 2.7%** |
|  Airbnb, Inc. - Class A <sup>(b)</sup>  | 56391 | 7618988 |
|  Booking Holdings, Inc.  | 3003 | 12730768 |
|  Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 123058 | 4580219 |
|  DoorDash, Inc. - Class A <sup>(b)</sup>  | 40625 | 7169094 |
|  Marriott International, Inc. - Class A  | 25035 | 8555210 |
|  Starbucks Corp.  | 106081 | 10398060 |
|  |  | 51052339 |
|  **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
|  3M Co.  | 49558 | 8192929 |
|  **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
|  Progressive Corp.  | 55407 | 11838260 |
|  **Interactive Media & Services — 10.9%** | **Interactive Media & Services — 10.9%** | **Interactive Media & Services — 10.9%** |
|  Alphabet, Inc. - Class C  | 423860 | 132002720 |
|  Meta Platforms, Inc. - Class A  | 110943 | 71911033 |
|  Reddit, Inc. - Class A <sup>(b)</sup>  | 9948 | 1450518 |
|  |  | 205364271 |
|  **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
|  Cloudflare, Inc. - Class A <sup>(b)</sup>  | 32956 | $5674694 |
|  Cognizant Technology Solutions Corp. - Class A  | 45035 | 2901605 |
|  Snowflake, Inc. - Class A <sup>(b)</sup>  | 32659 | 5500102 |
|  |  | 14076401 |
|  **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
|  Cummins, Inc.  | 12868 | 7513239 |
|  **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** | **Oil, Gas & Consumable Fuels — 2.2%** |
|  Chevron Corp.  | 185014 | 34553215 |
|  Kinder Morgan, Inc.  | 209785 | 6979547 |
|  |  | 41532762 |
|  **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
|  Bristol-Myers Squibb Co.  | 189941 | 11846620 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CoStar Group, Inc. <sup>(b)</sup>  | 39523 | 1763911 |
|  **Semiconductors & Semiconductor Equipment — 15.0%** | **Semiconductors & Semiconductor Equipment — 15.0%** | **Semiconductors & Semiconductor Equipment — 15.0%** |
|  Advanced Micro Devices, Inc. <sup>(b)</sup>  | 163890 | 32812417 |
|  Broadcom, Inc.  | 216669 | 69236579 |
|  Lam Research Corp.  | 121835 | 28495988 |
|  NVIDIA Corp.  | 860501 | 152472172 |
|  |  | 283017156 |
|  **Software — 11.2%** | **Software — 11.2%** | **Software — 11.2%** |
|  Adobe Systems, Inc. <sup>(b)</sup>  | 39052 | 10247635 |
|  AppLovin Corp. - Class A <sup>(b)</sup>  | 33487 | 14559143 |
|  Autodesk, Inc. <sup>(b)</sup>  | 19733 | 4851753 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup>  | 23627 | 8788771 |
|  Datadog, Inc. - Class A <sup>(b)</sup>  | 32698 | 3660868 |
|  Fair Isaac Corp. <sup>(b)</sup>  | 2207 | 3110458 |
|  Fortinet, Inc. <sup>(b)</sup>  | 69388 | 5483734 |
|  Intuit, Inc.  | 19905 | 8141742 |
|  Microsoft Corp.  | 260669 | 102375143 |
|  Palo Alto Networks, Inc. <sup>(b)</sup>  | 65098 | 9694394 |
|  Salesforce, Inc.  | 84612 | 16481572 |
|  ServiceNow, Inc. <sup>(b)</sup>  | 86595 | 9353126 |
|  Synopsys, Inc. <sup>(b)</sup>  | 17884 | 7403976 |
|  Workday, Inc. - Class A <sup>(b)</sup>  | 22398 | 2995956 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool 100 Index ETF** 

**Schedule of Investments (concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Software — 11.2% (continued)** |  |  |  |
|  Zoom Communications, Inc. - Class A <sup>(b)</sup>  | 27621 | $| 2042297 |
|  Zscaler, Inc. <sup>(b)</sup>  | 14861 |  | 2184418 |
|  |  |  | 211374986 |
|  **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
|  American Tower Corp.  | 43661 |  | 8376800 |
|  Digital Realty Trust, Inc.  | 32091 |  | 5686525 |
|  Equinix, Inc.  | 9151 |  | 8915453 |
|  |  |  | 22978778 |
|  **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
|  Carvana Co. <sup>(b)(c)</sup>  | 13175 |  | 4402558 |
|  TJX Cos., Inc.  | 103591 |  | 16746521 |
|  |  |  | 21149079 |
|  **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** |
|  Apple, Inc.  | 518239 |  | 136908379 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
|  NIKE, Inc. - Class B  | 137844 |  | 8571140 |
|  **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** | **Wireless Telecommunication Services — 1.2%** |
|  T-Mobile US, Inc.  | 104341 |  | 22651388 |
|  **TOTAL COMMON STOCKS** (Cost $1,474,672,964)  |  |  | 1878343042 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  | 14922796 | $14922796 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $14,922,796)  |  | 14922796 |
|  **TOTAL INVESTMENTS — 100.6%** (Cost $1,489,595,760)  |  | 1893265838 |
|  Liabilities in Excess of Other Assets — (0.6)%  |  | (11569107) |
|  **TOTAL NET ASSETS — 100.0%** |  | $1881696731 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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. 

<sup>(d)</sup> 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.

**MOTLEY FOOL Small-Cap Growth ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** |
|  **Aerospace & Defense — 7.6%** | **Aerospace & Defense — 7.6%** | **Aerospace & Defense — 7.6%** |
|  Hexcel Corp. <sup>(a)</sup>  | 35091 | $3252585 |
|  Leonardo DRS, Inc.  | 46254 | 2006961 |
|  |  | 5259546 |
|  **Air Freight & Logistics — 5.2%** | **Air Freight & Logistics — 5.2%** | **Air Freight & Logistics — 5.2%** |
|  GXO Logistics, Inc. <sup>(b)</sup>  | 56976 | 3579802 |
|  **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
|  Gentex Corp.  | 8358 | 195577 |
|  **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
|  Live Oak Bancshares, Inc.  | 59721 | 2166081 |
|  Towne Bank/Portsmouth VA  | 30014 | 1028279 |
|  |  | 3194360 |
|  **Biotechnology — 5.2%** | **Biotechnology — 5.2%** | **Biotechnology — 5.2%** |
|  ADMA Biologics, Inc. <sup>(b)</sup>  | 107589 | 1675161 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(b)</sup>  | 83491 | 1952854 |
|  |  | 3628015 |
|  **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
|  Trex Co., Inc. <sup>(a)(b)</sup>  | 3033 | 125627 |
|  **Capital Markets — 7.4%** | **Capital Markets — 7.4%** | **Capital Markets — 7.4%** |
|  StoneX Group, Inc. <sup>(b)</sup>  | 40216 | 5127540 |
|  **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
|  Eastman Chemical Co.  | 26263 | 1983119 |
|  **Diversified Consumer Services — 3.8%** | **Diversified Consumer Services — 3.8%** | **Diversified Consumer Services — 3.8%** |
|  Frontdoor, Inc. <sup>(b)</sup>  | 38001 | 2605729 |
|  **Electronic Equipment, Instruments & Components — 7.1%** | **Electronic Equipment, Instruments & Components — 7.1%** | **Electronic Equipment, Instruments & Components — 7.1%** |
|  Evolv Technologies Holdings, Inc. <sup>(b)</sup>  | 386392 | 2047877 |
|  IPG Photonics Corp. <sup>(b)</sup>  | 21738 | 2860069 |
|  |  | 4907946 |
|  **Financial Services — 3.6%** | **Financial Services — 3.6%** | **Financial Services — 3.6%** |
|  Toast, Inc. - Class A <sup>(b)</sup>  | 90324 | 2466748 |
|  **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
|  RXO, Inc. <sup>(b)</sup>  | 10195 | $162712 |
|  **Health Care Equipment & Supplies — 10.9%** | **Health Care Equipment & Supplies — 10.9%** | **Health Care Equipment & Supplies — 10.9%** |
|  Alphatec Holdings, Inc. <sup>(b)</sup>  | 197464 | 2689460 |
|  Penumbra, Inc. <sup>(a)(b)</sup>  | 8190 | 2820554 |
|  UFP Technologies, Inc. <sup>(a)(b)</sup>  | 9754 | 2053997 |
|  |  | 7564011 |
|  **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
|  HealthEquity, Inc. <sup>(a)(b)</sup>  | 27728 | 2120915 |
|  **Industrial REITs — 2.4%** | **Industrial REITs — 2.4%** | **Industrial REITs — 2.4%** |
|  STAG Industrial, Inc.  | 42263 | 1657555 |
|  **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
|  Goosehead Insurance, Inc. - Class A <sup>(a)(b)</sup>  | 30598 | 1658412 |
|  **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
|  Northern Oil & Gas, Inc. <sup>(a)</sup>  | 8593 | 237081 |
|  **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
|  BellRing Brands, Inc. <sup>(b)</sup>  | 9050 | 166430 |
|  **Professional Services — 3.1%** | **Professional Services — 3.1%** | **Professional Services — 3.1%** |
|  Verra Mobility Corp. <sup>(b)</sup>  | 127992 | 2138746 |
|  **Retail REITs — 2.8%** | **Retail REITs — 2.8%** | **Retail REITs — 2.8%** |
|  Agree Realty Corp.  | 24380 | 1962102 |
|  **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
|  SiTime Corp. <sup>(b)</sup>  | 4980 | 1981442 |
|  Ultra Clean Holdings, Inc. <sup>(b)</sup>  | 25000 | 1517000 |
|  |  | 3498442 |
|  **Software — 7.7%** | **Software — 7.7%** | **Software — 7.7%** |
|  Alarm.com Holdings, Inc. <sup>(b)</sup>  | 1406 | 67277 |
|  LiveRamp Holdings, Inc. <sup>(b)</sup>  | 90452 | 2457581 |
|  nCino, Inc. <sup>(b)</sup>  | 92208 | 1488237 |
|  Q2 Holdings, Inc. <sup>(b)</sup>  | 27228 | 1310211 |
|  |  | 5323306 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL Small-Cap Growth ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
|  Warby Parker, Inc. - Class A <sup>(a)(b)</sup>  | 37595 | $940251 |
|  **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
|  Crocs, Inc. <sup>(b)</sup>  | 1608 | 145862 |
|  **Trading Companies & Distributors — 9.5%** | **Trading Companies & Distributors — 9.5%** | **Trading Companies & Distributors — 9.5%** |
|  Herc Holdings, Inc. <sup>(a)</sup>  | 20280 | 2834941 |
|  QXO, Inc. <sup>(b)</sup>  | 109616 | 2625303 |
|  SiteOne Landscape Supply, Inc. <sup>(b)</sup>  | 7879 | 1125831 |
|  |  | 6586075 |
|  **TOTAL COMMON STOCKS** (Cost $57,596,994)  |  | 67235909 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 8584376 | $8584376 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,584,376)  |  | 8584376 |
|  **TOTAL INVESTMENTS — 109.5%** (Cost $66,181,370)  |  | 75820285 |
|  Liabilities in Excess of Other Assets — (9.5)%  |  | (6556443) |
|  **TOTAL NET ASSETS — 100.0%** |  | $69263842 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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.

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
|  FedEx Corp.  | 2398 | $928026 |
|  **Automobile Components — 0.0% <sup>(a)</sup>** | **Automobile Components — 0.0% <sup>(a)</sup>** | **Automobile Components — 0.0% <sup>(a)</sup>** |
|  Phinia, Inc.  | 354 | 25711 |
|  **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
|  Monster Beverage Corp. <sup>(b)</sup>  | 9437 | 804976 |
|  **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
|  Exelixis, Inc. <sup>(b)</sup>  | 3689 | 162537 |
|  Gilead Sciences, Inc.  | 14000 | 2085300 |
|  Iovance Biotherapeutics, Inc. <sup>(b)</sup>  | 4009 | 15475 |
|  |  | 2263312 |
|  **Broadline Retail — 5.1%** | **Broadline Retail — 5.1%** | **Broadline Retail — 5.1%** |
|  Amazon.com, Inc. <sup>(b)</sup>  | 19295 | 4051950 |
|  eBay, Inc.  | 4538 | 412323 |
|  Etsy, Inc. <sup>(b)</sup>  | 1191 | 65362 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(b)</sup>  | 610 | 65331 |
|  |  | 4594966 |
|  **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
|  Donnelley Financial Solutions, Inc. <sup>(b)</sup>  | 387 | 19257 |
|  PJT Partners, Inc. - Class A  | 295 | 43566 |
|  |  | 62823 |
|  **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
|  Ecolab, Inc.  | 2785 | 858755 |
|  RPM International, Inc.  | 1397 | 159425 |
|  Sherwin-Williams Co.  | 2935 | 1064202 |
|  |  | 2082382 |
|  **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** | **Commercial Services & Supplies — 1.6%** |
|  Cintas Corp.  | 5080 | 1021740 |
|  Rollins, Inc.  | 7000 | 426230 |
|  |  | 1447970 |
|  **Communications Equipment — 2.7%** | **Communications Equipment — 2.7%** | **Communications Equipment — 2.7%** |
|  Arista Networks, Inc. <sup>(b)</sup>  | 12022 | 1604937 |
|  Motorola Solutions, Inc.  | 1724 | 831416 |
|  |  | 2436353 |
|  **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** | **Construction & Engineering — 0.4%** |
|  EMCOR Group, Inc.  | 478 | $346368 |
|  **Consumer Staples Distribution & Retail — 12.5%** | **Consumer Staples Distribution & Retail — 12.5%** | **Consumer Staples Distribution & Retail — 12.5%** |
|  Casey's General Stores, Inc.  | 383 | 262581 |
|  Costco Wholesale Corp.  | 5175 | 5230838 |
|  Maplebear, Inc. <sup>(b)</sup>  | 3331 | 124946 |
|  Sprouts Farmers Market, Inc. <sup>(b)</sup>  | 1440 | 106373 |
|  Sysco Corp.  | 5706 | 520159 |
|  United Natural Foods, Inc. <sup>(b)</sup>  | 858 | 32784 |
|  Walmart, Inc.  | 39047 | 4996064 |
|  |  | 11273745 |
|  **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
|  LKQ Corp.  | 2305 | 76319 |
|  **Entertainment — 5.1%** | **Entertainment — 5.1%** | **Entertainment — 5.1%** |
|  Netflix, Inc. <sup>(b)</sup>  | 46700 | 4494408 |
|  Roku, Inc. <sup>(b)</sup>  | 1489 | 146533 |
|  |  | 4640941 |
|  **Financial Services — 9.0%** | **Financial Services — 9.0%** | **Financial Services — 9.0%** |
|  Jack Henry & Associates, Inc.  | 808 | 131268 |
|  Mastercard, Inc. - Class A  | 7673 | 3968552 |
|  Visa, Inc. - Class A  | 12591 | 4030883 |
|  |  | 8130703 |
|  **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** | **Ground Transportation — 2.1%** |
|  Old Dominion Freight Line, Inc.  | 2214 | 449552 |
|  Union Pacific Corp.  | 5364 | 1421353 |
|  |  | 1870905 |
|  **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** | **Health Care Equipment & Supplies — 3.8%** |
|  Align Technology, Inc. <sup>(b)</sup>  | 714 | 135731 |
|  IDEXX Laboratories, Inc. <sup>(b)</sup>  | 1127 | 740135 |
|  Insulet Corp. <sup>(b)</sup>  | 770 | 189890 |
|  Intuitive Surgical, Inc. <sup>(b)</sup>  | 3680 | 1852917 |
|  ResMed, Inc.  | 1525 | 390796 |
|  Solventum Corp. <sup>(b)</sup>  | 1636 | 121391 |
|  |  | 3430860 |
|  **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
|  CVS Health Corp.  | 10851 | 866995 |
|  HCA Healthcare, Inc.  | 3119 | 1652134 |
|  |  | 2519129 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
|  Booking Holdings, Inc.  | 353 | $1496490 |
|  Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 17345 | 645581 |
|  |  | 2142071 |
|  **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
|  TopBuild Corp. <sup>(b)</sup>  | 253 | 113420 |
|  **Interactive Media & Services — 10.1%** | **Interactive Media & Services — 10.1%** | **Interactive Media & Services — 10.1%** |
|  Alphabet, Inc. - Class C  | 14260 | 4440992 |
|  Match Group, Inc.  | 3118 | 98529 |
|  Meta Platforms, Inc. - Class A  | 6744 | 4371326 |
|  Pinterest, Inc. - Class A <sup>(b)</sup>  | 9678 | 165784 |
|  |  | 9076631 |
|  **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
|  Cognizant Technology Solutions Corp. - Class A  | 5042 | 324856 |
|  Gartner, Inc. <sup>(b)</sup>  | 930 | 146196 |
|  GoDaddy, Inc. - Class A <sup>(b)</sup>  | 1454 | 126731 |
|  Kyndryl Holdings, Inc. <sup>(b)</sup>  | 2025 | 24968 |
|  MongoDB, Inc. <sup>(b)</sup>  | 823 | 270331 |
|  |  | 893082 |
|  **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
|  Hasbro, Inc.  | 1530 | 152373 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
|  Medpace Holdings, Inc. <sup>(b)</sup>  | 352 | 159020 |
|  **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
|  Tennant Co.  | 209 | 12755 |
|  Toro Co.  | 1043 | 103111 |
|  |  | 115866 |
|  **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
|  New York Times Co. - Class A  | 2190 | 174740 |
|  Trade Desk, Inc. - Class A <sup>(b)</sup>  | 4814 | 114670 |
|  |  | 289410 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  elf Beauty, Inc. <sup>(b)</sup>  | 708 | 65171 |
|  **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
|  Bristol-Myers Squibb Co.  | 24152 | 1506360 |
|  **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** |
|  Cirrus Logic, Inc. <sup>(b)</sup>  | 574 | $81003 |
|  Impinj, Inc. <sup>(b)</sup>  | 308 | 37779 |
|  Lam Research Corp.  | 15408 | 3603777 |
|  NVIDIA Corp.  | 24287 | 4303414 |
|  Universal Display Corp.  | 422 | 45023 |
|  |  | 8070996 |
|  **Software — 12.2%** | **Software — 12.2%** | **Software — 12.2%** |
|  Adobe Systems, Inc. <sup>(b)</sup>  | 5050 | 1325171 |
|  Appfolio, Inc. - Class A <sup>(b)</sup>  | 439 | 78037 |
|  Appian Corp. - Class A <sup>(b)</sup>  | 974 | 25977 |
|  Asana, Inc. - Class A <sup>(b)</sup>  | 2616 | 18574 |
|  Autodesk, Inc. <sup>(b)</sup>  | 2584 | 635328 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup>  | 2268 | 843651 |
|  Docusign, Inc. <sup>(b)</sup>  | 2877 | 129666 |
|  Fair Isaac Corp. <sup>(b)</sup>  | 404 | 569382 |
|  Figma, Inc. - Class A <sup>(b)</sup>  | 5195 | 152681 |
|  Fortinet, Inc. <sup>(b)</sup>  | 7305 | 577314 |
|  HubSpot, Inc. <sup>(b)</sup>  | 742 | 196266 |
|  Manhattan Associates, Inc. <sup>(b)</sup>  | 731 | 98999 |
|  Microsoft Corp.  | 9070 | 3562152 |
|  Nutanix, Inc. - Class A <sup>(b)</sup>  | 2994 | 114610 |
|  Palo Alto Networks, Inc. <sup>(b)</sup>  | 6484 | 965597 |
|  Samsara, Inc. - Class A <sup>(b)</sup>  | 6057 | 175047 |
|  ServiceNow, Inc. <sup>(b)</sup>  | 9820 | 1060658 |
|  ServiceTitan, Inc. - Class A <sup>(b)</sup>  | 1234 | 89329 |
|  Workday, Inc. - Class A <sup>(b)</sup>  | 2565 | 343094 |
|  |  | 10961533 |
|  **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** | **Specialty Retail — 4.2%** |
|  Five Below, Inc. <sup>(b)</sup>  | 619 | 138365 |
|  Stitch Fix, Inc. - Class A <sup>(b)</sup>  | 1873 | 6237 |
|  TJX Cos., Inc.  | 15043 | 2431851 |
|  Tractor Supply Co.  | 6639 | 344166 |
|  Ulta Beauty, Inc. <sup>(b)</sup>  | 658 | 450592 |
|  Williams-Sonoma, Inc.  | 1603 | 329657 |
|  Winmark Corp.  | 90 | 41062 |
|  |  | 3741930 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** |
|  Apple, Inc.  | 16231 | $4287906 |
|  Pure Storage, Inc. - Class A <sup>(b)</sup>  | 3983 | 255788 |
|  |  | 4543694 |
|  **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
|  NIKE, Inc. - Class B  | 15734 | 978340 |
|  Under Armour, Inc. - Class A <sup>(b)</sup>  | 5003 | 37122 |
|  |  | 1015462 |
|  **Tobacco — 0.0% <sup>(a)</sup>** | **Tobacco — 0.0% <sup>(a)</sup>** | **Tobacco — 0.0% <sup>(a)</sup>** |
|  Turning Point Brands, Inc.  | 205 | 28083 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  Watsco, Inc.  | 410 | 171105 |
|  **TOTAL COMMON STOCKS** (Cost $81,709,986)  |  | 89981696 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $81,709,986)  |  | 89981696 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 96774 |
|  **TOTAL NET ASSETS — 100.0%** |  | $90078470 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Represents less than 0.05% of net assets. 

<sup>(b)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL next index ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** | **Aerospace & Defense — 3.3%** |
|  AeroVironment, Inc. <sup>(a)</sup>  | 764 | $192719 |
|  HEICO Corp.  | 1855 | 592598 |
|  Textron, Inc.  | 2702 | 266553 |
|  |  | 1051870 |
|  **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 1748 | 109827 |
|  **Automobile Components — 0.8%** | **Automobile Components — 0.8%** | **Automobile Components — 0.8%** |
|  BorgWarner, Inc.  | 3282 | 188945 |
|  Phinia, Inc.  | 598 | 43433 |
|  XPEL, Inc. <sup>(a)</sup>  | 423 | 18028 |
|  |  | 250406 |
|  **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 864 | 75012 |
|  Western Alliance Bancorp  | 1668 | 133974 |
|  |  | 208986 |
|  **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
|  Celsius Holdings, Inc. <sup>(a)</sup>  | 3955 | 212027 |
|  **Biotechnology — 6.0%** | **Biotechnology — 6.0%** | **Biotechnology — 6.0%** |
|  AnaptysBio, Inc. <sup>(a)</sup>  | 428 | 23561 |
|  Ardelyx, Inc. <sup>(a)</sup>  | 3611 | 23652 |
|  Biogen, Inc. <sup>(a)</sup>  | 2251 | 431787 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 2947 | 181918 |
|  Bridgebio Pharma, Inc. <sup>(a)</sup>  | 2945 | 195784 |
|  Cullinan Therapeutics, Inc. <sup>(a)</sup>  | 878 | 13609 |
|  Editas Medicine, Inc. <sup>(a)</sup>  | 1354 | 2979 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup>  | 817 | 6659 |
|  Exelixis, Inc. <sup>(a)</sup>  | 4130 | 181968 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 2480 | 201252 |
|  Iovance Biotherapeutics, Inc. <sup>(a)</sup>  | 5899 | 22770 |
|  Moderna, Inc. <sup>(a)</sup>  | 5995 | 321152 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 1529 | 202210 |
|  REGENXBIO, Inc. <sup>(a)</sup>  | 752 | 6798 |
|  TG Therapeutics, Inc. <sup>(a)</sup>  | 2172 | 65355 |
|  Viking Therapeutics, Inc. <sup>(a)</sup>  | 1719 | 58171 |
|  |  | 1939625 |
|  **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
|  Etsy, Inc. <sup>(a)</sup>  | 1514 | $83088 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 936 | 100246 |
|  |  | 183334 |
|  **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
|  Trex Co., Inc. <sup>(a)</sup>  | 1638 | 67846 |
|  **Capital Markets — 5.0%** | **Capital Markets — 5.0%** | **Capital Markets — 5.0%** |
|  Affiliated Managers Group, Inc.  | 432 | 132270 |
|  Cboe Global Markets, Inc.  | 1606 | 481350 |
|  Donnelley Financial Solutions, Inc. <sup>(a)</sup>  | 394 | 19605 |
|  FactSet Research Systems, Inc.  | 575 | 124666 |
|  Houlihan Lokey, Inc.  | 1077 | 176380 |
|  Interactive Brokers Group, Inc. - Class A  | 6831 | 486299 |
|  Jefferies Financial Group, Inc.  | 3165 | 140526 |
|  PJT Partners, Inc. - Class A  | 372 | 54937 |
|  |  | 1616033 |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 2237 | 52525 |
|  RPM International, Inc.  | 1968 | 224588 |
|  |  | 277113 |
|  **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** |
|  Rollins, Inc.  | 7379 | 449307 |
|  Veralto Corp.  | 3808 | 371014 |
|  |  | 820321 |
|  **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** | **Communications Equipment — 2.2%** |
|  Ubiquiti, Inc.  | 929 | 712534 |
|  **Construction & Engineering — 5.6%** | **Construction & Engineering — 5.6%** | **Construction & Engineering — 5.6%** |
|  Comfort Systems USA, Inc.  | 523 | 747560 |
|  EMCOR Group, Inc.  | 688 | 498539 |
|  MasTec, Inc. <sup>(a)</sup>  | 1193 | 355538 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 470 | 201221 |
|  |  | 1802858 |
|  **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** |
|  Bread Financial Holdings, Inc.  | 702 | 49744 |
|  Nelnet, Inc. - Class A  | 553 | 71591 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Consumer Finance — 1.6% (continued)** | **Consumer Finance — 1.6% (continued)** |  |
|  SoFi Technologies, Inc. <sup>(a)</sup>  | 19280 | $342413 |
|  Upstart Holdings, Inc. <sup>(a)</sup>  | 1471 | 40055 |
|  |  | 503803 |
|  **Consumer Staples Distribution & Retail — 4.2%** | **Consumer Staples Distribution & Retail — 4.2%** | **Consumer Staples Distribution & Retail — 4.2%** |
|  Casey's General Stores, Inc.  | 570 | 390786 |
|  Maplebear, Inc. <sup>(a)</sup>  | 4026 | 151015 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup>  | 1446 | 106816 |
|  Sysco Corp.  | 7343 | 669388 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 924 | 35306 |
|  |  | 1353311 |
|  **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
|  LKQ Corp.  | 3926 | 129990 |
|  **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
|  Duolingo, Inc. <sup>(a)</sup>  | 708 | 71508 |
|  **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
|  AST SpaceMobile, Inc. <sup>(a)</sup>  | 4174 | 330539 |
|  Bandwidth, Inc. - Class A <sup>(a)</sup>  | 469 | 6951 |
|  |  | 337490 |
|  **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** |
|  Aeva Technologies, Inc. <sup>(a)</sup>  | 859 | 11390 |
|  Cognex Corp.  | 2566 | 139591 |
|  Coherent Corp. <sup>(a)</sup>  | 2401 | 621691 |
|  IPG Photonics Corp. <sup>(a)</sup>  | 648 | 85257 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup>  | 779 | 174465 |
|  |  | 1032394 |
|  **Entertainment — 2.5%** | **Entertainment — 2.5%** | **Entertainment — 2.5%** |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3513 | 569598 |
|  Roku, Inc. <sup>(a)</sup>  | 2271 | 223489 |
|  |  | 793087 |
|  **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
|  Euronet Worldwide, Inc. <sup>(a)</sup>  | 643 | 44721 |
|  Jack Henry & Associates, Inc.  | 1112 | 180655 |
|  Marqeta, Inc. - Class A <sup>(a)</sup>  | 6842 | 26273 |
|  Shift4 Payments, Inc. - Class A <sup>(a)</sup>  | 1050 | 46273 |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 9005 | 245927 |
|  **Financial Services — 1.9% (continued)** | **Financial Services — 1.9% (continued)** |  |
|  WEX, Inc. <sup>(a)</sup>  | 526 | $78474 |
|  |  | 622323 |
|  **Food Products — 1.5%** | **Food Products — 1.5%** | **Food Products — 1.5%** |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 2416 | 128434 |
|  Freshpet, Inc. <sup>(a)</sup>  | 746 | 63000 |
|  McCormick & Co., Inc.  | 4116 | 292401 |
|  Vital Farms, Inc. <sup>(a)</sup>  | 665 | 14025 |
|  |  | 497860 |
|  **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** | **Ground Transportation — 1.7%** |
|  RXO, Inc. <sup>(a)</sup>  | 2506 | 39996 |
|  U-Haul Holding Co. <sup>(a)</sup>  | 2798 | 141746 |
|  XPO, Inc. <sup>(a)</sup>  | 1800 | 378846 |
|  |  | 560588 |
|  **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
|  Align Technology, Inc. <sup>(a)</sup>  | 1102 | 209490 |
|  ClearPoint Neuro, Inc. <sup>(a)</sup>  | 452 | 5682 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 2053 | 195979 |
|  Insulet Corp. <sup>(a)</sup>  | 1081 | 266585 |
|  Masimo Corp. <sup>(a)</sup>  | 825 | 144664 |
|  Solventum Corp. <sup>(a)</sup>  | 2660 | 197372 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 523 | 75971 |
|  |  | 1095743 |
|  **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
|  Fulgent Genetics, Inc. <sup>(a)</sup>  | 471 | 7221 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 1972 | 185171 |
|  Progyny, Inc. <sup>(a)</sup>  | 1316 | 23280 |
|  Quest Diagnostics, Inc.  | 1707 | 361730 |
|  |  | 577402 |
|  **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
|  Doximity, Inc. - Class A <sup>(a)</sup>  | 2886 | 70794 |
|  Teladoc, Inc. <sup>(a)</sup>  | 2700 | 14202 |
|  |  | 84996 |
|  **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
|  Cava Group, Inc. <sup>(a)</sup>  | 1772 | 146137 |
|  Dutch Bros, Inc. - Class A <sup>(a)</sup>  | 1888 | 101215 |
|  Hyatt Hotels Corp. - Class A  | 1457 | 235305 |
|  Planet Fitness, Inc. - Class A <sup>(a)</sup>  | 1273 | 104577 |
|  Texas Roadhouse, Inc.  | 1017 | 185979 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hotels, Restaurants & Leisure — 3.0% (continued)** | **Hotels, Restaurants & Leisure — 3.0% (continued)** | **Hotels, Restaurants & Leisure — 3.0% (continued)** |
|  Vail Resorts, Inc.  | 549 | $74560 |
|  Wingstop, Inc.  | 427 | 110811 |
|  |  | 958584 |
|  **Household Durables — 2.0%** | **Household Durables — 2.0%** | **Household Durables — 2.0%** |
|  Dream Finders Homes, Inc. - Class A <sup>(a)</sup>  | 1421 | 25677 |
|  Meritage Homes Corp.  | 1087 | 81982 |
|  NVR, Inc. <sup>(a)</sup>  | 46 | 345818 |
|  TopBuild Corp. <sup>(a)</sup>  | 429 | 192321 |
|  |  | 645798 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
|  Spectrum Brands Holdings, Inc.  | 361 | 28295 |
|  **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
|  STAG Industrial, Inc.  | 2865 | 112365 |
|  **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
|  CNA Financial Corp.  | 4151 | 199331 |
|  Hagerty, Inc. - Class A <sup>(a)</sup>  | 1511 | 17739 |
|  Kinsale Capital Group, Inc.  | 359 | 139892 |
|  Lemonade, Inc. <sup>(a)</sup>  | 1143 | 59139 |
|  Markel Group, Inc. <sup>(a)</sup>  | 195 | 404132 |
|  Root, Inc. <sup>(a)</sup>  | 231 | 11984 |
|  Trupanion, Inc. <sup>(a)</sup>  | 660 | 17516 |
|  |  | 849733 |
|  **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
|  Match Group, Inc.  | 3620 | 114392 |
|  Pinterest, Inc. - Class A <sup>(a)</sup>  | 10359 | 177450 |
|  |  | 291842 |
|  **IT Services — 4.0%** | **IT Services — 4.0%** | **IT Services — 4.0%** |
|  Gartner, Inc. <sup>(a)</sup>  | 1107 | 174020 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 2074 | 180770 |
|  Kyndryl Holdings, Inc. <sup>(a)</sup>  | 3506 | 43229 |
|  MongoDB, Inc. <sup>(a)</sup>  | 1250 | 410588 |
|  Okta, Inc. <sup>(a)</sup>  | 2716 | 196910 |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 2327 | 281474 |
|  |  | 1286991 |
|  **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
|  Hasbro, Inc.  | 2154 | 214517 |
|  **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
|  Illumina, Inc. <sup>(a)</sup>  | 2343 | $315040 |
|  Lifecore Biomedical, Inc. <sup>(a)</sup>  | 602 | 4334 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 433 | 195612 |
|  Repligen Corp. <sup>(a)</sup>  | 864 | 111223 |
|  |  | 626209 |
|  **Machinery — 4.1%** | **Machinery — 4.1%** | **Machinery — 4.1%** |
|  Blue Bird Corp. <sup>(a)</sup>  | 483 | 28145 |
|  Middleby Corp. <sup>(a)</sup>  | 777 | 131204 |
|  Proto Labs, Inc. <sup>(a)</sup>  | 365 | 22659 |
|  RBC Bearings, Inc. <sup>(a)</sup>  | 484 | 278745 |
|  Tennant Co.  | 285 | 17394 |
|  Toro Co.  | 1498 | 148092 |
|  Westinghouse Air Brake Technologies Corp.  | 2623 | 692341 |
|  |  | 1318580 |
|  **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
|  Boston Omaha Corp. - Class A <sup>(a)</sup>  | 514 | 6348 |
|  Magnite, Inc. <sup>(a)</sup>  | 2135 | 29079 |
|  New York Times Co. - Class A  | 2491 | 198757 |
|  PubMatic, Inc. - Class A <sup>(a)</sup>  | 701 | 5678 |
|  Trade Desk, Inc. - Class A <sup>(a)</sup>  | 7187 | 171194 |
|  |  | 411056 |
|  **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
|  MP Materials Corp. <sup>(a)</sup>  | 2723 | 160303 |
|  **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
|  EQT Corp.  | 9341 | 573724 |
|  Vitesse Energy, Inc.  | 595 | 11490 |
|  |  | 585214 |
|  **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
|  Alaska Air Group, Inc. <sup>(a)</sup>  | 1763 | 90971 |
|  **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
|  elf Beauty, Inc. <sup>(a)</sup>  | 904 | 83213 |
|  **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
|  Axsome Therapeutics, Inc. <sup>(a)</sup>  | 772 | 126523 |
|  Nektar Therapeutics <sup>(a)</sup>  | 301 | 20763 |
|  |  | 147286 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Professional Services — 2.2%** | **Professional Services — 2.2%** | **Professional Services — 2.2%** |
|  Broadridge Financial Solutions, Inc.  | 1792 | $333079 |
|  Paycom Software, Inc.  | 842 | 105949 |
|  SS&C Technologies Holdings, Inc.  | 3742 | 281735 |
|  |  | 720763 |
|  **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
|  Zillow Group, Inc. - Class C <sup>(a)</sup>  | 3702 | 165183 |
|  **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
|  Invitation Homes, Inc.  | 9110 | 239957 |
|  **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
|  Astera Labs, Inc. <sup>(a)</sup>  | 2585 | 307176 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 784 | 110638 |
|  Enphase Energy, Inc. <sup>(a)</sup>  | 1998 | 84456 |
|  First Solar, Inc. <sup>(a)</sup>  | 1611 | 317689 |
|  Impinj, Inc. <sup>(a)</sup>  | 461 | 56546 |
|  SiTime Corp. <sup>(a)</sup>  | 402 | 159948 |
|  Skyworks Solutions, Inc.  | 2280 | 135842 |
|  Universal Display Corp.  | 726 | 77457 |
|  |  | 1249752 |
|  **Software — 6.8%** | **Software — 6.8%** | **Software — 6.8%** |
|  Appfolio, Inc. - Class A <sup>(a)</sup>  | 553 | 98301 |
|  Appian Corp. - Class A <sup>(a)</sup>  | 1134 | 30244 |
|  Asana, Inc. - Class A <sup>(a)</sup>  | 3607 | 25610 |
|  Blackbaud, Inc. <sup>(a)</sup>  | 721 | 34997 |
|  BlackLine, Inc. <sup>(a)</sup>  | 913 | 32183 |
|  Box, Inc. - Class A <sup>(a)</sup>  | 2198 | 51763 |
|  Braze, Inc. - Class A <sup>(a)</sup>  | 1700 | 32283 |
|  Docusign, Inc. <sup>(a)</sup>  | 3072 | 138455 |
|  Figma, Inc. - Class A <sup>(a)</sup>  | 7366 | 216487 |
|  Gitlab, Inc. - Class A <sup>(a)</sup>  | 2571 | 67617 |
|  HubSpot, Inc. <sup>(a)</sup>  | 804 | 212666 |
|  Manhattan Associates, Inc. <sup>(a)</sup>  | 925 | 125273 |
|  Nutanix, Inc. - Class A <sup>(a)</sup>  | 4130 | 158096 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 958 | 46099 |
|  Rubrik, Inc. - Class A <sup>(a)</sup>  | 2974 | 154529 |
|  Samsara, Inc. - Class A <sup>(a)</sup>  | 8835 | 255332 |
|  ServiceTitan, Inc. - Class A <sup>(a)</sup>  | 1431 | 103590 |
|  **Software — 6.8% (continued)** |  |  |
|  Tyler Technologies, Inc. <sup>(a)</sup>  | 660 | $234096 |
|  Unity Software, Inc. <sup>(a)</sup>  | 6553 | 119461 |
|  Varonis Systems, Inc. <sup>(a)</sup>  | 1803 | 41649 |
|  |  | 2178731 |
|  **Specialty Retail — 6.2%** | **Specialty Retail — 6.2%** | **Specialty Retail — 6.2%** |
|  Camping World Holdings, Inc. - Class A  | 961 | 7996 |
|  CarMax, Inc. <sup>(a)</sup>  | 2195 | 94758 |
|  Chewy, Inc. - Class A <sup>(a)</sup>  | 6363 | 174473 |
|  Five Below, Inc. <sup>(a)</sup>  | 846 | 189106 |
|  GameStop Corp. - Class A <sup>(a)</sup>  | 6869 | 165062 |
|  RH <sup>(a)</sup>  | 290 | 48056 |
|  Stitch Fix, Inc. - Class A <sup>(a)</sup>  | 1993 | 6637 |
|  Tractor Supply Co.  | 8102 | 420008 |
|  Ulta Beauty, Inc. <sup>(a)</sup>  | 670 | 458809 |
|  Warby Parker, Inc. - Class A <sup>(a)</sup>  | 1863 | 46594 |
|  Williams-Sonoma, Inc.  | 1832 | 376751 |
|  Winmark Corp.  | 56 | 25549 |
|  |  | 2013799 |
|  **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
|  Pure Storage, Inc. - Class A <sup>(a)</sup>  | 5062 | 325082 |
|  **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
|  Under Armour, Inc. - Class A <sup>(a)</sup>  | 6386 | 47384 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
|  Turning Point Brands, Inc.  | 292 | 40001 |
|  **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** |
|  Watsco, Inc.  | 585 | 244138 |
|  WESCO International, Inc.  | 747 | 216256 |
|  |  | 460394 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Transportation Infrastructure — 0.0% <sup>(b)</sup>** | **Transportation Infrastructure — 0.0% <sup>(b)</sup>** | **Transportation Infrastructure — 0.0% <sup>(b)</sup>** |
|  Sky Harbour Group Corp. <sup>(a)</sup>  | 518 | $4548 |
|  **TOTAL COMMON STOCKS** (Cost $29,396,146)  |  | 32169826 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $29,396,146)  |  | 32169826 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 76250 |
|  **TOTAL NET ASSETS — 100.0%** |  | $32246076 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

**Motley Fool Innovative Growth Factor ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  Rocket Lab Corp. <sup>(a)</sup>  | 753 | $52032 |
|  **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
|  Monster Beverage Corp. <sup>(a)</sup>  | 913 | 77879 |
|  **Biotechnology — 7.4%** | **Biotechnology — 7.4%** | **Biotechnology — 7.4%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 377 | 125511 |
|  AnaptysBio, Inc. <sup>(a)</sup>  | 48 | 2642 |
|  Ardelyx, Inc. <sup>(a)</sup>  | 318 | 2083 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 196 | 12099 |
|  Bridgebio Pharma, Inc. <sup>(a)</sup>  | 518 | 34437 |
|  Cullinan Therapeutics, Inc. <sup>(a)</sup>  | 177 | 2744 |
|  Exelixis, Inc. <sup>(a)</sup>  | 763 | 33618 |
|  Gilead Sciences, Inc.  | 1347 | 200636 |
|  Iovance Biotherapeutics, Inc. <sup>(a)</sup>  | 770 | 2972 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 102 | 13490 |
|  REGENXBIO, Inc. <sup>(a)</sup>  | 60 | 542 |
|  TG Therapeutics, Inc. <sup>(a)</sup>  | 170 | 5115 |
|  Viking Therapeutics, Inc. <sup>(a)</sup>  | 336 | 11370 |
|  |  | 447259 |
|  **Broadline Retail — 5.5%** | **Broadline Retail — 5.5%** | **Broadline Retail — 5.5%** |
|  Amazon.com, Inc. <sup>(a)</sup>  | 1345 | 282450 |
|  eBay, Inc.  | 480 | 43613 |
|  Etsy, Inc. <sup>(a)</sup>  | 162 | 8890 |
|  |  | 334953 |
|  **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
|  Donnelley Financial Solutions, Inc. <sup>(a)</sup>  | 41 | 2040 |
|  PJT Partners, Inc. - Class A  | 34 | 5021 |
|  |  | 7061 |
|  **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** | **Consumer Staples Distribution & Retail — 0.3%** |
|  Maplebear, Inc. <sup>(a)</sup>  | 421 | 15792 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 67 | 2560 |
|  |  | 18352 |
|  **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
|  Aeva Technologies, Inc. <sup>(a)</sup>  | 121 | $1604 |
|  Cognex Corp.  | 224 | 12186 |
|  IPG Photonics Corp. <sup>(a)</sup>  | 58 | 7631 |
|  |  | 21421 |
|  **Entertainment — 2.8%** | **Entertainment — 2.8%** | **Entertainment — 2.8%** |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 205 | 33239 |
|  ROBLOX Corp. - Class A <sup>(a)</sup>  | 1058 | 72642 |
|  Roku, Inc. <sup>(a)</sup>  | 141 | 13876 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 228 | 48217 |
|  |  | 167974 |
|  **Financial Services — 5.4%** | **Financial Services — 5.4%** | **Financial Services — 5.4%** |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 599 | 302465 |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 758 | 20701 |
|  |  | 323166 |
|  **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** | **Ground Transportation — 2.9%** |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 2286 | 172410 |
|  **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** | **Health Care Equipment & Supplies — 2.1%** |
|  DexCom, Inc. <sup>(a)</sup>  | 464 | 34072 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 108 | 10310 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup>  | 69 | 45314 |
|  Insulet Corp. <sup>(a)</sup>  | 119 | 29347 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 36 | 5229 |
|  |  | 124272 |
|  **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** | **Health Care Providers & Services — 2.7%** |
|  Guardant Health, Inc. <sup>(a)</sup>  | 292 | 27419 |
|  HCA Healthcare, Inc.  | 255 | 135073 |
|  |  | 162492 |
|  **Hotels, Restaurants & Leisure — 5.5%** | **Hotels, Restaurants & Leisure — 5.5%** | **Hotels, Restaurants & Leisure — 5.5%** |
|  Airbnb, Inc. - Class A <sup>(a)</sup>  | 735 | 99306 |
|  Booking Holdings, Inc.  | 43 | 182292 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 1402 | 52182 |
|  |  | 333780 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Innovative Growth Factor ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Lemonade, Inc. <sup>(a)</sup>  | 96 | $4967 |
|  **Interactive Media & Services — 11.6%** | **Interactive Media & Services — 11.6%** | **Interactive Media & Services — 11.6%** |
|  Alphabet, Inc. - Class C  | 999 | 311118 |
|  Match Group, Inc.  | 397 | 12545 |
|  Meta Platforms, Inc. - Class A  | 470 | 304645 |
|  Pinterest, Inc. - Class A <sup>(a)</sup>  | 1191 | 20402 |
|  Reddit, Inc. - Class A <sup>(a)</sup>  | 363 | 52929 |
|  |  | 701639 |
|  **IT Services — 2.8%** | **IT Services — 2.8%** | **IT Services — 2.8%** |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 138 | 12028 |
|  MongoDB, Inc. <sup>(a)</sup>  | 116 | 38103 |
|  Snowflake, Inc. - Class A <sup>(a)</sup>  | 604 | 101720 |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 166 | 20079 |
|  |  | 171930 |
|  **Leisure Products — 0.4%** | **Leisure Products — 0.4%** | **Leisure Products — 0.4%** |
|  Hasbro, Inc.  | 246 | 24499 |
|  **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
|  Illumina, Inc. <sup>(a)</sup>  | 222 | 29850 |
|  Lifecore Biomedical, Inc. <sup>(a)</sup>  | 56 | 403 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 55 | 24847 |
|  |  | 55100 |
|  **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
|  Blue Bird Corp. <sup>(a)</sup>  | 52 | 3030 |
|  Tennant Co.  | 14 | 855 |
|  |  | 3885 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  New York Times Co. - Class A  | 182 | 14522 |
|  **Oil, Gas & Consumable Fuels — 6.3%** | **Oil, Gas & Consumable Fuels — 6.3%** | **Oil, Gas & Consumable Fuels — 6.3%** |
|  Chevron Corp.  | 2020 | 377255 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  elf Beauty, Inc. <sup>(a)</sup>  | 88 | 8100 |
|  **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
|  Axsome Therapeutics, Inc. <sup>(a)</sup>  | 111 | 18192 |
|  Bristol-Myers Squibb Co.  | 2452 | 152931 |
|  |  | 171123 |
|  **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
|  Paycom Software, Inc.  | 50 | $6292 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  Zillow Group, Inc. - Class C <sup>(a)</sup>  | 291 | 12984 |
|  **Semiconductors & Semiconductor Equipment — 10.4%** | **Semiconductors & Semiconductor Equipment — 10.4%** | **Semiconductors & Semiconductor Equipment — 10.4%** |
|  Astera Labs, Inc. <sup>(a)</sup>  | 230 | 27331 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 43 | 6068 |
|  First Solar, Inc. <sup>(a)</sup>  | 118 | 23270 |
|  Impinj, Inc. <sup>(a)</sup>  | 44 | 5397 |
|  Lam Research Corp.  | 1141 | 266869 |
|  NVIDIA Corp.  | 1702 | 301577 |
|  |  | 630512 |
|  **Software — 13.9%** | **Software — 13.9%** | **Software — 13.9%** |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 625 | 164006 |
|  Appfolio, Inc. - Class A <sup>(a)</sup>  | 66 | 11732 |
|  Appian Corp. - Class A <sup>(a)</sup>  | 178 | 4747 |
|  AppLovin Corp. - Class A <sup>(a)</sup>  | 495 | 215211 |
|  Asana, Inc. - Class A <sup>(a)</sup>  | 474 | 3366 |
|  Autodesk, Inc. <sup>(a)</sup>  | 229 | 56304 |
|  Box, Inc. - Class A <sup>(a)</sup>  | 169 | 3980 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 285 | 106014 |
|  Datadog, Inc. - Class A <sup>(a)</sup>  | 578 | 64713 |
|  Docusign, Inc. <sup>(a)</sup>  | 272 | 12259 |
|  Fair Isaac Corp. <sup>(a)</sup>  | 25 | 35234 |
|  Gitlab, Inc. - Class A <sup>(a)</sup>  | 218 | 5733 |
|  Guidewire Software, Inc. <sup>(a)</sup>  | 108 | 15695 |
|  HubSpot, Inc. <sup>(a)</sup>  | 114 | 30154 |
|  Nutanix, Inc. - Class A <sup>(a)</sup>  | 348 | 13322 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 77 | 3705 |
|  Samsara, Inc. - Class A <sup>(a)</sup>  | 974 | 28149 |
|  Workday, Inc. - Class A <sup>(a)</sup>  | 268 | 35848 |
|  Zscaler, Inc. <sup>(a)</sup>  | 178 | 26164 |
|  |  | 836336 |
|  **Specialty Retail — 5.1%** | **Specialty Retail — 5.1%** | **Specialty Retail — 5.1%** |
|  Chewy, Inc. - Class A <sup>(a)</sup>  | 590 | 16178 |
|  Stitch Fix, Inc. - Class A <sup>(a)</sup>  | 333 | 1109 |
|  TJX Cos., Inc.  | 1352 | 218564 |
|  Ulta Beauty, Inc. <sup>(a)</sup>  | 66 | 45196 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Innovative Growth Factor ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialty Retail — 5.1% (continued)** | **Specialty Retail — 5.1% (continued)** | **Specialty Retail — 5.1% (continued)** |
|  Williams-Sonoma, Inc.  | 122 | $25089 |
|  Winmark Corp.  | 4 | 1825 |
|  |  | 307961 |
|  **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** | **Technology Hardware, Storage & Peripherals — 5.4%** |
|  Apple, Inc.  | 1100 | 290598 |
|  Pure Storage, Inc. - Class A <sup>(a)</sup>  | 562 | 36092 |
|  |  | 326690 |
|  **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** |
|  Kontoor Brands, Inc.  | 80 | 5217 |
|  NIKE, Inc. - Class B  | 1689 | 105022 |
|  |  | 110239 |
|  **TOTAL COMMON STOCKS** (Cost $6,330,613)  |  | 6007085 |
|  **TOTAL INVESTMENTS — 99.5%** (Cost $6,330,613)  |  | 6007085 |
|  Other Assets in Excess of Liabilities — 0.5%  |  | 30969 |
|  **TOTAL NET ASSETS — 100.0%** |  | $6038054 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

**Motley Fool Momentum Factor ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
|  **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** | **Aerospace & Defense — 4.5%** |
|  AeroVironment, Inc. <sup>(a)</sup>  | 35 | $8829 |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 1 | 542 |
|  HEICO Corp.  | 1 | 320 |
|  Howmet Aerospace, Inc.  | 531 | 139403 |
|  Rocket Lab Corp. <sup>(a)</sup>  | 968 | 66889 |
|  |  | 215983 |
|  **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
|  BorgWarner, Inc.  | 126 | 7254 |
|  **Automobiles — 4.7%** | **Automobiles — 4.7%** | **Automobiles — 4.7%** |
|  Ford Motor Co.  | 2882 | 40607 |
|  Tesla, Inc. <sup>(a)</sup>  | 464 | 186765 |
|  |  | 227372 |
|  **Banks — 4.5%** | **Banks — 4.5%** | **Banks — 4.5%** |
|  JPMorgan Chase & Co.  | 721 | 216516 |
|  **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
|  Monster Beverage Corp. <sup>(a)</sup>  | 412 | 35144 |
|  **Biotechnology — 8.2%** | **Biotechnology — 8.2%** | **Biotechnology — 8.2%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 173 | 57595 |
|  Amgen, Inc.  | 294 | 114119 |
|  AnaptysBio, Inc. <sup>(a)</sup>  | 49 | 2697 |
|  Bridgebio Pharma, Inc. <sup>(a)</sup>  | 361 | 23999 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup>  | 31 | 253 |
|  Exelixis, Inc. <sup>(a)</sup>  | 151 | 6653 |
|  Gilead Sciences, Inc.  | 1096 | 163249 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 277 | 22479 |
|  |  | 391044 |
|  **Broadline Retail — 0.0% <sup>(b)</sup>** | **Broadline Retail — 0.0% <sup>(b)</sup>** | **Broadline Retail — 0.0% <sup>(b)</sup>** |
|  Coupang, Inc. <sup>(a)</sup>  | 24 | 458 |
|  eBay, Inc.  | 5 | 454 |
|  |  | 912 |
|  **Capital Markets — 4.8%** | **Capital Markets — 4.8%** | **Capital Markets — 4.8%** |
|  Affiliated Managers Group, Inc.  | 24 | 7349 |
|  Cboe Global Markets, Inc.  | 32 | 9591 |
|  Charles Schwab Corp.  | 15 | 1428 |
|  Goldman Sachs Group, Inc.  | 223 | 191684 |
|  **Capital Markets — 4.8% (continued)** | **Capital Markets — 4.8% (continued)** | **Capital Markets — 4.8% (continued)** |
|  Interactive Brokers Group, Inc. - Class A  | 269 | $19150 |
|  Nasdaq, Inc.  | 4 | 350 |
|  |  | 229552 |
|  **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 197 | 4625 |
|  **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
|  Rollins, Inc.  | 156 | 9499 |
|  **Communications Equipment — 3.4%** | **Communications Equipment — 3.4%** | **Communications Equipment — 3.4%** |
|  Arista Networks, Inc. <sup>(a)</sup>  | 818 | 109203 |
|  Ubiquiti, Inc.  | 72 | 55223 |
|  |  | 164426 |
|  **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** | **Construction & Engineering — 2.9%** |
|  Comfort Systems USA, Inc.  | 56 | 80045 |
|  EMCOR Group, Inc.  | 26 | 18840 |
|  MasTec, Inc. <sup>(a)</sup>  | 79 | 23543 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 39 | 16697 |
|  |  | 139125 |
|  **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
|  Bread Financial Holdings, Inc.  | 24 | 1701 |
|  SoFi Technologies, Inc. <sup>(a)</sup>  | 1691 | 30032 |
|  |  | 31733 |
|  **Consumer Staples Distribution & Retail — 5.8%** | **Consumer Staples Distribution & Retail — 5.8%** | **Consumer Staples Distribution & Retail — 5.8%** |
|  Casey's General Stores, Inc.  | 24 | 16454 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 28 | 1070 |
|  Walmart, Inc.  | 2048 | 262042 |
|  |  | 279566 |
|  **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
|  AST SpaceMobile, Inc. <sup>(a)</sup>  | 468 | 37061 |
|  **Electric Utilities — 0.0% <sup>(b)</sup>** | **Electric Utilities — 0.0% <sup>(b)</sup>** | **Electric Utilities — 0.0% <sup>(b)</sup>** |
|  Constellation Energy Corp.  | 5 | 1649 |
|  **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** |
|  Aeva Technologies, Inc. <sup>(a)</sup>  | 96 | 1273 |
|  Coherent Corp. <sup>(a)</sup>  | 243 | 62920 |
|  Corning, Inc.  | 1104 | 166019 |
|  |  | 230212 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Momentum Factor ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
|  Electronic Arts, Inc.  | 2 | $401 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3 | 486 |
|  Netflix, Inc. <sup>(a)</sup>  | 56 | 5390 |
|  ROBLOX Corp. - Class A <sup>(a)</sup>  | 417 | 28631 |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 2 | 423 |
|  |  | 35331 |
|  **Financial Services — 0.0% <sup>(b)</sup>** | **Financial Services — 0.0% <sup>(b)</sup>** | **Financial Services — 0.0% <sup>(b)</sup>** |
|  Rocket Cos., Inc. - Class A  | 15 | 273 |
|  **Ground Transportation — 0.0% <sup>(b)</sup>** | **Ground Transportation — 0.0% <sup>(b)</sup>** | **Ground Transportation — 0.0% <sup>(b)</sup>** |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 26 | 1961 |
|  **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** | **Health Care Equipment & Supplies — 1.9%** |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 51 | 4869 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup>  | 35 | 22986 |
|  Insulet Corp. <sup>(a)</sup>  | 25 | 6165 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 108 | 54379 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 24 | 3486 |
|  |  | 91885 |
|  **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** | **Health Care Providers & Services — 4.2%** |
|  CVS Health Corp.  | 580 | 46342 |
|  Fulgent Genetics, Inc. <sup>(a)</sup>  | 11 | 169 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 204 | 19155 |
|  HCA Healthcare, Inc.  | 147 | 77866 |
|  McKesson Corp.  | 51 | 50356 |
|  Quest Diagnostics, Inc.  | 34 | 7205 |
|  |  | 201093 |
|  **Hotels, Restaurants & Leisure — 0.0% <sup>(b)</sup>** | **Hotels, Restaurants & Leisure — 0.0% <sup>(b)</sup>** | **Hotels, Restaurants & Leisure — 0.0% <sup>(b)</sup>** |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 6 | 1059 |
|  **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** | **Industrial Conglomerates — 0.7%** |
|  3M Co.  | 198 | 32733 |
|  **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
|  Hagerty, Inc. - Class A <sup>(a)</sup>  | 31 | 364 |
|  Lemonade, Inc. <sup>(a)</sup>  | 123 | 6364 |
|  |  | 6728 |
|  **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** | **Interactive Media & Services — 5.3%** |
|  Alphabet, Inc. - Class C  | 747 | $232638 |
|  Meta Platforms, Inc. - Class A  | 5 | 3241 |
|  Reddit, Inc. - Class A <sup>(a)</sup>  | 113 | 16477 |
|  |  | 252356 |
|  **IT Services — 4.0%** | **IT Services — 4.0%** | **IT Services — 4.0%** |
|  Cloudflare, Inc. - Class A <sup>(a)</sup>  | 267 | 45975 |
|  DigitalOcean Holdings, Inc. <sup>(a)</sup>  | 31 | 1738 |
|  Fastly, Inc. - Class A <sup>(a)</sup>  | 57 | 1090 |
|  International Business Machines Corp.  | 368 | 88397 |
|  MongoDB, Inc. <sup>(a)</sup>  | 37 | 12153 |
|  Snowflake, Inc. - Class A <sup>(a)</sup>  | 200 | 33682 |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 59 | 7137 |
|  |  | 190172 |
|  **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
|  Hasbro, Inc.  | 50 | 4979 |
|  **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
|  Illumina, Inc. <sup>(a)</sup>  | 54 | 7261 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 26 | 11746 |
|  |  | 19007 |
|  **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
|  Blue Bird Corp. <sup>(a)</sup>  | 24 | 1398 |
|  Cummins, Inc.  | 87 | 50797 |
|  RBC Bearings, Inc. <sup>(a)</sup>  | 24 | 13822 |
|  |  | 66017 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  New York Times Co. - Class A  | 52 | 4149 |
|  **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
|  MP Materials Corp. <sup>(a)</sup>  | 341 | 20075 |
|  **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
|  EQT Corp.  | 202 | 12407 |
|  **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
|  Axsome Therapeutics, Inc. <sup>(a)</sup>  | 30 | 4917 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Momentum Factor ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors & Semiconductor Equipment — 21.0%** | **Semiconductors & Semiconductor Equipment — 21.0%** | **Semiconductors & Semiconductor Equipment — 21.0%** |
|  Advanced Micro Devices, Inc. <sup>(a)</sup>  | 1066 | $213424 |
|  Astera Labs, Inc. <sup>(a)</sup>  | 145 | 17230 |
|  Broadcom, Inc.  | 677 | 216336 |
|  First Solar, Inc. <sup>(a)</sup>  | 103 | 20312 |
|  Lam Research Corp.  | 1307 | 305694 |
|  NVIDIA Corp.  | 1254 | 222196 |
|  SiTime Corp. <sup>(a)</sup>  | 24 | 9549 |
|  |  | 1004741 |
|  **Software — 4.4%** | **Software — 4.4%** | **Software — 4.4%** |
|  Appian Corp. - Class A <sup>(a)</sup>  | 11 | 294 |
|  AppLovin Corp. - Class A <sup>(a)</sup>  | 316 | 137387 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 103 | 38314 |
|  Datadog, Inc. - Class A <sup>(a)</sup>  | 107 | 11980 |
|  Microsoft Corp.  | 8 | 3142 |
|  Unity Software, Inc. <sup>(a)</sup>  | 384 | 7000 |
|  Zoom Communications, Inc. - Class A <sup>(a)</sup>  | 4 | 296 |
|  Zscaler, Inc. <sup>(a)</sup>  | 72 | 10583 |
|  |  | 208996 |
|  **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
|  Carvana Co. <sup>(a)</sup>  | 168 | 56139 |
|  Five Below, Inc. <sup>(a)</sup>  | 52 | 11624 |
|  TJX Cos., Inc.  | 396 | 64017 |
|  |  | 131780 |
|  **Technology Hardware, Storage & Peripherals — 4.9%** | **Technology Hardware, Storage & Peripherals — 4.9%** | **Technology Hardware, Storage & Peripherals — 4.9%** |
|  Apple, Inc.  | 845 | $223232 |
|  Pure Storage, Inc. - Class A <sup>(a)</sup>  | 170 | 10917 |
|  |  | 234149 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
|  Turning Point Brands, Inc.  | 24 | 3288 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  WESCO International, Inc.  | 29 | 8395 |
|  **Wireless Telecommunication Services — 0.0% <sup>(b)</sup>** | **Wireless Telecommunication Services — 0.0% <sup>(b)</sup>** | **Wireless Telecommunication Services — 0.0% <sup>(b)</sup>** |
|  T-Mobile US, Inc.  | 8 | 1737 |
|  **TOTAL COMMON STOCKS** (Cost $4,766,859)  |  | 4759901 |
|  **TOTAL INVESTMENTS — 99.4%** (Cost $4,766,859)  |  | 4759901 |
|  Other Assets in Excess of Liabilities — 0.6%  |  | 30522 |
|  **TOTAL NET ASSETS — 100.0%** |  | $4790423 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

**Motley Fool Value Factor ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  Textron, Inc.  | 592 | $58401 |
|  **Air Freight & Logistics — 6.0%** | **Air Freight & Logistics — 6.0%** | **Air Freight & Logistics — 6.0%** |
|  FedEx Corp.  | 1016 | 393192 |
|  **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
|  Phinia, Inc.  | 122 | 8861 |
|  XPEL, Inc. <sup>(a)</sup>  | 40 | 1705 |
|  |  | 10566 |
|  **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 190 | 16496 |
|  Truist Financial Corp.  | 4464 | 220120 |
|  |  | 236616 |
|  **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
|  Molson Coors Beverage Co. - Class B  | 1239 | 60699 |
|  **Biotechnology — 8.7%** | **Biotechnology — 8.7%** | **Biotechnology — 8.7%** |
|  Amgen, Inc.  | 920 | 357107 |
|  Biogen, Inc. <sup>(a)</sup>  | 522 | 100130 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 687 | 42409 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup>  | 382 | 3113 |
|  Exelixis, Inc. <sup>(a)</sup>  | 866 | 38156 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 188 | 24863 |
|  |  | 565778 |
|  **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** | **Broadline Retail — 2.5%** |
|  eBay, Inc.  | 1552 | 141014 |
|  Etsy, Inc. <sup>(a)</sup>  | 435 | 23873 |
|  |  | 164887 |
|  **Capital Markets — 1.0%** | **Capital Markets — 1.0%** | **Capital Markets — 1.0%** |
|  Affiliated Managers Group, Inc.  | 53 | 16227 |
|  Donnelley Financial Solutions, Inc. <sup>(a)</sup>  | 139 | 6917 |
|  Houlihan Lokey, Inc.  | 144 | 23583 |
|  PJT Partners, Inc. - Class A  | 107 | 15802 |
|  |  | 62529 |
|  **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
|  MasTec, Inc. <sup>(a)</sup>  | 137 | 40829 |
|  **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** | **Consumer Finance — 0.6%** |
|  Bread Financial Holdings, Inc.  | 264 | $18707 |
|  Nelnet, Inc. - Class A  | 156 | 20196 |
|  |  | 38903 |
|  **Consumer Staples Distribution & Retail — 8.9%** | **Consumer Staples Distribution & Retail — 8.9%** | **Consumer Staples Distribution & Retail — 8.9%** |
|  Maplebear, Inc. <sup>(a)</sup>  | 789 | 29595 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup>  | 478 | 35310 |
|  Sysco Corp.  | 1603 | 146130 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 448 | 17118 |
|  Walmart, Inc.  | 2737 | 350199 |
|  |  | 578352 |
|  **Distributors — 0.7%** | **Distributors — 0.7%** | **Distributors — 0.7%** |
|  LKQ Corp.  | 1361 | 45063 |
|  **Diversified Telecommunication Services — 0.0% <sup>(b)</sup>** | **Diversified Telecommunication Services — 0.0% <sup>(b)</sup>** | **Diversified Telecommunication Services — 0.0% <sup>(b)</sup>** |
|  Bandwidth, Inc. - Class A <sup>(a)</sup>  | 129 | 1912 |
|  **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
|  IPG Photonics Corp. <sup>(a)</sup>  | 119 | 15657 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup>  | 91 | 20380 |
|  |  | 36037 |
|  **Entertainment — 4.4%** | **Entertainment — 4.4%** | **Entertainment — 4.4%** |
|  Walt Disney Co.  | 2701 | 286414 |
|  **Financial Services — 3.6%** | **Financial Services — 3.6%** | **Financial Services — 3.6%** |
|  Euronet Worldwide, Inc. <sup>(a)</sup>  | 191 | 13284 |
|  Marqeta, Inc. - Class A <sup>(a)</sup>  | 2222 | 8532 |
|  PayPal Holdings, Inc.  | 4151 | 191818 |
|  WEX, Inc. <sup>(a)</sup>  | 130 | 19395 |
|  |  | 233029 |
|  **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 609 | 32374 |
|  Freshpet, Inc. <sup>(a)</sup>  | 81 | 6841 |
|  |  | 39215 |
|  **Ground Transportation — 4.5%** | **Ground Transportation — 4.5%** | **Ground Transportation — 4.5%** |
|  RXO, Inc. <sup>(a)</sup>  | 556 | 8874 |
|  Union Pacific Corp.  | 1074 | 284588 |
|  |  | 293462 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Value Factor ETF** 

**Schedule of Investments (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
|  Align Technology, Inc. <sup>(a)</sup>  | 255 | $48475 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 225 | 21479 |
|  Masimo Corp. <sup>(a)</sup>  | 100 | 17535 |
|  |  | 87489 |
|  **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** | **Health Care Providers & Services — 5.3%** |
|  Fulgent Genetics, Inc. <sup>(a)</sup>  | 160 | 2453 |
|  HCA Healthcare, Inc.  | 641 | 339537 |
|  Progyny, Inc. <sup>(a)</sup>  | 145 | 2565 |
|  |  | 344555 |
|  **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** | **Hotels, Restaurants & Leisure — 2.6%** |
|  Airbnb, Inc. - Class A <sup>(a)</sup>  | 1153 | 155782 |
|  Vail Resorts, Inc.  | 81 | 11000 |
|  |  | 166782 |
|  **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
|  Meritage Homes Corp.  | 234 | 17648 |
|  NVR, Inc. <sup>(a)</sup>  | 7 | 52625 |
|  TopBuild Corp. <sup>(a)</sup>  | 43 | 19277 |
|  |  | 89550 |
|  **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
|  Spectrum Brands Holdings, Inc.  | 166 | 13011 |
|  **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
|  CNA Financial Corp.  | 1214 | 58296 |
|  Hagerty, Inc. - Class A <sup>(a)</sup>  | 388 | 4555 |
|  Root, Inc. <sup>(a)</sup>  | 86 | 4462 |
|  |  | 67313 |
|  **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
|  Match Group, Inc.  | 929 | 29357 |
|  Pinterest, Inc. - Class A <sup>(a)</sup>  | 1949 | 33386 |
|  |  | 62743 |
|  **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
|  Cognizant Technology Solutions Corp. - Class A  | 1027 | 66170 |
|  Fastly, Inc. - Class A <sup>(a)</sup>  | 310 | 5927 |
|  Gartner, Inc. <sup>(a)</sup>  | 230 | 36156 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 331 | 28850 |
|  Kyndryl Holdings, Inc. <sup>(a)</sup>  | 1468 | 18100 |
|  Okta, Inc. <sup>(a)</sup>  | 302 | 21895 |
|  **IT Services — 3.2% (continued)** | **IT Services — 3.2% (continued)** | **IT Services — 3.2% (continued)** |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 292 | $35320 |
|  |  | 212418 |
|  **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
|  Hasbro, Inc.  | 339 | 33761 |
|  **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** | **Life Sciences Tools & Services — 0.8%** |
|  Illumina, Inc. <sup>(a)</sup>  | 229 | 30791 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 50 | 22588 |
|  |  | 53379 |
|  **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
|  Blue Bird Corp. <sup>(a)</sup>  | 65 | 3787 |
|  Middleby Corp. <sup>(a)</sup>  | 133 | 22458 |
|  Tennant Co.  | 88 | 5371 |
|  Toro Co.  | 337 | 33316 |
|  |  | 64932 |
|  **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  New York Times Co. - Class A  | 254 | 20267 |
|  PubMatic, Inc. - Class A <sup>(a)</sup>  | 331 | 2681 |
|  Trade Desk, Inc. - Class A <sup>(a)</sup>  | 961 | 22891 |
|  |  | 45839 |
|  **Oil, Gas & Consumable Fuels — 10.9%** | **Oil, Gas & Consumable Fuels — 10.9%** | **Oil, Gas & Consumable Fuels — 10.9%** |
|  Chevron Corp.  | 2039 | 380804 |
|  EQT Corp.  | 2936 | 180329 |
|  Kinder Morgan, Inc.  | 4472 | 148783 |
|  Vitesse Energy, Inc.  | 207 | 3997 |
|  |  | 713913 |
|  **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** | **Passenger Airlines — 0.5%** |
|  Alaska Air Group, Inc. <sup>(a)</sup>  | 591 | 30496 |
|  **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
|  Paycom Software, Inc.  | 136 | 17113 |
|  **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
|  Zillow Group, Inc. - Class C <sup>(a)</sup>  | 611 | 27263 |
|  **Residential REITs — 0.7%** | **Residential REITs — 0.7%** | **Residential REITs — 0.7%** |
|  Invitation Homes, Inc.  | 1630 | 42934 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Value Factor ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** | **Semiconductors & Semiconductor Equipment — 0.5%** |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 144 | $20321 |
|  Enphase Energy, Inc. <sup>(a)</sup>  | 326 | 13780 |
|  |  | 34101 |
|  **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 847 | 222261 |
|  Asana, Inc. - Class A <sup>(a)</sup>  | 553 | 3926 |
|  BlackLine, Inc. <sup>(a)</sup>  | 195 | 6874 |
|  Docusign, Inc. <sup>(a)</sup>  | 584 | 26321 |
|  Zoom Communications, Inc. - Class A <sup>(a)</sup>  | 927 | 68543 |
|  |  | 327925 |
|  **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
|  CarMax, Inc. <sup>(a)</sup>  | 809 | 34925 |
|  Chewy, Inc. - Class A <sup>(a)</sup>  | 1321 | 36222 |
|  Stitch Fix, Inc. - Class A <sup>(a)</sup>  | 692 | 2304 |
|  Tractor Supply Co.  | 987 | 51166 |
|  Ulta Beauty, Inc. <sup>(a)</sup>  | 91 | 62316 |
|  Williams-Sonoma, Inc.  | 248 | 51001 |
|  |  | 237934 |
|  **Textiles, Apparel & Luxury Goods — 4.7%** | **Textiles, Apparel & Luxury Goods — 4.7%** | **Textiles, Apparel & Luxury Goods — 4.7%** |
|  Kontoor Brands, Inc.  | 162 | 10564 |
|  NIKE, Inc. - Class B  | 4406 | 273965 |
|  Under Armour, Inc. - Class A <sup>(a)</sup>  | 2652 | 19678 |
|  |  | 304207 |
|  **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** | **Trading Companies & Distributors — 0.4%** |
|  Watsco, Inc.  | 70 | $29213 |
|  **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** | **Wireless Telecommunication Services — 5.2%** |
|  T-Mobile US, Inc.  | 1558 | 338226 |
|  **TOTAL COMMON STOCKS** (Cost $6,335,312)  |  | 6490981 |
|  **TOTAL INVESTMENTS — 99.4%** (Cost $6,335,312)  |  | 6490981 |
|  Other Assets in Excess of Liabilities — 0.6%  |  | 39104 |
|  **TOTAL NET ASSETS — 100.0%** |  | $6530085 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

**Motley Fool ETFs** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Global <br> Opportunities <br> ETF** | **Motley Fool <br> Mid-Cap <br> Growth ETF** | **Motley Fool <br> 100 Index ETF** | **Motley Fool <br> Small-Cap <br> Growth ETF** | **Motley Fool <br> Capital <br> Efficiency 100 <br> Index ETF** |
|  **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $373671180 | $138176609 | $1893265838 | $75820285 | $89981696 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 8417470 | 1430021 | 2726744 | 2046008 | 38417 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 172111 | 20484 | 1340168 | 20584 | 38739 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 8218 | 3743 | 9127 | 5362 | 306 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 3825 | 1623 | 2519 | 1132 |  |
| &nbsp;&nbsp;&nbsp; Cash  | 3231 | 2256000 | 2033 |  | 2863880 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 31 |  |  |  | 54851 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 21109 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 185 | 6 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 382297360 | 141888486 | 1897346429 | 77893371 | 92977889 |
|  **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 18783037 | 8534209 | 14922796 | 8584376 |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 234949 | 85768 | 726902 | 45153 | 35539 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 82426 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  |  | 2256000 |  |  | 2863880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 19100412 | 10875977 | 15649698 | 8629529 | 2899419 |
|  **NET ASSETS**  | $363196948 | $131012509 | $1881696731 | $69263842 | $90078470 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share)  | $11994 | $5843 | $27125 | $1950 | $3125 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 202338810 | 88385998 | 1306244978 | 78037385 | 77728774 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 160846144 | 42620668 | 575424628 | (8775493) | 12346571 |
|  Total net assets  | $363196948 | $131012509 | $1881696731 | $69263842 | $90078470 |
|  Net assets  | $363196948 | $131012509 | $1881696731 | $69263842 | $90078470 |
|  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)  | 11993873 | 5842511 | 27125000 | 1950000 | 3125000 |
|  Net asset value per share  | $30.28 | $22.42 | $69.37 | $35.52 | $28.83 |
|  **COST:** |  |  |  |  |  |
|  Investments, at cost  | $208986886 | $105641441 | $1489595760 | $66181370 | $81709986 |
|  **LOANED SECURITIES:** |  |  |  |  |  |
|  at value (included in investments)  | $18622417 | $8353062 | $14555617 | $8274083 | $— |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool ETFs** 

**Statements of Assets and Liabilities (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Next Index ETF** | **Motley Fool <br> Innovative <br> Growth <br> Factor ETF** | **Motley Fool <br> Momentum <br> Factor ETF** | **Motley Fool <br> Value Factor <br> ETF** |
|  **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $32169826 | $6007085 | $4759901 | $6490981 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  | 1210414 |  |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 65324 | 28762 | 71629 | 27550 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 23070 | 4370 | 2155 | 13401 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 164 | 89 | 83 | 151 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 32258384 | 6040306 | 6044182 | 6532083 |
|  **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to custodian  |  |  | 1210422 |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  | 41954 |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 12308 | 2252 | 1383 | 1998 |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 12308 | 2252 | 1253759 | 1998 |
|  **NET ASSETS**  | $32246076 | $6038054 | $4790423 | $6530085 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $1500 | $320 | $240 | $310 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 30341624 | 6377330 | 4799382 | 6361321 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 1902952 | (339596) | (9199) | 168454 |
|  Total net assets  | $32246076 | $6038054 | $4790423 | $6530085 |
|  Net assets  | $32246076 | $6038054 | $4790423 | $6530085 |
|  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)  | 1500000 | 320000 | 240000 | 310000 |
|  Net asset value per share  | $21.50 | $18.87 | $19.96 | $21.06 |
|  **COST:** |  |  |  |  |
|  Investments, at cost  | $29396146 | $6330613 | $4766859 | $6335312 |
|  **LOANED SECURITIES:** |  |  |  |  |
|  at value (included in investments)  | $— | $— | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool ETFs** 

**Statements of Operations** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Global <br> Opportunities <br> ETF** | **Motley Fool <br> Mid-Cap <br> Growth ETF** | **Motley Fool <br> 100 Index ETF** | **Motley Fool <br> Small-Cap <br> Growth ETF** | **Motley Fool <br> Capital <br> Efficiency 100 <br> Index ETF** |
|  **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $1546406 | $296912 | $6462303 | $225045 | $316838 |
| &nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (78156) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Less: issuance fees  | (4720) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | 64247 | 44528 | 73151 | 24689 | 3422 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 21396 | 11721 | 14124 | 8582 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1549173 | 353161 | 6549578 | 258316 | 320260 |
|  **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 1602018 | 636773 | 4584195 | 306049 | 244913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1602018 | 636773 | 4584195 | 306049 | 244913 |
|  **NET INVESTMENT INCOME/(LOSS)**  | (52845) | (283612) | 1965383 | (47733) | 75347 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (8209253) | (2208792) | (10980688) | (4084598) | (341911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 15075811 | 13561652 | 200761022 | 1890911 | 5384292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments  | 8483 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (5505) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6869536 | 11352860 | 189780334 | (2193687) | 5042381 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (10024588) | (33571021) | (141310690) | 1137752 | (3685197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (64) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (10024652) | (33571021) | (141310690) | 1137752 | (3685197) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (3155116) | (22218161) | 48469644 | (1055935) | 1357184 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(3207961) | $(22501773) | $50435027 | $(1103668) | $1432531 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool ETFs** 

**Statements of Operations (CONCLUDED)** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Next Index ETF** | **Motley Fool <br> Innovative <br> Growth <br> Factor ETF<sup>(a)</sup>** | **Motley Fool <br> Momentum <br> Factor ETF<sup>(a)</sup>** | **Motley Fool <br> Value Factor <br> ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $95290 | $5834 | $3214 | $15796 |
| &nbsp;&nbsp;&nbsp; Interest income  | 3093 | 205 | 207 | 285 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 98383 | 6039 | 3421 | 16081 |
|  **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 82970 | 4258 | 2721 | 3692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 82970 | 4258 | 2721 | 3692 |
|  **NET INVESTMENT INCOME/(LOSS)**  | 15413 | 1781 | 700 | 12389 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (302992) | (17849) | (2941) | 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 1345507 |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1042515 | (17849) | (2941) | 396 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (909360) | (323528) | (6958) | 155669 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (909360) | (323528) | (6958) | 155669 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 133155 | (341377) | (9899) | 156065 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $148568 | $(339596) | $(9199) | $168454 |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL Global Opportunities ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(52845) | $6980025 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6869536 | 28366413 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (10024652) | 8447545 |
|  **Net increase (decrease) in net assets from operations**  | (3207961) | 43793983 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (1011696) | (54078022) |
|  Total distributions to shareholders  | (1011696) | (54078022) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 35624610 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (33957002) | (64429553) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  | 117 |
|  Net increase (decrease) in net assets from capital transactions  | (33957002) | (28804826) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (38176659) | (39088865) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 401373607 | 440462472 |
| &nbsp;&nbsp;&nbsp; End of the period  | $363196948 | $401373607 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 1150000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1125000) | (2075000) |
|  Total increase (decrease) in shares outstanding  | (1125000) | (925000) |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL Mid-Cap Growth ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(283612) | $(109000) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 11352860 | 19096795 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (33571021) | (7224956) |
|  **Net increase (decrease) in net assets from operations**  | (22501773) | 11762839 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (91578) | (28997279) |
|  Total distributions to shareholders  | (91578) | (28997279) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7105190 | 28015973 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (27994500) | (39425335) |
|  Net increase (decrease) in net assets from capital transactions  | (20889310) | (11409362) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (43482661) | (28643802) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 174495170 | 203138972 |
| &nbsp;&nbsp;&nbsp; End of the period  | $131012509 | $174495170 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 300000 | 1025000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1175000) | (1425000) |
|  Total increase (decrease) in shares outstanding  | (875000) | (400000) |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool 100 Index ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1965383 | $2234779 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 189780334 | 62318933 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (141310690) | 202512458 |
|  **Net increase (decrease) in net assets from operations**  | 50435027 | 267066170 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (2692754) | (4844626) |
|  Total distributions to shareholders  | (2692754) | (4844626) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 519891052 | 519253178 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (327752884) | (109543270) |
|  Net increase (decrease) in net assets from capital transactions  | 192138168 | 409709908 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 239880441 | 671931452 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 1641816290 | 969884838 |
| &nbsp;&nbsp;&nbsp; End of the period  | $1881696731 | $1641816290 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7275000 | 8675000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4575000) | (1875000) |
|  Total increase (decrease) in shares outstanding  | 2700000 | 6800000 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Small-Cap Growth ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(47733) | $24052 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (2193687) | 6924943 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1137752 | (1067365) |
|  **Net increase (decrease) in net assets from operations**  | (1103668) | 5881630 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  |  |  |
|  Total distributions to shareholders  |  |  |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 16235780 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (8720107) | (21278473) |
|  Net increase (decrease) in net assets from capital transactions  | (8720107) | (5042693) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (9823775) | 838937 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 79087617 | 78248680 |
| &nbsp;&nbsp;&nbsp; End of the period  | $69263842 | $79087617 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 425000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (250000) | (625000) |
|  Total increase (decrease) in shares outstanding  | (250000) | (200000) |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $75347 | $172024 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 5042381 | 6390434 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3685197) | 1735080 |
|  **Net increase (decrease) in net assets from operations**  | 1432531 | 8297538 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (310016) | (300784) |
|  Total distributions to shareholders  | (310016) | (300784) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2944800 | 66243602 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (17393757) | (18161781) |
|  Net increase (decrease) in net assets from capital transactions  | (14448957) | 48081821 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (13326442) | 56078575 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 103404912 | 47326338 |
| &nbsp;&nbsp;&nbsp; End of the period  | $90078470 | $103404913 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 100000 | 2450000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (600000) | (675000) |
|  Total increase (decrease) in shares outstanding  | (500000) | 1775000 |

---

The accompanying notes are an integral part of these financial statements.

**MOTLEY FOOL NEXT INDEX ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $15413 | $11908 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1042515 | 451913 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (909360) | 3881478 |
|  **Net increase (decrease) in net assets from operations**  | 148568 | 4345299 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (16941) | (18172) |
|  Total distributions to shareholders  | (16941) | (18172) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2726432 | 7143650 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3814027) | (2783303) |
|  Net increase (decrease) in net assets from capital transactions  | (1087595) | 4360347 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (955968) | 8687474 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 33202044 | 24514571 |
| &nbsp;&nbsp;&nbsp; End of the period  | $32246076 | $33202045 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 125000 | 350000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (175000) | (150000) |
|  Total increase (decrease) in shares outstanding  | (50000) | 200000 |

---

The accompanying notes are an integral part of these financial statements.

**Motley Fool Innovative Growth Factor ETF** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1781 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (17849) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (323528) |
|  **Net increase (decrease) in net assets from operations**  | (339596) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings  |  |
|  Total distributions to shareholders  |  |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6377650 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  |
|  Net increase (decrease) in net assets from capital transactions  | 6377650 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 6038054 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $6038054 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 320000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |
|  Total increase (decrease) in shares outstanding  | 320000 |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

The accompanying notes are an integral part of these financial statements.

**Motley Fool Momentum Factor ETF** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $700 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (2941) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (6958) |
|  **Net increase (decrease) in net assets from operations**  | (9199) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings  |  |
|  Total distributions to shareholders  |  |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 4799622 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |
|  Net increase (decrease) in net assets from capital transactions  | 4799622 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 4790423 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $4790423 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 240000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  |
|  Total increase (decrease) in shares outstanding  | 240000 |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

The accompanying notes are an integral part of these financial statements.

**Motley Fool Value Factor ETF** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $12389 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 396 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 155669 |
|  **Net increase (decrease) in net assets from operations**  | 168454 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6361631 |
|  Net increase (decrease) in net assets from capital transactions  | 6361631 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 6530085 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $6530085 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 310000 |
|  Total increase (decrease) in shares outstanding  | 310000 |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 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)<sup>(a)</sup>  | (0.00)<sup>(b)</sup> | 0.51 | 0.15 | 0.11 | 0.30 | (0.05) |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | (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 <sup>(b)</sup> | 0.00 <sup>(c)</sup> |  |  |  |  |
|  Net asset value, end of period  | $30.28 | $30.60 | $31.36 | $27.35 | $24.75 | $37.03 |
|  **TOTAL RETURN** <sup>(d)</sup>  | (0.75)% | 10.59% | 21.00% | 11.24% | (27.61)% | 30.86% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $363197 | $401374 | $440462 | $429966 | $433652 | $181509 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.88% | 0.98% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.87% | 0.95% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | (0.01)% | 1.69% | 0.51% | 0.45% | 1.08% | (0.16)% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 2% | 15% | 38% | 4% | 14% | 12% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Amount represents less than $0.005 per share. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 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)<sup>(a)</sup>  | (0.02) | (0.02) | 0.02 | 0.07 | (0.04) | (0.09) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | (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 <sup>(c)</sup> |  |  |  |  |  |
|  Net asset value, end of period  | $22.42 | $25.98 | $28.54 | $24.62 | $22.68 | $33.20 |
|  **TOTAL RETURN** <sup>(d)</sup>  | (13.62)% | 5.22% | 18.95% | 8.58% | (26.66)% | 24.38% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $131013 | $174495 | $203139 | $194346 | $209044 | $54460 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.88% | 0.98% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% | 0.95% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | (0.19)% | (0.06)% | 0.08% | 0.29% | (0.17)% | (0.30)% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 21% | 33% | 31% | 18% | 2% | 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Amount represents less than $0.005 per share. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 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<sup>(a)</sup>  | 0.08 | 0.11 | 0.13 | 0.13 | 0.08 | 0.05 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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** <sup>(c)</sup>  | 3.35% | 22.63% | 32.61% | 22.71% | (19.18)% | 25.74% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $1881697 | $1641816 | $969885 | $549523 | $417269 | $528011 |
|  Ratio of expenses to average net assets <sup>(d)</sup>  | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.21% | 0.18% | 0.27% | 0.37% | 0.20% | 0.15% |
|  Portfolio turnover rate <sup>(c)(e)</sup>  | 23% | 31% | 24% | 6% | 15% | 23% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 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)<sup>(a)</sup>  | (0.02) | 0.01 | (0.04) | 0.04 | (0.15) | (0.19) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | (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** <sup>(c)</sup>  | (1.19)% | 10.26% | 11.87% | 16.13% | (36.66)% | 32.00% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $69264 | $79088 | $78249 | $72855 | $78050 | $189382 |
|  Ratio of expenses to average net assets <sup>(d)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | (0.13)% | 0.03% | (0.16)% | 0.15% | (0.46)% | (0.51)% |
|  Portfolio turnover rate <sup>(c)(e)</sup>  | 22% | 40% | 30% | 62% | 11% | 21% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |  |
|  Net asset value, beginning of period  | $28.53 | $25.58 | $19.12 | $15.37 | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.02 | 0.06 | 0.10 | 0.09 | 0.05 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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** <sup>(d)</sup>  | 1.38% | 11.98% | 34.44% | 24.81% | (23.13)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $90078 | $103405 | $47326 | $22460 | $20754 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.15% | 0.23% | 0.43% | 0.53% | 0.50% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 20% | 33% | 35% | 25% | 17% |

---

<sup>(a)</sup> Inception date of the Fund was December 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2025** | **For the<br> YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **For the<br> YEAR <br> ENDED <br> AUGUST 31,<br> 2022<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |  |
|  Net asset value, beginning of period  | $21.42 | $18.16 | $15.77 | $15.02 | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.01 | 0.01 | 0.02 | 0.02 | 0.03 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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** <sup>(d)</sup>  | 0.41% | 18.03% | 15.31% | 5.21% | (24.88)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $32246 | $33202 | $24515 | $29183 | $32678 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.09% | 0.04% | 0.13% | 0.15% | 0.26% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 14% | 27% | 18% | 27% | 11% |

---

<sup>(a)</sup> Inception date of the Fund was December 30, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.01 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | (1.14) |
|  Total from investment operations  | (1.13) |
|  Net asset value, end of period  | $18.87 |
|  **TOTAL RETURN** <sup>(d)</sup>  | (5.66)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $6038 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.21% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 19% |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.01 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | (0.05) |
|  Total from investment operations  | (0.04) |
|  Net asset value, end of period  | $19.96 |
|  **TOTAL RETURN** <sup>(d)</sup>  | (0.20)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $4790 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.13% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 13% |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.<br>

---

| | |
|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<sup>(a)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.08 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 0.98 |
|  Total from investment operations  | 1.06 |
|  Net asset value, end of period  | $21.06 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 5.32% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $6530 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.50% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 1.68% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 10% |

---

<sup>(a)</sup> Inception date of the Fund was December 8, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

**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.

**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** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $354888143 | $— | $— | $354888143 |
|  Investments Purchased with Proceeds From Securities Lending Collateral <sup>(a)</sup>  |  |  |  | 18783037 |
|  Total Assets  | $354888143 | $— | $— | $373671180 |

---

**MOTLEY FOOL MID-CAP GROWTH ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $129642400 | $— | $— | $129642400 |
|  Investments Purchased with Proceeds From Securities Lending Collateral <sup>(a)</sup>  |  |  |  | 8534209 |
|  Total Assets  | $129642400 | $— | $— | $138176609 |

---

**MOTLEY FOOL 100 INDEX ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $1878334563 | $— | $8479 | $1878343042 |
|  Investments Purchased with Proceeds From Securities Lending Collateral <sup>(a)</sup>  |  |  |  | 14922796 |
|  Total Assets  | $1878334563 | $— | $8479 | $1893265838 |

---

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**MOTLEY SMALL-CAP GROWTH ETF** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $67235909 | $— | $— | $67235909 |
|  Investments Purchased with Proceeds From Securities Lending Collateral <sup>(a)</sup>  |  |  |  | 8584376 |
|  Total Assets  | $67235909 | $— | $— | $75820285 |

---

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $89981696 | $— | $— | $89981696 |
|  Total Assets  | $89981696 | $— | $— | $89981696 |

---

**MOTLEY FOOL NEXT INDEX ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $32169826 | $— | $— | $32169826 |
|  Total Assets  | $32169826 | $— | $— | $32169826 |

---

**MOTLEY FOOL INNOVATIVE GROWTH FACTOR ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $6007085 | $— | $— | $6007085 |
|  Total Assets  | $6007085 | $— | $— | $6007085 |

---

**MOTLEY FOOL MOMENTUM FACTOR ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks  | $4759901 | $— | $— | $4759901 |
|  Total Assets  | $4759901 | $— | $— | $4759901 |

---

**MOTLEY FOOL VALUE FACTOR ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Assets:**</u></u> |  |  |  |  |
|  Common Stocks | $6490981 | $— | $— | $6490981 |
|  Total Assets | $6490981 | $— | $— | $6490981 |

---

Refer to the Schedule of Investments for industry classifications.

<sup>(a)</sup> 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. 

**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

**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<sup>©</sup>, 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.

**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.

**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.

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| | |
|:---|:---|
| **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% |

---

**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:

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| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Global Opportunities Fund  | $7878112 | $14801280 |
|  Mid-Cap Growth Fund  | 32240426 | 31023429 |
|  Fool 100 Fund  | 447459015 | 428334040 |
|  Small-Cap Growth Fund  | 15714588 | 16068352 |
|  Capital Efficiency Fund  | 19350198 | 19815777 |
|  Next Index Fund  | 4691088 | 4476112 |
|  Value Factor Fund  | 573518 | 454758 |
|  Momentum Factor Fund  | 543367 | 411753 |
|  Innovative Growth Factor Fund  | 1045461 | 895026 |

---

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

**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  | $— | $31755437 |
|  Mid-Cap Growth Fund  | 7013680 | 27513701 |
|  Fool 100 Fund  | 497384716 | 325142002 |
|  Small-Cap Growth Fund  |  | 8549186 |
|  Capital Efficiency Fund  | 2880819 | 17001364 |
|  Next Index Fund  | 2517186 | 3772562 |
|  Value Factor Fund  | 6216155 |  |
|  Momentum Factor Fund  | 4638178 |  |
|  Innovative Growth Factor Fund  | 6198030 |  |

---

**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.

**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 <br> TAX COST** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> (DEPRECIATION)** | **NET UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
|  Global Opportunities Fund  | $237915024 | $188571792 | $(14320454) | $174251338 |
|  Mid-Cap Growth Fund  | 115082532 | 67022377 | (1055448) | 65966929 |
|  Fool 100 Fund  | 1152177271 | 558304136 | (33314514) | 524989622 |
|  Small-Cap Growth Fund  | 84391108 | 15214627 | (6981078) | 8233549 |
|  Capital Efficiency Fund  | 91933466 | 14976371 | (3699202) | 11277169 |
|  Next Fund  | 29724279 | 7577493 | (4221948) | 3355545 |

---

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 <br> EARNINGS/(LOSS)** | **PAID-IN<br> CAPITAL** |
|  Global Opportunities Fund  | $(43854624) | $43854624 |
|  Mid-Cap Growth Fund  | (19870289) | 19870289 |
|  Fool 100 Fund  | (71017264) | 71017264 |
|  Small-Cap Growth Fund  | (5801701) | 5801701 |
|  Capital Efficiency Fund  | (6648489) | 6648489 |
|  Next Fund  | (538963) | 538963 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED<br> ORDINARY<br> INCOME** | **UNDISTRIBUTED<br> LONG-TERM<br> CAPITAL GAINS** | **CAPITAL Loss <br> Carryover** | **Qualified <br> Late-Year <br> LOSS DEFERRAL** | **UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **Total** |
|  Global Opportunities Fund  | $324339 | $— | $(9510037) | $— | $174251499 | $165065801 |
|  Mid-Cap Growth Fund  |  |  |  | (752910) | 65966929 | 65214019 |
|  Fool 100 Fund  | 2208441 | 484292 |  |  | 524989622 | 527682355 |
|  Small-Cap Growth Fund  |  |  | (15905374) |  | 8233549 | (7671825) |
|  Capital Efficiency Fund  | 118053 |  |  | (171165) | 11277169 | 11224057 |
|  Next Fund  | 11468 |  | (1595687) |  | 3355545 | 1771326 |

---

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.

**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 <br> year** | **ORDINARY<br> INCOME** | **LONG-TERM<br> CAPITAL GAIN** | **TOTAL** |
|  Global Opportunities Fund  | 2025 | $9031118 | $45046904 | $54078022 |
|  Mid-Cap Growth Fund  | 2025 | 150658 | 28846621 | 28997279 |
|  Fool 100 Fund  | 2025 | 3057626 | 1787000 | 4844626 |
|  Small-Cap Growth Fund  | 2025 |  |  |  |
|  Capital Efficiency Fund  | 2025 | 163114 | 137670 | 300784 |
|  Next Fund  | 2025 | 18172 |  | 18172 |

---

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 <br> SECURITIES LOANED** | **MARKET VALUE OF <br> COLLATERAL** | **INCOME RECEIVED <br> FROM SECURITIES <br> LENDING** |
|  Global Opportunities Fund  | $18622417 | $18783037 | $21396 |
|  Mid-Cap Growth Fund  | 8353062 | 8534209 | 11721 |
|  Fool 100 Fund  | 14555617 | 14922796 | 14124 |
|  Small-Cap Growth Fund  | 8274083 | 8584376 | 8582 |

---

**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 <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> ASSETS** | <br>**GROSS <br> AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED <br> IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET <br> AMOUNT<sup>2</sup>** |
|  Global Opportunities Fund  | $18622417 | $— | $18622417 | $(18622417) | $— | $— |
|  Mid-Cap Growth Fund  | 8353062 |  | 8534209 | (8353062) |  |  |
|  Fool 100 Fund  | 14555617 |  | 14922796 | (14555617) |  |  |
|  Small-Cap Growth Fund  | 8274083 |  | 8584376 | (8274083) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> 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.

**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.

**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.

**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 16<sup>th</sup> St. Suite 2900

Philadelphia, PA 19102-2529

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

![](fp0096661-11_i.jpg)

**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%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
|  **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** | **Aerospace/Defense — 0.6%** |
|  General Dynamics Corp.  | 855 | $305278 |
|  General Electric Co.  | 1775 | 607511 |
|  |  | 912789 |
|  **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
|  Delta Air Lines, Inc.  | 4626 | 303928 |
|  United Airlines Holdings, Inc. <sup>(a)</sup>  | 10249 | 1089469 |
|  |  | 1393397 |
|  **Apparel — 2.0%** | **Apparel — 2.0%** | **Apparel — 2.0%** |
|  Deckers Outdoor Corp. <sup>(a)</sup>  | 7058 | 827692 |
|  Ralph Lauren Corp.  | 3638 | 1319139 |
|  Tapestry, Inc.  | 5999 | 932664 |
|  |  | 3079495 |
|  **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
|  Ford Motor Co.  | 23727 | 334313 |
|  General Motors Co.  | 4698 | 369780 |
|  Tesla, Inc. <sup>(a)</sup>  | 767 | 308725 |
|  |  | 1012818 |
|  **Banks — 5.6%** | **Banks — 5.6%** | **Banks — 5.6%** |
|  Bank of America Corp.  | 58300 | 2905089 |
|  Bank of New York Mellon Corp.  | 2656 | 316329 |
|  Citigroup, Inc.  | 4709 | 518885 |
|  JPMorgan Chase & Co.  | 9307 | 2794892 |
|  KeyCorp  | 13813 | 286482 |
|  Morgan Stanley  | 3188 | 530834 |
|  PNC Financial Services Group, Inc. <sup>(b)</sup>  | 1376 | 292193 |
|  State Street Corp.  | 2466 | 317177 |
|  US Bancorp  | 5954 | 325446 |
|  Wells Fargo & Co.  | 5055 | 411730 |
|  |  | 8699057 |
|  **Beverages — 1.5%** | **Beverages — 1.5%** | **Beverages — 1.5%** |
|  Coca-Cola Co.  | 4141 | 337740 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 17128 | 1461019 |
|  PepsiCo, Inc.  | 3307 | 561330 |
|  |  | 2360089 |
|  **Biotechnology — 4.2%** | **Biotechnology — 4.2%** | **Biotechnology — 4.2%** |
|  Biogen, Inc. <sup>(a)</sup>  | 1668 | 319956 |
|  Incyte Corp. <sup>(a)(b)</sup>  | 10381 | 1051284 |
|  Regeneron Pharmaceuticals, Inc.  | 5244 | 4099077 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 2061 | 1023967 |
|  |  | 6494284 |
|  **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  Trane Technologies PLC  | 751 | 347202 |
|  **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
|  CF Industries Holdings, Inc.  | 13658 | 1359517 |
|  Mosaic Co.  | 8520 | 237197 |
|  |  | 1596714 |
|  **Commercial Services — 1.8%** | **Commercial Services — 1.8%** | **Commercial Services — 1.8%** |
|  Automatic Data Processing, Inc.  | 3908 | $837719 |
|  Cintas Corp.  | 8037 | 1616482 |
|  Moody's Corp.  | 685 | 327149 |
|  |  | 2781350 |
|  **Computers — 7.4%** | **Computers — 7.4%** | **Computers — 7.4%** |
|  Apple, Inc.  | 40547 | 10711706 |
|  Sandisk Corp./DE <sup>(a)</sup>  | 1289 | 818979 |
|  |  | 11530685 |
|  **Cosmetics/Personal Care — 1.6%** | **Cosmetics/Personal Care — 1.6%** | **Cosmetics/Personal Care — 1.6%** |
|  Colgate-Palmolive Co.  | 22422 | 2222917 |
|  Procter & Gamble Co.  | 1921 | 321191 |
|  |  | 2544108 |
|  **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** |
|  Blackrock, Inc.  | 194 | 206266 |
|  Charles Schwab Corp.  | 5486 | 522267 |
|  Interactive Brokers Group, Inc., Class A - Class A  | 4215 | 300066 |
|  Mastercard, Inc. - Class A  | 5756 | 2977061 |
|  Visa, Inc. - Class A  | 1450 | 464203 |
|  |  | 4469863 |
|  **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
|  Ameren Corp.  | 2844 | 322168 |
|  Constellation Energy Corp.  | 962 | 317345 |
|  DTE Energy Co. <sup>(b)</sup>  | 12821 | 1900585 |
|  Evergy, Inc.  | 10270 | 859188 |
|  Exelon Corp.  | 6957 | 344163 |
|  Vistra Corp.  | 1644 | 285875 |
|  |  | 4029324 |
|  **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
|  Amphenol Corp. - Class A  | 3382 | 493975 |
|  Garmin Ltd., (Switzerland) <sup>(b)</sup>  | 1411 | 356743 |
|  |  | 850718 |
|  **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** | **Engineering & Construction — 2.2%** |
|  Comfort Systems USA, Inc.  | 278 | 397365 |
|  EMCOR Group, Inc.  | 4291 | 3109344 |
|  |  | 3506709 |
|  **Food — 0.4%** | **Food — 0.4%** | **Food — 0.4%** |
|  Sysco Corp.  | 6413 | 584609 |
|  **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** | **Healthcare-Products — 0.6%** |
|  Agilent Technologies, Inc.  | 2405 | 291919 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 1364 | 686788 |
|  |  | 978707 |
|  **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
|  Centene Corp. <sup>(a)</sup>  | 12594 | 565219 |
|  Elevance Health, Inc.  | 735 | 235200 |
|  |  | 800419 |

---

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

**SGI U.S. LARGE CAP CORE ETF** 

**Portfolio of Investments (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  PulteGroup, Inc. <sup>(b)</sup>  | 2178 | $298822 |
|  **Insurance — 5.8%** | **Insurance — 5.8%** | **Insurance — 5.8%** |
|  Allstate Corp.  | 4946 | 1061016 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 7139 | 3604838 |
|  Cincinnati Financial Corp.  | 3700 | 606726 |
|  Everest Group Ltd.  | 1728 | 579727 |
|  Hartford Insurance Group, Inc.  | 2257 | 317853 |
|  Loews Corp.  | 2900 | 319058 |
|  MetLife, Inc.  | 4140 | 298370 |
|  Progressive Corp.  | 9404 | 2009259 |
|  Travelers Cos, Inc.  | 994 | 306788 |
|  |  | 9103635 |
|  **Internet — 15.3%**  |  |  |
|  Airbnb, Inc. - Class A <sup>(a)</sup>  | 2503 | 338180 |
|  Alphabet, Inc. - Class A  | 29288 | 9130827 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 29829 | 6264090 |
|  Booking Holdings, Inc.  | 635 | 2691987 |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 1292 | 227999 |
|  Meta Platforms, Inc. - Class A  | 7567 | 4904778 |
|  Netflix, Inc. <sup>(a)</sup>  | 3153 | 303445 |
|  |  | 23861306 |
|  **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
|  Carnival Corp.  | 14250 | 449588 |
|  **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |
|  Caterpillar, Inc.  | 1460 | 1084532 |
|  GE Vernova, Inc.  | 572 | 499699 |
|  |  | 1584231 |
|  **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
|  Rockwell Automation, Inc.  | 774 | 315366 |
|  **Media — 1.8%** | **Media — 1.8%** | **Media — 1.8%** |
|  Fox Corp. - Class B  | 50030 | 2588052 |
|  News Corp. - Class A  | 12424 | 301779 |
|  |  | 2889831 |
|  **Mining — 3.2%** | **Mining — 3.2%** | **Mining — 3.2%** |
|  Freeport-McMoRan, Inc.  | 30089 | 2048459 |
|  Newmont Corp.  | 22194 | 2885220 |
|  |  | 4933679 |
|  **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
|  3M Co.  | 2536 | 419252 |
|  Textron, Inc.  | 4836 | 477071 |
|  |  | 896323 |
|  **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
|  Chevron Corp.  | 1709 | 319173 |
|  EOG Resources, Inc.  | 3589 | 445323 |
|  Exxon Mobil Corp.  | 2161 | 329552 |
|  Marathon Petroleum Corp.  | 3433 | 680455 |
|  **Oil & Gas — 1.3% (Continued)** |  |  |
|  Phillips 66  | 1812 | $279646 |
|  |  | 2054149 |
|  **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** | **Pharmaceuticals — 3.6%** |
|  AbbVie, Inc.  | 1840 | 427027 |
|  Bristol-Myers Squibb Co.  | 5407 | 337235 |
|  Cardinal Health, Inc.  | 2130 | 488260 |
|  Cencora, Inc.  | 888 | 330460 |
|  Eli Lilly & Co.  | 2148 | 2259674 |
|  Merck & Co., Inc. <sup>(b)</sup>  | 14374 | 1779789 |
|  |  | 5622445 |
|  **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
|  ONEOK, Inc.  | 3250 | 269003 |
|  **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
|  CBRE Group, Inc. - Class A <sup>(a)</sup>  | 19453 | 2872430 |
|  CoStar Group, Inc. <sup>(a)</sup>  | 5777 | 257827 |
|  |  | 3130257 |
|  **REITS — 0.7%** | **REITS — 0.7%** | **REITS — 0.7%** |
|  Equinix, Inc.  | 223 | 217260 |
|  Host Hotels & Resorts, Inc.  | 26628 | 521642 |
|  Welltower, Inc.  | 1606 | 332635 |
|  |  | 1071537 |
|  **Retail — 1.6%** | **Retail — 1.6%** | **Retail — 1.6%** |
|  AutoZone, Inc. <sup>(a)</sup>  | 47 | 176512 |
|  Costco Wholesale Corp.  | 1202 | 1214970 |
|  Lululemon Athletica, Inc. <sup>(a)</sup>  | 1697 | 314233 |
|  Ross Stores, Inc.  | 1609 | 330875 |
|  TJX Cos., Inc.  | 2673 | 432117 |
|  |  | 2468707 |
|  **Semiconductors — 16.0%** | **Semiconductors — 16.0%** | **Semiconductors — 16.0%** |
|  Analog Devices, Inc.  | 1880 | 668885 |
|  Applied Materials, Inc.  | 1993 | 741994 |
|  Broadcom, Inc.  | 9113 | 2912059 |
|  KLA-Tencor Corp.  | 235 | 358269 |
|  Lam Research Corp.  | 13098 | 3063491 |
|  Micron Technology, Inc.  | 9193 | 3790917 |
|  Monolithic Power Systems, Inc.  | 206 | 235405 |
|  NVIDIA Corp.  | 69755 | 12359889 |
|  QUALCOMM, Inc.  | 2923 | 416118 |
|  Texas Instruments, Inc.  | 1586 | 336407 |
|  |  | 24883434 |
|  **Software — 7.2%** | **Software — 7.2%** | **Software — 7.2%** |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 2199 | 577040 |
|  Autodesk, Inc. <sup>(a)</sup>  | 1493 | 367084 |
|  Cadence Design Systems, Inc. <sup>(a)(b)</sup>  | 849 | 255889 |
|  Microsoft Corp.  | 23152 | 9092716 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 6626 | 909021 |
|  |  | 11201750 |

---

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

**SGI U.S. LARGE CAP CORE ETF** 

**Portfolio of Investments (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
|  Arista Networks, Inc. <sup>(a)</sup>  | 4031 | $538139 |
|  T-Mobile US, Inc.  | 1504 | 326503 |
|  |  | 864642 |
|  **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
|  CSX Corp.  | 7678 | 327774 |
|  FedEx Corp.  | 1669 | 645903 |
|  Union Pacific Corp. <sup>(b)</sup>  | 1134 | 300487 |
|  |  | 1274164 |
|  **TOTAL COMMON STOCKS** (Cost $140,715,860)  |  | 155145206 |
|  **EXCHANGE TRADED FUNDS — 0.4%** | **EXCHANGE TRADED FUNDS — 0.4%** | **EXCHANGE TRADED FUNDS — 0.4%** |
|  Vanguard S&P 500 ETF  | 854 | 538908 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $541,954)  |  | 538908 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 3813688 | 3813688 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $3,813,688)  |  | 3813688 |
|  **TOTAL INVESTMENTS — 102.3%** (Cost $145,071,502)  |  | 159497802 |
|  Liabilities in Excess of Other Assets — (2.3)%  |  | (3618425) |
|  **TOTAL NET ASSETS — 100.0%** |  | $155879377 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

**SGI DYNAMIC TACTICAL ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 99.9%** | **EXCHANGE TRADED FUNDS — 99.9%** | **EXCHANGE TRADED FUNDS — 99.9%** |
|  iShares Core S&P Mid-Cap ETF  | 158571 | $11336241 |
|  iShares MSCI ACWI ex U.S. ETF  | 51756 | 3853234 |
|  iShares MSCI USA Momentum Factor ETF <sup>(a)</sup>  | 43089 | 10899794 |
|  iShares U.S. Real Estate ETF <sup>(a)</sup>  | 113987 | 11544603 |
|  Schwab International Equity ETF <sup>(a)</sup>  | 143522 | 3879400 |
|  SGI U.S. Large Cap Core ETF <sup>(b)(c)</sup>  | 637563 | 24743820 |
|  Vanguard Information Technology ETF <sup>(a)</sup>  | 14680 | 10667956 |
|  Vanguard Total International Stock ETF  | 49894 | 4181616 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $78,085,825)  |  | 81106664 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 24.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 24.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 24.6%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  | 19978975 | $19978975 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $19,978,975)  |  | 19978975 |
|  **TOTAL INVESTMENTS — 124.5%** (Cost $98,064,800)  |  | 101085639 |
|  Liabilities in Excess of Other Assets — (24.5)%  |  | (19918718) |
|  **TOTAL NET ASSETS — 100.0%** |  | $81166921 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

<sup>(d)</sup> 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.

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 90.1%** | **COMMON STOCKS — 90.1%** | **COMMON STOCKS — 90.1%** |
|  **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
|  Lockheed Martin Corp.  | 2464 | $1621509 |
|  Thales SA - ADR  | 958 | 58409 |
|  |  | 1679918 |
|  **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
|  Ryanair Holdings PLC - ADR  | 3016 | 203550 |
|  **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** |
|  Geely Automobile Holdings Ltd. - ADR <sup>(a)</sup>  | 2408 | 98752 |
|  Honda Motor Co. Ltd. - ADR  | 18656 | 562665 |
|  Mercedes-Benz Group AG - ADR  | 20528 | 355750 |
|  Toyota Motor Corp. - ADR  | 1111 | 269284 |
|  Volvo AB - ADR  | 4495 | 174631 |
|  |  | 1461082 |
|  **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** |
|  Magna International, Inc.  | 29716 | 1873594 |
|  **Banks — 21.4%** | **Banks — 21.4%** | **Banks — 21.4%** |
|  Banco Bilbao Vizcaya Argentaria SA - ADR  | 85724 | 1982796 |
|  Banco Santander SA - ADR  | 81119 | 1002631 |
|  Bank Hapoalim BM - ADR  | 1675 | 207851 |
|  Bank of America Corp.  | 19163 | 954892 |
|  Bank of China Ltd. - ADR  | 28137 | 414936 |
|  BNP Paribas SA - ADR  | 10124 | 567754 |
|  Canadian Imperial Bank of Commerce  | 1990 | 200910 |
|  China Construction Bank Corp. - ADR  | 20366 | 413023 |
|  China Merchants Bank Co. Ltd. - ADR  | 5301 | 165179 |
|  Citigroup, Inc.  | 6635 | 731111 |
|  Commerzbank AG - ADR  | 4907 | 200009 |
|  Credit Agricole SA - ADR  | 18867 | 208292 |
|  Danske Bank AS - ADR  | 5468 | 142660 |
|  DBS Group Holdings Ltd. - ADR  | 3892 | 699782 |
|  Deutsche Bank AG  | 39744 | 1407732 |
|  DNB Bank ASA - ADR  | 4599 | 145236 |
|  ING Groep NV - ADR  | 15649 | 450222 |
|  Intesa Sanpaolo SpA - ADR  | 30571 | 1254940 |
|  Itau Unibanco Holding SA - ADR  | 75433 | 682669 |
|  JPMorgan Chase & Co.  | 6833 | 2051950 |
|  KBC Group NV - ADR  | 3778 | 254618 |
|  NatWest Group PLC - ADR <sup>(a)</sup>  | 60536 | 1004898 |
|  Royal Bank of Canada  | 4132 | 690994 |
|  Societe Generale SA - ADR  | 63269 | 1100248 |
|  Svenska Handelsbanken AB - ADR  | 15154 | 120474 |
|  Toronto-Dominion Bank  | 3487 | 339494 |
|  **Banks — 21.4% (Continued)** |  |  |
|  UBS Group AG  | 12650 | $524090 |
|  UniCredit SpA - ADR  | 40029 | 1701633 |
|  United Overseas Bank Ltd. - ADR  | 6134 | 356753 |
|  |  | 19977777 |
|  **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
|  Coca-Cola Co.  | 4711 | 384229 |
|  PepsiCo, Inc.  | 10675 | 1811975 |
|  |  | 2196204 |
|  **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
|  Amgen, Inc.  | 485 | 188258 |
|  Gilead Sciences, Inc.  | 2349 | 349883 |
|  |  | 538141 |
|  **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
|  CF Industries Holdings, Inc.  | 7692 | 765662 |
|  **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
|  Automatic Data Processing, Inc.  | 2770 | 593777 |
|  **Cosmetics/Personal Care — 2.6%** | **Cosmetics/Personal Care — 2.6%** | **Cosmetics/Personal Care — 2.6%** |
|  Colgate-Palmolive Co.  | 24075 | 2386795 |
|  **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
|  Mitsui & Co. Ltd. - ADR  | 727 | 545643 |
|  **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** |
|  Hong Kong Exchanges & Clearing Ltd. - ADR  | 7653 | 412726 |
|  KB Financial Group, Inc. - ADR  | 6564 | 722040 |
|  Nomura Holdings, Inc. - ADR  | 89429 | 804861 |
|  ORIX Corp. - ADR  | 21326 | 758140 |
|  |  | 2697767 |
|  **Electric — 5.8%** | **Electric — 5.8%** | **Electric — 5.8%** |
|  CMS Energy Corp.  | 745 | 58162 |
|  DTE Energy Co.  | 6392 | 947550 |
|  E.ON SE - ADR  | 10973 | 255452 |
|  Enel SpA - ADR  | 30342 | 363801 |
|  Engie SA - ADR  | 26958 | 915224 |
|  Evergy, Inc.  | 17523 | 1465974 |
|  National Grid PLC - ADR  | 15290 | 1433743 |
|  |  | 5439906 |
|  **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
|  Garmin Ltd.  | 1141 | 288479 |
|  Honeywell International, Inc.  | 1300 | 316667 |
|  |  | 605146 |
|  **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
|  Aena SME SA - ADR  | 10423 | 166247 |
|  Vinci SA - ADR  | 10657 | 441839 |
|  |  | 608086 |

---

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Food — 3.3%** | **Food — 3.3%** | **Food — 3.3%** |
|  Sysco Corp.  | 14270 | $1300853 |
|  Tesco PLC - ADR  | 18214 | 352805 |
|  Tyson Foods, Inc. - Class A  | 22425 | 1457401 |
|  |  | 3111059 |
|  **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** | **Forest Products & Paper — 0.2%** |
|  UPM-Kymmene Oyj - ADR  | 6396 | 203201 |
|  **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  NiSource, Inc.  | 6203 | 293402 |
|  **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
|  Techtronic Industries Co. Ltd. - ADR  | 4086 | 331375 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  FUJIFILM Holdings Corp. - ADR  | 16277 | 167002 |
|  **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** |
|  UnitedHealth Group, Inc.  | 2326 | 682146 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  Sekisui House Ltd. - ADR  | 5919 | 144956 |
|  **Insurance — 5.2%** | **Insurance — 5.2%** | **Insurance — 5.2%** |
|  Allianz SE - ADR  | 16347 | 735125 |
|  AXA SA - ADR  | 30589 | 1493661 |
|  Great-West Lifeco, Inc.  | 1275 | 61825 |
|  Manulife Financial Corp.  | 14110 | 501469 |
|  MS&AD Insurance Group Holdings, Inc. - ADR  | 7715 | 213898 |
|  NN Group NV - ADR  | 3291 | 133878 |
|  Ping An Insurance Group Co. of China Ltd. - ADR  | 40471 | 700553 |
|  Prudential Financial, Inc.  | 1324 | 130255 |
|  Zurich Insurance Group AG - ADR  | 23304 | 877396 |
|  |  | 4848060 |
|  **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
|  Fortescue Ltd. - ADR  | 7200 | 214632 |
|  Nucor Corp.  | 1534 | 271334 |
|  |  | 485966 |
|  **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |
|  Komatsu Ltd. - ADR  | 19475 | 936163 |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  Comcast Corp. - Class A  | 13184 | 408177 |
|  **Mining — 3.3%** | **Mining — 3.3%** | **Mining — 3.3%** |
|  Freeport-McMoRan, Inc.  | 14036 | 955571 |
|  Newmont Corp.  | 10559 | 1372670 |
|  Rio Tinto PLC - ADR  | 7716 | 766507 |
|  |  | 3094748 |
|  **Office-Business Equipment — 0.3%**  | **Office-Business Equipment — 0.3%**  |  |
|  Canon, Inc. - ADR  | 9160 | $278006 |
|  **Oil & Gas — 5.9%** | **Oil & Gas — 5.9%** | **Oil & Gas — 5.9%** |
|  BP PLC - ADR  | 10544 | 409740 |
|  Chevron Corp.  | 5281 | 986280 |
|  Devon Energy Corp.  | 13558 | 590180 |
|  EOG Resources, Inc.  | 3228 | 400530 |
|  Exxon Mobil Corp.  | 4902 | 747555 |
|  Repsol SA - ADR  | 12528 | 281629 |
|  Shell PLC - ADR  | 6079 | 507657 |
|  Suncor Energy, Inc.  | 5149 | 291021 |
|  TotalEnergies SE  | 6246 | 501804 |
|  Woodside Energy Group Ltd. - ADR  | 38969 | 798085 |
|  |  | 5514481 |
|  **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
|  Amcor PLC  | 5642 | 273242 |
|  **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** | **Pharmaceuticals — 7.4%** |
|  AbbVie, Inc.  | 3675 | 852894 |
|  Astellas Pharma, Inc. - ADR  | 10299 | 170037 |
|  Bristol-Myers Squibb Co.  | 16474 | 1027483 |
|  GSK PLC - ADR  | 14804 | 875361 |
|  Merck & Co., Inc.  | 14777 | 1829688 |
|  Novartis AG - ADR  | 1451 | 244668 |
|  Novo Nordisk AS - ADR  | 3812 | 142759 |
|  Pfizer, Inc.  | 33919 | 937860 |
|  Takeda Pharmaceutical Co. Ltd. - ADR  | 46153 | 865369 |
|  |  | 6946119 |
|  **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
|  ONEOK, Inc.  | 14193 | 1174755 |
|  **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
|  3i Group PLC - ADR  | 8275 | 93921 |
|  **REITS — 1.6%** | **REITS — 1.6%** | **REITS — 1.6%** |
|  Annaly Capital Management, Inc.  | 64793 | 1505789 |
|  **Retail — 0.9%** | **Retail — 0.9%** | **Retail — 0.9%** |
|  Best Buy Co., Inc.  | 3278 | 203138 |
|  Cie Financiere Richemont SA - ADR  | 15476 | 314163 |
|  CK Hutchison Holdings Ltd. - ADR  | 16761 | 137272 |
|  Home Depot, Inc.  | 458 | 174370 |
|  |  | 828943 |

---

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors — 6.9%** | **Semiconductors — 6.9%** | **Semiconductors — 6.9%** |
|  Analog Devices, Inc.  | 1760 | $626190 |
|  ASE Technology Holding Co. Ltd. - ADR  | 30128 | 731809 |
|  QUALCOMM, Inc.  | 10451 | 1487804 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 9172 | 3435648 |
|  Texas Instruments, Inc.  | 972 | 206171 |
|  |  | 6487622 |
|  **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
|  NetEase, Inc. - ADR  | 3935 | 452407 |
|  **Telecommunications — 2.9%** | **Telecommunications — 2.9%** | **Telecommunications — 2.9%** |
|  Deutsche Telekom AG - ADR  | 7608 | 306450 |
|  NTT, Inc. - ADR  | 11409 | 278266 |
|  Orange SA - ADR  | 12477 | 266883 |
|  Singapore Telecommunications Ltd. - ADR  | 10944 | 435571 |
|  TELUS Corp.  | 9589 | 131753 |
|  Verizon Communications, Inc.  | 5485 | 275018 |
|  Vodafone Group PLC - ADR  | 63745 | 979123 |
|  |  | 2673064 |
|  **Transportation — 1.5%** | **Transportation — 1.5%** | **Transportation — 1.5%** |
|  AP Moller - Maersk AS - ADR  | 9269 | 114565 |
|  United Parcel Service, Inc. - Class B  | 10920 | 1266283 |
|  |  | 1380848 |
|  **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
|  United Utilities Group PLC - ADR  | 6478 | 243119 |
|  **TOTAL COMMON STOCKS** (Cost $71,018,182)  |  | 84131619 |
|  **EXCHANGE TRADED FUNDS — 9.1%** | **EXCHANGE TRADED FUNDS — 9.1%** | **EXCHANGE TRADED FUNDS — 9.1%** |
|  iShares Emerging Markets Dividend ETF  | 79788 | 2807739 |
|  State Street SPDR S&P Emerging Markets Dividend ETF  | 63901 | 2742631 |
|  WisdomTree Emerging Markets High Dividend Fund  | 56785 | 2938056 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $7,085,056)  |  | 8488426 |
|  **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** | **PREFERRED STOCKS — 0.1%** |
|  **Auto Manufacturers — 0.1%**  |  |  |
|  Volkswagen AG  | 11547 | $138102 |
|  **TOTAL PREFERRED STOCKS** (Cost $138,580)  |  | 138102 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(b)</sup>  | 563427 | 563427 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $563,427)  |  | 563427 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $78,805,245)  |  | 93321574 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 81445 |
|  **TOTAL NET ASSETS — 100.0%** |  | $93403019 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by <br> Country as of February 28, 2026** | **Allocation of Portfolio Holdings by <br> Country as of February 28, 2026** | **Allocation of Portfolio Holdings by <br> Country as of February 28, 2026** |
| (% of Net Assets) | (% of Net Assets) | (% of Net Assets) |
|  United States  | $44844044 | 47.8% |
|  United Kingdom  | 6666874 | 7.2 |
|  Japan  | 5994290 | 6.5 |
|  France  | 5554114 | 5.9 |
|  Taiwan  | 4167457 | 4.5 |
|  Canada  | 4091060 | 4.3 |
|  Spain  | 3433303 | 3.7 |
|  Germany  | 3398620 | 3.6 |
|  Italy  | 3320374 | 3.5 |
|  Switzerland  | 2522038 | 2.7 |
|  China  | 2146098 | 2.3 |
|  Singapore  | 1492106 | 1.7 |
|  Australia  | 1012717 | 1.1 |
|  Hong Kong  | 980125 | 1.1 |
|  South Korea  | 722040 | 0.8 |
|  Brazil  | 682669 | 0.7 |
|  Netherlands  | 584100 | 0.7 |
|  Denmark  | 399984 | 0.4 |
|  Sweden  | 295105 | 0.3 |
|  Belgium  | 254618 | 0.3 |
|  Israel  | 207851 | 0.2 |
|  Ireland  | 203550 | 0.2 |
|  Finland  | 203201 | 0.2 |
|  Norway  | 145236 | 0.2 |
|  Other Assets in Excess of Liabilities  | 81445 | 0.1 |
|  | $**93403019** | **100.0%** |

---

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

**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  | 25264073 | $25264073 |
|  **TOTAL OPEN-END FUNDS** (Cost $25,264,073)  |  | 25264073 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS — 90.8%** | **MONEY MARKET FUNDS — 90.8%** |  |
|  Fidelity Government Cash Reserves, 3.41% <sup>(a)</sup>  | 7473018 | 7473018 |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(a)</sup>  | 1343432 | 1343432 |
|  PIMCO Government Money Market Fund - Class M, 4.22% <sup>(a)</sup>  | 8570750 | 8570750 |
|  T Rowe Price US Treasury Money Fund, Inc. - Class I, 3.47% <sup>(a)</sup>  | 48433 | 48433 |
|  Vanguard Federal Money Market Fund - Class I, 3.62% <sup>(a)(b)</sup>  | 137287472 | 137287472 |
|  Vanguard Treasury Money Market Fund - Class I, 3.61% <sup>(a)(b)</sup>  | 138301040 | 138301040 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $293,024,145)  |  | 293024145 |
|  **TOTAL INVESTMENTS — 98.7%** (Cost $318,288,218)  |  | 318288218 |
|  Other Assets in Excess of Liabilities — 1.3%  |  | 4327866 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $322616084 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

<sup>(b)</sup> 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.

**SGI ENHANCED CORE ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited) (Concluded)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value** |
|  **WRITTEN OPTIONS — (0.0)%** |  |  |  |
|  **Put Options — (0.0)% <sup>(a)</sup>** |  |  |  |
|  S&P 500 Index <sup>(b)(c)</sup> |  |  |  |
|  Expiration: 03/02/2026; Exercise Price: $6,125.00  | $(6878880) | (10) | $(100) |
|  Expiration: 03/02/2026; Exercise Price: $6,150.00  | (75667680) | (110) | (2200) |
|  Expiration: 03/02/2026; Exercise Price: $6,175.00  | (68788800) | (100) | (1200) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $4,146)  |  |  | $(3500) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets. 

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

**SGI ENHANCED NASDAQ-100 ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY BILLS — 28.5%** | **U.S. TREASURY BILLS — 28.5%** | **U.S. TREASURY BILLS — 28.5%** |
|  3.79%, 03/10/2026 <sup>(a)</sup>  | $20000000 | $19983945 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $19,981,253)  |  | 19983945 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 6.1%** | **MONEY MARKET FUNDS — 6.1%** | **MONEY MARKET FUNDS — 6.1%** |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(b)</sup>  | 4256090 | 4256090 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $4,256,090)  |  | 4256090 |
|  **TOTAL INVESTMENTS — 34.6%** (Cost $24,237,343)  |  | 24240035 |
|  Other Assets in Excess of Liabilities — 65.4%  |  | 45784595 |
|  **TOTAL NET ASSETS — 100.0%** |  | $70024630 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized yield as of February 28, 2026.

<sup>(b)</sup> 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.

**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)% <sup>(a)</sup>** |  |  |  |
|  S&P 500 Index <sup>(b)(c)</sup> |  |  |  |
|  Expiration: 03/02/2026; Exercise Price: $7,025.00  | $(34394400) | (50) | $(350) |
|  Expiration: 03/02/2026; Exercise Price: $7,030.00  | (6878880) | (10) | (70) |
|  **Total Call Options**  |  |  | (420) |
|  **Put Options — (0.0)% <sup>(a)</sup>** |  |  |  |
|  S&P 500 Index <sup>(b)(c)</sup>  |  |  |  |
|  Expiration: 03/02/2026; Exercise Price: $6,490.00  | (34394400) | (50) | (1750) |
|  Expiration: 03/02/2026; Exercise Price: $6,495.00  | (34394400) | (50) | (1500) |
|  Expiration: 03/02/2026; Exercise Price: $6,510.00  | (34394400) | (50) | (1750) |
|  Expiration: 03/02/2026; Exercise Price: $6,515.00  | (34394400) | (50) | (1750) |
|  Expiration: 03/02/2026; Exercise Price: $6,520.00  | (68788800) | (100) | (3500) |
|  Expiration: 03/02/2026; Exercise Price: $6,525.00  | (34394400) | (50) | (1500) |
|  Expiration: 03/02/2026; Exercise Price: $6,530.00  | (34394400) | (50) | (1750) |
|  **Total Put Options**  |  |  | (13500) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $14,100)  |  |  | $(13920) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Represents less than 0.05% of net assets. 

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

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

**SGI ENHANCED NASDAQ-100 ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited) (Concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional<br> Value** | **Value / Unrealized <br> Appreciation <br> (Depreciation)** |
|  Micro E-Mini Nasdaq 100 Future Mar 2026  | 18 | 03/20/2026 | $900171 | $1851 |
|  Nasdaq 100 Index  | 131 | 03/20/2026 | 65512445 | (729732) |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $(727881) |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** | **COMMON STOCKS — 99.0%** |
|  **Automobiles & Components — 2.9%** | **Automobiles & Components — 2.9%** | **Automobiles & Components — 2.9%** |
|  General Motors Co.  | 4055 | $319169 |
|  Tesla, Inc. <sup>(a)</sup>  | 14221 | 5724095 |
|  |  | 6043264 |
|  **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
|  Bank of America Corp.  | 35247 | 1756358 |
|  Citigroup, Inc.  | 9492 | 1045923 |
|  JPMorgan Chase & Co.  | 14169 | 4254951 |
|  US Bancorp  | 8150 | 445479 |
|  Wells Fargo & Co.  | 16425 | 1337816 |
|  |  | 8840527 |
|  **Capital Goods — 4.3%** | **Capital Goods — 4.3%** | **Capital Goods — 4.3%** |
|  3M Co.  | 2456 | 406026 |
|  Boeing Co. <sup>(a)</sup>  | 3708 | 843681 |
|  Caterpillar, Inc.  | 2382 | 1769421 |
|  Deere & Co.  | 1165 | 733612 |
|  Emerson Electric Co.  | 2880 | 434160 |
|  General Dynamics Corp.  | 1139 | 406680 |
|  General Electric Co.  | 5369 | 1837594 |
|  Honeywell International, Inc.  | 3072 | 748308 |
|  Lockheed Martin Corp.  | 1023 | 673216 |
|  RTX Corp.  | 6230 | 1262323 |
|  |  | 9115021 |
|  **Consumer Discretionary Distribution & Retail — 6.2%** | **Consumer Discretionary Distribution & Retail — 6.2%** | **Consumer Discretionary Distribution & Retail — 6.2%** |
|  Amazon.com, Inc. <sup>(a)</sup>  | 49019 | 10293990 |
|  Home Depot, Inc.  | 5130 | 1953094 |
|  Lowe's Cos., Inc.  | 2923 | 773338 |
|  |  | 13020422 |
|  **Consumer Durables & Apparel — 0.2%** | **Consumer Durables & Apparel — 0.2%** | **Consumer Durables & Apparel — 0.2%** |
|  NIKE, Inc. - Class B  | 5632 | 350198 |
|  **Consumer Services — 1.1%** | **Consumer Services — 1.1%** | **Consumer Services — 1.1%** |
|  Booking Holdings, Inc.  | 151 | 640142 |
|  McDonald's Corp.  | 3645 | 1243164 |
|  Starbucks Corp.  | 5715 | 560184 |
|  |  | 2443490 |
|  **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
|  Costco Wholesale Corp.  | 2177 | 2200490 |
|  Target Corp.  | 2145 | 244080 |
|  Walmart, Inc.  | 11273 | 1442380 |
|  |  | 3886950 |
|  **Energy — 2.7%**  |  |  |
|  Chevron Corp.  | 9833 | 1836411 |
|  ConocoPhillips  | 6235 | 707423 |
|  Exxon Mobil Corp.  | 21549 | 3286223 |
|  |  | 5830057 |
|  **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** | **Equity Real Estate Investment Trusts (REITs) — 0.4%** |
|  American Tower Corp.  | 2406 | $461615 |
|  Simon Property Group, Inc.  | 1656 | 337576 |
|  |  | 799191 |
|  **Financial Services — 7.5%** | **Financial Services — 7.5%** | **Financial Services — 7.5%** |
|  American Express Co.  | 2695 | 832485 |
|  Bank of New York Mellon Corp.  | 3538 | 421376 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 9579 | 4836916 |
|  Blackrock, Inc.  | 699 | 743198 |
|  Capital One Financial Corp.  | 3142 | 614701 |
|  Charles Schwab Corp.  | 8817 | 839378 |
|  Goldman Sachs Group, Inc.  | 1501 | 1290215 |
|  Mastercard, Inc. - Class A  | 4185 | 2164524 |
|  Morgan Stanley  | 6173 | 1027866 |
|  PayPal Holdings, Inc.  | 4835 | 223425 |
|  Visa, Inc. - Class A  | 8647 | 2768251 |
|  |  | 15762335 |
|  **Food, Beverage & Tobacco — 2.5%** | **Food, Beverage & Tobacco — 2.5%** | **Food, Beverage & Tobacco — 2.5%** |
|  Altria Group, Inc.  | 8762 | 604929 |
|  Coca-Cola Co.  | 19949 | 1627040 |
|  Mondelez International, Inc. - Class A  | 7067 | 435186 |
|  PepsiCo, Inc.  | 7077 | 1201250 |
|  Philip Morris International, Inc.  | 8239 | 1539292 |
|  |  | 5407697 |
|  **Health Care Equipment & Services — 2.1%** | **Health Care Equipment & Services — 2.1%** | **Health Care Equipment & Services — 2.1%** |
|  Abbott Laboratories  | 9320 | 1084382 |
|  CVS Health Corp.  | 6635 | 530137 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 1561 | 785979 |
|  Medtronic PLC  | 6717 | 655982 |
|  UnitedHealth Group, Inc.  | 4644 | 1361946 |
|  |  | 4418426 |
|  **Household & Personal Products — 1.2%** | **Household & Personal Products — 1.2%** | **Household & Personal Products — 1.2%** |
|  Colgate-Palmolive Co.  | 4173 | 413711 |
|  Procter & Gamble Co.  | 12347 | 2064419 |
|  |  | 2478130 |
|  **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
|  American International Group, Inc.  | 2723 | 219174 |
|  MetLife, Inc.  | 2991 | 215562 |
|  |  | 434736 |
|  **Materials — 0.6%** | **Materials — 0.6%** | **Materials — 0.6%** |
|  Linde PLC  | 2371 | 1204658 |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited) (Continued)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Media & Entertainment — 13.0%** | **Media & Entertainment — 13.0%** | **Media & Entertainment — 13.0%** |
|  Alphabet, Inc. - Class A  | 53121 | $16561003 |
|  Comcast Corp. - Class A  | 19121 | 591986 |
|  Meta Platforms, Inc. - Class A  | 10947 | 7095626 |
|  Netflix, Inc. <sup>(a)</sup>  | 21788 | 2096877 |
|  Versant Media Group, Inc. <sup>(a)</sup>  | 697 | 23224 |
|  Walt Disney Co.  | 9289 | 985006 |
|  |  | 27353722 |
|  **Pharmaceuticals, Biotechnology & Life Sciences — 7.8%** | **Pharmaceuticals, Biotechnology & Life Sciences — 7.8%** | **Pharmaceuticals, Biotechnology & Life Sciences — 7.8%** |
|  AbbVie, Inc.  | 9327 | 2164610 |
|  Amgen, Inc.  | 2898 | 1124888 |
|  Bristol-Myers Squibb Co.  | 10524 | 656382 |
|  Danaher Corp.  | 3098 | 652563 |
|  Eli Lilly & Co.  | 4049 | 4259507 |
|  Gilead Sciences, Inc.  | 6686 | 995880 |
|  Johnson & Johnson  | 12623 | 3135932 |
|  Merck & Co., Inc.  | 12819 | 1587248 |
|  Pfizer, Inc.  | 29797 | 823887 |
|  Thermo Fisher Scientific, Inc.  | 1867 | 972912 |
|  |  | 16373809 |
|  **Semiconductors & Semiconductor Equipment — 16.2%** | **Semiconductors & Semiconductor Equipment — 16.2%** | **Semiconductors & Semiconductor Equipment — 16.2%** |
|  Advanced Micro Devices, Inc. <sup>(a)</sup>  | 8245 | 1650731 |
|  Broadcom, Inc.  | 23994 | 7667283 |
|  Intel Corp. <sup>(a)</sup>  | 21927 | 1000091 |
|  NVIDIA Corp.  | 124511 | 22062104 |
|  QUALCOMM, Inc.  | 5253 | 747817 |
|  Texas Instruments, Inc.  | 4910 | 1041460 |
|  |  | 34169486 |
|  **Software & Services — 10.4%** | **Software & Services — 10.4%** | **Software & Services — 10.4%** |
|  Accenture PLC - Class A  | 3159 | 659346 |
|  Adobe, Inc. <sup>(a)</sup>  | 2067 | 542401 |
|  International Business Machines Corp.  | 4573 | 1098480 |
|  Intuit, Inc.  | 1424 | 582459 |
|  Microsoft Corp.  | 37501 | 14728143 |
|  Oracle Corp.  | 8457 | 1229648 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 11403 | 1564378 |
|  Salesforce, Inc.  | 4828 | 940446 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 5326 | 575261 |
|  |  | 21920562 |
|  **Technology Hardware & Equipment — 10.2%** | **Technology Hardware & Equipment — 10.2%** | **Technology Hardware & Equipment — 10.2%** |
|  Apple, Inc.  | 75383 | $19914681 |
|  Cisco Systems, Inc.  | 20396 | 1620666 |
|  |  | 21535347 |
|  **Telecommunication Services — 1.3%** | **Telecommunication Services — 1.3%** | **Telecommunication Services — 1.3%** |
|  AT&T, Inc.  | 38448 | 1076928 |
|  T-Mobile US, Inc.  | 2467 | 535561 |
|  Verizon Communications, Inc.  | 22743 | 1140334 |
|  |  | 2752823 |
|  **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
|  FedEx Corp.  | 1047 | 405189 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 10668 | 804581 |
|  Union Pacific Corp.  | 3223 | 854030 |
|  United Parcel Service, Inc. - Class B  | 3570 | 413977 |
|  |  | 2477777 |
|  **Utilities — 1.0%** | **Utilities — 1.0%** | **Utilities — 1.0%** |
|  Duke Energy Corp.  | 4091 | 535307 |
|  NextEra Energy, Inc.  | 10782 | 1011028 |
|  Southern Co.  | 5872 | 571816 |
|  |  | 2118151 |
|  **TOTAL COMMON STOCKS** (Cost $149,493,207)  |  | 208736779 |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Portfolio of Investments** 

**February 28, 2026 (Unaudited) (Continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value** |
|  **PURCHASED OPTIONS — 0.0% <sup>(a)(b)</sup>** |  |  |  |
|  **Put Options — 0.0% <sup>(b)</sup>** |  |  |  |
|  S&P 500 Index <sup>(c)(d)(e)</sup>  |  |  |  |
|  Expiration: 03/06/2026; Exercise Price: $6,500.00  | $3439440 | 5 | $2700 |
|  Expiration: 03/06/2026; Exercise Price: $6,525.00  | 3439440 | 5 | 3050 |
|  Expiration: 03/06/2026; Exercise Price: $6,550.00  | 3439440 | 5 | 3900 |
|  **TOTAL PURCHASED OPTIONS** (Cost $15,818)  |  |  | 9650 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |  |
|  **MONEY MARKET FUNDS — 0.9%** |  |  |  |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(f)</sup>  |  | 1798195 | 1798195 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $1,798,195)  |  |  | 1798195 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $151,307,220)  |  |  | 210544624 |
|  Other Assets in Excess of Liabilities — 0.1%  |  |  | 289645 |
|  **TOTAL NET ASSETS — 100.0%**  |  |  | $210834269 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(f)</sup> 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.

**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)% <sup>(a)</sup>** |  |  |  |
|  S&P 500 Index <sup>(b)(c)</sup> |  |  |  |
|  Expiration: 03/06/2026; Exercise Price: $6,600.00 <sup>(d)</sup>  | $(3439440) | (5) | $(5250) |
|  Expiration: 03/06/2026; Exercise Price: $6,625.00 <sup>(d)</sup>  | (3439440) | (5) | (6425) |
|  Expiration: 03/06/2026; Exercise Price: $6,650.00  | (3439440) | (5) | (7400) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $27,892)  |  |  | $(19075) |

---

Percentages are stated as a percent of net assets.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> CORE ETF** | **SGI <br> DYNAMIC <br> TACTICAL ETF** | **SGI <br> ENHANCED <br> GLOBAL <br> INCOME ETF** |
| &nbsp;&nbsp; **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $159497802 | $76341819 | $93321574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  | 24743820 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 4132100 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 222033 | 102311 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  | 863 | 5614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 603 | 227 | 622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  | 9499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 56381 |  | 90677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  |  |  | 38066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for other investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  | 177 |
| &nbsp;&nbsp; Total assets  | 159777682 | 105325891 | 93466825 |
| &nbsp;&nbsp; **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 3813688 | 19978975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 4129131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 84617 | 50864 | 63806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest payable  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  |  |  |  |
| &nbsp;&nbsp; Total liabilities  | 3898305 | 24158970 | 63806 |
| &nbsp;&nbsp; **NET ASSETS**  | $155879377 | $81166921 | $93403019 |
| &nbsp;&nbsp; **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, and 0.001 per share)  | $3980 | $2750 | $2690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 143339807 | 76604674 | 77355618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 12535590 | 4559497 | 16044711 |
| &nbsp;&nbsp; Total net assets  | $155879377 | $81166921 | $93403019 |
| &nbsp;&nbsp; Net assets  | $155879377 | $81166921 | $93403019 |
| &nbsp;&nbsp; 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)  | 3980000 | 2750000 | 2690000 |
| &nbsp;&nbsp; Net asset value per share  | $39.17 | $29.52 | $34.72 |
| &nbsp;&nbsp; **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $145071502 | $75779574 | $78805245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $— | $22285226 | $— |
| &nbsp;&nbsp; **PROCEEDS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $3793009 | $19511119 | $— |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI <br> ENHANCED <br> CORE ETF** | **SGI <br> Enhanced <br> Nasdaq-100 <br> ETF** | **SGI <br> ENHANCED <br> MARKET <br> LEADERS ETF** |
| &nbsp;&nbsp; **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $318288218 | $24240035 | $210544624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  | 1926630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 1583 | 56303 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  | 35453 |  | 18481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 981212 | 5558 | 177974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  | 5912260 |  | 59658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for other investments  |  | 45781472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 269 |  | 54138 |
| &nbsp;&nbsp; Total assets  | 325218995 | 70083368 | 212781532 |
| &nbsp;&nbsp; **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option, at value  | 3500 | 13920 | 19075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  | 2280 |  | 1774580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 262125 | 44810 | 75921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest payable  | 254 |  | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 2301589 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  | 33163 | 8 | 5236 |
| &nbsp;&nbsp; Total liabilities  | 2602911 | 58738 | 1947263 |
| &nbsp;&nbsp; **NET ASSETS**  | $322616084 | $70024630 | $210834269 |
| &nbsp;&nbsp; **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, and 0.001 per share)  | $12610 | $2580 | $6566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 320832174 | 71396797 | 58793735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | 1771300 | (1374747) | 152033968 |
| &nbsp;&nbsp; Total net assets  | $322616084 | $70024630 | $210834269 |
| &nbsp;&nbsp; Net assets  | $322616084 | $70024630 | $210834269 |
| &nbsp;&nbsp; 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)  | 12610000 | 2580000 | 6565830 |
| &nbsp;&nbsp; Net asset value per share  | $25.58 | $27.15 | $32.11 |
| &nbsp;&nbsp; **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $318288218 | $24237343 | $151307220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $— | $— | $— |
| &nbsp;&nbsp; **PROCEEDS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $4146 | $14100 | $27892 |
| &nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $— | $— | $— |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations** 

**FOR THE SIX MONTHS ENDED February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> CORE ETF** | **SGI <br> DYNAMIC <br> TACTICAL ETF** | **SGI <br> ENHANCED <br> GLOBAL <br> INCOME ETF** |
| &nbsp;&nbsp; **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $601262 | $480832 | $1349257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  | 246592 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  |  | (95401) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  |  |  | (25868) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliated securities  |  | 346263 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 4541 |  | 6020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  | 2398 | 8298 |  |
| &nbsp;&nbsp; Total investment income  | 608201 | 1081985 | 1234008 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 465586 | 322322 | 397761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense  |  | 335623 | 2611 |
| &nbsp;&nbsp; Total expenses  | 465586 | 657945 | 400372 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME**  | 142615 | 424040 | 833636 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (3318072) | (252071) | (2202144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  | 143534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 8114563 | 2953315 | 6448704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options expired or closed  |  |  | 638525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  |  | 255675 |  |
| &nbsp;&nbsp; Net realized gain (loss)  | 4796491 | 3100453 | 4885085 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 5232125 | (957468) | 9472332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  | 893380 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Future contracts  |  |  |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 5232125 | (64088) | 9472332 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss)  | 10028616 | 3036365 | 14357417 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $10171231 | $3460405 | $15191053 |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations (Concluded)** 

**FOR THE SIX MONTHS ENDED February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI <br> ENHANCED <br> CORE ETF** | **SGI <br> Enhanced <br> Nasdaq-100 <br> ETF** | **SGI <br> ENHANCED <br> MARKET <br> LEADERS ETF** |
| &nbsp;&nbsp; **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $6822400 | $16596 | $1182412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income from affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 186188 | 516056 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  |  |  |  |
| &nbsp;&nbsp; Total investment income  | 7008588 | 532652 | 1182412 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 1803550 | 245271 | 490536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | 254 |  | 43583 |
| &nbsp;&nbsp; Total expenses  | 1803804 | 245271 | 534119 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME**  | 5204784 | 287381 | 648293 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (400203) | 5342 | 261835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  |  |  | 92986953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options expired or closed  | 7041354 | 1273272 | 148795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (8) | 4547084 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss)  | 6641143 | 5825698 | 93397583 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 410 | (1536) | (82672111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options  | 2782 | 180 | 8817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future contracts  |  | (2966207) |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3192 | (2967563) | (82663294) |
| &nbsp;&nbsp; Net realized and unrealized gain (loss)  | 6644335 | 2858135 | 10734289 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $11849119 | $3145516 | $11382582 |

---

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

**SGI U.S. LARGE CAP CORE ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, 2026<br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $142615 | $318854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4796491 | 3783398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 5232125 | 3835475 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 10171231 | 7937727 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (260873) | (7743637) |
| &nbsp;&nbsp; Total distributions to shareholders  | (260873) | (7743637) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 90757064 | 105666696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (39387879) | (103552522) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 51369185 | 2114174 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 61279543 | 2308264 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 94599834 | 92291570 |
| &nbsp;&nbsp; End of the period  | $155879377 | $94599834 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2370000 | 3090000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1045000) | (3055000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 1325000 | 35000 |

---

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

**SGI DYNAMIC TACTICAL ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, 2026<br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $424040 | $902257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3100453 | 3404248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (64088) | (2200409) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 3460405 | 2106096 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (1095496) | (5828622) |
| &nbsp;&nbsp; Total distributions to shareholders  | (1095496) | (5828622) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 46123277 | 53828580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (32971557) | (44064499) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 13151720 | 9764081 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 15516629 | 6041555 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 65650292 | 59608737 |
| &nbsp;&nbsp; End of the period  | $81166921 | $65650292 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1565000 | 1860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1120000) | (1505000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 445000 | 355000 |

---

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, 2026<br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $833636 | $1908801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4885085 | 5653226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 9472332 | 2506870 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 15191053 | 10068897 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (1177711) | (2819840) |
| &nbsp;&nbsp; Total distributions to shareholders  | (1177711) | (2819840) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 37229574 | 110834454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (41225062) | (102936974) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | (3995488) | 7897480 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 10017854 | 15146537 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 83385165 | 68238628 |
| &nbsp;&nbsp; End of the period  | $93403019 | $83385165 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1195000 | 4090000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1360000) | (3780000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | (165000) | 310000 |

---

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

**SGI ENHANCED CORE ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, 2026<br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $5204784 | $10097411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6641143 | 7128486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3192 | (3749) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 11849119 | 17222148 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (13126275) | (16948939) |
| &nbsp;&nbsp; Total distributions to shareholders  | (13126275) | (16948939) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 46343731 | 392395053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (211542099) | (32833689) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | (165198368) | 359561364 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS** | (166475524) | 359834573 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 489091608 | 129257035 |
| &nbsp;&nbsp; End of the period  | $322616084 | $489091608 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1795000 | 15295000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (8215000) | (1275000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | (6420000) | 14020000 |

---

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

**SGI ENHANCED NASDAQ-100 ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, 2026<br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $287381 | $551786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 5825698 | 1267468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (2967563) | 2341213 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 3145516 | 4160467 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (8052430) | (665909) |
| &nbsp;&nbsp; Total distributions to shareholders  | (8052430) | (665909) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 36676843 | 26686541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  |  | (2479910) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 36676843 | 24206631 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 31769929 | 27701189 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 38254701 | 10553512 |
| &nbsp;&nbsp; End of the period  | $70024630 | $38254701 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1280000 | 985000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  |  | (100000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 1280000 | 885000 |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **FOR THE <br> PERIOD ENDED <br> AUGUST 31,<br> 2025** | **FOR THE <br> Year ENDED <br> December 31,<br> 2024** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $648293 | $1289163 | $2208685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 93397583 | 29391448 | 7497629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (82663294) | (12655189) | 11040746 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 11382582 | 18025422 | 20747060 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (1885206) | (979728) | (2235984) |
| &nbsp;&nbsp; Total distributions to shareholders  | (1885206) | (979728) | (2235984) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 121654456 | 23340057 | 213842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  |  | 54221 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (106028038) | (30145101) | (7784477) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 15626418 | (6750823) | (7570635) |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 25123794 | 10294871 | 10940441 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp; Beginning of the period  | 185710475 | 175415604 | 164475163 |
| &nbsp;&nbsp; End of the period  | $210834269 | $185710475 | $175415604 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS<sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3795000 | 780000 | 7809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  |  | 1983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3310000) | (1006362) | (293520) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 485000 | (224379) | (285711) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31,<br> 2025** | **For the<br> Year<br> Ended<br> August 31,<br> 2024** | **For the<br> Period<br> Ended<br> August 31,<br> 2023<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $35.63 | $35.23 | $28.01 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.05 | 0.12 | 0.19 | 0.11 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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** <sup>(d)</sup>  | 10.17% | 9.99% | 27.67% | 12.03% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $155879 | $94600 | $92292 | $98025 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.26% | 0.35% | 0.61% | 1.01% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 46% | 145% | 225% | 95% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was March 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31,<br> 2025** | **For the<br> Year<br> Ended<br> August 31,<br> 2024** | **For the<br> Period<br> Ended<br> August 31,<br> 2023<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $28.48 | $30.57 | $25.98 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.18 | 0.42 | 0.22 | 0.13 |
|  Net realized and unrealized gain (loss) on investments <sup>(d)</sup>  | 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 <sup>(e)</sup>**  | 5.32% | 3.25% | 18.75% | 3.90% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $81167 | $65650 | $59609 | $110395 |
|  Ratio of expenses to average net assets <sup>(f)</sup>  | 0.95% | 0.95% | 0.95% | 0.95% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 1.25% | 1.44% | 0.82% | 1.18% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 77% | 108% | 167% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was March 29, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31,<br> 2025** | **For the<br> period<br> Ended<br> August 31,<br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $29.21 | $26.81 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.31 | 0.67 | 0.32 |
|  Net realized and unrealized gain (loss) on investments <sup>(d)</sup>  | 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 <sup>(e)</sup>** | 20.64% | 13.11% | 8.01% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |
|  Net assets, end of period (in thousands)  | $93403 | $83385 | $68239 |
|  Ratio of expenses to average net assets <sup>(f)(g)</sup>  | 0.99% | 1.00% | 1.14% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)(g)</sup>  | 2.05% | 2.47% | 2.46% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 43% | 231% | 158% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was February 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31,<br> 2025** | **For the<br> period<br> Ended<br> August 31,<br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $25.70 | $25.80 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.36 | 0.84 | 0.53 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup>**  | 3.24% | 6.34% | 4.10% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $322616 | $489092 | $129257 |
|  Ratio of expenses to average net assets <sup>(e)</sup>:  | 0.98% | 0.98% | 0.99% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 2.83% | 3.27% | 4.16% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 0% | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was February 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> Year<br> Ended<br> August 31,<br> 2025** | **For the<br> Period<br> Ended<br> August 31,<br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $29.43 | $25.43 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.17 | 0.59 | 0.15 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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** <sup>(d)</sup>  | 8.10% | 19.08% | 1.70% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $70025 | $38255 | $10554 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.98% | 0.98% | 1.18% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 1.15% | 2.17% | 2.80% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 0% | 0% | 0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was June 13, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the<br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (Unaudited)** | **For the<br> period<br> Ended<br> August 31,<br> 2025<sup>(a)\*\*</sup>** | **For the<br> Year<br> Ended<br> December 31,<br> 2024** | **For the<br> Year<br> Ended<br> December 31,<br> 2023** | **For the<br> Year<br> Ended<br> December 31,<br> 2022** | **For the<br> Year<br> Ended<br> December 31,<br> 2021** | **For the<br> Year<br> Ended<br> December 31,<br> 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:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.11 | 0.21 | 0.34 | 0.34 | 0.34 | 0.26 | 0.24 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 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:** | **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)<sup>(e)</sup> |  |  |  |  |
|  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<sup>(f)</sup>** | 6.15% | 10.39% | 12.92% | 18.71% | (14.34)% | 20.54% | 9.39% |
|  **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $210834 | $185710 | $175416 | $164475 | $161818 | $213527 | $209441 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup>  | 0.54% | 0.59% | 0.48% | 0.52% | 0.47% | 0.56% | 0.81% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup>  | 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<sup>(g)</sup>  | 0.04% | 0.00 %<sup>(h)</sup> | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 0.66% | 1.10% | 1.29% | 1.51% | 1.53% | 1.11% | 1.26% |
|  Portfolio turnover rate<sup>(f)(i)</sup>  | 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.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective August 31, 2025,
 the Fund changed its fiscal year end date to August 31.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the years.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount represents less than
 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Portfolio turnover rate
 excludes in-kind transactions.

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

**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<br> Investments** | **Net Unrealized<br> Appreciation** | **Fund Shares<br> Outstanding** |
|  Chestnut Street Exchange Fund | $166962449 | $166921998 | $146065549 | 6175830 |

---

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").

**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).

**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** |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Common Stocks  | $155145206 | $— | $— | $155145206 |
|  Exchange Traded Funds  | 538908 |  |  | 538908 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 3813688 |
|  Total Investments  | $155684114 | $— | $— | $159497802 |

---

<sup>(a)</sup> 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** |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Exchange Traded Funds  | $81106664 | $— | $— | $81106664 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 19978975 |
|  Total Investments  | $81106664 | $— | $— | $101085639 |

---

<sup>(a)</sup> 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** |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Common Stocks  | $84131619 | $— | $— | $84131619 |
|  Exchange Traded Funds  | 8488426 |  |  | 8488426 |
|  Preferred Stocks  | 138102 |  |  | 138102 |
|  Money Market Funds  | 563427 |  |  | 563427 |
|  Total Investments  | $93321574 | $— | $— | $93321574 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**February 28, 2026 (Unaudited)**

**SGI ENHANCED CORE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Open-End Funds  | $— | $25264073 | $— | $25264073 |
|  Money Market Funds  | 1343432 | 291680713 |  | 293024145 |
|  Total Investments  | $1343432 | $316944786 | $— | $318288218 |
|  **Liabilities:** |  |  |  |  |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Written Options  | $— | $(3500) | $— | $(3500) |
|  Total Investments  | $— | $(3500) | $— | $(3500) |

---

**SGI ENHANCED NASDAQ-100 ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  U.S. Treasury Bills  | $— | $19983945 | $— | $19983945 |
|  Money Market Funds  | 4256090 |  |  | 4256090 |
|  Total Investments  | $4256090 | $19983945 | $— | $24240035 |
|  <u>**Other Financial Instruments**</u>**:** |  |  |  |  |
|  Futures Contracts\*  | $1851 | $— | $— | $1851 |
|  Total Other Financial Instruments  | $1851 | $— | $— | $1851 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Written Options  | $— | $(13920) | $— | $(13920) |
|  Total Investments  | $— | $(13920) | $— | $(13920) |
|  <u>**Other Financial Instruments**</u>**:** |  |  |  |  |
|  Futures Contracts\*  | $(729732) | $— | $— | $(729732) |
|  Total Other Financial Instruments  | $(729732) | $— | $— | $(729732) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of February 28, 2026.

**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:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $208736779 | $— | $— | $208736779 |
|  Purchased Options  | 3900 | 5750 |  | 9650 |
|  Money Market Funds  | 1798195 |  |  | 1798195 |
|  Total Investments  | $210538874 | $5750 | $— | $210544624 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Written Options  | $(7400) | $(11675) | $— | $(19075) |
|  Total Investments  | $(7400) | $(11675) | $— | $(19075) |

---

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.

**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 <br> ASSETS AND <br> LIABILITIES LOCATION** | **VALUE** |
| **Liability Derivatives**  | **Liability Derivatives**  | **Liability Derivatives**  | **Liability Derivatives**  |
|  SGI Enhanced Core ETF | Written Options | Written options, at value | $(3500) |
|  **Total Value - Liabilities** |  |  | $(3500) |
|  SGI Enhanced Nasdaq-100 ETF | Written Options | Written options, at value | $(13920) |
|  **Total Value - Liabilities** |  |  | $(13920) |
|  SGI Enhanced Market Leaders ETF | Written Options | Written options, at value | $(19075) |
|  **Total Value - Liabilities** |  |  | $(19075) |
|  SGI Enhanced Nasdaq-100 ETF | Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | (727881) |
|  **Total Value - Liabilities** |  |  | $(727881) |

---

<sup>(a)</sup> 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 <br> OPERATIONS LOCATION** | **VALUE** |
| **Realized Gain (Loss)**  | **Realized Gain (Loss)**  | **Realized Gain (Loss)**  | **Realized Gain (Loss)**  |
|  SGI Enhanced Core ETF | Written Options | Net realized gain/(loss) from written options | $7041354 |
|  SGI Enhanced Core ETF | Futures Contracts | Net realized gain/(loss) from futures contracts | (8) |
|  **Total Realized Gain/(Loss)** |  |  | $7041346 |
|  SGI Enhanced Nasdaq-100 ETF | Written Options | Net realized gain/(loss) from written options | $1273272 |
|  SGI Enhanced Nasdaq-100 ETF | Futures Contracts | Net realized gain/(loss) from futures contracts | 4547084 |
|  **Total Realized Gain/(Loss)** |  |  | $5820356 |
|  SGI Enhanced Global Income ETF  | Written Options | Net realized gain/(loss) from written options | $638525 |
|  SGI Enhanced Global Income ETF  | Futures Contracts | Net realized gain/(loss) from futures contracts |  |
|  **Total Realized Gain/(Loss)** |  |  | $638525 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **DERIVATIVE TYPE** | **STATEMENT OF <br> OPERATIONS LOCATION** | **VALUE** |
|  SGI Enhanced Market Leaders ETF | Written Options | Net realized gain/(loss) from written options | $148795 |
|  SGI Enhanced Market Leaders ETF | Futures Contracts | Net realized gain/(loss) from futures contracts |  |
|  **Total Realized Gain/(Loss)** |  |  | $148795 |

---

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 <br> OPERATIONS LOCATION** | **VALUE** |
| **Change in Unrealized Appreciation/(Depreciation)**  | **Change in Unrealized Appreciation/(Depreciation)**  | **Change in Unrealized Appreciation/(Depreciation)**  | **Change in Unrealized Appreciation/(Depreciation)**  |
|  SGI Enhanced Core ETF | Written Options | Net change in unrealized appreciation/(depreciation) on written options | $2782 |
|  SGI Enhanced Core ETF | Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts |  |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** |  | $2782 |
|  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 | (2966207) |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** |  | $(2966027) |
|  SGI Enhanced Market Leaders ETF | Written Options | Net change in unrealized appreciation/(depreciation) on written options | 8817 |
|  SGI Enhanced Market Leaders ETF | Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts |  |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** |  | $8817 |

---

During the current fiscal period, the Funds' quarterly average volume of derivatives was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **WRITTEN OPTIONS <br> (PREMIUMS <br> RECEIVED)** | **Purchased <br> Options <br> (Cost)** | **LONG FUTURES <br> NOTIONAL <br> AMOUNT** |
|  SGI Enhanced Core ETF  | $19276 | $4518 | $— |
|  SGI Enhanced Nasdaq-100 ETF  | 5211 | 59 | 43880067 |

---

**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

**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

**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  | $465586 |
|  SGI Dynamic Tactical ETF  | 322322 |
|  SGI Enhanced Global Income ETF  | 397761 |
|  SGI Enhanced Core ETF  | 1803550 |
|  SGI Enhanced Nasdaq-100 ETF  | 245271 |
|  SGI Enhanced Market Leaders ETF  | 491055 |

---

**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  | $143563895 | $91523798 |
|  SGI Dynamic Tactical ETF  | 98705464 | 85441098 |
|  SGI Enhanced Global Income ETF  | 71716688 | 75271443 |
|  SGI Enhanced Core ETF  |  |  |
|  SGI Enhanced Nasdaq-100 ETF  |  |  |
|  SGI Enhanced Market Leaders ETF  | 201911456 | 188380229 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

**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  | $90614548 | $39203678 |
|  SGI Dynamic Tactical ETF  | 45990678 | 32837531 |
|  SGI Enhanced Global Income ETF  | 35674074 | 40068789 |
|  SGI Enhanced Core ETF  |  |  |
|  SGI Enhanced Nasdaq-100 ETF  |  |  |
|  SGI Enhanced Market Leaders ETF  | 113922743 | 105911193 |

---

**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.

**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 <br> Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net Unrealized <br> Appreciation/ <br> (Depreciation)** |
|  SGI U.S. Large Cap Core ETF  | $86620701 | $9194175 | $(2198757) | $6995418 |
|  SGI Dynamic Tactical ETF  | 62405596 | 3084927 | (392648) | 2692279 |
|  SGI Enhanced Global Income ETF  | 79802221 | 7481143 | (4382578) | 3098565 |
|  SGI Enhanced Core ETF  | 413383917 | 2761 | (2825) | (64) |
|  SGI Enhanced Nasdaq-100 ETF  | 20333785 | 4228 |  | 4228 |
|  SGI Enhanced Market Leaders ETF  | 43795773 | 142528330 | (743134) | 141785196 |

---

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 <br> EARNINGS/(LOSS)** | **PAID-IN CAPITAL** |
|  SGI U.S. Large Cap Core ETF  | $(9337917) | $9337917 |
|  SGI Dynamic Tactical ETF  | (1830336) | 1830336 |
|  SGI Enhanced Global Income ETF  | (8229015) | 8229015 |
|  SGI Enhanced Core ETF  |  |  |
|  SGI Enhanced Nasdaq-100 ETF  |  |  |
|  SGI Enhanced Market Leaders ETF  | (29073806) | 29073806 |

---

**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 <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **CAPITAL <br> LOSS CARRY <br> FORWARD** | **QUALIFIED <br> LATE-YEAR <br> LOSS <br> DEFERRAL** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **NET <br> UNREALZIED <br> APPRECIATION/<br> (DEPRECIATION)** | **TOTAL <br> DISTRIBUTABLE <br> EARNINGS** |
|  SGI U.S. Large Cap Core ETF  | $— | $— | $– $| (4370191) | $– $| 6995418 | $2625228 |
|  SGI Dynamic Tactical ETF  | 237240 |  | – | (734931) | – | 2692279 | 2194588 |
|  SGI Enhanced Global Income ETF  | 70511 | 95165 | – | (1232872) | – | 3098565 | 2031369 |
|  SGI Enhanced Core ETF  | 434588 | 2613932 | – |  | – | (64) | 3048456 |
|  SGI Enhanced Nasdaq-100 ETF  | 1477628 | 2050311 | – |  | – | 4228 | 3532167 |
|  SGI Enhanced Market Leaders ETF  | 650767 | 100629 | – |  | – | 141785196 | 142536592 |

---

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 <br> INCOME** | **2025 LONG-TERM <br> GAINS** | **TOTAL** |
|  SGI U.S. Large Cap Core ETF  | $7694442 | $49195 | $7743637 |
|  SGI Dynamic Tactical ETF  | 4326673 | 1501949 | 5828622 |
|  SGI Enhanced Global Income ETF  | 2298906 | 520934 | 2819840 |
|  SGI Enhanced Core ETF  | 14134310 | 2814629 | 16948939 |
|  SGI Enhanced Nasdaq-100 ETF  | 559159 | 106750 | 665909 |
|  SGI Enhanced Market Leaders ETF  | 979728 |  | 979728 |

---

The tax character of dividends and distributions paid during the six months ended August 31, 2025 was a follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** | **TOTAL** |
|  SGI U.S. Large Cap Core ETF  | $1543545 | $1115 | $1544660 |
|  SGI Dynamic Tactical ETF  | 972668 |  | 972668 |
|  SGI Enhanced Global Income ETF  | 435871 |  | 435871 |
|  SGI Enhanced Core ETF  | 881035 |  | 881035 |
|  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.

**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 <br> VALUE OF<br> SECURITIES <br> LOANED** | **MARKET <br> VALUE OF <br> COLLATERAL** | **INCOME <br> RECEIVED<br> FROM SECURITIES<br> LENDING** |
|  SGI Dynamic Tactical ETF  | $19511119 | $19978975 | 8298 |
|  SGI Large Cap Core ETF  | 3793009 | 3813688 | 2398 |

---

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

**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 <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS<br> OF RECOGNIZED<br> ASSETS** | <br>**GROSS <br> AMOUNTS<br> OFFSET IN THE<br> STATEMENTS<br> OF ASSETS AND<br> LIABILITIES** | <br>**NET AMOUNTS <br> OF<br> ASSETS <br> PRESENTED<br> IN THE <br> STATEMENTS<br> OF ASSETS AND<br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET <br> AMOUNT<sup>2</sup>** |
|  SGI Dynamic Tactical ETF  | $19511119 | $— | $19511119 | $(19511119) | $— | $— |
|  SGI Large Cap Core ETF  | 3793009 |  | 3793009 | (3793009) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> 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** | **AUGUST 31, 2025** | **ADDITIONS** | **ADDITIONS** | **REDUCTIONS** | **REDUCTIONS** |
| <br>**ISSUER NAME** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** |
|  **SGI Dynamic Tactical ETF** |  |  |  |  |  |  |
|  SGI Enhanced Core ETF  | 725806 | $18656843 | 339614 | $8723104 | (1065420) | $(27305349) |
|  SGI U.S. Large Cap Core ETF  | 375638 | 13395251 | 288292 | 11235046 | (26367) | (997989) |
|  | 1101444 | $32052094 | 627906 | $19958150 | (1091787) | $(28303338) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| <br>**ISSUER NAME** | **DIVIDEND <br> INCOME** | **CAPITAL GAIN<br> DISTRIBUTION** | **NET CHANGE <br> IN UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **REALIZED <br> GAIN/(LOSS)** | **SHARE <br> BALANCE** | **VALUE** | **COST** |
|  **SGI Dynamic Tactical ETF** |  |  |  |  |  |  |  |
|  SGI Enhanced Core ETF  | $213300 | $346263 | $(28031) | $(46568) |  | $— | $— |
|  SGI U.S. Large Cap Core ETF  | 33292 |  | 921411 | 190102 | 637563 | 24743820 | 22285226 |
|  | $246592 | $346263 | $893380 | $143534 | 637563 | $24743820 | $22285226 |

---

**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.

**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.

**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_i.jpg)

**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 <br> of Shares** | **Value** |
|  **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** | **COMMON STOCKS — 99.4%** |
|  **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
|  General Dynamics Corp.  | 3004 | $1072578 |
|  **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
|  United Airlines Holdings, Inc. <sup>(a)</sup>  | 13585 | 1444085 |
|  **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
|  Deckers Outdoor Corp. <sup>(a)</sup>  | 3876 | 454539 |
|  Ralph Lauren Corp.  | 1384 | 501838 |
|  |  | 956377 |
|  **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
|  Bank of America Corp.  | 13309 | 663187 |
|  Bank of New York Mellon Corp.  | 9427 | 1122756 |
|  KeyCorp  | 32502 | 674092 |
|  |  | 2460035 |
|  **Beverages — 6.4%** | **Beverages — 6.4%** | **Beverages — 6.4%** |
|  Monster Beverage Corp. <sup>(a)</sup>  | 75456 | 6436397 |
|  PepsiCo, Inc.  | 38369 | 6512754 |
|  |  | 12949151 |
|  **Biotechnology — 9.7%** | **Biotechnology — 9.7%** | **Biotechnology — 9.7%** |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 76947 | 4749938 |
|  Incyte Corp. <sup>(a)</sup>  | 48812 | 4943191 |
|  Regeneron Pharmaceuticals, Inc.  | 8364 | 6537888 |
|  United Therapeutics Corp. <sup>(a)</sup>  | 4554 | 2294761 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 2261 | 1123333 |
|  |  | 19649111 |
|  **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
|  CF Industries Holdings, Inc.  | 26967 | 2684295 |
|  **Commercial Services — 3.1%** | **Commercial Services — 3.1%** | **Commercial Services — 3.1%** |
|  Automatic Data Processing, Inc.  | 25242 | 5410875 |
|  Cintas Corp.  | 4559 | 916952 |
|  |  | 6327827 |
|  **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
|  Cognizant Technology Solutions Corp. - Class A  | 8948 | 576520 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup>  | 879 | 326970 |
|  |  | 903490 |
|  **Cosmetics/Personal Care — 3.7%** | **Cosmetics/Personal Care — 3.7%** | **Cosmetics/Personal Care — 3.7%** |
|  Colgate-Palmolive Co.  | 76111 | 7545645 |
|  **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** |
|  Cboe Global Markets, Inc.  | 7159 | 2145695 |
|  CME Group, Inc.  | 3527 | 1126877 |
|  Intercontinental Exchange, Inc.  | 2515 | 412787 |
|  Mastercard, Inc. - Class A  | 11410 | 5901366 |
|  |  | 9586725 |
|  **Electric — 11.2%** | **Electric — 11.2%** | **Electric — 11.2%** |
|  Ameren Corp.  | 10961 | $1241662 |
|  CMS Energy Corp.  | 59649 | 4656797 |
|  Consolidated Edison, Inc.  | 26382 | 2968503 |
|  DTE Energy Co.  | 38346 | 5684411 |
|  Duke Energy Corp. <sup>(b)</sup>  | 5427 | 710123 |
|  Evergy, Inc.  | 34121 | 2854563 |
|  Exelon Corp.  | 62216 | 3077826 |
|  NRG Energy, Inc.  | 3052 | 546186 |
|  Public Service Enterprise Group, Inc.  | 5432 | 467532 |
|  Vistra Corp.  | 2278 | 396121 |
|  |  | 22603724 |
|  **Electronics — 1.7%** | **Electronics — 1.7%** | **Electronics — 1.7%** |
|  Amphenol Corp. - Class A  | 23755 | 3469655 |
|  **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** | **Engineering & Construction — 1.0%** |
|  EMCOR Group, Inc.  | 2891 | 2094876 |
|  **Environmental Control — 1.1%** | **Environmental Control — 1.1%** | **Environmental Control — 1.1%** |
|  Waste Management, Inc.  | 9385 | 2260283 |
|  **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
|  Sysco Corp.  | 5671 | 516968 |
|  Tyson Foods, Inc. - Class A  | 16890 | 1097681 |
|  |  | 1614649 |
|  **Gas — 1.9%** | **Gas — 1.9%** | **Gas — 1.9%** |
|  Atmos Energy Corp. <sup>(b)</sup>  | 8407 | 1570344 |
|  NiSource, Inc.  | 48131 | 2276596 |
|  |  | 3846940 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  Boston Scientific Corp. <sup>(a)</sup>  | 5739 | 441042 |
|  **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
|  Centene Corp. <sup>(a)</sup>  | 7927 | 355764 |
|  Elevance Health, Inc.  | 3933 | 1258560 |
|  |  | 1614324 |
|  **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
|  NVR, Inc. <sup>(a)</sup>  | 56 | 420996 |
|  **Insurance — 9.5%** | **Insurance — 9.5%** | **Insurance — 9.5%** |
|  Allstate Corp.  | 9171 | 1967363 |
|  Arch Capital Group Ltd. <sup>(a)</sup>  | 14797 | 1481920 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 6063 | 3061512 |
|  Cincinnati Financial Corp.  | 2575 | 422248 |
|  Everest Group Ltd.  | 6132 | 2057225 |
|  Loews Corp.  | 9719 | 1069284 |
|  Marsh & McLennan Cos., Inc.  | 2372 | 442947 |
|  Progressive Corp.  | 32015 | 6840325 |

---

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

**SGI U.S. LARGE CAP EQUITY FUND** 

**Portfolio of Investments (concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Number <br> of Shares** | **Value** |
|  **Insurance — 9.5% (continued)** |  |  |
|  Travelers Cos., Inc.  | 6493 | $2004000 |
|  |  | 19346824 |
|  **Internet — 6.9%** | **Internet — 6.9%** | **Internet — 6.9%** |
|  Alphabet, Inc. - Class C  | 16961 | 5282164 |
|  Booking Holdings, Inc.  | 164 | 695253 |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 2244 | 395999 |
|  Meta Platforms, Inc. - Class A  | 9020 | 5846584 |
|  Netflix, Inc. <sup>(a)</sup>  | 3820 | 367637 |
|  VeriSign, Inc.  | 5857 | 1335044 |
|  |  | 13922681 |
|  **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
|  Carnival Corp.  | 12933 | 408036 |
|  **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
|  Fox Corp. - Class B  | 9373 | 484865 |
|  **Mining — 5.1%** | **Mining — 5.1%** | **Mining — 5.1%** |
|  Freeport-McMoRan, Inc.  | 32861 | 2237177 |
|  Newmont Corp.  | 62240 | 8091200 |
|  |  | 10328377 |
|  **Miscellaneous Manufacturing — 0.2%**  | **Miscellaneous Manufacturing — 0.2%**  | **Miscellaneous Manufacturing — 0.2%**  |
|  Textron, Inc.  | 4696 | 463260 |
|  **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
|  EOG Resources, Inc.  | 3883 | 481803 |
|  Exxon Mobil Corp.  | 3913 | 596732 |
|  Marathon Petroleum Corp.  | 2409 | 477488 |
|  |  | 1556023 |
|  **Pharmaceuticals — 8.7%** | **Pharmaceuticals — 8.7%** | **Pharmaceuticals — 8.7%** |
|  Cardinal Health, Inc.  | 15250 | 3495758 |
|  Cencora, Inc.  | 5251 | 1954107 |
|  Eli Lilly & Co.  | 3879 | 4080669 |
|  McKesson Corp.  | 3250 | 3208953 |
|  Merck & Co., Inc. <sup>(b)</sup>  | 33749 | 4178801 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 4752 | 628452 |
|  |  | 17546740 |
|  **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
|  CBRE Group, Inc. - Class A <sup>(a)</sup>  | 20095 | 2967228 |
|  **REITS — 1.4%** | **REITS — 1.4%** | **REITS — 1.4%** |
|  Host Hotels & Resorts, Inc.  | 24153 | 473157 |
|  Simon Property Group, Inc.  | 3552 | 724075 |
|  Welltower, Inc.  | 7732 | 1601452 |
|  |  | 2798684 |
|  **Retail — 4.2%** | **Retail — 4.2%** | **Retail — 4.2%** |
|  AutoZone, Inc. <sup>(a)</sup>  | 308 | 1156719 |
|  Costco Wholesale Corp.  | 6411 | 6480175 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 4255 | 399459 |
|  **Retail — 4.2% (continued)** |  |  |
|  Ross Stores, Inc.  | 2370 | $487367 |
|  |  | 8523720 |
|  **Semiconductors — 5.8%** | **Semiconductors — 5.8%** | **Semiconductors — 5.8%** |
|  Broadcom, Inc.  | 1354 | 432670 |
|  Micron Technology, Inc.  | 17743 | 7316681 |
|  NVIDIA Corp.  | 22962 | 4068637 |
|  |  | 11817988 |
|  **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 4809 | 1261930 |
|  Cadence Design Systems, Inc. <sup>(a)</sup>  | 1209 | 364393 |
|  Microsoft Corp.  | 6499 | 2552417 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 8933 | 1225518 |
|  Roper Technologies, Inc.  | 1489 | 520748 |
|  Salesforce.com, Inc.  | 2025 | 394450 |
|  |  | 6319456 |
|  **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
|  Arista Networks, Inc. <sup>(a)</sup>  | 8842 | 1180407 |
|  **TOTAL COMMON STOCKS** (Cost $168,553,227)  |  | 201610097 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 2851945 | 2851945 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $2,851,945)  |  | 2851945 |
|  **TOTAL INVESTMENTS — 100.8%** (Cost $171,405,172)  |  | 204462042 |
|  Liabilities in Excess of Other Assets — (0.8)%  |  | (1610475) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $202851567 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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.

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** | **COMMON STOCKS — 95.2%** |
|  **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
|  Lockheed Martin Corp.  | 480 | $315878 |
|  Rolls-Royce Holdings PLC - ADR <sup>(a)</sup>  | 52807 | 983266 |
|  Thales SA - ADR  | 5085 | 310033 |
|  |  | 1609177 |
|  **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
|  Honda Motor Co., Ltd. - ADR  | 7064 | 213050 |
|  **Auto Parts & Equipment — 1.8%**  | **Auto Parts & Equipment — 1.8%**  |  |
|  Magna International, Inc. <sup>(a)</sup>  | 23613 | 1488800 |
|  **Banks — 6.2%** | **Banks — 6.2%** | **Banks — 6.2%** |
|  Bank of China Ltd. - ADR  | 23264 | 343074 |
|  BNP Paribas SA - ADR  | 27569 | 1546069 |
|  China Construction Bank Corp. - ADR  | 17552 | 355955 |
|  DBS Group Holdings Ltd. - ADR  | 1730 | 311054 |
|  HDFC Bank Ltd. - ADR  | 34943 | 1112934 |
|  ICICI Bank Ltd. - ADR  | 35207 | 1074166 |
|  Woori Financial Group, Inc. - ADR <sup>(a)</sup>  | 4461 | 334843 |
|  |  | 5078095 |
|  **Beverages — 8.5%** | **Beverages — 8.5%** | **Beverages — 8.5%** |
|  Coca-Cola Co.  | 20626 | 1682257 |
|  Coca-Cola Femsa SAB de CV - ADR  | 7777 | 864414 |
|  Monster Beverage Corp. <sup>(b)</sup>  | 26455 | 2256611 |
|  PepsiCo, Inc.  | 12716 | 2158414 |
|  |  | 6961696 |
|  **Biotechnology — 4.7%** | **Biotechnology — 4.7%** | **Biotechnology — 4.7%** |
|  Gilead Sciences, Inc.  | 4485 | 668041 |
|  Incyte Corp. <sup>(b)</sup>  | 4735 | 479513 |
|  Regeneron Pharmaceuticals, Inc.  | 1795 | 1403098 |
|  United Therapeutics Corp. <sup>(b)</sup>  | 1108 | 558321 |
|  Vertex Pharmaceuticals, Inc. <sup>(b)</sup>  | 1397 | 694072 |
|  |  | 3803045 |
|  **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
|  Cintas Corp.  | 2205 | 443492 |
|  **Computers — 1.0%** | **Computers — 1.0%** | **Computers — 1.0%** |
|  Infosys Ltd. - ADR <sup>(a)</sup>  | 45192 | 652572 |
|  Lenovo Group Ltd. - ADR  | 6819 | 168975 |
|  |  | 821547 |
|  **Cosmetics/Personal Care — 2.6%** | **Cosmetics/Personal Care — 2.6%** | **Cosmetics/Personal Care — 2.6%** |
|  Colgate-Palmolive Co.  | 21609 | 2142316 |
|  **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
|  Mitsui & Co. Ltd. - ADR  | 294 | $220659 |
|  Sumitomo Corp. - ADR <sup>(a)</sup>  | 7502 | 319435 |
|  |  | 540094 |
|  **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
|  Cboe Global Markets, Inc.  | 1871 | 560776 |
|  CME Group, Inc.  | 4287 | 1369696 |
|  Hong Kong Exchanges & Clearing Ltd. - ADR  | 8361 | 450909 |
|  Mastercard, Inc. - Class A  | 323 | 167059 |
|  |  | 2548440 |
|  **Electric — 7.5%** | **Electric — 7.5%** | **Electric — 7.5%** |
|  Ameren Corp.  | 8183 | 926970 |
|  CMS Energy Corp.  | 12839 | 1002341 |
|  DTE Energy Co.  | 5751 | 852528 |
|  E.ON SE - ADR <sup>(a)</sup>  | 10826 | 252029 |
|  Evergy, Inc.  | 13978 | 1169400 |
|  Korea Electric Power Corp. - ADR <sup>(a)(b)</sup>  | 45310 | 883545 |
|  National Grid PLC - ADR <sup>(a)</sup>  | 9039 | 847587 |
|  OGE Energy Corp. <sup>(a)</sup>  | 3708 | 182211 |
|  |  | 6116611 |
|  **Electronics — 0.5%** | **Electronics — 0.5%** | **Electronics — 0.5%** |
|  Halma PLC - ADR  | 3413 | 390925 |
|  **Environmental Control — 1.1%** | **Environmental Control — 1.1%** | **Environmental Control — 1.1%** |
|  Waste Management, Inc.  | 3859 | 929402 |
|  **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
|  Tesco PLC - ADR  | 9988 | 193468 |
|  **Gas — 1.6%** | **Gas — 1.6%** | **Gas — 1.6%** |
|  Atmos Energy Corp. <sup>(a)</sup>  | 1338 | 249925 |
|  National Fuel Gas Co. <sup>(a)</sup>  | 11461 | 1043295 |
|  |  | 1293220 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  FUJIFILM Holdings Corp. - ADR  | 15529 | 159328 |
|  **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
|  AXA SA - ADR  | 5528 | 269932 |
|  Chubb Ltd., (Switzerland)  | 1424 | 485385 |
|  Fairfax Financial Holdings Ltd.  | 254 | 437130 |
|  Manulife Financial Corp.  | 12084 | 429465 |
|  MS&AD Insurance Group Holdings, Inc. - ADR <sup>(a)</sup>  | 8015 | 222216 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen - ADR  | 25260 | 331664 |
|  NN Group NV - ADR  | 9756 | 396874 |
|  Ping An Insurance Group Co. of China Ltd. - ADR  | 29516 | 510922 |
|  |  | 3083588 |

---

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

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Internet — 3.4%** | **Internet — 3.4%** | **Internet — 3.4%** |
|  Booking Holdings, Inc.  | 323 | $1369310 |
|  Tencent Holdings Ltd. - ADR  | 15846 | 1041082 |
|  VeriSign, Inc.  | 1531 | 348976 |
|  |  | 2759368 |
|  **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
|  POSCO Holdings, Inc. - ADR  | 6282 | 437164 |
|  **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
|  BRP, Inc., (Canada)  | 6700 | 491345 |
|  **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** |
|  Komatsu Ltd. - ADR  | 14435 | 693890 |
|  **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
|  Fox Corp. - Class B  | 18577 | 960988 |
|  **Mining — 4.9%** | **Mining — 4.9%** | **Mining — 4.9%** |
|  First Quantum Minerals Ltd. <sup>(b)</sup>  | 6672 | 200560 |
|  Gold Fields Ltd. - ADR  | 20226 | 1190098 |
|  Harmony Gold Mining Co. Ltd. - ADR  | 28072 | 638638 |
|  Impala Platinum Holdings Ltd. - ADR  | 9969 | 220714 |
|  Newmont Corp.  | 11795 | 1533350 |
|  OR Royalties, Inc.  | 4748 | 225008 |
|  |  | 4008368 |
|  **Office-Business Equipment — 0.2%** | **Office-Business Equipment — 0.2%** | **Office-Business Equipment — 0.2%** |
|  Canon, Inc., (Japan) - ADR  | 6411 | 194574 |
|  **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
|  Shell PLC - ADR  | 21732 | 1814839 |
|  **Pharmaceuticals — 11.5%** | **Pharmaceuticals — 11.5%** | **Pharmaceuticals — 11.5%** |
|  AbbVie, Inc.  | 3408 | 790929 |
|  Cardinal Health, Inc.  | 7198 | 1649998 |
|  Cencora, Inc.  | 6528 | 2429330 |
|  Dr Reddy's Laboratories Ltd. - ADR  | 64024 | 920665 |
|  Eli Lilly & Co.  | 455 | 478655 |
|  McKesson Corp.  | 805 | 794833 |
|  Merck & Co., Inc. <sup>(a)</sup>  | 2432 | 301130 |
|  Neurocrine Biosciences, Inc. <sup>(b)</sup>  | 5493 | 726449 |
|  Takeda Pharmaceutical Co. Ltd. - ADR <sup>(a)</sup>  | 69336 | 1300050 |
|  |  | 9392039 |
|  **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
|  Cheniere Energy, Inc.  | 1989 | 468867 |
|  **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
|  3i Group PLC - ADR  | 25768 | 292467 |
|  **Retail — 1.6%** | **Retail — 1.6%** | **Retail — 1.6%** |
|  AutoZone, Inc. <sup>(b)</sup>  | 234 | $878806 |
|  TJX Cos., Inc.  | 2827 | 457013 |
|  |  | 1335819 |
|  **Semiconductors — 9.3%** | **Semiconductors — 9.3%** | **Semiconductors — 9.3%** |
|  Micron Technology, Inc.  | 7282 | 3002878 |
|  NVIDIA Corp.  | 4614 | 817555 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 4867 | 1823081 |
|  United Microelectronics Corp. - ADR <sup>(a)</sup>  | 188444 | 1967355 |
|  |  | 7610869 |
|  **Software — 3.5%** | **Software — 3.5%** | **Software — 3.5%** |
|  Adobe Systems, Inc. <sup>(b)</sup>  | 1682 | 441374 |
|  Autodesk, Inc. <sup>(b)</sup>  | 2614 | 642704 |
|  Cadence Design Systems, Inc. <sup>(b)</sup>  | 549 | 165469 |
|  Microsoft Corp.  | 2186 | 858530 |
|  NetEase, Inc. - ADR  | 1462 | 168086 |
|  Roper Technologies, Inc.  | 861 | 301117 |
|  Zoom Communications, Inc. - Class A <sup>(b)</sup>  | 3777 | 279271 |
|  |  | 2856551 |
|  **Telecommunications — 7.3%** | **Telecommunications — 7.3%** | **Telecommunications — 7.3%** |
|  Arista Networks, Inc. <sup>(b)</sup>  | 6649 | 887641 |
|  Chunghwa Telecom Co. Ltd. - ADR  | 18350 | 793454 |
|  Cisco Systems, Inc.  | 11092 | 881370 |
|  Deutsche Telekom AG - ADR  | 27144 | 1093360 |
|  Motorola Solutions, Inc.  | 1107 | 533862 |
|  NTT, Inc. - ADR  | 19730 | 481215 |
|  Singapore Telecommunications Ltd. - ADR  | 8406 | 334559 |
|  Telkom Indonesia Persero Tbk PT - ADR <sup>(a)</sup>  | 13244 | 281700 |
|  T-Mobile US, Inc.  | 3021 | 655829 |
|  |  | 5942990 |
|  **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
|  Nintendo Co. Ltd. - ADR <sup>(a)</sup>  | 12473 | 175370 |
|  **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
|  Canadian National Railway Co. <sup>(a)</sup>  | 5112 | 573515 |
|  **TOTAL COMMON STOCKS** (Cost $66,629,713)  |  | 77825317 |

---

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

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 4.0%** | **EXCHANGE TRADED FUNDS — 4.0%** |  |
|  Vanguard Emerging Markets ex-China ETF  | 18533 | $1648140 |
|  Vanguard FTSE Emerging Markets ETF <sup>(a)</sup>  | 27752 | 1612391 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $3,096,133)  |  | 3260531 |

---

---

| | | |
|:---|:---|:---|
|  | **UNITS** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 12.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(c)</sup>  | 10464606 | $10464606 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $10,464,606)  |  | 10464606 |
|  **TOTAL INVESTMENTS — 112.0%** (Cost $80,190,452)  |  | 91550454 |
|  Liabilities in Excess of Other Assets — (12.0)%  |  | (9787975) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $81762479 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> 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.

**SGI GLOBAL EQUITY FUND** 

**Allocation of Portfolio Holdings by Country** 

**as of FEBRUARY 28, 2026**

---

| | | |
|:---|:---|:---|
| **COUNTRY** | **Value** | **% of Net<br> Assets** |
|  Taiwan  | $4583890 | 5.7% |
|  United Kingdom  | 4522552 | 5.6 |
|  Japan  | 3979787 | 5 |
|  Canada  | 3845823 | 4.7 |
|  India  | 3760337 | 4.6 |
|  China  | 2588094 | 3.1 |
|  France  | 2126034 | 2.6 |
|  South Africa  | 2049450 | 2.5 |
|  Germany  | 1677053 | 2 |
|  South Korea  | 1655552 | 2 |
|  Mexico  | 864414 | 1 |
|  Singapore  | 645613 | 0.8 |
|  Switzerland  | 485385 | 0.6 |
|  Hong Kong  | 450909 | 0.5 |
|  Netherlands  | 396874 | 0.5 |
|  Indonesia  | 281700 | 0.3 |
|  United States  | 57636987 | 70.5 |
|  Liabilities in Excess of Other Assets  | (9787975) | (12.0) |
|  | $81762479 | 100.0% |

---

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

**SGI GLOBAL EQUITY FUND** 

**SECTOR CLASSIFICATION** 

**as of FEBRUARY 28, 2026**

---

| | | |
|:---|:---|:---|
| **SECTOR** | **Value** | **% of Net<br> Assets** |
|  Information Technology  | $14517557 | 17.8% |
|  Health Care  | 13195084 | 16.2 |
|  Financials  | 11002590 | 13.5 |
|  Consumer Staples  | 9297480 | 11.3 |
|  Utilities  | 7409831 | 9.1 |
|  Communication Services  | 5985643 | 7.3 |
|  Consumer Discretionary  | 4898324 | 6.0 |
|  Industrials  | 4789570 | 5.8 |
|  Materials  | 4445532 | 5.4 |
|  Exchange Traded Fund  | 3260531 | 4.0 |
|  Energy  | 2283706 | 2.8 |
|  Investments Purchased with Proceeds from Securities Lending  | 10464606 | 12.8 |
|  Liabilities in Excess of Other Assets  | (9787975) | (12.0) |
|  | $81762479 | 100.0% |

---

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

**SGI PRUDENT FUND** 

**Portfolio of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 51.4%** | **EXCHANGE TRADED FUNDS — 51.4%** | **EXCHANGE TRADED FUNDS — 51.4%** |
|  iShares 7-10 Year Treasury Bond ETF  | 7460 | $731005 |
|  iShares Core U.S. Aggregate Bond ETF  | 53650 | 5440110 |
|  iShares iBoxx $High Yield Corporate Bond ETF  | 8850 | 714372 |
|  SGI Dynamic Tactical ETF <sup>(a)</sup>  | 79980 | 2365009 |
|  SGI Enhanced Core ETF <sup>(a)</sup>  | 273060 | 6983783 |
|  SGI Enhanced Global Income ETF <sup>(a)</sup>  | 148070 | 5140517 |
|  SGI U.S. Large Cap Core ETF <sup>(a)</sup>  | 47750 | 1853177 |
|  SPDR Bloomberg Emerging Markets Local Bond ETF  | 32690 | 715257 |
|  State Street Blackstone Senior Loan ETF  | 22060 | 879973 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $22,289,040)  |  | 24823203 |
|  **OPEN-END FUNDS — 46.7%** |  |  |
|  SGI Global Equity Fund - Class I <sup>(a)</sup>  | 153339 | $5253390 |
|  SGI Small Cap Core Fund - Class I <sup>(a)</sup>  | 109946 | 3643605 |
|  SGI U.S. Large Cap Equity Fund - Class I <sup>(a)(b)</sup>  | 730467 | 13637822 |
|  **TOTAL OPEN-END FUNDS** (Cost $20,865,371)  |  | 22534817 |
|  **TOTAL INVESTMENTS — 98.1%** (Cost $43,154,411)  |  | 47358020 |
|  Other Assets in Excess of Liabilities — 1.9%  |  | 918805 |
|  **TOTAL NET ASSETS — 100.0%** |  | $48276825 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

<sup>(b)</sup> 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.

**SGI PEAK FUND** 

**Portfolio of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 87.0%** | **EXCHANGE TRADED FUNDS — 87.0%** | **EXCHANGE TRADED FUNDS — 87.0%** |
|  SGI Dynamic Tactical ETF <sup>(a)</sup>  | 210050 | $6211179 |
|  SGI Enhanced Core ETF <sup>(a)</sup>  | 48480 | 1239924 |
|  SGI Enhanced Global Income ETF <sup>(a)</sup>  | 90300 | 3134927 |
|  SGI Enhanced Market Leaders ETF <sup>(a)</sup>  | 115300 | 3702537 |
|  SGI Enhanced Nasdaq-100 ETF <sup>(a)</sup>  | 551070 | 14959401 |
|  SGI U.S. Large Cap Core ETF <sup>(a)</sup>  | 396428 | 15385371 |
|  SPDR Portfolio Developed World ex-US ETF  | 50990 | 2542871 |
|  SPDR Portfolio Emerging Markets ETF  | 49540 | 2502265 |
|  Vanguard FTSE Developed Markets ETF  | 36200 | 2542688 |
|  Vanguard FTSE Emerging Markets ETF  | 43100 | 2504110 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $50,668,907)  |  | 54725273 |
|  **OPEN-END FUNDS — 12.1%** | **OPEN-END FUNDS — 12.1%** | **OPEN-END FUNDS — 12.1%** |
|  SGI Small Cap Core Fund - Class I <sup>(a)</sup>  | 229458 | $7604231 |
|  **TOTAL OPEN-END FUNDS** (Cost $6,398,045)  |  | 7604231 |
|  **TOTAL INVESTMENTS — 99.1%** (Cost $57,066,952)  |  | 62329504 |
|  Other Assets in Excess of Liabilities — 0.9%  |  | 548803 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $62878307 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
|  **Agriculture — 1.2%** | **Agriculture — 1.2%** | **Agriculture — 1.2%** |
|  Andersons, Inc.  | 22569 | $1473530 |
|  **Airlines — 0.9%** | **Airlines — 0.9%** | **Airlines — 0.9%** |
|  SkyWest, Inc. <sup>(a)(b)</sup>  | 10902 | 1134680 |
|  **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
|  Carter's, Inc.  | 2922 | 98033 |
|  Kontoor Brands, Inc.  | 9236 | 602280 |
|  Steven Madden Ltd.  | 3073 | 110935 |
|  |  | 811248 |
|  **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 3200 | 53888 |
|  Phinia, Inc.  | 1585 | 115119 |
|  Standard Motor Products, Inc.  | 14043 | 557226 |
|  |  | 726233 |
|  **Banks — 6.9%** | **Banks — 6.9%** | **Banks — 6.9%** |
|  Atlantic Union Bankshares Corp.  | 11463 | 424819 |
|  Banco Latinoamericano de Comercio Exterior SA  | 15176 | 759255 |
|  Bancorp, Inc. <sup>(a)</sup>  | 3643 | 191221 |
|  BankUnited, Inc. <sup>(b)</sup>  | 23656 | 1104735 |
|  Banner Corp. <sup>(b)</sup>  | 2598 | 152892 |
|  Central Pacific Financial Corp.  | 11978 | 381499 |
|  Customers Bancorp, Inc. <sup>(a)(b)</sup>  | 15335 | 1034193 |
|  FB Financial Corp. <sup>(b)</sup>  | 3467 | 189610 |
|  Hanmi Financial Corp.  | 34605 | 903537 |
|  Northeast Community Bancorp, Inc.  | 5608 | 135714 |
|  Northrim BanCorp, Inc.  | 17262 | 405484 |
|  OFG Bancorp  | 29405 | 1178552 |
|  Popular, Inc.  | 9449 | 1279017 |
|  SmartFinancial, Inc.  | 4509 | 176798 |
|  South Plains Financial, Inc.  | 1541 | 63119 |
|  Westamerica BanCorp  | 1172 | 59362 |
|  |  | 8439807 |
|  **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
|  ACADIA Pharmaceuticals, Inc. <sup>(a)</sup>  | 5485 | 134712 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 1442 | 106564 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup>  | 17287 | 1093748 |
|  Innoviva, Inc. <sup>(a)</sup>  | 23626 | 542453 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 1937 | 384126 |
|  PTC Therapeutics, Inc. <sup>(a)</sup>  | 6220 | 424142 |
|  Sarepta Therapeutics, Inc. <sup>(a)</sup>  | 7783 | 130443 |
|  Veracyte, Inc. <sup>(a)</sup>  | 5886 | 215369 |
|  Xencor, Inc. <sup>(a)</sup>  | 5630 | 71895 |
|  |  | 3103452 |
|  **Building Materials — 1.9%** | **Building Materials — 1.9%** | **Building Materials — 1.9%** |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 18739 | $852250 |
|  Griffon Corp.  | 16277 | 1387451 |
|  LSI Industries, Inc.  | 5035 | 108857 |
|  |  | 2348558 |
|  **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
|  Hawkins, Inc.  | 1597 | 238112 |
|  Innospec, Inc.  | 14634 | 1120672 |
|  Intrepid Potash, Inc. <sup>(a)</sup>  | 6438 | 238013 |
|  Rogers Corp. <sup>(a)</sup>  | 14937 | 1610657 |
|  Stepan Co.  | 1669 | 84935 |
|  |  | 3292389 |
|  **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** |
|  Adtalem Global Education, Inc. <sup>(a)</sup>  | 5180 | 507640 |
|  CPI Card Group, Inc. <sup>(a)</sup>  | 3949 | 48435 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 4714 | 749856 |
|  Korn/Ferry International  | 16672 | 1044834 |
|  Perdoceo Education Corp.  | 37832 | 1261697 |
|  PROG Holdings, Inc.  | 35240 | 1240800 |
|  Progyny, Inc. <sup>(a)</sup>  | 6807 | 120416 |
|  Strategic Education, Inc.  | 7475 | 615043 |
|  Upbound Group, Inc.  | 37522 | 804847 |
|  Willdan Group, Inc. <sup>(a)</sup>  | 907 | 80850 |
|  |  | 6474418 |
|  **Computers — 0.0% <sup>(c)</sup>** | **Computers — 0.0% <sup>(c)</sup>** | **Computers — 0.0% <sup>(c)</sup>** |
|  DXC Technology Co. <sup>(a)</sup>  | 4263 | 53671 |
|  **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
|  G-III Apparel Group Ltd.  | 7971 | 243833 |
|  Rush Enterprises, Inc. - Class B  | 2246 | 145204 |
|  ScanSource, Inc. <sup>(a)</sup>  | 14177 | 521430 |
|  |  | 910467 |
|  **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
|  Acadian Asset Management, Inc.  | 22224 | 1196985 |
|  Enova International, Inc. <sup>(a)</sup>  | 1948 | 270869 |
|  Radian Group, Inc.  | 31868 | 1100083 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 2613 | 333158 |
|  |  | 2901095 |
|  **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
|  Avista Corp.  | 10001 | 406240 |
|  Black Hills Corp.  | 7898 | 581767 |
|  Clearway Energy, Inc. - Class A  | 23010 | 828820 |
|  MGE Energy, Inc.  | 735 | 60285 |
|  |  | 1877112 |
|  **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
|  Insteel Industries, Inc.  | 16464 | 613778 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONtinued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
|  Benchmark Electronics, Inc.  | 24067 | $1391313 |
|  Itron, Inc. <sup>(a)</sup>  | 3488 | 327698 |
|  |  | 1719011 |
|  **Engineering & Construction — 5.3%** | **Engineering & Construction — 5.3%** | **Engineering & Construction — 5.3%** |
|  EMCOR Group, Inc.  | 1701 | 1232579 |
|  Everus Construction Group, Inc. <sup>(a)</sup>  | 15255 | 1843872 |
|  Frontdoor, Inc. <sup>(a)</sup>  | 19943 | 1367491 |
|  Primoris Services Corp.  | 4346 | 655029 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 3138 | 1343472 |
|  |  | 6442443 |
|  **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
|  Cal-Maine Foods, Inc.  | 11644 | 1014309 |
|  J & J Snack Foods Corp.  | 2580 | 224615 |
|  Sprouts Farmers Market, Inc. <sup>(a)(b)</sup>  | 7520 | 555502 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 3505 | 133926 |
|  |  | 1928352 |
|  **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
|  Sylvamo Corp.  | 2958 | 136955 |
|  **Gas — 1.6%** | **Gas — 1.6%** | **Gas — 1.6%** |
|  National Fuel Gas Co. <sup>(b)</sup>  | 13658 | 1243288 |
|  New Jersey Resources Corp.  | 9165 | 497110 |
|  Northwest Natural Holding Co.  | 3533 | 187390 |
|  |  | 1927788 |
|  **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** | **Hand/Machine Tools — 0.9%** |
|  Enerpac Tool Group Corp.  | 5887 | 240190 |
|  Franklin Electric Co., Inc.  | 8599 | 856632 |
|  |  | 1096822 |
|  **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** |
|  BioLife Solutions, Inc. <sup>(a)</sup>  | 3344 | 80925 |
|  Castle Biosciences, Inc. <sup>(a)</sup>  | 13718 | 405641 |
|  Glaukos Corp. <sup>(a)</sup>  | 8610 | 1036644 |
|  iRadimed Corp.  | 7419 | 768089 |
|  LeMaitre Vascular, Inc.  | 3554 | 384472 |
|  Omnicell, Inc. <sup>(a)</sup>  | 3643 | 149727 |
|  TransMedics Group, Inc. <sup>(a)(b)</sup>  | 1225 | 177944 |
|  Utah Medical Products, Inc.  | 2481 | 165259 |
|  |  | 3168701 |
|  **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** |
|  Concentra Group Holdings Parent, Inc.  | 9642 | 231022 |
|  National HealthCare Corp.  | 7895 | 1290833 |
|  Privia Health Group, Inc. <sup>(a)</sup>  | 31763 | 754371 |
|  Viemed Healthcare, Inc. <sup>(a)</sup>  | 28783 | 250412 |
|  |  | 2526638 |
|  **Home Builders — 3.7%** | **Home Builders — 3.7%** | **Home Builders — 3.7%** |
|  Century Communities, Inc.  | 16948 | $1139414 |
|  M/I Homes, Inc. <sup>(a)</sup>  | 9085 | 1291524 |
|  Meritage Homes Corp.  | 6442 | 485856 |
|  Tri Pointe Homes, Inc. <sup>(a)(b)</sup>  | 31648 | 1465302 |
|  Winnebago Industries, Inc.  | 2769 | 110455 |
|  |  | 4492551 |
|  **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** | **Home Furnishings — 0.9%** |
|  Sonos, Inc. <sup>(a)</sup>  | 69446 | 1069468 |
|  **Housewares — 0.2%** | **Housewares — 0.2%** | **Housewares — 0.2%** |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup>  | 8245 | 284782 |
|  **Insurance — 5.9%** | **Insurance — 5.9%** | **Insurance — 5.9%** |
|  Assured Guaranty Ltd.  | 13866 | 1195388 |
|  Axis Capital Holdings Ltd.  | 10596 | 1120209 |
|  Essent Group Ltd. <sup>(b)</sup>  | 17742 | 1079423 |
|  HCI Group, Inc.  | 1315 | 231992 |
|  Jackson Financial, Inc. - Class A  | 12280 | 1344415 |
|  Mercury General Corp.  | 12097 | 1095746 |
|  NMI Holdings, Inc. - Class A <sup>(a)(b)</sup>  | 29734 | 1168844 |
|  |  | 7236017 |
|  **Internet — 2.6%** | **Internet — 2.6%** | **Internet — 2.6%** |
|  Cargurus, Inc. <sup>(a)</sup>  | 38874 | 1193432 |
|  Etsy, Inc. <sup>(a)(b)</sup>  | 3977 | 218258 |
|  HealthStream, Inc.  | 11802 | 250556 |
|  QuinStreet, Inc. <sup>(a)</sup>  | 46524 | 545261 |
|  Yelp, Inc. <sup>(a)(b)</sup>  | 40472 | 902121 |
|  |  | 3109628 |
|  **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |
|  Astec Industries, Inc.  | 19941 | 1238137 |
|  **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
|  Albany International Corp. - Class A  | 2116 | 121987 |
|  CSW Industrials, Inc.  | 742 | 218393 |
|  Mueller Water Products, Inc. - Class A  | 46248 | 1384203 |
|  |  | 1724583 |
|  **Metal Fabricate/Hardware — 2.7%** | **Metal Fabricate/Hardware — 2.7%** | **Metal Fabricate/Hardware — 2.7%** |
|  Mueller Industries, Inc. <sup>(b)</sup>  | 10552 | 1244714 |
|  Proto Labs, Inc. <sup>(a)</sup>  | 12460 | 773517 |
|  Worthington Enterprises, Inc.  | 18086 | 1012997 |
|  Worthington Steel, Inc.  | 7149 | 297112 |
|  |  | 3328340 |
|  **Mining — 4.0%** | **Mining — 4.0%** | **Mining — 4.0%** |
|  Caledonia Mining Corp. PLC <sup>(b)</sup>  | 12916 | 409954 |
|  Century Aluminum Co. <sup>(a)(b)</sup>  | 7625 | 393145 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONtinued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Mining — 4.0% (continued)** |  |  |
|  Coeur Mining, Inc. <sup>(a)(b)</sup>  | 41546 | $1127974 |
|  Constellium SE <sup>(a)</sup>  | 33245 | 827468 |
|  Hecla Mining Co.  | 41185 | 1025918 |
|  Kaiser Aluminum Corp.  | 8696 | 1131698 |
|  |  | 4916157 |
|  **Miscellaneous Manufacturing — 0.8%** | **Miscellaneous Manufacturing — 0.8%** | **Miscellaneous Manufacturing — 0.8%** |
|  Materion Corp.  | 4385 | 715018 |
|  Trinity Industries, Inc.  | 6120 | 209182 |
|  |  | 924200 |
|  **Office Furnishings — 1.0%** | **Office Furnishings — 1.0%** | **Office Furnishings — 1.0%** |
|  Interface, Inc.  | 39147 | 1232739 |
|  **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
|  California Resources Corp.  | 5971 | 351334 |
|  Crescent Energy Co. - Class A  | 75600 | 881496 |
|  Northern Oil & Gas, Inc.  | 8672 | 239260 |
|  Par Pacific Holdings, Inc. <sup>(a)</sup>  | 4385 | 187108 |
|  SM Energy Co.  | 47207 | 1091898 |
|  Weatherford International PLC  | 1891 | 199425 |
|  |  | 2950521 |
|  **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
|  Bristow Group, Inc. <sup>(a)</sup>  | 21828 | 1041196 |
|  DNOW, Inc. <sup>(a)</sup>  | 16965 | 199848 |
|  Innovex International, Inc. <sup>(a)(b)</sup>  | 3130 | 82475 |
|  |  | 1323519 |
|  **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** | **Pharmaceuticals — 2.2%** |
|  Alkermes PLC <sup>(a)</sup>  | 11691 | 351899 |
|  Catalyst Pharmaceuticals Partners, Inc. <sup>(a)</sup>  | 48283 | 1114372 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup>  | 27034 | 771550 |
|  Phibro Animal Health Corp. - Class A  | 2772 | 151324 |
|  Supernus Pharmaceuticals, Inc. <sup>(a)</sup>  | 4436 | 242782 |
|  |  | 2631927 |
|  **Real Estate — 1.1%** | **Real Estate — 1.1%** | **Real Estate — 1.1%** |
|  Cushman & Wakefield Ltd. <sup>(a)</sup>  | 66200 | 887742 |
|  Marcus & Millichap, Inc.  | 5390 | 142350 |
|  McGrath RentCorp  | 2314 | 256738 |
|  |  | 1286830 |
|  **REITS — 5.8%** | **REITS — 5.8%** | **REITS — 5.8%** |
|  American Assets Trust, Inc.  | 40027 | 781327 |
|  CareTrust REIT, Inc.  | 8647 | 351241 |
|  DiamondRock Hospitality Co.  | 62984 | 632359 |
|  Easterly Government Properties, Inc.  | 21166 | 492744 |
|  Essential Properties Realty Trust, Inc.  | 15061 | 511170 |
|  **REITS — 5.8% (continued)** |  |  |
|  Four Corners Property Trust, Inc.  | 2428 | $61963 |
|  Innovative Industrial Properties, Inc.  | 17205 | 911177 |
|  LTC Properties, Inc.  | 3626 | 143880 |
|  Safehold, Inc.  | 35142 | 567192 |
|  Tanger, Inc.  | 19601 | 726413 |
|  Universal Health Realty Income Trust  | 1685 | 73500 |
|  Urban Edge Properties  | 44332 | 942055 |
|  Xenia Hotels & Resorts, Inc.  | 53682 | 820261 |
|  |  | 7015282 |
|  **Retail — 2.5%** | **Retail — 2.5%** | **Retail — 2.5%** |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 4225 | 413205 |
|  American Eagle Outfitters, Inc.  | 12523 | 307690 |
|  Bath & Body Works, Inc. <sup>(b)</sup>  | 8792 | 200106 |
|  Brinker International, Inc. <sup>(a)</sup>  | 1948 | 288694 |
|  Buckle, Inc.  | 23509 | 1258907 |
|  PC Connection, Inc.  | 1031 | 62840 |
|  Urban Outfitters, Inc. <sup>(a)(b)</sup>  | 3981 | 263542 |
|  Victoria's Secret & Co. <sup>(a)</sup>  | 3579 | 224403 |
|  |  | 3019387 |
|  **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** | **Savings & Loans — 0.4%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 5436 | 471953 |
|  **Semiconductors — 6.2%** | **Semiconductors — 6.2%** | **Semiconductors — 6.2%** |
|  ACM Research, Inc. - Class A <sup>(a)</sup>  | 4228 | 235415 |
|  Alpha & Omega Semiconductor Ltd. <sup>(a)</sup>  | 11238 | 236110 |
|  Ambarella, Inc. <sup>(a)</sup>  | 13975 | 843252 |
|  Axcelis Technologies, Inc. <sup>(a)(b)</sup>  | 7998 | 660715 |
|  Cohu, Inc. <sup>(a)</sup>  | 9664 | 291853 |
|  Diodes, Inc. <sup>(a)</sup>  | 19927 | 1359619 |
|  Kulicke & Soffa Industries, Inc.  | 21534 | 1501350 |
|  MaxLinear, Inc. <sup>(a)</sup>  | 65746 | 1145953 |
|  Photronics, Inc. <sup>(a)(b)</sup>  | 2560 | 95821 |
|  SiTime Corp. <sup>(a)</sup>  | 1659 | 660083 |
|  Ultra Clean Holdings, Inc. <sup>(a)(b)</sup>  | 8274 | 502066 |
|  |  | 7532237 |
|  **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
|  Appian Corp. - Class A <sup>(a)</sup>  | 6255 | 166821 |
|  CommVault Systems, Inc. <sup>(a)</sup>  | 3391 | 288506 |
|  DoubleVerify Holdings, Inc. <sup>(a)</sup>  | 5501 | 57981 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 16450 | 446946 |
|  SPS Commerce, Inc. <sup>(a)(b)</sup>  | 1848 | 104430 |
|  Talkspace, Inc. <sup>(a)</sup>  | 113736 | 548208 |
|  Viant Technology, Inc. - Class A <sup>(a)</sup>  | 8747 | 88607 |
|  |  | 1701499 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONcluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Telecommunications — 3.9%** | **Telecommunications — 3.9%** | **Telecommunications — 3.9%** |
|  A10 Networks, Inc. <sup>(b)</sup>  | 65563 | $1262743 |
|  Calix, Inc. <sup>(a)</sup>  | 16328 | 845301 |
|  Credo Technology Group Holding Ltd. <sup>(a)</sup>  | 4483 | 503307 |
|  Extreme Networks, Inc. <sup>(a)</sup>  | 68991 | 964494 |
|  Harmonic, Inc. <sup>(a)(b)</sup>  | 86740 | 922046 |
|  Iridium Communications, Inc.  | 8421 | 201683 |
|  |  | 4699574 |
|  **Transportation — 3.7%** | **Transportation — 3.7%** | **Transportation — 3.7%** |
|  Dorian LPG Ltd.  | 29405 | 1087691 |
|  Matson, Inc.  | 7391 | 1227867 |
|  Schneider National, Inc. - Class B  | 3601 | 102196 |
|  Teekay Corp. Ltd.  | 41418 | 536363 |
|  Teekay Tankers Ltd.  | 20221 | 1582698 |
|  |  | 4536815 |
|  **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** | **Trucking & Leasing — 0.4%** |
|  Greenbrier Cos., Inc.  | 8188 | 461967 |
|  **TOTAL COMMON STOCKS** (Cost $105,905,906)  |  | 120295261 |
|  **EXCHANGE TRADED FUNDS — 1.0%** | **EXCHANGE TRADED FUNDS — 1.0%** | **EXCHANGE TRADED FUNDS — 1.0%** |
|  iShares Biotechnology ETF <sup>(b)</sup>  | 3471 | 608709 |
|  iShares U.S. Pharmaceuticals ETF  | 6729 | 617991 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,203,493)  |  | 1226700 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.8%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.8%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.8%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  | 8292824 | $8292824 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,292,824)  |  | 8292824 |
|  **TOTAL INVESTMENTS — 106.5%** (Cost $115,402,223)  |  | 129814785 |
|  Liabilities in Excess of Other Assets — (6.5)%  |  | (7877564) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $121937221 |

---

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Represents less than 0.05% of net assets. 

<sup>(d)</sup> 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.

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> Equity Fund** | **SGI Global <br> Equity Fund** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $204462042 | $91550454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  |  | 629115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 286121 | 102262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 90441 | 61681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  | 43705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  | 687 | 15051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 1898 | 1220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  | 1908114 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 61659 | 15379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 206810962 | 92418867 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 2851945 | 10464606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 56601 | 68723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 112892 | 35890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 33211 | 34181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for audit fees  | 17996 | 20726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 14268 | 6585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for printing and mailing  | 21129 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable  | 18361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  | 778930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 54062 | 21977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 3959395 | 10656388 |
|  **NET ASSETS**  | $202851567 | $81762479 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, and 0.001 per share)  | $10865 | $2387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 167138699 | 67430378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 35702003 | 14329714 |
|  Total net assets  | $202851567 | $81762479 |
|  **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $189603011 | $81762479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 10154174 | 2386751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $18.67 | $34.26 |
|  **Class A** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $11968836 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 637458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $18.78 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Max offering price per share (net asset value per share divided by 0.9475)<sup>(1)</sup>  | $19.82 |  |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> Equity Fund** | **SGI Global <br> Equity Fund** |
|  **Class C** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $1279720 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 73197 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $17.48 |  |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $171405172 | $80190452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $2895670 | $10118757 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 5.25%.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI Prudent <br> Fund** | **SGI Peak <br> Fund** | **SGI Small <br> Cap Core <br> Fund** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $8480718 | $10091934 | $129814785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 38877302 | 52237570 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 829150 | 595856 | 445569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 277816 | 132412 | 176893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  |  |  | 60599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  | 1765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 1991 | 2660 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser  | 1737 | 1387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 17069 | 18381 | 30510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 48485783 | 63080200 | 130531520 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  | 8292824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 120876 | 117091 | 125428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |  |  | 84305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 11269 | 15923 | 19065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for audit fees  | 17477 | 17474 | 22145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 29565 | 39035 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for printing and mailing  | 17138 |  | 4494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions payable  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 12633 | 12370 | 46038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 208958 | 201893 | 8594299 |
|  **NET ASSETS**  | $48276825 | $62878307 | $121937221 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001 and 0.001 per share)  | $4121 | $4749 | $3680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 43592313 | 53798258 | 103363551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 4680391 | 9075300 | 18569990 |
|  Total net assets  | $48276825 | $62878307 | $121937221 |
|  **Class I** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $48276825 | $62878307 | $121937221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 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)  | 4120967 | 4748821 | 3679686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $11.71 | $13.24 | $33.14 |
|  **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $8155360 | $8791775 | $115402223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $34999051 | $48275177 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $— | $— | $8014036 |

---

<sup>(1)</sup> Reflects a maximum sales charge of 5.25%.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> Equity Fund** | **SGI Global <br> Equity Fund** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $1773005 | $732917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  |  | (28664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  | (30174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 15826 | 7703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  | 2946 | 60038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1791777 | 741820 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 747384 | 309862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped  | 30274 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 115087 | 42286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 28752 | 7961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 25810 | 10566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 24756 | 13980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 24536 | 11262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 23386 | 10250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Class A  | 16051 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 8675 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 5198 | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Class C  | 5062 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service costs - Class C  | 1687 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  |  | 2170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service costs - Class I  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 12479 | 5989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 1069137 | 421559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  |  | (49725) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 1069137 | 371834 |
|  **NET INVESTMENT INCOME**  | 722640 | 369986 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 4681507 | 6279612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4681507 | 6279612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 17247839 | 5078718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 17247839 | 5078718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 21929346 | 11358330 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $22651986 | $11728316 |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations (Concluded)** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI Prudent <br> Fund** | **SGI Peak <br> Fund** | **SGI Small <br> Cap Core <br> Fund** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $1509234 | $1314369 | $979070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | 222676 | 269749 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  |  |  | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  |  | (4302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 9489 | 20094 | 13029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  |  |  | 5578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1741399 | 1604212 | 993366 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 180143 | 214156 | 560187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped  |  | 7597 | 45033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 22890 | 24537 | 29829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 12552 | 6006 | 16282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 5656 | 5673 | 10374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 13567 | 13231 | 14652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 4390 | 4598 | 11448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 9674 | 6717 | 15928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Class A  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 619 | 781 | 5047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 5198 | 5198 | 5195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution expenses - Class C  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service costs - Class C  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  | 7625 | 922 | 4093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 3346 | 2796 | 7228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 265660 | 292212 | 725296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (186) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 265474 | 292196 | 725296 |
|  **NET INVESTMENT INCOME**  | 1475925 | 1312016 | 268070 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (1079) | 2904635 | 8123182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (28443) | (92529) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  | 892690 | 1367791 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 863168 | 4179897 | 8123182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 99164 | (311339) | 2640774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 1560458 | 310044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1659622 | (1295) | 2640774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 2522790 | 4178602 | 10763956 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $3998715 | $5490618 | $11032026 |

---

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

**SGI U.S. LARGE CAP EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $722640 | $1340143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 4681507 | 23009203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 17247839 | (16709274) |
|  Net increase/(decrease) in net assets resulting from operations  | 22651986 | 7640072 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  | (15959091) | (39868894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  | (979000) | (3020404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  | (110926) | (334919) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (17049017) | (43224217) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (17049017) | (43224217) |
|  **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 19234247 | 68223128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 15900985 | 39704202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (60424668) | (77118822) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (25289436) | 30808508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 73645 | 149216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 978371 | 3018068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3372913) | (6220521) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (2320897) | (3053237) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 18380 | 49206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 110926 | 334919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (404042) | (379966) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (274736) | 4159 |
|  Net increase/(decrease) in net assets from capital share transactions  | (27885069) | 27759430 |
|  Total increase/(decrease) in net assets  | (22282100) | (7824715) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 225133667 | 232958382 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $202851567 | $225133667 |

---

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

**SGI U.S. LARGE CAP EQUITY FUND** 

**Statements of Changes in Net Assets (Concluded)**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1045913 | 3667331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 897852 | 2264929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3275703) | (4178479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (1331938) | 1753781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3974 | 7684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 54934 | 171286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (182055) | (318684) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (123147) | (139714) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1067 | 2768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 6678 | 20188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (23621) | (21780) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (15876) | 1176 |
|  Net increase/(decrease) in shares outstanding  | (1470961) | 1615243 |

---

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

**SGI GLOBAL EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $369986 | $1295422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 6279612 | 7720266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 5078718 | (6576114) |
|  Net increase/(decrease) in net assets resulting from operations  | 11728316 | 2439574 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (8918454) | (20438366) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (8918454) | (20438366) |
|  **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 7379379 | 25396306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 8900525 | 20397349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (31487489) | (41821871) |
|  Net increase/(decrease) in net assets from capital share transactions  | (15207585) | 3971784 |
|  Total increase/(decrease) in net assets  | (12397723) | (14027008) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 94160202 | 108187210 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $81762479 | $94160202 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 218558 | 752844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 281842 | 653552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (929297) | (1271091) |
|  Net increase/(decrease) in shares outstanding  | (428897) | 135305 |

---

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

**SGI PRUDENT FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1475925 | $335495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (1079) | (58182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (28443) | 29129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments  | 892690 | 2413647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 99164 | 69713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | 1560458 | (715635) |
|  Net increase/(decrease) in net assets resulting from operations  | 3998715 | 2074167 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (2532477) | (2383823) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (2532477) | (2383823) |
|  **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 6263784 | 30262812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2532477 | 2383823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (11231301) | (10020490) |
|  Net increase/(decrease) in net assets from capital share transactions  | (2435040) | 22626145 |
|  Total increase/(decrease) in net assets  | (968802) | 22316489 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 49245627 | 26929138 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $48276825 | $49245627 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 541328 | 2740495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 225510 | 220724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (973883) | (890629) |
|  Net increase/(decrease) in shares outstanding  | (207045) | 2070590 |

---

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

**SGI PEAK FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1312016 | $291811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 2904635 | (387264) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (92529) | (131909) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments  | 1367791 | 2800881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (311339) | 1611498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | 310044 | (491426) |
|  Net increase/(decrease) in net assets resulting from operations  | 5490618 | 3693591 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (1791543) | (2367594) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (1791543) | (2367594) |
|  **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 14426809 | 26065279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 1791543 | 2367594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (7047697) | (7757476) |
|  Net increase/(decrease) in net assets from capital share transactions  | 9170655 | 20675397 |
|  Total increase/(decrease) in net assets  | 12869730 | 22001394 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 50008577 | 28007183 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $62878307 | $50008577 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1116283 | 2254290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 139855 | 207866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (538747) | (656580) |
|  Net increase/(decrease) in shares outstanding  | 717391 | 1805576 |

---

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

**SGI SMALL CAP CORE FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE SIX <br> MONTHS ENDED <br> FEBRUARY 28, 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $268070 | $483656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 8123182 | 9453421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 2640774 | (3783409) |
|  Net increase/(decrease) in net assets resulting from operations  | 11032026 | 6153668 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (11438417) | (2591942) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (11438417) | (2591942) |
|  **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 10764174 | 24491431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 11311808 | 2565364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (20742909) | (34328125) |
|  Net increase/(decrease) in net assets from capital share transactions  | 1333073 | (7271330) |
|  Total increase/(decrease) in net assets  | 926682 | (3709604) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 121010539 | 124720143 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $121937221 | $121010539 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 328641 | 801618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 366078 | 83372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (632240) | (1131599) |
|  Net increase/(decrease) in shares outstanding  | 62479 | (246609) |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | 0.06 | 0.12 | 0.13 | 0.18 | 0.17 | 0.03 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>**  | 11.30% | 3.30% | 26.51% | 6.02% | (10.71)% | 19.46% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $189603 | $209675 | $211534 | $351360 | $391548 | $506159 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(d)</sup>  | 0.95% | 0.98% | 1.00% | 0.97% | 0.96% | 0.87% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(d)</sup>  | 0.98% | 0.98% | 0.98% | 0.98% | 0.92% | 0.87% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.70% | 0.62% | 0.68% | 0.99% | 0.85% | 0.15% |
|  Portfolio turnover rate <sup>(c)(e)</sup>  | 53% | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class a Shares** | **Class a Shares** | **Class a Shares** | **Class a Shares** | **Class a Shares** | **Class a Shares** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | 0.04 | 0.07 | 0.08 | 0.13 | 0.12 | (0.02) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>** | 11.16% | 3.13% | 26.19% | 5.69% | (10.89)% | 19.20% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $11969 | $13930 | $19601 | $31276 | $28285 | $29423 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(d)</sup>  | 1.20% | 1.23% | 1.25% | 1.22% | 1.21% | 1.12% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(d)</sup>  | 1.23% | 1.23% | 1.22% | 1.23% | 1.17% | 1.12% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.45% | 0.37% | 0.40% | 0.74% | 0.64% | (0.09)% |
|  Portfolio turnover rate <sup>(c)(e)</sup>  | 53% | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class c Shares** | **Class c Shares** | **Class c Shares** | **Class c Shares** | **Class c Shares** | **Class c Shares** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | (0.02) | (0.07) | (0.06) |  | (0.03) | (0.17) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>** | 10.74% | 2.31% | 25.23% | 4.93% | (11.54)% | 18.25% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $1280 | $1528 | $1823 | $2297 | $2546 | $2917 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(d)</sup>  | 1.95% | 1.98% | 2.00% | 1.97% | 1.96% | 1.87% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(d)</sup>  | 1.98% | 1.98% | 1.97% | 1.98% | 1.92% | 1.87% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | (0.28)% | (0.37)% | (0.35)% | (0.01)% | (0.15)% | (0.84)% |
|  Portfolio turnover rate <sup>(c)(e)</sup>  | 53% | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | 0.14 | 0.45 | 0.52 | 0.45 | 0.45 | 0.38 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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 <sup>(c)</sup>**  | 14.28% | 2.99% | 19.84% | 6.39% | (9.20)% | 17.15% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $81762 | $94160 | $108187 | $150297 | $118260 | $112035 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(d)</sup>  | 0.95% | 1.06% | 1.05% | 1.00% | 1.01% | 1.10% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(d)</sup>  | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% | 0.97% |
|  Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 0.84% | 1.30% | 1.45% | 1.37% | 1.24% | 1.26% |
|  Portfolio turnover rate <sup>(c)</sup>  | 59% | 184% | 102% | 96% | 87% | 88% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Annualized for periods less
 than one year.

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | 0.35 | 0.10 | 0.06 | 0.03 | 0.02 | (0.07) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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) | — <sup>(c)</sup> |
|  Net realized gains  | (0.23) | (0.22) |  |  | (0.25) | — <sup>(c)</sup> |
|  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 <sup>(d)</sup>**  | 8.65% | 3.95% | 16.62% | 5.04% | (11.26)% | 10.34% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $48277 | $49246 | $26929 | $21217 | $15527 | $10807 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(e)(f)</sup>  | 1.11% | 1.16% | 1.31% | 1.37% | 1.61% | 1.75% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(e)(f)</sup>  | 1.11% | 1.16% | 1.31% | 1.47% | 1.70% | 1.70% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)(f)</sup>  | 6.14% | 0.88% | 0.52% | 0.26% | 0.23% | (0.67)% |
|  Portfolio turnover rate <sup>(d)</sup>  | 5% | 21% | 61% | 61% | 67% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **For the<br> Year <br> Ended<br> August 31,<br> 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<sup>(a)</sup>  | 0.29 | 0.09 | (0.03) | (0.06) | (0.03) | (0.14) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 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) | — <sup>(c)</sup> | (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 <sup>(d)</sup>** | 10.00% | 7.36% | 19.25% | 6.22% | (11.64)% | 15.45% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $62878 | $50009 | $28007 | $19555 | $12988 | $10940 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment <sup>(e)(f)</sup>  | 1.00% | 1.16% | 1.30% | 1.48% | 1.58% | 1.74% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment <sup>(e)(f)</sup>  | 1.02% | 1.08% | 1.30% | 1.53% | 1.70% | 1.70% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)(f)</sup>  | 4.59% | 0.76% | (0.26)% | (0.55)% | (0.29)% | (1.17)% |
|  Portfolio turnover rate <sup>(d)</sup>  | 35% | 81% | 44% | 26% | 88% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** | **CLASS I SHARES** |
|  | **FOR THE<br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **For the<br> Year <br> Ended<br> August 31,<br> 2025** | **For the<br> Year <br> Ended<br> August 31,<br> 2024** | **For the<br> Year <br> Ended<br> August 31,<br> 2023** | **For the<br> Year <br> Ended<br> August 31,<br> 2022** | **FOR THE<br> YEAR <br> ENDED <br> AUGUST 31, <br> 2021<sup>(a)</sup>** |
|  **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<sup>(b)</sup>  | 0.07 | 0.13 | 0.12 | 0.06 | (0.10) | (0.15) |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup>** | 9.66% | 5.87% | 17.38% | 8.37% | (9.93)% | 44.61% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $121937 | $121011 | $124720 | $103502 | $89836 | $97409 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 1.15% | 1.29% | 1.26% | 1.25% | 1.33% | 1.12% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup>  | 1.23% | 1.23% | 1.23% | 1.23% | 1.23% | 1.07% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.45% | 0.41% | 0.42% | 0.24% | (0.34)% | (0.37)% |
|  Portfolio turnover rate <sup>(d)</sup>  | 71% | 168% | 211% | 197% | 270% | 314% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

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

**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

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $201610097 | $— | $— | $201610097 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 2851945 |
|  Total Investments  | $201610097 | $— | $— | $204462042 |

---

<sup>(a)</sup> 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. 

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**SGI GLOBAL EQUITY FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $77825317 | $— | $— | $77825317 |
|  Exchange Traded Funds  | 3260531 |  |  | 3260531 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 10464606 |
|  Total Investments  | $81085848 | $— | $— | $91550454 |

---

<sup>(a)</sup> 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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Exchange Traded Funds  | $24823203 | $— | $— | $24823203 |
|  Open-End Funds  | 22534817 |  |  | 22534817 |
|  Total Investments  | $47358020 | $— | $— | $47358020 |

---

**SGI PEAK FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Exchange Traded Funds  | $54725273 | $— | $— | $54725273 |
|  Open-End Funds  | 7604231 |  |  | 7604231 |
|  Total Investments  | $62329504 | $— | $— | $62329504 |

---

**SGI SMALL CAP CORE FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $120295261 | $— | $— | $120295261 |
|  Exchange Traded Funds  | 1226700 |  |  | 1226700 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 8292824 |
|  Total Investments  | $121521961 | $— | $— | $129814785 |

---

<sup>(a)</sup> 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.

**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

**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** | **EXPENSE CAPS** | **EXPENSE CAPS** |
| <br>**FUND** | <br>**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.

**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 <br> FEES** | **WAIVERS AND/OR <br> REIMBURSEMENTS** | **RECOUPMENTS** | **NET ADVISORY <br> FEES** |
|  SGI U.S. Large Cap Equity Fund  | $747384 | $— | $30274 | $777658 |
|  SGI Global Equity Fund  | 309862 | (49725) |  | 260137 |
|  SGI Prudent Fund  | 180143 | (186) |  | 179957 |
|  SGI Peak Fund  | 214156 | (16) | 7597 | 221737 |
|  SGI Small Cap Core Fund  | 560187 |  | 45033 | 605220 |

---

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **AUGUST 31, <br> 2026** | **AUGUST 31, <br> 2027** | **AUGUST 31,<br> 2028** | **AUGUST 31,<br> 2029** |
|  SGI U.S. Large Cap Equity Fund  | $— | $80234 | $69657 | $— |
|  SGI Global Equity Fund  | 111699 | 280270 | 220407 | 49725 |
|  SGI Prudent Fund  |  |  |  | 186 |
|  SGI Peak Fund  |  |  | 18371 | 16 |
|  SGI Small Cap Core Fund  |  | 35887 | 76432 |  |

---

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.

**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  | $112856341 | $157681572 |
|  SGI Global Equity Fund  | 51990838 | 76108641 |
|  SGI Prudent Fund  | 2493903 | 5543527 |
|  SGI Peak Fund  | 30254570 | 19886037 |
|  SGI Small Cap Core Fund  | 83553115 | 93652537 |

---

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 <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)** |
|  SGI U.S. Large Cap Equity Fund  | $209548622 | $24822534 | $(9865231) | $14957303 |
|  SGI Global Equity Fund  | 87683132 | 7674308 | (1512118) | 6162190 |
|  SGI Prudent Fund  | 46609094 | 2543986 | (375536) | 2168450 |
|  SGI Peak Fund  | 44154173 | 5263847 | (267871) | 4995976 |
|  SGI Small Cap Core Fund  | 109650228 | 17003993 | (5795329) | 11208664 |

---

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.

**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 <br> EARNINGS/(LOSS)** | **PAID-IN <br> CAPITAL** |
|  SGI U.S. Large Cap Equity Fund  | $(5471753) | $5471753 |
|  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 <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **NET <br> UNREALIZED <br> APPRECIATION/** **<br> (DEPRECIATION)** | **TOTAL** |
|  SGI U.S. Large Cap Equity Fund  | $12248581 | $2893150 | $— | $14957303 | $30099034 |
|  SGI Global Equity Fund  | 971063 | 4386599 |  | 6162190 | 11519852 |
|  SGI Prudent Fund  | 126717 | 927186 | (8200) | 2168450 | 3214153 |
|  SGI Peak Fund  | 63794 | 326648 | (10193) | 4995976 | 5376225 |
|  SGI Small Cap Core Fund  | 2857945 | 4909772 |  | 11208664 | 18976381 |

---

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** | |
| <br>**FUND** | <br>**ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** | <br>**TOTAL** |
|  SGI U.S. Large Cap Equity Fund  | $34539508 | $8684709 | $43224217 |
|  SGI Global Equity Fund  | 6262395 | 14175971 | 20438366 |
|  SGI Prudent Fund  | 2353904 | 29919 | 2383823 |
|  SGI Peak Fund  | 2115941 | 251653 | 2367594 |
|  SGI Small Cap Core Fund  | 1890739 | 701203 | 2591942 |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

**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 <br> OF SECURITIES <br> LOANED** | **MARKET VALUE<br> OF COLLATERAL** | **INCOME RECEIVED<br> FROM SECURITIES<br> LENDING** |
|  SGI U.S. Large Cap Equity Fund  | $2895670 | $2851945 | $2949 |
|  SGI Global Equity Fund  | 10118757 | 10464606 | 60038 |
|  SGI Small Cap Core Fund  | 8014036 | 8292824 | 5578 |

---

**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 <br> of Assets and Liabilities** | **Gross Amount Not Offset in the Statement <br> of Assets and Liabilities** | **Gross Amount Not Offset in the Statement <br> of Assets and Liabilities** |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS<br> OF <br> RECOGNIZED<br> ASSETS** | <br>**GROSS <br> AMOUNTS<br> OFFSET IN THE<br> STATEMENTS<br> OF ASSETS AND<br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED<br> IN THE <br> STATEMENTS<br> OF ASSETS AND<br> LIABILITIES** | **FINANCIAL<br> INSTRUMENTS<sup>1</sup>** | **CASH<br> COLLATERAL<br> RECEIVED** | **NET <br> AMOUNT<sup>2</sup>** |
|  SGI U.S. Large Cap Equity Fund  | $2895670 |  | $2895670 | $(2895670) |  |  |
|  SGI Global Equity Fund  | 10118757 |  | 10118757 | (10118757) |  |  |
|  SGI Small Cap Core Fund  | 8014036 |  | 8014036 | (8014036) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> 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** | **AUGUST 31, 2025** | **ADDITIONS** | **ADDITIONS** | **REDUCTIONS** | **REDUCTIONS** |
| <br>**ISSUER NAME** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** |
|  **SGI Prudent Fund** |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF  | 85280 | $2428629 |  | $— | (5300) | $(155319) |
|  SGI Enhanced Core ETF  | 278460 | 7157814 |  |  | (5400) | (139983) |
|  SGI Enhanced Global Income ETF  | 168670 | 4933598 |  |  | (20600) | (630617) |
|  SGI Global Equity Fund  | 157809 | 5277126 | 22291 | 718846 | (26761) | (890932) |
|  SGI Small Cap Core Fund  | 122699 | 4104266 | 16556 | 521949 | (29309) | (959164) |
|  SGI U.S. Large Cap Core ETF  | 55400 | 1975564 |  |  | (7650) | (288861) |
|  SGI U.S. Large Cap Equity Fund  | 782412 | 14279014 | 70347 | 1253108 | (122292) | (2239752) |
|  | 1650730 | $40156011 | 109194 | $2493903 | (217312) | $(5304628) |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **AUGUST 31, 2025** | **AUGUST 31, 2025** | **ADDITIONS** | **ADDITIONS** | **REDUCTIONS** | **REDUCTIONS** |
| <br>**ISSUER NAME** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** | **SHARE <br> BALANCE** | **VALUE** |
|  **SGI Peak Fund** |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF  | 172500 | $4912507 | 42550 | $1249273 | (5000) | $(146445) |
|  SGI Enhanced Core ETF  | 188580 | 4847449 | 48500 | 1255401 | (188600) | (4814902) |
|  SGI Enhanced Global Income ETF  |  |  | 90300 | 3104510 |  |  |
|  SGI Enhanced Nasdaq-100 ETF  | 312700 | 9207545 | 248370 | 6887250 | (10000) | (277086) |
|  SGI Enhanced Market Leaders ETF  |  |  | 115300 | 3717211 |  |  |
|  SGI Small Cap Core Fund  | 179870 | 6016648 | 55395 | 1773522 | (5807) | (185000) |
|  SGI U.S. Large Cap Core ETF  | 275278 | 9816413 | 128650 | 4953249 | (7500) | (297492) |
|  | 1128928 | $34800562 | 729065 | $22940416 | (216907) | $(5720925) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** |
| <br>**ISSUER NAME** | **DIVIDEND <br> INCOME** | **CAPITAL <br> GAIN <br> DISTRIBUTION** | **NET CHANGE IN <br> UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **REALIZED <br> GAIN/(LOSS)** | **SHARE <br> BALANCE** | **VALUE** | **COST** |
|  **SGI Prudent Fund** |  |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF  | $38835 | $— | 93839 | $(2141) | 79980 | 2365009 | $2108406 |
|  SGI Enhanced Core ETF  | 113831 | 96606 | (33207) | (842) | 273060 | 6983783 | 6959145 |
|  SGI Enhanced Global Income ETF  | 65585 | 5808 | 771434 | 66102 | 148070 | 5140517 | 3838124 |
|  SGI Global Equity Fund  |  | 363186 | 163528 | (15179) | 153339 | 5253390 | 4812695 |
|  SGI Small Cap Core Fund  |  | 183112 | (65859) | 42414 | 109946 | 3643605 | 3002696 |
|  SGI U.S. Large Cap Core ETF  | 4425 |  | 115874 | 50600 | 47750 | 1853178 | 1228005 |
|  SGI U.S. Large Cap Equity Fund  |  | 243978 | 514850 | (169398) | 730467 | 13637822 | 13049980 |
|  | $222676 | $892690 | 1560458 | $(28444) | 1542612 | $38877304 | $34999051 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** |
| <br>**ISSUER NAME** | **DIVIDEND <br> INCOME** | **CAPITAL <br> GAIN <br> DISTRIBUTION** | **NET CHANGE IN <br> UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **REALIZED <br> GAIN/(LOSS)** | **SHARE <br> BALANCE** | **VALUE** | **COST** |
|  **SGI Peak Fund** |  |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF  | $97614 | $— | $204840 | $(8997) | 210050 | $6211179 | $5708686 |
|  SGI Enhanced Core ETF  | 80156 | 80409 | (3576) | (44447) | 48480 | 1239924 | 1237602 |
|  SGI Enhanced Global Income ETF  |  |  | 30417 |  | 90300 | 3134927 | 3104510 |
|  SGI Enhanced Nasdaq-100 ETF  | 64286 | $943319 | (816850) | (41458) | 551070 | 14959401 | 14891986 |
|  SGI Enhanced Market Leaders ETF  |  |  | (14674) |  | 115300 | 3702537 | 3717211 |
|  SGI Small Cap Core Fund  |  | 344062 | 7855 | (8795) | 229458 | 7604231 | 6398046 |
|  SGI U.S. Large Cap Core ETF  | 27692 |  | 902032 | 11168 | 396428 | 15385371 | 13217136 |
|  | $269749 | $1367791 | $310044 | $(92529) | 1641086 | $52237570 | $48275177 |

---

**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.

**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.

**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%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  3.63%, 05/28/2026 <sup>(a)(b)</sup>  | $6466204000 | $6410284194 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $6,409,386,640)  |  | 6410284194 |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** |
|  **Money Market Funds — 0.3%** |  |  |
|  Goldman Sachs Square Government Fund - Institutional Class, 3.62% <sup>(c)</sup>  | 19529415 | $19529415 |
|  **Repurchase Agreements — 44.1%** | **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)  | 250000000 | 250000000 |
|  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)  | 500000000 | 500000000 |
|  J.P. Morgan Securities LLC  |  |  |
| &nbsp;&nbsp;&nbsp; 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)  | 950000000 | 950000000 |
| &nbsp;&nbsp;&nbsp; 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)  | 550000000 | 550000000 |
|  MUFG Securities (Canada) Ltd.  |  |  |
| &nbsp;&nbsp;&nbsp; 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)  | 300000000 | $300000000 |
| &nbsp;&nbsp;&nbsp; 3.88%, dated 07/01/2025, matures 04/06/2026, repurchase price $400,700,000 (collateralized by equities: total value $100,302,013)  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp; 3.90%, dated 12/15/2025, matures 04/06/2026, repurchase price $221,333,333 (collateralized by equities: total value $100,303,563)  | 100000000 | 100000000 |
| &nbsp;&nbsp;&nbsp; 3.85%, dated 07/01/2025, matures 04/06/2026, repurchase price $298,781,250 (collateralized by equities: total value $75,224,770)  | 75000000 | 75000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $2,825,000,000)  |  | $2825000000 |
|  **TOTAL INVESTMENTS — 144.4%** (Cost $9,253,916,055)  |  | $9254813609 |
|  Liabilities in Excess of Other Assets — (44.4)%  |  | (2844064927) |
|  **TOTAL NET ASSETS — 100.0%** |  | $6410748682 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**F/m US Treasury 6 Month Bill ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par / Shares** | **Value** |
|  **U.S. TREASURY BILLS — 100.0%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  3.59%, 08/27/2026 <sup>(a)(b)</sup>  | $752145000 | $739089340 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $738,956,482)  |  | 739089340 |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 34.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 34.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 34.6%** |
|  **Money Market Funds — 0.8%** |  |  |
|  Goldman Sachs Square Government Fund - Institutional Class, 3.62% <sup>(c)</sup>  | 5887777 | 5887777 |
|  **Repurchase Agreements — 33.8%** | **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)  | 150000000 | 150000000 |
|  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)  | 100000000 | 100000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $250,000,000)  |  | $250000000 |
|  **TOTAL INVESTMENTS — 134.6%** (Cost $994,844,259)  |  | $994977117 |
|  Liabilities in Excess of Other Assets — (34.6)%  |  | (255818676) |
|  **TOTAL NET ASSETS — 100.0%** |  | $739158441 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**F/m US Treasury 12 Month Bill ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par / Shares** | **Value** |
|  **U.S. TREASURY BILLS — 100.0%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  3.46%, 02/18/2027 <sup>(a)(b)</sup>  | $314798000 | $304457327 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $304,435,513)  |  | 304457327 |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 43.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 43.6%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 43.6%** |
|  **Money Market Funds — 2.5%** |  |  |
|  Goldman Sachs Square Government Fund - Institutional Class, 3.62% <sup>(c)</sup>  | 7730560 | $7730560 |
|  **Repurchase Agreements — 41.1%** | **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)  | 125000000 | 125000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $125,000,000)  |  | $125000000 |
|  **TOTAL INVESTMENTS — 143.6%** (Cost $437,166,073)  |  | $437187887 |
|  Liabilities in Excess of Other Assets — (43.6)%  |  | (132711964) |
|  **TOTAL NET ASSETS — 100.0%** |  | $304475923 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**F/m US Treasury 2 Year Note ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par / Shares** | **Value** |
|  **U.S. TREASURY SECURITIES — 100.0%** | **U.S. TREASURY SECURITIES — 100.0%** |  |
|  United States Treasury Note/Bond, 3.38%, 02/29/2028 <sup>(a)</sup>  | $415781000 | $415683551 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $415,683,551)  |  | 415683551 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 39.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 39.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 39.3%** |
|  **Money Market Funds — 3.2%** |  |  |
|  Goldman Sachs Square Government Fund - Institutional Class, 3.62% <sup>(b)</sup>  | 13336239 | $13336239 |
|  **Repurchase Agreements — 36.1%** | **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)  | 150000000 | 150000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $150,000,000)  |  | $150000000 |
|  **TOTAL INVESTMENTS — 139.3%** (Cost $579,019,790)  |  | $579019790 |
|  Liabilities in Excess of Other Assets — (39.3)%  |  | (163307947) |
|  **TOTAL NET ASSETS — 100.0%** |  | $415711843 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**F/m US Treasury 3 Year Note ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.9%** | **U.S. TREASURY SECURITIES — 99.9%** |  |
|  United States Treasury Note/Bond, 3.50%, 02/15/2029  | $10462000 | $10495511 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $10,476,962)  |  | 10495511 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $10,476,962)  |  | $10495511 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 14780 |
|  **TOTAL NET ASSETS — 100.0%** |  | $10510291 |

---

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.

**F/m US Treasury 5 Year Note ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.7%** | **U.S. TREASURY SECURITIES — 99.7%** |  |
|  United States Treasury Note/Bond, 3.75%, 01/31/2031  | $33360000 | $33704025 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $33,279,104)  |  | 33704025 |
|  **TOTAL INVESTMENTS — 99.7%** (Cost $33,279,104)  |  | $33704025 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 102114 |
|  **TOTAL NET ASSETS — 100.0%** |  | $33806139 |

---

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.

**F/m US Treasury 7 Year Note ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.7%** | **U.S. TREASURY SECURITIES — 99.7%** |  |
|  United States Treasury Note/Bond, 4.00%, 01/31/2033  | $9654000 | $9819928 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $9,637,782)  |  | 9819928 |
|  **TOTAL INVESTMENTS — 99.7%** (Cost $9,637,782)  |  | $9819928 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 31718 |
|  **TOTAL NET ASSETS — 100.0%** |  | $9851646 |

---

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.

**F/m US Treasury 10 Year Note ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 4.13%, 02/15/2036  | $282232000 | $285980394 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $283,892,236)  |  | 285980394 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $283,892,236)  |  | $285980394 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 453182 |
|  **TOTAL NET ASSETS — 100.0%** |  | $286433576 |

---

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.

**F/m US Treasury 20 Year Bond ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 4.63%, 02/15/2046  | $8870000 | $8933407 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $8,933,407)  |  | 8933407 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $8,933,407)  |  | $8933407 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 14485 |
|  **TOTAL NET ASSETS — 100.0%** |  | $8947892 |

---

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.

**F/m US Treasury 30 Year Bond ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 4.75%, 02/15/2056  | $29655000 | $30220298 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $29,900,802)  |  | 30220298 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $29,900,802)  |  | $30220298 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 55814 |
|  **TOTAL NET ASSETS — 100.0%** |  | $30276112 |

---

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.

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/M<br> US TREASURY<br> 3 MONTH<br> BILL FUND** | **F/m <br> US Treasury <br> 6 Month <br> Bill ETF** | **F/m <br> US Treasury <br> 12 Month <br> Bill ETF** | **F/m <br> US Treasury <br> 2 Year <br> Note ETF** |
|  **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $6410284194 | $739089340 | $304457327 | $415683551 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements purchased with proceeds from securities lending collateral, at value  | 2825000000 | 250000000 | 125000000 | 150000000 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value  | 19529415 | 5887777 | 7730560 | 13336239 |
| &nbsp;&nbsp;&nbsp; Receivable for cash held from securities on loan  | 6314585 | 624223 | 365940 | 423761 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 2699 | 342 | 118 | 36735 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 863877 | 124944 | 43332 | 53273 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  | 411838408 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 13461418 |  |  | 3889992 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 305816 | 29441 | 10074 | 16694 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 223 |  |  | 185 |
|  Total assets  | 9275762227 | 995756067 | 437607351 | 995278838 |
|  **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 732760 | 85626 | 34928 | 47180 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 13436785 |  |  | 415759815 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 2850844000 | 256512000 | 133096500 | 163760000 |
|  Total liabilities  | 2865013545 | 256597626 | 133131428 | 579566995 |
|  **NET ASSETS**  | $6410748682 | $739158441 | $304475923 | $415711843 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $128582 | $14770 | $6070 | $8550 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 6419741175 | 740766788 | 305150756 | 421401370 |
| &nbsp;&nbsp;&nbsp; Total accumulated losses  | (9121075) | (1623117) | (680903) | (5698077) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $6410748682 | $739158441 | $304475923 | $415711843 |
|  **ETF CLASS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $6410730198 | $739158441 | $304475923 | $415711843 |
| &nbsp;&nbsp;&nbsp; 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)  | 128580000 | 14770000 | 6070000 | 8550000 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $49.86 | $50.04 | $50.16 | $48.62 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/M<br> US TREASURY<br> 3 MONTH<br> BILL FUND** | **F/m <br> US Treasury <br> 6 Month <br> Bill ETF** | **F/m <br> US Treasury <br> 12 Month <br> Bill ETF** | **F/m <br> US Treasury <br> 2 Year <br> Note ETF** |
|  **Institutional Class** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $100177 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 2009 |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $— | $— | $— | $— |
|  **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $6409386640 | $738956482 | $304435513 | $415683551 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements, at cost  | 2825000000 | 250000000 | 125000000 | 150000000 |
| &nbsp;&nbsp;&nbsp; Money market funds, at cost  | 19529415 | 5887777 | 7730560 | 13336239 |
|  **LOANED SECURITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | 2794648200 | 251461120 | 130480200 | 160533963 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Year <br> Note ETF** | **F/m <br> US Treasury<br> 5 Year <br> Note ETF** | **F/m <br> US Treasury <br> 7 Year <br> Note ETF** | **F/m <br> US Treasury <br> 10 Year <br> Note ETF** |
|  **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $10495511 | $33704025 | $9819928 | $285980394 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 14163 | 100220 | 30938 | 450260 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 1807 | 5743 | 1903 | 35522 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  |  | 44 |
|  Total assets  | 10511481 | 33809988 | 9852769 | 286466220 |
|  **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 1190 | 3849 | 1123 | 32644 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |  |  |
|  Total liabilities  | 1190 | 3849 | 1123 | 32644 |
|  **NET ASSETS**  | $10510291 | $33806139 | $9851646 | $286433576 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $210 | $680 | $200 | $6390 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 10585088 | 33864671 | 9831235 | 288313373 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/ (accumulated losses)  | (75007) | (59212) | 20211 | (1886187) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $10510291 | $33806139 | $9851646 | $286433576 |
| &nbsp;&nbsp;&nbsp; Net assets  | $10510291 | $33806139 | $9851646 | $286433576 |
| &nbsp;&nbsp;&nbsp; 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)  | 210000 | 680000 | 200000 | 6390000 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $50.05 | $49.71 | $49.26 | $44.83 |
|  **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $10476962 | $33279104 | $9637782 | $283892236 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **F/m <br> US Treasury <br> 20 Year <br> Bond ETF** | **F/m <br> US Treasury <br> 30 Year <br> Bond ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $8933407 | $30220298 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 15880 | 54480 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 1894 | 4646 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 8948129 |  |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  |
|  Total assets  | 17899310 | 30279424 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 1013 | 3312 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 8950405 |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |
|  Total liabilities  | 8951418 | 3312 |
|  **NET ASSETS**  | $8947892 | $30276112 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $200 | $710 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 10684815 | 32241933 |
| &nbsp;&nbsp;&nbsp; Total accumulated losses  | (1737123) | (1966531) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $8947892 | $30276112 |
| &nbsp;&nbsp;&nbsp; Net assets  | $8947892 | $30276112 |
| &nbsp;&nbsp;&nbsp; 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)  | 200000 | 710000 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $44.74 | $42.64 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $8933407 | $29900802 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations** 

**FOR THE six months ended February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Month <br> Bill Fund** | **F/m <br> US Treasury <br> 6 Month <br> Bill ETF** | **F/m US <br> Treasury 12 <br> Month Bill <br> ETF** | **F/m US <br> Treasury 2 <br> Year Note <br> ETF** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $117991376 | $14401074 | $5352508 | $6806588 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 2209663 | 198146 | 85980 | 72812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 120201039 | 14599220 | 5438488 | 6879400 |
|  **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 4722105 | 587789 | 224066 | 291819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 4722105 | 587789 | 224066 | 291819 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 115478934 | 14011431 | 5214422 | 6587581 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (250533) | (251614) | 242809 | 1424192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 3591504 | 965402 | 424698 | (2588) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3340971 | 713788 | 667507 | 1421604 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (240214) | (55536) | (135690) | (5) |
|  Net change in unrealized appreciation (depreciation)  | (240214) | (55536) | (135690) | (5) |
|  Net realized and unrealized gain (loss)  | 3100757 | 658252 | 531817 | 1421599 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $118579691 | $14669683 | $5746239 | $8009180 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations (CONTINUED)** 

**FOR THE six months ended February 28, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Year <br> Note ETF** | **F/m <br> US Treasury <br> 5 Year <br> Note ETF** | **F/m <br> US Treasury <br> 7 Year <br> Note ETF** | **F/m US <br> Treasury 10 <br> Year Note <br> ETF** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $179102 | $541827 | $164375 | $5032041 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  |  |  | 30292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 179102 | 541827 | 164375 | 5062333 |
|  **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 7697 | 22443 | 6343 | 184126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 7697 | 22443 | 6343 | 184126 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 171405 | 519384 | 158032 | 4878207 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 11369 | (156700) | (54536) | 5060093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 45044 | (5998) |  | 116100 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 56413 | (162698) | (54536) | 5176193 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (13603) | 424921 | 182146 | 971596 |
|  Net change in unrealized appreciation (depreciation)  | (13603) | 424921 | 182146 | 971596 |
|  Net realized and unrealized gain (loss)  | 42810 | 262223 | 127610 | 6147789 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $214215 | $781607 | $285642 | $11025996 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations (Concluded)** 

**FOR THE six months ended February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **F/m US <br> Treasury 20 <br> Year Bond <br> ETF** | **F/m <br> US Treasury <br> 30 Year <br> Bond ETF** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $210773 | $611657 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 210773 | 611657 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 6761 | 19445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 6761 | 19445 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 204012 | 592212 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 317785 | 624133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 29779 | 2280 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 347564 | 626413 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  |  | 469136 |
|  Net change in unrealized appreciation (depreciation)  |  | 469136 |
|  Net realized and unrealized gain (loss)  | 347564 | 1095549 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $551576 | $1687761 |

---

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

**F/m US Treasury 3 Month Bill FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $115478934 | $218883767 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3340971 | 3047448 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (240214) | (415583) |
|  **Net increase (decrease) in net assets from operations** | 118579691 | 221515632 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - ETF Class  | (136842868) | (219157772) |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class  | (301) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (136843169) | (219157772) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - ETF Class  | 13227476445 | 7025942323 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - ETF Class  | (1271996622) | (5211405626) |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 301 |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | 100000 |  |
|  Net increase (decrease) in net assets from capital transactions  | 507610517 | 1814536697 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 489347039 | 1816894557 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $5921401643 | $4104507086 |
|  End of the period  | $6410748682 | $5921401643 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - ETF Class  | 264650000 | 140600000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - ETF Class  | (254470000) | (104230000) |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 2003 |  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 6 |  |
|  Total increase (decrease) in shares outstanding  | 10182009 | 36370000 |

---

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

**F/m US Treasury 6 Month Bill ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $14011431 | $29565246 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 713788 | 674795 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (55536) | 135914 |
|  **Net increase (decrease) in net assets from operations**  | 14669683 | 30375955 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (16838662) | (29601073) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (16838662) | (29601073) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1590069533 | 921693203 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1656787950) | (712916073) |
|  Net increase (decrease) in net assets from capital transactions  | (66718417) | 208777130 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (68887396) | 209552012 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $808045837 | $598493825 |
|  End of the period  | $739158441 | $808045837 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 18380000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | 14770000 | (14210000) |
|  Total increase (decrease) in shares outstanding  | 14770000 | 4170000 |

---

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

**F/m US Treasury 12 Month Bill ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $5214422 | $10999571 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 667507 | 464323 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (135690) | 60017 |
|  **Net increase (decrease) in net assets from operations** | 5746239 | 11523911 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (6134649) | (11010251) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (6134649) | (11010251) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 321115209 | 631897943 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (298027175) | (587732886) |
|  Net increase (decrease) in net assets from capital transactions  | 23088034 | 44165057 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 22699624 | 44678717 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $281776299 | $237097582 |
|  End of the period  | $304475923 | $281776299 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6070000 | 12610000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (11730000) |
|  Total increase (decrease) in shares outstanding  | 6070000 | 880000 |

---

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

**F/m US Treasury 2 Year Note ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $6587581 | $15444242 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1421604 | 2819340 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (5) | (3182883) |
|  **Net increase (decrease) in net assets from operations** | 8009180 | 15080699 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (7740244) | (15833836) |
| &nbsp;&nbsp;&nbsp; From return of capital  |  |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (7740244) | (15833836) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 54910509 | 87275224 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (16032603) | (162431255) |
|  Net increase (decrease) in net assets from capital transactions  | 38877906 | (75156031) |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 39146842 | (75909168) |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $376565001 | $452474166 |
|  End of the period  | $415711843 | $376564998 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 8550000 | 1800000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (3370000) |
|  Total increase (decrease) in shares outstanding  | 8550000 | (1570000) |

---

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

**F/m US Treasury 3 Year Note ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $171405 | $327434 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 56413 | 12889 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (13603) | 39018 |
|  **Net increase (decrease) in net assets from operations** | 214215 | 379341 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (199943) | (324357) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (199943) | (324357) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 12478963 | 13841609 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (11471326) | (11862756) |
|  Net increase (decrease) in net assets from capital transactions  | 1007637 | 1978853 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 1021909 | 2033837 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $9488382 | $7454545 |
|  End of the period  | $10510291 | $9488382 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 250000 | 280000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (230000) | (240000) |
|  Total increase (decrease) in shares outstanding  | 20000 | 40000 |

---

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

**F/m US Treasury 5 Year Note ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $519384 | $1543443 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (162698) | 436607 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 424921 | 47092 |
|  **Net increase (decrease) in net assets from operations** | 781607 | 2027142 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (608443) | (1550640) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (608443) | (1550640) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 9863403 | 127463867 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (6396473) | (121982766) |
|  Net increase (decrease) in net assets from capital transactions  | 3466930 | 5481101 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 3640094 | 5957603 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $30166045 | $24208442 |
|  End of the period  | $33806139 | $30166045 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 200000 | 2600000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (130000) | (2480000) |
|  Total increase (decrease) in shares outstanding  | 70000 | 120000 |

---

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

**F/m US Treasury 7 Year Note ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $158032 | $237839 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (54536) | (21645) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 182146 | 14903 |
|  **Net increase (decrease) in net assets from operations** | 285642 | 231097 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (181119) | (233511) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (181119) | (233511) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2441163 | 8328684 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (6412004) |
|  Net increase (decrease) in net assets from capital transactions  | 2441163 | 1916680 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 2545686 | 1914266 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $7305960 | $5391694 |
|  End of the period  | $9851646 | $7305960 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 50000 | 170000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (130000) |
|  Total increase (decrease) in shares outstanding  | 50000 | 40000 |

---

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

**F/m US Treasury 10 Year Note ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $4878207 | $7181875 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 5176193 | (4635172) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 971596 | 2008162 |
|  **Net increase (decrease) in net assets from operations** | 11025996 | 4554865 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (5660263) | (7176267) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (5660263) | (7176267) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 84837172 | 116105828 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (26147677) | (48080804) |
|  Net increase (decrease) in net assets from capital transactions  | 58689495 | 68025024 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 64055228 | 65403622 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $222378348 | $156974726 |
|  End of the period  | $286433576 | $222378348 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6550000 | 2670000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (160000) | (1100000) |
|  Total increase (decrease) in shares outstanding  | 6390000 | 1570000 |

---

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

**F/m US Treasury 20 Year Bond ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $204012 | $724102 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 347564 | (1634361) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  |  | 215613 |
|  **Net increase (decrease) in net assets from operations** | 551576 | (694646) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (241524) | (724102) |
| &nbsp;&nbsp;&nbsp; From return of capital  |  | (53451) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (241524) | (777553) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 438074 | 23969122 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1326387) | (39220340) |
|  Net increase (decrease) in net assets from capital transactions  | (888313) | (15251218) |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | (578261) | (16723417) |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $9526153 | $26249570 |
|  End of the period  | $8947892 | $9526153 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 200000 | 520000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (860000) |
|  Total increase (decrease) in shares outstanding  | 200000 | (340000) |

---

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

**F/m US Treasury 30 Year Bond ETF** 

**STATEMENTS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Six Months <br> ENDED <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $592212 | $796081 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 626413 | (2037800) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 469136 | 20140 |
|  **Net increase (decrease) in net assets from operations** | 1687761 | (1221579) |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (678161) | (785822) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (678161) | (785822) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 9672691 | 7434926 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1682352) | (2106020) |
|  Net increase (decrease) in net assets from capital transactions  | 7990339 | 5328906 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 8999939 | 3321505 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $21276173 | $17954668 |
|  End of the period  | $30276112 | $21276173 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 710000 | 180000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (50000) |
|  Total increase (decrease) in shares outstanding  | 710000 | 130000 |

---

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

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ETF class shares** | **ETF class shares** | **ETF class shares** | **ETF class shares** | **ETF class shares** |
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2022<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |  |
|  Net asset value, beginning of period  | $50.01 | $50.04 | $50.06 | $49.80 | $49.75 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.90 | 2.14 | 2.61 | 2.49 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.05 | 0.03 | — <sup>(d)</sup> | (0.29) | (0.04) |
|  Total from investment operations  | 0.95 | 2.17 | 2.61 | 2.20 | 0.05 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $49.86 | $50.01 | $50.04 | $50.06 | $49.80 |
|  **TOTAL RETURN**<sup>(e)(g)</sup>  | 1.92% | 4.46% | 5.37% | 4.50% | 0.10% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $6410630 | $5921402 | $4104507 | $1776583 | $38844 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.65% | 4.29% | 5.21% | 4.98% | 2.61% |
|  Portfolio turnover rate<sup>(e)</sup>  | 0% | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> 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.

**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.<br>

---

| | |
|:---|:---|
|  | **Institutional<br> Class<br> Shares** |
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<sup>(** **a** **)</sup>** **<br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $49.92 |
|  **INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.07 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.02 |
|  Total from investment operations  | 0.09 |
|  **LESS DISTRIBUTIONS FROM:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.15) |
|  Total distributions  | (0.15) |
|  Net asset value, end of period  | $49.86 |
|  **TOTAL RETURN**<sup>(d)(g)</sup>  | 0.18% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $100 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 4.54% |
|  Portfolio turnover rate<sup>(d)</sup>  | 0% |

---

<sup>(a)</sup> Inception date of the Fund was February 11, 2026.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(g)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31,<br> 2023<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $50.19 | $50.17 | $50.13 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.94 | 2.11 | 2.58 | 1.28 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  |  | 0.06 | 0.09 | (0.12) |
|  Total from investment operations  | 0.94 | 2.17 | 2.67 | 1.16 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $50.04 | $50.19 | $50.17 | $50.13 |
|  **TOTAL RETURN**<sup>(e)(h)</sup>  | 1.91% | 4.44% | 5.48% | 2.35% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $739158 | $808046 | $598494 | $311318 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.58% | 4.20% | 5.14% | 5.26% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 6, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> Period <br> ENDED <br> AUGUST 31, <br> 2023<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $50.23 | $50.13 | $49.91 | $50.07 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.86 | 2.00 | 2.47 | 1.96 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.11 | 0.14 | 0.25 | (0.48) |
|  Total from investment operations  | 0.97 | 2.14 | 2.72 | 1.48 |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $50.16 | $50.23 | $50.13 | $49.91 |
|  **TOTAL RETURN**<sup>(e)(h)</sup>  | 1.96% | 4.38% | 5.58% | 3.01% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $304476 | $281776 | $237098 | $126282 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.49% | 3.99% | 4.94% | 4.93% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was November 14, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.<sup></sup>

<sup>(h)</sup> 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.

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> YEAR<br> ENDED <br> AUGUST 31, <br> 2023** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2022<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |  |
|  Net asset value, beginning of period  | $48.59 | $48.55 | $48.16 | $49.74 | $49.84 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.78 | 1.83 | 2.16 | 2.02 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 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:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $48.62 | $48.59 | $48.55 | $48.16 | $49.74 |
|  **TOTAL RETURN**<sup>(e)(h)</sup>  | 2.06% | 4.00% | 5.54% | 0.38% | (0.20)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $415712 | $376565 | $452474 | $305342 | $17907 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.39% | 3.78% | 4.49% | 4.15% | 3.54% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 603% | 1301% | 1091% | 1048% | 100% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $49.94 | $49.70 | $49.02 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.82 | 1.86 | 2.01 | 0.82 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.26 | 0.24 | 0.76 | (1.15) |
|  Total from investment operations  | 1.08 | 2.10 | 2.77 | (0.33) |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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**<sup>(d)(g)</sup>  | 2.20% | 4.36% | 5.82% | (0.66)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $10510 | $9488 | $7455 | $1471 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 3.34% | 3.76% | 4.09% | 3.86% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 507% | 1086% | 905% | 422% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $49.45 | $49.40 | $48.58 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.76 | 1.86 | 1.98 | 0.79 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.48 | 0.06 | 0.86 | (1.63) |
|  Total from investment operations  | 1.24 | 1.92 | 2.84 | (0.84) |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $49.71 | $49.45 | $49.40 | $48.58 |
|  **TOTAL RETURN**<sup>(e)(h)</sup>  | 2.55% | 4.00% | 6.06% | (1.69)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $33806 | $30166 | $24208 | $4372 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.47% | 3.82% | 4.09% | 3.77% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 492% | 1037% | 1036% | 548% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.<sup></sup>

<sup>(h)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $48.71 | $49.02 | $48.14 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.79 | 1.86 | 1.97 | 0.75 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.80 | (0.30) | 0.90 | (2.03) |
|  Total from investment operations  | 1.59 | 1.56 | 2.87 | (1.28) |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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**<sup>(d)(g)</sup>  | 3.31% | 3.34% | 6.15% | (2.58)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $9852 | $7306 | $5392 | $963 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 3.74% | 3.88% | 4.11% | 3.55% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 499% | 1122% | 1064% | 497% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> 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.

**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.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> YEAR<br> ENDED <br> AUGUST 31, <br> 2023** | **FOR THE <br> PERIOD<br> ENDED <br> AUGUST 31, <br> 2022<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |  |
|  Net asset value, beginning of period  | $43.95 | $44.98 | $44.52 | $48.41 | $49.91 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.76 | 1.79 | 1.79 | 1.55 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 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:**  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $44.83 | $43.95 | $44.98 | $44.52 | $48.41 |
|  **TOTAL RETURN**<sup>(e)(h)</sup>  | 4.35% | 1.81% | 5.15% | (4.87)% | (3.00)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $286434 | $222378 | $156975 | $56094 | $20334 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.97% | 4.10% | 4.08% | 3.40% | 2.77% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 217% | 402% | 317% | 289% | 97% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.<sup></sup>

<sup>(h)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $43.30 | $46.87 | $46.86 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.02 | 2.01 | 2.00 | 0.81 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.59 | (3.61) | (0.01) | (3.34) |
|  Total from investment operations  | 2.61 | (1.60) | 1.99 | (2.53) |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.17) | (1.83) | (1.98) | (0.61) |
| &nbsp;&nbsp;&nbsp; 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**<sup>(d)(g)</sup> | 6.10% | (3.45)% | 4.47% | (5.10)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $8948 | $9526 | $26250 | $1874 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 4.53% | 4.49% | 4.38% | 3.87% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 192% | 353% | 344% | 219% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> 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.

**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.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the <br> Six Months <br> Ended <br> February 28, <br> 2026<br> (Unaudited)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2024** | **FOR THE <br> PERIOD <br> ENDED <br> AUGUST 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $40.92 | $46.04 | $46.37 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 0.85 | 1.90 | 1.89 | 0.77 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.96 | (5.14) | (0.34) | (3.83) |
|  Total from investment operations  | 2.81 | (3.24) | 1.55 | (3.06) |
|  **LESS DISTRIBUTIONS FROM:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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**<sup>(d)(g)</sup>  | 6.97% | (7.16)% | 3.59% | (6.17)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $30276 | $21276 | $17955 | $2782 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 4.57% | 4.46% | 4.25% | 3.72% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 217% | 390% | 286% | 180% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the relevant period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> 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.

**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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Bills  | $— | $6410284194 | $— | $6410284194 |
|  Money Market Funds Purchased with Proceeds from Securities Lending  | 19529415 |  |  | 19529415 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending  |  | 2825000000 |  | 2850000000 |
|  Total Investments  | $19529415 | $9235284194 | $— | $9254813609 |

---

**F/m US TREASURY 6 MONTH BILL ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Bills  | $— | $739089340 | $— | $739089340 |
|  Money Market Funds Purchased with Proceeds from Securities Lending  | 5887777 |  |  | 5887777 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending  |  | 250000000 |  | 250000000 |
|  Total Investments  | $5887777 | $989089340 | $— | $994977117 |

---

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Bills  | $— | $304457327 | $— | $304457327 |
|  Money Market Funds Purchased with Proceeds from Securities Lending  | 7730560 |  |  | 7730560 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending  |  | 125000000 |  | 125000000 |
|  Total Investments  | $7730560 | $429457327 | $— | $437187887 |

---

**F/m US TREASURY 2 YEAR NOTE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $415683551 | $— | $415683551 |
|  Money Market Funds Purchased with Proceeds from Securities Lending  | 13336239 |  |  | 13336239 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending  |  | 150000000 |  | 150000000 |
|  Total Investments  | $13336239 | $565683551 | $— | $579019790 |

---

**F/m US TREASURY 3 YEAR NOTE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $10495511 | $— | $10495511 |
|  Total Investments  | $— | $10495511 | $— | $10495511 |

---

**F/m US TREASURY 5 YEAR NOTE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $33704025 | $— | $33704025 |
|  Total Investments  | $— | $33704025 | $— | $33704025 |

---

**F/m US TREASURY 7 YEAR NOTE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $9819928 | $— | $9819928 |
|  Total Investments  | $— | $9819928 | $— | $9819928 |

---

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $285980394 | $— | $285980394 |
|  Total Investments  | $— | $285980394 | $— | $285980394 |

---

**F/m US TREASURY 20 YEAR BOND ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $8933407 | $— | $8933407 |
|  Total Investments  | $— | $8933407 | $— | $8933407 |

---

**F/m US TREASURY 30 YEAR BOND ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  U.S. Treasury Securities  | $— | $30220298 | $— | $30220298 |
|  Total Investments  | $— | $30220298 | $— | $30220298 |

---

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

**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.

**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

**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 <br> PURCHASES** | **U.S. GOVERNMENT<br> 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  | 2373341753 | 2373226600 |
|  F/m US Treasury 3 Year Note ETF  | 61388149 | 51958172 |
|  F/m US Treasury 5 Year Note ETF  | 150303101 | 150391145 |
|  F/m US Treasury 7 Year Note ETF  | 42337588 | 42361899 |
|  F/m US Treasury 10 Year Note ETF  | 537421222 | 537789540 |
|  F/m US Treasury 20 Year Bond ETF  | 17371839 | 17369001 |
|  F/m US Treasury 30 Year Bond ETF  | 56493560 | 56529718 |

---

**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 <br> IN-KIND <br> PURCHASES** | **U.S. GOVERNMENT<br> 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  | 54782632 | 15991526 |
|  F/m US Treasury 3 Year Note ETF  | 2987652 | 11438229 |
|  F/m US Treasury 5 Year Note ETF  | 9833079 | 6374861 |
|  F/m US Treasury 7 Year Note ETF  | 2438043 |  |
|  F/m US Treasury 10 Year Note ETF  | 84212803 | 25974508 |
|  F/m US Treasury 20 Year Bond ETF  | 436865 | 1315298 |
|  F/m US Treasury 30 Year Bond ETF  | 9615534 | 1684629 |

---

**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.

**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 <br> TAX COST** | **UNREALIZED<br> APPRECIATION** | **UNREALIZED<br> (DEPRECIATION)** | **NET UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** |
|  F/m US Treasury 3 Month Bill Fund  | $5921007712 | $1145231 | $(7463) | $1137768 |
|  F/m US Treasury 6 Month Bill ETF  | 807946118 | 189379 | (985) | 188394 |
|  F/m US Treasury 12 Month Bill ETF  | 281649891 | 157516 | (12) | 157504 |
|  F/m US Treasury 2 Year Note ETF  | 375358293 | 5 |  | 5 |
|  F/m US Treasury 3 Year Note ETF  | 9441413 | 32152 |  | 32152 |
|  F/m US Treasury 5 Year Note ETF  | 30071641 |  |  |  |
|  F/m US Treasury 7 Year Note ETF  | 7278613 |  |  |  |
|  F/m US Treasury 10 Year Note ETF  | 220853401 | 1116562 |  | 1116562 |
|  F/m US Treasury 20 Year Bond ETF  | 9461443 |  |  |  |
|  F/m US Treasury 30 Year Bond ETF  | 21379850 |  | (149666) | (149666) |

---

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 <br> Earnings/(Loss)** | **Paid-In-Capital** |
|  F/m US Treasury 3 Month Bill Fund  | $(3249171) | $3249171 |
|  F/m US Treasury 6 Month Bill ETF  | (909292) | 909292 |
|  F/m US Treasury 12 Month Bill ETF  | (637218) | 637218 |
|  F/m US Treasury 2 Year Note ETF  | 180731 | (180731) |
|  F/m US Treasury 3 Year Note ETF  | (40725) | 40725 |
|  F/m US Treasury 5 Year Note ETF  | (670096) | 670096 |
|  F/m US Treasury 7 Year Note ETF  | (39971) | 39971 |
|  F/m US Treasury 10 Year Note ETF  | (281676) | 281676 |
|  F/m US Treasury 20 Year Bond ETF  | 275509 | (275509) |
|  F/m US Treasury 30 Year Bond ETF  | 47646 | (47646) |

---

**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<br> ORDINARY<br> INCOME** | **UNDISTRIBUTED<br> LONG-TERM<br> CAPITAL GAINS** | **Net UNREALIZED<br> APPRECIATION/<br> (DEPRECIATION)** | **Capital<br> loss<br> carryover** | **Qualified late-<br> year loss** |
|  F/m US Treasury 3 Month Bill Fund  | $9776649 | $– $| 1137768 | (1772014) | $— |
|  F/m US Treasury 6 Month Bill ETF  | 970598 | – | 188394 | (613130) |  |
|  F/m US Treasury 12 Month Bill ETF  | 463287 | – | 157504 | (913284) |  |
|  F/m US Treasury 2 Year Note ETF  | 432250 | – | 5 | (6399271) |  |
|  F/m US Treasury 3 Year Note ETF  | 10666 | – | 32152 | (132097) |  |
|  F/m US Treasury 5 Year Note ETF  | 26063 | – |  | (258439) |  |
|  F/m US Treasury 7 Year Note ETF  | 18065 | – |  | (102397) |  |
|  F/m US Treasury 10 Year Note ETF  | 369988 | – | 1116562 | (8738470) |  |
|  F/m US Treasury 20 Year Bond ETF  |  | – |  | (2047175) |  |
|  F/m US Treasury 30 Year Bond ETF  | 18005 | – | (149666) | (2844470) |  |

---

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 <br> ENDED** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **RETURN OF <br> Capital** |
|  F/m US Treasury 3 Month Bill Fund  | August 31, 2025 | $219157772 | $– $|  |
|  F/m US Treasury 6 Month Bill ETF  | August 31, 2025 | 29601073 | – |  |
|  F/m US Treasury 12 Month Bill ETF  | August 31, 2025 | 11010251 | – |  |
|  F/m US Treasury 2 Year Note ETF  | August 31, 2025 | 15833836 | – |  |
|  F/m US Treasury 3 Year Note ETF  | August 31, 2025 | 324357 | – |  |
|  F/m US Treasury 5 Year Note ETF  | August 31, 2025 | 1550640 | – |  |
|  F/m US Treasury 7 Year Note ETF  | August 31, 2025 | 233511 | – |  |
|  F/m US Treasury 10 Year Note ETF  | August 31, 2025 | 7176267 | – |  |
|  F/m US Treasury 20 Year Bond ETF  | August 31, 2025 | 724102 | – | 53451 |
|  F/m US Treasury 30 Year Bond ETF  | August 31, 2025 | 785822 | – |  |

---

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 <br> Carryforward <br> Used** |
|  F/m US Treasury 2 Year Note ETF  | $3000071 |

---

**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<br> SECURITIES <br> LOANED** | **MARKET VALUE OF <br> COLLATERAL** | **INCOME RECEIVED<br> FROM SECURITIES<br> LENDING** |
|  F/m US Treasury 3 Month Bill Fund - ETF Class Shares  | $2794648200 | $2850844000 | $2209663 |
|  F/m US Treasury 6 Month Bill ETF  | 251461120 | 256512000 | 198146 |
|  F/m US Treasury 12 Month Bill ETF  | 130480200 | 133096500 | 85980 |
|  F/m US Treasury 2 Year Note ETF  | 160533963 | 163760000 | 72812 |
|  F/m US Treasury 10 Year Note ETF  |  |  | 30292 |

---

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 <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** |
| <br>**Securities Lending <br> Transactions<sup>(1)</sup>**  | **Overnight and <br> Continuous** | **<30 days** | **Between 30 & 90 <br> days** | **>90 days** | **Total** |
|  **F/m US Treasury 3 Month Bill Fund - ETF Class Shares** |  |  |  |  |  |
|  Government Money Market  | $19529415 | $— | $— | $— | $19529415 |
|  Repurchase Agreements  |  | 500000000 | 2325000000 |  | 2825000000 |
|  **Total Borrowings**  | $**19529415** | $**500000000** | $**2325000000** | $**—** | $**2844529415** |
|  Gross amount of recognized liabilities for securities lending transactions  |  |  |  |  | $2844529415 |
|  **F/m US Treasury 6 Month Bill ETF** |  |  |  |  |  |
|  Government Money Market  | $5887777 | $— | $— | $— | $5887777 |
|  Repurchase Agreements  |  |  | 250000000 |  | 250000000 |
|  **Total Borrowings**  | $**5887777** | $**—** | $**250000000** | $**—** | $**255887777** |
|  Gross amount of recognized liabilities for securities lending transactions  |  |  |  |  | $255887777 |

---

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** | **Remaining Contractual Maturity of the Agreements <br> As of February 28, 2026** |
| <br>**Securities Lending <br> Transactions<sup>(1)</sup>**  | **Overnight and <br> Continuous** | **<30 days** | **Between 30 & 90 <br> days** | **>90 days** | **Total** |
|  **F/m US Treasury 12 Month Bill ETF** |  |  |  |  |  |
|  Government Money Market  | $7730560 | $— | $— | $— | $7730560 |
|  Repurchase Agreements  |  |  | 125000000 |  | 125000000 |
|  **Total Borrowings**  | $**7730560** | $**—** | $**125000000** | $**—** | $**132730560** |
|  Gross amount of recognized liabilities for securities lending transactions  |  |  |  |  | $132730560 |
|  **F/m US Treasury 2 Year Note ETF** |  |  |  |  |  |
|  Government Money Market  | $13336239 | $— | $— | $— | $13336239 |
|  Repurchase Agreements  |  |  | 150000000 |  | 150000000 |
|  **Total Borrowings**  | $**13336239** | $**—** | $**150000000** | $**—** | $**163336239** |
|  Gross amount of recognized liabilities for securities lending transactions  |  |  |  |  | $163336239 |

---

<sup>(1)</sup> 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 <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS AMOUNTS <br> OF RECOGNIZED <br> ASSETS** | <br>**GROSS AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED IN <br> THE STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET AMOUNT<sup>2</sup>** |
|  F/m US Treasury 3 Month Bill Fund - ETF Class Shares  | $2794648200 | $— | $2794648200 | $(2794648200) | $— | $— |
|  F/m US Treasury 6 Month Bill ETF  | 251461120 |  | 251461120 | (251461120) |  |  |
|  F/m US Treasury 12 Month Bill ETF  | 130480200 |  | 130480200 | (130480200) |  |  |
|  F/m US Treasury 2 Year Note ETF  | 160533963 |  | 160533963 | (160533963) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

**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 <br> 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 |

---

**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 <u>http://www.sec.gov</u>.

**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 <u>http://www.sec.gov</u>.

**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 <u>https://www.fminvest.com/etfs</u>.

**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%** | **CORPORATE BONDS — 98.7%** | **CORPORATE BONDS — 98.7%** |
|  **Communications — 3.7%** | **Communications — 3.7%** | **Communications — 3.7%** |
|  Alphabet, Inc., 0.80%, 08/15/2027  | $44000 | $42336 |
|  AT&T, Inc., 1.65%, 02/01/2028  | 44000 | 42188 |
|  Booking Holdings, Inc., 3.55%, 03/15/2028  | 42000 | 41725 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 03/15/2028  | 42000 | 41950 |
|  Comcast Corp., 3.55%, 05/01/2028  | 42000 | 41786 |
|  Cox Communications, Inc., 3.50%, 08/15/2027 <sup>(a)</sup>  | 42000 | 41641 |
|  Expedia Group, Inc., 3.80%, 02/15/2028  | 42000 | 41794 |
|  Frontier Communications Holdings LLC, 5.00%, 05/01/2028 <sup>(a)</sup>  | 42000 | 42043 |
|  Meta Platforms, Inc., 4.60%, 05/15/2028  | 42000 | 42832 |
|  Netflix, Inc., 4.88%, 04/15/2028  | 42000 | 42933 |
|  Paramount Global, 3.70%, 06/01/2028  | 43000 | 41719 |
|  TELUS Corp., 3.70%, 09/15/2027  | 42000 | 41761 |
|  T-Mobile USA, Inc., 4.80%, 07/15/2028  | 42000 | 42823 |
|  Verizon Communications, Inc., 2.10%, 03/22/2028  | 44000 | 42489 |
|  Vodafone Group PLC, 4.38%, 05/30/2028  | 42000 | 42651 |
|  Walt Disney Co., 2.20%, 01/13/2028  | 44000 | 42944 |
|  |  | 675615 |
|  **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** | **Consumer Discretionary — 8.5%** |
|  Amazon.com, Inc., 4.55%, 12/01/2027  | 40000 | 40620 |
|  Automatic Data Processing, Inc., 1.70%, 05/15/2028  | 44000 | 42149 |
|  AutoNation, Inc., 1.95%, 08/01/2028  | 44000 | 41890 |
|  AutoZone, Inc., 4.50%, 02/01/2028  | 43000 | 43445 |
|  Block Financial LLC, 2.50%, 07/15/2028  | 44000 | 41940 |
|  BMW US Capital LLC, 4.15%, 08/11/2027 <sup>(a)</sup>  | 42000 | 42188 |
|  Carnival Corp., 4.00%, 08/01/2028 <sup>(a)</sup>  | 42000 | 41670 |
|  Cintas Corp. No 2, 4.20%, 05/01/2028  | 41000 | 41359 |

---

---

| | | |
|:---|:---|:---|
|  Darden Restaurants, Inc., 4.35%, 10/15/2027  | $42000 | $42227 |
|  Delta Air Lines, Inc., 4.95%, 07/10/2028  | 42000 | 42692 |
|  DR Horton, Inc., 1.40%, 10/15/2027  | 44000 | 42352 |
|  eBay, Inc., 5.95%, 11/22/2027  | 43000 | 44395 |
|  ERAC USA Finance LLC, 4.60%, 05/01/2028 <sup>(a)</sup>  | 41000 | 41620 |
|  General Motors Co., 5.35%, 04/15/2028  | 40000 | 40986 |
|  Hasbro, Inc., 3.50%, 09/15/2027  | 41000 | 40716 |
|  Home Depot, Inc., 0.90%, 03/15/2028  | 46000 | 43580 |
|  Honda Motor Co. Ltd., 4.44%, 07/08/2028  | 42000 | 42475 |
|  Hyatt Hotels Corp., 5.05%, 03/30/2028  | 42000 | 42839 |
|  Hyundai Capital America, 4.90%, 06/23/2028 <sup>(a)</sup>  | 42000 | 42755 |
|  Las Vegas Sands Corp., 5.63%, 06/15/2028  | 42000 | 43018 |
|  Lear Corp., 3.80%, 09/15/2027  | 40000 | 39913 |
|  Leggett & Platt, Inc., 3.50%, 11/15/2027  | 45000 | 44452 |
|  Lennar Corp., 4.75%, 11/29/2027  | 42000 | 42374 |
|  LKQ Corp., 5.75%, 06/15/2028  | 42000 | 43138 |
|  Lowe's Cos., Inc., 3.95%, 10/15/2027  | 40000 | 40127 |
|  Marriott International, Inc., 5.00%, 10/15/2027  | 40000 | 40647 |
|  Masco Corp., 1.50%, 02/15/2028  | 45000 | 42942 |
|  Mattel, Inc., 5.88%, 12/15/2027 <sup>(a)</sup>  | 43000 | 43043 |
|  McDonald's Corp., 3.80%, 04/01/2028  | 41000 | 41020 |
|  O'Reilly Automotive, Inc., 4.35%, 06/01/2028  | 41000 | 41371 |
|  Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028 <sup>(a)</sup>  | 40000 | 40883 |
|  Southwest Airlines Co., 3.45%, 11/16/2027  | 43000 | 42600 |
|  Stanley Black & Decker, Inc., 6.00%, 03/06/2028  | 39000 | 40459 |
|  Starbucks Corp., 4.50%, 05/15/2028  | 41000 | 41473 |
|  TJX Cos., Inc., 1.15%, 05/15/2028  | 46000 | 43491 |
|  Toll Brothers Finance Corp., 4.35%, 02/15/2028  | 42000 | 42256 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Consumer Discretionary — 8.5% (continued)** | **Consumer Discretionary — 8.5% (continued)** | **Consumer Discretionary — 8.5% (continued)** |
|  Toyota Motor Credit Corp., 3.75%, 01/12/2028  | $42000 | $42072 |
|  |  | 1557177 |
|  **Consumer Staples — 7.2%** | **Consumer Staples — 7.2%** | **Consumer Staples — 7.2%** |
|  7-Eleven, Inc., 1.30%, 02/10/2028 <sup>(a)</sup>  | 46000 | 43711 |
|  Altria Group, Inc., 4.88%, 02/04/2028  | 42000 | 42763 |
|  BAT International Finance PLC, 4.45%, 03/16/2028  | 40000 | 40366 |
|  Bunge Ltd. Finance Corp., 4.10%, 01/07/2028  | 43000 | 43209 |
|  Cargill, Inc., 4.63%, 02/11/2028 <sup>(a)</sup>  | 42000 | 42695 |
|  Clorox Co., 3.90%, 05/15/2028  | 41000 | 41030 |
|  Coca-Cola Co., 1.50%, 03/05/2028  | 44000 | 42285 |
|  Colgate-Palmolive Co., 4.60%, 03/01/2028  | 42000 | 42751 |
|  Conagra Brands, Inc., 1.38%, 11/01/2027  | 45000 | 43071 |
|  Constellation Brands, Inc., 3.60%, 02/15/2028  | 41000 | 40746 |
|  Dollar General Corp., 5.20%, 07/05/2028  | 40000 | 41038 |
|  Dollar Tree, Inc., 4.20%, 05/15/2028  | 41000 | 41139 |
|  Estee Lauder Cos., Inc., 4.38%, 05/15/2028  | 41000 | 41461 |
|  General Mills, Inc., 4.20%, 04/17/2028  | 43000 | 43159 |
|  Heineken NV, 3.50%, 01/29/2028 <sup>(a)</sup>  | 43000 | 42712 |
|  Hershey Co., 4.55%, 02/24/2028  | 42000 | 42708 |
|  Hormel Foods Corp., 1.70%, 06/03/2028  | 45000 | 42984 |
|  J M Smucker Co., 3.38%, 12/15/2027  | 44000 | 43617 |
|  Kellanova, 4.30%, 05/15/2028  | 43000 | 43395 |
|  Kenvue, Inc., 5.05%, 03/22/2028  | 42000 | 42991 |
|  Keurig Dr Pepper, Inc., 4.35%, 05/15/2028  | 41000 | 41225 |
|  Kimberly-Clark Corp., 1.05%, 09/15/2027  | 43000 | 41367 |
|  Mars, Inc., 4.60%, 03/01/2028 <sup>(a)</sup>  | 43000 | 43648 |
|  McCormick & Co., Inc., 3.40%, 08/15/2027  | 42000 | 41798 |
|  Mondelez International, Inc., 4.25%, 05/06/2028  | 41000 | 41284 |

---

---

| | | |
|:---|:---|:---|
|  PepsiCo, Inc., 4.45%, 02/07/2028  | 43000 | 43652 |
|  Philip Morris International, Inc., 4.13%, 04/28/2028  | 43000 | 43286 |
|  Procter & Gamble Co., 3.95%, 01/26/2028  | 43000 | 43357 |
|  Target Corp., 4.35%, 06/15/2028  | 41000 | 41567 |
|  The Campbell's Co., 4.15%, 03/15/2028  | 42000 | 42117 |
|  Walmart, Inc., 3.90%, 04/15/2028  | 43000 | 43248 |
|  |  | 1314380 |
|  **Energy — 7.9%** | **Energy — 7.9%** | **Energy — 7.9%** |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2027  | 44000 | 43639 |
|  BP Capital Markets America, Inc., 5.02%, 11/17/2027  | 42000 | 42852 |
|  Chevron USA, Inc., 3.95%, 08/13/2027  | 43000 | 43226 |
|  Continental Resources, Inc., 4.38%, 01/15/2028  | 42000 | 42060 |
|  Devon Energy Corp., 5.88%, 06/15/2028  | 41000 | 41029 |
|  Enbridge, Inc., 4.60%, 06/20/2028  | 41000 | 41565 |
|  Energy Transfer LP, 5.55%, 02/15/2028  | 42000 | 43225 |
|  Eni USA, Inc., 7.30%, 11/15/2027  | 42000 | 44317 |
|  Enterprise Products Operating LLC, 4.30%, 06/20/2028  | 41000 | 41426 |
|  EOG Resources, Inc., 4.40%, 07/15/2028  | 42000 | 42546 |
|  EQT Corp., 5.70%, 04/01/2028  | 40000 | 41353 |
|  Equinor ASA, 4.25%, 06/02/2028  | 41000 | 41429 |
|  Gray Oak Pipeline LLC, 3.45%, 10/15/2027 <sup>(a)</sup>  | 44000 | 43557 |
|  Helmerich & Payne, Inc., 4.65%, 12/01/2027  | 43000 | 43383 |
|  HF Sinclair Corp., 5.00%, 02/01/2028  | 43000 | 42991 |
|  Kinder Morgan, Inc., 4.30%, 03/01/2028  | 43000 | 43358 |
|  Marathon Petroleum Corp., 3.80%, 04/01/2028  | 43000 | 42877 |
|  MPLX LP, 4.25%, 12/01/2027  | 44000 | 44192 |
|  NGPL PipeCo LLC, 4.88%, 08/15/2027 <sup>(a)</sup>  | 41000 | 41279 |
|  ONEOK, Inc., 4.25%, 09/24/2027  | 44000 | 44204 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 7.9% (continued)** | **Energy — 7.9% (continued)** | **Energy — 7.9% (continued)** |
|  Ovintiv, Inc., 5.65%, 05/15/2028  | $42000 | $43508 |
|  Patterson-UTI Energy, Inc., 3.95%, 02/01/2028  | 42000 | 41677 |
|  Phillips 66 Co., 4.95%, 12/01/2027  | 42000 | 42710 |
|  Sabal Trail Transmission LLC, 4.25%, 05/01/2028 <sup>(a)</sup>  | 43000 | 42937 |
|  Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028  | 42000 | 42158 |
|  Schlumberger Holdings Corp., 4.50%, 05/15/2028 <sup>(a)</sup>  | 41000 | 41481 |
|  South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027  | 43000 | 43446 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028  | 41000 | 41013 |
|  Texas Eastern Transmission LP, 3.50%, 01/15/2028 <sup>(a)</sup>  | 42000 | 41614 |
|  TransCanada PipeLines Ltd., 4.25%, 05/15/2028  | 41000 | 41225 |
|  Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/2028  | 40000 | 40049 |
|  Valero Energy Corp., 2.15%, 09/15/2027  | 44000 | 42834 |
|  Western Midstream Operating LP, 4.50%, 03/01/2028  | 42000 | 42317 |
|  Woodside Finance Ltd., 4.90%, 05/19/2028  | 42000 | 42719 |
|  |  | 1444196 |
|  **Financials — 27.9% <sup>(b)</sup>** | **Financials — 27.9% <sup>(b)</sup>** | **Financials — 27.9% <sup>(b)</sup>** |
|  Agree LP, 2.00%, 06/15/2028  | 45000 | 43153 |
|  Aircastle Ltd., 6.50%, 07/18/2028 <sup>(a)</sup>  | 40000 | 42000 |
|  Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2028  | 43000 | 42907 |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029  | 42000 | 43133 |
|  American Express Co., 4.35% to 07/20/2028 then SOFR + 0.81%, 07/20/2029  | 42000 | 42375 |
|  American Homes 4 Rent LP, 4.25%, 02/15/2028  | 42000 | 42085 |
|  American International Group, Inc., 5.75% (3 mo. LIBOR USD + 2.87%), 04/01/2048 <sup>(c)</sup>  | 42000 | 42651 |
|  American Tower Corp., 5.25%, 07/15/2028  | 40000 | 41131 |

---

---

| | | |
|:---|:---|:---|
|  Ares Capital Corp., 2.88%, 06/15/2028  | $43000 | $41020 |
|  Ares Strategic Income Fund, 5.70%, 03/15/2028  | 42000 | 42305 |
|  Arthur J Gallagher & Co., 4.60%, 12/15/2027  | 44000 | 44403 |
|  Assurant, Inc., 4.90%, 03/27/2028  | 43000 | 43557 |
|  Athene Global Funding, 4.83%, 05/09/2028 <sup>(a)</sup>  | 41000 | 41413 |
|  AvalonBay Communities, Inc., 3.20%, 01/15/2028  | 43000 | 42664 |
|  Aviation Capital Group LLC, 6.25%, 04/15/2028 <sup>(a)</sup>  | 42000 | 43652 |
|  Avolon Holdings Funding Ltd., 4.95%, 01/15/2028 <sup>(a)</sup>  | 43000 | 43561 |
|  AXIS Specialty Finance PLC, 4.00%, 12/06/2027  | 44000 | 43915 |
|  Bank of America Corp., 4.62% (SOFR + 1.11%), 05/09/2029  | 41000 | 41565 |
|  Bank of Montreal, 4.06% to 09/22/2027 then SOFR + 0.75%, 09/22/2028  | 42000 | 42097 |
|  Bank of Nova Scotia, 4.04% to 09/15/2027 then SOFR + 0.76%, 09/15/2028  | 43000 | 43047 |
|  BGC Group, Inc., 8.00%, 05/25/2028  | 40000 | 42770 |
|  Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/2027 <sup>(a)</sup>  | 43000 | 44238 |
|  Blackstone Private Credit Fund, 4.95%, 09/26/2027  | 42000 | 41933 |
|  Blackstone Secured Lending Fund, 5.35%, 04/13/2028  | 43000 | 43026 |
|  Blue Owl Capital Corp., 2.88%, 06/11/2028  | 45000 | 42126 |
|  Blue Owl Credit Income Corp., 7.95%, 06/13/2028  | 40000 | 41507 |
|  Blue Owl Technology Finance Corp., 6.10%, 03/15/2028  | 42000 | 41691 |
|  Boston Properties LP, 6.75%, 12/01/2027  | 42000 | 43830 |
|  Brighthouse Financial Global Funding, 2.00%, 06/28/2028 <sup>(a)</sup>  | 46000 | 43323 |
|  Brixmor Operating Partnership LP, 2.25%, 04/01/2028  | 45000 | 43456 |
|  Brookfield Finance, Inc., 3.90%, 01/25/2028  | 43000 | 42921 |
|  Brown & Brown, Inc., 4.70%, 06/23/2028  | 41000 | 41439 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 27.9%<sup>(b)</sup>** **(continued)** | **Financials — 27.9%<sup>(b)</sup>** **(continued)** | **Financials — 27.9%<sup>(b)</sup>** **(continued)** |
|  Canadian Imperial Bank of Commerce, 4.24% to 09/08/2027 then SOFR + 0.60%, 09/08/2028  | $42000 | $42200 |
|  Capital One Financial Corp., 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029  | 40000 | 41825 |
|  Charles Schwab Corp., 5.64% (SOFR + 2.21%), 05/19/2029  | 42000 | 43585 |
|  Cincinnati Financial Corp., 6.92%, 05/15/2028  | 40000 | 42497 |
|  Citigroup, Inc., 4.79% (SOFR + 0.87%), 03/04/2029  | 41000 | 41598 |
|  CME Group, Inc., 3.75%, 06/15/2028  | 41000 | 41022 |
|  CNA Financial Corp., 3.45%, 08/15/2027  | 40000 | 39674 |
|  CNO Global Funding, 4.88%, 12/10/2027 <sup>(a)</sup>  | 44000 | 44420 |
|  Corebridge Global Funding, 4.90%, 01/07/2028 <sup>(a)</sup>  | 42000 | 42663 |
|  Crown Castle, Inc., 5.00%, 01/11/2028  | 42000 | 42705 |
|  CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 <sup>(a)</sup>  | 43000 | 42128 |
|  Digital Realty Trust LP, 5.55%, 01/15/2028  | 43000 | 44225 |
|  DOC DR LLC, 3.95%, 01/15/2028  | 43000 | 42951 |
|  Empower Finance 2020 LP, 1.36%, 09/17/2027 <sup>(a)</sup>  | 44000 | 42318 |
|  EPR Properties, 4.95%, 04/15/2028  | 43000 | 43494 |
|  Equinix, Inc., 2.00%, 05/15/2028  | 45000 | 43117 |
|  Equitable America Global Funding, 3.95%, 09/15/2027 <sup>(a)</sup>  | 42000 | 41953 |
|  ERP Operating LP, 3.50%, 03/01/2028  | 42000 | 41718 |
|  Essex Portfolio LP, 1.70%, 03/01/2028  | 44000 | 42136 |
|  Extra Space Storage LP, 3.88%, 12/15/2027  | 44000 | 43957 |
|  F&G Annuities & Life, Inc., 7.40%, 01/13/2028  | 40000 | 41510 |
|  Fairfax Financial Holdings Ltd., 4.85%, 04/17/2028  | 43000 | 43669 |
|  Federal Realty OP LP, 5.38%, 05/01/2028  | 42000 | 43150 |
|  Fidelity National Information Services, Inc., 1.65%, 03/01/2028  | 45000 | 42932 |

---

---

| | | |
|:---|:---|:---|
|  Fifth Third Bancorp, 6.34% (SOFR + 2.34%), 07/27/2029  | $40000 | $42062 |
|  First-Citizens Bank & Trust Co., 6.13%, 03/09/2028  | 39000 | 40323 |
|  Fiserv, Inc., 5.45%, 03/02/2028  | 41000 | 41945 |
|  GATX Corp., 3.50%, 03/15/2028  | 43000 | 42550 |
|  Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 3.75%, 12/15/2027 <sup>(a)</sup>  | 43000 | 41993 |
|  Global Payments, Inc., 4.95%, 08/15/2027  | 39000 | 39315 |
|  GLP Capital LP / GLP Financing II, Inc., 5.75%, 06/01/2028  | 42000 | 43060 |
|  Goldman Sachs Group, Inc., 4.15% (SOFR + 0.71%), 01/21/2029  | 42000 | 42012 |
|  Goldman Sachs Private Credit Corp., 5.88%, 05/06/2028 <sup>(a)</sup>  | 42000 | 42496 |
|  Goodman US Finance Three LLC, 3.70%, 03/15/2028 <sup>(a)</sup>  | 43000 | 42669 |
|  Guardian Life Global Funding, 5.55%, 10/28/2027 <sup>(a)</sup>  | 43000 | 44172 |
|  Highwoods Realty LP, 4.13%, 03/15/2028  | 42000 | 41736 |
|  HPS Corporate Lending Fund, 5.45%, 01/14/2028  | 41000 | 41160 |
|  Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028  | 43000 | 43268 |
|  Intercontinental Exchange, Inc., 4.00%, 09/15/2027  | 43000 | 43131 |
|  Jefferies Financial Group, Inc., 5.88%, 07/21/2028  | 40000 | 41352 |
|  JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), 01/24/2029  | 40000 | 40711 |
|  Kimco Realty OP LLC, 1.90%, 03/01/2028  | 44000 | 42402 |
|  Lincoln Financial Global Funding, 4.63%, 05/28/2028 <sup>(a)</sup>  | 41000 | 41346 |
|  LPL Holdings, Inc., 4.90%, 04/03/2028  | 42000 | 42479 |
|  M&T Bank Corp., 4.83% to 01/16/2028 then SOFR + 0.93%, 01/16/2029  | 42000 | 42683 |
|  Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028 <sup>(a)</sup>  | 43000 | 43719 |
|  Macquarie Bank Ltd., 3.92%, 02/03/2028 <sup>(a)</sup>  | 42000 | 42163 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 27.9% <sup>(b)</sup>** **(continued)** | **Financials — 27.9% <sup>(b)</sup>** **(continued)** | **Financials — 27.9% <sup>(b)</sup>** **(continued)** |
|  Marex Group PLC, 5.83%, 05/08/2028  | $42000 | $42834 |
|  Markel Group, Inc., 3.50%, 11/01/2027  | 44000 | 43629 |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 42000 | 42391 |
|  Mastercard, Inc., 4.55%, 03/15/2028  | 42000 | 42698 |
|  Mid-America Apartments LP, 4.20%, 06/15/2028  | 41000 | 41267 |
|  Mutual of Omaha Cos. Global Funding, 4.51%, 06/09/2028 <sup>(a)</sup>  | 41000 | 41349 |
|  Nasdaq, Inc., 5.35%, 06/28/2028  | 42000 | 43220 |
|  New Mountain Finance Corp., 6.20%, 10/15/2027  | 42000 | 42260 |
|  New York Life Global Funding, 4.15%, 07/25/2028 <sup>(a)</sup>  | 42000 | 42259 |
|  NNN REIT, Inc., 3.50%, 10/15/2027  | 44000 | 43738 |
|  Northwestern Mutual Global Funding, 4.49%, 03/21/2028 <sup>(a)</sup>  | 43000 | 43510 |
|  Omega Healthcare Investors, Inc., 4.75%, 01/15/2028  | 42000 | 42407 |
|  ORIX Corp., 5.00%, 09/13/2027  | 40000 | 40644 |
|  Pacific Life Global Funding II, 4.45%, 05/01/2028 <sup>(a)</sup>  | 41000 | 41439 |
|  PayPal Holdings, Inc., 4.45%, 03/06/2028  | 43000 | 43487 |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.05%, 08/01/2028 <sup>(a)</sup>  | 40000 | 41682 |
|  PNC Financial Services Group, Inc., 4.08% to 01/26/2028 then SOFR + 0.61%, 01/26/2029  | 42000 | 42120 |
|  Prologis LP, 4.88%, 06/15/2028  | 42000 | 42972 |
|  Public Storage Operating Co., 1.85%, 05/01/2028  | 45000 | 43178 |
|  Realty Income Corp., 2.10%, 03/15/2028  | 44000 | 42458 |
|  Regency Centers LP, 4.13%, 03/15/2028  | 42000 | 42217 |
|  Rexford Industrial Realty LP, 5.00%, 06/15/2028  | 42000 | 42719 |
|  Royal Bank of Canada, 4.00% to 11/03/2027 then SOFR + 0.70%, 11/03/2028  | 43000 | 43049 |
|  Sammons Financial Group Global Funding, 5.05%, 01/10/2028 <sup>(a)</sup>  | 42000 | 42705 |

---

---

| | | |
|:---|:---|:---|
|  Santander Holdings USA, Inc., 5.47% (SOFR + 1.61%), 03/20/2029  | 42000 | 42926 |
|  Simon Property Group LP, 1.75%, 02/01/2028  | 44000 | 42367 |
|  State Street Corp., 4.54%, 02/28/2028  | 42000 | 42665 |
|  Store Capital LLC, 4.50%, 03/15/2028  | 42000 | 42177 |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029  | 42000 | 42505 |
|  Toronto-Dominion Bank, 3.91%, 01/13/2028  | 42000 | 42037 |
|  UDR, Inc., 3.50%, 01/15/2028  | 42000 | 41669 |
|  US Bancorp, 5.78% to 06/12/2028 then SOFR + 2.02%, 06/12/2029  | 40000 | 41562 |
|  Ventas Realty LP, 4.00%, 03/01/2028  | 43000 | 42994 |
|  VICI Properties LP, 4.75%, 04/01/2028  | 43000 | 43430 |
|  Visa, Inc., 0.75%, 08/15/2027  | 43000 | 41314 |
|  Voya Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR USD + 2.08%, 01/23/2048 <sup>(c)</sup>  | 46000 | 44253 |
|  Wells Fargo & Co., 4.97% (SOFR + 1.37%), 04/23/2029  | 42000 | 42814 |
|  Welltower OP LLC, 4.25%, 04/15/2028  | 43000 | 43335 |
|  Western-Southern Global Funding, 4.50%, 07/16/2028 <sup>(a)</sup>  | 42000 | 42406 |
|  Westpac Banking Corp., 5.46%, 11/18/2027  | 43000 | 44284 |
|  Weyerhaeuser Co., 6.95%, 10/01/2027  | 42000 | 43912 |
|  |  | 5101970 |
|  **Health Care — 9.0%** | **Health Care — 9.0%** | **Health Care — 9.0%** |
|  Abbott Laboratories, 1.15%, 01/30/2028  | 44000 | 42051 |
|  AbbVie, Inc., 4.65%, 03/15/2028  | 42000 | 42719 |
|  Agilent Technologies, Inc., 4.20%, 09/09/2027  | 41000 | 41177 |
|  Amgen, Inc., 5.15%, 03/02/2028  | 41000 | 41985 |
|  Astrazeneca Finance LLC, 4.88%, 03/03/2028  | 42000 | 42925 |
|  Bayer Corp., 6.65%, 02/15/2028 <sup>(a)</sup>  | 40000 | 41895 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Health Care — 9.0% (continued)** | **Health Care — 9.0% (continued)** | **Health Care — 9.0% (continued)** |
|  Becton Dickinson & Co., 4.69%, 02/13/2028  | $43000 | $43556 |
|  Bon Secours Mercy Health, Inc., 4.30%, 07/01/2028  | 41000 | 41277 |
|  Boston Scientific Corp., 4.00%, 03/01/2028  | 42000 | 42170 |
|  Bristol-Myers Squibb Co., 1.13%, 11/13/2027  | 44000 | 42215 |
|  Cencora, Inc., 4.63%, 12/15/2027  | 44000 | 44540 |
|  Centene Corp., 2.45%, 07/15/2028  | 44000 | 41493 |
|  CHRISTUS Health, 4.34%, 07/01/2028  | 41000 | 41221 |
|  Cigna Group, 3.05%, 10/15/2027  | 44000 | 43499 |
|  CommonSpirit Health, 6.07%, 11/01/2027  | 43000 | 44314 |
|  CVS Health Corp., 1.30%, 08/21/2027  | 43000 | 41404 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/2028  | 41000 | 41245 |
|  Elevance Health, Inc., 4.10%, 03/01/2028  | 42000 | 42094 |
|  Eli Lilly & Co., 4.55%, 02/12/2028  | 42000 | 42696 |
|  Gilead Sciences, Inc., 1.20%, 10/01/2027  | 44000 | 42322 |
|  GlaxoSmithKline Capital, Inc., 3.88%, 05/15/2028  | 43000 | 43191 |
|  HCA, Inc., 5.00%, 03/01/2028  | 42000 | 42854 |
|  Humana, Inc., 5.75%, 03/01/2028  | 39000 | 40061 |
|  Illumina, Inc., 5.75%, 12/13/2027  | 42000 | 43214 |
|  Johnson & Johnson, 4.55%, 03/01/2028  | 42000 | 42773 |
|  Laboratory Corp. of America Holdings, 3.60%, 09/01/2027  | 42000 | 41839 |
|  McKesson Corp., 4.90%, 07/15/2028  | 40000 | 41000 |
|  Medtronic Global Holdings SCA, 4.25%, 03/30/2028  | 40000 | 40388 |
|  Merck & Co., Inc., 3.85%, 09/15/2027  | 43000 | 43193 |
|  Mylan, Inc., 4.55%, 04/15/2028  | 41000 | 41194 |
|  Pfizer, Inc., 3.88%, 11/15/2027  | 41000 | 41188 |
|  Quest Diagnostics, Inc., 4.60%, 12/15/2027  | 43000 | 43537 |
|  Royalty Pharma PLC, 1.75%, 09/02/2027  | 42000 | 40645 |
|  Sanofi SA, 3.75%, 11/03/2027  | 43000 | 43094 |

---

---

| | | |
|:---|:---|:---|
|  SSM Health Care Corp., 4.89%, 06/01/2028  | 41000 | 41696 |
|  Stryker Corp., 4.70%, 02/10/2028  | 43000 | 43635 |
|  Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027  | 42000 | 42717 |
|  UnitedHealth Group, Inc., 4.40%, 06/15/2028  | 41000 | 41484 |
|  Zoetis, Inc., 3.00%, 09/12/2027  | 43000 | 42513 |
|  |  | 1647014 |
|  **Industrials — 11.1%** | **Industrials — 11.1%** | **Industrials — 11.1%** |
|  3M Co., 2.88%, 10/15/2027  | 44000 | 43403 |
|  ABB Finance USA, Inc., 3.80%, 04/03/2028  | 43000 | 43040 |
|  Allegion US Holding Co., Inc., 3.55%, 10/01/2027  | 44000 | 43696 |
|  Amphenol Corp., 3.80%, 11/15/2027  | 43000 | 43041 |
|  Boeing Co., 3.25%, 02/01/2028  | 43000 | 42491 |
|  Canadian National Railway Co., 6.90%, 07/15/2028  | 40000 | 42757 |
|  Canadian Pacific Railway Co., 4.00%, 06/01/2028  | 41000 | 41107 |
|  Caterpillar Financial Services Corp., 3.70%, 01/10/2028  | 42000 | 42092 |
|  CH Robinson Worldwide, Inc., 4.20%, 04/15/2028  | 43000 | 43116 |
|  CNH Industrial Capital LLC, 4.75%, 03/21/2028  | 43000 | 43577 |
|  CNH Industrial NV, 3.85%, 11/15/2027  | 43000 | 42903 |
|  CSX Corp., 3.80%, 03/01/2028  | 43000 | 43030 |
|  Cummins, Inc., 4.25%, 05/09/2028  | 41000 | 41439 |
|  Eaton Corp., 4.35%, 05/18/2028  | 41000 | 41504 |
|  Emerson Electric Co., 1.80%, 10/15/2027  | 44000 | 42722 |
|  FedEx Corp., 3.40%, 02/15/2028  | 42000 | 41574 |
|  General Dynamics Corp., 3.75%, 05/15/2028  | 41000 | 41115 |
|  HEICO Corp., 5.25%, 08/01/2028  | 40000 | 41158 |
|  Honeywell International, Inc., 4.95%, 02/15/2028  | 40000 | 40882 |
|  Howmet Aerospace, Inc., 6.75%, 01/15/2028  | 42000 | 44196 |
|  Hubbell, Inc., 3.50%, 02/15/2028  | 42000 | 41736 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Industrials — 11.1% (continued)** | **Industrials — 11.1% (continued)** | **Industrials — 11.1% (continued)** |
|  Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027  | $44000 | $43618 |
|  John Deere Capital Corp., 4.25%, 06/05/2028  | 41000 | 41540 |
|  Kennametal, Inc., 4.63%, 06/15/2028  | 41000 | 41472 |
|  Kirby Corp., 4.20%, 03/01/2028  | 43000 | 43129 |
|  L3Harris Technologies, Inc., 4.40%, 06/15/2028  | 41000 | 41395 |
|  Lockheed Martin Corp., 4.45%, 05/15/2028  | 41000 | 41568 |
|  Molex Electronic Technologies LLC, 4.75%, 04/30/2028 <sup>(a)</sup>  | 42000 | 42570 |
|  Norfolk Southern Corp., 3.80%, 08/01/2028  | 42000 | 41980 |
|  Northrop Grumman Corp., 3.25%, 01/15/2028  | 43000 | 42574 |
|  nVent Finance Sarl, 4.55%, 04/15/2028  | 43000 | 43343 |
|  Oshkosh Corp., 4.60%, 05/15/2028  | 41000 | 41404 |
|  PACCAR Financial Corp., 4.55%, 03/03/2028  | 42000 | 42775 |
|  Parker-Hannifin Corp., 4.25%, 09/15/2027  | 43000 | 43269 |
|  Quanta Services, Inc., 4.75%, 08/09/2027  | 42000 | 42452 |
|  Regal Rexnord Corp., 6.05%, 04/15/2028  | 42000 | 43551 |
|  Republic Services, Inc., 3.95%, 05/15/2028  | 41000 | 41121 |
|  RTX Corp., 7.20%, 08/15/2027  | 40000 | 41903 |
|  Ryder System, Inc., 5.25%, 06/01/2028  | 42000 | 43157 |
|  Spirit AeroSystems, Inc., 4.60%, 06/15/2028  | 41000 | 41379 |
|  Textron, Inc., 3.38%, 03/01/2028  | 42000 | 41561 |
|  Trimble, Inc., 4.90%, 06/15/2028  | 42000 | 42432 |
|  Tyco Electronics Group SA, 3.13%, 08/15/2027  | 44000 | 43672 |
|  United Parcel Service, Inc., 3.05%, 11/15/2027  | 44000 | 43601 |
|  Vontier Corp., 2.40%, 04/01/2028  | 45000 | 43458 |
|  Waste Management, Inc., 4.50%, 03/15/2028  | 43000 | 43648 |
|  XPO, Inc., 6.25%, 06/01/2028 <sup>(a)</sup>  | 42000 | 42777 |
|  Xylem, Inc., 1.95%, 01/30/2028  | 44000 | 42472 |
|  |  | 2038400 |

---

---

| | | |
|:---|:---|:---|
|  **Materials — 5.8%** | **Materials — 5.8%** | **Materials — 5.8%** |
|  Air Products and Chemicals, Inc., 4.30%, 06/11/2028  | $41000 | $41500 |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028  | 43000 | 43740 |
|  Amrize Finance US LLC, 4.70%, 04/07/2028  | 43000 | 43659 |
|  ArcelorMittal SA, 6.55%, 11/29/2027  | 41000 | 42604 |
|  BHP Billiton Finance USA Ltd., 4.75%, 02/28/2028  | 42000 | 42777 |
|  Carlisle Cos., Inc., 3.75%, 12/01/2027  | 44000 | 43860 |
|  Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.70%, 06/01/2028 <sup>(a)</sup>  | 43000 | 42683 |
|  Ecolab, Inc., 4.30%, 06/15/2028  | 41000 | 41484 |
|  Freeport-McMoRan, Inc., 4.38%, 08/01/2028  | 42000 | 42054 |
|  Georgia-Pacific LLC, 4.40%, 06/30/2028 <sup>(a)</sup>  | 41000 | 41485 |
|  Glencore Funding LLC, 4.91%, 04/01/2028 <sup>(a)</sup>  | 42000 | 42763 |
|  International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 <sup>(a)</sup>  | 44000 | 42461 |
|  Martin Marietta Materials, Inc., 3.50%, 12/15/2027  | 44000 | 43707 |
|  Mosaic Co., 4.05%, 11/15/2027  | 43000 | 43042 |
|  Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027 <sup>(a)</sup>  | 40612 | 40585 |
|  Nucor Corp., 3.95%, 05/01/2028  | 41000 | 41101 |
|  Nutrien Ltd., 4.90%, 03/27/2028  | 42000 | 42751 |
|  Packaging Corp. of America, 3.40%, 12/15/2027  | 45000 | 44631 |
|  PPG Industries, Inc., 3.75%, 03/15/2028  | 42000 | 41926 |
|  Rio Tinto Finance USA PLC, 4.50%, 03/14/2028  | 43000 | 43601 |
|  Sherwin-Williams Co., 4.55%, 03/01/2028  | 43000 | 43555 |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027  | 46000 | 44371 |
|  UPM-Kymmene Oyj, 7.45%, 11/26/2027 <sup>(a)</sup>  | 42000 | 44315 |
|  WRKCo, Inc., 3.90%, 06/01/2028  | 41000 | 40951 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Materials — 5.8% (continued)** | **Materials — 5.8% (continued)** | **Materials — 5.8% (continued)** |
|  Yara International ASA, 4.75%, 06/01/2028 <sup>(a)</sup>  | $41000 | $41518 |
|  |  | 1067124 |
|  **Technology — 7.9%** | **Technology — 7.9%** | **Technology — 7.9%** |
|  Accenture Capital, Inc., 3.90%, 10/04/2027  | 42000 | 42172 |
|  Adobe, Inc., 4.75%, 01/17/2028  | 40000 | 40786 |
|  Advanced Micro Devices, Inc., 4.32%, 03/24/2028  | 43000 | 43507 |
|  Analog Devices, Inc., 4.25%, 06/15/2028  | 41000 | 41449 |
|  Apple, Inc., 4.00%, 05/12/2028  | 41000 | 41370 |
|  Arrow Electronics, Inc., 3.88%, 01/12/2028  | 43000 | 42780 |
|  Avnet, Inc., 6.25%, 03/15/2028  | 39000 | 40456 |
|  Broadcom, Inc., 1.95%, 02/15/2028  | 45000 | 43485 |
|  Cadence Design Systems, Inc., 4.20%, 09/10/2027  | 42000 | 42203 |
|  CDW LLC / CDW Finance Corp., 4.25%, 04/01/2028  | 43000 | 42830 |
|  Cisco Systems, Inc., 4.55%, 02/24/2028  | 42000 | 42696 |
|  Dell International LLC / EMC Corp., 4.75%, 04/01/2028  | 41000 | 41641 |
|  Equifax, Inc., 5.10%, 06/01/2028  | 42000 | 42875 |
|  Flex Ltd., 6.00%, 01/15/2028  | 43000 | 44420 |
|  Gartner, Inc., 4.50%, 07/01/2028 <sup>(a)</sup>  | 41000 | 40409 |
|  Hewlett Packard Enterprise Co., 4.05%, 09/15/2027  | 42000 | 42070 |
|  HP, Inc., 4.75%, 01/15/2028  | 43000 | 43526 |
|  Intel Corp., 4.88%, 02/10/2028  | 42000 | 42660 |
|  Jabil, Inc., 3.95%, 01/12/2028  | 41000 | 40921 |
|  Marvell Technology, Inc., 2.45%, 04/15/2028  | 45000 | 43563 |
|  Microchip Technology, Inc., 4.90%, 03/15/2028  | 43000 | 43711 |
|  Moody's Corp., 3.25%, 01/15/2028  | 42000 | 41520 |
|  Motorola Solutions, Inc., 4.60%, 02/23/2028  | 43000 | 43474 |
|  NVIDIA Corp., 1.55%, 06/15/2028  | 45000 | 42960 |
|  Open Text Corp., 6.90%, 12/01/2027 <sup>(a)</sup>  | 43000 | 44182 |
|  Oracle Corp., 4.50%, 05/06/2028  | 41000 | 41221 |
|  QUALCOMM, Inc., 1.30%, 05/20/2028  | 44000 | 41766 |

---

---

| | | |
|:---|:---|:---|
|  Roper Technologies, Inc., 1.40%, 09/15/2027  | 43000 | 41379 |
|  S&P Global, Inc., 4.75%, 08/01/2028  | 40000 | 40846 |
|  Salesforce, Inc., 1.50%, 07/15/2028  | 44000 | 41676 |
|  Synopsys, Inc., 4.65%, 04/01/2028  | 43000 | 43549 |
|  Take-Two Interactive Software, Inc., 4.95%, 03/28/2028  | 42000 | 42723 |
|  Teledyne Technologies, Inc., 2.25%, 04/01/2028  | 45000 | 43532 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028  | 42000 | 42711 |
|  |  | 1441069 |
|  **Utilities — 9.7%** | **Utilities — 9.7%** | **Utilities — 9.7%** |
|  AES Corp., 5.45%, 06/01/2028  | 42000 | 42954 |
|  Alliant Energy Finance LLC, 4.25%, 06/15/2028 <sup>(a)</sup>  | 41000 | 40911 |
|  Ameren Corp., 1.75%, 03/15/2028  | 44000 | 42091 |
|  American Electric Power Co., Inc., 5.75%, 11/01/2027  | 43000 | 44223 |
|  American Water Capital Corp., 2.95%, 09/01/2027  | 43000 | 42499 |
|  Ausgrid Finance Pty Ltd., 4.35%, 08/01/2028 <sup>(a)</sup>  | 43000 | 43230 |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/2028  | 43000 | 42548 |
|  Black Hills Corp., 5.95%, 03/15/2028  | 39000 | 40438 |
|  Calpine LLC, 5.13%, 03/15/2028 <sup>(a)</sup>  | 42000 | 42003 |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 <sup>(a)</sup>  | 42000 | 42863 |
|  CenterPoint Energy Resources Corp., 5.25%, 03/01/2028  | 41000 | 42082 |
|  Consolidated Edison Co. of New York, Inc., 3.80%, 05/15/2028  | 41000 | 41012 |
|  Constellation Energy Generation LLC, 3.90%, 01/08/2028  | 42000 | 42012 |
|  Consumers Energy Co., 4.65%, 03/01/2028  | 42000 | 42688 |
|  Dominion Energy, Inc., 4.60%, 05/15/2028  | 41000 | 41578 |
|  DTE Energy Co., 4.88%, 06/01/2028  | 42000 | 42811 |
|  Duke Energy Corp., 5.00%, 12/08/2027  | 42000 | 42809 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Utilities — 9.7% (continued)** | **Utilities — 9.7% (continued)** | **Utilities — 9.7% (continued)** |
|  Enel Chile SA, 4.88%, 06/12/2028  | $41000 | $41634 |
|  Essential Utilities, Inc., 4.80%, 08/15/2027  | 42000 | 42468 |
|  Evergy Kansas Central, Inc., 4.70%, 03/13/2028  | 43000 | 43619 |
|  Exelon Corp., 5.15%, 03/15/2028  | 42000 | 42971 |
|  FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 <sup>(a)</sup>  | 42000 | 42935 |
|  ITC Holdings Corp., 4.95%, 09/22/2027 <sup>(a)</sup>  | 39000 | 39471 |
|  Narragansett Electric Co., 3.92%, 08/01/2028 <sup>(a)</sup>  | 42000 | 41990 |
|  National Fuel Gas Co., 3.95%, 09/15/2027  | 42000 | 41915 |
|  National Grid PLC, 5.60%, 06/12/2028  | 42000 | 43439 |
|  National Rural Utilities Cooperative Finance Corp., 3.95%, 12/10/2027  | 41000 | 41131 |
|  NextEra Energy Capital Holdings, Inc., 4.69%, 09/01/2027  | 43000 | 43491 |
|  NiSource, Inc., 5.25%, 03/30/2028  | 41000 | 42023 |
|  Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028  | 43000 | 43387 |
|  Pacific Gas and Electric Co., 5.00%, 06/04/2028  | 42000 | 42772 |
|  Pinnacle West Capital Corp., 4.90%, 05/15/2028  | 42000 | 42783 |
|  Public Service Co. of New Hampshire, 4.40%, 07/01/2028  | 41000 | 41516 |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027  | 43000 | 44332 |
|  Puget Energy, Inc., 2.38%, 06/15/2028  | 43000 | 41409 |
|  Sempra, 3.40%, 02/01/2028  | 43000 | 42544 |
|  Southern California Edison Co., 5.30%, 03/01/2028  | 42000 | 42974 |
|  Southern Co., 4.85%, 06/15/2028  | 42000 | 42846 |
|  Southwest Gas Corp., 5.45%, 03/23/2028  | 41000 | 42126 |
|  System Energy Resources, Inc., 6.00%, 04/15/2028  | 42000 | 43556 |

---

---

| | | |
|:---|:---|:---|
|  WEC Energy Group, Inc., 4.75%, 01/15/2028  | $44000.0 | $44688 |
|  Xcel Energy, Inc., 4.75%, 03/21/2028  | 42000.0 | 42646 |
|  |  | 1783418 |
|  **TOTAL CORPORATE BONDS** (Cost $18,016,195)  |  | 18070363 |
|  **TOTAL INVESTMENTS — 98.7%** (Cost $18,016,195)  |  | 18070363 |
|  Other Assets in Excess of Liabilities — 1.3%  |  | 238079 |
|  **TOTAL NET ASSETS — 100.0%** |  | $18308442 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.<sup></sup>

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.7%** | **CORPORATE BONDS — 98.7%** | **CORPORATE BONDS — 98.7%** |
|  **Communications — 3.6%** | **Communications — 3.6%** | **Communications — 3.6%** |
|  Alphabet, Inc., 3.88%, 11/15/2028  | $91000 | $91646 |
|  AT&T, Inc., 4.35%, 03/01/2029  | 90000 | 91003 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 6.10%, 06/01/2029  | 88000 | 92207 |
|  Comcast Corp., 5.10%, 06/01/2029  | 88000 | 91275 |
|  Cox Communications, Inc., 5.45%, 09/15/2028 <sup>(a)</sup>  | 88000 | 90785 |
|  Fox Corp., 4.71%, 01/25/2029  | 90000 | 91360 |
|  Frontier Communications Holdings LLC, 6.75%, 05/01/2029 <sup>(a)</sup>  | 90000 | 90383 |
|  Netflix, Inc., 6.38%, 05/15/2029  | 86000 | 92379 |
|  News Corp., 3.88%, 05/15/2029 <sup>(a)</sup>  | 94000 | 91661 |
|  Omnicom Group, Inc., 4.65%, 10/01/2028  | 91000 | 91987 |
|  Paramount Global, 4.20%, 06/01/2029  | 94000 | 90442 |
|  Rogers Communications, Inc., 5.00%, 02/15/2029  | 92000 | 94062 |
|  Sprint Capital Corp., 6.88%, 11/15/2028  | 85000 | 91286 |
|  T-Mobile USA, Inc., 4.85%, 01/15/2029  | 90000 | 92195 |
|  Verizon Communications, Inc., 3.88%, 02/08/2029  | 91000 | 91065 |
|  Videotron Ltd., 3.63%, 06/15/2029 <sup>(a)</sup>  | 93000 | 90830 |
|  |  | 1464566 |
|  **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |
|  Amazon.com, Inc., 3.90%, 11/20/2028  | 92000 | 92510 |
|  American Honda Finance Corp., 4.15%, 01/08/2029  | 91000 | 91470 |
|  AutoNation, Inc., 4.45%, 01/15/2029  | 91000 | 91648 |
|  AutoZone, Inc., 5.10%, 07/15/2029  | 90000 | 92799 |
|  Best Buy Co., Inc., 4.45%, 10/01/2028  | 91000 | 91980 |
|  BMW US Capital LLC, 4.90%, 04/02/2029 <sup>(a)</sup>  | 88000 | 90200 |
|  Brunswick Corp./DE, 5.85%, 03/18/2029  | 88000 | 91479 |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028 <sup>(a)</sup>  | 90333 | 91112 |
|  eBay, Inc., 4.25%, 03/06/2029  | 91000 | 91633 |

---

---

| | | |
|:---|:---|:---|
|  ERAC USA Finance LLC, 5.00%, 02/15/2029 <sup>(a)</sup>  | 91000 | 93649 |
|  General Motors Financial Co., Inc., 4.20%, 10/27/2028  | 91000 | 91341 |
|  Genuine Parts Co., 6.50%, 11/01/2028  | 86000 | 90252 |
|  Home Depot, Inc., 3.75%, 09/15/2028  | 91000 | 91455 |
|  Hyatt Hotels Corp., 5.25%, 06/30/2029  | 90000 | 92971 |
|  Hyundai Capital America, 4.25%, 01/08/2029 <sup>(a)</sup>  | 91000 | 91490 |
|  Lear Corp., 4.25%, 05/15/2029  | 92000 | 91993 |
|  Leggett & Platt, Inc., 4.40%, 03/15/2029  | 93000 | 92632 |
|  Lowe's Cos., Inc., 4.00%, 10/15/2028  | 91000 | 91240 |
|  Magna International, Inc., 5.05%, 03/14/2029  | 88000 | 90630 |
|  Marriott International, Inc./MD, 4.88%, 05/15/2029  | 90000 | 92304 |
|  Mattel, Inc., 3.75%, 04/01/2029 <sup>(a)</sup>  | 93000 | 91150 |
|  McDonald's Corp., 5.00%, 05/17/2029  | 88000 | 90990 |
|  Meritage Homes Corp., 3.88%, 04/15/2029 <sup>(a)</sup>  | 93000 | 91998 |
|  Mohawk Industries, Inc., 5.85%, 09/18/2028  | 87000 | 90577 |
|  O'Reilly Automotive, Inc., 3.90%, 06/01/2029  | 93000 | 92732 |
|  Polaris, Inc., 6.95%, 03/15/2029  | 84000 | 89076 |
|  RELX Capital, Inc., 4.00%, 03/18/2029  | 91000 | 90915 |
|  Southwest Airlines Co., 4.38%, 11/15/2028  | 91000 | 91667 |
|  Stanley Black & Decker, Inc., 4.25%, 11/15/2028  | 92000 | 92392 |
|  Starbucks Corp., 4.00%, 11/15/2028  | 93000 | 93243 |
|  Toyota Motor Credit Corp., 4.05%, 09/05/2028  | 91000 | 91733 |
|  UL Solutions, Inc., 6.50%, 10/20/2028  | 87000 | 92063 |
|  United Airlines, Inc., 4.63%, 04/15/2029 <sup>(a)</sup>  | 91000 | 91032 |
|  |  | 3024356 |
|  **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** | **Consumer Staples — 6.3%** |
|  Ahold Finance USA LLC, 6.88%, 05/01/2029  | 84000 | 91136 |
|  Alimentation Couche-Tard, Inc., 4.15%, 09/29/2028 <sup>(a)</sup>  | 91000 | 91473 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Consumer Staples — 6.3% (continued)** | **Consumer Staples — 6.3% (continued)** | **Consumer Staples — 6.3% (continued)** |
|  Altria Group, Inc., 6.20%, 11/01/2028  | $87000 | $91798 |
|  Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029  | 91000 | 93157 |
|  BAT International Finance PLC, 5.93%, 02/02/2029  | 89000 | 93666 |
|  Campbell's Co., 5.20%, 03/21/2029  | 88000 | 90503 |
|  Cargill, Inc., 3.25%, 05/23/2029 <sup>(a)</sup>  | 94000 | 92273 |
|  Clorox Co., 4.40%, 05/01/2029  | 90000 | 91061 |
|  Coca-Cola Consolidated, Inc., 5.25%, 06/01/2029  | 90000 | 93363 |
|  Conagra Brands, Inc., 4.85%, 11/01/2028  | 90000 | 91263 |
|  Constellation Brands, Inc., 4.80%, 01/15/2029  | 91000 | 92885 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 <sup>(a)</sup>  | 94000 | 92461 |
|  General Mills, Inc., 5.50%, 10/17/2028  | 88000 | 91273 |
|  J M Smucker Co., 5.90%, 11/15/2028  | 87000 | 91196 |
|  JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 3.00%, 02/02/2029  | 94000 | 91296 |
|  Keurig Dr Pepper, Inc., 5.05%, 03/15/2029  | 88000 | 90196 |
|  Kimberly-Clark Corp., 3.20%, 04/25/2029  | 93000 | 91395 |
|  Kraft Heinz Foods Co., 4.63%, 01/30/2029  | 92000 | 93506 |
|  Kroger Co., 4.50%, 01/15/2029  | 91000 | 92533 |
|  Mondelez International, Inc., 4.75%, 02/20/2029  | 91000 | 93095 |
|  PepsiCo, Inc., 4.10%, 01/15/2029  | 92000 | 92972 |
|  Philip Morris International, Inc., 3.88%, 10/27/2028  | 91000 | 91133 |
|  Procter & Gamble Co., 4.35%, 01/29/2029  | 90000 | 92191 |
|  Smithfield Foods, Inc., 5.20%, 04/01/2029 <sup>(a)</sup>  | 90000 | 91883 |
|  Sysco Corp., 5.75%, 01/17/2029  | 89000 | 93302 |
|  Target Corp., 3.38%, 04/15/2029  | 93000 | 91984 |
|  Tyson Foods, Inc., 5.40%, 03/15/2029  | 88000 | 91257 |

---

---

| | | |
|:---|:---|:---|
|  Walmart, Inc., 1.50%, 09/22/2028  | 95000 | 90274 |
|  |  | 2574525 |
|  **Energy — 6.0%** | **Energy — 6.0%** | **Energy — 6.0%** |
|  Boardwalk Pipelines LP, 4.80%, 05/03/2029  | 90000 | 91689 |
|  BP Capital Markets America, Inc., 4.70%, 04/10/2029  | 90000 | 92212 |
|  Cheniere Energy, Inc., 4.63%, 10/15/2028  | 91000 | 90964 |
|  Chevron USA, Inc., 4.05%, 08/13/2028  | 92000 | 92925 |
|  Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 <sup>(a)</sup>  | 86000 | 89828 |
|  ConocoPhillips Co., 6.95%, 04/15/2029  | 84000 | 91593 |
|  Coterra Energy, Inc., 4.38%, 03/15/2029  | 91000 | 91963 |
|  DCP Midstream Operating LP, 5.13%, 05/15/2029  | 90000 | 92554 |
|  DT Midstream, Inc., 4.13%, 06/15/2029 <sup>(a)</sup>  | 93000 | 92320 |
|  Enbridge, Inc., 4.20%, 11/20/2028  | 92000 | 92521 |
|  Energy Transfer LP, 5.25%, 07/01/2029  | 90000 | 93338 |
|  Enterprise Products Operating LLC, 3.13%, 07/31/2029  | 95000 | 92720 |
|  EQT Corp., 4.50%, 01/15/2029  | 92000 | 92794 |
|  Equinor ASA, 3.63%, 09/10/2028  | 91000 | 90982 |
|  Expand Energy Corp., 5.38%, 02/01/2029  | 91000 | 90867 |
|  Kinder Morgan, Inc., 5.10%, 08/01/2029  | 90000 | 93184 |
|  Midwest Connector Capital Co. LLC, 4.63%, 04/01/2029 <sup>(a)</sup>  | 90000 | 90639 |
|  MPLX LP, 4.80%, 02/15/2029  | 90000 | 91742 |
|  ONEOK, Inc., 5.65%, 11/01/2028  | 88000 | 91485 |
|  Schlumberger Holdings Corp., 4.30%, 05/01/2029 <sup>(a)</sup>  | 91000 | 92076 |
|  Shell Finance US, Inc., 3.88%, 11/13/2028 <sup>(a)</sup>  | 92000 | 92438 |
|  Targa Resources Corp., 4.35%, 01/15/2029  | 91000 | 91686 |
|  TotalEnergies Capital International SA, 3.46%, 02/19/2029  | 93000 | 92224 |
|  Valero Energy Corp., 4.00%, 04/01/2029  | 91000 | 91025 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 6.0% (continued)** | **Energy — 6.0% (continued)** | **Energy — 6.0% (continued)** |
|  Western Midstream Operating LP, 6.35%, 01/15/2029  | $87000 | $91904 |
|  Williams Cos., Inc., 4.90%, 03/15/2029  | 88000 | 90253 |
|  Woodside Finance Ltd., 4.50%, 03/04/2029 <sup>(a)</sup>  | 91000 | 91668 |
|  |  | 2479594 |
|  **Financials — 36.4% <sup>(b)</sup>** | **Financials — 36.4% <sup>(b)</sup>** | **Financials — 36.4% <sup>(b)</sup>** |
|  Air Lease Corp., 5.10%, 03/01/2029  | 89000 | 90999 |
|  Aircastle Ltd., 5.95%, 02/15/2029 <sup>(a)</sup>  | 90000 | 94159 |
|  Alexandria Real Estate Equities, Inc., 4.50%, 07/30/2029  | 91000 | 91743 |
|  Allstate Corp., 5.05%, 06/24/2029  | 90000 | 92969 |
|  Ally Financial, Inc., 6.85% (SOFR + 2.82%), 01/03/2030  | 86000 | 90954 |
|  American Express Co., 5.53% (SOFR + 1.09%), 04/25/2030  | 88000 | 91924 |
|  American Homes 4 Rent LP, 4.90%, 02/15/2029  | 92000 | 93673 |
|  American National Global Funding, 4.63%, 12/15/2028 <sup>(a)</sup>  | 91000 | 91353 |
|  American Tower Corp., 5.20%, 02/15/2029  | 89000 | 91848 |
|  Ameriprise Financial, Inc., 5.70%, 12/15/2028  | 88000 | 92068 |
|  Aon North America, Inc., 5.15%, 03/01/2029  | 87000 | 89708 |
|  Apollo Debt Solutions BDC, 5.20%, 12/08/2028 <sup>(a)</sup>  | 91000 | 90643 |
|  Apollo Management Holdings LP, 4.87%, 02/15/2029 <sup>(a)</sup>  | 91000 | 92536 |
|  Ares Capital Corp., 5.95%, 07/15/2029  | 90000 | 91962 |
|  Ares Management Corp., 6.38%, 11/10/2028  | 87000 | 91383 |
|  Ares Strategic Income Fund, 4.85%, 01/15/2029 <sup>(a)</sup>  | 94000 | 92431 |
|  Assured Guaranty US Holdings, Inc., 6.13%, 09/15/2028  | 86000 | 90076 |
|  Athene Global Funding, 5.58%, 01/09/2029 <sup>(a)</sup>  | 90000 | 92128 |
|  AvalonBay Communities, Inc., 1.90%, 12/01/2028  | 96000 | 91282 |
|  Aviation Capital Group LLC, 4.25%, 04/30/2029 <sup>(a)</sup>  | 91000 | 91013 |

---

---

| | | |
|:---|:---|:---|
|  Avolon Holdings Funding Ltd., 5.75%, 03/01/2029 <sup>(a)</sup>  | $87000 | $90484 |
|  AXIS Specialty Finance LLC, 3.90%, 07/15/2029  | 93000 | 92482 |
|  Bank of America Corp., 5.82% (SOFR + 1.57%), 09/15/2029  | 86000 | 89680 |
|  Bank of Montreal, 5.72%, 09/25/2028  | 87000 | 90687 |
|  Bank of New York Mellon Corp., 4.03% (SOFR + 0.63%), 01/22/2030  | 91000 | 91135 |
|  Bank of Nova Scotia, 4.25% (SOFR + 0.73%), 02/02/2030  | 91000 | 91490 |
|  Barings BDC, Inc., 5.20%, 09/15/2028  | 91000 | 90033 |
|  BGC Group, Inc., 6.60%, 06/10/2029  | 88000 | 92409 |
|  BlackRock Funding, Inc., 4.70%, 03/14/2029  | 88000 | 90309 |
|  Blackstone Holdings Finance Co. LLC, 1.63%, 08/05/2028 <sup>(a)</sup>  | 97000 | 91584 |
|  Blackstone Private Credit Fund, 5.95%, 07/16/2029  | 92000 | 92758 |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/2028  | 95000 | 88987 |
|  Blue Owl Capital Corp., 5.95%, 03/15/2029  | 90000 | 89638 |
|  Blue Owl Credit Income Corp., 7.75%, 01/15/2029  | 89000 | 92457 |
|  Blue Owl Technology Finance Corp., 6.75%, 04/04/2029 <sup>(c)</sup>  | 90000 | 89661 |
|  Boston Properties LP, 3.40%, 06/21/2029  | 95000 | 92538 |
|  Brighthouse Financial Global Funding, 5.65%, 06/10/2029 <sup>(a)</sup>  | 89000 | 90913 |
|  Brixmor Operating Partnership LP, 4.13%, 05/15/2029  | 92000 | 92126 |
|  Brookfield Finance, Inc., 4.85%, 03/29/2029  | 90000 | 91578 |
|  Brown & Brown, Inc., 4.50%, 03/15/2029  | 91000 | 91497 |
|  Camden Property Trust, 3.15%, 07/01/2029  | 95000 | 92456 |
|  Canadian Imperial Bank of Commerce, 4.28% (SOFR + 0.79%), 01/29/2030  | 91000 | 91547 |
|  Cantor Fitzgerald LP, 7.20%, 12/12/2028 <sup>(a)</sup>  | 87000 | 92387 |
|  Capital One Financial Corp., 5.46% (SOFR + 1.56%), 07/26/2030  | 90000 | 93355 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** |
|  CBRE Services, Inc., 5.50%, 04/01/2029  | $87000 | $90355 |
|  Charles Schwab Corp., 6.20% (SOFR + 1.88%), 11/17/2029  | 86000 | 91049 |
|  CI Financial Corp., 7.50%, 05/30/2029 <sup>(a)</sup>  | 86000 | 91944 |
|  Citigroup, Inc., 5.17% to 02/13/2029 then SOFR + 1.36%, 02/13/2030  | 91000 | 93744 |
|  Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030  | 89000 | 93036 |
|  CNA Financial Corp., 3.90%, 05/01/2029  | 91000 | 90329 |
|  CNO Global Funding, 4.38%, 09/08/2028 <sup>(a)</sup>  | 91000 | 91293 |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030  | 89000 | 93286 |
|  COPT Defense Properties LP, 2.00%, 01/15/2029  | 97000 | 91580 |
|  Corebridge Global Funding, 4.25%, 08/21/2028 <sup>(a)</sup>  | 91000 | 91090 |
|  Crown Castle, Inc., 5.60%, 06/01/2029  | 88000 | 91673 |
|  CubeSmart LP, 2.25%, 12/15/2028  | 96000 | 91512 |
|  Digital Realty Trust LP, 3.60%, 07/01/2029  | 94000 | 92785 |
|  Enact Holdings, Inc., 6.25%, 05/28/2029  | 88000 | 92344 |
|  Enstar Group Ltd., 4.95%, 06/01/2029  | 91000 | 92297 |
|  Equitable America Global Funding, 4.30%, 12/15/2028 <sup>(a)</sup>  | 91000 | 91431 |
|  ERP Operating LP, 3.00%, 07/01/2029  | 94000 | 91353 |
|  Essent Group Ltd., 6.25%, 07/01/2029  | 88000 | 92302 |
|  Essex Portfolio LP, 4.00%, 03/01/2029  | 91000 | 90815 |
|  Extra Space Storage LP, 4.00%, 06/15/2029  | 93000 | 92725 |
|  F&G Global Funding, 4.50%, 01/09/2029 <sup>(a)</sup>  | 91000 | 90334 |
|  Federal Realty OP LP, 3.20%, 06/15/2029  | 95000 | 92448 |
|  Fidelity National Financial, Inc., 4.50%, 08/15/2028  | 91000 | 91652 |
|  Fidelity National Information Services, Inc., 3.75%, 05/21/2029  | 94000 | 92658 |

---

---

| | | |
|:---|:---|:---|
|  Fifth Third Bancorp, 4.77% (SOFR + 2.13%), 07/28/2030  | $92000 | $93496 |
|  Fiserv, Inc., 5.38%, 08/21/2028  | 87000 | 89171 |
|  Fortitude Global Funding, 4.63%, 10/06/2028 <sup>(a)</sup>  | 91000 | 91253 |
|  Franklin BSP Capital Corp., 7.20%, 06/15/2029  | 88000 | 90005 |
|  FS KKR Capital Corp., 7.88%, 01/15/2029  | 90000 | 91737 |
|  GATX Corp., 4.70%, 04/01/2029  | 90000 | 91608 |
|  Global Net Lease, Inc., 4.50%, 09/30/2028 <sup>(a)</sup>  | 93000 | 91191 |
|  Global Payments, Inc., 4.50%, 11/15/2028  | 91000 | 91314 |
|  Globe Life, Inc., 4.55%, 09/15/2028  | 90000 | 90713 |
|  GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029  | 90000 | 91845 |
|  Goldman Sachs BDC, Inc., 5.10%, 01/28/2029  | 93000 | 91684 |
|  Goldman Sachs Group, Inc., 4.15% to 10/21/2028 then SOFR + 0.90%, 10/21/2029  | 91000 | 91041 |
|  Goldman Sachs Private Credit Corp., 5.38%, 01/31/2029 <sup>(a)</sup>  | 91000 | 90931 |
|  Golub Capital BDC, Inc., 6.00%, 07/15/2029  | 92000 | 92281 |
|  Golub Capital Private Credit Fund, 5.45%, 08/15/2028 <sup>(a)</sup>  | 90000 | 90028 |
|  Guardian Life Global Funding, 4.07%, 09/05/2028 <sup>(a)</sup>  | 91000 | 91181 |
|  Healthpeak OP LLC, 2.13%, 12/01/2028  | 96000 | 91291 |
|  Highwoods Realty LP, 4.20%, 04/15/2029  | 93000 | 92043 |
|  Horace Mann Educators Corp., 7.25%, 09/15/2028  | 85000 | 91012 |
|  Host Hotels & Resorts LP, 4.25%, 12/15/2028  | 92000 | 92412 |
|  HPS Corporate Lending Fund, 5.15%, 04/02/2029 <sup>(a)</sup>  | 91000 | 90286 |
|  Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029  | 89000 | 93463 |
|  Intercontinental Exchange, Inc., 3.95%, 12/01/2028  | 92000 | 92210 |
|  Invitation Homes Operating Partnership LP, 2.30%, 11/15/2028  | 97000 | 92281 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** |
|  Jackson National Life Global Funding, 3.05%, 06/21/2029 <sup>(a)</sup>  | $96000 | $91958 |
|  Jones Lang LaSalle, Inc., 6.88%, 12/01/2028  | 87000 | 93029 |
|  JPMorgan Chase & Co., 5.00% (SOFR + 1.13%), 07/22/2030  | 90000 | 92716 |
|  Kilroy Realty LP, 4.75%, 12/15/2028  | 92000 | 92446 |
|  KKR Group Finance Co. VI LLC, 3.75%, 07/01/2029 <sup>(a)</sup>  | 94000 | 92499 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 06/15/2029 <sup>(a)</sup>  | 93000 | 92270 |
|  Lazard Group LLC, 4.38%, 03/11/2029  | 91000 | 91264 |
|  Liberty Mutual Group, Inc., 4.57%, 02/01/2029 <sup>(a)</sup>  | 90000 | 90696 |
|  Lincoln Financial Global Funding, 4.20%, 01/12/2029 <sup>(a)</sup>  | 91000 | 90793 |
|  LPL Holdings, Inc., 6.75%, 11/17/2028  | 85000 | 90152 |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029  | 85000 | 92181 |
|  Macquarie Airfinance Holdings Ltd., 6.40%, 03/26/2029 <sup>(a)</sup>  | 86000 | 90707 |
|  Macquarie Group Ltd., 5.03% (3 mo. Term SOFR + 2.01%), 01/15/2030 <sup>(a)</sup>  | 90000 | 92205 |
|  Main Street Capital Corp., 5.40%, 08/15/2028  | 91000 | 91418 |
|  Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029  | 91000 | 91946 |
|  Mastercard, Inc., 2.95%, 06/01/2029  | 95000 | 92529 |
|  MGIC Investment Corp., 5.25%, 08/15/2028  | 92000 | 91974 |
|  Mid-America Apartments LP, 3.95%, 03/15/2029 <sup>(c)</sup>  | 91000 | 91034 |
|  Morgan Stanley, 4.24% (SOFR + 0.80%), 01/09/2030  | 91000 | 91291 |
|  Morgan Stanley Direct Lending Fund, 6.15%, 05/17/2029  | 90000 | 91879 |
|  Mutual of Omaha Cos. Global Funding, 5.45%, 12/12/2028 <sup>(a)</sup>  | 88000 | 90924 |
|  New Mountain Finance Corp., 6.88%, 02/01/2029  | 91000 | 91894 |

---

---

| | | |
|:---|:---|:---|
|  New York Life Global Funding, 4.05%, 02/02/2029 <sup>(a)</sup>  | $91000 | $91485 |
|  NNN REIT, Inc., 4.30%, 10/15/2028  | 90000 | 90613 |
|  North Haven Private Income Fund LLC, 5.13%, 09/25/2028 <sup>(a)</sup>  | 91000 | 90036 |
|  Northern Trust Corp., 3.15%, 05/03/2029  | 94000 | 92247 |
|  Northwestern Mutual Global Funding, 4.13%, 08/25/2028 <sup>(a)</sup>  | 91000 | 91506 |
|  Nuveen LLC, 4.00%, 11/01/2028 <sup>(a)</sup>  | 92000 | 92082 |
|  Oaktree Specialty Lending Corp., 7.10%, 02/15/2029  | 90000 | 91135 |
|  Oaktree Strategic Credit Fund, 6.50%, 07/23/2029  | 90000 | 92141 |
|  Pacific Life Global Funding II, 4.90%, 01/11/2029 <sup>(a)</sup>  | 90000 | 92150 |
|  PartnerRe Finance B LLC, 3.70%, 07/02/2029  | 94000 | 92566 |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.25%, 07/01/2029 <sup>(a)</sup>  | 90000 | 92911 |
|  Piedmont Operating Partnership LP, 6.88%, 07/15/2029  | 86000 | 91392 |
|  PNC Financial Services Group, Inc., 5.49% (SOFR + 1.20%), 05/14/2030  | 89000 | 92925 |
|  Principal Life Global Funding II, 4.25%, 08/18/2028 <sup>(a)</sup>  | 91000 | 91320 |
|  Progressive Corp., 4.00%, 03/01/2029  | 91000 | 91453 |
|  Prologis LP, 4.00%, 09/15/2028  | 91000 | 91306 |
|  Prologis Targeted US Logistics Fund LP, 5.25%, 04/01/2029 <sup>(a)</sup>  | 89000 | 92042 |
|  Prudential Financial, Inc., 5.70% (3 mo. LIBOR USD + 2.67%), 09/15/2048 <sup>(d)</sup>  | 88000 | 88892 |
|  Public Storage Operating Co., 5.13%, 01/15/2029  | 89000 | 92223 |
|  Radian Group, Inc., 6.20%, 05/15/2029  | 86000 | 90157 |
|  Realty Income Corp., 3.95%, 02/01/2029  | 91000 | 91178 |
|  Regions Financial Corp., 5.72% (SOFR + 1.49%), 06/06/2030  | 88000 | 92169 |
|  RenaissanceRe Holdings Ltd., 3.60%, 04/15/2029  | 93000 | 91413 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** | **Financials — 36.4% <sup>(b)</sup>** **(continued)** |
|  RGA Global Funding, 4.35%, 08/25/2028 <sup>(a)</sup>  | $91000 | $91537 |
|  Royal Bank of Canada, 4.50% to 08/06/2028 then SOFR + 0.89%, 08/06/2029  | 90000 | 91093 |
|  Santander Holdings USA, Inc., 6.17% to 01/09/2029 then SOFR + 2.50%, 01/09/2030  | 88000 | 91843 |
|  SBL Holdings, Inc., 5.90%, 09/26/2028 <sup>(a)</sup>  | 91000 | 88251 |
|  SiriusPoint Ltd., 7.00%, 04/05/2029  | 86000 | 90612 |
|  Sixth Street Lending Partners, 6.50%, 03/11/2029  | 88000 | 90894 |
|  Sixth Street Specialty Lending, Inc., 6.13%, 03/01/2029  | 89000 | 90263 |
|  State Street Corp., 5.68% to 11/21/2028 then SOFR + 1.48%, 11/21/2029  | 88000 | 91988 |
|  Store Capital LLC, 4.63%, 03/15/2029  | 91000 | 91389 |
|  Sun Communities Operating LP, 2.30%, 11/01/2028  | 96000 | 91695 |
|  Synchrony Financial, 5.94% (SOFR + 2.13%), 08/02/2030  | 90000 | 93398 |
|  Toronto-Dominion Bank, 4.11%, 10/13/2028  | 91000 | 91410 |
|  UDR, Inc., 4.40%, 01/26/2029  | 90000 | 90940 |
|  Unum Group, 4.00%, 06/15/2029  | 93000 | 92347 |
|  US Bancorp, 5.10% (SOFR + 1.25%), 07/23/2030  | 90000 | 93039 |
|  Ventas Realty LP, 4.40%, 01/15/2029  | 90000 | 90862 |
|  VICI Properties LP / VICI Note Co., Inc., 3.88%, 02/15/2029 <sup>(a)</sup>  | 93000 | 91696 |
|  WEA Finance LLC, 3.50%, 06/15/2029 <sup>(a)</sup>  | 95000 | 92616 |
|  Webster Financial Corp., 4.10%, 03/25/2029  | 93000 | 92588 |
|  Wells Fargo & Co., 4.18% (SOFR + 0.74%), 01/23/2030  | 91000 | 91324 |
|  Welltower OP LLC, 2.05%, 01/15/2029  | 96000 | 91263 |
|  Western-Southern Global Funding, 4.25%, 01/29/2029 <sup>(a)</sup>  | 91000 | 91441 |
|  Westpac Banking Corp., 5.05%, 04/16/2029  | 88000 | 91403 |
|  Willis North America, Inc., 4.50%, 09/15/2028  | 91000 | 91576 |

---

---

| | | |
|:---|:---|:---|
|  Wintrust Financial Corp., 4.85%, 06/06/2029  | 91000 | 90972 |
|  WP Carey, Inc., 3.85%, 07/15/2029  | 93000 | 92297 |
|  |  | 14927439 |
|  **Health Care — 8.3%** | **Health Care — 8.3%** | **Health Care — 8.3%** |
|  AbbVie, Inc., 4.80%, 03/15/2029  | 89000 | 91431 |
|  Advocate Health & Hospitals Corp., 3.83%, 08/15/2028  | 91000 | 91145 |
|  Amgen, Inc., 3.00%, 02/22/2029  | 95000 | 92683 |
|  Ascension Health, 4.08%, 11/15/2028  | 91000 | 91564 |
|  Astrazeneca Finance LLC, 4.85%, 02/26/2029  | 89000 | 91675 |
|  Baxter International, Inc., 4.45%, 02/15/2029  | 92000 | 92411 |
|  Becton Dickinson & Co., 5.08%, 06/07/2029  | 90000 | 92806 |
|  Bristol-Myers Squibb Co., 4.90%, 02/22/2029  | 91000 | 93942 |
|  Cardinal Health, Inc., 5.13%, 02/15/2029  | 91000 | 93855 |
|  Cigna Group, 5.00%, 05/15/2029  | 88000 | 90660 |
|  CSL Finance PLC, 4.05%, 04/27/2029 <sup>(a)</sup>  | 91000 | 91207 |
|  CVS Health Corp., 5.40%, 06/01/2029  | 90000 | 93542 |
|  Elevance Health, Inc., 4.00%, 09/15/2028  | 91000 | 91159 |
|  Eli Lilly & Co., 4.00%, 10/15/2028  | 91000 | 91770 |
|  GE HealthCare Technologies, Inc., 4.15%, 12/15/2028  | 91000 | 91396 |
|  GlaxoSmithKline Capital PLC, 3.38%, 06/01/2029  | 94000 | 92694 |
|  HCA, Inc., 3.38%, 03/15/2029  | 93000 | 91335 |
|  Health Care Service Corp. A Mutual Legal Reserve Co., 5.20%, 06/15/2029 <sup>(a)</sup>  | 90000 | 92604 |
|  Humana, Inc., 5.75%, 12/01/2028  | 88000 | 91115 |
|  IQVIA, Inc., 6.25%, 02/01/2029  | 89000 | 93547 |
|  Johnson & Johnson, 4.80%, 06/01/2029  | 90000 | 93183 |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup>  | 88000 | 90816 |
|  Merck & Co., Inc., 3.85%, 03/15/2029  | 91000 | 91311 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Health Care — 8.3% (continued)** | **Health Care — 8.3% (continued)** | **Health Care — 8.3% (continued)** |
|  Novartis Capital Corp., 3.90%, 11/05/2028  | $91000 | $91400 |
|  PeaceHealth Obligated Group, 4.34%, 11/15/2028  | 91000 | 91651 |
|  Pfizer, Inc., 3.45%, 03/15/2029  | 92000 | 91342 |
|  Quest Diagnostics, Inc., 4.20%, 06/30/2029  | 91000 | 91648 |
|  Revvity, Inc., 1.90%, 09/15/2028  | 96000 | 90912 |
|  Sanofi SA, 3.80%, 11/03/2028  | 91000 | 91105 |
|  Solventum Corp., 5.40%, 03/01/2029  | 87000 | 90245 |
|  Stryker Corp., 4.85%, 12/08/2028  | 89000 | 91311 |
|  Sutter Health, 3.70%, 08/15/2028  | 91000 | 90623 |
|  Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029  | 90000 | 92973 |
|  Toledo Hospital, 5.33%, 11/15/2028  | 90000 | 91580 |
|  UnitedHealth Group, Inc., 4.70%, 04/15/2029  | 90000 | 92062 |
|  Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028  | 89000 | 92108 |
|  Zoetis, Inc., 4.15%, 08/17/2028  | 91000 | 91687 |
|  |  | 3398498 |
|  **Industrials — 9.8%** | **Industrials — 9.8%** | **Industrials — 9.8%** |
|  3M Co., 3.38%, 03/01/2029  | 93000 | 91597 |
|  Amphenol Corp., 3.90%, 11/15/2028  | 91000 | 91223 |
|  AP Moller - Maersk AS, 4.50%, 06/20/2029 <sup>(a)</sup>  | 91000 | 92097 |
|  Boeing Co., 6.30%, 05/01/2029  | 86000 | 91641 |
|  Caterpillar Financial Services Corp., 3.95%, 11/14/2028  | 92000 | 92471 |
|  CNH Industrial Capital LLC, 5.10%, 04/20/2029  | 88000 | 90496 |
|  CSX Corp., 4.25%, 03/15/2029  | 91000 | 92149 |
|  Cummins, Inc., 4.90%, 02/20/2029  | 90000 | 92849 |
|  Element Fleet Management Corp., 6.32%, 12/04/2028 <sup>(a)</sup>  | 86000 | 90724 |
|  Emerson Electric Co., 2.00%, 12/21/2028  | 96000 | 91687 |
|  Entegris, Inc., 4.75%, 04/15/2029 <sup>(a)</sup>  | 91000 | 91109 |
|  Fedex Freight Holding Co., Inc., 4.30%, 03/15/2029 <sup>(a)</sup>  | 91000 | 91208 |
|  GFL Environmental, Inc., 3.50%, 09/01/2028 <sup>(a)</sup>  | 93000 | 90991 |

---

---

| | | |
|:---|:---|:---|
|  GXO Logistics, Inc., 6.25%, 05/06/2029  | $86000 | $90883 |
|  Honeywell International, Inc., 4.25%, 01/15/2029  | 91000 | 92076 |
|  Howmet Aerospace, Inc., 3.00%, 01/15/2029  | 94000 | 91754 |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028  | 96000 | 91599 |
|  Ingersoll Rand, Inc., 5.18%, 06/15/2029  | 88000 | 91197 |
|  Jacobs Engineering Group, Inc., 6.35%, 08/18/2028  | 86000 | 90353 |
|  John Deere Capital Corp., 4.85%, 06/11/2029  | 90000 | 92903 |
|  Johnson Controls International PLC / Tyco Fire & Security Finance SCA, 5.50%, 04/19/2029  | 88000 | 92030 |
|  L3Harris Technologies, Inc., 5.05%, 06/01/2029  | 90000 | 92763 |
|  Lennox International, Inc., 5.50%, 09/15/2028  | 86000 | 88974 |
|  Lockheed Martin Corp., 4.15%, 08/15/2028  | 90000 | 90879 |
|  MasTec, Inc., 5.90%, 06/15/2029  | 88000 | 92365 |
|  Nordson Corp., 5.60%, 09/15/2028  | 87000 | 90019 |
|  Northrop Grumman Corp., 4.60%, 02/01/2029  | 90000 | 91753 |
|  Otis Worldwide Corp., 5.25%, 08/16/2028  | 89000 | 91792 |
|  PACCAR Financial Corp., 4.00%, 11/07/2028  | 91000 | 91644 |
|  Parker-Hannifin Corp., 3.25%, 06/14/2029  | 93000 | 91154 |
|  Pentair Finance Sarl, 4.50%, 07/01/2029  | 92000 | 92869 |
|  Quanta Services, Inc., 4.30%, 08/09/2028  | 91000 | 91721 |
|  Republic Services, Inc., 4.88%, 04/01/2029  | 88000 | 90417 |
|  Rockwell Automation, Inc., 3.50%, 03/01/2029  | 91000 | 89983 |
|  RTX Corp., 5.75%, 01/15/2029  | 87000 | 91408 |
|  Ryder System, Inc., 5.50%, 06/01/2029  | 88000 | 91712 |
|  Timken Co., 4.50%, 12/15/2028  | 91000 | 91792 |
|  Trane Technologies Financing Ltd., 3.80%, 03/21/2029  | 91000 | 91032 |
|  Union Pacific Corp., 3.70%, 03/01/2029  | 91000 | 90737 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Industrials — 9.8% (continued)** | **Industrials — 9.8% (continued)** | **Industrials — 9.8% (continued)** |
|  United Parcel Service, Inc., 3.40%, 03/15/2029  | $93000 | $92165 |
|  Veralto Corp., 5.35%, 09/18/2028  | 88000 | 90846 |
|  Waste Connections, Inc., 3.50%, 05/01/2029  | 93000 | 92272 |
|  Waste Management, Inc., 3.88%, 01/15/2029  | 92000 | 92131 |
|  Westinghouse Air Brake Technologies Corp., 4.70%, 09/15/2028 <sup>(e)</sup>  | 91000 | 92417 |
|  |  | 4025882 |
|  **Materials — 4.2%** | **Materials — 4.2%** | **Materials — 4.2%** |
|  Air Products and Chemicals, Inc., 4.60%, 02/08/2029  | 91000 | 93101 |
|  Amcor Group Finance PLC, 5.45%, 05/23/2029  | 89000 | 92607 |
|  ArcelorMittal SA, 4.25%, 07/16/2029  | 91000 | 91458 |
|  Avery Dennison Corp., 4.88%, 12/06/2028  | 90000 | 91837 |
|  BHP Billiton Finance USA Ltd., 5.10%, 09/08/2028  | 86000 | 88587 |
|  Cabot Corp., 4.00%, 07/01/2029  | 91000 | 90970 |
|  Dow Chemical Co., 4.80%, 11/30/2028  | 91000 | 92480 |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028 <sup>(a)</sup>  | 90000 | 91229 |
|  Eastman Chemical Co., 5.00%, 08/01/2029  | 90000 | 92379 |
|  Glencore Funding LLC, 5.37%, 04/04/2029 <sup>(a)</sup>  | 88000 | 91144 |
|  International Flavors & Fragrances, Inc., 4.45%, 09/26/2028  | 91000 | 91664 |
|  Louisiana-Pacific Corp., 3.63%, 03/15/2029 <sup>(a)</sup>  | 95000 | 92497 |
|  Mosaic Co., 4.35%, 01/15/2029  | 92000 | 92732 |
|  Nutrien Ltd., 4.20%, 04/01/2029  | 93000 | 93360 |
|  RPM International, Inc., 4.55%, 03/01/2029  | 90000 | 91369 |
|  Sherwin-Williams Co., 4.30%, 08/15/2028  | 91000 | 91764 |
|  Steel Dynamics, Inc., 4.00%, 12/15/2028  | 92000 | 92059 |
|  Suzano Austria GmbH, 2.50%, 09/15/2028  | 94000 | 89966 |
|  WRKCo, Inc., 4.90%, 03/15/2029  | 88000 | 90042 |
|  |  | 1741245 |

---

---

| | | |
|:---|:---|:---|
|  **Technology — 8.4%** | **Technology — 8.4%** | **Technology — 8.4%** |
|  Adobe, Inc., 4.80%, 04/04/2029  | $88000 | $90330 |
|  Analog Devices, Inc., 1.70%, 10/01/2028  | 97000 | 92092 |
|  Apple, Inc., 1.40%, 08/05/2028  | 96000 | 91252 |
|  Applied Materials, Inc., 4.80%, 06/15/2029  | 90000 | 92695 |
|  Atlassian Corp., 5.25%, 05/15/2029  | 91000 | 92582 |
|  Booz Allen Hamilton, Inc., 4.00%, 07/01/2029 <sup>(a)</sup>  | 93000 | 90980 |
|  Broadcom, Inc., 5.05%, 07/12/2029  | 90000 | 93060 |
|  CDW LLC / CDW Finance Corp., 3.28%, 12/01/2028  | 94000 | 91697 |
|  Cisco Systems, Inc., 4.85%, 02/26/2029  | 89000 | 91660 |
|  Concentrix Corp., 6.60%, 08/02/2028 <sup>(c)</sup>  | 87000 | 87309 |
|  Constellation Software, Inc./Canada, 5.16%, 02/16/2029 <sup>(a)</sup>  | 92000 | 93446 |
|  Dell International LLC / EMC Corp., 4.15%, 02/15/2029  | 91000 | 91285 |
|  DXC Technology Co., 2.38%, 09/15/2028  | 96000 | 90537 |
|  Flex Ltd., 4.88%, 06/15/2029  | 91000 | 92671 |
|  Gartner, Inc., 3.63%, 06/15/2029 <sup>(a)</sup>  | 97000 | 92064 |
|  Genpact Luxembourg SARL/Genpact USA, Inc., 6.00%, 06/04/2029  | 89000 | 92409 |
|  Hewlett Packard Enterprise Co., 4.15%, 09/15/2028  | 91000 | 91204 |
|  HP, Inc., 4.00%, 04/15/2029  | 91000 | 90410 |
|  Intel Corp., 1.60%, 08/12/2028  | 97000 | 91698 |
|  Intuit, Inc., 5.13%, 09/15/2028  | 89000 | 91584 |
|  Jabil, Inc., 4.20%, 02/01/2029  | 91000 | 91131 |
|  KLA Corp., 4.10%, 03/15/2029  | 91000 | 91521 |
|  Kyndryl Holdings, Inc., 2.70%, 10/15/2028  | 97000 | 89302 |
|  Lam Research Corp., 4.00%, 03/15/2029  | 91000 | 91403 |
|  Marvell Technology, Inc., 5.75%, 02/15/2029  | 89000 | 92948 |
|  Microchip Technology, Inc., 5.05%, 03/15/2029  | 88000 | 90347 |
|  Moody's Corp., 4.25%, 02/01/2029  | 91000 | 91934 |
|  Motorola Solutions, Inc., 5.00%, 04/15/2029  | 87000 | 89431 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.30%, 08/19/2028  | 91000 | 91570 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Technology — 8.4% (continued)** | **Technology — 8.4% (continued)** | **Technology — 8.4% (continued)** |
|  Oracle Corp., 4.80%, 08/03/2028  | $90000 | $90986 |
|  Roper Technologies, Inc., 4.25%, 09/15/2028  | 91000 | 91356 |
|  S&P Global, Inc., 2.70%, 03/01/2029  | 94000 | 90868 |
|  Take-Two Interactive Software, Inc., 5.40%, 06/12/2029  | 88000 | 91194 |
|  TD SYNNEX Corp., 4.30%, 01/17/2029  | 91000 | 91024 |
|  Texas Instruments, Inc., 4.60%, 02/08/2029  | 91000 | 93238 |
|  Verisk Analytics, Inc., 4.13%, 03/15/2029  | 91000 | 91264 |
|  VMware LLC, 1.80%, 08/15/2028  | 94000 | 89376 |
|  Workday, Inc., 3.70%, 04/01/2029  | 93000 | 91457 |
|  |  | 3471315 |
|  **Utilities — 8.3%** | **Utilities — 8.3%** | **Utilities — 8.3%** |
|  AEP Texas, Inc., 5.45%, 05/15/2029  | 88000 | 91643 |
|  Alliant Energy Finance LLC, 5.95%, 03/30/2029 <sup>(a)</sup>  | 86000 | 90417 |
|  Ameren Corp., 5.00%, 01/15/2029  | 90000 | 92536 |
|  American Water Capital Corp., 3.45%, 06/01/2029  | 94000 | 92773 |
|  Boston Gas Co., 3.00%, 08/01/2029 <sup>(a)</sup>  | 96000 | 92703 |
|  CenterPoint Energy, Inc., 5.40%, 06/01/2029  | 88000 | 91525 |
|  Connecticut Light and Power Co., 4.65%, 01/01/2029  | 90000 | 91920 |
|  Consolidated Edison Co. of New York, Inc., 4.00%, 12/01/2028  | 92000 | 92602 |
|  Constellation Energy Generation LLC, 4.63%, 02/01/2029 <sup>(a)</sup>  | 92000 | 91984 |
|  Consumers Energy Co., 4.60%, 05/30/2029  | 90000 | 92034 |
|  DTE Energy Co., 5.10%, 03/01/2029  | 89000 | 91571 |
|  Duke Energy Corp., 4.85%, 01/05/2029  | 90000 | 92230 |
|  Edison International, 5.45%, 06/15/2029  | 90000 | 92408 |
|  Entergy Texas, Inc., 4.00%, 03/30/2029  | 91000 | 91235 |
|  Essential Utilities, Inc., 3.57%, 05/01/2029  | 94000 | 92622 |

---

---

| | | |
|:---|:---|:---|
|  **Utilities — 8.3% (continued)** | **Utilities — 8.3% (continued)** | **Utilities — 8.3% (continued)** |
|  Exelon Corp., 5.15%, 03/15/2029  | $88000 | $90908 |
|  Florida Power & Light Co., 5.15%, 06/15/2029  | 90000 | 93654 |
|  Georgia Power Co., 4.00%, 10/01/2028  | 91000 | 91486 |
|  Jersey Central Power & Light Co., 4.15%, 01/15/2029 <sup>(a)</sup>  | 91000 | 91210 |
|  Liberty Utilities Co., 5.58%, 01/31/2029 <sup>(a)</sup>  | 89000 | 91893 |
|  National Fuel Gas Co., 4.75%, 09/01/2028  | 91000 | 92320 |
|  National Rural Utilities Cooperative Finance Corp., 4.15%, 08/25/2028  | 91000 | 91628 |
|  New York State Electric & Gas Corp., 5.65%, 08/15/2028 <sup>(a)</sup>  | 88000 | 91298 |
|  NiSource, Inc., 5.20%, 07/01/2029  | 90000 | 93144 |
|  NRG Energy, Inc., 4.45%, 06/15/2029 <sup>(a)</sup>  | 91000 | 91037 |
|  OGE Energy Corp., 5.45%, 05/15/2029  | 89000 | 92717 |
|  Oncor Electric Delivery Co. LLC, 5.75%, 03/15/2029  | 86000 | 90244 |
|  ONE Gas, Inc., 5.10%, 04/01/2029  | 89000 | 91972 |
|  Pacific Gas and Electric Co., 5.55%, 05/15/2029  | 88000 | 91502 |
|  PacifiCorp, 5.10%, 02/15/2029  | 91000 | 93588 |
|  Public Service Enterprise Group, Inc., 5.20%, 04/01/2029  | 88000 | 90937 |
|  San Diego Gas & Electric Co., 4.95%, 08/15/2028  | 88000 | 90308 |
|  Tampa Electric Co., 4.90%, 03/01/2029  | 89000 | 91362 |
|  United Utilities PLC, 6.88%, 08/15/2028  | 84000 | 89380 |
|  Virginia Electric and Power Co., 2.88%, 07/15/2029  | 95000 | 91867 |
|  Vistra Operations Co. LLC, 4.30%, 10/15/2028 <sup>(a)</sup>  | 91000 | 91182 |
|  Wisconsin Electric Power Co., 3.95%, 03/01/2029  | 91000 | 91206 |
|  |  | 3395046 |
|  **TOTAL CORPORATE BONDS** (Cost $40,333,493)  |  | 40502466 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.4%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup>  | 174863 | $174863 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $174,863)  |  | 174863 |
|  **TOTAL INVESTMENTS — 99.1%** (Cost $40,508,356)  |  | 40677329 |
|  Other Assets in Excess of Liabilities — 0.9%  |  | 349556 |
|  **TOTAL NET ASSETS — 100.0%** |  | $41026885 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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.

<sup>(c)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $171,498. 

<sup>(d)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(e)</sup> Step coupon bond. The rate disclosed is as of February 28, 2026.

<sup>(f)</sup> 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.

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.6%** | **CORPORATE BONDS — 98.6%** | **CORPORATE BONDS — 98.6%** |
|  **Communications — 4.9%** | **Communications — 4.9%** | **Communications — 4.9%** |
|  Alphabet, Inc., 4.70%, 11/15/2035  | $128000 | $129576 |
|  AT&T, Inc., 4.90%, 11/01/2035  | 130000 | 130283 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 5.85%, 12/01/2035  | 128000 | 128793 |
|  Comcast Corp., 3.20%, 07/15/2036  | 150000 | 130196 |
|  Meta Platforms, Inc., 4.88%, 11/15/2035  | 128000 | 129183 |
|  Paramount Global, 6.88%, 04/30/2036  | 128000 | 116272 |
|  Telefonica Emisiones SA, 7.05%, 06/20/2036  | 114000 | 128981 |
|  T-Mobile USA, Inc., 5.00%, 02/15/2036  | 128000 | 128785 |
|  Uber Technologies, Inc., 4.80%, 09/15/2035  | 126000 | 125148 |
|  Verizon Communications, Inc., 5.00%, 01/15/2036  | 128000 | 128567 |
|  Walt Disney Co., 6.40%, 12/15/2035  | 114000 | 129578 |
|  |  | 1405362 |
|  **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** | **Consumer Discretionary — 8.0%** |
|  Amazon.com, Inc., 4.65%, 11/20/2035  | 128000 | 128599 |
|  American Honda Finance Corp., 5.10%, 01/08/2036  | 128000 | 129089 |
|  BMW US Capital LLC, 5.20%, 08/11/2035 <sup>(a)</sup>  | 124000 | 126915 |
|  DR Horton, Inc., 5.50%, 10/15/2035  | 124000 | 130303 |
|  eBay, Inc., 5.13%, 11/06/2035  | 126000 | 127218 |
|  General Motors Financial Co., Inc., 5.45%, 01/08/2036  | 126000 | 128188 |
|  Gildan Activewear, Inc., 5.40%, 10/07/2035 <sup>(a)</sup>  | 126000 | 127539 |
|  Home Depot, Inc., 4.65%, 09/15/2035  | 128000 | 127940 |
|  Hyatt Hotels Corp., 5.40%, 12/15/2035  | 126000 | 128575 |
|  Lowe's Cos., Inc., 4.85%, 10/15/2035  | 128000 | 127847 |
|  Marriott International, Inc., 5.25%, 10/15/2035  | 124000 | 127053 |
|  McDonald's Corp., 5.00%, 02/13/2036  | 127000 | 130140 |
|  Northwestern University, 4.94%, 12/01/2035  | 124000 | 128301 |
|  President and Fellows of Harvard College, 5.26%, 03/15/2036  | 120000 | 128443 |

---

---

| | | |
|:---|:---|:---|
|  Royal Caribbean Cruises Ltd., 5.38%, 01/15/2036  | 128000 | 130676 |
|  Southwest Airlines Co., 5.25%, 11/15/2035  | 129000 | 127976 |
|  Toyota Motor Credit Corp., 4.80%, 01/11/2036  | 128000 | 129132 |
|  Trustees of Columbia University in the City of New York, 4.36%, 10/01/2035  | 128000 | 127485 |
|  |  | 2311419 |
|  **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
|  Alimentation Couche-Tard, Inc., 5.08%, 09/29/2035 <sup>(a)</sup>  | 125000 | 126709 |
|  Altria Group, Inc., 5.25%, 08/06/2035  | 123000 | 126016 |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036  | 131000 | 131276 |
|  Archer-Daniels-Midland Co., 5.38%, 09/15/2035  | 121000 | 128860 |
|  BAT Capital Corp., 5.63%, 08/15/2035  | 119000 | 125456 |
|  Bunge Ltd. Finance Corp., 5.15%, 08/04/2035  | 127000 | 130193 |
|  Constellation Brands, Inc., 4.95%, 11/01/2035  | 127000 | 127108 |
|  JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, 5.50%, 01/15/2036  | 127000 | 130417 |
|  Philip Morris International, Inc., 4.63%, 10/29/2035  | 132000 | 130604 |
|  Procter & Gamble Co., 4.35%, 11/03/2035  | 129000 | 128495 |
|  Sysco Corp., 5.38%, 09/21/2035  | 122000 | 127168 |
|  Target Corp., 5.25%, 02/15/2036  | 122000 | 126725 |
|  Walmart, Inc., 5.25%, 09/01/2035  | 119000 | 127076 |
|  |  | 1666103 |
|  **Energy — 10.2%** | **Energy — 10.2%** | **Energy — 10.2%** |
|  Antero Resources Corp., 5.40%, 02/01/2036  | 128000 | 128128 |
|  Boardwalk Pipelines LP, 5.38%, 02/15/2036  | 126000 | 127935 |
|  Cenovus Energy, Inc., 5.40%, 03/20/2036  | 126000 | 128228 |
|  Cheniere Energy Partners LP, 5.55%, 10/30/2035  | 123000 | 127921 |
|  Chevron USA, Inc., 4.85%, 10/15/2035  | 123000 | 126329 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 10.2% (continued)** | **Energy — 10.2% (continued)** | **Energy — 10.2% (continued)** |
|  Colonial Enterprises, Inc., 5.63%, 11/15/2035 <sup>(a)</sup>  | $128000 | $131420 |
|  Enbridge, Inc., 5.20%, 11/20/2035  | 126000 | 128487 |
|  Energy Transfer LP, 5.35%, 01/15/2036  | 128000 | 130044 |
|  Enterprise Products Operating LLC, 5.20%, 01/15/2036  | 127000 | 130930 |
|  EOG Resources, Inc., 5.35%, 01/15/2036  | 126000 | 130900 |
|  Equinor ASA, 4.75%, 11/14/2035  | 129000 | 129760 |
|  Halliburton Co., 4.85%, 11/15/2035  | 129000 | 128967 |
|  MPLX LP, 5.40%, 09/15/2035  | 124000 | 126590 |
|  ONEOK, Inc., 5.40%, 10/15/2035  | 123000 | 125367 |
|  Phillips 66 Co., 6.20% to 03/15/2036 then 5 yr. CMT Rate + 2.17%, 03/15/2056  | 124000 | 125625 |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.60%, 01/15/2036  | 127000 | 130316 |
|  Santos Finance Ltd., 5.75%, 11/13/2035 <sup>(a)</sup>  | 126000 | 128785 |
|  Shell Finance US, Inc., 4.75%, 01/06/2036  | 128000 | 129490 |
|  Targa Resources Corp., 5.40%, 07/30/2036  | 126000 | 128321 |
|  TotalEnergies Capital USA LLC, 4.86%, 01/13/2036  | 128000 | 129372 |
|  TransCanada PipeLines Ltd., 5.85%, 03/15/2036  | 120000 | 127936 |
|  Western Midstream Operating LP, 5.50%, 12/15/2035  | 128000 | 129136 |
|  Williams Cos., Inc., 5.15%, 03/15/2036  | 128000 | 129422 |
|  |  | 2959409 |
|  **Financials — 23.3%** | **Financials — 23.3%** | **Financials — 23.3%** |
|  Affiliated Managers Group, Inc., 5.50%, 02/15/2036  | 126000 | 127150 |
|  Alexandria Real Estate Equities, Inc., 5.50%, 10/01/2035  | 124000 | 127331 |
|  Allstate Corp., 5.95%, 04/01/2036  | 119000 | 129006 |
|  American Express Co., 4.80% to 10/24/2035 then SOFR + 1.24%, 10/24/2036  | 129000 | 127784 |
|  American Financial Group, Inc./OH, 5.00%, 09/23/2035  | 129000 | 127714 |
|  Apollo Global Management, Inc., 5.15%, 08/12/2035  | 127000 | 125778 |

---

---

| | | |
|:---|:---|:---|
|  Assurant, Inc., 5.55%, 02/15/2036  | $124000 | $126004 |
|  Athene Global Funding, 5.54%, 08/22/2035 <sup>(a)(b)</sup>  | 124000 | 123752 |
|  Blackstone Reg Finance Co. LLC, 4.95%, 02/15/2036  | 127000 | 125721 |
|  Brookfield Asset Management Ltd., 5.30%, 01/15/2036  | 126000 | 125389 |
|  Brookfield Finance, Inc., 5.33%, 01/15/2036  | 128000 | 127675 |
|  Capital One Financial Corp., 5.20% to 09/11/2035 then SOFR + 1.63%, 09/11/2036  | 128000 | 127691 |
|  Carlyle Group, Inc., 5.05%, 09/19/2035  | 129000 | 127200 |
|  Charles Schwab Corp., 4.91% to 11/14/2035 then SOFR + 1.23%, 11/14/2036  | 129000 | 129009 |
|  Chubb INA Holdings LLC, 4.90%, 08/15/2035  | 124000 | 125911 |
|  Citigroup, Inc., 5.17% to 09/11/2035 then SOFR + 1.49%, 09/11/2036  | 125000 | 127106 |
|  CNA Financial Corp., 5.20%, 08/15/2035  | 125000 | 125791 |
|  CubeSmart LP, 5.13%, 11/01/2035 <sup>(b)</sup>  | 126000 | 128247 |
|  Essential Properties LP, 5.40%, 12/01/2035  | 126000 | 128204 |
|  Essex Portfolio LP, 4.88%, 02/15/2036  | 130000 | 128541 |
|  Fifth Third Bancorp, 5.14% (SOFR + 1.24%), 01/29/2037  | 128000 | 128245 |
|  Fiserv, Inc., 5.25%, 08/11/2035  | 125000 | 125010 |
|  Global Payments, Inc., 5.55%, 11/15/2035  | 127000 | 126308 |
|  Goldman Sachs Group, Inc., 5.39% (5 yr. CMT Rate + 1.18%), 02/02/2041  | 128000 | 127063 |
|  Hanover Insurance Group, Inc., 5.50%, 09/01/2035  | 123000 | 125806 |
|  Huntington Bancshares, Inc./OH, 5.61% (5 yr. CMT Rate + 1.35%), 01/28/2041  | 128000 | 128577 |
|  Jefferies Financial Group, Inc., 5.50%, 02/15/2036  | 128000 | 125578 |
|  JPMorgan Chase & Co., 4.90% (SOFR + 1.07%), 01/22/2037  | 128000 | 128692 |
|  KeyCorp, 5.31% (SOFR + 1.37%), 01/28/2037  | 128000 | 129042 |
|  Kilroy Realty LP, 5.88%, 10/15/2035  | 124000 | 122224 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 23.3% (continued)** | **Financials — 23.3% (continued)** | **Financials — 23.3% (continued)** |
|  Kimco Realty OP LLC, 5.30%, 02/01/2036  | $122000 | $126656 |
|  KKR & Co., Inc., 5.10%, 08/07/2035  | 125000 | 123333 |
|  Lincoln National Corp., 5.35%, 11/15/2035  | 126000 | 122998 |
|  Manulife Financial Corp., 4.99%, 12/11/2035  | 130000 | 130358 |
|  Morgan Stanley, 5.31% (5 yr. CMT Rate + 1.17%), 01/18/2041  | 128000 | 127346 |
|  Northern Trust Corp., 5.12% to 11/19/2035 then 5 yr. CMT Rate + 1.05%, 11/19/2040  | 127000 | 127260 |
|  PNC Financial Services Group, Inc., 5.42% (5 yr. CMT Rate + 1.17%), 01/25/2041  | 128000 | 129249 |
|  Prologis Targeted US Logistics Fund LP, 4.75%, 01/15/2036 <sup>(a)</sup>  | 132000 | 130417 |
|  Protective Life Corp., 5.35%, 12/15/2035 <sup>(a)</sup>  | 126000 | 127905 |
|  Raymond James Financial, Inc., 4.90%, 09/11/2035  | 126000 | 125682 |
|  Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055  | 121000 | 125157 |
|  Simon Property Group LP, 5.13%, 10/01/2035  | 124000 | 126997 |
|  State Street Corp., 4.78% to 10/23/2035 then SOFR + 1.22%, 10/23/2036  | 127000 | 126788 |
|  Toronto-Dominion Bank, 4.93%, 10/15/2035  | 127000 | 128097 |
|  TPG Operating Group II LP, 5.38%, 01/15/2036  | 130000 | 128580 |
|  Travelers Cos., Inc., 6.75%, 06/20/2036  | 110000 | 127090 |
|  Truist Financial Corp., 4.96% to 10/23/2035 then SOFR + 1.40%, 10/23/2036  | 127000 | 126621 |
|  Unum Group, 5.25%, 12/15/2035  | 128000 | 126886 |
|  US Bancorp, 5.03% to 01/26/2036 then SOFR + 1.10%, 01/26/2037  | 128000 | 129233 |
|  Ventas Realty LP, 5.00%, 02/15/2036  | 128000 | 127891 |
|  Visa, Inc., 4.15%, 12/14/2035  | 131000 | 128254 |
|  Wells Fargo & Co., 4.96% (SOFR + 1.10%), 01/23/2037  | 128000 | 128441 |

---

---

| | | |
|:---|:---|:---|
|  Willis North America, Inc., 5.15%, 03/15/2036  | 128000 | 128288 |
|  |  | 6737076 |
|  **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** |
|  AbbVie, Inc., 4.30%, 05/14/2036  | 132000 | 127935 |
|  Aetna, Inc., 6.63%, 06/15/2036  | 116000 | 129176 |
|  Ascension Health, 4.92%, 11/15/2035  | 126000 | 128643 |
|  Baxter International, Inc., 5.65%, 12/15/2035 <sup>(b)</sup>  | 125000 | 127132 |
|  Boston Scientific Corp., 6.25%, 11/15/2035 <sup>(c)</sup>  | 115000 | 130416 |
|  Cardinal Health, Inc., 5.15%, 09/15/2035  | 124000 | 126882 |
|  Cigna Group, 5.25%, 01/15/2036  | 128000 | 131408 |
|  CommonSpirit Health, 4.98%, 09/01/2035  | 129000 | 129807 |
|  CVS Health Corp., 5.45%, 09/15/2035  | 125000 | 128880 |
|  Elevance Health, Inc., 5.00%, 01/15/2036  | 131000 | 131585 |
|  Eli Lilly & Co., 4.90%, 10/15/2035  | 124000 | 126990 |
|  GE HealthCare Technologies, Inc., 4.95%, 12/15/2035  | 130000 | 130726 |
|  Gilead Sciences, Inc., 4.60%, 09/01/2035  | 130000 | 129821 |
|  HCA, Inc., 4.90%, 11/15/2035  | 130000 | 129419 |
|  Johnson & Johnson, 3.55%, 03/01/2036  | 137000 | 127619 |
|  Merck & Co., Inc., 4.75%, 12/04/2035  | 130000 | 131259 |
|  Novartis Capital Corp., 4.60%, 11/05/2035  | 129000 | 129661 |
|  Orlando Health Obligated Group, 5.48%, 10/01/2035  | 120000 | 127649 |
|  Pfizer, Inc., 4.88%, 11/15/2035  | 126000 | 128411 |
|  Royalty Pharma PLC, 5.20%, 09/25/2035  | 124000 | 125945 |
|  Sutter Health, 5.54%, 08/15/2035  | 120000 | 127509 |
|  Thermo Fisher Scientific, Inc., 4.79%, 10/07/2035  | 129000 | 130141 |
|  UnitedHealth Group, Inc., 5.80%, 03/15/2036  | 118000 | 126617 |
|  VSP Optical Group, Inc., 5.45%, 12/01/2035 <sup>(a)</sup>  | 126000 | 127972 |
|  Zoetis, Inc., 5.00%, 08/17/2035  | 126000 | 128470 |
|  |  | 3220073 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Industrials — 8.9%** | **Industrials — 8.9%** | **Industrials — 8.9%** |
|  Amphenol Corp., 4.63%, 02/15/2036  | $129000 | $128147 |
|  Canadian National Railway Co., 4.75%, 11/12/2035  | 126000 | 127875 |
|  Canadian Pacific Railway Co., 4.80%, 09/15/2035  | 126000 | 127895 |
|  Caterpillar, Inc., 5.30%, 09/15/2035  | 120000 | 128146 |
|  Dover Corp., 5.38%, 10/15/2035  | 121000 | 129383 |
|  Fedex Freight Holding Co., Inc., 5.25%, 03/15/2036 <sup>(a)</sup>  | 128000 | 127565 |
|  General Dynamics Corp., 4.95%, 08/15/2035  | 123000 | 127189 |
|  General Electric Co., 4.90%, 01/29/2036  | 129000 | 132229 |
|  Honeywell International, Inc., 5.70%, 03/15/2036  | 120000 | 129647 |
|  Hubbell, Inc., 4.80%, 11/15/2035  | 128000 | 128636 |
|  Johnson Controls International PLC, 6.00%, 01/15/2036  | 121000 | 132175 |
|  Lockheed Martin Corp., 5.00%, 08/15/2035  | 125000 | 129178 |
|  Otis Worldwide Corp., 5.13%, 09/04/2035  | 123000 | 126552 |
|  Quanta Services, Inc., 5.10%, 08/09/2035  | 125000 | 127192 |
|  RTX Corp., 6.05%, 06/01/2036  | 116000 | 128673 |
|  Textron, Inc., 4.95%, 03/15/2036  | 127000 | 127710 |
|  Transurban Finance Co. Pty Ltd., 4.92%, 03/24/2036 <sup>(a)(b)</sup>  | 127000 | 128551 |
|  Tyco Electronics Group SA, 4.88%, 02/09/2036  | 128000 | 129935 |
|  Union Pacific Corp., 2.89%, 04/06/2036  | 153000 | 131402 |
|  Waste Connections, Inc., 5.25%, 09/01/2035  | 119000 | 124518 |
|  |  | 2572598 |
|  **Materials — 6.6%** | **Materials — 6.6%** | **Materials — 6.6%** |
|  Amrize Finance US LLC, 7.13%, 07/15/2036  | 110000 | 128936 |
|  Barrick Mining Corp., 6.45%, 10/15/2035  | 116000 | 129644 |
|  BHP Billiton Finance USA Ltd., 5.00%, 02/15/2036  | 124000 | 127492 |
|  Carlisle Cos., Inc., 5.25%, 09/15/2035  | 123000 | 126935 |
|  CF Industries, Inc., 5.30%, 11/26/2035  | 126000 | 128133 |
|  CRH America Finance, Inc., 5.00%, 02/09/2036  | 125000 | 126505 |

---

---

| | | |
|:---|:---|:---|
|  Dow Chemical Co., 5.65%, 03/15/2036 <sup>(b)</sup>  | 126000 | 126175 |
|  Eagle Materials, Inc., 5.00%, 03/15/2036  | 130000 | 128833 |
|  Ecolab, Inc., 5.00%, 09/01/2035  | 122000 | 125993 |
|  International Paper Co., 5.00%, 09/15/2035  | 125000 | 126189 |
|  LYB International Finance III LLC, 5.88%, 01/15/2036  | 126000 | 127294 |
|  Packaging Corp. of America, 5.20%, 08/15/2035  | 124000 | 127085 |
|  Sherwin-Williams Co., 5.15%, 08/15/2035  | 121000 | 124337 |
|  Suzano Netherlands BV, 5.50%, 01/15/2036  | 128000 | 128959 |
|  Westlake Corp., 5.55%, 11/15/2035  | 126000 | 127908 |
|  |  | 1910418 |
|  **Technology — 7.0%** | **Technology — 7.0%** | **Technology — 7.0%** |
|  Apple, Inc., 4.50%, 02/23/2036  | 124000 | 126863 |
|  Applied Materials, Inc., 4.60%, 01/15/2036  | 132000 | 131288 |
|  Broadcom, Inc., 4.95%, 01/15/2036  | 128000 | 129531 |
|  Dell International LLC / EMC Corp., 5.10%, 02/15/2036  | 128000 | 128343 |
|  Flex Ltd., 5.38%, 11/13/2035  | 126000 | 127337 |
|  Gartner, Inc., 5.60%, 11/20/2035  | 126000 | 120688 |
|  Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 <sup>(b)(c)</sup>  | 117000 | 126778 |
|  Micron Technology, Inc., 6.05%, 11/01/2035  | 117000 | 127192 |
|  Microsoft Corp., 4.20%, 11/03/2035  | 127000 | 127769 |
|  Motorola Solutions, Inc., 5.55%, 08/15/2035  | 122000 | 128402 |
|  MSCI, Inc., 5.15%, 03/15/2036  | 127000 | 125764 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 5.25%, 08/19/2035  | 123000 | 125630 |
|  Oracle Corp., 5.20%, 09/26/2035  | 132000 | 127568 |
|  Roper Technologies, Inc., 5.10%, 09/15/2035 <sup>(b)</sup>  | 127000 | 126589 |
|  S&P Global, Inc., 4.80%, 12/04/2035 <sup>(a)</sup>  | 130000 | 130236 |
|  TD SYNNEX Corp., 5.30%, 10/10/2035  | 127000 | 126296 |
|  |  | 2036274 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Utilities — 12.8%** | **Utilities — 12.8%** | **Utilities — 12.8%** |
|  American Electric Power Co., Inc., 6.05% to 03/15/2036 then 5 yr. CMT Rate + 1.94%, 03/15/2056  | $126000 | $126456 |
|  Atmos Energy Corp., 5.20%, 08/15/2035  | 121000 | 126309 |
|  CenterPoint Energy Houston Electric LLC, 4.95%, 08/15/2035  | 124000 | 125976 |
|  Cleco Power LLC, 5.30%, 01/15/2036 <sup>(a)</sup>  | 126000 | 128377 |
|  Consolidated Edison Co. of New York, Inc., 6.20%, 06/15/2036  | 116000 | 128327 |
|  DTE Energy Co., 5.05%, 10/01/2035 <sup>(b)</sup>  | 125000 | 126087 |
|  Duke Energy Florida LLC, 4.85%, 12/01/2035  | 128000 | 128959 |
|  Electricite de France SA, 4.75%, 10/13/2035 <sup>(a)</sup>  | 127000 | 127259 |
|  Entergy Arkansas LLC, 4.95%, 01/15/2036  | 128000 | 129203 |
|  Essential Utilities, Inc., 5.25%, 08/15/2035  | 123000 | 126197 |
|  Evergy Missouri West, Inc., 5.25%, 12/15/2035 <sup>(a)</sup>  | 126000 | 127634 |
|  Florida Power & Light Co., 4.70%, 02/15/2036  | 128000 | 128364 |
|  Iberdrola International BV, 6.75%, 07/15/2036  | 112000 | 129954 |
|  Indianapolis Power & Light Co., 5.05%, 08/15/2035 <sup>(a)</sup>  | 126000 | 128938 |
|  Jersey Central Power & Light Co., 5.15%, 01/15/2036 <sup>(a)</sup>  | 127000 | 130185 |
|  New York State Electric & Gas Corp., 5.05%, 08/15/2035 <sup>(a)</sup>  | 125000 | 127126 |
|  Niagara Mohawk Power Corp., 5.11%, 01/12/2036 <sup>(a)</sup>  | 128000 | 129143 |
|  Northwest Natural Holding Co., 7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.70%, 09/15/2055  | 119000 | 124184 |
|  NRG Energy, Inc., 5.41%, 10/15/2035 <sup>(a)</sup>  | 126000 | 127323 |
|  Pacific Gas and Electric Co., 6.00%, 08/15/2035  | 119000 | 126590 |
|  PacifiCorp, 6.10%, 08/01/2036  | 123000 | 130437 |
|  PECO Energy Co., 4.88%, 09/15/2035  | 128000 | 129838 |
|  Public Service Co. of Colorado, 5.15%, 09/15/2035  | 123000 | 125615 |
|  Public Service Electric and Gas Co., 4.90%, 08/15/2035  | 124000 | 126302 |

---

---

| | | | |
|:---|:---|:---|:---|
|  Southern California Edison Co., 5.63%, 02/01/2036  | $| 128000 | $131903 |
|  Southern Power Co., 4.90%, 10/01/2035  |  | 128000 | 127807 |
|  Spire, Inc., 6.45% (5 yr. CMT Rate + 2.33%), 06/01/2056  |  | 126000 | 128998 |
|  Virginia Electric and Power Co., 4.90%, 09/15/2035  |  | 127000 | 127365 |
|  Vistra Operations Co. LLC, 5.35%, 01/31/2036 <sup>(a)</sup>  |  | 128000 | 128934 |
|  |  |  | 3709790 |
|  **TOTAL CORPORATE BONDS** (Cost $28,154,306)  |  |  | 28528522 |
|  | **Units** | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(d)</sup>  |  | 960291 | 960291 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $960,291)  |  |  | 960291 |
|  **TOTAL INVESTMENTS — 101.9%** (Cost $29,114,597)  |  |  | 29488813 |
|  Liabilities in Excess of Other Assets **—** (1.9)%  |  |  | (539690) |
|  **TOTAL NET ASSETS — 100.0%** |  |  | $28949123 |

---

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

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $942,881. 

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of February 28, 2026.

<sup>(d)</sup> 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.

**F/m Opportunistic Income ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 27.2%** | **CORPORATE BONDS — 27.2%** | **CORPORATE BONDS — 27.2%** |
|  **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** | **Consumer Discretionary — 1.7%** |
|  American Airlines 2017-1 Class A Pass Through Trust, Series 2017-1, 4.00%, 02/15/2029  | $136200 | $132453 |
|  Ford Motor Co., 3.25%, 02/12/2032  | 741000 | 666377 |
|  |  | 798830 |
|  **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** | **Consumer Staples — 1.5%** |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 <sup>(a)</sup>  | 693000 | 681654 |
|  **Energy — 6.5%** | **Energy — 6.5%** | **Energy — 6.5%** |
|  Coterra Energy Operating Co., 4.38%, 03/15/2029  | 263000 | 256676 |
|  Expand Energy Corp., 5.38%, 03/15/2030  | 829000 | 842007 |
|  Phillips 66 Partners LP  |  |  |
| &nbsp;&nbsp;&nbsp; 3.55%, 10/01/2026  | 48000 | 47552 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/2028 <sup>(b)</sup>  | 750000 | 733011 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2029  | 388000 | 364882 |
|  Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR USD + 4.64%, 08/15/2076 <sup>(c)</sup>  | 813000 | 815124 |
|  |  | 3059252 |
|  **Financials — 9.7%** | **Financials — 9.7%** | **Financials — 9.7%** |
|  Antares Holdings LP, 6.35%, 10/23/2029 <sup>(a)</sup>  | 1050000 | 1075159 |
|  Ares Capital Corp., 5.80%, 03/08/2032 <sup>(b)</sup>  | 882000 | 878490 |
|  Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual  | 684000 | 676275 |
|  Blackstone Secured Lending Fund, 5.35%, 04/13/2028  | 958000 | 958578 |
|  Nationwide Financial Services, Inc., 6.75%, 05/15/2037  | 956000 | 964411 |
|  |  | 4552913 |
|  **Health Care — 2.0%** | **Health Care — 2.0%** | **Health Care — 2.0%** |
|  CVS Pass-Through Trust  |  |  |
| &nbsp;&nbsp;&nbsp; 7.51%, 01/10/2032 <sup>(a)</sup>  | 744587 | 796116 |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/10/2033 <sup>(a)</sup>  | 129702 | 132425 |
|  |  | 928541 |
|  **Industrials — 3.1%** | **Industrials — 3.1%** | **Industrials — 3.1%** |
|  Concentrix Corp., 6.85%, 08/02/2033 <sup>(b)</sup>  | 620000 | 597192 |

---

---

| | | |
|:---|:---|:---|
|  GXO Logistics, Inc., 6.25%, 05/06/2029  | 800000 | 845420 |
|  |  | 1442612 |
|  **Information Technology — 1.3%** | **Information Technology — 1.3%** | **Information Technology — 1.3%** |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031  | 689000 | 583101 |
|  **Utilities — 1.4%** | **Utilities — 1.4%** | **Utilities — 1.4%** |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052  | 663000 | 654717 |
|  **TOTAL CORPORATE BONDS** (Cost $12,560,854)  |  | 12701620 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4%** |
|  Chase Mortgage Finance Corp., Series 2023-1, Class A4, 6.00%, 06/25/2054 <sup>(a)(d)</sup>  | 623479 | 631041 |
|  Citigroup Mortgage Loan Trust, Inc., Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 <sup>(a)(d)</sup>  | 418886 | 428465 |
|  Federal National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2024-25, Class AD, 5.00%, 03/25/2044  | 1138447 | 1146597 |
| &nbsp;&nbsp;&nbsp; Series 2024-26, Class AB, 5.00%, 04/25/2050  | 580168 | 583473 |
|  Government National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2023-131, Class BT, 4.00%, 03/20/2049  | 825061 | 821000 |
| &nbsp;&nbsp;&nbsp; Series 2025-178, Class GP, 6.50%, 08/20/2055  | 985369 | 1014512 |
|  GS Mortgage Securities Corp. II, Series 2023-SHIP, Class C, 5.51%, 09/10/2038 <sup>(a)(d)</sup>  | 500000 | 500636 |
|  JP Morgan Mortgage Trust  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2019-HYB1, Class B3, 5.02%, 10/25/2049 <sup>(a)(d)</sup>  | 329882 | 333590 |
| &nbsp;&nbsp;&nbsp; Series 2022-6, Class A12, 3.00%, 11/25/2052 <sup>(a)(d)</sup>  | 509875 | 493132 |
| &nbsp;&nbsp;&nbsp; Series 2024-12, Class A4, 6.00%, 06/25/2055 <sup>(a)(d)</sup>  | 882920 | 888904 |
|  Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.83%, 09/25/2032 <sup>(d)</sup>  | 242525 | 233824 |
|  Provident Funding Mortgage Trust  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2025-1, Class A3, 5.50%, 02/25/2055 <sup>(a)(d)</sup>  | 809184 | 820920 |

---

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

**F/m Opportunistic Income ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 25.4% (continued)** |
| &nbsp;&nbsp;&nbsp; Series 2025-2, Class A4, 5.50%, 06/25/2055 <sup>(a)(d)</sup>  | $1228347 | $1236109 |
|  RCKT Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 06/25/2054 <sup>(a)(d)</sup>  | 508706 | 518992 |
|  Sequoia Mortgage Trust, Series 2024-8, Class A20, 5.50%, 09/25/2054 <sup>(a)(d)</sup>  | 722445 | 724378 |
|  WaMu Mortgage Pass Through Certificates  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2004-AR13, Class A1A, 4.51% (1 mo. Term SOFR + 0.83%), 11/25/2034  | 274992 | 269290 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 1A1A, 4.45% (1 mo. Term SOFR + 0.77%), 01/25/2045  | 745884 | 744591 |
| &nbsp;&nbsp;&nbsp; Series 2005-AR2, Class 2A23, 4.55% (1 mo. Term SOFR + 0.87%), 01/25/2045  | 340755 | 336223 |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A6, 6.41%, 07/25/2034 <sup>(d)</sup>  | 162635 | 164807 |
|  **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $11,794,798)  |  | 11890484 |
|  | **Shares** |  |
|  **EXCHANGE TRADED FUNDS — 19.9%** | **EXCHANGE TRADED FUNDS — 19.9%** | **EXCHANGE TRADED FUNDS — 19.9%** |
|  F/m 3-Year Investment Grade Corporate Bond ETF <sup>(e)</sup>  | 34230 | 1755763 |
|  F/m High Yield 100 ETF <sup>(e)</sup>  | 90113 | 4710378 |
|  F/m US Treasury 3 Year Note ETF <sup>(e)</sup>  | 3300 | 165148 |
|  F/m US Treasury 5 Year Note ETF <sup>(e)</sup>  | 53460 | 2657764 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $9,195,487)  |  | 9289053 |
|  | **Par** |  |
|  **ASSET-BACKED SECURITIES — 10.0%** | **ASSET-BACKED SECURITIES — 10.0%** | **ASSET-BACKED SECURITIES — 10.0%** |
|  ACE Securities Corp., Series 2003-NC1, Class A2A, 4.63% (1 mo. Term SOFR + 0.95%), 07/25/2033  | 234621 | 209183 |

---

---

| | | |
|:---|:---|:---|
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.68% (1 mo. Term SOFR + 0.89%), 10/25/2034  | 203105 | 194077 |
|  DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 <sup>(a)</sup>  | 478750 | 470671 |
|  Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 <sup>(a)</sup>  | 1015000 | 1000498 |
|  Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 <sup>(a)</sup>  | 584200 | 570329 |
|  JP Morgan Mortgage Trust, Series 2025-CES2, Class A1, 5.59%, 06/25/2055 <sup>(a)(d)</sup>  | 772080 | 780220 |
|  Long Beach Mortgage Loan Trust, Series 2003-4, Class AV1, 4.41% (1 mo. Term SOFR + 0.73%), 08/25/2033  | 490272 | 480332 |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 <sup>(a)</sup>  | 500000 | 508403 |
|  SBA Depositor LLC, Series 2021-3, 2.59%, 10/15/2031 <sup>(a)</sup>  | 519000 | 469004 |
|  **TOTAL ASSET-BACKED SECURITIES** (Cost $4,624,968)  |  | 4682717 |
|  **MUNICIPAL BONDS — 8.4%** | **MUNICIPAL BONDS — 8.4%** | **MUNICIPAL BONDS — 8.4%** |
|  Alvarado Independent School District, 5.00%, 02/15/2047  | 405000 | 423090 |
|  Crowley Independent School District, 5.00%, 02/01/2048  | 525000 | 551954 |
|  Eagle Mountain & Saginaw Independent School District, 5.00%, 08/15/2055  | 750000 | 786106 |
|  La Vernia Independent School District, 5.00%, 02/15/2050  | 650000 | 686786 |
|  Northwest Independent School District, 5.25%, 02/15/2055  | 700000 | 746765 |
|  Princeton Independent School District, 5.00%, 02/15/2054  | 685000 | 713406 |
|  **TOTAL MUNICIPAL BONDS** (Cost $3,814,322)  |  | 3908107 |
|  **U.S. TREASURY SECURITIES — 4.4%** | **U.S. TREASURY SECURITIES — 4.4%** | **U.S. TREASURY SECURITIES — 4.4%** |
|  United States Treasury Note/Bond |  |  |
| &nbsp;&nbsp;&nbsp; 3.75%, 01/31/2031  | 1835000 | 1853924 |

---

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

**F/m Opportunistic Income ETF** 

**Schedule of Investments (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 4.4% (continued)** | **U.S. TREASURY SECURITIES — 4.4% (continued)** | **U.S. TREASURY SECURITIES — 4.4% (continued)** |
| &nbsp;&nbsp;&nbsp; 3.75%, 02/28/2033  | $210000 | $210369 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $2,057,141)  |  | 2064293 |
|  **MORTGAGE-BACKED SECURITIES — 4.0%** | **MORTGAGE-BACKED SECURITIES — 4.0%** | **MORTGAGE-BACKED SECURITIES — 4.0%** |
|  BX Trust, Series 2024-VLT4, Class B, 5.60% (1 mo. Term SOFR + 1.94%), 06/15/2041 <sup>(a)</sup>  | 500000 | 498306 |
|  Extended Stay America Trust, Series 2025-ESH, Class B, 5.26% (1 mo. Term SOFR + 1.60%), 10/15/2042 <sup>(a)</sup>  | 500000 | 501270 |
|  Federal National Mortgage Association, Pool MA4626, 4.00%, 06/01/2052  | 914957 | 891545 |
|  **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,872,275)  |  | 1891121 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup>  | 1147185 | 1147185 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,147,185)  |  | 1147185 |
|  **TOTAL INVESTMENTS — 101.8%** (Cost $47,067,030)  |  | 47574580 |
|  Liabilities in Excess of Other Assets **—** (1.8)%  |  | (849499) |
|  **TOTAL NET ASSETS — 100.0%** |  | $46725081 |

---

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<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. <br>

<sup>(a)</sup> 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. 

<sup>(b)</sup> 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. 

<sup>(c)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(d)</sup> 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. 

<sup>(e)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(f)</sup> 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.

**F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.9%** | **U.S. TREASURY SECURITIES — 99.9%** | **U.S. TREASURY SECURITIES — 99.9%** |
|  United States Treasury Inflation Indexed Bonds  |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 04/15/2026  | $10050940 | $10063075 |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2026  | 9068612 | 9117144 |
| &nbsp;&nbsp;&nbsp; 0.13%, 10/15/2026  | 11256468 | 11278453 |
| &nbsp;&nbsp;&nbsp; 0.38%, 01/15/2027  | 6907435 | 6890166 |
| &nbsp;&nbsp;&nbsp; 2.38%, 01/15/2027  | 2869923 | 2912524 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $40,038,691)  |  | 40261362 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $40,038,691)  |  | 40261362 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 25508 |
|  **TOTAL NET ASSETS — 100.0%** |  | $40286870 |

---

Par amount is in USD unless otherwise indicated.<br>

Percentages are stated as a percent of net assets. <br>

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

**F/m High Yield 100 ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.2%** | **CORPORATE BONDS — 98.2%** | **CORPORATE BONDS — 98.2%** |
|  **Advertising & Marketing — 1.0%** | **Advertising & Marketing — 1.0%** | **Advertising & Marketing — 1.0%** |
|  Neptune Bidco US, Inc., 10.38%, 05/15/2031 <sup>(a)</sup>  | $172000 | $173631 |
|  **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
|  Bombardier, Inc., 8.75%, 11/15/2030 <sup>(a)</sup>  | 160000 | 171357 |
|  TransDigm, Inc., 7.13%, 12/01/2031 <sup>(a)</sup>  | 168000 | 176069 |
|  |  | 347426 |
|  **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 <sup>(a)</sup>  | 173000 | 175032 |
|  **Auto Parts Manufacturing — 2.0%** | **Auto Parts Manufacturing — 2.0%** | **Auto Parts Manufacturing — 2.0%** |
|  Goodyear Tire & Rubber Co., 6.63%, 07/15/2030  | 175000 | 178779 |
|  ZF North America Capital, Inc., 7.50%, 03/24/2031 <sup>(a)</sup>  | 172000 | 177159 |
|  |  | 355938 |
|  **Automobiles Manufacturing — 1.0%** | **Automobiles Manufacturing — 1.0%** | **Automobiles Manufacturing — 1.0%** |
|  Nissan Motor Co. Ltd., 8.13%, 07/17/2035 <sup>(a)</sup>  | 161000 | 175426 |
|  **Cable & Satellite — 5.7%**  |  |  |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 02/01/2036 <sup>(a)</sup>  | 176000 | 178654 |
|  CSC Holdings LLC, 11.75%, 01/31/2029 <sup>(a)</sup>  | 193000 | 137546 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup>  | 175000 | 178993 |
|  DISH Network Corp., 11.75%, 11/15/2027 <sup>(a)</sup>  | 155000 | 160096 |
|  Sirius XM Radio LLC, 5.50%, 07/01/2029 <sup>(a)</sup>  | 180000 | 180108 |
|  VZ Secured Financing BV, 7.50%, 01/15/2033 <sup>(a)</sup>  | 175000 | 171899 |
|  |  | 1007296 |
|  **Casinos & Gaming — 2.9%** | **Casinos & Gaming — 2.9%** | **Casinos & Gaming — 2.9%** |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030 <sup>(a)</sup>  | 170000 | 174355 |
|  Melco Resorts Finance Ltd., 7.63%, 04/17/2032 <sup>(a)</sup>  | 162000 | 169881 |
|  Wynn Macau Ltd., 6.75%, 02/15/2034 <sup>(a)</sup>  | 177000 | 179461 |
|  |  | 523697 |

---

---

| | | |
|:---|:---|:---|
|  **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
|  Celanese US Holdings LLC, 7.38%, 02/15/2034  | $175000 | $179644 |
|  Olympus Water US Holding Corp., 7.25%, 02/15/2033 <sup>(a)</sup>  | 178000 | 177285 |
|  |  | 356929 |
|  **Commercial Finance — 1.0%** | **Commercial Finance — 1.0%** | **Commercial Finance — 1.0%** |
|  FTAI Aviation Investors LLC, 7.88%, 12/01/2030 <sup>(a)</sup>  | 161000 | 170454 |
|  **Construction Materials Manufacturing — 2.0%** | **Construction Materials Manufacturing — 2.0%** | **Construction Materials Manufacturing — 2.0%** |
|  Quikrete Holdings, Inc., 6.38%, 03/01/2032 <sup>(a)</sup>  | 170000 | 176705 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup>  | 170000 | 175138 |
|  |  | 351843 |
|  **Consumer Finance — 5.8%** | **Consumer Finance — 5.8%** | **Consumer Finance — 5.8%** |
|  Block, Inc., 6.50%, 05/15/2032  | 171000 | 175899 |
|  Freedom Mortgage Corp., 12.25%, 10/01/2030 <sup>(a)</sup>  | 156000 | 169710 |
|  Navient Corp., 11.50%, 03/15/2031  | 154000 | 163426 |
|  OneMain Finance Corp., 7.88%, 03/15/2030  | 167000 | 174690 |
|  PennyMac Financial Services, Inc., 7.88%, 12/15/2029 <sup>(a)</sup>  | 168000 | 176287 |
|  Rocket Cos., Inc., 7.13%, 02/01/2032 <sup>(a)</sup>  | 165000 | 172499 |
|  |  | 1032511 |
|  **Consumer Services — 2.0%** | **Consumer Services — 2.0%** | **Consumer Services — 2.0%** |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 <sup>(a)</sup>  | 170000 | 179594 |
|  Service Corp. International/US, 5.75%, 10/15/2032  | 170000 | 173341 |
|  |  | 352935 |
|  **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** | **Containers & Packaging — 3.0%** |
|  Ball Corp., 6.00%, 06/15/2029  | 172000 | 177301 |
|  Clydesdale Acquisition Holdings, Inc., 6.88%, 01/15/2030 <sup>(a)</sup>  | 169000 | 171716 |
|  Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2030 <sup>(a)</sup>  | 175000 | 179124 |
|  |  | 528141 |
|  **Electrical Equipment Manufacturing — 1.9%** | **Electrical Equipment Manufacturing — 1.9%** | **Electrical Equipment Manufacturing — 1.9%** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 07/15/2031 <sup>(a)</sup>  | 169000 | 176142 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup>  | 170000 | 171291 |
|  |  | 347433 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Entertainment Content — 1.9%** | **Entertainment Content — 1.9%** | **Entertainment Content — 1.9%** |
|  Discovery Communications LLC, 6.35%, 06/01/2040  | $213000 | $175384 |
|  Univision Communications, Inc., 9.38%, 08/01/2032 <sup>(a)</sup>  | 162000 | 171268 |
|  |  | 346652 |
|  **Entertainment Resources — 1.0%** | **Entertainment Resources — 1.0%** | **Entertainment Resources — 1.0%** |
|  Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./ Canada's Wonderland Co., 6.63%, 05/01/2032 <sup>(a)</sup>  | 171000 | 173874 |
|  **Exploration & Production — 3.9%** | **Exploration & Production — 3.9%** | **Exploration & Production — 3.9%** |
|  Civitas Resources, Inc., 9.63%, 06/15/2033 <sup>(a)</sup>  | 162000 | 179091 |
|  Crescent Energy Finance LLC, 9.25%, 02/15/2028 <sup>(a)</sup>  | 166000 | 170424 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 <sup>(a)</sup>  | 172000 | 181316 |
|  Permian Resources Operating LLC, 9.88%, 07/15/2031 <sup>(a)</sup>  | 158000 | 169061 |
|  |  | 699892 |
|  **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 10.00%, 11/15/2029 <sup>(a)</sup>  | 170000 | 167877 |
|  Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 <sup>(a)</sup>  | 165000 | 170937 |
|  |  | 338814 |
|  **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** |
|  Post Holdings, Inc., 6.25%, 02/15/2032 <sup>(a)</sup>  | 170000 | 174900 |
|  **Health Care Facilities & Services — 4.9%** | **Health Care Facilities & Services — 4.9%** | **Health Care Facilities & Services — 4.9%** |
|  CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 <sup>(a)</sup>  | 158000 | 171459 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)</sup>  | 170000 | 176610 |
|  IQVIA, Inc., 6.50%, 05/15/2030 <sup>(a)</sup>  | 170000 | 174700 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)</sup>  | 160000 | 173846 |
|  Tenet Healthcare Corp., 6.75%, 05/15/2031  | 170000 | 176533 |
|  |  | 873148 |
|  **Home & Office Products Manufacturing — 1.0%** | **Home & Office Products Manufacturing — 1.0%** | **Home & Office Products Manufacturing — 1.0%** |
|  Newell Brands, Inc., 8.50%, 06/01/2028 <sup>(a)</sup>  | 162000 | 170507 |

---

---

| | | |
|:---|:---|:---|
|  **Home Improvement — 1.0%** | **Home Improvement — 1.0%** | **Home Improvement — 1.0%** |
|  Whirlpool Corp., 6.50%, 06/15/2033 <sup>(b)</sup>  | $179000 | $178854 |
|  **Industrial Other — 2.0%** | **Industrial Other — 2.0%** | **Industrial Other — 2.0%** |
|  Herc Holdings, Inc., 7.25%, 06/15/2033 <sup>(a)(b)</sup>  | 170000 | 179429 |
|  United Rentals North America, Inc., 3.88%, 11/15/2027  | 180000 | 178702 |
|  |  | 358131 |
|  **Managed Care — 1.0%** | **Managed Care — 1.0%** | **Managed Care — 1.0%** |
|  Molina Healthcare, Inc., 6.50%, 02/15/2031 <sup>(a)</sup>  | 170000 | 170663 |
|  **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** | **Metals & Mining — 2.0%** |
|  Cleveland-Cliffs, Inc., 7.63%, 01/15/2034 <sup>(a)</sup>  | 173000 | 177561 |
|  Novelis Corp., 6.88%, 01/30/2030 <sup>(a)</sup>  | 170000 | 175488 |
|  |  | 353049 |
|  **Oil & Gas Services & Equipment — 1.0%** | **Oil & Gas Services & Equipment — 1.0%** | **Oil & Gas Services & Equipment — 1.0%** |
|  Transocean International Ltd., 8.75%, 02/15/2030 <sup>(a)</sup>  | 169400 | 177117 |
|  **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028 <sup>(a)</sup>  | 167000 | 174579 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 <sup>(a)</sup>  | 180000 | 174496 |
|  |  | 349075 |
|  **Pipeline — 3.9%** | **Pipeline — 3.9%** | **Pipeline — 3.9%** |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 <sup>(a)</sup>  | 173000 | 179350 |
|  Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 <sup>(a)</sup>  | 170000 | 175559 |
|  Venture Global LNG, Inc., 9.88%, 02/01/2032 <sup>(a)</sup>  | 163000 | 172731 |
|  Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 <sup>(a)</sup>  | 149000 | 169087 |
|  |  | 696727 |
|  **Power Generation — 2.0%** | **Power Generation — 2.0%** | **Power Generation — 2.0%** |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup>  | 170000 | 175811 |
|  Vistra Operations Co. LLC, 7.75%, 10/15/2031 <sup>(a)</sup>  | 165000 | 174304 |
|  |  | 350115 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Property & Casualty Insurance — 3.9%** | **Property & Casualty Insurance — 3.9%** | **Property & Casualty Insurance — 3.9%** |
|  Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 <sup>(a)</sup>  | $170000 | $173029 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)</sup>  | 170000 | 172714 |
|  Asurion LLC and Asurion Co.-Issuer, Inc., 8.00%, 12/31/2032 <sup>(a)</sup>  | 171000 | 179902 |
|  HUB International Ltd., 7.25%, 06/15/2030 <sup>(a)</sup>  | 170000 | 175322 |
|  |  | 700967 |
|  **Publishing & Broadcasting — 2.0%** | **Publishing & Broadcasting — 2.0%** | **Publishing & Broadcasting — 2.0%** |
|  Clear Channel Outdoor Holdings, Inc., 7.88%, 04/01/2030 <sup>(a)</sup>  | 162000 | 170726 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)</sup>  | 165000 | 176967 |
|  |  | 347693 |
|  **Real Estate — 4.0%** | **Real Estate — 4.0%** | **Real Estate — 4.0%** |
|  Iron Mountain, Inc., 7.00%, 02/15/2029 <sup>(a)</sup>  | 170000 | 174492 |
|  MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032 <sup>(a)</sup>  | 168000 | 179830 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup>  | 172000 | 176702 |
|  Service Properties Trust, 8.88%, 06/15/2032  | 172000 | 172595 |
|  |  | 703619 |
|  **Refining & Marketing — 1.0%** | **Refining & Marketing — 1.0%** | **Refining & Marketing — 1.0%** |
|  Sunoco LP, 7.25%, 05/01/2032 <sup>(a)</sup>  | 168000 | 177451 |
|  **Restaurants — 2.0%**  |  |  |
|  1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 <sup>(a)</sup>  | 170000 | 174805 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 <sup>(a)</sup>  | 180000 | 179786 |
|  |  | 354591 |
|  **Retail - Consumer Discretionary — 3.9%** | **Retail - Consumer Discretionary — 3.9%** | **Retail - Consumer Discretionary — 3.9%** |
|  Advance Auto Parts, Inc., 7.38%, 08/01/2033 <sup>(a)</sup>  | 175000 | 179321 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 06/15/2032 <sup>(a)(b)</sup>  | 173000 | 170163 |

---

---

| | | |
|:---|:---|:---|
|  Builders FirstSource, Inc., 6.75%, 05/15/2035 <sup>(a)</sup>  | 170000 | 177533 |
|  Rakuten Group, Inc., 11.25%, 02/15/2027 <sup>(a)</sup>  | 160000 | 169265 |
|  |  | 696282 |
|  **Software & Services — 2.9%** | **Software & Services — 2.9%** | **Software & Services — 2.9%** |
|  Cloud Software Group, Inc., 8.25%, 06/30/2032 <sup>(a)</sup>  | 173000 | 173152 |
|  CoreWeave, Inc., 9.25%, 06/01/2030 <sup>(a)</sup>  | 178000 | 174320 |
|  ION Platform Finance US, Inc. / ION Platform Finance SARL, 9.50%, 05/30/2029 <sup>(a)</sup>  | 182000 | 170917 |
|  |  | 518389 |
|  **Supermarkets & Pharmacies — 1.0%** | **Supermarkets & Pharmacies — 1.0%** | **Supermarkets & Pharmacies — 1.0%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 02/15/2028 <sup>(a)</sup>  | 170000 | 172994 |
|  **Travel & Lodging — 4.0%** | **Travel & Lodging — 4.0%** | **Travel & Lodging — 4.0%** |
|  Carnival Corp., 6.13%, 02/15/2033 <sup>(a)(b)</sup>  | 170000 | 175953 |
|  Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032 <sup>(a)</sup>  | 170000 | 175674 |
|  NCL Corp. Ltd., 7.75%, 02/15/2029 <sup>(a)</sup>  | 167000 | 178323 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 <sup>(a)</sup>  | 174000 | 174000 |
|  |  | 703950 |
|  **Utilities — 2.9%** | **Utilities — 2.9%** | **Utilities — 2.9%** |
|  PG&E Corp., 5.25%, 07/01/2030  | 180000 | 180232 |
|  Talen Energy Supply LLC, 8.63%, 06/01/2030 <sup>(a)</sup>  | 160000 | 168395 |
|  XPLR Infrastructure Operating Partners LP, 8.63%, 03/15/2033 <sup>(a)</sup>  | 165000 | 174633 |
|  |  | 523260 |
|  **Waste & Environment Services & Equipment — 1.0%** | **Waste & Environment Services & Equipment — 1.0%** | **Waste & Environment Services & Equipment — 1.0%** |
|  GFL Environmental, Inc., 6.75%, 01/15/2031 <sup>(a)</sup>  | 168000 | 176153 |
|  **Wireless Telecommunications Services — 3.9%** | **Wireless Telecommunications Services — 3.9%** | **Wireless Telecommunications Services — 3.9%** |
|  Altice France SA, 9.50%, 11/01/2029 <sup>(a)</sup>  | 167882 | 170378 |
|  EchoStar Corp., 10.75%, 11/30/2029  | 161000 | 175837 |
|  Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 <sup>(a)</sup>  | 170000 | 169999 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Wireless Telecommunications Services — 3.9% (continued)** | **Wireless Telecommunications Services — 3.9% (continued)** | **Wireless Telecommunications Services — 3.9% (continued)** |
|  Vodafone Group PLC, 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079  | $162000 | $171617 |
|  |  | 687831 |
|  **Wireline Telecommunications Services — 2.0%** | **Wireline Telecommunications Services — 2.0%** | **Wireline Telecommunications Services — 2.0%** |
|  Level 3 Financing, Inc., 7.00%, 03/31/2034 <sup>(a)</sup>  | 170000 | 176699 |
|  Windstream Services LLC, 7.50%, 10/15/2033 <sup>(a)</sup>  | 168000 | 174781 |
|  |  | 351480 |
|  **TOTAL CORPORATE BONDS** (Cost $17,306,229)  |  | 17424870 |
|  | **Shares** |  |
|  **COMMON STOCKS — 0.0% <sup>(c)</sup>** | **COMMON STOCKS — 0.0% <sup>(c)</sup>** | **COMMON STOCKS — 0.0% <sup>(c)</sup>** |
|  Altice France Lux 3 <sup>(d)(e)</sup>  | 851 | 0 |
|  **TOTAL COMMON STOCKS** (Cost $0)  |  | 0 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup>  | 588174 | 588174 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $588,174)  |  | 588174 |
|  **TOTAL INVESTMENTS — 101.5%** (Cost $17,894,403)  |  | 18013044 |
|  Liabilities in Excess of Other Assets — (1.5)%  |  | (258094) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $17754950 |

---

Par amount is in USD unless otherwise indicated. <br>

Percentages are stated as a percent of net assets. <br>

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> 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. 

<sup>(b)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $574,078. 

<sup>(c)</sup> Represents less than 0.05% of net assets. 

<sup>(d)</sup> 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. 

<sup>(e)</sup> Non-income producing security. <br>

<sup>(f)</sup> 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.

**F/m Ultrashort Tax-Free Municipal ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** | **MUNICIPAL BONDS — 98.7%** |
|  Adams & Weld Counties School District No 27J Brighton/CO, 5.00%, 12/01/2033  | $300000 | $300451 |
|  Alachua County Health Facilities Authority, 5.00%, 12/01/2035  | 50000 | 50070 |
|  Aubrey Independent School District, 4.00%, 02/15/2036  | 190000 | 190152 |
|  Bexar County Hospital District, 5.00%, 02/15/2027  | 95000 | 95183 |
|  Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, 5.00%, 12/15/2027  | 25000 | 25051 |
|  Brazoria-Fort Bend County Municipal Utility District No 1, 4.00%, 09/01/2032  | 100000 | 100067 |
|  California Health Facilities Financing Authority, 5.00%, 11/15/2028 (Obligor: Cedars-sinai Med Ctr Oblg)  | 305000 | 305624 |
|  California Infrastructure & Economic Development Bank, 5.00%, 10/01/2030  | 35000 | 35081 |
|  California State Public Works Board, 5.00%, 05/01/2028  | 45000 | 45171 |
|  Cedar Port Navigation & Improvement District, 4.00%, 09/01/2030  | 50000 | 50042 |
|  Central Texas Regional Mobility Authority, 5.00%, 01/01/2027  | 100000 | 100385 |
|  Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2031 (Obligor: Atrium Health Oblig Grp)  | 50000 | 50049 |
|  Chilton County Health Care Authority, 5.00%, 11/01/2035  | 100000 | 100127 |
|  City of Brentwood MO, 4.00%, 10/01/2027  | 100000 | 100907 |
|  City of Burleson TX, 5.00%, 03/01/2028  | 30000 | 30058 |
|  City of Houston TX Combined Utility System Revenue  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2031  | 30000 | 30034 |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2033  | 500000 | 500515 |
|  City of Lafayette LA Sales & Use Tax Revenue, 4.00%, 03/01/2027  | 95000 | 95123 |
|  City of Las Vegas NV, 5.00%, 09/01/2029  | 50000 | 50099 |
|  City of New York NY, 5.00%, 08/01/2028  | 50000 | 50102 |

---

---

| | | |
|:---|:---|:---|
|  City of Ozark MO, 4.00%, 09/01/2034  | $250000.0 | $250231.0 |
|  City of Pearland TX, 5.00%, 03/01/2030  | 35000.0 | 35065.0 |
|  City of Rocky Mount NC, 4.00%, 05/01/2031  | 90000.0 | 90211.0 |
|  City of San Juan TX, 4.00%, 02/15/2031  | 75000.0 | 75078.0 |
|  City of Springfield IL, 5.00%, 12/01/2031  | 100000.0 | 100163.0 |
|  City of Troy AL, 4.00%, 07/01/2035  | 250000.0 | 250184.0 |
|  City of Worcester MA, 4.00%, 01/15/2036  | 100000.0 | 100097.0 |
|  Clark County School District, 4.00%, 06/15/2034  | 100000.0 | 100078.0 |
|  Columbus Metropolitan Housing Authority, 5.00%, 12/01/2026 (Obligor: Cmha Country Ridge Llc)  | 135000.0 | 135121.0 |
|  Commonwealth of Pennsylvania, 4.00%, 02/01/2033  | 85000.0 | 85000.0 |
|  County of Albany NY, 5.00%, 04/01/2027  | 60000.0 | 60137.0 |
|  County of Hawaii HI, 4.00%, 09/01/2035  | 50000.0 | 50041.0 |
|  County of Stark OH, 4.00%, 12/01/2030  | 25000.0 | 25027.0 |
|  Denver West Metropolitan District, 4.00%, 12/01/2032  | 30000.0 | 30023.0 |
|  Dobbs Ferry Local Development Corp., 4.00%, 07/01/2034 (Obligor: Mercy College)  | 100000.0 | 100089.0 |
|  East Cherry Creek Valley Water and Sanitation District, 4.00%, 11/15/2027  | 45000.0 | 45058.0 |
|  Elmore County Board of Education, 4.00%, 08/01/2026  | 35000.0 | 35031.0 |
|  Empire State Development Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2030  | 75000.0 | 75144.0 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2032  | 65000.0 | 65117.0 |
|  Fairfax County Economic Development Authority, 4.00%, 04/01/2029  | 165000.0 | 165207.0 |
|  Florida Higher Educational Facilities Financing Authority, 5.00%, 04/01/2029  | 35000.0 | 35058.0 |
|  Florida Insurance Assistance Interlocal Agency, Inc., 5.00%, 09/01/2026  | 50000.0 | 50086.0 |

---

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

**F/m Ultrashort Tax-Free Municipal ETF** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **MUNICIPAL BONDS — 98.7% (continued)** | **MUNICIPAL BONDS — 98.7% (continued)** | **MUNICIPAL BONDS — 98.7% (continued)** |
|  Fridley Independent School District No 14, 5.00%, 02/01/2027  | $25000 | $25050 |
|  Georgia Higher Education Facilities Authority, 4.00%, 06/15/2035  | 50000 | 50047 |
|  Grossmont Union High School District, 4.00%, 08/01/2033  | 150000 | 150210 |
|  Houston Independent School District, 5.00%, 02/15/2031  | 300000 | 300591 |
|  Illinois Finance Authority  |  |  |
| &nbsp;&nbsp;&nbsp; 4.00%, 12/01/2027 (Obligor: Northwestern University)  | 75000 | 75062 |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/01/2030  | 375000 | 375372 |
|  Illinois State Toll Highway Authority, 5.00%, 01/01/2030  | 60000 | 60112 |
|  Indiana Finance Authority, 4.00%, 03/01/2033 (Obligor: Deaconess Hlth Sys Oblig)  | 225000 | 225141 |
|  King County School District No 403 Renton, 5.00%, 12/01/2027  | 75000 | 75150 |
|  Los Angeles County Public Works Financing Authority  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2027  | 500000 | 501062 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2031  | 100000 | 100194 |
| &nbsp;&nbsp;&nbsp; 5.00%, 12/01/2032  | 95000 | 95184 |
|  Louisiana Public Facilities Authority  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2031 (Obligor: Franciscan Mission Oblig)  | 55000 | 55055 |
| &nbsp;&nbsp;&nbsp; 5.00%, 07/01/2032 (Obligor: Franciscan Mission Oblig)  | 50000 | 50047 |
|  Madison County Board of Education/AL  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2027  | 100000 | 100208 |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/01/2030  | 30000 | 30056 |
|  Metropolitan Council, 4.00%, 03/01/2028  | 50000 | 50040 |
|  Michigan Finance Authority, 5.00%, 01/01/2029 (Obligor: Holland Community Hosp)  | 400000 | 400617 |
|  Michigan State Housing Development Authority, 4.45%, 10/01/2034  | 60000 | 60075 |
|  Minnesota Public Facilities Authority State Revolving Fund, 5.00%, 03/01/2035  | 105000 | 105159 |
|  Mississippi Valley State University Educational Building Corp., 3.50%, 04/01/2033  | 60000 | 60050 |

---

---

| | | |
|:---|:---|:---|
|  Missouri Public Utilities Commission, 4.00%, 05/01/2026  | $100000 | $100068 |
|  Nevada Joint Union High School District, 4.00%, 08/01/2030  | 40000 | 40041 |
|  New Jersey Economic Development Authority, 4.38%, 06/15/2027  | 50000 | 50049 |
|  New Jersey Educational Facilities Authority, 5.00%, 07/01/2030 (Obligor: The College Of New Jersey)  | 370000 | 371432 |
|  North Carolina Municipal Power Agency No 1, 5.00%, 01/01/2031  | 585000 | 587548 |
|  Northeast Travis County Utility District/TX, 4.00%, 09/01/2027  | 200000 | 200112 |
|  Oakland University, 5.00%, 03/01/2028  | 40000 | 40077 |
|  Pierce County Fire Protection District No 6, 4.00%, 12/01/2032  | 100000 | 100061 |
|  Public Finance Authority, 5.00%, 03/01/2036 (Obligor: University Of Kansas)  | 25000 | 25032 |
|  Richardson Independent School District, 5.00%, 02/15/2028  | 75000 | 75110 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.00%, 10/01/2029  | 50000 | 50114 |
|  San Jose Evergreen Community College District, 4.00%, 09/01/2026  | 500000 | 500471 |
|  Sangamon & Christian Counties Community Unit School District No 3A Rochester, 4.00%, 02/01/2034  | 80000 | 80065 |
|  Skyland Metropolitan District, 4.38%, 12/01/2029  | 50000 | 50078 |
|  South Orange County Public Financing Authority, 5.00%, 04/01/2029  | 55000 | 55126 |
|  Southern California Public Power Authority, 5.00%, 07/01/2027  | 50000 | 50095 |
|  Southern Platte Fire Protection District/MO, 4.00%, 03/01/2036  | 75000 | 75069 |
|  St Charles County School District No R-IV Wentzville, 4.00%, 03/01/2029  | 40000 | 40046 |

---

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

**F/m Ultrashort Tax-Free Municipal ETF** 

**Schedule of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **MUNICIPAL BONDS — 98.7% (continued)** | **MUNICIPAL BONDS — 98.7% (continued)** | **MUNICIPAL BONDS — 98.7% (continued)** |
|  St Michael-Albertville Independent School District No 885, 4.00%, 02/01/2030  | $25000 | $25029 |
|  State of Connecticut, 4.00%, 03/15/2036  | 190000 | 190180 |
|  State of Hawaii, 4.00%, 10/01/2026  | 50000 | 50062 |
|  State of Illinois, 5.00%, 01/01/2027  | 600000 | 601743 |
|  State of Texas, 4.00%, 08/01/2028  | 95000 | 95116 |
|  Sweetwater Union High School District, 5.00%, 08/01/2032  | 30000 | 30058 |
|  Taylor Independent School District/TX, 4.00%, 02/15/2030  | 70000 | 70072 |
|  Texas Water Development Board  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026  | 55000 | 55111 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2031  | 75000 | 75127 |
| &nbsp;&nbsp;&nbsp; 4.00%, 10/15/2034  | 50000 | 50047 |
|  Town of Manchester CT, 4.00%, 02/01/2028  | 35000 | 35053 |
|  Town of Westlake TX, 4.00%, 02/15/2036  | 50000 | 50043 |
|  Tradition Community Development District No 1, 4.13%, 05/01/2030  | 145000 | 145177 |
|  University of Hawaii  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2031  | 65000 | 65113 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2032  | 100000 | 100173 |
|  Ventura County Community College District, 4.00%, 08/01/2032  | 30000 | 30059 |
|  **TOTAL MUNICIPAL BONDS** (Cost $11,349,171)  |  | 11364776 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** | **MONEY MARKET FUNDS — 0.1%** |
|  BlackRock Liquidity Funds MuniCash - Institutional Class, 1.72% <sup>(a)</sup>  | 9175 | $9175 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $9,175)  |  | 9175 |
|  **TOTAL INVESTMENTS — 98.8%** (Cost $11,358,346)  |  | 11373951 |
|  Other Assets in Excess of Liabilities — 1.2%  |  | 142599 |
|  **TOTAL NET ASSETS — 100.0%** |  | $11516550 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 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.

**F/M CORPORATE BOND ETFS** 

**Statements of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **F/m 2-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** | **F/m 3-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** | **F/m 10-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** |
|  **ASSETS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $18070363 | $40677329 | $29488813 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 216182 | 478711 | 388606 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 24012 | 50423 | 35101 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  | 268 | 236 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 2 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 18310559 | 41206733 | 29912758 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  | 174863 | 960291 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 2117 | 4985 | 3344 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2117 | 179848 | 963635 |
|  **NET ASSETS**  | $18308442 | $41026885 | $28949123 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001 and 0.001 per share)  | $360 | $800 | $560 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 18242608 | 40790437 | 28800918 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 65474 | 235648 | 147645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $18308442 | $41026885 | $28949123 |
|  Net assets  | $18308442 | $41026885 | $28949123 |
|  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)  | 360000 | 800000 | 560000 |
|  Net asset value per share  | $50.86 | $51.28 | $51.69 |
|  **COST:** |  |  |  |
|  Investments in unaffiliated securities, at cost  | $18016195 | $40508356 | $29114597 |
|  Investments in affiliated securities, at cost  | $— | $— | $— |
|  **LOANED SECURITIES:** |  |  |  |
|  at value (included in investments)  | $— | $171498 | $942881 |

---

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

**F/M OPPORTUNISTIC INCOME ETF** 

**Statements of Assets and Liabilities (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Opportunistic <br> Income ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $38285527 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 9289053 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 260709 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 251330 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 1013 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 9328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 48096960 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 1147185 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 14249 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 210445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1371879 |
|  **NET ASSETS**  | $46725081 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $900 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 46394456 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 329725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $46725081 |
|  Net assets  | $46725081 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 900000 |
|  Net asset value per share  | $51.92 |
|  **COST:** |  |
|  Investments in unaffiliated securities, at cost  | $37871543 |
|  Investments in affiliated securities, at cost  | $9195487 |
|  **LOANED SECURITIES:** |  |
|  at value (included in investments)  | $1128890 |

---

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

**F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF** 

**Statements of Assets and Liabilities (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security (TIPS) <br> ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $40261362 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 23144 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  |  |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 7886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 40292392 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 5522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 5522 |
|  **NET ASSETS**  | $40286870 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $810 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 40545289 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | (259229) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $40286870 |
|  Net assets  | $40286870 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 810000 |
|  Net asset value per share  | $49.74 |
|  **COST:** |  |
|  Investments, at cost  | $40038691 |

---

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

**F/M HIGH YIELD 100 ETF** 

**Statements of Assets and Liabilities (continued)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m High <br> Yield 100 ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $18013044 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 300370 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 34845 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 120 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 18348379 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 588174 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 5255 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 593429 |
|  **NET ASSETS**  | $17754950 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $340 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 17421300 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 333310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $17754950 |
|  Net assets  | $17754950 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 340000 |
|  Net asset value per share  | $52.22 |
|  **COST:** |  |
|  Investments in unaffiliated securities, at cost  | $17894403 |
|  Investments in affiliated securities, at cost  | $— |
|  **LOANED SECURITIES:** |  |
|  at value (included in investments)  | $574078 |

---

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

**F/m Ultrashort Tax-Free Municipal ETF** 

**Statements of Assets and Liabilities (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Tax-Free <br> Municipal ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $11373951 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 145297 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 169 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 11519417 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2867 |
|  **NET ASSETS**  | $11516550 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $230 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 11504013 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 12307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $11516550 |
|  Net assets  | $11516550 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 230000 |
|  Net asset value per share  | $50.07 |
|  **COST:** |  |
|  Investments, at cost  | $11358346 |

---

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

**F/M CORPORATE BOND ETFS** 

**Statements of Operations** 

**For the SIX MONTHS Ended February 28, 2026 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **F/m 2-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** | **F/m 3-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** | **F/m 10-Year <br> Investment <br> Grade <br> Corporate <br> Bond ETF** |
|  **INVESTMENT INCOME:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Interest income  | 420260 | 868268 | 731418 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  | (96) | (232) | (166) |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 17 | 1416 | 1485 |
| &nbsp;&nbsp;&nbsp; Other income  |  | 755 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 420181 | 870207 | 732737 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 14881 | 29710 | 21472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 14881 | 29710 | 21472 |
|  **NET INVESTMENT INCOME**  | 405300 | 840497 | 711265 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 3658 | 13657 | 394691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 85766 | 291755 | 89226 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 89424 | 305412 | 483917 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (34503) | (150540) | 81230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (34503) | (150540) | 81230 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 54921 | 154872 | 565147 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $460221 | $995369 | $1276412 |

---

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

**F/M OPPORTUNISTIC INCOME ETF** 

**Statements of Operations (Continued)** 

**For the SIX MONTHS Ended February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Opportunistic <br> INCOME ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | $234532 |
| &nbsp;&nbsp;&nbsp; Interest income  | 892233 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  |  |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 11650 |
| &nbsp;&nbsp;&nbsp; Other income  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1138415 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 81735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 81735 |
|  **NET INVESTMENT INCOME**  | 1056680 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 66760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 102125 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 171648 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (14469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (25151) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (39620) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 132028 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $1188708 |

---

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

**F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF** 

**Statements of Operations (CONTINUED)** 

**For the SIX MONTHS Ended February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security (TIPS) <br> ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $— |
| &nbsp;&nbsp;&nbsp; Interest income  | 567582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 567582 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 46454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 46454 |
|  **NET INVESTMENT INCOME**  | 521128 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (40834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | (7696) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (48530) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 244268 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 244268 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 195738 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $716866 |

---

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

**F/M HIGH YIELD 100 ETF** 

**Statements of Operations (continued)** 

**For the SIX MONTHS Ended February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m High <br> Yield 100 ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | $— |
| &nbsp;&nbsp;&nbsp; Interest income  | 599006 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  |  |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 1203 |
| &nbsp;&nbsp;&nbsp; Other income  | 16412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 616621 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 36127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 36127 |
|  **NET INVESTMENT INCOME**  | 580494 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (15773) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 167151 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 151378 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (175407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (175407) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (24029) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $556465 |

---

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

**F/m Ultrashort Tax-Free Municipal ETF** 

**Statements of Operations (CONCLUDED)** 

**For the PERIOD Ended February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Tax-Free <br> Municipal <br> ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $1506 |
| &nbsp;&nbsp;&nbsp; Interest income  | 170022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 171528 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 13521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 13521 |
|  **NET INVESTMENT INCOME**  | 158007 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (1450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (1450) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 15605 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 15605 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 14155 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $172162 |

---

<sup>(a)</sup> Inception date of the Fund was September 29, 2025.

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

**F/m Corporate Bond ETFs** 

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m 2-Year Investment Grade <br> Corporate Bond ETF** | **F/m 2-Year Investment Grade <br> Corporate Bond ETF** | **F/m 3-Year Investment Grade <br> Corporate Bond ETF** | **F/m 3-Year Investment Grade <br> Corporate Bond ETF** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year ended <br> August 31, <br> 2025** | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year ended <br> August 31, <br> 2025** |
|  **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $405300 | $4540373 | $840497 | $5165267 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 89424 | 1075944 | 305412 | 1875718 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (34503) | 801 | (150540) | 17202 |
|  Net increase (decrease) in net assets from operations  | 460221 | 5617118 | 995369 | 7058187 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (465826) | (4582918) | (964259) | (5242121) |
| &nbsp;&nbsp;&nbsp; From return of capital  |  | (462936) |  | (464905) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (465826) | (5045854) | (964259) | (5707026) |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 22340824 | 286862173 | 47056608 | 281797336 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (24379304) | (277214128) | (42979884) | (268610692) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  | 7758 |  | 3934 |
|  Net increase (decrease) in net assets from capital transactions  | (2038480) | 9655803 | 4076724 | 13190578 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (2044085) | 10227067 | 4107834 | 14541739 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of the period  | 20352527 | 10125460 | 36919051 | 22377312 |
|  End of the period  | $18308442 | $20352527 | $41026885 | $36919051 |
|  **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 360000 | 5680000 | 840000 | 5560000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (5480000) | (40000) | (5280000) |
|  Total increase (decrease) in shares outstanding  | 360000 | 200000 | 800000 | 280000 |

---

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

**F/m Corporate Bond ETFs** 

**STATEMENTS of Changes in Net Assets (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **F/m 10-Year Investment Grade <br> Corporate Bond ETF** | **F/m 10-Year Investment Grade <br> Corporate Bond ETF** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year ended <br> August 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $711265 | $2554818 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 483917 | 475375 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 81230 | (156567) |
|  Net increase (decrease) in net assets from operations  | 1276412 | 2873626 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (827312) | (2625881) |
| &nbsp;&nbsp;&nbsp; From return of capital  |  | (141657) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (827312) | (2767538) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 10232680 | 58874333 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (10235392) | (46873008) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  | 308 |
|  Net increase (decrease) in net assets from capital transactions  | (2712) | 12001633 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 446388 | 12107721 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 28502735 | 16395014 |
|  End of the period  | $28949123 | $28502735 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 560000 | 1160000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (920000) |
|  Total increase (decrease) in shares outstanding  | 560000 | 240000 |

---

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

**F/M OPPORTUNISTIC INCOME ETF** 

**STATEMENTS of Changes in Net Assets (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **F/m Opportunistic INCOME ETF** | **F/m Opportunistic INCOME ETF** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year ended <br> August 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1056680 | $2006158 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 171648 | 448319 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (39620) | (955145) |
|  Net increase (decrease) in net assets from operations  | 1188708 | 1499332 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (1214623) | (2019189) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (1214623) | (2019189) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 13504121 | 27079632 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4167326) | (24489956) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  | 1285 |
|  Net increase (decrease) in net assets from capital transactions  | 9336795 | 2590961 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 9310880 | 2071104 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 37414201 | 35343097 |
|  End of the period  | $46725081 | $37414201 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  |  | 520000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | 900000 | (470000) |
|  Total increase (decrease) in shares outstanding  | 900000 | 50000 |

---

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

**F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF** 

**STATEMENTS of Changes in Net Assets (CONTINUED)**

---

| | | |
|:---|:---|:---|
|  | **F/m Ultrashort Treasury <br> Inflation-Protected Security <br> (TIPS) ETF** | **F/m Ultrashort Treasury <br> Inflation-Protected Security <br> (TIPS) ETF** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $521128 | $1627163 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (48530) | (131530) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 244268 | (21597) |
|  Net increase (decrease) in net assets from operations  | 716866 | 1474036 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (1132752) | (1337567) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (1132752) | (1337567) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7996548 | 93594175 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (32948969) | (28075623) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 23 | 133 |
|  Net increase (decrease) in net assets from capital transactions  | (24952398) | 65518685 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (25368284) | 65655154 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 65655154 |  |
|  End of the period  | $40286870 | $65655154 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 870000 | 1870000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (60000) | (560000) |
|  Total increase (decrease) in shares outstanding  | 810000 | 1310000 |

---

<sup>(a)</sup> Inception date of the Fund was February 24, 2025.

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

**F/M HIGH YIELD 100 ETF** 

**STATEMENTS of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **F/m High Yield 100 ETF** | **F/m High Yield 100 ETF** |
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $580494 | $301108 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 151378 | 66196 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (175407) | 294048 |
|  Net increase (decrease) in net assets from operations  | 556465 | 661352 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (566472) | (250548) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (566472) | (250548) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 9932519 | 23064697 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (10468402) | (5180438) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 232 | 5545 |
|  Net increase (decrease) in net assets from capital transactions  | (535651) | 17889804 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | (545658) | 18300608 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 18300608 |  |
|  End of the period  | $17754950 | $18300608 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 340000 | 450000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  |  | (100000) |
|  Total increase (decrease) in shares outstanding  | 340000 | 350000 |

---

<sup>(a)</sup> Inception date of the Fund was April 14, 2025.

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

**F/m Ultrashort Tax-Free Municipal ETF** 

**STATEMENT of Changes in Net Assets (Concluded)**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Tax-Free <br> Municipal ETF** |
|  | **PERIOD <br> ENDED <br> FEBRUARY 28,<br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $158007 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (1450) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 15605 |
|  Net increase (decrease) in net assets from operations  | 172162 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (159855) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (159855) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 13009362 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1505119) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  |  |
|  Net increase (decrease) in net assets from capital transactions  | 11504243 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 11516550 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $11516550 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 260000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (30000) |
|  Total increase (decrease) in shares outstanding  | 230000 |

---

<sup>(a)</sup> Inception date of the Fund was September 29, 2025.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year <br> ended <br> August 31, <br> 2025** | **Period <br> ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $50.88 | $50.63 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 1.03 | 2.30 | 1.60 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $50.86 | $50.88 | $50.63 |
|  **TOTAL RETURN <sup>(e)(f)</sup>** | 2.34% | 5.21% | 3.96% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $18308 | $20353 | $10125 |
|  Ratio of expenses to average net assets <sup>(g)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets <sup>(g)</sup>  | 4.44% | 4.55% | 4.99% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 3% | 35% | 110% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was January 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year <br> ended <br> August 31, <br> 2025** | **Period <br> ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $51.28 | $50.86 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 1.08 | 2.32 | 1.55 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $51.28 | $51.28 | $50.86 |
|  **TOTAL RETURN <sup>(e)(f)</sup>** | 2.48% | 5.53% | 4.41% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $41027 | $36919 | $22377 |
|  Ratio of expenses to average net assets <sup>(g)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets <sup>(g)</sup>  | 3.91% | 4.58% | 4.85% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 2% | 50% | 86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was January 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year <br> ended <br> August 31, <br> 2025** | **Period <br> ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $50.90 | $51.23 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 1.27 | 2.60 | 1.66 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $51.69 | $50.90 | $51.23 |
|  **TOTAL RETURN <sup>(e)(f)</sup>** | 4.53% | 4.76% | 5.32% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $28949 | $28503 | $16395 |
|  Ratio of expenses to average net assets <sup>(g)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets <sup>(g)</sup>  | 4.94% | 5.19% | 5.22% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 57% | 203% | 131% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was January 10, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Year <br> ended <br> August 31, <br> 2025** | **Period <br> ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |
|  Net asset value, beginning of period  | $51.96 | $52.75 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 1.30 | 2.83 | 2.85 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(e)</sup> |  |
|  Net asset value, end of period  | $51.92 | $51.96 | $52.75 |
|  **TOTAL RETURN <sup>(e)(g)</sup>** | 2.88% | 4.09% | 10.93% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(f)</sup>** |  |  |  |
|  Net assets, end of period (in thousands)  | $46725 | $37414 | $35343 |
|  Ratio of expenses to average net assets <sup>(h)</sup>  | 0.39% | 0.39% | 0.39% |
|  Ratio of net investment income (loss) to average net assets <sup>(h)</sup>  | 4.47% | 5.46% | 5.68% |
|  Portfolio turnover rate <sup>(e)(i)</sup>  | 78% | 136% | 92% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was September 5, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Ratios do not include the
 income and expenses of the underlying funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $50.12 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.49 | 1.17 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)</sup> | 0.00 <sup>(d)</sup> |
|  Net asset value, end of period  | $49.74 | $50.12 |
|  **TOTAL RETURN <sup>(e)(f)</sup>** | 1.41% | 2.16% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $40287 | $65655 |
|  Ratio of expenses to average net assets <sup>(g)</sup>  | 0.18% | 0.25% |
|  Ratio of net investment income (loss) to average net assets <sup>(g)</sup>  | 2.48% | 4.57% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 51% | 66% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was February 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28,<br> 2026 <br> (UNAUDITED)** | **Period<br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $52.29 | $50.15 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 1.62 | 1.29 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | (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 <sup>(d)</sup> | 0.02 |
|  Net asset value, end of period  | $52.22 | $52.29 |
|  **TOTAL RETURN <sup>(e)(f)</sup>** | 2.96% | 6.52% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $17755 | $18301 |
|  Ratio of expenses to average net assets <sup>(g)</sup>  | 0.39% | 0.39% |
|  Ratio of net investment income (loss) to average net assets <sup>(g)</sup>  | 6.67% | 6.58% |
|  Portfolio turnover rate <sup>(e)(h)</sup>  | 9% | 4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was April 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio turnover rate
 excludes in-kind transactions.

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

**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.<br>

---

| | |
|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY 28,<br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.73 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 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 <sup>(d)(e)</sup>** | 1.49% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $11517 |
|  Ratio of expenses to average net assets <sup>(f)</sup>  | 0.30% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 3.51% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was September 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) Portfolio turnover rate
 excludes in-kind transactions.

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

**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

**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  | $— | $18070363 | $— | $18070363 |
|  Total Investments  | $— | $18070363 | $— | $18070363 |

---

**F/M 3-YEAR INVESTMENT GRADE CORPORATE BOND ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
|  Corporate Bonds  | $— | $40502466 | $— | $40502466 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 174863 |
|  Total Investments  | $— | $40502466 | $— | $40677329 |

---

<sup>(a)</sup> 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 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  | $— | $28528522 | $— | $28528522 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 960291 |
|  Total Investments  | $— | $28528522 | $— | $29488813 |

---

<sup>(a)</sup> 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  | $— | $12701620 | $— | $12701620 |
|  Collateralized Mortgage Obligations  |  | 11890484 |  | 11890484 |
|  Exchange Traded Funds  | 9289053 |  |  | 9289053 |
|  Asset-Backed Securities  |  | 4682717 |  | 4682717 |
|  Municipal Bonds  |  | 3908107 |  | 3908107 |
|  U.S. Treasury Securities  |  | 2064293 |  | 2064293 |
|  Mortgage-Backed Securities  |  | 1891121 |  | 1891121 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 1147185 |
|  Total Investments  | $9289053 | $37138342 | $— | $47574580 |

---

<sup>(a)</sup> 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  | $— | $40261362 | $— | $40261362 |
|  Total Investments  | $— | $40261362 | $— | $40261362 |

---

**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  | $— | $17424870 | $— | $17424870 |
|  Common Stocks  |  |  |  |  |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 588174 |
|  Total Investments  | $— | $17424870 | $— | $18013044 |

---

<sup>(a)</sup> 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  | $— | $11364776 | $— | $11364776 |
|  Money Market Funds  | 9175 |  |  | 9175 |
|  Total Investments  | $9175 | $11364776 | $— | $11373951 |

---

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

**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

**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.

**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 <br> management <br> 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%<sup>(a)</sup> |
|  F/m High Yield 100 ETF  | 0.39% |
|  F/m Ultrashort Tax-Free Municipal ETF  | 0.30% |

---

<sup>(a)</sup> Prior to September 15, 2025 the unitary management fee was 0.25%. 

**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 <br> investment <br> securities** | **Proceeds <br> from sales <br> of investment <br> securities** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $18704505.26 | $214941 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | 35013913.44 | 422125 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | 23259550.45 | 16001221 |
|  F/m Opportunistic Income ETF  | 32709632.06 | 29154419 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 27314206.81 | 28389464 |
|  F/m High Yield 100 ETF  | 6712670.45 | 654165 |
|  F/m Ultrashort Tax-Free Municipal ETF  | 16809060.80 | 1160407 |

---

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 <br> purchases of <br> investment <br> securities** | **Proceeds from <br> in-kind sales <br> of investment <br> securities** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $— | $20179329 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | 6069400.87 | 36241914 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  |  | 7119284 |
|  F/m Opportunistic Income ETF  | 13513321.45 | 3968158 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 7972807.98 | 32915741 |
|  F/m High Yield 100 ETF  | 3009862.07 | 8549811 |
|  F/m Ultrashort Tax-Free Municipal ETF  |  |  |

---

**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.

**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 <br> Tax Cost** | **Unrealized <br> appreciation** | **Unrealized <br> (depreciation)** | **Net unrealized <br> appreciation/<br> depreciation** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $20030745 | $90416 | $(2309) | $88107 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | 36310778 | 321433 | (3075) | 318358 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | 29734319 | 301345 | (14422) | 286923 |
|  F/m Opportunistic Income ETF  | 39267783 | 562623 | (16210) | 546413 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 65645971 | 68430 | (91159) | (22729) |
|  F/m High Yield 100 ETF  | 18606265 | 300710 | (7082) | 293628 |

---

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 <br> earnings/(loss)** | **PAID-IN-CAPITAL** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $(1081346) | $1081346 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | (1918415) | 1918415 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | (906868) | 906868 |
|  F/m Opportunistic Income ETF  | (743280) | 743280 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 20188 | (20188) |
|  F/m High Yield 100 ETF  | (67487) | 67487 |

---

**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 <br> ordinary <br> income** | **Undistributed <br> long-term <br> capital gains** | **Net <br> unrealized <br> appreciation/<br> (depreciation)** | **Capital <br> loss <br> carryover** | **Qualified <br> late-year <br> loss** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $— | $– $| 88107 | $(17028) | $— |
|  F/m 3-Year Investment Grade Corporate Bond ETF  |  | – | 318357 | (113820) |  |
|  F/m 10-Year Investment Grade Corporate Bond ETF  |  | – | 286923 | (588378) |  |
|  F/m Opportunistic Income ETF  | 141781 | – | 546413 | (332554) |  |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 289596 | – | (22729) | (110210) |  |
|  F/m High Yield 100 ETF  | 50560 | – | 293628 | (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** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TAX YEAR** | **Ordinary <br> income** | **Return of <br> Capital** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | 2025 | $4582918 | $462936 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | 2025 | 5242121 | 464905 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | 2025 | 2625881 | 141657 |
|  F/m Opportunistic Income ETF  | 2025 | 2019189 |  |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 2025 | 1337567 |  |
|  F/m High Yield 100 ETF  | 2025 | 250548 |  |

---

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

**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 <br> OF SECURITIES <br> LOANED** | **MARKET VALUE <br> OF COLLATERAL** | **INCOME <br> RECEIVED FROM <br> SECURITIES <br> LENDING** |
|  F/m 2-Year Investment Grade Corporate Bond ETF  | $— | $— | $17 |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | 171498 | 174863 | 1416 |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | 942881 | 960291 | 1485 |
|  F/m Opportunistic Income ETF  | 1128889.58 | 1147185 | 11650.08 |
|  F/m High Yield 100 ETF  | 574078 | 588174 | 1203 |

---

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 <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS AMOUNTS <br> OF RECOGNIZED <br> ASSETS** | <br>**GROSS AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS <br> OF ASSETS <br> PRESENTED IN <br> THE STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET AMOUNT<sup>2</sup>** |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | $171498 | $— | $171498 | $(171498) | $— | $— |
|  F/m 10-Year Investment Grade Corporate Bond ETF  | 942881 |  | 942881 | (942881) |  |  |
|  F/m Opportunistic Income ETF  | 1128890 |  | 1128890 | (1128890) |  |  |
|  F/m High Yield 100 ETF  | 574078 |  | 574078 | (574078) |  |  |

---

<sup>1</sup> 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. 

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

**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** | **September 1, 2025** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| <br>**Issuer Name** | **Share <br> Balance** | **Market <br> Value** | **Share <br> Balance** | **Cost** | **Share <br> Balance** | **Cost** |
|  **F/m Opportunistic Income ETF** |  |  |  |  |  |  |
|  F/m 3-Year Investment Grade Corporate Bond ETF  |  | $— | 34230 | $1753353 |  | $— |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 8828 | 442636 |  |  | 8828 | 441630 |
|  F/m Ultrashort Tax-Free Municipal ETF  |  |  | 43075 | 2156468 | 43075 | 2160819 |
|  F/m High Yield 100 ETF  | 95540 | 4993398 | 71889 | 3758036 | 77316 | 4054852 |
|  U.S. Treasury 3 Month Bill ETF  | 230 | $11505 | 289704 | $14457024 | 289934 | $14466181 |
|  U.S. Treasury 6 Month Bill ETF  |  |  | 18106 | 908729 | 18106 | 906559 |
|  U.S. Treasury 2 Year Note ETF  |  |  | 49260 | 2392947 | 49260 | 2392354 |
|  U.S. Treasury 5 Year Note ETF  | 10290 | 508920 | 51210 | 2519532 | 8040 | 397955 |
|  F/m US Treasury 3 Year Note ETF  |  |  | 10000 | 498500 | 6700 | 333254 |
|  | 114888 | 5956458 | 567474 | 28444589 | 501259 | 25153603 |

---

**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** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| <br>**Issuer Name** | **Dividend <br> Income** | **Capital <br> Gain<br> Distribution** | **Net Change in <br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized <br> Gain/(Loss)** | **Share <br> Balance** | **Market<br> Value** |
|  F/m 3-Year Investment Grade Corporate Bond ETF  | $12317 | $— | $2410 | $— | 34230 | $1755763 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 1757 |  | (208) | (798) |  |  |
|  F/m Ultrashort Tax-Free Municipal ETF  | 14031 |  |  | 4352 |  |  |
|  F/m High Yield 100 ETF  | 166264 |  | (48671) | 62466 | 90113 | 4710378 |
|  U.S. Treasury 3 Month Bill ETF  | 5229 |  | (25) | (2322) |  |  |
|  U.S. Treasury 6 Month Bill ETF  | 3929 |  |  | (2171) |  |  |
|  U.S. Treasury 2 Year Note ETF  | 6264 |  |  | (593) |  |  |
|  U.S. Treasury 5 Year Note ETF  | 22828 |  | 20699 | 6568 | 53460 | 2657764 |
|  F/m US Treasury 3 Year Note ETF  | 1912 |  | 644 | (742) | 3300 | 165149 |
|  | $234532 | $— | $(25152) | $66760 | 181103 | $9289053 |

---

**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.

**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 <br> 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 |

---

**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 <u>www.fminvest.com/etfs</u>.

**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.

**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.

**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%** | **CORPORATE BONDS — 25.5%** | **CORPORATE BONDS — 25.5%** |
|  **Communications — 1.1%** | **Communications — 1.1%** | **Communications — 1.1%** |
|  AT&T, Inc., 7.13%, 12/15/2031  | $750000 | $846024 |
|  Meta Platforms, Inc., 5.63%, 11/15/2055  | 196000 | 192002 |
|  |  | 1038026 |
|  **Consumer Discretionary — 2.0%** | **Consumer Discretionary — 2.0%** |  |
|  AutoZone, Inc., 4.75%, 08/01/2032  | 669000 | 679386 |
|  Fortune Brands Innovations, Inc., 5.88%, 06/01/2033 <sup>(a)</sup>  | 549000 | 589023 |
|  Marriott International, Inc./MD, 5.10%, 04/15/2032  | 635000 | 661969 |
|  |  | 1930378 |
|  **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
|  BAT Capital Corp., 7.08%, 08/02/2053  | 373000 | 428037 |
|  **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
|  Diamondback Energy, Inc., 5.40%, 04/18/2034  | 564000 | 586716 |
|  El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 <sup>(b)</sup>  | 490000 | 590065 |
|  Enbridge, Inc., 5.70%, 03/08/2033  | 616000 | 655116 |
|  Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034  | 627000 | 655339 |
|  |  | 2487236 |
|  **Financials — 8.2%** | **Financials — 8.2%** | **Financials — 8.2%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032  | 733000 | 685385 |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034  | 627000 | 648769 |
|  Antares Holdings LP, 7.95%, 08/11/2028 <sup>(c)</sup>  | 645000 | 682718 |
|  Aviation Capital Group LLC, 6.38%, 07/15/2030 <sup>(c)</sup>  | 646000 | 694690 |
|  Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034  | 661000 | 686316 |
|  Capital One Financial Corp., 4.49% to 09/11/2030 then SOFR + 1.25%, 09/11/2031  | 654000 | 654308 |
|  CBRE Services, Inc., 4.90%, 01/15/2033  | 683000 | 691985 |
|  Crown Castle, Inc., 5.10%, 05/01/2033  | 674000 | 687216 |
|  Fairfax Financial Holdings Ltd., 7.75%, 07/15/2037  | 657000 | 766600 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 8.2% (continued)** | **Financials — 8.2% (continued)** | **Financials — 8.2% (continued)** |
|  FS KKR Capital Corp., 6.88%, 08/15/2029  | $950000 | $940341 |
|  Jackson Financial, Inc., 3.13%, 11/23/2031  | 643000 | 586746 |
|  |  | 7725074 |
|  **Health Care — 1.9%** | **Health Care — 1.9%** | **Health Care — 1.9%** |
|  Bristol-Myers Squibb Co., 5.88%, 11/15/2036  | 473000 | 518569 |
|  Cigna Group, 4.50%, 09/15/2030  | 645000 | 654020 |
|  Quest Diagnostics, Inc., 6.40%, 11/30/2033  | 593000 | 663294 |
|  |  | 1835883 |
|  **Technology — 5.4%** | **Technology — 5.4%** | **Technology — 5.4%** |
|  Applied Materials, Inc., 5.85%, 06/15/2041  | 642000 | 697119 |
|  Broadcom, Inc., 4.90%, 07/15/2032  | 676000 | 696664 |
|  Dell International LLC / EMC Corp., 4.75%, 10/06/2032  | 653000 | 659378 |
|  Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 <sup>(a)(b)</sup>  | 604000 | 654997 |
|  Jabil, Inc., 4.75%, 02/01/2033  | 594000 | 592203 |
|  Kyndryl Holdings, Inc., 6.35%, 02/20/2034 <sup>(a)</sup>  | 635000 | 606598 |
|  Leidos Holdings, Inc., 5.95%, 12/01/2040  | 571000 | 594113 |
|  Oracle Corp., 4.45%, 09/26/2030  | 595000 | 585082 |
|  |  | 5086154 |
|  **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
|  Ameren Corp., 5.38%, 03/15/2035  | 658000 | 680196 |
|  Berkshire Hathaway Energy Co., 6.50%, 09/15/2037  | 523000 | 584800 |
|  Constellation Energy Generation LLC, 4.40%, 01/15/2031  | 441000 | 444219 |
|  DTE Electric Co., 5.25%, 05/15/2035  | 637000 | 664634 |
|  National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032  | 482000 | 579807 |
|  Potomac Electric Power Co., 7.90%, 12/15/2038  | 465000 | 585471 |
|  |  | 3539127 |
|  **TOTAL CORPORATE BONDS** (Cost $23,560,375)  |  | 24069915 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 22.5%** | **U.S. TREASURY SECURITIES — 22.5%** | **U.S. TREASURY SECURITIES — 22.5%** |
|  **United States Treasury Note/Bond** | **United States Treasury Note/Bond** | **United States Treasury Note/Bond** |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031  | $1405000 | $1407854 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032  | 1961000 | 1998650 |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/30/2032  | 1982000 | 1987961 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033  | 2882000 | 3020359 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034  | 1948000 | 1974100 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034  | 2411000 | 2503720 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034  | 1945000 | 1998715 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035  | 1866000 | 1968958 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042  | 2862000 | 2378702 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045  | 2708000 | 1988899 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $21,119,534)  |  | 21227918 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7%** |
|  Banc of America Mortgage Securities, Inc., Series 2003-J, Class 2A1, 5.13%, 11/25/2033 <sup>(d)</sup>  | 185305 | 164148 |
|  CHI Commercial Mortgage Trust, Series 2025-110W, Class A, 5.10%, 12/13/2040 <sup>(c)(d)</sup>  | 905000 | 923172 |
|  Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 <sup>(c)(d)</sup>  | 278269 | 261384 |
|  Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034  | 210488 | 217840 |
|  Federal Home Loan Mortgage Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2569, Class LD, 5.50%, 02/15/2033  | 21041 | 21806 |
| &nbsp;&nbsp;&nbsp; Series 3622, Class WA, 5.50%, 09/15/2039  | 94288 | 96790 |
| &nbsp;&nbsp;&nbsp; Series 3793, Class UA, 4.00%, 06/15/2033  | 18294 | 18353 |
| &nbsp;&nbsp;&nbsp; Series 3940, Class PD, 2.50%, 02/15/2041  | 38099 | 37635 |
| &nbsp;&nbsp;&nbsp; Series 4077, Class AP, 4.00%, 01/15/2042  | 19826 | 19728 |
| &nbsp;&nbsp;&nbsp; Series 4753, Class JA, 3.00%, 12/15/2047  | 828597 | 773168 |
| &nbsp;&nbsp;&nbsp; Series 4760, Class A, 3.00%, 02/15/2048  | 458149 | 445647 |
| &nbsp;&nbsp;&nbsp; Series 4960, Class PD, 2.00%, 10/25/2049  | 555352 | 483950 |
| &nbsp;&nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049  | 1030292 | 846063 |
| &nbsp;&nbsp;&nbsp; Series 5206, Class DV, 3.50%, 06/25/2033  | 832518 | 814886 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** |
| &nbsp;&nbsp;&nbsp; Series 5227, Class JQ, 4.00%, 04/25/2047  | $754003 | $746552 |
| &nbsp;&nbsp;&nbsp; Series 5252, Class BA, 4.00%, 02/25/2050  | 776595 | 773218 |
| &nbsp;&nbsp;&nbsp; Series 5413, Class MD, 6.00%, 04/25/2050  | 1024592 | 1032209 |
| &nbsp;&nbsp;&nbsp; Series 5511, Class A, 5.00%, 06/25/2051  | 608235 | 608507 |
| &nbsp;&nbsp;&nbsp; Series 5569, Class BA, 5.00%, 07/25/2052  | 896605 | 902882 |
|  Federal National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-80, Class BA, 5.00%, 04/25/2029  | 17349 | 17944 |
| &nbsp;&nbsp;&nbsp; Series 2009-96, Class DB, 4.00%, 11/25/2029  | 24730 | 24682 |
| &nbsp;&nbsp;&nbsp; Series 2013-13, Class MA, 4.00%, 01/25/2043  | 178785 | 178643 |
| &nbsp;&nbsp;&nbsp; Series 2016-24, Class HA, 3.00%, 04/25/2044  | 29553 | 29242 |
| &nbsp;&nbsp;&nbsp; Series 2016-49, Class LA, 3.50%, 01/25/2043  | 36095 | 35945 |
| &nbsp;&nbsp;&nbsp; Series 2016-89, Class CG, 3.00%, 04/25/2046  | 82417 | 78886 |
| &nbsp;&nbsp;&nbsp; Series 2017-105, Class N, 3.00%, 01/25/2048  | 892120 | 817014 |
| &nbsp;&nbsp;&nbsp; Series 2017-22, Class EC, 3.00%, 06/25/2044  | 46171 | 45651 |
| &nbsp;&nbsp;&nbsp; Series 2018-45, Class AB, 3.00%, 06/25/2048  | 167303 | 155205 |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class N, 3.00%, 03/25/2048  | 186900 | 180409 |
| &nbsp;&nbsp;&nbsp; Series 2022-22, Class EV, 4.00%, 07/25/2033  | 599490 | 597064 |
| &nbsp;&nbsp;&nbsp; Series 2024-25, Class AD, 5.00%, 03/25/2044  | 2029282 | 2034714 |
|  Government National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-133, Class HA, 3.50%, 09/20/2050  | 187385 | 174337 |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class NP, 2.50%, 09/20/2050  | 762134 | 655671 |
| &nbsp;&nbsp;&nbsp; Series 2020-84, Class WA, 3.50%, 06/20/2050  | 132225 | 123178 |
|  GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 <sup>(c)(d)</sup>  | 535276 | 456178 |
|  Harborview Mortgage Loan Trust, Series 2004-4, Class 2A, 4.34% (1 mo. Term SOFR + 0.67%), 06/19/2034  | 49318 | 46229 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (CONTINUED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 20.7% (continued)** |
|  JP Morgan Mortgage Trust  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A3, 3.38%, 07/25/2043 <sup>(c)(d)</sup>  | $36411 | $35050 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, 3.50%, 05/25/2047 <sup>(c)(d)</sup>  | 87379 | 81645 |
|  New Residential Mortgage Loan Trust, Series 2017-4A, Class A1, 4.00%, 05/25/2057 <sup>(c)(d)</sup>  | 691186 | 680674 |
|  Provident Funding Mortgage Trust, Series 2025-1, Class A3, 5.50%, 02/25/2055 <sup>(c)(d)</sup>  | 1029870 | 1041519 |
|  RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 <sup>(c)(d)</sup>  | 1114401 | 1015002 |
|  Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 <sup>(c)(d)</sup>  | 121558 | 119893 |
|  Sequoia Mortgage Trust, Series 2025-S2, Class A1, 4.00%, 11/25/2055 <sup>(c)(d)</sup>  | 997177 | 957327 |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 <sup>(c)(d)</sup>  | 860384 | 795323 |
|  **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $20,139,716)  |  | 19565363 |
|  **MORTGAGE-BACKED SECURITIES — 19.5%** | **MORTGAGE-BACKED SECURITIES — 19.5%** | **MORTGAGE-BACKED SECURITIES — 19.5%** |
| &nbsp;&nbsp;&nbsp; Pool C91859, 3.50%, 12/01/2035  | 149872 | 147716 |
| &nbsp;&nbsp;&nbsp; Pool RQ0073, 4.00%, 12/01/2055  | 1232623 | 1199300 |
| &nbsp;&nbsp;&nbsp; Pool SD3148, 5.00%, 06/01/2053  | 928711 | 946306 |
| &nbsp;&nbsp;&nbsp; Pool SD3386, 5.50%, 07/01/2053  | 1234263 | 1259917 |
| &nbsp;&nbsp;&nbsp; Pool SD8246, 5.00%, 09/01/2052  | 1304037 | 1317357 |
| &nbsp;&nbsp;&nbsp; Pool SD8255, 3.50%, 10/01/2052  | 307 | 290 |
| &nbsp;&nbsp;&nbsp; Pool SD8265, 4.00%, 11/01/2052  | 580694 | 565489 |
| &nbsp;&nbsp;&nbsp; Pool SD8489, 4.50%, 12/01/2054  | 2070050 | 2049783 |
|  Federal National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Pool CA2472, 4.00%, 10/01/2048  | 897694 | 881983 |
| &nbsp;&nbsp;&nbsp; Pool CB4024, 4.50%, 07/01/2052  | 1055520 | 1056828 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **MORTGAGE-BACKED SECURITIES — 19.5% (continued)** | **MORTGAGE-BACKED SECURITIES — 19.5% (continued)** | **MORTGAGE-BACKED SECURITIES — 19.5% (continued)** |
| &nbsp;&nbsp;&nbsp; Pool FA0095, 6.00%, 12/01/2054  | $1126808 | $1165573 |
| &nbsp;&nbsp;&nbsp; Pool FM5329, 2.00%, 01/01/2031  | 273877 | 264489 |
| &nbsp;&nbsp;&nbsp; Pool FS0862, 2.50%, 12/01/2036  | 598001 | 573433 |
| &nbsp;&nbsp;&nbsp; Pool FS3430, 4.00%, 11/01/2052  | 830219 | 821630 |
| &nbsp;&nbsp;&nbsp; Pool FS4239, 5.00%, 03/01/2053  | 1041722 | 1061587 |
| &nbsp;&nbsp;&nbsp; Pool FS4522, 5.00%, 05/01/2053  | 1286772 | 1298944 |
| &nbsp;&nbsp;&nbsp; Pool FS5649, 5.50%, 08/01/2053  | 345312 | 351592 |
| &nbsp;&nbsp;&nbsp; Pool FS5779, 5.50%, 09/01/2053  | 925863 | 949468 |
| &nbsp;&nbsp;&nbsp; Pool FS8469, 5.50%, 07/01/2054  | 319256 | 329180 |
| &nbsp;&nbsp;&nbsp; Pool MA0584, 4.50%, 10/01/2040  | 8177 | 8143 |
| &nbsp;&nbsp;&nbsp; Pool MA1201, 3.50%, 10/01/2032  | 54822 | 54279 |
| &nbsp;&nbsp;&nbsp; Pool MA2705, 3.00%, 08/01/2046  | 496238 | 461226 |
| &nbsp;&nbsp;&nbsp; Pool MA3210, 3.50%, 12/01/2047  | 295519 | 281985 |
| &nbsp;&nbsp;&nbsp; Pool MA3356, 3.50%, 05/01/2048  | 1414035 | 1349667 |
|  **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $17,948,100)  |  | 18396165 |
|  **ASSET-BACKED SECURITIES — 8.5%** | **ASSET-BACKED SECURITIES — 8.5%** | **ASSET-BACKED SECURITIES — 8.5%** |
|  American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032  | 896603 | 860057 |
|  Compass Datacenters LLC, Series 2026-1A, Class A21, 4.90%, 02/25/2056 <sup>(c)(e)</sup>  | 800000 | 809438 |
|  DB Master Finance Parent LLC, Series 2025-1A, Class A2II, 5.17%, 08/20/2055 <sup>(c)</sup>  | 1022438 | 1040153 |
|  Domino's SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 <sup>(c)</sup>  | 636988 | 612539 |
|  Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 <sup>(c)</sup>  | 1667 | 1665 |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 <sup>(c)</sup>  | 1030000 | 1050222 |
|  SBA Depositor LLC  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1-2, 2.33%, 01/15/2028 <sup>(c)</sup>  | 10000 | 9666 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **ASSET-BACKED SECURITIES — 8.5% (continued)** | **ASSET-BACKED SECURITIES — 8.5% (continued)** | **ASSET-BACKED SECURITIES — 8.5% (continued)** |
| &nbsp;&nbsp;&nbsp; Series 2021-3, 2.59%, 10/15/2031 <sup>(c)</sup>  | $950000 | $868238 |
|  Taco Bell Corp., Series 2025-1A, Class A2II, 5.05%, 08/25/2055 <sup>(c)</sup>  | 1070000 | 1095368 |
|  Union Pacific Railroad Co., 6.18%, 01/02/2031  | 464174 | 495669 |
|  Westlake Automobile Receivables Trust, Series 2025-P1, Class A3, 4.58%, 06/15/2029 <sup>(c)</sup>  | 1133000 | 1143471 |
|  **TOTAL ASSET-BACKED SECURITIES** (Cost $7,845,681)  |  | 7986486 |
|  **U.S. GOVERNMENT AGENCY ISSUES — 2.0%** | **U.S. GOVERNMENT AGENCY ISSUES — 2.0%** | **U.S. GOVERNMENT AGENCY ISSUES — 2.0%** |
|  Federal Farm Credit Banks Funding Corp, 2.40%, 03/24/2036  | 900000 | 762614 |
|  Tennessee Valley Authority, 4.65%, 06/15/2035  | 1100000 | 1151027 |
|  **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $1,897,705)  |  | 1913641 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.8%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup>  | 1709381 | 1709381 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,709,381)  |  | 1709381 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **value** |
|  **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** | **MONEY MARKET FUNDS — 0.6%** |
|  Invesco Treasury Portfolio - Institutional Class, 3.56% <sup>(f)</sup>  | 547922 | $547922 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $547,922)  |  | 547922 |
|  **TOTAL INVESTMENTS — 101.1%** (Cost $94,768,414)  |  | 95416791 |
|  Liabilities in Excess of Other Assets — (1.1)%  |  | (1073471) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $94343320 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets. <br>

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Step coupon bond. The rate
 disclosed is as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**OAKHURST FIXED INCOME FUND** 

**Statement of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $95416791 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 686420 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 65470 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 3166 |
| &nbsp;&nbsp;&nbsp; Receivable from Adviser  | 1537 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 240 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 11782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 96185406 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 1709381 |
| &nbsp;&nbsp;&nbsp; Payable to custodian  | 23722 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 2402 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 910 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 105671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1842086 |
| &nbsp;&nbsp;&nbsp; **NET ASSETS**  | $94343320 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $10464 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 106270596 |
| &nbsp;&nbsp;&nbsp; Total accumulated losses  | (11937740) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $94343320 |
|  **Institutional Class** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $94343320 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 10464431 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $9.02 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $94768414 |
|  **LOANED SECURITIES:** |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments)  | $1677024 |

---

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

**OAKHURST FIXED INCOME FUND** 

**Statement of Operations** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $43224 |
| &nbsp;&nbsp;&nbsp; Interest income  | 2578921 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 2623448 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 291286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 79664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 20873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 19502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 10908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 10330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 5746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  | 2727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 2241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 10078 |
| &nbsp;&nbsp;&nbsp; Total expenses  | 458450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (106266) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 352184 |
|  **NET INVESTMENT INCOME**  | 2271264 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (636311) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (636311) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2112340 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 2112340 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 1476029 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $3747293 |

---

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

**OAKHURST FIXED INCOME FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)**  | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2271264 | $5250312 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (636311) | (2756086) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 2112340 | 2083199 |
|  Net increase (decrease) in net assets from operations  | 3747293 | 4577425 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class  | (2193391) | (5356475) |
|  Total distributions to shareholders  | (2193391) | (5356475) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 51628697 | 48702887 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 1027058 | 3259520 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (65327719) | (70519687) |
|  Net increase (decrease) in net assets from capital transactions  | (12671964) | (18557280) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (11118062) | (19336330) |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 105461382 | 124797712 |
|  End of the period  | $94343320 | $105461382 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 5764589 | 5535101 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 114842 | 370990 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (7311376) | (8031685) |
|  Total increase (decrease) in shares outstanding  | (1431945) | (2125594) |

---

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

**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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** | **INSTITUTIONAL SHARES** |
|  | **FOR THE <br> SIX MONTHS<br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2024<sup>(1)</sup>** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31,<br> 2023** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2022** | **FOR THE <br> YEAR <br> ENDED <br> AUGUST 31, <br> 2021** |
|  **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $8.87 | $8.90 | $8.56 | $8.90 | $10.28 | $10.40 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(3)</sup>  | 0.17 | 0.35 | 0.34 | 0.27 | 0.19 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | 0.15 | (0.02) | 0.35 | (0.33) | (1.26) | —<sup>(2)</sup> |
|  Net increase/(decrease) in net assets resulting from operations  | 0.32 | 0.33 | 0.69 | (0.06) | (1.07) | 0.15 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.17) | (0.36) | (0.35) | (0.28) | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp; 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)<sup>(4)</sup>  | 3.66% | 3.86% | 8.21% | (0.62)% | (10.59)% | 1.42% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
|  Net assets at end of period (000's omitted)  | $94343 | $105461 | $124798 | $115408 | $119410 | $126210 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(5)</sup>  | 0.60% | 0.60% | 0.58% | 0.60% | 0.60% | 0.60% |
|  Ratio of expenses to average net assets without waivers and reimbursements<sup>(5)</sup>  | 0.79% | 0.74% | 0.78% | 0.78% | 0.84% | 0.80% |
|  Ratio of net investment income/(loss) to average net assets with waviers<sup>(6)</sup>  | 3.90% | 3.99% | 3.97% | 3.16% | 1.97% | 1.45% |
|  Portfolio turnover rate  | 46% | 63% | 41% | 36% | 48% | 52% |

---

<sup>(1)</sup> 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). 

<sup>(2)</sup> Rounds to less than $0.01 per share. 

<sup>(3)</sup> Per share data calculated using average shares outstanding method.

<sup>(4)</sup> 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. 

<sup>(5)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

<sup>(6)</sup> 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.

**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

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Corporate Bonds  | $— | $24069915 | $— | $24069915 |
|  U.S. Treasury Securities  |  | 21227918 |  | 21227918 |
|  Collateralized Mortgage Obligations  |  | 19565363 |  | 19565363 |
|  Mortgage-Backed Securities  |  | 18396165 |  | 18396165 |
|  Asset-Backed Securities  |  | 7177048 | 809438 | 7986486 |
|  U.S. Government Agency Issues  |  | 1913641 |  | 1913641 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 1709381 |
|  Money Market Funds  | 547922 |  |  | 547922 |
|  Total Investments  | $547922 | $92350050 | $809438 | $95416791 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

<sup>(a)</sup> 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.

**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.

**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.

**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** | **EXPIRATION AT AUGUST 31** | **EXPIRATION AT AUGUST 31** | **EXPIRATION AT AUGUST 31** |
| <br>**FUND** | **2027** | **2028** | **2029** | **TOTAL** |
|  Oakhurst Fixed Income Fund  | $181008 | $186303 | $106266 | $473577 |

---

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  | $32937713 | $36137069 |

---

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  | $18364438 | $28113318 |

---

**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 <br> INVESTMENTS** | **GROSS <br> UNREALIZED <br> APPRECIATION**  | **GROSS <br> UNREALIZED <br> DEPRECIATION**  | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION) <br> ON <br> INVESTMENTS**  | **UNDISTRIBUTED <br> ORDINARY <br> INCOME**  | **ACCUMULATED <br> CAPITAL AND <br> OTHER LOSSES**  | **DIVIDEND <br> PAYABLE** | **TOTAL <br> DISTRIBUTABLE <br> EARNINGS/<br> (LOSS)** |
|  Oakhurst Fixed Income Fund  | $107661310 | $1600314 | $(3076871) | $(1476557) | $180146 | $(12023027) | $(172204) | $(13491642) |

---

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<br> INCOME** | **LONG-TERM <br> CAPITAL GAINS** | **TOTAL <br> DISTRIBUTIONS\*** |
|  Oakhurst Fixed Income Fund  | August 31, 2025 | $5341298 | $– $| 5341298 |

---

\* 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 <br> LOSS <br> CARRYFORWARDS** | **LONG-TERM <br> LOSS <br> CARRYFORWARDS** | **TOTAL** |
|  Oakhurst Fixed Income Fund  | $(922931) | $(11100796) | $(12023027) |

---

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.

**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 <br> OF SECURITIES <br> LOANED** | **MARKET VALUE OF <br> COLLATERAL** | **INCOME RECEIVED <br> FROM SECURITIES <br> LENDING** |
|  Oakhurst Fixed Income Fund  | $1677024 | $1709381 | $1303 |

---

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 <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <br>**GROSS AMOUNTS <br> OF RECOGNIZED <br> ASSETS** | <br>**GROSS AMOUNTS <br> OFFSET IN THE <br> STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | <br>**NET AMOUNTS OF <br> ASSETS PRESENTED <br> IN THE STATEMENTS <br> OF ASSETS AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH COLLATERAL <br> RECEIVED** | **NET AMOUNT<sup>2</sup>** |
|  Oakhurst Fixed Income Fund  | $1677024 | $— | $1677024 | $(1677024) | $— | $— |

---

<sup>1</sup> 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. 

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

**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 <br> RATE PER SHARE** |
|  Oakhurst Fixed Income Fund  | 3/27/2026 | 3/30/2026 | 3/31/2026 | $0.03 |

---

**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 <u>www.sec.gov</u>. 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 <u>www.sec.gov</u>.

**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 <u>www.sec.gov</u> and the Fund's website <u>www.fminvest.com</u>.

**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%** | **Aerospace & Defense — 2.8%** |  |
|  Karman Holdings, Inc.<sup>(a)</sup>  | 25187 | $2219227 |
|  **E-Commerce Discretionary — 3.7%** | **E-Commerce Discretionary — 3.7%** |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 13962 | 2932020 |
|  **Electric Utilities — 3.7%** |  |  |
|  Duke Energy Corp.  | 22484 | 2942031 |
|  **Entertainment Content — 4.4%** | **Entertainment Content — 4.4%** |  |
|  Netflix, Inc.<sup>(a)</sup>  | 36224 | 3486198 |
|  **Internet Media & Services — 8.8%** | **Internet Media & Services — 8.8%** |  |
|  Alphabet, Inc. - Class A  | 7922 | 2469763 |
|  Meta Platforms, Inc. - Class A  | 7106 | 4605967 |
|  |  | 7075730 |
|  **Retail - Consumer Staples — 3.3%** | **Retail - Consumer Staples — 3.3%** |  |
|  Casey's General Stores, Inc.  | 3804 | 2607984 |
|  **Semiconductors — 26.1%<sup>(b)</sup>** |  |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 18206 | 3645023 |
|  Astera Labs, Inc.<sup>(a)</sup>  | 37350 | 4438301 |
|  Broadcom, Inc.  | 10415 | 3328113 |
|  NVIDIA Corp.  | 53583 | 9494372 |
|  |  | 20905809 |
|  **Software — 8.5%** |  |  |
|  Microsoft Corp.  | 14028 | 5509357 |
|  Palo Alto Networks, Inc.<sup>(a)</sup>  | 8993 | 1339237 |
|  |  | 6848594 |
|  **Specialty Finance — 1.8%** |  |  |
|  Mastercard, Inc. - Class A  | 2835 | 1466290 |
|  **Steel — 2.7%** |  |  |
|  Steel Dynamics, Inc.  | 11326 | 2187390 |
|  **Technology Hardware — 18.0%** | **Technology Hardware — 18.0%** |  |
|  Apple, Inc.  | 46875 | 12383438 |
|  Arista Networks, Inc.<sup>(a)</sup>  | 15434 | 2060439 |
|  |  | 14443877 |
|  **Transportation & Logistics — 4.2%** | **Transportation & Logistics — 4.2%** |  |
|  United Parcel Service, Inc. - Class B  | 29103 | 3374784 |
|  **TOTAL COMMON STOCKS** (Cost $62,550,263)  |  | 70489934 |
|  **EXCHANGE TRADED FUNDS — 8.6%** | **EXCHANGE TRADED FUNDS — 8.6%** |  |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF<sup>(c)</sup> | 49060 | $2440735 |
|  F/m US Treasury 6 Month Bill ETF<sup>(c)</sup> | 89196 | 4463368 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,928,176) |  | 6904103 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |  |
|  First American Treasury Obligations Fund - Class X, 3.60%<sup>(d)</sup> | 1619948 | 1619948 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $1,619,948) |  | 1619948 |
|  **TOTAL INVESTMENTS — 98.6%** (Cost $71,098,387)  |  | 79013985 |
|  Other Assets in Excess of Liabilities — 1.4% |  | 1140478 |
|  **TOTAL NET ASSETS — 100.0%** |  | $80154463 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Affiliated security as defined
 by the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

**F/m Investments Large Cap Focused Fund** 

**Statement of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $72109882 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 6904103 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 4186423 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 88853 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 29718 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 25761 |
|  Total assets  | 83344740 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 2996978 |
| &nbsp;&nbsp;&nbsp; Payable for distribution and shareholder servicing fees  | 72828 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 40205 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 80266 |
|  Total liabilities  | 3190277 |
|  **NET ASSETS**  | $80154463 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $4522 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 64105828 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 16044113 |
|  Total net assets  | $80154463 |
|  **Institutional Class** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $64092164 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 3594554 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $17.83 |
|  **Investor Class** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $16062299 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 927478 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $17.32 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $64170211 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $6928176 |

---

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

**F/m Investments Large Cap Focused Fund** 

**Statement of Operations** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $292124 |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | 176069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 468193 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 293263 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 46810 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 21017 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 17244 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 15744 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 15571 |
| &nbsp;&nbsp;&nbsp; Distribution expenses - Investor Class  | 14808 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 12350 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 7861 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 4492 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 1384 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 14054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 464598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (72992) |
|  Net expenses  | 391606 |
|  **NET INVESTMENT INCOME**  | 76587 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 12633803 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (15177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12618626 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (13375443) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (24970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (13400413) |
|  Net realized and unrealized gain (loss)  | (781787) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(705200) |

---

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

**F/m Investments Large Cap Focused Fund** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $76587 | $(137315) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12618626 | 15242040 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (13400413) | 3376345 |
|  Net increase (decrease) in net assets from operations  | (705200) | 18481070 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class  | (9896511) | (1116464) |
| &nbsp;&nbsp;&nbsp; From earnings - Investor Class  | (2584724) | (3951698) |
|  Total distributions to shareholders  | (12481235) | (5068162) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 4361277 | 138004 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 9896511 | 3951698 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (4232108) | (1610757) |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class  | 1003665 | 755177 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class  | 2584724 | 1116464 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class  | (1806527) | (1774077) |
|  Net increase (decrease) in net assets from capital transactions  | 11807542 | 2576509 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (1378893) | 15989417 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | $81533356 | $65543939 |
|  End of the period  | $80154463 | $81533356 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 227967 | 7147 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 520869 | 221632 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (222888) | (94994) |
| &nbsp;&nbsp;&nbsp; Shares sold - Investor Class  | 53834 | 42728 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Investor Class  | 139942 | 63981 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Investor Class  | (93928) | (103625) |
|  Total increase (decrease) in shares outstanding  | 625796 | 136869 |

---

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

**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 <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the <br> YEAR <br> Ended <br> august 31, <br> 2025** | **For the <br> period <br> Ended <br> august 31, <br> 2024<sup>^</sup>** | **For the <br> Year <br> Ended <br> June 30, <br> 2024<sup>(** **f** **)</sup>** | **For the <br> Year <br> Ended <br> June 30, <br> 2023** | **For the <br> Year <br> Ended <br> June 30, <br> 2022** |
|  **PER SHARE DATA:** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $20.54 | $17.17 | $17.17 | $13.82 | $12.57 | $19.96 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.00 <sup>(b)</sup> | (0.08) | (0.03) | (0.09) | (0.01) | (0.08) |
| &nbsp;&nbsp;&nbsp; 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:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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<sup>(c)</sup>** | 0.70% | 28.87% | 0.00 %<sup>(h)</sup> | 24.24% | 28.91% | (21.33)% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $16062 | $16999 | $14157 | $14279 | $12887 | $9934 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(d)(e)</sup>  | 1.25% | 1.36% | 1.24 %<sup>(i)</sup> | 1.44% | 1.39% | 1.39% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup>  | 1.07% | 1.15% | 1.15 %<sup>(i)</sup> | 1.15% | 1.15% | 1.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 0.04% | (0.39)% | (0.68)%<sup>(i)</sup> | (0.53)% | (0.11)% | (0.46)% |
|  Portfolio turnover rate  | 91 %<sup>(h)</sup> | 132% | 19 %<sup>(h)</sup> | 59% | 113% | 169% |

---

---

| | |
|:---|:---|
| <sup>^</sup> | The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.  |

---

<sup>(a)</sup> Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Amount represents less than $0.005 per share. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

<sup>(e)</sup> <sup></sup>These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> 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). 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Not annualized.

<sup>(i)</sup> Annualized.<sup></sup>

 

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

**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 <br> SIX MONTHS <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the <br> year <br> Ended <br> august 31, <br> 2025** | **For the <br> period <br> Ended <br> august 31, <br> 2024<sup>^</sup>** | **For the <br> Year <br> Ended <br> June 30, <br> 2024<sup>(** **f** **)</sup>** | **For the <br> Year <br> Ended <br> June 30, <br> 2023** | **For the <br> Year <br> Ended <br> June 30, <br> 2022** |
|  **PER SHARE DATA:** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $21.03 | $17.51 | $17.50 | $14.06 | $12.72 | $20.10 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(a)</sup>  | 0.02 | (0.02) | — <sup>(b)</sup> | (0.03) | 0.02 | (0.02) |
| &nbsp;&nbsp;&nbsp; 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 <sup>(b)</sup> | 4.87 | 0.01 | 3.44 | 3.12 | (3.14) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 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<sup>(c)</sup>** | 0.79% | 29.19% | 0.06 %<sup>(h)</sup> | 24.47% | 29.31% | (21.12)% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $64092 | $64534 | $51387 | $51860 | $48477 | $56045 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(d)(e)</sup>  | 1.07% | 1.11% | 0.99 %<sup>(i)</sup> | 1.20% | 1.14% | 1.14% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup>  | 0.90% | 0.90% | 0.90 %<sup>(i)</sup> | 0.90% | 0.90% | 0.90% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 0.22% | (0.14)% | (0.43)%<sup>(i)</sup> | (0.28)% | 0.16% | (0.21)% |
|  Portfolio turnover rate  | 91 %<sup>(h)</sup> | 132% | 19 %<sup>(h)</sup> | 59% | 113% | 169% |

---

---

| | |
|:---|:---|
| <sup>^</sup> | The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.  |

---

<sup>(a)</sup> Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

<sup>(b)</sup> Rounds to less than $0.005 per share. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

<sup>(e)</sup> <sup></sup>These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.<sup></sup>

<sup>(f)</sup> 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). 

<sup>(g)</sup> 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. 

<sup>(h)</sup> Not annualized.

<sup>(i)</sup> Annualized.

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

**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.

**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** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $70489934 | $— | $— | $70489934 |
|  Exchange Traded Funds  | 6904103 |  |  | 6904103 |
|  Money Market Funds  | 1619948 |  |  | 1619948 |
|  Total Investments  | $79013985 | $— | $— | $79013985 |

---

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

**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

**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** | **EXPIRATION** | **EXPIRATION** | **EXPIRATION** | **EXPIRATION** |
| <br>**FUND** | **JUNE 30, <br> 2027** | **AUGUST 31,<br> 2027** | **AUGUST 31,<br> 2028** | **AUGUST 31,<br> 2029** | **TOTAL** |
|  F/m Large Cap Focused Fund  | $126934 | $10543 | $151497 | $72992 | $361966 |

---

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.

**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 <br> PORTFOLIO <br> INVESTMENTS** | **GROSS <br> UNREALIZED <br> APPRECIATION** | **GROSS <br> UNREALIZED <br> DEPRECIATION** | **NET <br> UNREALIZED <br> APPRECIATION** | **UNDISTRIBUTED <br> LONG TERM <br> GAIN** | **OTHER <br> ACCUMULATED <br> GAIN/(LOSS)** | **TOTAL <br> DISTRIBUTABLE <br> EARNINGS/<br> (LOSSES)** |
|  F/m Large Cap Focused Fund  | $60384111 | $21373213 | $(63431) | $21309782 | $8033316 | $(112550) | $29230548 |

---

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 <br> INCOME** | **LONG-TERM <br> CAPITAL GAINS** | **TOTAL <br> DISTRIBUTIONS** |
|  F/m Large Cap Focused Fund  | $– $| 5068162 | $5068162 |

---

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.

**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** | **SEPTEMBER 1, 2025** | **ADDITIONS** | **ADDITIONS** | **REDUCTIONS** | **REDUCTIONS** |
| <br>**ISSUER NAME** | **SHARE <br> BALANCE** | **FAIR<br> VALUE** | **SHARE <br> BALANCE** | **COST** | **SHARE <br> BALANCE** | **PROCEEDS** |
|  F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF  | 44563 | $2234389 | 22832 | $1139007 | 18335 | $910673 |
|  F/m US Treasury 3 Month Bill Fund  |  |  | 64135 | 3199054 | 64135 | 3204826 |
|  F/m US Treasury 6 Month Bill ETF  | 84674 | 4249788 | 337848 | 16929771 | 333326 | 16692261 |
|  Total  | 129237 | 6484177 | 424815 | 21267832 | 415796 | 20807759 |

---

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** |
| <br>**ISSUER NAME** | **DIVIDEND <br> INCOME** | **CAPITAL GAIN <br> DISTRIBUTION** | **NET CHANGE <br> IN UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** | **REALIZED <br> GAIN/(LOSS)** | **SHARE <br> BALANCE** | **FAIR<br> VALUE** |
|  F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF  | $56263 | $— | $(9431) | $(12558) | 49060 | $2440735 |
|  F/m US Treasury 3 Month Bill Fund  |  |  |  | 5772 |  |  |
|  F/m US Treasury 6 Month Bill ETF  | 119806 |  | (15539) | (8391) | 89196 | 4463368 |
|  Total  | 176069 |  | (24970) | (15177) | 138256 | 6904103 |

---

**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.

**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 <u>www.sec.gov</u>. 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 <u>www.sec.gov</u>.

**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 <u>www.sec.gov</u> and the Fund's website <u>www.fminvest.com</u>.

**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%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
|  **Health Care — 98.8% <sup>(a)</sup>** | **Health Care — 98.8% <sup>(a)</sup>** | **Health Care — 98.8% <sup>(a)</sup>** |
|  **Biotechnology — 57.8% <sup>(a)</sup>** | **Biotechnology — 57.8% <sup>(a)</sup>** | **Biotechnology — 57.8% <sup>(a)</sup>** |
|  ACADIA Pharmaceuticals, Inc. <sup>(b)</sup>  | 96135 | $2361076 |
|  Axsome Therapeutics, Inc. <sup>(b)</sup>  | 12677 | 2077633 |
|  Billiontoone, Inc. <sup>(b)</sup>  | 16846 | 1285855 |
|  Bridgebio Pharma, Inc. <sup>(b)</sup>  | 37288 | 2478906 |
|  Cogent Biosciences, Inc. <sup>(b)</sup>  | 225294 | 8752672 |
|  Corvus Pharmaceuticals, Inc. <sup>(b)</sup>  | 53076 | 969168 |
|  Cytokinetics, Inc. <sup>(b)</sup>  | 21476 | 1336237 |
|  Guardant Health, Inc. <sup>(b)</sup>  | 44528 | 4181179 |
|  Insmed, Inc. <sup>(b)</sup>  | 6028 | 900161 |
|  KalVista Pharmaceuticals, Inc. <sup>(b)</sup>  | 226141 | 3681575 |
|  Korro Bio, Inc. <sup>(b)</sup>  | 62620 | 759581 |
|  Madrigal Pharmaceuticals, Inc. <sup>(b)</sup>  | 3936 | 1700352 |
|  Mirum Pharmaceuticals, Inc. <sup>(b)</sup>  | 50718 | 4680764 |
|  Nektar Therapeutics <sup>(b)</sup>  | 50684 | 3496182 |
|  Savara, Inc. <sup>(b)</sup>  | 648580 | 3904452 |
|  Soleno Therapeutics, Inc. <sup>(b)</sup>  | 26322 | 1028401 |
|  Spyre Therapeutics, Inc. <sup>(b)</sup>  | 99092 | 4261947 |
|  Trevi Therapeutics, Inc. <sup>(b)</sup>  | 230725 | 2750242 |
|  WaVe Life Sciences Ltd. <sup>(b)</sup>  | 292230 | 4070764 |
|  Xeris Biopharma Holdings, Inc. <sup>(b)</sup>  | 206763 | 1265390 |
|  |  | 55942537 |
|  **Health Care Services — 5.8%** | **Health Care Services — 5.8%** | **Health Care Services — 5.8%** |
|  Aveanna Healthcare Holdings, Inc. <sup>(b)</sup>  | 105378 | 775582 |
|  Hinge Health, Inc. - Class A <sup>(b)</sup>  | 24117 | 1031243 |
|  Lumexa Imaging Holdings, Inc. <sup>(b)</sup>  | 94622 | 1337955 |
|  RadNet, Inc. <sup>(b)</sup>  | 14845 | 1036330 |
|  Waystar Holding Corp. <sup>(b)</sup>  | 54951 | 1409493 |
|  |  | 5590603 |
|  **Medical Equipment — 19.2%** | **Medical Equipment — 19.2%** | **Medical Equipment — 19.2%** |
|  Alphatec Holdings, Inc. <sup>(b)</sup>  | 77098 | 1050075 |
|  Ceribell, Inc. <sup>(b)</sup>  | 88024 | 1643408 |
|  Globus Medical, Inc. - Class A <sup>(b)</sup>  | 16197 | 1546166 |
|  Integer Holdings Corp. <sup>(b)</sup>  | 24367 | 2112131 |
|  LivaNova PLC <sup>(b)</sup>  | 100833 | 7118810 |
|  TransMedics Group, Inc. <sup>(b)</sup>  | 35032 | 5088748 |
|  |  | 18559338 |
|  **Medical Services — 0.4%** | **Medical Services — 0.4%** | **Medical Services — 0.4%** |
|  NeoGenomics, Inc. <sup>(b)</sup>  | 42912 | 421825 |
|  **Medical Supplies — 3.0%** | **Medical Supplies — 3.0%** | **Medical Supplies — 3.0%** |
|  ICU Medical, Inc. <sup>(b)</sup>  | 19447 | $2928329 |
|  **Pharmaceuticals — 12.6%** | **Pharmaceuticals — 12.6%** | **Pharmaceuticals — 12.6%** |
|  Collegium Pharmaceutical, Inc. <sup>(b)</sup>  | 47813 | 1992368 |
|  Corcept Therapeutics, Inc. <sup>(b)</sup>  | 41057 | 1465735 |
|  Travere Therapeutics, Inc. <sup>(b)</sup>  | 150238 | 4475590 |
|  United Therapeutics Corp. <sup>(b)</sup>  | 8353 | 4209076 |
|  |  | 12142769 |
|  **Total Health Care**  |  | 95585401 |
|  **TOTAL COMMON STOCKS** (Cost $71,813,526)  |  | 95585401 |
|  **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF <sup>(c)</sup>  | 10874 | 540981 |
|  F/m US Treasury 6 Month Bill ETF <sup>(c)</sup>  | 12799 | 640462 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,182,279)  |  | 1181443 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $72,995,805)  |  | 96766844 |
|  Liabilities in Excess of Other Assets **—** (0.0)% <sup>(d)</sup>  |  | (24028) |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $96742816 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

<sup>(a)</sup> 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.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Statement of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
|  | **F/m Emerald <br> Life Sciences <br> Innovation <br> ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $95585401 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 1181443 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 1092303 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 3873 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 20 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 6246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 97869286 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 1088717 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 37753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1126470 |
|  **NET ASSETS**  | $96742816 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $2657 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 62298343 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 34441816 |
|  Total net assets  | $96742816 |
|  Net assets  | $96742816 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 2657035 |
|  Net asset value per share  | $36.41 |
|  Investments in unaffiliated securities, at cost  | $71813526 |
|  Investments in affiliated securities, at cost  | $1182279 |

---

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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Statement of Operations** 

**FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **F/m Emerald <br> Life Sciences <br> Innovation <br> ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | $33251 |
| &nbsp;&nbsp;&nbsp; Interest income  | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 33886 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 326615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 326615 |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (103359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 223256 |
|  **NET INVESTMENT LOSS**  | (189370) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (3050797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (13671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 14763509 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 11699041 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 8468205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (1872) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 8466333 |
|  Net realized and unrealized gain (loss)  | 20165374 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $19976004 |

---

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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**StatementS of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **SIX months <br> ended <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(189370) | $(218808) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 11699041 | 10641431 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 8466333 | (3542700) |
|  **Net increase (decrease) in net assets from operations**  | 19976004 | 6879923 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 44725543 | 85717522 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (32539718) | (28016458) |
|  Net increase (decrease) in net assets from capital transactions  | 12185825 | 57701064 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 32161829 | 64580987 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 64580987 |  |
|  End of the period  | $96742816 | $64580987 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1290000 | 3437035 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (950000) | (1120000) |
|  Total increase (decrease) in shares outstanding  | 340000 | 2317035 |

---

<sup>(a)</sup> Inception date of the Fund was October 30, 2024.

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

**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.<br>

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| | | |
|:---|:---|:---|
|  | **SIX months <br> ended <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $27.87 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment loss<sup>(b)</sup>  | (0.08) | (0.10) |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 8.62 | 2.97 |
|  Total from investment operations  | 8.54 | 2.87 |
|  Net asset value, end of period  | $36.41 | $27.87 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 30.63% | 11.49% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(e)</sup>** |  |  |
|  Net assets, end of period (in thousands)  | $96743 | $64581 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(f)</sup>  | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(f)</sup>  | 0.54% | 0.54% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | (0.46)% | (0.49)% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 12% | 19% |

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<sup>(a)</sup> Inception date of the Fund was October 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

**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.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $95585401 | $— | $— | $95585401 |
|  Exchange Traded Funds  | 1181443 |  |  | 1181443 |
|  Total Investments  | $96766844 | $— | $— | $96766844 |

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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

**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 Investment** **S** — 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

**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.

**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:

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| | | |
|:---|:---|:---|
| **FUND** | **Purchases** | **Sales** |
|  F/m Emerald Life Sciences Innovation ETF  | $39975777 | $10049220 |

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During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Fund were as follows:

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| | | |
|:---|:---|:---|
| **FUND** | **Purchases** | **Sales** |
|  F/m Emerald Life Sciences Innovation ETF  | $13601525 | $31532802 |

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**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.

**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:

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| | | | |
|:---|:---|:---|:---|
| **FUND** | **ORDINARY INCOME** | **LONG-TERM GAINS** | **TOTAL** |
|  F/m Emerald Life Sciences Innovation ETF  | $| $| $|

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As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **NET <br> UNREALZIED <br> APPRECIATION/<br> (DEPRECIATION)** | **CAPITAL <br> LOSS CARRY <br> FORWARD** | **QUALIFIED LATE-<br> YEAR LOSS <br> DEFERRAL** | **Accumulated <br> Other Losses** |
|  F/m Emerald Life Sciences Innovation ETF  | $– $– $| 15249314 | $(783502) | $(201629) | $(18847406) |

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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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL TAX <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  F/m Emerald Life Sciences Innovation ETF  | $49356876 | $18887686 | $(3638372) | $15249314 |

---

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.

**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:

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| | | |
|:---|:---|:---|
| **FUND** | **DISTRIBUTABLE <br> EARNINGS/(LOSS)** | **PAID-IN CAPITAL** |
|  F/m Emerald Life Sciences Innovation ETF  | $(11463146) | $11463146 |

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**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:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 1, 2025** | **September 1, 2025** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| <br>**Issuer Name** | **Share<br> Balance** | **Fair<br> Value** | **Share <br> Balance** | **Cost** | **Share<br> Balance** | **PROCEEDS** |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 16539 | $829265 | 79697 | $3970630 | 85362 | $4245209 |
|  F/m US Treasury 6 Month Bill ETF  |  |  | 19089 | 957544 | 6290 | 315246 |
|  | 16539 | $829265 | 98786 | $4928174 | 91652 | $4560454 |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** | **February 28, 2026** |
| <br>**Issuer Name** | **Dividend <br> Income** | **Capital Gain <br> Distribution** | **Net Change in <br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Share <br> Balance** | **Value** |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | $23953 | $— | $(249) | $(13457) | 10874 | $540982 |
|  F/m US Treasury 6 Month Bill ETF  | 9298 |  | (1622) | (214) | 12799 | 640462 |
|  | $33251 | $— | $(1871) | $(13671) | 10874 | $540982 |

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**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.

**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.

**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%** | **EXCHANGE TRADED FUNDS — 99.9%** | **EXCHANGE TRADED FUNDS — 99.9%** |
|  Counterpoint High Yield Trend ETF<sup>(a)</sup>  | 165700 | $3602318 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $3,612,625)  |  | 3602318 |
|  **TOTAL INVESTMENTS — 99.9%** | **TOTAL INVESTMENTS — 99.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,612,625)  |  | 3602318 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 3887 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $3606205 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>www.sec.gov</u>.

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

**F/m Compoundr U.S. Aggregate Bond ETF** 

**Schedule of Investments** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 99.8%** | **EXCHANGE TRADED FUNDS — 99.8%** | **EXCHANGE TRADED FUNDS — 99.8%** |
|  Dimensional Core Fixed Income ETF<sup>(a)</sup>  | 1464785 | $63322655 |
|  Fidelity Total Bond ETF<sup>(a)</sup>  | 1357549 | 63302510 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $126,371,679)  |  | 126625165 |
|  **TOTAL INVESTMENTS — 99.8%** | **TOTAL INVESTMENTS — 99.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $126,371,679)  |  | 126625165 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 195467 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $126820632 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(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 <u>www.sec.gov</u>.

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

**F/m Compoundr ETFS** 

**Statements of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. <br> Aggregate <br> Bond ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $3602318 | $126625165 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 3607539 | 104489861 |
| &nbsp;&nbsp;&nbsp; Cash  | 3217 | 198238 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 109 | 380 |
|  Total assets  | 7213183 | 231313644 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 3606211 | 104471057 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 767 | 21955 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 3606978 | 104493012 |
|  NET ASSETS  | $3606205 | $126820632 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 and 0.001 per share)  | $70 | $1220 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 3558452 | 124971528 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 47683 | 1847884 |
|  Total net assets  | $3606205 | $126820632 |
| &nbsp;&nbsp;&nbsp; Net assets  | $3606205 | $126820632 |
| &nbsp;&nbsp;&nbsp; Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 70000 | 1220000 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $51.52 | $103.95 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $3612625 | $126371679 |

---

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

**F/m Compoundr ETFS** 

**Statements of Operations** 

**FOR THE PERIOD ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. <br> Aggregate <br> Bond ETF** |
|  **INVESTMENT INCOME:** |  |  |
|  Total investment income  | $— | $— |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 7605 | 51726 |
|  Total expenses  | 7605 | 51726 |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (2941) | (17992) |
|  Net expenses  | 4664 | 33734 |
|  **NET INVESTMENT LOSS**  | (4664) | (33734) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (13868) | (28038) |
| &nbsp;&nbsp;&nbsp; In-kind redemptions  | 76778 | 1656550 |
|  Net realized gain (loss)  | 62910 | 1628512 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (7489) | 258060 |
|  Net change in unrealized appreciation (depreciation)  | (7489) | 258060 |
|  Net realized and unrealized gain (loss)  | 55421 | 1886572 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $50757 | $1852838 |

---

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

**F/m Compoundr ETFS** 

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m Compoundr High Yield <br> Bond ETF** | **F/m Compoundr High Yield <br> Bond ETF** | **F/m Compoundr U.S. <br> Aggregate Bond ETF** | **F/m Compoundr U.S. <br> Aggregate Bond ETF** |
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(4664) | $(256) | $(33734) | $(380) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 62910 | 8729 | 1628512 | 11401 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (7489) | (2818) | 258060 | (4574) |
|  Net increase (decrease) in net assets from operations  | 50757 | 5655 | 1852838 | 6447 |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 30675796 | 2009684 | 486727058 | 7024121 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (28128017) | (1007670) | (365274547) | (3515285) |
|  Net increase (decrease) in net assets from capital transactions  | 2547779 | 1002014 | 121452511 | 3508836 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 2598536 | 1007669 | 123305349 | 3515283 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of the period  | 1007669 |  | 3515283 |  |
|  End of the period  | $3606205 | $1007669 | $126820632 | $3515283 |
|  **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 600000 | 40000 | 4740000 | 70000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (550000) | (20000) | (3555000) | (35000) |
|  Total increase (decrease) in shares outstanding  | 50000 | 20000 | 1185000 | 35000 |

---

<sup>(a)</sup> Inception date of the Fund was August 11, 2025.

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

**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.<br>

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **PERIOD <br> ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $50.38 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 1.22 | 0.39 |
|  Total from investment operations  | 1.14 | 0.38 |
|  Net asset value, end of period  | $51.52 | $50.38 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 2.25% | 0.77% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(e)</sup>** |  |  |
|  Net assets, end of period (in thousands)  | $3606 | $1008 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(f)</sup>  | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(f)</sup>  | 0.29% | 0.49% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | (0.29)% | (0.49)% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 330% | 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 11, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

**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.<br>

---

| | | |
|:---|:---|:---|
|  | **PERIOD<br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **PERIOD <br> ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $100.44 | $100.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.13) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 3.64 | 0.46 |
|  Total from investment operations  | 3.51 | 0.44 |
|  Net asset value, end of period  | $103.95 | $100.44 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 3.50% | 0.44% |
|  **SUPPLEMENTAL DATA AND RATIOS: <sup>(e)</sup>** |  |  |
|  Net assets, end of period (in thousands)  | $126821 | $3515 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(f)</sup>  | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(f)</sup>  | 0.25% | 0.39% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | (0.25)% | (0.39)% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 35% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 11, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> 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. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.<sup></sup>

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

**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:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Prices are
 determined using quoted prices in active markets for identical securities.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 – Prices are
 determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
 credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 – Prices are
 determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

**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** |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Exchange Traded Funds  | $3602318 | $— | $— | $3602318 |
|  Total Investments  | $3602318 | $— | $— | $3602318 |

---

**F/m Compoundr U.S. Aggregate Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Exchange Traded Funds  | $126625165 | $— | $— | $126625165 |
|  Total Investments  | $126625165 | $— | $— | $126625165 |

---

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

**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.

**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  | $32154015 | $6548629 |
|  F/m Compoundr U.S. Aggregate Bond ETF  | 374397685 | 10350880 |

---

**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  | $5066033 | $28122246 |
|  F/m Compoundr U.S. Aggregate Bond ETF  | 122279450 | 365085186 |

---

**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.

**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 <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. Aggregate <br> Bond ETF** |
|  Tax cost of investments  | $1005817 | $3502098 |
|  Gross unrealized appreciation  |  |  |
|  Gross unrealized depreciation  | (2818) | (4574) |
|  Late-year loss deferral  | (256) | (380) |
|  Undistributed ordinary income  |  |  |
|  Total distributable earnings/(loss)  | $(3074) | $(4954) |

---

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 <br> EARNINGS/<br> (LOSSES)** | **PAID-IN-CAPITAL** |
|  F/m Compoundr High Yield Bond ETF  | August 31, 2025 | $(8729) | $8729 |
|  F/m Compoundr U.S. Aggregate Bond ETF  | August 31, 2025 | (11401) | 11401 |

---

\* 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.

**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 <u>http://www.sec.gov</u>.

**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 <u>http://www.sec.gov</u>.

**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 <u>www.fminvest.com/etfs</u>.

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7(a) of this Form, as part of the financial statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This information is included in Item 7(a) of this Form, as part of the financial statements.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Principal Executive and Principal Financial Officers have reviewed the registrant's disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) as of a date within 90
 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934, as amended. Based on their review, such officers have concluded that the disclosure controls and procedures are effective
 in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and
 made known to them by others within the registrant and by the registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that
 occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) A separate certification for each Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the 1940 Act is attached hereto.](fp0096661-13_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto.](fp0096661-13_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | The RBB Fund, Inc. |
| By (Signature and Title)\* | /s/ Steven Plump |
|  | Steven Plump, President (Principal Executive Officer) |
| Date | 5/7/2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Steven Plump |
|  | Steven Plump, President (Principal Executive Officer) |
| Date | 5/7/2026 |
| By (Signature and Title)\* | /s/ James Shaw |
|  | James Shaw, Chief Financial Officer (Principal Financial Officer) |
| Date | 5/7/2026 |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Steven Plump, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The RBB Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/7/2026 | /s/ Steven Plump |
|  |  | Steven Plump, President<br> (Principal Executive Officer) |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, James Shaw, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The RBB Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 5/7/2026 | /s/ James Shaw |
|  |  | James Shaw, Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

EX.99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the RBB Fund, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the RBB Fund, Inc. for the period ended February 28, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the RBB Fund, Inc. for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Steven Plump | /s/ Steven Plump | /s/ James Shaw |
| Steven Plump<br> Principal Executive Officer/ President,<br> The RBB Fund, Inc. | Steven Plump<br> Principal Executive Officer/ President,<br> The RBB Fund, Inc. | James Shaw<br> Principal Financial Officer/ Chief Financial Officer,<br> The RBB Fund, Inc. |
| Dated: | 5/7/2026 |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the RBB Fund, Inc. for purposes of Section 18 of the Securities Exchange Act of 1934. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.