# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001398344-25-020542
**Filing Date:** 2025-11
**Character Count:** 2781666
**Document Hash:** 6b93795675811205a24dc0ca42959656
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020542.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001398344-25-020542

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 185

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 251463275

**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 |  |

### Boston Partners Emerging Markets Dynamic Equity Fund (Series ID: S000051361)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000161908 | Institutional Class | BELSX           |

### 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 Growth Fund (Series ID: S000068715)

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

### SGI Prudent Growth 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            |

### Boston Partners Global Sustainability Fund (Series ID: S000074882)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000233241 | Institutional Class | BPGSX           |

### 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            |

### Optima Strategic Credit Fund (Series ID: S000074885)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000233245 | Founders Class | OPTCX           |

### 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 ETF (Series ID: S000077176)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000237346 | F/m US Treasury 3 Month Bill ETF | TBIL            |

### 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 Shares | 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 Shares | 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 Shares | 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 |  |

### 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 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 |  |

?xml version='1.0' encoding='ASCII'? 2025-07-28199930_AbbeyCapitalFuturesStrategyFund_ClassI_TSRAnnual

As filed with the Securities and Exchange Commission on 11/7/2025

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</u>**

**<u>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: August 31, 2025

**<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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $176 | 1.79% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Futures Strategy Fund (the "Fund") saw negative performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's diversified trendfollowing sub-advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and energy. Global bond yield moves were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance across currencies, agricultural commodities and metals markets were also negative.

The Fund did capture gains in equities. Despite some choppy moves in equity markets at times during the Period, long positions held across several equity indices resulted in gains as global stocks reached new record highs.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity indices |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |
| ↓ | Agricultural Commodities |
| ↓ | Metals |

---

**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, including management fees and other expenses, were deducted.

Abbey Capital Futures Strategy Fund PAGE 1 TSR-AR-74925K367

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5190img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I** | -3.89 | 3.18 | 1.91 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2321536265 |
| **Number of Holdings** | 1098 |
| **Net Advisory Fee** | 43812242 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 16.7% |
| Currency  | 13.7% |
| Energy  | 12.1% |
| Equity  | 36.4% |
| Fixed Income  | 6.2% |
| Metals  | 14.8% |

---

**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 August 31, 2025, 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.

**Changes to Fund's Investment Adviser or Sub Adviser:**

Eclipse Capital Management was removed as a trading adviser in December 2024.

Abbey Capital Futures Strategy Fund PAGE 2 TSR-AR-74925K367

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/.

**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-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $200 | 2.04% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Futures Strategy Fund (the "Fund") saw negative performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's diversified trendfollowing sub-advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and energy. Global bond yield moves were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance across currencies, agricultural commodities and metals markets were also negative.

The Fund did capture gains in equities. Despite some choppy moves in equity markets at times during the Period, long positions held across several equity indices resulted in gains as global stocks reached new record highs.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity indices |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |
| ↓ | Agricultural Commodities |
| ↓ | Metals |

---

**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-AR-74925K375

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5189img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)** | -4.07 | 2.91 | 1.65 |
| **Class A (with sales charge)** | -9.61 | 1.69 | 1.05 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2321536265 |
| **Number of Holdings** | 1098 |
| **Net Advisory Fee** | 43812242 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 16.7% |
| Currency  | 13.7% |
| Energy  | 12.1% |
| Equity  | 36.4% |
| Fixed Income  | 6.2% |
| Metals  | 14.8% |

---

**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 August 31, 2025, 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.

**Changes to Fund's Investment Adviser or Sub Adviser:**

Eclipse Capital Management was removed as a trading adviser in December 2024.

Abbey Capital Futures Strategy Fund PAGE 2 TSR-AR-74925K375

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/.

**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-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $272 | 2.79% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Futures Strategy Fund (the "Fund") saw negative performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's diversified trendfollowing sub-advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and energy. Global bond yield moves were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance across currencies, agricultural commodities and metals markets were also negative.

The Fund did capture gains in equities. Despite some choppy moves in equity markets at times during the Period, long positions held across several equity indices resulted in gains as global stocks reached new record highs.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity indices |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |
| ↓ | Agricultural Commodities |
| ↓ | Metals |

---

**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 Futures Strategy Fund PAGE 1 TSR-AR-74925K359

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5188img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception** |
| **Class C (without contingent deferred sales charge)<sup>1</sup>**  | -4.88 | 2.16 | 0.95 |
| **Class C (with contingent deferred sales charge)<sup>1</sup>**  | -5.82 | 2.16 | 0.95 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2321536265 |
| **Number of Holdings** | 1098 |
| **Net Advisory Fee** | 43812242 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 16.7% |
| Currency  | 13.7% |
| Energy  | 12.1% |
| Equity  | 36.4% |
| Fixed Income  | 6.2% |
| Metals  | 14.8% |

---

**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 August 31, 2025, 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.

Abbey Capital Futures Strategy Fund PAGE 2 TSR-AR-74925K359

------

**Changes to Fund's Investment Adviser or Sub Adviser:**

Eclipse Capital Management was removed as a trading adviser in December 2024.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/.

**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-AR-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) | Annual Shareholder Report \| August 31, 2025 | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/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 PAST YEAR?** (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 | $179 | 1.79% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Multi Asset Fund (the "Fund") saw modestly positive performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's Long US Equity strategy was the driver of positive performance, with mostly offsetting losses recorded by the Managed Futures strategy.

The Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. Despite some choppy moves in global equity markets at times during the Period, US stocks rose strongly and reached new record highs. Periods of positive performance included October and November, when US equities rallied alongside the US presidential election, and from mid-April onwards when substantial US trade tariffs were paused and scaled back.

For the Managed Futures strategy, losses occurred in fixed income and energy. Global bond yields were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance in currencies was also negative, while the Managed Futures strategy was positive in equities, agricultural commodities and metals.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity Indices |
| ↑ | Agricultural Commodities |
| ↑ | Metals |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |

---

**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, including management fees and other expenses, were deducted.

Abbey Capital Multi Asset Fund PAGE 1 TSR-AR-74933W882

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5193img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(04/11/2018)** |
| **Class I** | 0.49 | 7.34 | 9.38 |
| **S&P Total Return Index** | 15.88 | 14.74 | 14.65 |

---

Visit https://www.abbeycapital.com/products/mutual-funds/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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $897548815 |
| **Number of Holdings** | 635 |
| **Net Advisory Fee** | 17340076 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 12.1% |
| Currency  | 12.0% |
| Energy  | 8.2% |
| Equity  | 52.7% |
| Fixed Income  | 4.8% |
| Metals  | 10.3% |

---

**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 August 31, 2025, 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.

**Changes to Fund's Investment Adviser or Sub Adviser:**

Systematica Investments Limited was added as a trading adviser in October 2024. Eclipse Capital Management was removed as a trading adviser in December 2024.

Abbey Capital Multi Asset Fund PAGE 2 TSR-AR-74933W882

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/products/mutual-funds/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-AR-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) | Annual Shareholder Report \| August 31, 2025 | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/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 PAST YEAR?** (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 | $204 | 2.04% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Multi Asset Fund (the "Fund") saw modestly positive performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's Long US Equity strategy was the driver of positive performance, with mostly offsetting losses recorded by the Managed Futures strategy.

The Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. Despite some choppy moves in global equity markets at times during the Period, US stocks rose strongly and reached new record highs. Periods of positive performance included October and November, when US equities rallied alongside the US presidential election, and from mid-April onwards when substantial US trade tariffs were paused and scaled back.

For the Managed Futures strategy, losses occurred in fixed income and energy. Global bond yields were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance in currencies was also negative, while the Managed Futures strategy was positive in equities, agricultural commodities and metals.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity Indices |
| ↑ | Agricultural Commodities |
| ↑ | Metals |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |

---

**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-AR-74933W700

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5191img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(04/11/2018)** |
| **Class A (without sales charge)<sup>1</sup>**  | 0.18 | 7.06 | 9.10 |
| **Class A (with sales charge)<sup>1</sup>**  | -5.57 | 5.80 | 8.23 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.65 |

---

Visit https://www.abbeycapital.com/products/mutual-funds/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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $897548815 |
| **Number of Holdings** | 635 |
| **Net Advisory Fee** | 17340076 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 12.1% |
| Currency  | 12.0% |
| Energy  | 8.2% |
| Equity  | 52.7% |
| Fixed Income  | 4.8% |
| Metals  | 10.3% |

---

**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 August 31, 2025, 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.

Abbey Capital Multi Asset Fund PAGE 2 TSR-AR-74933W700

------

**Changes to Fund's Investment Adviser or Sub Adviser:**

Systematica Investments Limited was added as a trading adviser in October 2024. Eclipse Capital Management was removed as a trading adviser in December 2024.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/products/mutual-funds/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-AR-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) | Annual Shareholder Report \| August 31, 2025 | ![image](img173629_202410212029360.jpg) |

---

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/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 PAST YEAR?** (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 | $278 | 2.79% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

The Abbey Capital Multi Asset Fund (the "Fund") saw modestly positive performance over the period from September 1, 2024 to August 31, 2025 (the "Period"). The Fund's Long US Equity strategy was the driver of positive performance, with mostly offsetting losses recorded by the Managed Futures strategy.

The Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. Despite some choppy moves in global equity markets at times during the Period, US stocks rose strongly and reached new record highs. Periods of positive performance included October and November, when US equities rallied alongside the US presidential election, and from mid-April onwards when substantial US trade tariffs were paused and scaled back.

For the Managed Futures strategy, losses occurred in fixed income and energy. Global bond yields were generally choppy throughout the period owing to uncertainty about the timing of potential interest rate cuts by central banks and a fluctuating outlook for global growth in light of changing US trade policy. This uncertainty contributed to a lack of clear price trends and several price reversals in fixed income markets which proved challenging for some of the Fund's underlying sub-advisers. Energy losses stemmed primarily from trading in crude oil and natural gas contracts. Performance in currencies was also negative, while the Managed Futures strategy was positive in equities, agricultural commodities and metals.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equity Indices |
| ↑ | Agricultural Commodities |
| ↑ | Metals |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fixed Income |
| ↓ | Energy |
| ↓ | Currencies |

---

**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-AR-74933W809

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5192img003.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>**  | -0.55 | 6.28 | 8.30 |
| **Class C (with contingent deferred sales charge)<sup>1</sup>**  | -1.51 | 6.28 | 8.30 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.65 |

---

Visit https://www.abbeycapital.com/products/mutual-funds/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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $897548815 |
| **Number of Holdings** | 635 |
| **Net Advisory Fee** | 17340076 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Market Group** | **Risk Allocation (% of overall Value at Risk)** |
| Agricultural Products  | 12.1% |
| Currency  | 12.0% |
| Energy  | 8.2% |
| Equity  | 52.7% |
| Fixed Income  | 4.8% |
| Metals  | 10.3% |

---

**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 August 31, 2025, 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.

Abbey Capital Multi Asset Fund PAGE 2 TSR-AR-74933W809

------

**Changes to Fund's Investment Adviser or Sub Adviser:**

Systematica Investments Limited was added as a trading adviser in October 2024. Eclipse Capital Management was removed as a trading adviser in December 2024.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of May 14, 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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/products/mutual-funds/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-AR-74933W809

------

---

| | | |
|:---|:---|:---|
| ![image](img173037_202410171854365.jpg) | **Adara Smaller Companies Fund**  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | ![image](img132354_202504241134640.jpg) |  |

---

This annual shareholder report contains important information about the Adara Smaller Companies Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025 (the "period"). 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $85 | 0.80% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund generated a return of 12.25% for the fiscal year ended August 31, 2025. The Fund outperformed the benchmark Russell 2000 Total Return Index, which returned 8.17% over the same period. The Fund underperformed the Russell 3000 Total Return Index which returned 15.84% over the same period.

The Fund's allocation to microcap managers contributed to its outperformance over the Russell 2000 Total Return Index during the period. Microcap stocks, as measured by the Russell Microcap Total Return Index, were up 16.25% for the period.

The Fund's allocation to smaller market cap stocks was a detractor to performance relative to the Russell 3000 Total Return Index, as large cap stocks outperformed small cap stocks during the period.

The Fund's assets were allocated to five underlying sub-advisers during the fiscal year: microcap managers Driehaus Capital Management, LLC ("Driehaus") and Pacific Ridge Capital Partners, LLC ("Pacific Ridge"); small-cap managers Pier Capital, LLC ("Pier") and River Road Asset Management, LLC ("River Road"); and tax-loss harvesting manager Aperio Group, LLC ("Aperio").

Performance of the Fund's sub-advisers for the fiscal year was led by Driehaus, with a return of 16.88%, followed in order by Pacific Ridge (16.56%), River Road (11.96%), Pier (7.95%) and Aperio (6.83%).

As of August 31, 2025, the Fund's assets were allocated 25% to Driehaus, followed by Pacific Ridge with 23%, Aperio with 17%, River Road with 17%, Pier with 16% and the remaining 2% in a cash sleeve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | ThredUp Inc Ordinary Shares - Class A |
| ↑ | Porch Group Inc Ordinary Shares - Class A |
| ↑ | United States Antimony Corp |
| ↑ | Amprius Technologies Inc |
| ↑ | Lightbridge Corp |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Rocket Pharmaceuticals Inc |
| ↓ | Myriad Genetics Inc |
| ↓ | PACS Group Inc |
| ↓ | Arvinas Inc |
| ↓ | Krispy Kreme Inc |

---

Adara Smaller Companies Fund PAGE 1 TSR-AR-74925K342

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5196img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **TF (without sales charge)** | 12.25 | 12.90 | 11.46 |
| **Russell 3000 Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 2000 Total Return Index** | 8.17 | 10.13 | 8.88 |

---

Visit https://rbbfund.com/additional-fund-information/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $703111423 |
| **Number of Holdings** | 669 |
| **Net Advisory Fee** | $4454891 |
| **Portfolio Turnover** | 71% |

---

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Motorcar Parts of America, Inc.  | 0.7% |
| Build-A-Bear Workshop, Inc.  | 0.7% |
| CoreCivic, Inc.  | 0.7% |
| Northeast Bank  | 0.7% |
| NWPX Infrastructure, Inc.  | 0.7% |
| Bowman Consulting Group Ltd.  | 0.6% |
| Heritage Insurance Holdings, Inc.  | 0.6% |
| Natural Gas Services Group, Inc.  | 0.6% |
| Alico, Inc.  | 0.6% |
| McGrath RentCorp  | 0.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer, Non-cyclical  | 21.6% |
| Financial  | 18.9% |
| Industrial  | 17.5% |
| Consumer, Cyclical  | 14.7% |
| Technology  | 8.7% |
| Energy  | 3.7% |
| Communications  | 3.6% |
| Basic Materials  | 3.1% |
| Utilities  | 1.2% |
| Cash & Other  | 7.0% |

---

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/.

Adara Smaller Companies Fund PAGE 2 TSR-AR-74925K342

------

**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 1-844-261-6482, 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 3 TSR-AR-74925K342

------

---

| | | |
|:---|:---|:---|
| ![image](img173037_202410171854365.jpg) | **Aquarius International Fund**  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132354_202504241134640.jpg) |
| ![image](img173037_202410171854365.jpg) | ![image](img132354_202504241134640.jpg) |  |

---

This annual shareholder report contains important information about the Aquarius International Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025 (the "period"). 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $71 | 0.67% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund generated a return of 13.32% for the fiscal year ended August 31, 2025. For the same period, the Fund underperformed its benchmark, the MSCI ACWI ex USA Gross Index, which returned 16.11%. The Fund's security selection and underweight exposure to Chinese equities were major detractors from relative performance versus the benchmark.

Developed international equities, as measured by the MSCI EAFE Index, were up 14.46% for the period. Emerging markets, as measured by the MSCI Emerging Markets Index, were up 17.66% for the period. The U.S. Dollar Index weakened by 3.86% in the period.

The Fund ended the period with four underlying sub-advisers: international developed markets managers Mawer Investment Management, Ltd. ("Mawer") and Boston Partners Global Investors, Inc. ("Boston Partners"); emerging markets manager Driehaus Capital Management, LLC ("Driehaus"); and tax-loss harvesting manager Aperio Group, LLC ("Aperio").

Returns for the underlying sub-advisers during the period were Aperio at +14.92%, followed by Mawer +14.53%, Boston Partners +13.81%, and Driehaus +10.86%.

The proportions of Fund assets allocated to the Fund's sub-advisers at the end of the period were as follows: Boston Partners 35%, Mawer 33%, Aperio 16%, Driehaus 15%, and the remainder in a cash sleeve.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Laopu Gold Co Ltd Ordinary Shares - Class H |
| ↑ | Pop Mart International Group Ltd Ordinary Shares |
| ↑ | Celestica Inc Ordinary Shares |
| ↑ | Siemens Energy AG Ordinary Shares |
| ↑ | Doosan Enerbility Co Ltd |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Novo Nordisk AS Class B |
| ↓ | Novo Nordisk AS ADR |
| ↓ | Aspen Pharmacare Holdings Ltd ADR |
| ↓ | Orsted AS |
| ↓ | Icon PLC |

---

Aquarius International Fund PAGE 1 TSR-AR-74933W502

------

**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 net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5197img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(04/17/2018)** |
| **Aquarius International Fund** | 13.32 | 7.67 | 5.45 |
| **MSCI ACWI ex USA Gross Index** | 16.11 | 9.49 | 6.60 |

---

Visit https://rbbfund.com/additional-fund-information/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $687991797 |
| **Number of Holdings** | 853 |
| **Net Advisory Fee** | $3128918 |
| **Portfolio Turnover** | 64% |

---

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 3.9% |
| Tencent Holdings Ltd.  | 3.1% |
| Shell PLC  | 1.8% |
| BAE Systems PLC  | 1.5% |
| Alibaba Group Holding Ltd.  | 1.4% |
| HDFC Bank Ltd.  | 1.4% |
| Weir Group PLC  | 1.4% |
| AstraZeneca PLC  | 1.4% |
| Hitachi Ltd.  | 1.3% |
| Aon PLC  | 1.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 23.8% |
| Industrials  | 20.7% |
| Information Technology  | 11.3% |
| Communication Services  | 8.4% |
| Health Care  | 8.0% |
| Consumer Discretionary  | 7.2% |
| Consumer Staples  | 5.5% |
| Materials  | 5.1% |
| Energy  | 4.0% |
| Utilities  | 1.4% |
| Real Estate  | 0.3% |
| Other Assets in Excess of Liabilities  | 4.3% |

---

Aquarius International Fund PAGE 2 TSR-AR-74933W502

------

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 your 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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | 0.80% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain, but underperformed both the Russell 3000 Value Index and its broad-based securities market index, the Russell 3000 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?** 

Relative to the Russell 3000 Value Index, positioning within Information Technology, Materials, and Consumer Staples contributed the most to performance. Stock-picking within Health Care and Industrials represented the most significant drag on results.

**How is the Fund currently positioned?**

Compared with the Russell 3000 Value Index, the Fund holds large overweight positions in the Information Technology and Financials sectors and significant underweights in Real Estate and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Oracle Corp. |
| ↑ | JPMorgan Chase & Co. |
| ↑ | Philip Morris International, Inc. |
| ↑ | Booking Holdings, Inc. |
| ↑ | Jabil, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group, Inc. |
| ↓ | Centene Corp. |
| ↓ | Elevance Health, Inc. |
| ↓ | AMN Healthcare Services, Inc. |
| ↓ | Global Payments, Inc. |

---

Boston Partners All-Cap Value Fund PAGE 1 TSR-AR-749255139

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5199img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 8.90 | 14.35 | 10.61 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 3000<sup>®</sup>** **Value Total Return Index** | 9.12 | 12.98 | 10.12 |

---

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1286114930 |
| **Number of Holdings** | 109 |
| **Net Advisory Fee** | $9014595 |
| **Portfolio Turnover** | 37% |

---

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| JPMorgan Chase & Co.  | 2.7% |
| Bank of America Corp.  | 2.4% |
| CRH PLC  | 2.2% |
| Philip Morris International, Inc.  | 2.2% |
| Johnson & Johnson  | 2.0% |
| Alphabet, Inc.  | 2.0% |
| AbbVie, Inc.  | 1.9% |
| Corpay, Inc.  | 1.9% |
| Booking Holdings, Inc.  | 1.9% |
| Medtronic PLC  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 28.6% |
| Information Technology  | 20.0% |
| Health Care  | 14.6% |
| Industrials  | 13.2% |
| Consumer Discretionary  | 5.7% |
| Consumer Staples  | 5.3% |
| Communication Services  | 4.8% |
| Energy  | 3.4% |
| Materials  | 2.9% |
| Cash & Other  | 1.5% |

---

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

Boston Partners All-Cap Value Fund PAGE 2 TSR-AR-749255139

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $110 | 1.05% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain, but underperformed both the Russell 3000 Value Index and its broad-based securities market index, the Russell 3000 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?** 

Relative to the Russell 3000 Value Index, positioning within Information Technology, Materials, and Consumer Staples contributed the most to performance. Stock-picking within Health Care and Industrials represented the most significant drag on results.

**How is the Fund currently positioned?**

Compared with the Russell 3000 Value Index, the Fund holds large overweight positions in the Information Technology and Financials sectors and significant underweights in Real Estate and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Oracle Corp. |
| ↑ | JPMorgan Chase & Co. |
| ↑ | Philip Morris International, Inc. |
| ↑ | Booking Holdings, Inc. |
| ↑ | Jabil, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group, Inc. |
| ↓ | Centene Corp. |
| ↓ | Elevance Health, Inc. |
| ↓ | AMN Healthcare Services, Inc. |
| ↓ | Global Payments, Inc. |

---

Boston Partners All-Cap Value Fund PAGE 1 TSR-AR-749255121

------

**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. 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5198img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class** | 8.65 | 14.07 | 10.34 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 3000<sup>®</sup>** **Value Total Return Index** | 9.12 | 12.98 | 10.12 |

---

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1286114930 |
| **Number of Holdings** | 109 |
| **Net Advisory Fee** | $9014595 |
| **Portfolio Turnover** | 37% |

---

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| JPMorgan Chase & Co.  | 2.7% |
| Bank of America Corp.  | 2.4% |
| CRH PLC  | 2.2% |
| Philip Morris International, Inc.  | 2.2% |
| Johnson & Johnson  | 2.0% |
| Alphabet, Inc.  | 2.0% |
| AbbVie, Inc.  | 1.9% |
| Corpay, Inc.  | 1.9% |
| Booking Holdings, Inc.  | 1.9% |
| Medtronic PLC  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 28.6% |
| Information Technology  | 20.0% |
| Health Care  | 14.6% |
| Industrials  | 13.2% |
| Consumer Discretionary  | 5.7% |
| Consumer Staples  | 5.3% |
| Communication Services  | 4.8% |
| Energy  | 3.4% |
| Materials  | 2.9% |
| Cash & Other  | 1.5% |

---

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

Boston Partners All-Cap Value Fund PAGE 2 TSR-AR-749255121

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 3 TSR-AR-749255121

------

---

| | | |
|:---|:---|:---|
| ![image](img173459_l20241018194713.jpg) | **Boston Partners Small Cap Value Fund II**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173459_l20241018194713.jpg) | Institutional Class \| BPSIX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173459_l20241018194713.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Small Cap Value Fund II (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $104 | 0.99% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain and outperformed the Russell 2000 Value Index, but trailed its broad-based securities market index, the Russell 3000 Index, for the same period.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Relative to the Russell 2000 Value Index, holdings within Consumer Discretionary and Industrials contributed most to relative results. Positioning in Materials and Health Care represented the most significant drag on performance.

**How is the Fund currently positioned?**

Compared with the Russell 2000 Value Index, the Fund holds large overweight positions in the Industrials and Consumer Discretionary sectors, and significant underweights in Real Estate and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Magnite, Inc. |
| ↑ | Interdigital, Inc. |
| ↑ | Primoris Services Corp. |
| ↑ | Sterling Infrastructure, Inc. |
| ↑ | SLM Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Evolent Health, Inc. Class A |
| ↓ | Lantheus Holdings, Inc. |
| ↓ | Weatherford International PLC |
| ↓ | Methanex Corp. |
| ↓ | Ultra Clean Holdings, Inc. |

---

Boston Partners Small Cap Value Fund II PAGE 1 TSR-AR-749255345

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5208img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 10.97 | 14.79 | 8.96 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 2000<sup>®</sup>** **Value Total Return Index** | 5.83 | 13.06 | 8.62 |

---

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $640640356 |
| **Number of Holdings** | 159 |
| **Net Advisory Fee** | $4638897 |
| **Portfolio Turnover** | 70% |

---

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Magnite, Inc.  | 1.9% |
| Federal Agricultural Mortgage Corp.  | 1.6% |
| FirstCash Holdings, Inc.  | 1.5% |
| Primoris Services Corp.  | 1.5% |
| SLM Corp.  | 1.3% |
| InterDigital, Inc.  | 1.3% |
| Preferred Bank  | 1.1% |
| Laureate Education, Inc.  | 1.1% |
| Assured Guaranty Ltd.  | 1.1% |
| Viper Energy, Inc.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 31.2% |
| Industrials  | 20.0% |
| Consumer Discretionary  | 18.0% |
| Information Technology  | 10.4% |
| Energy  | 4.1% |
| Health Care  | 3.6% |
| Consumer Staples  | 3.5% |
| Communication Services  | 3.5% |
| Materials  | 1.5% |
| Cash & Other  | 4.2% |

---

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

Boston Partners Small Cap Value Fund II PAGE 2 TSR-AR-749255345

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 Fund II PAGE 3 TSR-AR-749255345

------

---

| | | |
|:---|:---|:---|
| ![image](img173452_202410181943339.jpg) | **Boston Partners Small Cap Value Fund II**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173452_202410181943339.jpg) | Investor Class \| BPSCX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173452_202410181943339.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Small Cap Value Fund II (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $131 | 1.24% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain and outperformed the Russell 2000 Value Index, but trailed its broad-based securities market index, the Russell 3000 Index, for the same period.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Relative to the Russell 2000 Value Index, holdings within Consumer Discretionary and Industrials contributed most to relative results. Positioning in Materials and Health Care represented the most significant drag on performance.

**How is the Fund currently positioned?**

Compared with the Russell 2000 Value Index, the Fund holds large overweight positions in the Industrials and Consumer Discretionary sectors, and significant underweights in Real Estate and Utilities.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Magnite, Inc. |
| ↑ | Interdigital, Inc. |
| ↑ | Primoris Services Corp. |
| ↑ | Sterling Infrastructure, Inc. |
| ↑ | SLM Corp. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Evolent Health, Inc. Class A |
| ↓ | Lantheus Holdings, Inc. |
| ↓ | Weatherford International PLC |
| ↓ | Methanex Corp. |
| ↓ | Ultra Clean Holdings, Inc. |

---

Boston Partners Small Cap Value Fund II PAGE 1 TSR-AR-749255337

------

**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. 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5207img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class** | 10.69 | 14.50 | 8.69 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 2000<sup>®</sup>** **Value Total Return Index** | 5.83 | 13.06 | 8.62 |

---

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $640640356 |
| **Number of Holdings** | 159 |
| **Net Advisory Fee** | $4638897 |
| **Portfolio Turnover** | 70% |

---

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Magnite, Inc.  | 1.9% |
| Federal Agricultural Mortgage Corp.  | 1.6% |
| FirstCash Holdings, Inc.  | 1.5% |
| Primoris Services Corp.  | 1.5% |
| SLM Corp.  | 1.3% |
| InterDigital, Inc.  | 1.3% |
| Preferred Bank  | 1.1% |
| Laureate Education, Inc.  | 1.1% |
| Assured Guaranty Ltd.  | 1.1% |
| Viper Energy, Inc.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 31.2% |
| Industrials  | 20.0% |
| Consumer Discretionary  | 18.0% |
| Information Technology  | 10.4% |
| Energy  | 4.1% |
| Health Care  | 3.6% |
| Consumer Staples  | 3.5% |
| Communication Services  | 3.5% |
| Materials  | 1.5% |
| Cash & Other  | 4.2% |

---

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

Boston Partners Small Cap Value Fund II PAGE 2 TSR-AR-749255337

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 Fund II PAGE 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the WPG Partners Select Small Cap Value Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $108 | 1.10% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a loss and underperformed both the Russell 2000 Value Index and its broad-based securities market index, the Russell 3000 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

 **What were the top contributors and detractors?**

Relative to the Russell 2000 Value Index, positioning within Communication Services and Financials was the most significant detractor from relative results. Stock-picking in Industrials and Real Estate represented the most significant contribution to performance.

**How is the Fund currently positioned?**

Compared with the Russell 2000 Value Index, the Fund holds large overweight positions in the Financials and Industrials sectors, and significant underweights in Information Technology and Communication Services.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Tutor Perini Corp. |
| ↑ | National Vision Holdings, Inc. |
| ↑ | Silicon Motion Technology Corp. |
| ↑ | Thyssenkrupp AG |
| ↑ | Holley, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Enovis Corp. |
| ↓ | Vivid Seats, Inc. Class A |
| ↓ | Vimeo, Inc. |
| ↓ | Ashland, Inc. |
| ↓ | Teleflex, Inc. |

---

WPG Partners Select Small Cap Value Fund PAGE 1 TSR-AR-74933W676

------

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5210img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/29/2021)** |
| **Institutional Class** | -3.86 | 8.39 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 9.31 |
| **Russell 2000<sup>®</sup>** **Value Total Return Index** | 5.83 | 3.41 |

---

Visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $189411677 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $1472841 |
| **Portfolio Turnover** | 155% |

---

Visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Teleflex, Inc.  | 4.8% |
| NCR Voyix Corp.  | 4.0% |
| Silicon Motion Technology Corp.  | 3.7% |
| Prosperity Bancshares, Inc.  | 3.2% |
| Vimeo, Inc.  | 3.2% |
| Maximus, Inc.  | 3.0% |
| Tri Pointe Homes, Inc.  | 2.8% |
| Broadstone Net Lease, Inc.  | 2.8% |
| Enovis Corp.  | 2.7% |
| Alpha & Omega Semiconductor Ltd.  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Industrials  | 17.3% |
| Financials  | 16.0% |
| Information Technology  | 15.5% |
| Consumer Discretionary  | 11.9% |
| Health Care  | 9.7% |
| Materials  | 6.8% |
| Energy  | 5.3% |
| Real Estate  | 4.2% |
| Communication Services  | 4.0% |
| Cash & Other  | 9.3% |

---

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

WPG Partners Select Small Cap Value Fund PAGE 2 TSR-AR-74933W676

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the WPG Partners Small Cap Value Diversified Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $111 | 1.10% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain but underperformed both the Russell 2000 Value Index and its broad-based securities market index, the Russell 3000 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Relative to the Russell 2000 Value Index, holdings within Materials and Financials were the most significant detractors from relative results. Positioning in Real Estate and Consumer Discretionary represented the most significant contribution to performance.

**How is the Fund currently positioned?**

Compared with the Russell 2000 Value Index, the Fund holds large overweight positions in the Materials and Industrials sectors, and significant underweights in Financials and Real Estate.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Blackberry Limited |
| ↑ | Silicon Motion Technology Corp. |
| ↑ | Thyssenkrupp AG |
| ↑ | Air Lease Corp. Class A |
| ↑ | Leonardo DRS, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Teleflex, Inc. |
| ↓ | Enovis Corp. |
| ↓ | Clarivate PLC |
| ↓ | Tronox Holdings PLC |
| ↓ | Huntsman Corp. |

---

WPG Partners Small Cap Value Diversified Fund PAGE 1 TSR-AR-74925K706

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5211img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 1.39 | 18.36 | 8.01 |
| **Russell 3000<sup>®</sup>** **Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell 2000<sup>®</sup>** **Value Total Return Index** | 5.83 | 13.06 | 8.62 |

---

Visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $32412520 |
| **Number of Holdings** | 98 |
| **Net Advisory Fee** | $218148 |
| **Portfolio Turnover** | 92% |

---

Visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Silicon Motion Technology Corp.  | 2.8% |
| Teleflex, Inc.  | 2.3% |
| Brixmor Property Group, Inc.  | 2.1% |
| Enterprise Financial Services Corp.  | 2.0% |
| NCR Voyix Corp.  | 2.0% |
| BGC Group, Inc.  | 2.0% |
| Kemper Corp.  | 1.9% |
| Air Lease Corp.  | 1.8% |
| BrightView Holdings, Inc.  | 1.8% |
| Enovis Corp.  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 20.0% |
| Industrials  | 18.7% |
| Information Technology  | 12.4% |
| Materials  | 10.3% |
| Energy  | 9.3% |
| Health Care  | 6.7% |
| Consumer Discretionary  | 6.4% |
| Real Estate  | 5.8% |
| Utilities  | 5.4% |
| Cash & Other  | 5.0% |

---

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

WPG Partners Small Cap Value Diversified Fund PAGE 2 TSR-AR-74925K706

------

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 3 TSR-AR-74925K706

------

---

| | | |
|:---|:---|:---|
| ![image](img173483_202410182010134.jpg) | **Boston Partners Global Sustainability Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173483_202410182010134.jpg) | Institutional Class \| BPGSX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173483_202410182010134.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Global Sustainability Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.bostonpartners.com/fund/global-sus-fund/. You can also request this information by contacting us at 1-888-261-4073.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $98 | 0.90% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a sizable gain and outperformed its benchmark index, the MSCI World Index- Net Return.

**What factors influenced performance?**

Global markets generally delivered positive returns during the past year. Moderating inflation, interest rate reductions in many countries, and emerging clarity around the Trump administration's tariff proposals were some of the tailwinds for equities.

**What were the top contributors and detractors?**

Stock picking in the Industrials and Consumer Discretionary sectors, as well as an overweight to Financials, made the biggest contributions to outperformance. The Fund's overweight to Europe was also an overall benefit, as U.S. stocks lagged. Stock selection in Information Technology and Materials generally held back returns versus the benchmark.

**How is the Fund currently positioned?**

Relative to the benchmark, the Fund's largest overweight at the end of August was to the Financials sector. It's largest underweight was to Information Technology.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Rheinmetall AG |
| ↑ | SPIE SA |
| ↑ | JPMorgan Chase & Co. |
| ↑ | Sandoz Group Ltd. |
| ↑ | Deutsche Telekom AG |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group, Inc. |
| ↓ | Kansai Paint Co., Ltd. |
| ↓ | Alten SA |
| ↓ | ICON PLC |
| ↓ | Elevance Health, Inc. |

---

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

Boston Partners Global Sustainability Fund PAGE 1 TSR-AR-74933W684

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5202img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/29/2021)** |
| **Institutional Class** | 17.96 | 10.70 |
| **MSCI World Index - Gross Return (USD)** | 16.17 | 9.33 |
| **MSCI World Index - Net Return (USD)** | 15.68 | 8.81 |

---

Visit https://www.bostonpartners.com/fund/global-sus-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12079576 |
| **Number of Holdings** | 84 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 69% |

---

Visit https://www.bostonpartners.com/fund/global-sus-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| SPIE SA  | 3.0% |
| Marks & Spencer Group PLC  | 2.5% |
| Cie de Saint-Gobain SA  | 2.5% |
| Suzuken Co. Ltd.  | 2.3% |
| Sumitomo Mitsui Financial Group, Inc.  | 2.3% |
| Alphabet, Inc.  | 2.1% |
| Informa PLC  | 2.1% |
| Nomad Foods Ltd.  | 2.0% |
| Sandoz Group AG  | 1.8% |
| Bank of America Corp.  | 1.8% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 24.2% |
| Industrials  | 23.7% |
| Health Care  | 14.6% |
| Information Technology  | 12.0% |
| Consumer Staples  | 11.4% |
| Communication Services  | 6.1% |
| Consumer Discretionary  | 3.8% |
| Utilities  | 1.0% |
| Energy  | 0.8% |
| Cash & Other  | 2.4% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

Boston Partners Global Sustainability Fund PAGE 2 TSR-AR-74933W684

------

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/global-sus-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 Sustainability Fund PAGE 3 TSR-AR-74933W684

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Global Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $103 | 0.95% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a sizable gain and outperformed its benchmark index, the MSCI World Index- Net Return.

**What factors influenced performance?**

Global markets generally delivered positive returns during the past year. Moderating inflation, interest rate reductions in many countries, and emerging clarity around the Trump administration's tariff proposals were some of the tailwinds for equities.

**What were the top contributors and detractors?**

Stock selection in the Industrials and Health Care sectors, along with an overweight to Financials, were the main contributors to the Fund's outperformance. The Fund's overweight to Europe was also an overall benefit, as U.S. stocks lagged. Stock selection in the Information Technology and Consumer Discretionary sectors generally held back returns versus the benchmark.

**How is the fund currently positioned?**

Relative to the benchmark, the Fund's largest sector overweights at the end of August were Financials and Industrials. The Fund's most significant underweight was to Information Technology.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Rheinmetall AG |
| ↑ | Natwest Group PLC |
| ↑ | Commerzbank AG |
| ↑ | Banco Bilbao Vizcaya Argentaria SA |
| ↑ | CRH Public Limited Company |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Capgemini SE |
| ↓ | Renesas Electronics Corp. |
| ↓ | Samsung Electronics Co., Ltd. |
| ↓ | WH Smith PLC |
| ↓ | Kansai Paint Co., Ltd. |

---

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

Boston Partners Global Equity Fund PAGE 1 TSR-AR-74925K557

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5201img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class (without sales charge)** | 17.49 | 16.22 | 9.67 |
| **MSCI THE WORLD INDEX Gross (USD)** | 16.17 | 13.42 | 12.22 |
| **MSCI THE WORLD INDEX Net (USD)** | 15.68 | 12.89 | 11.65 |
| **MSCI World Value Net Total Return Index** | 11.94 | 12.77 | 8.76 |

---

Visit https://www.bostonpartners.com/fund/bp-global-equity-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $277171626 |
| **Number of Holdings** | 118 |
| **Net Advisory Fee** | $1832121 |
| **Portfolio Turnover** | 55% |

---

Visit https://www.bostonpartners.com/fund/bp-global-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| CRH PLC  | 2.7% |
| Tesco PLC  | 1.7% |
| AstraZeneca PLC  | 1.6% |
| Cie de Saint-Gobain SA  | 1.5% |
| Rexel SA  | 1.5% |
| Banco Bilbao Vizcaya Argentaria SA  | 1.5% |
| IMI PLC  | 1.4% |
| Nordea Bank Abp  | 1.4% |
| Goldman Sachs Group, Inc.  | 1.4% |
| JPMorgan Chase & Co.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 26.9% |
| Industrials  | 20.5% |
| Health Care  | 11.2% |
| Consumer Staples  | 9.5% |
| Information Technology  | 7.2% |
| Energy  | 6.9% |
| Materials  | 5.9% |
| Communication Services  | 3.2% |
| Consumer Discretionary  | 2.9% |
| Cash & Other  | 5.8% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

Boston Partners Global Equity Fund PAGE 2 TSR-AR-74925K557

------

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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $258 | 2.37% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a sizable gain and outperformed its benchmark index, the S&P 500 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Stock selection in the Financials and Industrials sectors generally led contributions to the Fund's outperformance during the year. Stock picking in Communication Services and short positions in Information Technology generally held back results versus the benchmark.

**How is the Fund currently positioned?**

Relative to the benchmark, the Fund's largest net overweight sector at the end of August was Financials. The Fund's largest net underweight was to Information Technology.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5204img003.jpg)

Boston Partners Long/Short Equity Fund PAGE 1 TSR-AR-749255261

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 17.30 | 18.37 | 9.34 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81229703 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $1135766 |
| **Portfolio Turnover** | 54% |

---

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Fairfax Financial Holdings Ltd.  | 2.0% |
| Alphabet, Inc.  | 2.0% |
| British American Tobacco PLC  | 1.9% |
| Newmark Group, Inc.  | 1.9% |
| Super Group SGHC Ltd.  | 1.9% |
| BGC Group, Inc.  | 1.8% |
| Galliford Try Holdings PLC  | 1.8% |
| Twilio, Inc.  | 1.6% |
| InterDigital, Inc.  | 1.6% |
| Broadcom, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 21.4% |
| Information Technology  | 15.5% |
| Health Care  | 8.4% |
| Industrials  | 7.9% |
| Consumer Discretionary  | 6.4% |
| Real Estate  | 3.5% |
| Consumer Staples  | 2.8% |
| Materials  | 2.8% |
| Communication Services  | 2.8% |
| Energy  | 2.2% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 2 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $284 | 2.62% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a sizable gain and outperformed its benchmark index, the S&P 500 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Stock selection in the Financials and Industrials sectors generally led contributions to the Fund's outperformance during the year. Stock picking in Communication Services and short positions in Information Technology generally held back results versus the benchmark.

**How is the Fund currently positioned?**

Relative to the benchmark, the Fund's largest net overweight sector at the end of August was Financials. The Fund's largest net underweight was to Information Technology.

**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. 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5203img003.jpg)

Boston Partners Long/Short Equity Fund PAGE 1 TSR-AR-749255253

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class** | 17.00 | 18.09 | 9.07 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81229703 |
| **Number of Holdings** | 209 |
| **Net Advisory Fee** | $1135766 |
| **Portfolio Turnover** | 54% |

---

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Fairfax Financial Holdings Ltd.  | 2.0% |
| Alphabet, Inc.  | 2.0% |
| British American Tobacco PLC  | 1.9% |
| Newmark Group, Inc.  | 1.9% |
| Super Group SGHC Ltd.  | 1.9% |
| BGC Group, Inc.  | 1.8% |
| Galliford Try Holdings PLC  | 1.8% |
| Twilio, Inc.  | 1.6% |
| InterDigital, Inc.  | 1.6% |
| Broadcom, Inc.  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 21.4% |
| Information Technology  | 15.5% |
| Health Care  | 8.4% |
| Industrials  | 7.9% |
| Consumer Discretionary  | 6.4% |
| Real Estate  | 3.5% |
| Consumer Staples  | 2.8% |
| Materials  | 2.8% |
| Communication Services  | 2.8% |
| Energy  | 2.2% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 2 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $201 | 1.92% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain but underperformed its benchmark, the S&P 500 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Relative to the S&P 500 Index, the Fund's long positioning within Information Technology and Communication Services detracted from relative performance as did its short positions in Industrials and Financials. Long positions in Utilities and Materials as well as short positions in Consumer Staples all added value.

**How is the Fund currently positioned?**

The Fund's largest net exposures at the end of the period were in Industrials and Financials. The Fund's smallest net exposures were in Real Estate and Consumer Discretionary.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5206img003.jpg)

Boston Partners Long/Short Research Fund PAGE 1 TSR-AR-74925K581

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 8.85 | 13.40 | 6.28 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $538841745 |
| **Number of Holdings** | 427 |
| **Net Advisory Fee** | $7027561 |
| **Portfolio Turnover** | 65% |

---

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| JPMorgan Chase & Co.  | 1.5% |
| Wells Fargo & Co.  | 1.3% |
| AbbVie, Inc.  | 1.3% |
| Frontdoor, Inc.  | 1.2% |
| Bank of America Corp.  | 1.1% |
| Alphabet, Inc.  | 1.1% |
| Booking Holdings, Inc.  | 1.0% |
| Jacobs Solutions, Inc.  | 1.0% |
| CRH PLC  | 0.9% |
| Flutter Entertainment PLC  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Industrials  | 19.1% |
| Financials  | 18.0% |
| Health Care  | 9.6% |
| Information Technology  | 9.3% |
| Utilities  | 7.4% |
| Consumer Discretionary  | 6.2% |
| Materials  | 4.9% |
| Consumer Staples  | 3.7% |
| Communication Services  | 2.6% |
| Real Estate  | 2.3% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 2 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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 PAST YEAR?** (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 | $226 | 2.17% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the Fund posted a gain but underperformed its benchmark, the S&P 500 Index.

**What factors influenced performance?**

The U.S. economy generally continued to expand during the past 12 months, with inflation remaining more subdued and the unemployment rate relatively low and stable. While there remains some concern about overall durability of the economy, particularly in light of the Trump administration's shifting stance regarding tariffs and trade, the backdrop for equities was generally constructive during the period.

**What were the top contributors and detractors?**

Relative to the S&P 500 Index, the Fund's long positioning within Information Technology and Communication Services detracted from relative performance as did its short positions in Industrials and Financials. Long positions in Utilities and Materials as well as short positions in Consumer Staples all added value.

**How is the Fund currently positioned?**

The Fund's largest net exposures at the end of the period were in Industrials and Financials. The Fund's smallest net exposures were in Real Estate and Consumer Discretionary.

**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. 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5205img003.jpg)

Boston Partners Long/Short Research Fund PAGE 1 TSR-AR-74925K573

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Investor Class** | 8.58 | 13.11 | 6.03 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |

---

Visit https://www.bostonpartners.com/fund/bp-ls-research-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $538841745 |
| **Number of Holdings** | 427 |
| **Net Advisory Fee** | $7027561 |
| **Portfolio Turnover** | 65% |

---

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| JPMorgan Chase & Co.  | 1.5% |
| Wells Fargo & Co.  | 1.3% |
| AbbVie, Inc.  | 1.3% |
| Frontdoor, Inc.  | 1.2% |
| Bank of America Corp.  | 1.1% |
| Alphabet, Inc.  | 1.1% |
| Booking Holdings, Inc.  | 1.0% |
| Jacobs Solutions, Inc.  | 1.0% |
| CRH PLC  | 0.9% |
| Flutter Entertainment PLC  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Industrials  | 19.1% |
| Financials  | 18.0% |
| Health Care  | 9.6% |
| Information Technology  | 9.3% |
| Utilities  | 7.4% |
| Consumer Discretionary  | 6.2% |
| Materials  | 4.9% |
| Consumer Staples  | 3.7% |
| Communication Services  | 2.6% |
| Real Estate  | 2.3% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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 2 TSR-AR-74925K573

------

---

| | | |
|:---|:---|:---|
| ![image](img173475_202410182002865.jpg) | **Boston Partners Emerging Markets Dynamic Equity Fund**  | ![image](img173060_202503031925890.jpg) |
| ![image](img173475_202410182002865.jpg) | Institutional Class \| BELSX  | ![image](img173060_202503031925890.jpg) |
| ![image](img173475_202410182002865.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173060_202503031925890.jpg) |

---

This annual shareholder report contains important information about the Boston Partners Emerging Markets Dynamic Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/. You can also request this information by contacting us at 1-888-261-4073.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $158 | 1.53% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12 months ended August 31, 2025, the fund posted a positive return but lagged its benchmark index, the MSCI Emerging Markets Index – Net Return.

**What factors influenced performance?**

Global markets generally delivered positive returns during the past year. Moderating inflation, interest rate reductions in many countries, and emerging clarity around the Trump administration's tariff proposals were some of the tailwinds for equities.

**What were the top contributors and detractors?**

The Fund's short positions in Information Technology were the top detractors from performance versus the benchmark, while stock picking in the Health Care sector made the largest positive contribution to relative performance.

**How is the Fund currently positioned?**

Relative to the benchmark, the Fund's largest net overweight sector at the end of August was Communication Services. The Fund's largest net underweight was to Information Technology.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $100,000 chart reflects a hypothetical $100,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5200img003.jpg)

Boston Partners Emerging Markets Dynamic Equity Fund PAGE 1 TSR-AR-74925K326

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional Class** | 5.97 | 2.11 | 3.52 |
| **MSCI Emerging Markets - Gross Return (USD)** | 17.66 | 5.69 | 7.36 |
| **MSCI Emerging Markets Index - Net Return (USD)** | 16.80 | 5.21 | 6.92 |

---

Visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $62793510 |
| **Number of Holdings** | 319 |
| **Net Advisory Fee** | $585767 |
| **Portfolio Turnover** | 207% |

---

Visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Samsung Electronics Co., Ltd.  | 4.3% |
| Credicorp Ltd.  | 3.0% |
| Muyuan Foods Co., Ltd.  | 2.9% |
| Millicom International Cellular SA  | 2.9% |
| Reliance Industries Ltd.  | 2.8% |
| Abu Dhabi Islamic Bank PJSC  | 2.7% |
| HDFC Bank Ltd.  | 2.1% |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 2.1% |
| Grupo Financiero Banorte SAB de CV  | 2.0% |
| America Movil SAB de CV  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors<sup>†</sup>**  | **(% of net assets)** |
| Financials  | 15.1% |
| Communication Services  | 11.1% |
| Information Technology  | 10.5% |
| Materials  | 10.3% |
| Consumer Staples  | 6.4% |
| Health Care  | 3.7% |
| Industrials  | 3.3% |
| Energy  | 3.0% |
| Real Estate  | 2.0% |
| Consumer Discretionary  | 1.5% |

---

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

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Cohen & Company, Ltd.

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-emerging-markets-de-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 Emerging Markets Dynamic Equity Fund PAGE 2 TSR-AR-74925K326

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img219858_202509051911243.jpg) |

---

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $203 | 2.00% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund produced net gains during the 12-month period ended August 31, 2025, outperforming the SG CTA Index which returned -5.40% over the same period.

The exposures affecting performance included gains in equity index derivatives, foreign exchange forwards, and commodity futures and losses in fixed income futures. The portfolio maintained a net long position in equity index derivatives for the majority of the period and varied positioning in commodity futures, fixed income futures, and foreign exchange forwards.

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term. Quant macro strategies were the most profitable strategies during the period, primarily gaining in commodities, foreign exchange, and equity indices and experiencing losses in fixed income. Momentum strategies were unprofitable during the period, with gains in equity indices and losses in commodities, fixed income, and foreign exchange. Finally, short-term strategies were also not profitable, posting losses in fixed income and experiencing gains in commodities, equity indices, and foreign exchange.

Overall, the Fund performed well in an eventful market environment where investors sentiment and strategic decisions shifted in response to the U.S. presidential election, central bank action, tariff and growth concerns, and heightened geopolitical risks. We continue to focus on making ongoing improvements to the portfolio and look forward to the opportunities to come.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Euro Forwards +2.9% |
| ↑ | British Pound Forwards +2.3% |
| ↑ | Live Cattle Futures +2.0% |
| ↑ | Feeder Cattle Futures +1.5% |
| ↑ | Mini S&P 500 Index Futures +1.2% |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | 10 Year Treasury Notes Futures -1.1% |
| ↓ | CME 3-Month SOFR Futures -1.3% |
| ↓ | 2 Year Treasury Notes Futures -1.5% |
| ↓ | Euro-Bund Futures -1.6% |
| ↓ | Australian Dollar Forwards -2.2% |

---

Campbell Systematic Macro Fund PAGE 1 TSR-AR-74933W841

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Class A shares of the Fund 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5216img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A (without sales charge)\*\*** | 3.06 | 10.09 | 4.19 |
| **Class A (with sales charge)** | -0.59 | 9.32 | 3.83 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |
| **Barclay BTOP50 Index** | -0.40 | 5.94 | 2.74 |
| **SG CTA Index** | -5.40 | 4.35 | 2.08 |

---

Visit https://www.campbell.com/systematicmacro 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.*

\*\* The Fund commenced operations on March 8, 2013 as a separate portfolio (the "Predecessor Fund") of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1966928090 |
| **Number of Holdings** | 152 |
| **Net Advisory Fee** | $25991143 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund PAGE 2 TSR-AR-74933W841

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings\*** | **(% of net assets)** |
| United States Treasury Bill  | 73.1% |
| BlackRock Liquidity Funds T-Fund  | 8.1% |
| Live Cattle  | 0.8% |
| GBP/USD FWD 20250917  | 0.3% |
| HUF/USD FWD 20250917  | 0.2% |
| Soybean Meal  | 0.2% |
| Gold  | 0.2% |
| TWD/USD FWD 20250917  | 0.2% |
| FTSE/MIB Index  | 0.2% |
| Corn No. 2 Yellow  | 0.2% |

---

---

| | |
|:---|:---|
| **Component Risk Allocation (includes futures contracts)\*\*(% of portfolio risk)** |  |
| Commodities  | 26% |
| Currencies  | 27% |
| Equities  | 18% |
| Fixed Income  | 29% |

---

\* GBP - British PoundHUF - Hungarian ForintTWD - New Taiwan DollarUSD -United States Dollar

\*\* 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.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Fund materials dated February 28, 2025 were supplemented to reflect the elimination of a 1.00% Contingent Deferred Sales Charge on the Fund's Class A shares.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of July 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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.

**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 3 TSR-AR-74933W841

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img219858_202509051911243.jpg) |

---

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $278 | 2.75% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund produced net gains during the 12-month period ended August 31, 2025, outperforming the SG CTA Index which returned -5.40% over the same period.

The exposures affecting performance included gains in equity index derivatives, foreign exchange forwards, and commodity futures and losses in fixed income futures. The portfolio maintained a net long position in equity index derivatives for the majority of the period and varied positioning in commodity futures, fixed income futures, and foreign exchange forwards.

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term. Quant macro strategies were the most profitable strategies during the period, primarily gaining in commodities, foreign exchange, and equity indices and experiencing losses in fixed income. Momentum strategies were unprofitable during the period, with gains in equity indices and losses in commodities, fixed income, and foreign exchange. Finally, short-term strategies were also not profitable, posting losses in fixed income and experiencing gains in commodities, equity indices, and foreign exchange.

Overall, the Fund performed well in an eventful market environment where investors sentiment and strategic decisions shifted in response to the U.S. presidential election, central bank action, tariff and growth concerns, and heightened geopolitical risks. We continue to focus on making ongoing improvements to the portfolio and look forward to the opportunities to come.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Euro Forwards +2.9% |
| ↑ | British Pound Forwards +2.3% |
| ↑ | Live Cattle Futures +2.0% |
| ↑ | Feeder Cattle Futures +1.5% |
| ↑ | Mini S&P 500 Index Futures +1.2% |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | 10 Year Treasury Notes Futures -1.1% |
| ↓ | CME 3-Month SOFR Futures -1.3% |
| ↓ | 2 Year Treasury Notes Futures -1.5% |
| ↓ | Euro-Bund Futures -1.6% |
| ↓ | Australian Dollar Forwards -2.2% |

---

Campbell Systematic Macro Fund PAGE 1 TSR-AR-74933W817

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Class C shares of the Fund 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5214img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C (without sales charge)\*\*** | 2.26 | 9.30 | 3.42 |
| **Class C (with sales charge)** | 1.26 | 9.30 | 3.42 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |
| **Barclay BTOP50 Index** | -0.40 | 5.94 | 2.74 |
| **SG CTA Index** | -5.40 | 4.35 | 2.08 |

---

Visit https://www.campbell.com/systematicmacro 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.*

\*\* The Fund commenced operations on March 8, 2013 as a separate portfolio (the "Predecessor Fund") of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1966928090 |
| **Number of Holdings** | 152 |
| **Net Advisory Fee** | $25991143 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund PAGE 2 TSR-AR-74933W817

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings\*** | **(% of net assets)** |
| United States Treasury Bill  | 73.1% |
| BlackRock Liquidity Funds T-Fund  | 8.1% |
| Live Cattle  | 0.8% |
| GBP/USD FWD 20250917  | 0.3% |
| HUF/USD FWD 20250917  | 0.2% |
| Soybean Meal  | 0.2% |
| Gold  | 0.2% |
| TWD/USD FWD 20250917  | 0.2% |
| FTSE/MIB Index  | 0.2% |
| Corn No. 2 Yellow  | 0.2% |

---

---

| | |
|:---|:---|
| **Component Risk Allocation (includes futures contracts)\*\*(% of portfolio risk)** |  |
| Commodities  | 26% |
| Currencies  | 27% |
| Equities  | 18% |
| Fixed Income  | 29% |

---

\* GBP - British PoundHUF - Hungarian ForintTWD - New Taiwan DollarUSD -United States Dollar

\*\* 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.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Fund materials dated February 28, 2025 were supplemented to reflect the elimination of a 1.00% Contingent Deferred Sales Charge on the Fund's Class A shares.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of July 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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.

**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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img219858_202509051911243.jpg) |

---

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $178 | 1.75% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund produced net gains during the 12-month period ended August 31, 2025, outperforming the SG CTA Index which returned -5.40% over the same period.

The exposures affecting performance included gains in equity index derivatives, foreign exchange forwards, and commodity futures and losses in fixed income futures. The portfolio maintained a net long position in equity index derivatives for the majority of the period and varied positioning in commodity futures, fixed income futures, and foreign exchange forwards.

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term. Quant macro strategies were the most profitable strategies during the period, primarily gaining in commodities, foreign exchange, and equity indices and experiencing losses in fixed income. Momentum strategies were unprofitable during the period, with gains in equity indices and losses in commodities, fixed income, and foreign exchange. Finally, short-term strategies were also not profitable, posting losses in fixed income and experiencing gains in commodities, equity indices, and foreign exchange.

Overall, the Fund performed well in an eventful market environment where investors sentiment and strategic decisions shifted in response to the U.S. presidential election, central bank action, tariff and growth concerns, and heightened geopolitical risks. We continue to focus on making ongoing improvements to the portfolio and look forward to the opportunities to come.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Euro Forwards +2.9% |
| ↑ | British Pound Forwards +2.3% |
| ↑ | Live Cattle Futures +2.0% |
| ↑ | Feeder Cattle Futures +1.5% |
| ↑ | Mini S&P 500 Index Futures +1.2% |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | 10 Year Treasury Notes Futures -1.1% |
| ↓ | CME 3-Month SOFR Futures -1.3% |
| ↓ | 2 Year Treasury Notes Futures -1.5% |
| ↓ | Euro-Bund Futures -1.6% |
| ↓ | Australian Dollar Forwards -2.2% |

---

Campbell Systematic Macro Fund PAGE 1 TSR-AR-74933W833

------

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Class I shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5215img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)\*\*** | 3.38 | 10.35 | 4.46 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |
| **Barclay BTOP50 Index** | -0.40 | 5.94 | 2.74 |
| **SG CTA Index** | -5.40 | 4.35 | 2.08 |

---

Visit https://www.campbell.com/systematicmacro 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.*

\*\* The Fund commenced operations on March 8, 2013 as a separate portfolio (the "Predecessor Fund") of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1966928090 |
| **Number of Holdings** | 152 |
| **Net Advisory Fee** | $25991143 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund PAGE 2 TSR-AR-74933W833

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings\*** | **(% of net assets)** |
| United States Treasury Bill  | 73.1% |
| BlackRock Liquidity Funds T-Fund  | 8.1% |
| Live Cattle  | 0.8% |
| GBP/USD FWD 20250917  | 0.3% |
| HUF/USD FWD 20250917  | 0.2% |
| Soybean Meal  | 0.2% |
| Gold  | 0.2% |
| TWD/USD FWD 20250917  | 0.2% |
| FTSE/MIB Index  | 0.2% |
| Corn No. 2 Yellow  | 0.2% |

---

---

| | |
|:---|:---|
| **Component Risk Allocation (includes futures contracts)\*\*(% of portfolio risk)** |  |
| Commodities  | 26% |
| Currencies  | 27% |
| Equities  | 18% |
| Fixed Income  | 29% |

---

\* GBP - British PoundHUF - Hungarian ForintTWD - New Taiwan DollarUSD -United States Dollar

\*\* 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.

**Changes to Shareholder Fees (fees paid directly from your investment).**

Fund materials dated February 28, 2025 were supplemented to reflect the elimination of a 1.00% Contingent Deferred Sales Charge on the Fund's Class A shares.

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

As of July 2025, the Fund engaged the services of independent registered public accounting firm PricewaterhouseCoopers LLP, replacing Ernst & Young LLP.

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.

**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 3 TSR-AR-74933W833

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market U.S. Equity Fund** | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMUEX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Free Market U.S. Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $56 | 0.54% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund provided a total return of 8.52% at net asset value. This compares with a return of 15.84% over the same period for the Fund's primary benchmark, the Russell 3000® Total Return Index.

As a result of the Fund's diversified investment approach, performance principally was determined by broad structural trends in equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the performance of diversified equity funds, like the Fund, are the size and value/growth characteristics of the underlying fund holdings. Size is measured by market capitalization and "value" classification is a function of stock price relative to one or more fundamental characteristics.

U.S. large cap stocks performed better than U.S. small cap stocks during the period. The S&P 500® Index returned 15.88%, the Russell 2500® Total Return Index returned 10.04%, and the Russell 2000® Index returned 8.17%. Furthermore, for the same time period, the Russell 1000® Value Index returned 9.33% while the Russell 2000® Value returned 5.83% for the twelve months ended August 31, 2025.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5272img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Free Market U.S. Equity Fund** | 8.52 | 14.84 | 10.16 |
| **Russell 3000 Total Return Index<sup>1</sup>**  | 15.84 | 14.11 | 13.98 |
| **Russell 2500 Total Return Index** | 10.04 | 11.15 | 9.84 |
| **Composite Index<sup>2</sup>**  | 9.90 | 12.93 | 10.73 |

---

---

| | |
|:---|:---|
| 1 | Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2500 Total Return Index as the Fund's primary benchmark to represent a broad-based securities market index. |

---

---

| | |
|:---|:---|
| 2 | The Composite Index is comprised of the S&P 500® Index, Russell 1000® Value Index, Russell 2000® Index and Russell 2000® Value Index, each weighted 25%, respectively. |

---

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4591147644 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $20459573 |
| **Portfolio Turnover** | 6% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| DFA US Small Cap Value Portfolio - Class Institutional  | 25.4% |
| Dimensional US Large Cap Value Portfolio III - Class Institutional  | 17.2% |
| DFA US Micro Cap Portfolio - Class Institutional  | 15.1% |
| DFA US Small Cap Portfolio - Class Institutional  | 15.0% |
| iShares Core S&P 500 ETF  | 8.8% |
| iShares MSCI USA Value Factor ETF  | 6.8% |
| DFA US Large Company Portfolio - Class Institutional  | 5.9% |
| U.S. Large Cap Value Series  | 5.7% |
| Invesco Government & Agency Portfolio  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| US Large Cap Equity  | 44.4% |
| US Small Cap Equity  | 40.4% |
| US Micro Cap Equity  | 15.1% |
| 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 http://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 1-866-780-0357 Ext. 3863, 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 2 TSR-AR-74925K839

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market International Equity Fund**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMNEX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Free Market International Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $61 | 0.55% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund provided a total return of 23.60% at net asset value. This compares with a return of 14.88% over the same period for the Fund's primary benchmark, the MSCI World ex USA Index (Net Dividends), which captures large and mid-cap representation across 22 of 23 Developed Markets countries excluding the U.S.

As a result of the Fund's diversified investment approach, performance principally was determined by broad structural trends in global equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the behavior of diversified international equity funds, like the Fund, are company size and company value/growth characteristics of the underlying fund holdings and broad exposure to emerging market equities.

International value stocks fared better than international growth stocks during the fiscal year. The MSCI EAFE Value Index increased by 22.65%, while the MSCI EAFE Small Cap Value Index returned 21.94% and the MSCI Emerging Markets Index returned 16.80%. Furthermore, the MSCI EAFE Small Cap Index returned 18.77% for the twelve months ended August 31, 2025, while the MSCI EAFE Index returned 13.87% for the same period.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5271img003.jpg)

Free Market International Equity Fund PAGE 1 TSR-AR-74925K821

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Free Market International Equity Fund** | 23.60 | 13.86 | 8.02 |
| **MSCI WORLD ex USA Index (Net Dividends)** | 14.88 | 10.50 | 7.63 |
| **Composite Index<sup>1</sup>**  | 18.12 | 9.53 | 7.40 |

---

---

| | |
|:---|:---|
| 1 | Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index and MSCI Emerging Markets Free Index, each weighted 25%, respectively. |

---

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3814803257 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $16544729 |
| **Portfolio Turnover** | 5% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| DFA International Small Cap Value Portfolio - Class Institutional  | 40.3% |
| DFA International Value Portfolio III - Class Institutional  | 16.6% |
| International Value Series  | 13.6% |
| Dimensional International Small Cap ETF  | 9.9% |
| iShares Core MSCI Emerging Markets ETF  | 5.1% |
| iShares Core MSCI EAFE ETF  | 4.9% |
| DFA Emerging Markets Small Cap Portfolio - Class Institutional  | 4.8% |
| DFA Emerging Markets Value Portfolio - Class Institutional  | 4.8% |
| Invesco Government & Agency Portfolio  | 0.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Developed Small  | 50.2% |
| Developed Large  | 35.0% |
| Emerging Large  | 9.9% |
| 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 http://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 1-866-780-0357 Ext. 3863, 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 2 TSR-AR-74925K821

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Free Market Fixed Income Fund**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMFIX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Free Market Fixed Income Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $55 | 0.54% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund returned 4.26%. This compares with a return of 3.14% over the same period for the Fund's primary benchmark, the Bloomberg U.S. Aggregate Bond Index.

The Fund focuses on assets that invest in high quality and shorter-term government and corporate fixed income assets, both in the U.S. as well as international.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5270img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Free Market Fixed Income Fund** | 4.26 | 1.10 | 1.58 |
| **Bloomberg U.S. Aggregate Bond Index<sup>1</sup>**  | 3.14 | -0.68 | 1.80 |
| **FTSE Wolrd Government Bond Index 1-5 Yr Curr-Hedged USD** | 4.78 | 1.59 | 1.97 |
| **Composite Index<sup>2</sup>**  | 4.16 | 1.10 | 1.87 |

---

1 Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the FTSE World Government Bond Index 1-5 Years as the Fund's primary benchmark to represent a broad-based securities market index.

2 The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Intermediate Government/Credit

Free Market Fixed Income Fund PAGE 1 TSR-AR-74925K813

------

Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Capital Aggregate Bond Index, each weighted 25%, respectively.

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2944842686 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $14235182 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 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  | 5.1% |
| 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  | 5.1% |
| Short Term and other Net Assets  | 14.9% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://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 1-866-780-0357 Ext. 3863, 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-AR-74925K813

------

---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money U.S. Equity VI Portfolio** | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMVUX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Matson Money U.S. Equity VI Portfolio (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $76 | 0.73% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund provided a total return of 7.94% at net asset value. This compares with a return of 15.84% over the same period for the Fund's primary benchmark, the Russell 3000® Total Return Index.

As a result of the Fund's diversified investment approach, performance principally was determined by broad structural trends in equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the performance of diversified equity funds, like the Fund, are the size and value/growth characteristics of the underlying fund holdings. Size is measured by market capitalization and "value" classification is a function of stock price relative to one or more fundamental characteristics.

U.S. large cap stocks performed better than U.S. small cap stocks during the period. The S&P 500® Index returned 15.88%, the Russell 2500® Total Return Index returned 10.04%, and the Russell 2000® Index returned 8.17%. Furthermore, for the same time period, the Russell 1000® Value Index returned 9.33% while the Russell 2000® Value returned 5.83% for the twelve months ended August 31, 2025.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5273img003.jpg)

Matson Money U.S. Equity VI Portfolio PAGE 1 TSR-AR-74925K441

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Matson Money U.S. Equity VI Portfolio** | 7.94 | 14.72 | 9.94 |
| **Russell 3000 Total Return Index<sup>1</sup>**  | 15.84 | 14.11 | 13.98 |
| **Russell 2500 Total Return Index** | 10.04 | 11.15 | 9.84 |
| **Composite Index<sup>2</sup>**  | 9.90 | 12.93 | 10.73 |

---

---

| | |
|:---|:---|
| 1 | Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2500 Total Return Index as the Fund's primary benchmark to represent a broad-based securities market index. |

---

---

| | |
|:---|:---|
| 2 | The Composite Index is comprised of the S&P 500® Index, Russell 1000® Value Index, Russell 2000® Index and Russell 2000® Value Index, each weighted 25%, respectively. |

---

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29311947 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $137205 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Dimensional US Large Cap Value Portfolio III - Class Institutional  | 26.0% |
| DFA Investment VA U.S. Targeted Value Portfolio  | 15.2% |
| DFA US Small Cap Portfolio - Class Institutional  | 15.2% |
| DFA US Micro Cap Portfolio - Class Institutional  | 15.2% |
| DFA US Large Company Portfolio - Class Institutional  | 13.6% |
| DFA US Small Cap Value Portfolio - Class Institutional  | 10.2% |
| DFA Investment VA U.S. Large Value Portfolio  | 4.0% |
| STIT-Government & Agency Portfolio  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| US Large Cap Equity  | 43.5% |
| US Small Cap Equity  | 40.6% |
| US Micro Cap Equity  | 15.2% |
| Short Term and other Net Assets  | 0.7% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://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 1-866-780-0357 Ext. 3863, 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 2 TSR-AR-74925K441

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| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money International Equity VI Portfolio**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMVIX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Matson Money International Equity VI Portfolio (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $87 | 0.78% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund provided a total return of 22.54% at net asset value. This compares with a return of 14.88% over the same period for the Fund's primary benchmark, the MSCI World ex USA Index (Net Dividends), which captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries excluding the U.S.

As a result of the Fund's diversified investment approach, performance principally was determined by broad structural trends in global equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the behavior of diversified international equity funds, like the Fund, are company size and company value/growth characteristics of the underlying fund holdings and broad exposure to emerging market equities.

International value stocks fared better than international growth stocks during the fiscal year. The MSCI EAFE Value Index increased by 22.65%, while the MSCI EAFE Small Cap Value Index returned 21.94% and the MSCI Emerging Markets Index returned 16.80%. Furthermore, the MSCI EAFE Small Cap Index returned 18.77% for the twelve months ended August 31, 2025, while the MSCI EAFE Index returned 13.87% for the same period.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5274img003.jpg)

Matson Money International Equity VI Portfolio PAGE 1 TSR-AR-74925K433

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Matson Money International Equity VI Portfolio** | 22.54 | 13.37 | 7.67 |
| **MSCI WORLD ex USA Index (Net Dividends)** | 14.88 | 10.50 | 7.63 |
| **Composite Index<sup>1</sup>**  | 18.12 | 9.53 | 7.40 |

---

---

| | |
|:---|:---|
| 1 | Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index and MSCI Emerging Markets Free Index, each weighted 25%, respectively. |

---

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $22483984 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $104744 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| DFA International Value Portfolio III - Class Institutional  | 30.2% |
| DFA International Small Cap Value Portfolio - Class Institutional  | 28.1% |
| DFA Investment VA International Small Portfolio  | 17.1% |
| iShares Core MSCI Emerging Markets ETF  | 5.2% |
| DFA Investment VA International Value Portfolio  | 5.1% |
| DFA Emerging Markets Small Cap Portfolio - Class Institutional  | 4.9% |
| DFA Emerging Markets Value Portfolio - Class Institutional  | 4.9% |
| iShares Core MSCI EAFE ETF  | 4.0% |
| STIT-Government & Agency Portfolio  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Developed Small  | 45.1% |
| Developed Large  | 39.1% |
| Emerging Large  | 10.1% |
| Emerging Small  | 4.9% |
| 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 http://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 1-866-780-0357 Ext. 3863, 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-AR-74925K433

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---

| | | |
|:---|:---|:---|
| ![image](img173047_202410181129672.jpg) | **Matson Money Fixed Income VI Portfolio**  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Institutional Class \| FMVFX  | ![image](img125181_202509052025263.jpg) |
| ![image](img173047_202410181129672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img125181_202509052025263.jpg) |

---

This annual shareholder report contains important information about the Matson Money Fixed Income VI Portfolio (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at

http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 513-204-8000.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $77 | 0.75% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended August 31, 2025, the Fund returned 4.04%. This compares with a return of 3.14% over the same period for the Fund's primary benchmark, the Bloomberg U.S. Aggregate Bond Index.

The Fund focuses on assets that invest in high quality and shorter-term government and corporate fixed income assets, both in the U.S. as well as international.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Institutional Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5275img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Matson Money Fixed Income VI Portfolio** | 4.04 | 0.83 | 1.32 |
| **Bloomberg U.S. Aggregate Bond Index<sup>1</sup>**  | 3.14 | -0.68 | 1.80 |
| **FTSE World Government Bond Index 1-5 Yr Curr-Hedged USD** | 4.78 | 1.59 | 1.97 |
| **Composite Index<sup>2</sup>**  | 4.16 | 1.10 | 1.87 |

---

1 Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the FTSE World Government Bond Index 1-5 Years as the Fund's primary benchmark to represent a broad-based securities market index.

2 The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Intermediate Government/Credit

Matson Money Fixed Income VI Portfolio PAGE 1 TSR-AR-74925K425

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Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Capital Aggregate Bond Index, each weighted 25%, respectively.

Visit http://funddocs.filepoint.com/matsonmoney/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24921948 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $126507 |
| **Portfolio Turnover** | 19% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| iShares 1-5 Year Investment Grade Corporate Bond ETF  | 24.3% |
| DFA Two-Year Global Fixed Income Portfolio - Class Institutional  | 15.2% |
| iShares Core International Aggregate Bond ETF  | 15.2% |
| DFA One-Year Fixed Income Portfolio - Class Institutional  | 11.6% |
| DFA Investment Global Bond Portfolio  | 10.1% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF  | 6.1% |
| DFA Intermediate Government Fixed Income Portfolio - Class Institutional  | 6.1% |
| Dimensional Inflation-Protected Securities ETF  | 5.1% |
| DFA Short-Term Government Portfolio - Class Institutional  | 4.0% |
| DFA Investment VA Short-Term Fixed Income Portfolio  | 2.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Global  | 40.4% |
| US Corporate  | 30.3% |
| US Government  | 10.1% |
| Inflation Protected  | 5.1% |
| Short Term and other Net Assets  | 14.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://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 1-866-780-0357 Ext. 3863, 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-AR-74925K425

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---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool Global Opportunities ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $90 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund underperformed its benchmark, the FTSE Global All Cap Net Tax Index (the "benchmark). The Fund achieved positive gains towards its investment objective of capital appreciation during an eventful year for global markets.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Investors navigated a volatile year that included a Presidential election and subsequent policy shifts, which created pockets of uncertainty, particularly around tariffs. Against this backdrop, individual stock selection was the primary driver of performance, as you might expect from a focused fund with fewer than 50 holdings compared to a benchmark with more than 9,000. While the majority of the Fund's holdings generated positive returns, roughly three in five did not keep pace with the benchmark. The year also highlighted the impact of short-term market movements on relative returns; the Fund was outperforming the benchmark through the first three quarters of the period, but a challenging final three months of underperformance outweighed those earlier gains.

As long-term focused investors, we accept that this kind of short-term volatility is inherent in equity investing, and our process remains unchanged. Our investment decisions are solely focused on owning what we believe to be high-quality businesses with attractive long-term outlooks. The Fund's resulting portfolio characteristics, such as being underweight the Information Technology sector and overweight the Industrials sector at period end, are byproducts of this bottom-up stock selection. The Fund's Active Share of 94.5% further reflects this commitment to active management.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | Nintendo Co., Ltd. |
| ↑ | Brookfield Asset Management Ltd. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ICON plc |
| ↓ | Rentokil Initial plc |
| ↓ | Dr. Ing. h.c. F. Porsche AG |

---

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

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.

Motley Fool Global Opportunities ETF PAGE 1 TSR-AR-74933W635

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5278img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Motley Fool Global Opportunities ETF (at Net Asset Value)\*\*** | 10.59 | 7.11 | 11.05 |
| **FTSE Global All Cap (Fair Value 16.00) Net Tax (US RIC) Index** | 15.82 | 12.18 | 11.22 |

---

Visit https://fooletfs.com/our-funds 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.*

\*\* The Fund operated as a series of The Motley Fool Funds Trust (the "Predecessor Fund") prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund's investment adviser. Without these waivers, returns would have been lower.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $401373607 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $3509222 |
| **Portfolio Turnover** | 15% |
| **30-Day SEC Yield** | 0.74% |
| **30-Day SEC Yield Unsubsidized** | 0.74% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Nintendo Co. Ltd.  | 6.1% |
| Amazon.com, Inc.  | 5.9% |
| Alphabet, Inc.  | 4.7% |
| Mastercard, Inc.  | 4.5% |
| Axon Enterprise, Inc.  | 4.2% |
| Waste Connections, Inc.  | 4.2% |
| Costco Wholesale Corp.  | 3.4% |
| International Container Terminal Services, Inc.  | 3.4% |
| Watsco, Inc.  | 3.2% |
| ICON PLC  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Industrials  | 21.8% |
| Financials  | 17.8% |
| Consumer Discretionary  | 13.9% |
| Communication Services  | 13.5% |
| Information Technology  | 9.5% |
| Health Care  | 8.5% |
| Real Estate  | 6.4% |
| Consumer Staples  | 5.5% |
| Materials  | 1.9% |
| Cash & Other  | 1.2% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager.

Motley Fool Global Opportunities ETF PAGE 2 TSR-AR-74933W635

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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 Global Opportunities ETF PAGE 3 TSR-AR-74933W635

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---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool Mid-Cap Growth ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $87 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund underperformed its benchmark, the Russell Midcap Growth Total Return Index (the "benchmark"), despite achieving positive capital appreciation.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund saw divergent returns from its relatively limited number of holdings. While some individual companies performed very well, their positive contributions were weighed down by a significant number of detractors. In fact, of the 42 holdings held for at least a portion of the period, 23 generated negative returns for the Fund. A large part of the Fund's relative performance can also be attributed to the outsized returns of two companies not held in the portfolio: Palantir Technologies Inc. ("Palantir") and AppLovin Corporation ("AppLovin"). Palantir's stock more than quadrupled and AppLovin's more than quintupled during the period. Their substantial growth meant both companies eventually became too large for the mid-cap benchmark and were removed during its June 2025 rebalance.

Despite this mixed performance from individual holdings, the Fund's strategy remains unchanged. We continue to manage a focused portfolio, holding a selective number of companies that we believe offer high prospects for capital appreciation over a longer timeframe. This approach is evident in the Fund's structure, which ended the period with an Active Share of 90.6%, with 49.9% of the Fund's assets in the top ten holdings, and the allocation to just four sectors—Industrials, Financials, Information, and Health Care—representing more than 83% of Fund assets at period end.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Axon Enterprise, Inc. |
| ↑ | StoneX Group Inc. |
| ↑ | Toast, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | RXO, Inc. |
| ↓ | Eastman Chemical Co. |
| ↓ | The Cooper Companies, Inc. |

---

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

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.

Motley Fool Mid-Cap Growth ETF PAGE 1 TSR-AR-74933W627

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5279img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Motley Fool Mid-Cap Growth ETF (at Net Asset Value)\*\*** | 5.22 | 4.39 | 8.81 |
| **Russell 3000 Total Return Index** | 15.84 | 14.11 | 13.98 |
| **Russell Midcap Growth Total Return Index** | 26.42 | 11.01 | 12.96 |

---

Visit https://fooletfs.com/our-funds 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.*

\*\* The Fund operated as a series of The Motley Fool Funds Trust (the "Predecessor Fund") prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund's investment adviser. Without these waivers, returns would have been lower.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $174495170 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $1623391 |
| **Portfolio Turnover** | 33% |
| **30-Day SEC Yield** | -0.26% |
| **30-Day SEC Yield Unsubsidized** | -0.26% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| StoneX Group, Inc.  | 8.1% |
| Axon Enterprise, Inc.  | 6.0% |
| Broadridge Financial Solutions, Inc.  | 5.2% |
| Brown & Brown, Inc.  | 4.9% |
| Toast, Inc.  | 4.9% |
| Guidewire Software, Inc.  | 4.4% |
| Fastenal Co.  | 4.2% |
| Tyler Technologies, Inc.  | 4.1% |
| HealthEquity, Inc.  | 4.0% |
| QXO Inc  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Industrials  | 30.4% |
| Financials  | 23.6% |
| Information Technology  | 15.6% |
| Health Care  | 14.0% |
| Real Estate  | 6.7% |
| Consumer Discretionary  | 4.8% |
| Consumer Staples  | 2.5% |
| Materials  | 0.5% |
| Cash & Other  | 1.9% |

---

Motley Fool Mid-Cap Growth ETF PAGE 2 TSR-AR-74933W627

------

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager. Nathan Weisshaar has been added as a named Portfolio Manager on this Fund.

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 Mid-Cap Growth ETF PAGE 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool 100 Index ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $56 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund outperformed its benchmark, the S&P 500 Total Return Index, while also closely tracking its underlying index, The Motley Fool 100 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Investors navigated an eventful year that included a Presidential election and subsequent policy shifts, which created pockets of volatility, particularly around tariff uncertainty. Despite this choppy environment, the market proved resilient, supported by two powerful undercurrents: strong corporate earnings and continued investor enthusiasm for the long-term potential of artificial intelligence. A key development during the period was the broadening of market leadership. While the "Magnificent Seven" stocks (seven of the most influential and high-performing U.S. technology-focused stocks) remained influential, a wider array of companies contributed to market performance.

The Fund's specific sector exposures were a primary driver of its outperformance. The Fund maintained a strategic concentration in the Communication Services, Information Technology, and Consumer Discretionary sectors, all of which posted strong returns for the period. On average, these three sectors represented approximately two-thirds of the Fund's weight during the period, totaling more than 70% of Fund assets at the end of the period. This sector positioning was a significant factor in the Fund's results.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corp. |
| ↑ | Broadcom Inc. |
| ↑ | Tesla, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Eli Lilly and Company |
| ↓ | Apple Inc. |
| ↓ | Adobe Inc. |

---

**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.

Motley Fool 100 Index ETF PAGE 1 TSR-AR-74933W601

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5276img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(01/29/2018)** |
| **Motley Fool 100 Index ETF (at Net Asset Value)** | 22.63 | 15.19 | 17.74 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 13.24 |
| **Motley Fool 100 Index** | 23.43 | 15.81 | 18.36 |

---

Visit https://fooletfs.com/our-funds 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1641816290 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $6311445 |
| **Portfolio Turnover** | 31% |
| **30-Day SEC Yield** | 0.08% |
| **30-Day SEC Yield Unsubsidized** | 0.08% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| NVIDIA Corp.  | 10.9% |
| Microsoft Corp.  | 9.6% |
| Apple, Inc.  | 8.9% |
| Alphabet, Inc.  | 6.6% |
| Amazon.com, Inc.  | 6.2% |
| Meta Platforms, Inc.  | 4.8% |
| Broadcom, Inc.  | 4.7% |
| Berkshire Hathaway, Inc.  | 3.6% |
| Tesla, Inc.  | 3.6% |
| JPMorgan Chase & Co.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 42.2% |
| Communication Services  | 15.5% |
| Consumer Discretionary  | 14.3% |
| Financials  | 12.9% |
| Health Care  | 5.7% |
| Consumer Staples  | 4.2% |
| Industrials  | 3.3% |
| Real Estate  | 0.7% |
| Materials  | 0.6% |
| Cash & Other  | 0.6% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager.

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.

Motley Fool 100 Index ETF PAGE 2 TSR-AR-74933W601

------

**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 100 Index ETF PAGE 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool Small-Cap Growth ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $89 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund outperformed its benchmark, the Russell 2000 Growth Total Return Index. The Fund's total return finished remarkably close to the benchmark, a notable outcome given its focused portfolio of 30-40 holdings and an Active Share of 96.5% at period end.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The Fund's focused strategy, where a small number of companies are held, means that the performance of individual holdings has an outsized impact. This dynamic was clearly illustrated during the period, as the Fund's focus worked both for and against returns. On the positive side, companies like StoneX Group, Inc. and Toast, Inc. were significant contributors to performance. These gains, however, were largely offset by the underperformance of other investments, such as RXO, Inc. and Ultragenyx Pharmaceutical, Inc.

This focused approach is a core part of the Fund's strategy, which is evident in its portfolio structure. At the end of the period, for instance, the Fund's top ten holdings represented 41.8% of its assets. The sector allocation was similarly focused, with just four sectors—Industrials, Information Technology, Financials, and Health Care—averaging more than 80% of Fund assets over the period and ending the period at 78%. We intend to maintain this relatively focused portfolio, with the goal of selecting holdings that we believe offer high prospects for capital appreciation.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | StoneX Group, Inc. |
| ↑ | Toast, Inc. |
| ↑ | Inari Medical, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | RXO, Inc. |
| ↓ | Ultragenyx Pharmaceutical Inc. |
| ↓ | Northern Oil and Gas, Inc. |

---

**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.

Motley Fool Small-Cap Growth ETF PAGE 1 TSR-AR-74933W874

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5281img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(10/29/2018)** |
| **Motley Fool Small-Cap Growth ETF (at Net Asset Value)** | 10.26 | 3.67 | 10.49 |
| **Russell 3000 Total Return Index** | 15.84 | 14.11 | 15.22 |
| **Russell 2000 Growth Total Return Index** | 10.48 | 7.07 | 8.75 |

---

Visit https://fooletfs.com/our-funds 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $79087617 |
| **Number of Holdings** | 31 |
| **Net Advisory Fee** | $722070 |
| **Portfolio Turnover** | 40% |
| **30-Day SEC Yield** | -0.01% |
| **30-Day SEC Yield Unsubsidized** | -0.01% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| StoneX Group, Inc.  | 5.9% |
| Toast, Inc.  | 5.8% |
| GXO Logistics, Inc.  | 4.3% |
| Alphatec Holdings, Inc.  | 4.0% |
| Alarm.com Holdings, Inc.  | 3.9% |
| SiTime Corp.  | 3.8% |
| Herc Holdings, Inc.  | 3.6% |
| Frontdoor, Inc.  | 3.6% |
| Live Oak Bancshares, Inc.  | 3.5% |
| HealthEquity Inc  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Industrials  | 25.5% |
| Information Technology  | 18.6% |
| Financials  | 17.7% |
| Health Care  | 16.6% |
| Consumer Discretionary  | 7.4% |
| Consumer Staples  | 3.3% |
| Materials  | 3.2% |
| Energy  | 3.1% |
| Real Estate  | 2.2% |
| Cash & Other  | 2.4% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager.

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.

Motley Fool Small-Cap Growth ETF PAGE 2 TSR-AR-74933W874

------

**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 Small-Cap Growth ETF PAGE 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool Capital Efficiency 100 Index ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

**This report describes changes to the Fund that occurred during the reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $53 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund generated a positive absolute return, though it trailed its benchmark, the S&P 500 Total Return Index (the "S&P 500"). The Fund closely tracked its underlying index, The Motley Fool Capital Efficiency 100 Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The period included a Presidential election and subsequent policy shifts, which created market volatility, particularly around tariff uncertainty. Market conditions were supported by strong corporate earnings and continued investor interest in artificial intelligence. The Communication Services sector, which includes companies like Alphabet, Inc., Meta Platforms, Inc., and Netflix, Inc., was the top positive contributor to the Fund's relative performance.

However, the Fund's positioning within the Information Technology sector was the primary reason for its underperformance relative to the S&P 500. This was due to two factors inherent in the Fund's strategy. First, at each quarterly rebalance, individual holdings are adjusted to a maximum of 4.8% of the Fund. This rule limited the Fund's upside from strong benchmark performers like Nvidia Corp. and Microsoft Corp., but it beneficially limited exposure to Apple, Inc., which underperformed. Second, the Fund's Capital Efficiency factor adjustment, despite its proven long-term track record, was not beneficial over the past 12 months. Companies like Nvidia Corp., Tesla, Inc., and Broadcom, Inc. were some of the market's best-performing stocks, but their historical financial reports did not screen favorably from our factor's perspective.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Netflix, Inc. |
| ↑ | Meta Platforms, Inc. |
| ↑ | Amazon.com, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Adobe Inc. |
| ↓ | Eli Lilly and Company |
| ↓ | UnitedHealth Group Inc. |

---

**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.

Motley Fool Capital Efficiency 100 Index ETF PAGE 1 TSR-AR-74933W643

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5277img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/30/2021)** |
| **Motley Fool Capital Efficiency 100 Index ETF (at Net Asset Value)** | 11.98 | 10.54 |
| **S&P 500 Total Return Index** | 15.88 | 10.21 |
| **Motley Fool Capital Efficiency 100 - Total Return Index** | 13.12 | 11.14 |

---

Visit https://fooletfs.com/our-funds 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $103404913 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $380895 |
| **Portfolio Turnover** | 33% |
| **30-Day SEC Yield** | 0.22% |
| **30-Day SEC Yield Unsubsidized** | 0.22% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Alphabet, Inc.  | 6.0% |
| Apple, Inc.  | 5.4% |
| Mastercard, Inc.  | 5.1% |
| Amazon.com, Inc.  | 5.1% |
| Meta Platforms, Inc.  | 4.9% |
| Microsoft Corp.  | 4.8% |
| Visa, Inc.  | 4.8% |
| Walmart, Inc.  | 4.6% |
| Netflix, Inc.  | 4.5% |
| Eli Lilly & Co.  | 4.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 27.7% |
| Communication Services  | 16.9% |
| Consumer Discretionary  | 13.5% |
| Health Care  | 13.3% |
| Financials  | 10.3% |
| Consumer Staples  | 10.2% |
| Industrials  | 5.5% |
| Materials  | 2.4% |
| Cash & Other  | 0.2% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager.

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.

Motley Fool Capital Efficiency 100 Index ETF PAGE 2 TSR-AR-74933W643

------

**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 Capital Efficiency 100 Index ETF PAGE 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img173057_y20250905164639.jpg) |

---

This annual shareholder report contains important information about the Motley Fool Next Index ETF (the "Fund") for the period of September 1, 2024, to August 31, 2025. 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.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $55 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the 12-month period ended August 31, 2025 (the "period"), the Fund underperformed its benchmark, the Russell Midcap Growth Total Return Index (the "benchmark"), while closely tracking its underlying index, The Motley Fool Next Index.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The period included a Presidential election and subsequent policy shifts, which created market volatility. Uncertainty around tariffs and interest rates had a more pronounced impact on the medium and small-sized companies held by the Fund compared to larger corporations. While the market was supported by strong corporate earnings and interest in artificial intelligence ("AI"), many beneficiaries of the AI trend were large-cap stocks not represented in the Fund. On a positive note, the Fund's holdings in the Communication Services, Energy, and Financials sectors were the most notable positive contributors to performance, though these three sectors combined represented only about 20% of the Fund's assets.

The primary reason for the Fund's underperformance can be attributed to the Information Technology sector, which represents nearly a quarter of the Fund's assets and the benchmark. While the Fund's tech holdings performed well, they trailed the benchmark due to the extraordinary returns of two companies not held by the Fund: Palantir Technologies, Inc. ("Plantir") and AppLovin Corporation ("AppLovin"). Palantir more than quadrupled and AppLovin more than quintupled during the period. The absence of these two outlier stocks was a significant driver of the Fund's underperformance relative to the benchmark; excluding their impact, the Fund's selections would have outperformed. Notably, both companies grew so large that they were removed from the benchmark index during its June 2025 rebalance.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Carvana Co. |
| ↑ | Ubiquiti Inc. |
| ↑ | Live Nation Entertainment, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Enphase Energy, Inc. |
| ↓ | BioMarin Pharmaceutical Inc. |
| ↓ | Moderna, Inc. |

---

**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.

Motley Fool Next Index ETF PAGE 1 TSR-AR-74933W650

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5280img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/30/2021)** |
| **Motley Fool Next Index ETF (at Net Asset Value)** | 18.03 | 2.01 |
| **Russell 3000 Total Return Index** | 15.84 | 9.38 |
| **Russell Midcap Growth Total Return Index** | 26.42 | 6.70 |
| **Motley Fool Next - Total Return Index** | 18.68 | 2.54 |

---

Visit https://fooletfs.com/our-funds 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33202045 |
| **Number of Holdings** | 196 |
| **Net Advisory Fee** | $147550 |
| **Portfolio Turnover** | 27% |
| **30-Day SEC Yield** | 0.05% |
| **30-Day SEC Yield Unsubsidized** | 0.05% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Monolithic Power Systems, Inc.  | 1.9% |
| Sysco Corp.  | 1.8% |
| Live Nation Entertainment, Inc.  | 1.8% |
| HEICO Corp.  | 1.8% |
| Westinghouse Air Brake Technologies Corp.  | 1.6% |
| Tractor Supply Co.  | 1.5% |
| Ubiquiti, Inc.  | 1.5% |
| EQT Corp.  | 1.5% |
| Broadridge Financial Solutions, Inc.  | 1.4% |
| Astera Labs, Inc.  | 1.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 24.9% |
| Industrials  | 19.1% |
| Consumer Discretionary  | 14.2% |
| Financials  | 12.9% |
| Health Care  | 12.3% |
| Communication Services  | 6.5% |
| Consumer Staples  | 5.8% |
| Energy  | 1.7% |
| Real Estate  | 1.3% |
| Cash & Other  | 1.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Tony Arsta has been added to the role of Chief Investment Officer in addition to being a named Portfolio Manager.

Motley Fool Next Index ETF PAGE 2 TSR-AR-74933W650

------

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 Next Index ETF PAGE 3 TSR-AR-74933W650

------

---

| | | |
|:---|:---|:---|
| ![image](img173628_202410211812214.jpg) | **Optima Strategic Credit Fund**  | ![image](img173046_202509051922718.jpg) |
| ![image](img173628_202410211812214.jpg) | Founders Class Shares \| OPTCX  | ![image](img173046_202509051922718.jpg) |
| ![image](img173628_202410211812214.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173046_202509051922718.jpg) |

---

This annual shareholder report contains important information about the Fund for the period of September 1, 2024, to August 31, 2025. 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 1-866-239-2026.

**This report describes changes to the Fund that occurred during the current reporting period.**

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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\*** |
| Founders Class Shares | $201 | 1.93% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund employs a systematic model to determine its market stance. During "risk-on" periods, the Fund takes a long position in high-yield credit, while in "risk-off" periods, it exits the market and allocates capital to money market funds and treasury bills. Over the past year, the model signaled a risk-on stance for most of the period, which significantly influenced performance. Returns were primarily driven by the Fund's exposure to high-yield markets through HY CDX swaps. Specifically, the Fund was long credit from September 2024 to late January 2025, and again from early May 2025 through year-end. During the interim period between January 2025 and May 2025, when the Fund was out of the market, returns were generated from treasury bills and money market funds.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 investment in Founders Class shares of the Fund. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5286img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/29/2021)** |
| **Founders Class Shares (without sales charge)** | 8.10 | 3.49 |
| **Bloomberg U.S. Universal Total Return Index** | 3.72 | -0.14 |
| **Markit CDX.NA.HY 5Y Long Total Return Index** | 9.54 | 8.57 |

---

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

Optima Strategic Credit Fund PAGE 1 TSR-AR-74933W718

------

\* *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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $36155104 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $135768 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(%) of net assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF  | 29.0% |
| United States Treasury Note/Bond  | 27.9% |
| First American Treasury Obligations Fund - Class X  | 25.8% |
| MARKIT CDX.NA.HY.44 06/30 (SELL PROTECTION)  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(%) of net assets** |
| U.S. Government  | 27.9% |
| Cash & Other  | 72.1% |

---

**Other Material Fund Changes:**

The Fund's Board of Directors has approved the reorganization (the "Reorganization") of the Fund into a newly created series of Investment managers Series Trust II. The Reorganization of the Fund is subject to approval by shareholders. If approved by shareholders, the Reorganization is currently expected to take effect in the first quarter of 2026.

This annual shareholder report contains important information about the Fund for the period of September 1, 2024, to August 31, 2025. 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 1-866-239-2026. This report describes changes to the Fund that occurred during the current reporting period.

**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 1-866-239-2026, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Optima Strategic Credit Fund PAGE 2 TSR-AR-74933W718

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI US Large Cap Core ETF** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | SGLC (Principal U.S. Listing Exchange: NYSE) | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025 | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI US Large Cap Core ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $89 | 0.85% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, equity markets were driven by strong performance among a narrow group of large-cap growth stocks—often referred to as the "Magnificent Seven." Market leadership remained concentrated in these mega-cap technology and consumer-related companies, while the broader market advanced at a slower pace. Against this backdrop, the Fund's results reflected both positive and negative contributions from factor exposures and sector positioning.

From a factor perspective, the Fund experienced mixed attribution effects. Positive contributions came from exposures to size, long-term reversal, momentum, and leverage, as these characteristics were rewarded in a market environment that favored established companies with sustained price strength and balance sheet flexibility. Conversely, the Fund's exposures to beta, profitability, residual volatility, and valuation detracted from relative performance. Lower-beta and more attractively valued stocks underperformed as investors continued to favor higher-growth, higher-volatility names, while weaker profitability trends among certain holdings also weighed on results.

At the industry level, attribution was similarly mixed. The Fund's exposure to Communication Services contributed positively, supported by strength in select media and technology platform companies. In contrast, exposures within Healthcare and Information Technology detracted, driven by weaker relative performance and less favorable stock selection in those sectors.

Additionally, the Fund's broad diversification across the market modestly hurt performance, as returns were concentrated among a small number of mega-cap stocks. While the Fund's core approach provided exposure to a wide array of large-cap companies, the high concentration of market gains among the "Mag 7" limited the relative benefit of diversification during the period.

Overall, the Fund's performance reflected a market environment dominated by concentrated large-cap growth leadership, in which selective factor exposures—particularly momentum and size—added value, while lower-beta and valuation-oriented factors proved less effective.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Exposure to credit-sensitive sectors weighed on the Master Portfolio's performance relative to the benchmark over the period, most notably U.S. high yield corporate bonds and Asian corporate bonds. Exposure to securitized assets also detracted from performance.

Positive contributions to relative performance were led by active positioning with respect to duration and corresponding interest rate sensitivity as Treasury yields moved higher over the 2nd and 3rd quarter of 2022. Absolute return and macro strategies also contributed to performance over the period.

SGI US Large Cap Core ETF PAGE 1 TSR-AR-74933W593

------

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5316img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/30/2023)** |
| **SGI US Large Cap Core ETF** | 9.99 | 20.57 |
| **S&P 500** | 15.88 | 22.99 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $94599834 |
| **Number of Holdings** | 126 |
| **Net Advisory Fee** | $784552 |
| **Portfolio Turnover** | 145% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| NVIDIA Corp.  | 8.7% |
| Microsoft Corp.  | 6.5% |
| Alphabet, Inc.  | 5.9% |
| Apple, Inc.  | 4.4% |
| Meta Platforms, Inc.  | 3.6% |
| Mastercard, Inc.  | 3.6% |
| Amazon.com, Inc.  | 3.1% |
| Costco Wholesale Corp.  | 2.6% |
| Fox Corp.  | 2.3% |
| Progressive Corp.  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Technology  | 32.1% |
| Communications  | 19.8% |
| Financial  | 13.3% |
| Consumer, Non-cyclical  | 11.5% |
| Consumer, Cyclical  | 7.5% |
| Industrial  | 6.8% |
| Utilities  | 3.9% |
| Energy  | 2.4% |
| Basic Materials  | 1.7% |
| Cash & Other  | 1.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

SGI US Large Cap Core ETF PAGE 2 TSR-AR-74933W593

------

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 3 TSR-AR-74933W593

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Dynamic Tactical ETF**  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | DYTA (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Dynamic Tactical ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $97 | 0.95% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, global equity markets were characterized by strong performance among large-cap growth stocks, particularly within the technology and communication services sectors. Market leadership remained highly concentrated in a small number of mega-cap names—the so-called "Magnificent Seven"—while many other areas of the market experienced more modest returns. Against this backdrop, the Fund's performance reflected both the impact of these concentrated market dynamics and the allocation decisions within its underlying funds.

As a fund of funds, the Fund's results were influenced by the model's allocations across equity, fixed income, and other asset classes, as well as regional and style exposures. The Fund's relative underperformance was largely attributable to its lower exposure to international markets and limited participation in large-cap, growth-oriented technology stocks, which led the market during the period. In contrast, the Fund's allocations to diversified equity strategies and valuation-oriented factors provided some support, as more attractively priced and income-generating holdings helped to offset portions of the growth-led headwind.

From a regional perspective, the Fund's emphasis on U.S. exposure was a modest detractor, as non-U.S. markets in Asia Pacific and EMEA outperformed at various points during the year. The Fund's global diversification within its underlying holdings helped mitigate some of this effect, though overall results trailed strategies with heavier exposure to mega-cap growth stocks.

Because the Fund is a fund of funds ETF, underlying fund selection and model allocation played an important role in overall performance. The Fund maintained a disciplined approach consistent with its long-term objective, emphasizing broad diversification, prudent risk management, and adherence to its strategic allocation model. However, the market's narrow concentration in a small number of large growth stocks limited the benefit of that diversification during the period.

Overall, the Fund's performance reflected a year dominated by growth and large-cap leadership. The Fund's diversified, model-based approach provided broad market exposure and risk balance but lagged relative to benchmarks driven by concentrated mega-cap gains.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

SGI Dynamic Tactical ETF PAGE 1 TSR-AR-74933W577

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5308img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/29/2023)** |
| **SGI Dynamic Tactical ETF** | 3.25 | 10.50 |
| **S&P 500 Index** | 15.88 | 23.26 |
| **75% S&P 500 TR/25% Bloomberg Aggregate Bond** | 12.70 | 18.24 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $65650292 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $594356 |
| **Portfolio Turnover** | 108% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| SGI Enhanced Core ETF  | 28.4% |
| iShares Core U.S. Aggregate Bond ETF  | 20.7% |
| SGI U.S. Large Cap Core ETF  | 20.4% |
| iShares Edge MSCI Min Vol USA ETF  | 15.5% |
| SPDR Gold Shares  | 5.4% |
| iShares Treasury Floating Rate Bond ETF  | 4.4% |
| WisdomTree Floating Rate Treasury Fund  | 4.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Cash & Other  | 100.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-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 3 TSR-AR-74933W577

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SILVX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $100 | 0.98% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From a factor perspective, the Fund's higher exposure to lower-beta stocks detracted from relative performance, as investors favored higher-risk, higher-growth equities. The Fund's value orientation also weighed on results, as growth stocks materially outperformed value during the period. In addition, exposure to residual volatility negatively impacted performance, as higher-volatility stocks generally led the market. The Fund's underweight to large-capitalization companies further detracted from returns, as the largest stocks—particularly in the technology sector—significantly outperformed smaller peers.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Conversely, the Fund benefited from positive contributions associated with its higher exposure to liquidity, leverage, and earnings yield factors. These characteristics were rewarded in the prevailing market environment and helped offset some of the negative effects from other exposures.

At the sector level, both allocation and selection effects were favorable in Communication Services, Consumer Discretionary, and Utilities, while Healthcare, Consumer Staples, and Energy detracted from relative results.

Overall, the Fund's performance reflected a market that strongly rewarded growth, large-capitalization leadership, and higher volatility—conditions that were less favorable for the Fund's lower-beta<sup>1</sup>, value-oriented investment profile.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5319img003.jpg)

SGI U.S. Large Cap Equity Fund PAGE 1 TSR-AR-74925K524

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)** | 3.30 | 8.13 | 10.21 |
| **S&P 500 Index TR** | 15.88 | 14.74 | 14.60 |
| **S&P 500 Low Volatility Index TR** | 5.48 | 8.52 | 9.92 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $225133667 |
| **Number of Holdings** | 96 |
| **Net Advisory Fee** | $1575243 |
| **Portfolio Turnover** | 171% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Arista Networks, Inc.  | 3.9% |
| Mastercard, Inc.  | 3.8% |
| Colgate-Palmolive Co.  | 3.6% |
| Progressive Corp.  | 3.5% |
| Meta Platforms, Inc.  | 3.3% |
| Home Depot, Inc.  | 3.3% |
| Automatic Data Processing, Inc.  | 3.2% |
| Costco Wholesale Corp.  | 3.1% |
| Packaging Corp. of America  | 3.1% |
| NiSource, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Consumer, Non-cyclical  | 31.7% |
| Financial  | 13.8% |
| Communications  | 13.9% |
| Technology  | 10.3% |
| Utilities  | 9.3% |
| Consumer, Cyclical  | 9.2% |
| Industrial  | 9.1% |
| Energy  | 1.5% |
| Basic Materials  | 0.9% |
| Cash & Other  | 0.3% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-74925K524

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class A \| LVOLX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $125 | 1.23% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From a factor perspective, the Fund's higher exposure to lower-beta stocks detracted from relative performance, as investors favored higher-risk, higher-growth equities. The Fund's value orientation also weighed on results, as growth stocks materially outperformed value during the period. In addition, exposure to residual volatility negatively impacted performance, as higher-volatility stocks generally led the market. The Fund's underweight to large-capitalization companies further detracted from returns, as the largest stocks—particularly in the technology sector—significantly outperformed smaller peers.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Conversely, the Fund benefited from positive contributions associated with its higher exposure to liquidity, leverage, and earnings yield factors. These characteristics were rewarded in the prevailing market environment and helped offset some of the negative effects from other exposures.

At the sector level, both allocation and selection effects were favorable in Communication Services, Consumer Discretionary, and Utilities, while Healthcare, Consumer Staples, and Energy detracted from relative results.

Overall, the Fund's performance reflected a market that strongly rewarded growth, large-capitalization leadership, and higher volatility—conditions that were less favorable for the Fund's lower-beta<sup>1</sup>, value-oriented investment profile.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5318img003.jpg)

SGI U.S. Large Cap Equity Fund PAGE 1 TSR-AR-74925K516

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(10/29/2015)** |
| **Class A (without sales charge)** | 3.13 | 7.88 | 9.41 |
| **Class A (with sales charge)** | -2.30 | 6.71 | 8.81 |
| **S&P 500 Index TR** | 15.88 | 14.74 | 14.15 |
| **S&P 500 Low Volatility Index TR** | 5.48 | 8.52 | 9.32 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $225133667 |
| **Number of Holdings** | 96 |
| **Net Advisory Fee** | $1575243 |
| **Portfolio Turnover** | 171% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Arista Networks, Inc.  | 3.9% |
| Mastercard, Inc.  | 3.8% |
| Colgate-Palmolive Co.  | 3.6% |
| Progressive Corp.  | 3.5% |
| Meta Platforms, Inc.  | 3.3% |
| Home Depot, Inc.  | 3.3% |
| Automatic Data Processing, Inc.  | 3.2% |
| Costco Wholesale Corp.  | 3.1% |
| Packaging Corp. of America  | 3.1% |
| NiSource, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Consumer, Non-cyclical  | 31.7% |
| Financial  | 13.8% |
| Communications  | 13.9% |
| Technology  | 10.3% |
| Utilities  | 9.3% |
| Consumer, Cyclical  | 9.2% |
| Industrial  | 9.1% |
| Energy  | 1.5% |
| Basic Materials  | 0.9% |
| Cash & Other  | 0.3% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-74925K516

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI U.S. Large Cap Equity Fund** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class C \| SGICX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $200 | 1.98% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From a factor perspective, the Fund's higher exposure to lower-beta stocks detracted from relative performance, as investors favored higher-risk, higher-growth equities. The Fund's value orientation also weighed on results, as growth stocks materially outperformed value during the period. In addition, exposure to residual volatility negatively impacted performance, as higher-volatility stocks generally led the market. The Fund's underweight to large-capitalization companies further detracted from returns, as the largest stocks—particularly in the technology sector—significantly outperformed smaller peers.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

Conversely, the Fund benefited from positive contributions associated with its higher exposure to liquidity, leverage, and earnings yield factors. These characteristics were rewarded in the prevailing market environment and helped offset some of the negative effects from other exposures.

At the sector level, both allocation and selection effects were favorable in Communication Services, Consumer Discretionary, and Utilities, while Healthcare, Consumer Staples, and Energy detracted from relative results.

Overall, the Fund's performance reflected a market that strongly rewarded growth, large-capitalization leadership, and higher volatility—conditions that were less favorable for the Fund's lower-beta<sup>1</sup>, value-oriented investment profile.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5317img003.jpg)

SGI U.S. Large Cap Equity Fund PAGE 1 TSR-AR-74925K284

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(12/31/2015)** |
| **Class C (without sales charge)** | 2.31 | 7.06 | 8.89 |
| **S&P 500 Index TR** | 15.88 | 14.74 | 14.63 |
| **S&P 500 Low Volatility Index TR** | 5.48 | 8.52 | 9.46 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $225133667 |
| **Number of Holdings** | 96 |
| **Net Advisory Fee** | $1575243 |
| **Portfolio Turnover** | 171% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| Arista Networks, Inc.  | 3.9% |
| Mastercard, Inc.  | 3.8% |
| Colgate-Palmolive Co.  | 3.6% |
| Progressive Corp.  | 3.5% |
| Meta Platforms, Inc.  | 3.3% |
| Home Depot, Inc.  | 3.3% |
| Automatic Data Processing, Inc.  | 3.2% |
| Costco Wholesale Corp.  | 3.1% |
| Packaging Corp. of America  | 3.1% |
| NiSource, Inc.  | 3.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Consumer, Non-cyclical  | 31.7% |
| Financial  | 13.8% |
| Communications  | 13.9% |
| Technology  | 10.3% |
| Utilities  | 9.3% |
| Consumer, Cyclical  | 9.2% |
| Industrial  | 9.1% |
| Energy  | 1.5% |
| Basic Materials  | 0.9% |
| Cash & Other  | 0.3% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-74925K284

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---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Global Equity Fund**  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGLIX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Global Equity Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $85 | 0.84% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, global equity markets produced mixed results across regions, with strong relative performance in Asia Pacific and EMEA markets offset by more moderate gains in North America. Currency movements also played a role in overall returns, with U.S. dollar strength benefiting the Fund's exposures. Against this backdrop, the Fund's results reflected varied contributions across regional, currency, industry, and style factors.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

From a country perspective, attribution was positive, as the Fund's allocations to Asia Pacific and EMEA markets added value. Conversely, North America detracted from relative performance, as market leadership there was concentrated among a narrow group of large-cap growth stocks that the Fund held at below-benchmark weights. The Fund's exposure to the U.S. dollar also contributed positively, as the currency strengthened against most major counterparts during the period.

In terms of industry and style factors, the Fund experienced mixed effects. Within style, exposure to lower-beta and lower-growth stocks detracted from returns, as investors favored higher-growth and higher-volatility names. However, positive contributions arose from exposures to dividend yield, earnings yield, variability, and valuation, which collectively benefited performance amid an environment that continued to reward income-generating and attractively valued companies.

Overall, the Fund's performance during the fiscal year reflected both favorable regional positioning and positive currency effects, partly offset by headwinds from its lower-beta<sup>1</sup> and value-oriented style exposures in an environment that continued to favor growth and momentum factors.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**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, including management fees and other expenses, were deducted.

SGI Global Equity Fund PAGE 1 TSR-AR-74925K417

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $1,000,000)

![image](ts5312img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional (without sales charge)** | 2.99 | 6.91 | 6.24 |
| **S&P Global BMI TR** | 16.15 | 12.14 | 11.24 |
| **MSCI ACWI Net Total Return Index (USD)** | 15.79 | 12.00 | 11.10 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $94160202 |
| **Number of Holdings** | 108 |
| **Net Advisory Fee** | $479867 |
| **Portfolio Turnover** | 184% |
| **30-Day SEC Yield** | 1.14% |
| **30-Day SEC Yield Unsubsidized** | 0.97% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| National Fuel Gas Co.  | 3.4% |
| Unilever PLC  | 3.0% |
| Colgate-Palmolive Co.  | 2.9% |
| PepsiCo, Inc.  | 2.7% |
| Waste Management, Inc.  | 2.4% |
| Cardinal Health, Inc.  | 2.3% |
| HDFC Bank Ltd.  | 2.1% |
| CME Group, Inc.  | 2.1% |
| Cencora, Inc.  | 2.1% |
| National Grid PLC  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Consumer, Non-cyclical  | 29.0% |
| Communications  | 18.7% |
| Financial  | 16.4% |
| Utilities  | 11.8% |
| Industrial  | 8.3% |
| Technology  | 7.6% |
| Consumer, Cyclical  | 2.8% |
| Basic Materials  | 2.4% |
| Energy  | 1.1% |
| Cash & Other  | 1.9% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 Global Equity Fund PAGE 2 TSR-AR-74925K417

------

**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 3 TSR-AR-74925K417

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Small Cap Core Fund** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| BOGIX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Small Cap Core Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $127 | 1.23% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, equity markets were dominated by strong gains among large-capitalization growth stocks, particularly within technology and communication services. In contrast, the small-cap segment of the market experienced more muted returns, as investors favored larger, more liquid companies and concentrated leadership in a handful of mega-cap names. Against this backdrop, the Fund's relative results reflected both the challenges of the small-cap environment and the benefits of effective stock selection within the portfolio.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

From a factor perspective, the Fund's stock selection contributed positively to performance, as several holdings outperformed their small-cap peers. However, style exposures detracted. The Fund's tilt toward lower-beta<sup>1</sup>, less liquid, and smaller-cap stocks weighed on results in a market environment that rewarded size, growth, and volatility. Offsetting these headwinds were positive contributions from earnings yield, residual volatility, profitability, and momentum factors, as stocks exhibiting strong fundamentals and sustained price trends were rewarded during the period.

At the industry level, attribution was mixed. Consumer Discretionary, Energy, and Healthcare exposures detracted from relative performance, reflecting both sector underperformance and weaker stock selection within those areas. Conversely, positive contributions came from Financials, Utilities, Industrials, and Communication Services, where sector positioning and stock selection added value.

Overall, the Fund's performance reflected a market environment that favored large-cap growth and higher volatility, which presented headwinds for small-cap strategies. Nonetheless, the Fund's positive stock selection and beneficial exposures to earnings yield, profitability, and momentum helped mitigate some of the broader style and size challenges during the fiscal year.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**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. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Small Cap Core Fund PAGE 1 TSR-AR-749255188

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5315img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Institutional (without sales charge)** | 5.87 | 11.90 | 9.35 |
| **S&P Composite 1500 TR** | 15.06 | 14.57 | 14.22 |
| **S&P 600 (TR)** | 3.51 | 11.64 | 9.53 |
| **Russell 3000 Total Return** | 15.84 | 14.11 | 13.98 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $121010539 |
| **Number of Holdings** | 207 |
| **Net Advisory Fee** | $1046578 |
| **Portfolio Turnover** | 168% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| National Fuel Gas Co.  | 1.2% |
| Mueller Industries, Inc.  | 1.1% |
| SkyWest, Inc.  | 1.1% |
| Cavco Industries, Inc.  | 1.1% |
| Popular, Inc.  | 1.1% |
| PROG Holdings, Inc.  | 1.1% |
| Enova International, Inc.  | 1.1% |
| Newmark Group, Inc.  | 1.1% |
| Cal-Maine Foods, Inc.  | 1.1% |
| Valmont Industries, Inc.  | 1.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Financial  | 24.3% |
| Consumer, Non-cyclical  | 19.8% |
| Industrial  | 15.7% |
| Consumer, Cyclical  | 10.1% |
| Technology  | 7.5% |
| Communications  | 7.1% |
| Basic Materials  | 5.1% |
| Utilities  | 4.6% |
| Energy  | 4.0% |
| Cash & Other  | 1.8% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 Small Cap Core Fund PAGE 2 TSR-AR-749255188

------

**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 3 TSR-AR-749255188

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Peak Growth Fund** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGPKX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Peak Growth Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $112 | 1.08% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, global equity markets experienced strong gains, led by large-capitalization growth stocks and concentrated leadership among technology-oriented sectors. The market environment favored higher-risk, higher-growth exposures, as investors responded to moderating inflation pressures, resilient corporate earnings, and optimism around innovation-driven themes such as artificial intelligence. As a fund of funds, the Fund's performance reflected not only these market conditions but also the model's allocations across underlying funds, regions, and investment styles.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

From a style and factor attribution standpoint, the Fund's results were mixed. The model's emphasis on growth-oriented and higher-beta exposures provided a tailwind in an environment that rewarded risk taking. However, periods of factor rotation and short-term volatility limited the extent of these benefits, as certain higher-beta and momentum strategies gave back gains during market pullbacks. Relative performance was modestly constrained by lower exposure to value and dividend-oriented factors, which outperformed briefly during select defensive periods. At the same time, positive contributions from earnings yield, valuation, and variability factors helped balance results.

From a geographic perspective, the Fund's allocations to global and international equities were a positive contributor, as Asia Pacific and EMEA markets outperformed U.S. equities at times during the year. The Fund's global diversification and participation in non-U.S. opportunities enhanced overall returns. Conversely, modest underweights to certain U.S. large-cap growth segments limited participation in the strongest parts of the domestic market rally.

Because the Fund is a fund of funds, underlying fund selection and allocation decisions also influenced returns. The model's positioning toward equity-heavy, high-growth underlying strategies supported performance and aligned with the Fund's aggressive growth objective. Timing and relative weightings across growth, core, and international managers generally added value during the period.

Overall, the Fund's performance reflected a market dominated by growth, innovation, and large-cap leadership. The Fund's model positioning toward higher-beta<sup>1</sup>, globally diversified, and growth-focused exposures was broadly aligned with these trends, supporting positive relative results over the fiscal year.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

SGI Peak Growth Fund PAGE 1 TSR-AR-74933W783

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5313img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(06/08/2020)** |
| **Class I (without sales charge)** | 7.36 | 6.76 | 8.30 |
| **S&P 500 Index TR** | 15.88 | 14.74 | 15.89 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $50008577 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $258977 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| SGI U.S. Large Cap Core ETF  | 19.6% |
| SPDR Portfolio Developed World ex-US ETF  | 18.8% |
| SGI Enhanced Nasdaq-100 ETF  | 18.4% |
| SGI Small Cap Core Fund  | 12.0% |
| SPDR Portfolio Emerging Markets ETF  | 9.9% |
| SGI Dynamic Tactical ETF  | 9.8% |
| SGI Enhanced Core ETF  | 9.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Cash & Other  | 100.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 Growth Fund PAGE 2 TSR-AR-74933W783

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Prudent Growth Fund**  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Class I \| SGPGX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Prudent Growth Fund (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $118 | 1.16% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, global equity markets broadly favored growth, large-cap, and globally diversified stocks, resulting in headwinds for strategies that underweighted these exposures. As a fund of funds, the Fund's performance reflected not only market direction but also the choices made in model allocations among underlying funds, regions, and investment styles.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

From a style and factor attribution standpoint, the Fund's relative underperformance was affected by its exposure to value-oriented or lower-growth positions. In a market environment where growth stocks led, the Fund's tilt towards downside protection and value resulted in negative attribution. The lack of meaningful exposure to high-beta securities also detracted, especially when such stocks outpaced the broader market. On the positive side, the Fund's allocations to dividend yield, earnings yield, valuation, and variability (volatility measures) provided some support, as investors rewarded more stable, attractively valued names over the period.

Geographically, the Fund's somewhat lower global equity exposure (i.e. higher domestic emphasis) was a drag, given that many non-U.S. markets outperformed U.S. equities during parts of the period. The model's allocation to foreign equity and emerging markets generally lagged, reducing participation in those returns. Attribution shows positive contributions from Asia, EMEA or other regions.

Because the Fund is a fund of funds, underlying fund selection and timing also influenced returns. The model's choices among underlying equity, fixed income, and balanced funds—in terms of sector tilts, regional biases, and factor exposures—interacted with the prevailing environment in a positive manner, favoring a moderate-aggressive position having more equity exposure.

Overall, the Fund's performance was shaped by a market regime favoring growth, global leadership, and higher-beta<sup>1</sup>. The Fund's model orientation toward value, more moderate-aggressive growth exposure, and moderate global allocations placed it at a relative disadvantage, though its allocations to yield- and valuation-oriented factors were advantageous.

1 Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

SGI Prudent Growth Fund PAGE 1 TSR-AR-74933W775

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5314img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(06/08/2020)** |
| **Class I (without sales charge)** | 3.95 | 4.51 | 5.48 |
| **S&P 500 Index TR** | 15.88 | 14.74 | 15.89 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $49245627 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $285824 |
| **Portfolio Turnover** | 21% |
| **30-Day SEC Yield** | 0.63% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| SGI U.S. Large Cap Equity Fund  | 29.0% |
| SGI Enhanced Core ETF  | 14.5% |
| iShares Core U.S. Aggregate Bond ETF  | 11.3% |
| SGI Global Equity Fund  | 10.7% |
| SGI Enhanced Global Income ETF  | 10.0% |
| SGI Small Cap Core Fund  | 8.3% |
| SGI Dynamic Tactical ETF  | 4.9% |
| SGI U.S. Large Cap Core ETF  | 4.0% |
| SPDR Blackstone Senior Loan ETF  | 1.9% |
| SPDR Bloomberg Emerging Markets Local Bond ETF  | 1.5% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of net assets)** |
| Cash & Other  | 100.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 Growth Fund PAGE 2 TSR-AR-74933W775

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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 1-855-744-8500, 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 Growth Fund PAGE 3 TSR-AR-74933W775

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---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Core ETF** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | USDX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025 | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Enhanced Core ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $101 | 0.98% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, short-term interest rates remained elevated as global central banks maintained restrictive monetary policies in response to lingering inflationary pressures. This environment supported attractive yields in money market instruments, providing a strong foundation for the Fund's collateral holdings. The Fund seeks to generate income in excess of prevailing money market rates through an enhanced income strategy utilizing short-dated, extremely low-delta options ("0DTE" options).

Over the fiscal year, the Fund successfully achieved its objective of producing enhanced income above traditional money market yields. The Fund's results reflected steady income contributions from its money market collateral combined with incremental premium income derived from its 0DTE options overlay. By systematically writing extremely low-delta, short-term options, the Fund generated consistent premium income while maintaining a conservative risk profile and limited directional exposure.

Overall, the Fund's performance for the fiscal year was strong and consistent with its investment objective. The enhanced income strategy effectively complemented the stability of the money market collateral, allowing the Fund to deliver attractive income results with a disciplined, risk-managed approach.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5309img003.jpg)

SGI Enhanced Core ETF PAGE 1 TSR-AR-74933W254

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(02/28/2024)** |
| **SGI Enhanced Core ETF** | 6.34 | 6.97 |
| **S&P U.S. Aggregate Bond Index** | 3.42 | 5.51 |
| **S&P 500 Index** | 15.88 | 19.03 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $489091608 |
| **Number of Holdings** | 14 |
| **Net Advisory Fee** | $3029231 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Vanguard Treasury Money Market Fund  | 36.9% |
| Vanguard Federal Money Market Fund  | 36.9% |
| PIMCO Government Money Market Fund  | 5.0% |
| Fidelity Government Cash Reserves  | 5.0% |
| First American Government Obligations Fund  | 0.6% |
| T Rowe Price US Treasury Money Fund, Inc.  | 0.0% |
| JPMorgan Liquid Assets Money Market Fund  | 0.0% |
| S&P 500 Index  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Finance and Insurance  | 0.0% |
| Cash & Other  | 100.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-74933W254

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---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Global Income ETF** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | GINX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025 | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Enhanced Global Income ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $107 | 1.00% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, global equity markets produced mixed returns across regions, with developed international markets generally outperforming North America. The Fund, which invests primarily in global income-oriented companies and employs an options overlay strategy to generate enhanced income, benefited from both regional positioning and favorable income generation during the period.

From a regional perspective, attribution was positive, driven by strong results in Asia Pacific, EMEA, and Western Europe. These gains more than offset weaker performance in Latin America and North America, where returns were concentrated in a small group of large-cap growth stocks. The Fund's exposure to the U.S. dollar also contributed positively, as the currency strengthened against most major counterparts during the fiscal year.

From a style and factor standpoint, results were broadly favorable. Positive contributions came from exposures to dividend yield, earnings yield, size, valuation, variability, and residual volatility, as investors favored attractively valued, income-generating companies with strong fundamentals. Conversely, exposures to beta, growth, and momentum detracted, as higher-growth and higher-volatility stocks led the broader market. The Fund's enhanced income strategy, which involves collecting option premiums from short-dated contracts, added positively to total return and contributed to consistent income generation during the period.

At the industry level, attribution was mixed. Negative attribution came from Healthcare, Energy, and Consumer Staples, where performance lagged and sector selection detracted from relative results. Positive contributions came from Communication Services, Financials, and Industrials, reflecting both favorable sector performance and effective stock selection.

Overall, the Fund's performance reflected a market environment favoring growth and large-cap leadership, while the Fund's focus on global income-oriented equities, combined with its options-based income enhancement strategy, provided steady return contributions and positive income results amid a concentrated market backdrop.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

SGI Enhanced Global Income ETF PAGE 1 TSR-AR-74933W262

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5310img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(02/28/2024)** |
| **SGI Enhanced Global Income ETF** | 13.11 | 14.21 |
| **S&P Global BMI TR** | 16.15 | 18.29 |
| **S&P 500 Index** | 15.88 | 19.03 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $83385165 |
| **Number of Holdings** | 127 |
| **Net Advisory Fee** | $758686 |
| **Portfolio Turnover** | 231% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| WisdomTree Emerging Markets High Dividend Fund  | 3.5% |
| Banco Bilbao Vizcaya Argentaria SA  | 3.2% |
| iShares Emerging Markets Dividend ETF  | 3.1% |
| Home Depot, Inc.  | 2.8% |
| SPDR S&P Emerging Markets Dividend ETF  | 2.6% |
| Colgate-Palmolive Co.  | 2.6% |
| QUALCOMM, Inc.  | 2.4% |
| National Grid PLC  | 2.1% |
| AbbVie, Inc.  | 2.1% |
| Vodafone Group PLC  | 2.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financial  | 27.1% |
| Consumer, Non-cyclical  | 17.5% |
| Industrial  | 9.6% |
| Consumer, Cyclical  | 7.5% |
| Energy  | 7.2% |
| Communications  | 7.2% |
| Utilities  | 6.0% |
| Technology  | 4.8% |
| Basic Materials  | 2.9% |
| Cash & Other  | 10.2% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-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 3 TSR-AR-74933W262

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Nasdaq-100 ETF** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | QXQ (Principal U.S. Listing Exchange: NASDAQ) | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025 | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Enhanced Nasdaq-100 ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025. 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 PAST YEAR?** (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 | $107 | 0.98% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the reporting period, equity markets were led by strong performance among large-capitalization growth stocks, with technology and communication services sectors driving market gains. The Nasdaq-500 Index, which the Fund seeks to replicate through the use of futures contracts, benefited from robust earnings growth in major technology, semiconductor, and consumer internet companies. Market sentiment was supported by continued enthusiasm around artificial intelligence and digital innovation, moderating inflation pressures, and expectations for more stable monetary policy.

The Fund's core exposure to the Nasdaq-500—replicated through futures—closely mirrored the benchmark's performance. Returns from this exposure reflected the strength of mega-cap growth stocks and the concentration of market leadership within a narrow group of technology-oriented companies.

In addition to its index replication, the Fund employs a 0DTE (zero-day-to-expiration) options overlay strategy designed to generate additional income by collecting option premiums. This income component added positively to overall Fund performance during the period, enhancing total return relative to the underlying index while maintaining similar market exposure characteristics. The overlay contributed consistent incremental income and improved the Fund's income profile without materially altering its participation in the Nasdaq-500's directional movement.

Overall, the Fund's performance reflected a market dominated by growth, innovation, and large-cap technology leadership. The Fund's futures-based exposure effectively captured the strong performance of the Nasdaq-500, while its short-term options overlay strategy contributed an additional source of positive income and total return during the fiscal year.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 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, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5311img003.jpg)

SGI Enhanced Nasdaq-100 ETF PAGE 1 TSR-AR-74933W239

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(06/13/2024)** |
| **SGI Enhanced Nasdaq-100 ETF** | 19.08 | 17.04 |
| **S&P 500 Index** | 15.88 | 16.81 |
| **NASDAQ 100 Total Return Index** | 20.52 | 16.73 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $38254701 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $248961 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Bill  | 51.9% |
| Nasdaq 100 Index  | 5.9% |
| First American Government Obligations Fund  | 1.3% |
| MICRO E-MINI NASDAQ 100 FUTURE SEPT 2025  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Cash & Other  | 100.0% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 2 TSR-AR-74933W239

------

---

| | | |
|:---|:---|:---|
| ![image](img173039_202410171911990.jpg) | **SGI Enhanced Market Leaders ETF** | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | TF \| LDRX  | ![image](img173036_202510061817330.jpg) |
| ![image](img173039_202410171911990.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173036_202510061817330.jpg) |

---

This annual shareholder report contains important information about the SGI Enhanced Market Leaders ETF (the "Fund") for the period of January 1, 2025 to August 31, 2025. 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 PAST YEAR?** (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 | $62 | 0.59% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund did not have a full fiscal year and was not in operation for the entire reporting period. Since inception, the Fund has delivered solid results, performing favorably relative to the S&P 500 Index, which serves as its performance benchmark. While still in the early stages of its operating history, the Fund's initial results reflected its disciplined, factor-based approach to investing in large-capitalization market leaders.

During the portion of the fiscal year in which the Fund was active, equity markets continued to be led by large-cap growth stocks, particularly within the technology and communication services sectors. Market returns were driven by strong earnings momentum among mega-cap companies, ongoing enthusiasm around artificial intelligence, and improving investor sentiment as inflation moderated. Against this backdrop, the Fund's enhanced strategy—which combines exposure to leading large-cap equities with income-generating and risk-balancing techniques—contributed to competitive performance relative to the benchmark.

Given its limited operating history, performance trends have not yet fully developed. However, early results have been steady and consistent with the Fund's investment objective, demonstrating the potential benefits of its enhanced approach to capturing returns from established market leaders while maintaining an emphasis on risk management and income generation.

**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. The chart uses total return net asset value performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6558img003.jpg)

SGI Enhanced Market Leaders ETF PAGE 1 TSR-AR-74933W189

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **SGI Enhanced Market Leaders ETF NAV** | 12.85 | 10.37 | 10.84 |
| **S&P 500 Index** | 15.88 | 14.74 | 14.60 |
| **S&P 100 Index** | 19.23 | 15.95 | 15.99 |

---

Visit https://sgiam.com/literature/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $185710475 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $351738 |
| **Portfolio Turnover** | 13% |

---

Visit https://sgiam.com/literature/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Microsoft Corp.  | 8.8% |
| Apple, Inc.  | 6.6% |
| Oracle Corp.  | 5.9% |
| JPMorgan Chase & Co.  | 5.8% |
| Abbott Laboratories  | 5.0% |
| Alphabet, Inc.  | 4.8% |
| Moody's Corp.  | 4.6% |
| Amazon.com, Inc.  | 4.5% |
| Emerson Electric Co.  | 4.2% |
| Johnson & Johnson  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 33.9% |
| Financials  | 15.8% |
| Health Care  | 11.7% |
| Communication Services  | 10.5% |
| Consumer Discretionary  | 8.2% |
| Consumer Staples  | 7.7% |
| Industrials  | 6.3% |
| Energy  | 4.0% |
| Cash & Other  | 1.9% |

---

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS**

The Auditor has been changed from Ernst & Young LLP to Tait, Weller, & Baker, LLP.

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 Market Leaders ETF PAGE 2 TSR-AR-74933W189

------

---

| | | |
|:---|:---|:---|
| ![image](img367634_202504171827429.jpg) | **F/m US Treasury 3 Month Bill ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367634_202504171827429.jpg) | TBIL (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367634_202504171827429.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 3 Month Bill ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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 current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 ETF | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index (the "Index"). The Fund returned 4.46% versus the Index's return of 4.53% for the current reporting period. Dividends represented the majority of the return, with the price returning -0.05% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5244img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(08/08/2022)** |
| **F/m US Treasury 3 Month Bill ETF** | 4.46 | 4.71 |
| **ICE US Treasury Core Bond Index** | 2.40 | 1.33 |
| **ICE BofA US 3-Month Treasury Bill Index** | 4.51 | 4.71 |
| **Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index\*\*** | 4.53 | 4.76 |

---

Visit https://www.fminvest.com/tbil for more recent performance information.

F/m US Treasury 3 Month Bill ETF PAGE 1 TSR-AR-74933W452

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5921401643 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $7650541 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 4.03% |
| **30-Day SEC Yield Unsubsidized** | 4.03% |

---

Visit https://www.fminvest.com/tbil for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Bill  | 100.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Cash & Other  | 100.0% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/tbil or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA US 3-Month Treasury Bill Index to the Bloomberg US Treasury Bellwether 3M Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA US 3-Month Treasury Bill Index to tracking the Bloomberg US Treasury 3M Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 3 Month Bill ETF to the F/m US Treasury 3 Month Bill ETF.

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.

**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 ETF PAGE 2 TSR-AR-74933W452

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 6 Month Bill ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index (the "Index"). The Fund returned 4.44% versus the Index's return of 4.62% for the current reporting period. Dividends represented the majority of the return, with the price only improving by 0.05% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5240img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/06/2023)** |
| **F/m US Treasury 6 Month Bill ETF** | 4.44 | 4.94 |
| **ICE US Treasury Core Bond Index** | 2.40 | 3.74 |
| **ICE BofA 6-Month US Treasury Bill Index** | 4.54 | 5.09 |
| **Bloomberg US Treasury Bellwethers 6M Total Return USD Unhedged Index\*\*** | 4.62 | 5.15 |

---

Visit https://www.fminvest.com/xbil for more recent performance information.

F/m US Treasury 6 Month Bill ETF PAGE 1 TSR-AR-74933W460

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $808045837 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $1054651 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.90% |
| **30-Day SEC Yield Unsubsidized** | 3.90% |

---

Visit https://www.fminvest.com/xbil for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Bill  | 100.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Cash & Other  | 100.0% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/xbil or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA US 6-Month Treasury Bill Index to the Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA US 6-Month Treasury Index to tracking the Bloomberg US Treasury 6MY Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 6 Month Bill ETF to the F/m US Treasury 6 Month Bill ETF.

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 2 TSR-AR-74933W460

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 12 Month Bill ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index (the "Index"). The Fund returned 4.38% versus the Index's return of 4.46% for the current reporting period. Dividends represented the majority of the returns, with the price only improving by 0.21% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5236img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(11/14/2022)** |
| **F/m US Treasury 12 Month Bill ETF** | 4.38 | 4.64 |
| **ICE US Treasury Core Bond Index** | 2.40 | 3.62 |
| **ICE BofA US 1-Year Treasury Bill Index** | 4.28 | 4.67 |
| **Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index\*\*** | 4.46 | 4.86 |

---

Visit https://www.fminvest.com/obil for more recent performance information.

F/m US Treasury 12 Month Bill ETF PAGE 1 TSR-AR-74933W478

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $281776299 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $413135 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.78% |
| **30-Day SEC Yield Unsubsidized** | 3.78% |

---

Visit https://www.fminvest.com/obil for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Bill  | 100.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Cash & Other  | 100.0% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/obil or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect that the Fund switched from tracking the ICE BofA US 1-YearTreasury Bill Index to the Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA US 1-Year Treasury Bill Index to tracking the Bloomberg US Treasury 1Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 12 Month Bill ETF to the F/m US Treasury 12 Month Bill ETF.

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 2 TSR-AR-74933W478

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 2 Year Note ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index (the "Index"). The Fund returned 4.00% versus the Index's return of 4.12% for the current reporting period. Dividends represented the majority of the return, with the price only improving by 0.09% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5242img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(08/08/2022)** |
| **F/m US Treasury 2 Year Note ETF** | 4.00 | 3.15 |
| **ICE US Treasury Core Bond Index** | 2.40 | 1.33 |
| **ICE BofA Current 2-Year US Treasury Index** | 4.05 | 3.16 |
| **Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index\*\*** | 4.12 | 3.28 |

---

Visit https://www.fminvest.com/utwo for more recent performance information.

F/m US Treasury 2 Year Note ETF PAGE 1 TSR-AR-74933W486

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $376564998 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $612379 |
| **Portfolio Turnover** | 1,301% |
| **30-Day SEC Yield** | 3.59% |
| **30-Day SEC Yield Unsubsidized** | 3.59% |

---

Visit https://www.fminvest.com/utwo for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **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% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/utwo or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 2-Year US Treasury Index to the Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 2-Year US Treasury Index to tracking the Bloomberg US Treasury 2Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 2 Year Note ETF to the F/m US Treasury 2 Year Note ETF.

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 2 TSR-AR-74933W486

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 3 Year Note ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index (the "Index"). The Fund returned 4.36% versus the Index's return of 4.49% for the current reporting period. Dividends represented the majority of the return, with the price only improving by 0.49% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5238img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/27/2023)** |
| **F/m US Treasury 3 Year Note ETF** | 4.36 | 3.89 |
| **ICE US Treasury Core Bond Index** | 2.40 | 2.65 |
| **ICE BofA Current 3-Year US Treasury Index** | 4.32 | 3.92 |
| **Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index\*\*** | 4.49 | 4.10 |

---

Visit https://www.fminvest.com/utre for more recent performance information.

F/m US Treasury 3 Year Note ETF PAGE 1 TSR-AR-74933W494

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9488382 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $13054 |
| **Portfolio Turnover** | 1,086% |
| **30-Day SEC Yield** | 3.54% |
| **30-Day SEC Yield Unsubsidized** | 3.54% |

---

Visit https://www.fminvest.com/utre for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **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% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/utre or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 3-Year US Treasury Index to the Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 3-Year US Treasury Index to tracking the Bloomberg US Treasury 3Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 3 Year Note ETF to the F/m US Treasury 3 Year Note ETF.

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 2 TSR-AR-74933W494

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 5 Year Note ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 5Y Total Return Index Unhedged USD Index (the "Index"). The Fund returned 4.00% versus the Index's return of 4.11% for the current reporting period. Dividends represented the majority of the return, with the price only improving by 0.10% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5235img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/27/2023)** |
| **F/m US Treasury 5 Year Note ETF** | 4.00 | 3.39 |
| **ICE US Treasury Core Bond Index** | 2.40 | 2.65 |
| **ICE BofA Current 5-Year US Treasury Index** | 3.93 | 3.44 |
| **Bloomberg US Treasury Bellwether 5Y Total Return Unhedged Index\*\*** | 4.11 | 3.56 |

---

Visit https://www.fminvest.com/ufiv for more recent performance information.

F/m US Treasury 5 Year Note ETF PAGE 1 TSR-AR-74933W510

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 5Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30166045 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $60638 |
| **Portfolio Turnover** | 1,037% |
| **30-Day SEC Yield** | 3.64% |
| **30-Day SEC Yield Unsubsidized** | 3.64% |

---

Visit https://www.fminvest.com/ufiv for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **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% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/ufiv or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 5-Year US Treasury Index to the Bloomberg US Treasury Bellwether 5Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 5-Year US Treasury Index to tracking the Bloomberg US Treasury 5Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 5 Year Note ETF to the F/m US Treasury 5 Year Note ETF.

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 2 TSR-AR-74933W510

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 7 Year Note ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the F/m US Treasury 7 Year Note ETF (USVN) is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index (the "Index"). The Fund returned 3.34% versus the Index's return of 3.45% for the current reporting period. Dividends represented the majority of the returns, with the price returning -0.63% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5234img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/27/2023)** |
| **F/m US Treasury 7 Year Note ETF** | 3.34 | 2.77 |
| **ICE US Treasury Core Bond Index** | 2.40 | 2.65 |
| **ICE BofA Current 7-Year US Treasury Index** | 3.32 | 2.77 |
| **Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index\*\*** | 3.45 | 2.95 |

---

F/m US Treasury 7 Year Note ETF PAGE 1 TSR-AR-74933W528

------

Visit https://www.fminvest.com/usvn 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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7305960 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $9188 |
| **Portfolio Turnover** | 1,122% |
| **30-Day SEC Yield** | 3.86% |
| **30-Day SEC Yield Unsubsidized** | 3.86% |

---

Visit https://www.fminvest.com/usvn for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Note/Bond  | 99.6% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Government  | 99.6% |
| Cash & Other  | 0.4% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/usvn or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 7-Year US Treasury Index to the Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 7-Year US Treasury Index to tracking the Bloomberg US Treasury 7Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 7 Year Note ETF to the F/m US Treasury 5 Year Note ETF.

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 2 TSR-AR-74933W528

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 10 Year Note ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index (the "Index"). The Fund returned 1.81% versus the Index's return of 1.94% for the current reporting period. Dividends represented the majority of the return, with the price returning -2.29% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5243img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(08/08/2022)** |
| **F/m US Treasury 10 Year Note ETF** | 1.81 | -0.40 |
| **ICE US Treasury Core Bond Index** | 2.40 | 1.33 |
| **ICE BofA Current 10-Year US Treasury Index** | 1.78 | -0.31 |
| **Bloomberg US Treasury Bellwethers 10Y Total Return USD Unhedged\*\*** | 1.94 | -0.16 |

---

Visit https://www.fminvest.com/uten for more recent performance information.

F/m US Treasury 10 Year Note ETF PAGE 1 TSR-AR-74933W536

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $222378348 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $262474 |
| **Portfolio Turnover** | 402% |
| **30-Day SEC Yield** | 4.13% |
| **30-Day SEC Yield Unsubsidized** | 4.13% |

---

Visit https://www.fminvest.com/uten for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **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% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/uten or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 10-Year US Treasury Index to the Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 10-Year US Treasury Index to tracking the Bloomberg US Treasury 10Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 10 Year Note ETF to the F/m US Treasury 10 Year Note ETF.

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 2 TSR-AR-74933W536

------

---

| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 20 Year Bond ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

 ***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index (the "Index"). The Fund returned -3.45% versus the Index's return of -3.47% for the current reporting period. Dividends represented the majority of the return, with the price returning -7.62% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5237img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/27/2023)** |
| **F/m US Treasury 20 Year Bond ETF** | -3.45 | -1.78 |
| **ICE US Treasury Core Bond Index** | 2.40 | 2.65 |
| **ICE BofA Current 20-Year US Treasury Total Return Index** | -3.61 | -1.82 |
| **Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index\*\*** | -3.47 | -1.66 |

---

Visit https://www.fminvest.com/utwy for more recent performance information.

F/m US Treasury 20 Year Bond ETF PAGE 1 TSR-AR-74933W544

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9526153 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $24167 |
| **Portfolio Turnover** | 353% |
| **30-Day SEC Yield** | 4.75% |
| **30-Day SEC Yield Unsubsidized** | 4.75% |

---

Visit https://www.fminvest.com/utwy for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Note/Bond  | 99.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Government  | 99.3% |
| Cash & Other  | 0.7% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/utwy or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 20-Year US Treasury Index to the Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 20-Year US Treasury Index to tracking the Bloomberg US Treasury 20Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 20 Year Bond ETF to the F/m US Treasury 20 Year Bond ETF.

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 2 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m US Treasury 30 Year Bond ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $14 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index (the "Index"). The Fund returned -7.16% versus theIndex's return of -6.97% for the current reporting period. Dividends represented the majority of the return, with the price returning -11.13% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5239img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(03/27/2023)** |
| **F/m US Treasury 30 Year Bond ETF** | -7.16 | -4.14 |
| **ICE US Treasury Core Bond Index** | 2.40 | 2.65 |
| **CE BofA Current 30-Year US Treasury Index** | -7.21 | -4.16 |
| **Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index\*\*** | -6.97 | -3.92 |

---

Visit https://www.fminvest.com/uthy for more recent performance information.

F/m US Treasury 30 Year Bond ETF PAGE 1 TSR-AR-74933W551

------

\* **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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $21276173 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $26785 |
| **Portfolio Turnover** | 390% |
| **30-Day SEC Yield** | 4.80% |
| **30-Day SEC Yield Unsubsidized** | 4.80% |

---

Visit https://www.fminvest.com/uthy for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **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% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended, which is available at https://www.fminvest.com/uthy or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 30-Year US Treasury Index to the Bloomberg US Treasury Bellwether 30Y Total Return USD Unhedged Index.

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE BofA Current 30-Year US Treasury Index to tracking the Bloomberg US Treasury 30Y Total Return USD Unhedged Index.

**Fund Name Change:**

The name of the Fund was changed from the US Treasury 30 Year Bond ETF to the F/m US Treasury 30 Year Bond ETF.

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 2 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This 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, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST PERIOD?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the Bloomberg US Liquid Corporate 2 Year Maturity Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund returned 5.21% versus the Index's return of 5.47% for the current reporting period. Dividends represented the majority of the returns, with the price improving by 0.50% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5228img003.jpg)

F/m 2-Year Investment Grade Corporate Bond ETF PAGE 1 TSR-AR-74933W429

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(01/10/2024)** |
| **F/m 2-Year Investment Grade Corporate Bond ETF NAV** | 5.21 | 5.61 |
| **ICE BofA US Corporate Index** | 4.23 | 5.50 |
| **Bloomberg US Liquid Corporate 2 Year Maturity\*\*** | 5.47 | 5.98 |
| **ICE 2-Year US Target Maturity Corporate Index** | 5.33 | 5.85 |

---

Visit https://www.fminvest.com/ztwo 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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Liquid Corporate 2 Year Maturity Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20352527 |
| **Number of Holdings** | 416 |
| **Net Advisory Fee** | $149638 |
| **Portfolio Turnover** | 35% |
| **30-Day SEC Yield** | 4.02% |
| **30-Day SEC Yield Unsubsidized** | 4.02% |

---

Visit https://www.fminvest.com/ztwo for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Pacific Life Global Funding II  | 0.3% |
| Abbott Laboratories  | 0.3% |
| Conagra Brands, Inc.  | 0.3% |
| Gilead Sciences, Inc.  | 0.3% |
| Steel Dynamics, Inc.  | 0.3% |
| Visa, Inc.  | 0.3% |
| CVS Health Corp.  | 0.3% |
| Xylem, Inc.  | 0.3% |
| International Flavors & Fragrances, Inc.  | 0.3% |
| Alphabet, Inc.  | 0.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 27.8% |
| Industrials  | 9.7% |
| Health Care  | 9.4% |
| Utilities  | 9.0% |
| Energy  | 8.7% |
| Consumer Discretionary  | 8.3% |
| Technology  | 8.1% |
| Consumer Staples  | 7.9% |
| Materials  | 6.7% |
| Cash & Other  | 4.4% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended by the Supplement dated April 2, 2025, which is available at https://www.fminvest.com/ztwo or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE 2-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 2 Year Maturity Index.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

The Fund's portfolio management team was changed by removing Justin Hennessey and adding Richard Scargill.

F/m 2-Year Investment Grade Corporate Bond ETF PAGE 2 TSR-AR-74933W429

------

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE 2-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 2 Year Maturity Index.

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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This 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, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST PERIOD?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the Bloomberg US Liquid Corporate 3 Year Maturity Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund returned 5.53% versus the Index's return of 5.90% for the current reporting period. Dividends represented the majority of the returns, with the price improving by 0.82% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5229img003.jpg)

F/m 3-Year Investment Grade Corporate Bond ETF PAGE 1 TSR-AR-74933W395

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(01/10/2024)** |
| **F/m 3-Year Investment Grade Corporate Bond ETF NAV** | 5.53 | 6.09 |
| **ICE BofA US Corporate Index** | 4.23 | 5.50 |
| **Bloomberg US Liquid Corporate 3 Year Maturity\*\*** | 5.90 | 6.47 |
| **ICE 3-Year US Target Maturity Corporate Index** | 5.74 | 6.32 |

---

Visit https://www.fminvest.com/ztre 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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Liquid Corporate 3 Year Maturity Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $36919051 |
| **Number of Holdings** | 439 |
| **Net Advisory Fee** | $169091 |
| **Portfolio Turnover** | 50% |
| **30-Day SEC Yield** | 4.11% |
| **30-Day SEC Yield Unsubsidized** | 4.11% |

---

Visit https://www.fminvest.com/ztre for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Sprint Capital Corp.  | 0.3% |
| Goldman Sachs Group, Inc.  | 0.3% |
| Genuine Parts Co.  | 0.3% |
| Cantor Fitzgerald LP  | 0.3% |
| Sixth Street Specialty Lending, Inc.  | 0.3% |
| Horace Mann Educators Corp.  | 0.3% |
| Oaktree Strategic Credit Fund  | 0.3% |
| Piedmont Operating Partnership LP  | 0.3% |
| M&T Bank Corp.  | 0.3% |
| United Utilities PLC  | 0.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 31.6% |
| Industrials  | 11.9% |
| Utilities  | 9.5% |
| Technology  | 7.6% |
| Health Care  | 7.6% |
| Consumer Discretionary  | 7.4% |
| Consumer Staples  | 7.4% |
| Energy  | 6.9% |
| Materials  | 5.4% |
| Cash & Other  | 4.7% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended by the Supplement dated April 2, 2025, which is available at https://www.fminvest.com/ztre or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE 3-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 3 Year Maturity Index.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

The Fund's portfolio management team was changed by removing Justin Hennessey and adding Richard Scargill.

F/m 3-Year Investment Grade Corporate Bond ETF PAGE 2 TSR-AR-74933W395

------

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE 3-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 3 Year Maturity Index.

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 3 TSR-AR-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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This 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, 2024, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST PERIOD?** (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 | $15 | 0.15% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the Bloomberg US Liquid Corporate 10 Year Maturity Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively have an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund returned 4.76% versus the Index's return of 5.12% for the current reporting period. Dividends represented the majority of the returns, with the price returning -0.66% for the current reporting period. The Fund's securities lending program has generated additional income and mitigated the cost of running the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5230img003.jpg)

F/m 10-Year Investment Grade Corporate Bond ETF PAGE 1 TSR-AR-74933W411

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(01/10/2024)** |
| **F/m 10-Year Investment Grade Corporate Bond ETF NAV** | 4.76 | 6.18 |
| **ICE BofA US Corporate Index** | 4.23 | 5.50 |
| **Bloomberg US Liquid Corporate 10 Year Maturity\*\*** | 5.12 | 6.52 |
| **ICE 10-Year US Target Maturity Corporate Index** | 5.02 | 6.47 |

---

Visit https://www.fminvest.com/zten 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.*

\*\* The Fund's performance benchmark was changed to Bloomberg US Liquid Corporate 10 Year Maturity Index to align with the change in the index the Fund is tracking.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28502735 |
| **Number of Holdings** | 249 |
| **Net Advisory Fee** | $73824 |
| **Portfolio Turnover** | 203% |
| **30-Day SEC Yield** | 5.11% |
| **30-Day SEC Yield Unsubsidized** | 5.11% |

---

Visit https://www.fminvest.com/zten for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Amcor Flexibles North America, Inc.  | 0.4% |
| Sutter Health  | 0.4% |
| Jefferies Financial Group, Inc.  | 0.4% |
| Chevron USA, Inc.  | 0.4% |
| Apollo Global Management, Inc.  | 0.4% |
| TPG Operating Group II LP  | 0.4% |
| Essential Utilities, Inc.  | 0.4% |
| Brookfield Finance, Inc.  | 0.4% |
| NXP BV / NXP Funding LLC / NXP USA, Inc.  | 0.4% |
| Verisk Analytics, Inc.  | 0.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 24.6% |
| Utilities  | 13.1% |
| Energy  | 9.9% |
| Industrials  | 9.1% |
| Technology  | 8.8% |
| Health Care  | 7.9% |
| Consumer Staples  | 7.6% |
| Consumer Discretionary  | 7.5% |
| Materials  | 6.8% |
| Cash & Other  | 4.7% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated December 31, 2024, as amended by the Supplement dated April 2, 2025, which is available at https://www.fminvest.com/zten or upon request by contacting the Fund at 1-800-617-0004.

**Changes to Fund's Investment Objective or Goals:**

The Fund's investment objective was changed to reflect the fact that the Fund switched from tracking the ICE 10-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 10 Year Maturity Index.

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

The Fund's portfolio management team was changed by removing Justin Hennessey and adding Richard Scargill.

F/m 10-Year Investment Grade Corporate Bond ETF PAGE 2 TSR-AR-74933W411

------

**Changes to the Fund's Principal Investment Strategy:**

The Fund's principal investment strategy was changed to reflect the fact that the Fund switched from tracking the ICE 10-Year US Target Maturity Corporate Index to tracking the Bloomberg US Liquid Corporate 10 Year Maturity Index.

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.

**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 3 TSR-AR-74933W411

------

---

| | | |
|:---|:---|:---|
| ![image](img367622_202504171807814.jpg) | **Oakhurst Fixed Income Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367622_202504171807814.jpg) | Institutional Class \| OHFIX  | ![image](img62236_202502281535898.jpg) |
| ![image](img367622_202504171807814.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the Oakhurst Fixed Income Fund (the "Fund") for the period from September 1, 2024, to August 31, 2025. 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.

***This report describes changes to the Fund that occurred during the current reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $61 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the fiscal year, the Fund was able to outperform the Bloomberg U.S. Aggregate Bond Index as duration positioning and sector allocation strategies both contributed. Having started the year with a duration slightly below that of the index, the Fund was able to minimize the impact of higher US Treasury yields in the intermediate and longer maturities. In addition, very minimal exposure to longer duration assets, which came under pressure as the yield curve steepened, also proved beneficial to the Fund.

As the year progressed, intermediate yields better reflected inflationary risks and Fund duration was extended to approximately match that of the index. Furthermore, with evidence of a slowdown in labor markets and political pressure on the Fed, a restart of monetary easing grew increasingly likely, resulting in a focus to increase Fund holdings in the "belly" of the curve. Fund performance also benefited from the overweight allocations to corporate bonds and mortgage-backed securities (MBS).

Although less attractive valuations in corporates led to only a small overweight in this sector, strong excess returns continued to be enjoyed by credit investors. Providing more attractive yield spreads and an ideal market backdrop, the MBS sector became a larger focus for the Fund with the position increased during the year due to an improving relative valuation. Lastly, the security selection within the corporate bond, MBS, and asset-backed securities (ABS) sectors also contributed to the Fund's outperformance during the fiscal year.

**HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?\***

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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5231img003.jpg)

Oakhurst Fixed Income Fund PAGE 1 TSR-AR-74933W320

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Oakhurst Fixed Income Fund** | 3.86 | 0.25 | 2.25 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14 | -0.68 | 1.80 |

---

Visit https://www.fminvest.com/mutual-funds/ohfix/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $105461382 |
| **Number of Holdings** | 126 |
| **Net Advisory Fee** | $474795 |
| **Portfolio Turnover** | 63% |

---

Visit https://www.fminvest.com/mutual-funds/ohfix/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Note/Bond  | 29.0% |
| Federal National Mortgage Association  | 17.8% |
| Federal Home Loan Mortgage Corp.  | 11.6% |
| Provident Funding Mortgage Trust  | 1.2% |
| Bristol-Myers Squibb Co.  | 1.1% |
| Broadcom, Inc.  | 1.1% |
| Diamondback Energy, Inc.  | 1.1% |
| Fairfax Financial Holdings Ltd.  | 1.1% |
| Tennessee Valley Authority  | 1.1% |
| Marriott International, Inc./MD  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Mortgage Securities  | 34.8% |
| Government  | 30.8% |
| Financials  | 8.9% |
| Asset Backed Securities  | 6.9% |
| Technology  | 4.8% |
| Utilities  | 3.8% |
| Consumer Discretionary  | 3.0% |
| Energy  | 2.9% |
| Health Care  | 2.0% |
| Cash & Other  | 2.1% |

---

**Changes to Fund's Investment Adviser or Sub Adviser:**

On April 17, 2025, Oakhurst Capital Advisers, LLC, an affiliate of the Fund's investment adviser, was removed as sub-adviser to the Fund. F/m Investments LLC continued on as the investment adviser to the Fund.

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 2 TSR-AR-74933W320

------

---

| | | |
|:---|:---|:---|
| ![image](img367631_202504171824463.jpg) | **F/m Opportunistic Income ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img367631_202504171824463.jpg) | XFIX (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img367631_202504171824463.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Opportunistic Income ETF (the "Fund") for the period from September 1, 2024, to August 31, 2025 (the "current reporting period"). You can find additional information about the Fund at https://www.fminvest.com/xfix. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

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| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment\*** |
| F/m Opportunistic Income ETF | $40 | 0.39% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund performed well for the fiscal year, returning 4.09% versus the 3.14% return of the Bloomberg U.S. Aggregate Bond Index (the "Index"). The duration of the Fund's investments continued to be shorter than the duration of the Index's components, mitigating the negative effect of volatile interest rates. Also, the Fund diversified its investments by adding residential mortgage-backed, asset-backed and commercial mortgage-backed securities, which complemented its core corporate credits. The Fund's investments in financials, residential mortgage-backed securities and high yield led the Fund's performance for the current reporting period. As the Fund closed out the current reporting period and the risk of recession remained low, the Fund continued to maintain its positions in the F/m High Yield 100 ETF (ZTOP) and residential mortgage-backed securities.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5241img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(09/05/2023)** |
| **F/m Opportunistic Income ETF** | 4.09 | 7.50 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.14 | 5.75 |

---

Visit https://www.fminvest.com/xfix 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.*

F/m Opportunistic Income ETF PAGE 1 TSR-AR-74933W445

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**KEY FUND STATISTICS** (as of August 31, 2025)

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| | |
|:---|:---|
| **Net Assets** | $37414201 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $143309 |
| **Portfolio Turnover** | 136% |
| **30-Day SEC Yield** | 5.32% |
| **30-Day SEC Yield Unsubsidized** | 5.32% |

---

Visit https://www.fminvest.com/xfix for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

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| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| F/m High Yield 100 ETF  | 13.3% |
| WaMu Mortgage Pass Through Certificates  | 4.0% |
| Federal Home Loan Mortgage Corp.  | 3.8% |
| JP Morgan Mortgage Trust  | 3.5% |
| Sempra  | 3.0% |
| Antares Holdings LP  | 2.9% |
| Sequoia Mortgage Trust  | 2.8% |
| Provident Funding Mortgage Trust  | 2.8% |
| Blackstone Secured Lending Fund  | 2.7% |
| Expand Energy Corp.  | 2.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Mortgage Securities  | 27.5% |
| Asset Backed Securities  | 12.0% |
| Financials  | 10.7% |
| Energy  | 8.2% |
| US Municipal  | 6.1% |
| Utilities  | 3.0% |
| Consumer Discretionary  | 2.7% |
| Health Care  | 2.6% |
| Technology  | 2.6% |
| Cash & Other  | 24.6% |

---

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/xfix.

**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-AR-74933W445

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| | | |
|:---|:---|:---|
| ![image](img62235_202407091227672.jpg) | **F/m Investments Large Cap Focused Fund**  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Institutional Class \| IAFLX  | ![image](img62236_202502281535898.jpg) |
| ![image](img62235_202407091227672.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the "Fund") for the period from September 1, 2024, to August 31, 2025. 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 PERIOD?** (based on a hypothetical $10,000 investment)

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| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $103 | 0.90% |

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**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Over the last 12-months ending in 08/31/2025, despite the correction in information technology shares at the start of the year, we are pleased to inform you that the Fund outperformed its benchmark by 6.51%, i.e., the Institutional share class IAFLX returned 29.19% net of fees, while the Russell 1000 Growth Index returned 22.68%. This outperformance was, as always, driven by our quantActive investment process, which has long-term capital appreciation as a goal. Our process led us to tilt towards information technology and to under weigh energy, real estate and utilities. The strong conviction generated by our proprietary scores, coupled with our active management research, indicated patience at the start of the year; therefore, we held on to our information technology holdings. This risk has paid off as expected.

The quantitative component of our process, which focuses on earnings and revenue acceleration, led us to invest in: LPL Financial Holdings, Inc. Common Stock (NASDAQ: LPLA), Applovin Corporation Class A Common Stock (NASDAQ: APP), Palantir Technologies, Inc. (NASDAQ: PLTR) and NVIDIA Corp. (NASDAQ: NVDA) while our active component conducted research and verified the existence of strong business momentum which is a key component for secular price momentum.

**HOW DID THE FUND PERFORM SINCE INCEPTION? \***

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $100,000)

![image](ts5245img003.jpg)

F/m Investments Large Cap Focused Fund PAGE 1 TSR-AR-74933W288

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**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(10/03/2016)** |
| **F/m Large Cap Focused Fund (Institutional Class)**  | 29.19 | 14.25 | 18.49 |
| **S&P 500<sup>®</sup>** **TR Index**  | 15.88 | 14.74 | 15.03 |
| **Russell 1000<sup>®</sup>** **Growth Total Return Index**  | 22.68 | 15.27 | 18.98 |

---

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81533356 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $341484 |
| **Portfolio Turnover** | 132% |

---

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| NVIDIA Corp.  | 13.1% |
| Apple, Inc.  | 11.6% |
| Palantir Technologies, Inc.  | 9.1% |
| F/m US Treasury 6 Month Bill ETF  | 5.2% |
| Amazon.com, Inc.  | 5.2% |
| Meta Platforms, Inc.  | 5.0% |
| AppLovin Corp.  | 4.9% |
| First Solar, Inc.  | 4.7% |
| Astera Labs, Inc.  | 4.4% |
| Microsoft Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 64.6% |
| Communication Services  | 10.0% |
| Financials  | 5.3% |
| Consumer Discretionary  | 5.2% |
| Energy  | 2.3% |
| Health Care  | 2.0% |
| Cash & Other  | 10.6% |

---

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 1-800-292-6775 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

F/m Investments Large Cap Focused Fund PAGE 2 TSR-AR-74933W288

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| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the "Fund") for the period from September 1, 2024, to August 31, 2025. 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 PERIOD?** (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 | $132 | 1.15% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Over the last 12-months ending in 08/31/2025, despite the correction in information technology shares at the start of the year, we are pleased to inform you that the Fund outperformed its benchmark by 6.51%, i.e., the Investor share class IAFMX returned 28.87% net of fees, while the Russell 1000 Growth Index returned 22.68%. This outperformance was, as always, driven by our quantActive investment process, which has long-term capital appreciation as a goal. Our process led us to tilt towards information technology and to under weigh energy, real estate and utilities. The strong conviction generated by our proprietary scores, coupled with our active management research, indicated patience at the start of the year; therefore, we held on to our information technology holdings. This risk has paid off as expected.

The quantitative component of our process, which focuses on earnings and revenue acceleration, led us to invest in: LPL Financial Holdings, Inc. Common Stock (NASDAQ: LPLA), Applovin Corporation Class A Common Stock (NASDAQ: APP), Palantir Technologies, Inc. (NASDAQ: PLTR) and NVIDIA Corp. (NASDAQ: NVDA) while our active component conducted research and verified the existence of strong business momentum which is a key component for secular price momentum.

**HOW DID THE FUND PERFORM SINCE INCEPTION? \***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5246img003.jpg)

F/m Investments Large Cap Focused Fund PAGE 1 TSR-AR-74933W270

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**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(10/03/2016)** |
| **F/m Large Cap Focused Fund (Investor Class)**  | 28.87 | 13.96 | 18.20 |
| **S&P 500<sup>®</sup>** **TR Index**  | 15.88 | 14.74 | 15.03 |
| **Russell 1000<sup>®</sup>** **Growth Total Return Index**  | 22.68 | 15.27 | 18.98 |

---

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $81533356 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $341484 |
| **Portfolio Turnover** | 132% |

---

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| NVIDIA Corp.  | 13.1% |
| Apple, Inc.  | 11.6% |
| Palantir Technologies, Inc.  | 9.1% |
| F/m US Treasury 6 Month Bill ETF  | 5.2% |
| Amazon.com, Inc.  | 5.2% |
| Meta Platforms, Inc.  | 5.0% |
| AppLovin Corp.  | 4.9% |
| First Solar, Inc.  | 4.7% |
| Astera Labs, Inc.  | 4.4% |
| Microsoft Corp.  | 4.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 64.6% |
| Communication Services  | 10.0% |
| Financials  | 5.3% |
| Consumer Discretionary  | 5.2% |
| Energy  | 2.3% |
| Health Care  | 2.0% |
| Cash & Other  | 10.6% |

---

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 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

F/m Investments Large Cap Focused Fund PAGE 2 TSR-AR-74933W270

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| | | |
|:---|:---|:---|
| ![image](img367629_202504171815343.jpg) | **F/m Emerald Life Sciences Innovation ETF**  | ![image](img341888_202503101428750.jpg) |
| ![image](img367629_202504171815343.jpg) | LFSC \| NASDAQ | ![image](img341888_202503101428750.jpg) |
| ![image](img367629_202504171815343.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img341888_202503101428750.jpg) |

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This annual shareholder report contains important information about the F/m Emerald Life Sciences Innovation ETF (the "Fund") for the period from October 30, 2024, to August 31, 2025. 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 PAST YEAR?** (based on a hypothetical $10,000 investment)\*\*

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| | | |
|:---|:---|:---|
| **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 | $48 | 0.54% |

---

\* Annualized

\*\* Inception date of the Fund was 10/30/2024. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The F/m Emerald Life Sciences Innovation ETF's total return for the ten months ended August 31, 2025 was +11.49% at NAV, materially outpacing its benchmark, the Russell 3000 Health Care Index, which had a total return of -6.35%.

**WHAT FACTORS INFLUENCED PERFORMANCE?**

The healthcare sector moved inversely to the broad market, with the Russell 3000 Health Care Index falling -6.35% for the trailing period and materially lagging the performance of the Russell 3000 and the Russell 2000 Indices, which returned 12.29% and 7.22% for the trailing period, respectively. Several negative factors came together for the sector as a combination of uncertainty related to evolving policy of the new U.S. Presidential administration specific to pharmaceutical pricing and manufacturing, changes in leadership at the Food and Drug Administration (FDA), and rising healthcare utilization, higher medical loss ratios and Medicare/Medicaid rate cuts weighed heavily on sector sentiment. Given this backdrop, and the well-televised issues that pressured the shares of UnitedHealth Group Inc., the health care management services industry within the Russell 3000 Healthcare sector was the most challenged.

Despite the challenges outlined above, the F/m Emerald Life Sciences Innovation ETF significantly outperformed the Russell 3000 Health Care Index for the period as a result of both strong stock selection and relative positioning. At the industry level, relative outperformance within the biotechnology, health care management services, pharmaceuticals, medical equipment and medical services industries more than offset the negative contribution to return from stock selection driven relative underperformance within the medical services industry. In aggregate, stock selection was the largest driver of outperformance and at the holdings level, the Fund benefited from clinical advancement, commercialization success, and merger and acquisition activity within the biotechnology and pharmaceutical industries. Holdings within these industries represented approximately 67.4% of the Fund on average for the period. Relative outperformance of the medical equipment companies, which represented approximately 22% of the portfolio on average for the period, also contributed to performance driven by innovation, market share gains, and higher levels of healthcare utilization.

In addition to the above, also contributing to performance was the Fund's structural overweight to smaller capitalization stocks within the Russell 3000 Health Care Index. As highlighted above, the Russell 2000 healthcare sector outperformed the broader Russell 3000 healthcare sector, which proved to be a tailwind given that those companies with a market capitalization of $5.5B or less comprised 77.55% of the Fund on average for the period compared to the benchmark average weight of approximately 6.77%.

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| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | BridgeBio Pharma, Inc. (BBIO) |
| ↑ | Intra-Cellular Therapies (ITCI) |
| ↑ | TransMedics Group, Inc. (TMDX) |

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F/m Emerald Life Sciences Innovation ETF PAGE 1 TSR-AR-74933W221

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| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Sarepta Therapeutics, Inc. (SRPT) |
| ↓ | Wave Life Sciences Ltd. (WVE) |
| ↓ | 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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5247img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(10/30/2024)** |
| **F/m Emerald Life Sciences Innovation ETF** | 11.49 |
| **Russell 3000 Total Return** | 12.29 |
| **Russell 3000 Health Care Index Total Return** | -6.35 |

---

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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $64580987 |
| **Number of Holdings** | 35 |
| **Net Advisory Fee** | $240113 |
| **Portfolio Turnover** | 19% |

---

Visit https://www.emeraldetfs.com/lfsc/ for more recent performance information.

F/m Emerald Life Sciences Innovation ETF PAGE 2 TSR-AR-74933W221

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**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Sector Breakdown (% of net assets)**

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| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| LivaNova PLC  | 6.7% |
| Soleno Therapeutics, Inc.  | 5.8% |
| Travere Therapeutics, Inc.  | 5.3% |
| RadNet, Inc.  | 5.1% |
| TransMedics Group, Inc.  | 5.0% |
| WaVe Life Sciences Ltd.  | 4.7% |
| Madrigal Pharmaceuticals, Inc.  | 4.3% |
| Guardant Health, Inc.  | 4.2% |
| KalVista Pharmaceuticals, Inc.  | 4.1% |
| Merit Medical Systems, Inc.  | 4.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Health Care  | 98.7% |
| Cash & Other  | 1.3% |

---

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 3 TSR-AR-74933W221

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| | | |
|:---|:---|:---|
| ![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) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (the "Fund") for the period from February 24, 2025, to August 31, 2025 (the "current reporting period"). 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.

***This report describes changes to the Fund that occurred subsequent to the current reporting period, but prior to the transmittal of this annual shareholder report to the Fund's shareholders.***

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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 | $13\*\* | 0.25% |

---

\* Annualized

\*\* Inception date of the Fund was 02/24/2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund 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 "Index"). The Fund returned 2.16% for the current reporting period, versus the Index's return at 2.22%. Income, inflation accrual and price changes represented the majority of the returns, with the price change returning 0.24% for the current reporting period.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5249img003.jpg)

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF PAGE 1 TSR-AR-74933W213

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**ANNUAL AVERAGE TOTAL RETURN (%)**

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| | |
|:---|:---|
|  | **Since Inception<br>(02/24/2025)** |
| **F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF** | 2.16 |
| **ICE US Treasury Core Bond Index** | 2.92 |
| **Bloomberg US Ultrashort TIPS 1-13 Months Total Return Unhedged USD Index** | 2.22 |

---

Visit https://www.fminvest.com/rbil 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $65655154 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $89046 |
| **Portfolio Turnover** | 66% |

---

Visit https://www.fminvest.com/rbil for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Government  | 100.0% |
| Cash & Other  | 0.0% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| United States Treasury Inflation Indexed Bonds  | 100.0% |

---

**Material Fund Changes:**

This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund's prospectus dated February 14, 2025, as amended, which is available at https://www.fminvest.com/rbil or upon request by contacting the Fund at 1-800-617-0004.

Effective September 15, 2025, the Fund's investment adviser has contractually agreed to lower its unitary management fee to 0.17% of the Fund's average daily net assets.

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 2 TSR-AR-74933W213

------

---

| | | |
|:---|:---|:---|
| ![image](img580998_202510172004270.jpg) | **F/m Compoundr High Yield Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img580998_202510172004270.jpg) | CPHY (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img580998_202510172004270.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Compoundr High Yield Bond ETF (the "Fund") for the period from August 11, 2025, to August 31, 2025. 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 PAST YEAR?** (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 | $3\*\* | 0.49% |

---

\* Annualized

\*\* Inception date of the Fund was 08/11/2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The F/m Compoundr U.S. High Yield ETF was incepted on August 11, 2025. There was not enough time before fiscal year end to collect meaningful performance data for the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6067img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(08/11/2025)** |
| **F/m Compoundr High Yield Bond ETF NAV** | 0.77 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.50 |
| **Nasdaq Compoundr High-Yield Corporate Bond Total Return Index** | 0.72 |

---

Visit https://www.fminvest.com/etfs/cphy-fm-compoundr-high-yield-etf 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.*

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

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1007669 |
| **Number of Holdings** | 2 |
| **Net Advisory Fee** | $256 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.fminvest.com/etfs/cphy-fm-compoundr-high-yield-etf for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Exchange Traded Funds  | 99.5% |
| Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Invesco BulletShares 2030 High Yield Corporate Bond ETF  | 69.8% |
| Invesco BulletShares 2027 High Yield Corporate Bond ETF  | 29.8% |

---

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/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 2 TSR-AR-74933W155

------

---

| | | |
|:---|:---|:---|
| ![image](img580997_220251017200125.jpg) | **F/m Compoundr U.S. Aggregate Bond ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img580997_220251017200125.jpg) | CPAG (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img580997_220251017200125.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m Compoundr U.S. Aggregate Bond ETF (the "Fund") for the period from August 11, 2025, to August 31, 2025. 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 PAST YEAR?** (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 | $2\*\* | 0.39% |

---

\* Annualized

\*\* Inception date of the Fund was 08/11/2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The F/m Compoundr U.S. Aggregate Bond ETF was incepted on August 11, 2025. There was not enough time before fiscal year end to collect meaningful performance data for the Fund.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6068img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(08/11/2025)** |
| **F/m Compoundr U.S. Aggregate Bond ETF NAV** | 0.44 |
| **Bloomberg U.S. Aggregate Bond Index** | 0.50 |
| **Nasdaq Compoundr U.S. Aggregate Bond Total Return Index** | 0.48 |

---

Visit https://www.fminvest.com/etfs/cpag-fm-compoundr-us-aggregate-bond-etf 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.*

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

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3515283 |
| **Number of Holdings** | 1 |
| **Net Advisory Fee** | $380 |
| **Portfolio Turnover** | 0% |

---

Visit https://www.fminvest.com/etfs/cpag-fm-compoundr-us-aggregate-bond-etf for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Exchange Traded Funds  | 99.5% |
| Cash & Other  | 0.5% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Fidelity Total Bond ETF  | 99.5% |

---

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 2 TSR-AR-74933W148

------

---

| | | |
|:---|:---|:---|
| ![image](img580996_202510171957547.jpg) | **F/m High Yield 100 ETF**  | ![image](img62236_202502281535898.jpg) |
| ![image](img580996_202510171957547.jpg) | ZTOP (Principal U.S. Listing Exchange: NASDAQ) | ![image](img62236_202502281535898.jpg) |
| ![image](img580996_202510171957547.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img62236_202502281535898.jpg) |

---

This annual shareholder report contains important information about the F/m High Yield 100 ETF (the "Fund") for the period from April 14, 2025, to August 31, 2025 (the "current reporting period"). 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 PAST YEAR?** (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 | $15\*\* | 0.39% |

---

\* Annualized

\*\* Inception date of the Fund was 04/14/2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The investment objective of the Fund 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 "Index"). The Fund returned 6.52% versus the Index's return of 6.60% for the current reporting period. The Fund benefited tremendously from the timing of its launch, as high yield corporate bond spreads reached their widest levels of the year due to trade policy uncertainty in early April before tightening again by the end of August 2025. Easing financial conditions confirmed by falling volatility, solid earnings growth, and active primary markets contributed to strong performance from high yield corporate bond issuers, which in turn contributed to the Fund's performance.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5248img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(04/14/2025)** |
| **F/m High Yield 100 ETF** | 6.52 |
| **Bloomberg U.S. Aggregate Bond Index** | 3.25 |
| **Bloomberg U.S. High Yield Top 100 Quality Select Equal Weighted Index** | 6.60 |

---

Visit https://www.fminvest.com/ztop for more recent performance information.

F/m High Yield 100 ETF PAGE 1 TSR-AR-74933W197

------

\* **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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18300608 |
| **Number of Holdings** | 100 |
| **Net Advisory Fee** | $17844 |
| **Portfolio Turnover** | 4% |

---

Visit https://www.fminvest.com/ztop for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

**Sector Breakdown (% of net assets)**

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Discretionary  | 21.8% |
| Financials  | 15.6% |
| Communications  | 14.6% |
| Energy  | 10.9% |
| Materials  | 9.8% |
| Health Care  | 7.8% |
| Industrials  | 6.9% |
| Utilities  | 4.9% |
| Technology  | 3.0% |
| Cash & Other  | 4.7% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Nationstar Mortgage Holdings, Inc.  | 1.1% |
| Bausch Health Cos., Inc.  | 1.0% |
| Advance Auto Parts, Inc.  | 1.0% |
| Genesis Energy LP / Genesis Energy Finance Corp.  | 1.0% |
| Civitas Resources, Inc.  | 1.0% |
| Discovery Communications LLC  | 1.0% |
| XPLR Infrastructure Operating Partners LP  | 1.0% |
| Newell Brands, Inc.  | 1.0% |
| Venture Global Plaquemines LNG LLC  | 1.0% |
| Vodafone Group PLC  | 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.fminvest.com/ztop.

**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-AR-74933W197

------

(b) Not applicable.

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

The registrant has adopted a code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant has made amendments to its code of ethics during the period covered by this report, including clarifying which of the registrant's officers are covered. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is filed herewith.

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

The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Gregory P. Chandler, Nicholas A. Giordano and Martha A. Tirinnanzi are the registrant's audit committee financial experts and each of them is "independent" as defined in Item 3 of Form N-CSR.

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

<u>Audit Fees</u>

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the
 principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant
 in connection with statutory and regulatory filings or engagements for those fiscal years were:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| Ernst & Young LLP | N/A | $810575 |
| PricewaterhouseCoopers LLP | $296000 | $240805 |
| Tait, Weller & Baker | $220000 | $104000 |
| Cohen & Co | $483000 | $228750 |

---

<u>Audit-Related Fees</u>

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item were related to review of semi-annual reports for Tait, Weller & Baker and Cohen & Co. and PricewaterhouseCoopers
 LLP, were as follows:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| Ernst & Young LLP | N/A | $0 |
| PricewaterhouseCoopers LLP | $0 | $0 |
| Tait, Weller & Baker | $8500 | $3000 |
| Cohen & Co | $6300 | $5700 |

---

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning were related to federal and state tax return review and excise distribution
 review and were as follows:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| Ernst & Young LLP | N/A | $225710 |
| PricewaterhouseCoopers LLP | $106500 | $43072 |
| Tait, Weller & Baker | $59500 | $21400 |
| Cohen & Co | $122500 | $66500 |

---

<u>All Other Fees</u>

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item were:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| Ernst & Young LLP | N/A | $0 |
| PricewaterhouseCoopers LLP | $0 | $0 |
| Tait, Weller & Baker | $0 | $0 |
| Cohen & Co | $0 | $0 |

---

(e)(1) Pre-Approval of Audit and Permitted Non-Audit Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Pre-Approval Requirements of the Company*. The Committee shall pre-approve all auditing services and
 permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees associated with those
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Pre-Approval Requirements of Affiliates*. Additionally, the Committee shall pre-approve any engagement
 of the Auditor to provide non-audit services to an investment adviser of a Portfolio or to any affiliate of such investment adviser that
 provides ongoing services to the Company, if the engagement relates directly to the operations and financial reporting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Delegation*. The Committee may delegate to the Chairman of the Committee, or if the Chairman is not
 available, one or more of its members, the authority to grant pre-approvals. The decisions of any member to whom authority is delegated
 shall be presented to the full Committee at its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Prohibited Services.* The Committee shall confirm with the Auditor that the Auditor is not performing
 contemporaneously with the Company's audit any prohibited non-audit services for the Company, any investment adviser of a Portfolio,
 or any affiliates of the Company or such investment advisers. The Auditor is responsible for informing the Committee of whether it believes
 that a particular service is permissible or prohibited pursuant to applicable regulations and standards.

 

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |

---

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

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

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

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| Ernst & Young LLP | N/A | $225710 |
| PricewaterhouseCoopers LLP | $106500 | $43072 |
| Tait, Weller & Baker | $68000 | $24400 |
| Cohen & Co | $128800 | $72200 |

---

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

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

Not applicable.

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

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

(b) Not applicable.

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

(a) ![](fp0094047-11_i.jpg)

**Abbey Capital Futures Strategy Fund** 

**of** 

**THE RBB FUND, INC.** 

**Annual Financial Statements** 

**August 31, 2025** 

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **U.S. TREASURY BILLS — 76.2%** | **U.S. TREASURY BILLS — 76.2%** |  |
|  4.18%, 09/04/2025 <sup>(a)</sup>  | $30589000 | $30581812 |
|  4.22%, 09/11/2025 <sup>(a)</sup>  | 43328000 | 43282181 |
|  4.17%, 09/18/2025 <sup>(a)</sup>  | 67582000 | 67454345 |
|  4.17%, 09/25/2025 <sup>(a)</sup>  | 86981000 | 86746211 |
|  4.11%, 10/02/2025 <sup>(a)</sup>  | 92108000 | 91785092 |
|  4.10%, 10/09/2025 <sup>(a)</sup>  | 136275000 | 135688104 |
|  4.14%, 10/16/2025 <sup>(a)</sup>  | 254957000 | 253662244 |
|  4.14%, 10/23/2025 <sup>(a)</sup>  | 49192000 | 48905580 |
|  4.12%, 10/30/2025 <sup>(a)</sup>  | 79421000 | 78890206 |
|  4.17%, 11/06/2025 <sup>(a)</sup>  | 45341000 | 45006988 |
|  4.21%, 11/13/2025 <sup>(a)</sup>  | 100093000 | 99279244 |
|  4.23%, 11/20/2025 <sup>(a)</sup>  | 52359000 | 51893631 |
|  4.22%, 11/28/2025 <sup>(a)</sup>  | 38913000 | 38532139 |
|  4.21%, 12/04/2025 <sup>(a)</sup>  | 129411000 | 128067652 |
|  4.21%, 12/11/2025 <sup>(a)</sup>  | 37655000 | 37237422 |
|  4.18%, 12/18/2025 <sup>(a)</sup>  | 29356000 | 29006553 |
|  4.22%, 01/02/2026 <sup>(a)</sup>  | 36592000 | 36100377 |
|  4.21%, 01/08/2026 <sup>(a)</sup>  | 27323000 | 26943635 |
|  4.21%, 01/15/2026 <sup>(a)</sup>  | 74326000 | 73237624 |
|  4.21%, 01/22/2026 <sup>(a)</sup>  | 17157000 | 16892823 |
|  4.13%, 01/29/2026 <sup>(a)</sup>  | 31397000 | 30890200 |
|  4.05%, 02/05/2026 <sup>(a)</sup>  | 26318000 | 25876647 |
|  4.02%, 02/12/2026 <sup>(a)</sup>  | 26245000 | 25785865 |
|  4.05%, 02/19/2026 <sup>(a)</sup>  | 155661000 | 152825025 |
|  3.95%, 02/26/2026 <sup>(a)</sup>  | 116872000 | 114659710 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $1,768,792,074) |  | 1769231310 |
|  **TOTAL INVESTMENTS — 76.2%** (Cost $1,768,792,074) |  | 1769231310 |
|  Other Assets in Excess of Liabilities — 23.8% |  | 552304955 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $2321536265 |

---

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 effective yield as of August 31, 2025.

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (continued)** 

**August 31, 2025**

Futures contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 Year U.S. Ultra Treasury Notes  | 116 | 12/19/2025 | $13271125 | $12841 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 25 | 06/16/2026 | 4440783 | 1893 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 40 | 09/15/2026 | 7104890 | 4469 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 47 | 12/15/2026 | 8344823 | 5042 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 41 | 03/16/2027 | 7275795 | 3623 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 19 | 06/15/2027 | 3370153 | 2057 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | 3 | 09/14/2027 | 531856 | 300 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 187 | 03/16/2026 | 53653907 | 65866 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 6258 | 06/15/2026 | 1795998485 | (1014615) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 58 | 09/14/2026 | 16643863 | (11231) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 911 | 12/14/2026 | 261316860 | (88796) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 101 | 03/15/2027 | 28953739 | (9505) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 542 | 06/14/2027 | 155272471 | 18748 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 108 | 09/13/2027 | 30917791 | (1609) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 85 | 12/13/2027 | 24316044 | (1945) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 224 | 03/13/2028 | 64037343 | (4022) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 339 | 06/19/2028 | 96859126 | (6844) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | 19 | 09/18/2028 | 5425904 | 1974 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month New Zealand Treasury Bill  | 71 | 12/10/2025 | 41604312 | 14730 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month New Zealand Treasury Bill  | 67 | 03/11/2026 | 39264253 | 14203 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Swiss Average Overnight Rate  | 3 | 03/17/2026 | 938262 | (375) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Swiss Average Overnight Rate  | 57 | 06/16/2026 | 17833203 | (19778) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Swiss Average Overnight Rate  | 2 | 09/15/2026 | 625726 | (969) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 Day Federal Funds Rate  | 1 | 03/31/2026 | 401740 | 125 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 Day Federal Funds Rate  | 1 | 08/31/2026 | 403574 | 542 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 1005 | 06/16/2026 | 242418563 | 314063 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 184 | 09/15/2026 | 44507300 | 21650 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 154 | 12/15/2026 | 37319975 | 31513 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 1402 | 03/16/2027 | 340072625 | 494325 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 381 | 06/15/2027 | 92444888 | 183263 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 212 | 09/14/2027 | 51431200 | 70387 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 212 | 12/14/2027 | 51410000 | 77188 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 200 | 03/14/2028 | 48472500 | 75888 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 1103 | 06/20/2028 | 267160388 | 431500 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 148 | 09/19/2028 | 35823400 | 55212 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 109 | 12/19/2028 | 26368462 | 38562 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 43 | 03/20/2029 | 10395787 | 13525 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 41 | 06/18/2029 | 9906625 | 14363 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 40 | 09/18/2029 | 9659500 | 13125 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | 40 | 12/18/2029 | 9654000 | (1088) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabica Coffee  | 208 | 12/18/2025 | 30115800 | 2187738 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabica Coffee  | 25 | 03/19/2026 | 3505312 | 157312 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabica Coffee  | 6 | 05/18/2026 | 818212 | 55219 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX SPI 200 Index  | 493 | 09/18/2025 | 72086731 | 2136420 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AUD/USD Cross Currency Rate  | 59 | 09/15/2025 | 3863025 | 10935 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 1601 | 12/11/2025 | 1039267116 | (176382) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 431 | 03/12/2026 | 279859853 | (34048) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 162 | 06/11/2026 | 105203812 | (4212) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 145 | 09/10/2026 | 94163905 | (4960) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 41 | 12/10/2026 | $26623702 | $(4910) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 45 | 03/11/2027 | 29218277 | (3511) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | 43 | 06/10/2027 | 27916272 | 64 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian Government 10 Year Bonds  | 1680 | 09/15/2025 | 125010040 | (132891) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian Government 3 Year Bonds  | 3513 | 09/15/2025 | 246752907 | (291977) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BIST 30 Index  | 509 | 10/31/2025 | 1624693 | (32104) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazilian Real/US Dollar Cross Currency Rate  | 6 | 09/30/2025 | 109800 | 380 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | 96 | 09/30/2025 | 6478080 | 136020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | 5 | 10/31/2025 | 334450 | (1390) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | 4 | 11/28/2025 | 266000 | 2120 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Pound/US Dollar Cross Currency Rate  | 820 | 09/15/2025 | 69254125 | (143417) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAC40 10 Euro Index  | 291 | 09/19/2025 | 26260029 | (503683) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian 10 Year Government Bonds  | 1488 | 12/18/2025 | 130570415 | 782794 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian 5 Year Bonds  | 3 | 12/18/2025 | 249660 | 677 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Canola Oil  | 39 | 11/14/2025 | 355767 | (46383) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar/US Dollar Cross Currency Rate  | 126 | 09/16/2025 | 9185400 | (24013) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class III Milk  | 5 | 11/04/2025 | 178400 | 400 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary Select Sector Index  | 3 | 09/19/2025 | 703020 | 23350 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper  | 7 | 12/29/2025 | 803338 | 11300 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corn No. 2 Yellow  | 107 | 12/12/2025 | 2248337 | 4012 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | 294 | 09/22/2025 | 18818940 | 323866 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | 2 | 10/21/2025 | 126920 | (5080) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | 2 | 11/20/2025 | 125980 | (5210) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | 2 | 12/19/2025 | 125400 | (4920) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Palm Oil  | 35 | 10/15/2025 | 900266 | 27225 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Palm Oil  | 165 | 11/14/2025 | 4276331 | 47130 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Palm Oil  | 110 | 12/15/2025 | 2869112 | (19769) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Palm Oil  | 45 | 01/15/2026 | 1178254 | (38136) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Soybean Oil  | 689 | 12/12/2025 | 21554676 | (920275) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Soybean Oil  | 85 | 01/14/2026 | 2673420 | (93990) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Soybean Oil  | 12 | 03/13/2026 | 379440 | (10230) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DAX Index  | 4 | 09/19/2025 | 560572 | (4247) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow Jones Industrial Average Index  | 209 | 09/19/2025 | 47653045 | 674774 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-mini Consumer Staples Select Sector  | 7 | 09/19/2025 | 569940 | (5950) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; E-mini Materials Sector  | 3 | 09/19/2025 | 293670 | 2570 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emini S&P 500 ESG Index  | 15 | 09/19/2025 | 4224000 | 144615 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro Half Dollars  | 3 | 09/15/2025 | 219572 | (66) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Dividend Index  | 22 | 12/18/2026 | 406659 | 18344 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EURO STOXX 50 Index  | 7 | 09/19/2025 | 373598 | 4621 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Quanto Index  | 540 | 09/19/2025 | 33874376 | (338331) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX Banks Index  | 181 | 09/19/2025 | 2379043 | 248613 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro/Japanese Yen Cross Currency Rate  | 154 | 09/15/2025 | 22513678 | 560223 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro/US Dollar Cross Currency Rate  | 7 | 09/15/2025 | 102467 | 197 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro/US Dollar Cross Currency Rate  | 994 | 09/15/2025 | 145502963 | 923142 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-BOBL  | 38 | 09/08/2025 | 5221849 | (2714) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-BTP Italian Government Bonds  | 576 | 09/08/2025 | 81032324 | (464717) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund  | 1404 | 09/08/2025 | 212791979 | (411889) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-Schatz  | 69 | 09/08/2025 | 8642255 | (8417) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Feeder Cattle  | 111 | 10/30/2025 | 20228363 | 802050 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Feeder Cattle  | 27 | 11/20/2025 | 4908600 | 207663 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Select Sector Index  | 1 | 09/19/2025 | $166390 | $2452 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Government Bonds  | 1457 | 09/08/2025 | 207801947 | (2030429) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE 100 Index  | 1431 | 09/19/2025 | 178299591 | 4542699 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE Bursa Malaysia KLCI Index  | 45 | 09/30/2025 | 824379 | (9935) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE China A50 Index  | 3990 | 09/29/2025 | 59790150 | 122214 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE MIB Index  | 40 | 09/19/2025 | 1977046 | 113144 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE/JSE Top 40 Index  | 428 | 09/18/2025 | 22840011 | 958259 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE/MIB Index  | 103 | 09/19/2025 | 25454473 | 963166 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German Stock Index  | 141 | 09/19/2025 | 98800789 | (66319) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold  | 407 | 12/29/2025 | 143105270 | 3389994 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold  | 1 | 02/25/2026 | 354460 | 5200 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng China Enterprises Index  | 418 | 09/29/2025 | 23941633 | (626624) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng China Enterprises Index  | 44 | 09/29/2025 | 504034 | (13105) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Index  | 440 | 09/29/2025 | 70618434 | (1478693) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Index  | 80 | 09/29/2025 | 2567943 | (44110) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng TECH Index  | 135 | 09/29/2025 | 4930344 | (87191) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBEX 35 Composite Index  | 8 | 09/19/2025 | 140094 | (2170) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBEX 35 Index  | 35 | 09/19/2025 | 6129105 | (70996) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 13 | 09/15/2026 | 4232828 | (9242) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 15 | 12/15/2026 | 4886313 | (9917) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 847 | 03/16/2027 | 275971045 | (383907) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 158 | 06/15/2027 | 51471832 | (70216) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 53 | 09/14/2027 | 17261391 | (28113) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 55 | 12/14/2027 | 17907189 | (22268) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 112 | 03/14/2028 | 36452302 | (36493) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 81 | 06/20/2028 | 26351877 | (22487) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 10 | 09/19/2028 | 3251967 | (3565) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | 6 | 12/19/2028 | 1950369 | (2467) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE European Climate Exchange Emissions  | 11 | 12/15/2025 | 939305 | 9745 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE European Climate Exchange Emissions  | 3 | 12/14/2026 | 262878 | 3931 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Select Sector Index  | 2 | 09/19/2025 | 306240 | (2550) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen/US Dollar Cross Currency Rate  | 7 | 09/15/2025 | 596181 | (269) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lean Hogs  | 540 | 10/14/2025 | 20525400 | 653740 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lean Hogs  | 259 | 12/12/2025 | 9054640 | 359150 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lean Hogs  | 199 | 02/13/2026 | 7134150 | 171580 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Cattle  | 396 | 10/31/2025 | 37960560 | 3690750 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Cattle  | 402 | 12/31/2025 | 38716620 | 3007820 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Cattle  | 191 | 02/27/2026 | 18507900 | 1254450 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Live Cattle  | 33 | 04/30/2026 | 3200340 | 240240 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 3 | 09/01/2025 | 196386 | 12699 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 2 | 09/02/2025 | 130924 | 9636 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/05/2025 | 65457 | 3895 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 5 | 09/08/2025 | 327279 | 9081 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 2 | 09/09/2025 | 130905 | (912) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 5 | 09/10/2025 | 327245 | 1488 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 3 | 09/12/2025 | 196327 | 1804 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 188 | 09/15/2025 | 12302485 | 128534 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/16/2025 | 65401 | 1839 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/17/2025 | 65390 | 2303 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/19/2025 | 65368 | (45) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 13 | 09/22/2025 | $849631 | $7919 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/24/2025 | 65365 | (911) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/26/2025 | 65381 | (512) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 09/30/2025 | 65381 | 356 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 4 | 10/01/2025 | 261525 | 1525 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 2 | 10/03/2025 | 130788 | 2388 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 86 | 10/13/2025 | 5622250 | 111400 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 10/14/2025 | 65325 | 850 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 14 | 10/15/2025 | 914522 | 2070 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 12 | 10/17/2025 | 783825 | (8644) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 21 | 10/20/2025 | 1371563 | (17694) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 18 | 10/21/2025 | 1175513 | (13880) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 17 | 10/22/2025 | 1110100 | (16679) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 10/28/2025 | 65331 | 967 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 7 | 10/29/2025 | 457319 | 6706 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 1 | 10/31/2025 | 65343 | 981 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 4 | 11/05/2025 | 261500 | 63 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 2 | 11/10/2025 | 130779 | 304 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 2 | 11/14/2025 | 130810 | 1938 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 34 | 11/17/2025 | 2223770 | 31690 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 83 | 11/18/2025 | 5425503 | 97940 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 4 | 11/19/2025 | 261470 | (1080) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 5 | 11/24/2025 | 326937 | (575) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | 10 | 11/26/2025 | 653875 | 475 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 09/01/2025 | 245581 | 4644 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 09/03/2025 | 245656 | 3494 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 09/05/2025 | 245815 | 2545 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 09/09/2025 | 245894 | 2672 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 25 | 09/15/2025 | 6153225 | 120593 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 15 | 09/22/2025 | 3695130 | 64142 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 09/24/2025 | 246385 | (715) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 09/26/2025 | 492944 | 3669 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 09/29/2025 | 492987 | (920) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 09/30/2025 | 493030 | (783) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 10/01/2025 | 493073 | (1027) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 10/06/2025 | 493364 | 2058 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 10/07/2025 | 493414 | 3764 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 2 | 10/08/2025 | 493448 | 8036 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 20 | 10/13/2025 | 4936145 | 78509 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 4 | 10/17/2025 | 987464 | 5026 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 10/20/2025 | 246882 | (418) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 8 | 10/22/2025 | 1975442 | (5787) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 10/29/2025 | 247112 | 2514 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 10/31/2025 | 247191 | 5253 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 1 | 11/05/2025 | 247251 | 3001 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 15 | 11/17/2025 | 3712215 | 69625 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | 21 | 11/18/2025 | 5196576 | 105126 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 09/02/2025 | 183009 | 958 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 09/02/2025 | 91481 | (1330) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 09/03/2025 | 183043 | (1084) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 09/08/2025 | $91604 | $(766) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 09/09/2025 | 183239 | (2017) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 3 | 09/10/2025 | 274908 | (3880) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 4 | 09/12/2025 | 366811 | (1377) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 68 | 09/15/2025 | 6236925 | 131567 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 09/16/2025 | 183462 | (2554) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 5 | 09/17/2025 | 458715 | (830) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 5 | 09/19/2025 | 458949 | 4106 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 5 | 09/22/2025 | 459007 | 1081 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 09/23/2025 | 183627 | 3117 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 6 | 09/24/2025 | 550950 | 4950 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 3 | 09/26/2025 | 275665 | 2185 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 09/29/2025 | 91904 | 734 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 4 | 10/01/2025 | 367744 | (146) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 63 | 10/13/2025 | 5802795 | 155046 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 10/14/2025 | 184238 | 2408 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 10/15/2025 | 92130 | 630 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 7 | 10/17/2025 | 645047 | (2203) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 3 | 10/20/2025 | 276463 | (2567) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 2 | 10/21/2025 | 184336 | (2414) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 11 | 10/22/2025 | 1014000 | 10110 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 10/24/2025 | 92220 | 570 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 10/28/2025 | 92243 | 2373 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 1 | 10/31/2025 | 92304 | 1914 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 4 | 11/03/2025 | 369264 | 9354 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 4 | 11/04/2025 | 369313 | 4993 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 9 | 11/05/2025 | 831062 | 10982 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 4 | 11/10/2025 | 369556 | 3286 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 5 | 11/14/2025 | 462241 | 9331 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 11 | 11/17/2025 | 1016941 | 18757 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 13 | 11/24/2025 | 1202526 | 13536 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | 19 | 11/26/2025 | 1757994 | 13884 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 09/01/2025 | 97539 | (511) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 3 | 09/02/2025 | 146372 | (2765) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 09/02/2025 | 97496 | (1479) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 1 | 09/08/2025 | 48918 | (694) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 51 | 09/15/2025 | 2501461 | (86849) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 09/16/2025 | 98072 | (841) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 9 | 09/17/2025 | 441472 | (6190) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 09/19/2025 | 98238 | (2112) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 17 | 09/22/2025 | 835308 | (18817) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 09/26/2025 | 98425 | (2413) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 5 | 09/30/2025 | 246191 | 1597 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 20 | 10/01/2025 | 985020 | (5536) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 6 | 10/03/2025 | 295812 | (2576) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 12 | 10/06/2025 | 591780 | (2495) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 9 | 10/07/2025 | 443950 | (3200) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 1 | 10/08/2025 | 49340 | 328 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 7 | 10/10/2025 | 345742 | 2348 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 46 | 10/13/2025 | 2272607 | 6443 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 2 | 10/14/2025 | $98772 | $659 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 9 | 10/15/2025 | 444303 | 2684 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | 1 | 11/04/2025 | 49617 | (271) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/01/2025 | 175915 | 6720 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/02/2025 | 175965 | 6791 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/03/2025 | 175815 | 13640 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/05/2025 | 175715 | 11715 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 2 | 09/08/2025 | 351403 | 23978 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/09/2025 | 175688 | 12163 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 09/10/2025 | 527025 | 37150 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 09/15/2025 | 526545 | 38970 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/17/2025 | 175417 | 6300 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 2 | 09/22/2025 | 350772 | 23689 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 09/24/2025 | 175365 | 6165 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 10/03/2025 | 526207 | 26707 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 2 | 10/07/2025 | 350826 | 3681 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 2 | 10/20/2025 | 350802 | 13303 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 10/21/2025 | 175396 | 2746 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 10/22/2025 | 526174 | 2762 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 10/29/2025 | 175455 | 6205 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 10/31/2025 | 175502 | 8464 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 1 | 11/03/2025 | 175513 | 8493 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 11/10/2025 | 526575 | 25050 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | 3 | 11/18/2025 | 525585 | 17385 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 09/02/2025 | 211884 | 12946 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 09/03/2025 | 211857 | 1015 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 2 | 09/05/2025 | 141294 | 8532 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 09/08/2025 | 282617 | 6840 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 2 | 09/09/2025 | 141322 | (2039) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 6 | 09/10/2025 | 424009 | 1437 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 09/12/2025 | 282670 | 9370 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 96 | 09/15/2025 | 6784056 | 29254 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 09/16/2025 | 211927 | 2166 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 8 | 09/17/2025 | 564938 | 7806 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 1 | 09/19/2025 | 70607 | 460 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 10 | 09/22/2025 | 706022 | 23405 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 2 | 09/23/2025 | 141194 | 6269 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 09/24/2025 | 211777 | 4877 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 6 | 09/26/2025 | 423564 | 10014 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 1 | 09/29/2025 | 70595 | 2245 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 09/30/2025 | 282379 | 8167 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 5 | 10/01/2025 | 352976 | 10089 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 1 | 10/03/2025 | 70597 | 418 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 10/06/2025 | 282390 | 11315 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/07/2025 | 211793 | 7506 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 10/08/2025 | 282393 | 3958 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/10/2025 | 211792 | 830 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 63 | 10/13/2025 | 4447595 | 14690 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/14/2025 | 211789 | 2035 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 10/15/2025 | 282385 | 3619 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 10/17/2025 | $282385 | $(2140) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/20/2025 | 211789 | 2138 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 1 | 10/21/2025 | 70596 | (1154) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 10 | 10/22/2025 | 705963 | 2862 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 4 | 10/24/2025 | 282385 | 2760 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/27/2025 | 211789 | 1626 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 11 | 10/28/2025 | 776559 | 11734 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 25 | 10/29/2025 | 1764906 | 25000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 10/31/2025 | 211811 | 3116 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 1 | 11/03/2025 | 70605 | 1743 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 16 | 11/04/2025 | 1129716 | 16466 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 13 | 11/05/2025 | 917917 | 3342 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 7 | 11/10/2025 | 494326 | (2324) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 9 | 11/11/2025 | 635450 | (4101) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 18 | 11/12/2025 | 1270899 | 2311 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 9 | 11/14/2025 | 635375 | 9011 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 2 | 11/17/2025 | 141194 | 812 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 9 | 11/18/2025 | 634826 | 10789 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 3 | 11/19/2025 | 211425 | 2956 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | 10 | 11/26/2025 | 704750 | 4350 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Cocoa  | 3 | 05/13/2026 | 209999 | (2568) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | 1133 | 09/15/2025 | 74142104 | 1720388 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | 350 | 10/13/2025 | 22881250 | 199319 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | 170 | 11/17/2025 | 11118850 | 100725 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | 199 | 12/15/2025 | 13020819 | 35250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | 232 | 09/15/2025 | 57101929 | 1032454 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | 5 | 10/13/2025 | 1234036 | 22661 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | 114 | 12/15/2025 | 28272684 | 382158 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | 725 | 09/15/2025 | 35559981 | (719672) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | 72 | 10/13/2025 | 3557124 | (33359) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | 2 | 11/17/2025 | 99412 | 194 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | 8 | 12/15/2025 | 399758 | (1104) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Nickel<sup>(a)</sup>  | 312 | 09/15/2025 | 28616478 | 242323 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Nickel<sup>(a)</sup>  | 22 | 12/15/2025 | 2040666 | 24625 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Tin<sup>(a)</sup>  | 3 | 09/15/2025 | 526545 | 17029 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Tin<sup>(a)</sup>  | 1 | 12/15/2025 | 175240 | 6415 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Zinc<sup>(a)</sup>  | 412 | 09/15/2025 | 29114907 | 500921 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Zinc<sup>(a)</sup>  | 7 | 10/13/2025 | 494177 | 721 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Zinc<sup>(a)</sup>  | 22 | 12/15/2025 | 1552210 | 4254 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Gilt  | 526 | 12/29/2025 | 64354770 | 61552 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Sulphur Gas Oil  | 224 | 10/10/2025 | 15064000 | 240025 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Sulphur Gas Oil  | 23 | 11/12/2025 | 1524900 | (25400) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Sulphur Gas Oil  | 13 | 12/11/2025 | 846300 | 13325 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Low Sulphur Gas Oil  | 3 | 01/12/2026 | 193875 | (200) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexican Peso/US Dollar Cross Currency Rate  | 1333 | 09/15/2025 | 35677745 | 362414 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Micro Gold  | 4 | 12/29/2025 | 140644 | 2488 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index  | 92 | 09/19/2025 | 12517060 | 186263 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index  | 550 | 09/19/2025 | 34784750 | 1171495 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI Singapore Index  | 684 | 09/29/2025 | 23671592 | 314240 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Index  | 169 | 09/19/2025 | 79300715 | 990112 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NASDAQ 100 Micro Index  | 3 | 09/19/2025 | $140771 | $1382 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | 3 | 09/26/2025 | 89910 | 4049 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nifty 50 Index  | 217 | 09/30/2025 | 10656002 | (206634) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | 68 | 09/11/2025 | 1975380 | 73305 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | 138 | 09/11/2025 | 40088599 | 1399664 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | 254 | 09/11/2025 | 36897452 | 1771430 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | 15 | 09/11/2025 | 2147596 | 48910 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | 16 | 09/11/2025 | 3368000 | 37075 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD  | 203 | 09/30/2025 | 19352315 | (59681) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD  | 28 | 10/31/2025 | 2659289 | (65222) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD  | 21 | 11/28/2025 | 1980355 | (21592) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD  | 11 | 12/31/2025 | 1034880 | 1621 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NYSE FANG+ Index  | 2 | 09/19/2025 | 153254 | (408) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMXS30 ESG Index  | 5 | 09/19/2025 | 132533 | (387) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMXS30 Index  | 1235 | 09/19/2025 | 34360650 | (113881) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palladium  | 33 | 12/29/2025 | 3709200 | (61100) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Platinum  | 315 | 10/29/2025 | 21585375 | 602130 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock  | 275 | 09/30/2025 | 22740795 | 328669 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock  | 22 | 10/31/2025 | 1767982 | (5834) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock  | 15 | 11/28/2025 | 1180431 | (8610) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reformulated Gasoline Blendstock  | 13 | 12/31/2025 | 1013758 | 3793 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robusta Coffee  | 1 | 11/24/2025 | 48150 | 10 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robusta Coffee  | 1 | 01/26/2026 | 47030 | 430 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000 Index  | 390 | 09/19/2025 | 46211100 | 1243551 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index  | 4 | 09/19/2025 | 129455 | 3101 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index  | 314 | 09/19/2025 | 101622175 | 1763345 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Mid Cap 400 Index  | 14 | 09/19/2025 | 4561900 | 38260 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/Toronto Stock Exchange 60 Index  | 442 | 09/18/2025 | 109149074 | 5616051 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX FTSE Taiwan Index  | 397 | 09/26/2025 | 31855280 | 43784 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX TSI Iron Ore  | 186 | 09/30/2025 | 1925100 | (8565) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX TSI Iron Ore  | 481 | 10/31/2025 | 4976907 | 39954 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX TSI Iron Ore  | 142 | 11/28/2025 | 1465440 | 10680 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX TSI Iron Ore  | 82 | 12/31/2025 | 844600 | 8145 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term Euro-BTP  | 1816 | 09/08/2025 | 228866947 | (582935) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver  | 544 | 12/29/2025 | 110766560 | 4790291 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silver  | 10 | 03/27/2026 | 2060100 | 77445 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South African Rand/US Dollar Cross Currency Rate  | 2 | 09/15/2025 | 56650 | 650 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans  | 998 | 11/14/2025 | 52619550 | 1500397 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans  | 78 | 03/13/2026 | 4239300 | 68538 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STOXX 600 Bank Spread Index  | 39 | 09/19/2025 | 682227 | 48876 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STOXX 600 Utilities Index  | 24 | 09/19/2025 | 608304 | (11699) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STOXX Euro ESG-X Index  | 66 | 09/19/2025 | 1555085 | (11067) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STOXX Europe 600 Index  | 5 | 09/19/2025 | 142758 | 3732 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STOXX Europe 600 Index  | 193 | 09/19/2025 | 6221691 | 20520 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugar #11  | 15 | 09/30/2025 | 275016 | (574) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Franc/US Dollar Cross Currency Rate  | 217 | 09/15/2025 | 33968637 | (21785) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swiss Government Bonds  | 4 | 09/08/2025 | 815247 | 4824 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Select Sector Index  | 4 | 09/19/2025 | 1058400 | 20200 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tokyo Price Index  | 65 | 09/11/2025 | 1359004 | 110715 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOPIX Index  | 323 | 09/11/2025 | 67532068 | 3600461 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Year Canadian Government Bonds  | 83 | 12/18/2025 | $6380548 | $6346 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10 Year Notes  | 1363 | 12/19/2025 | 153337500 | 420501 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2 Year Notes  | 1104 | 12/31/2025 | 230227124 | 183077 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 5 Year Note  | 2455 | 12/31/2025 | 268745782 | 550461 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long Bonds  | 14 | 12/19/2025 | 1599500 | (2797) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US 3 Year Notes  | 9 | 12/31/2025 | 1918477 | 4414 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Cocoa  | 43 | 12/15/2025 | 3315300 | (321640) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Cocoa  | 12 | 03/16/2026 | 900240 | (70430) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Dollar/Chinese Renminbi Cross Currency Rate  | 2 | 09/15/2025 | 200006 | (576) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities Select Sector Index  | 6 | 09/19/2025 | 510420 | (4520) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Sugar  | 8 | 09/15/2025 | 197080 | 1550 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Sugar  | 16 | 11/14/2025 | 382160 | 5770 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI CRUDE FUTURE Feb 26  | 2 | 01/16/2026 | 125020 | (330) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | 2 | 10/20/2025 | 126920 | (4180) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | 2 | 11/19/2025 | 125980 | (3860) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | 2 | 12/18/2025 | 125400 | (4150) |
|  |  |  |  | $52453870 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 Month Secured Overnight Financing Rate  | (37) | 01/30/2026 | $14830478 | $3229 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 Year Japanese Government Bonds  | (16) | 09/11/2025 | 1497819 | 1143 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 Year U.S. Ultra Treasury Notes  | (56) | 12/19/2025 | 6406750 | (22766) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | (4610) | 03/17/2026 | 818544799 | (671597) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Canadian Overnight Repo Rate Average  | (31) | 06/16/2026 | 5506572 | (2549) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | (73) | 03/16/2026 | 20945108 | 1141 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Month Euribor  | (104) | 09/14/2026 | 29844169 | 614 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | (248) | 06/16/2026 | 59820700 | (66013) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | (1688) | 09/15/2026 | 408306100 | (449112) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3-Month Secured Overnight Financing Rate  | (15) | 12/15/2026 | 3635063 | (1300) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arabica Coffee  | (117) | 12/18/2025 | 16940138 | (3155288) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASX SPI 200 Index  | (91) | 09/18/2025 | 13306070 | (467065) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AUD/USD Cross Currency Rate  | (1114) | 09/15/2025 | 72939150 | (582928) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | (241) | 12/11/2025 | 156441833 | 9622 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australian 90 Day Bank Bills  | (211) | 03/12/2026 | 137007956 | 33654 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | (1) | 09/30/2025 | 67480 | (230) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | (12) | 09/30/2025 | 809760 | (6193) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | (14) | 10/31/2025 | 936460 | (8680) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil  | (8) | 11/28/2025 | 532000 | (5850) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; British Pound/US Dollar Cross Currency Rate  | (35) | 09/15/2025 | 2955969 | (7541) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAC40 10 Euro Index  | (16) | 09/19/2025 | 1443850 | 10898 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian 10 Year Government Bonds  | (747) | 12/18/2025 | 65548455 | (366047) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian 5 Year Bonds  | (259) | 12/18/2025 | 21553945 | (70914) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Canola Oil  | (61) | 11/14/2025 | 556455 | 20360 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Canola Oil  | (24) | 01/14/2026 | 223092 | 8292 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar/US Dollar Cross Currency Rate  | (372) | 09/16/2025 | 27118800 | (108499) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper  | (103) | 12/29/2025 | 11820538 | (214063) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper  | (7) | 03/27/2026 | 812525 | (6850) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corn No. 2 Yellow  | (2245) | 12/12/2025 | $47173062 | $623480 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corn No. 2 Yellow  | (927) | 03/13/2026 | 20289713 | (274750) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corn No. 2 Yellow  | (144) | 05/14/2026 | 3223800 | 14813 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton No.2  | (1326) | 12/08/2025 | 44116020 | 770972 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cotton No.2  | (96) | 03/09/2026 | 3285120 | 34355 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | (6) | 09/22/2025 | 384060 | (4990) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | (8) | 10/21/2025 | 507680 | (13000) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | (49) | 11/20/2025 | 3086510 | (54840) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil  | (11) | 12/19/2025 | 689700 | (14100) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Soybean Oil  | (555) | 12/12/2025 | 17362620 | 1041942 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar Index  | (324) | 09/15/2025 | 31651560 | (67538) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dow Jones Industrial Average Index  | (5) | 09/19/2025 | 1140025 | (31190) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro BUXL 30 Year Bonds  | (243) | 09/08/2025 | 32397347 | 967319 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro STOXX 50 Quanto Index  | (67) | 09/19/2025 | 4202932 | 6081 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro/Pound Sterling Cross Currency Rate  | (2) | 09/15/2025 | 292826 | (2053) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro/US Dollar Cross Currency Rate  | (1099) | 09/15/2025 | 160872994 | (2974931) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-BOBL  | (840) | 09/08/2025 | 115430350 | (150955) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-Bund  | (1526) | 09/08/2025 | 231282450 | 138167 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euro-Schatz  | (1730) | 09/08/2025 | 216682616 | (15547) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Rapeseed  | (154) | 10/31/2025 | 4166325 | 69258 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Rapeseed  | (43) | 01/30/2026 | 1179674 | 20210 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; French Government Bonds  | (596) | 09/08/2025 | 85003404 | 659365 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frozen Concentrated Orange Juice  | (29) | 11/07/2025 | 1063792 | 3998 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FTSE China A50 Index  | (4) | 09/29/2025 | 59940 | (447) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; German Stock Index  | (31) | 09/19/2025 | 21722159 | 44143 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold  | (80) | 12/29/2025 | 28128800 | (803690) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng China Enterprises Index  | (63) | 09/29/2025 | 3608428 | 18565 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hang Seng Index  | (8) | 09/29/2025 | 1283972 | (481) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hard Red Winter Wheat  | (778) | 12/12/2025 | 20218275 | 541270 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hard Red Winter Wheat  | (110) | 03/13/2026 | 2974125 | 99513 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | (611) | 06/16/2026 | 198777742 | 197402 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | (2392) | 09/15/2026 | 778840321 | 807382 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICE 3 Month SONIA Rate  | (10) | 12/15/2026 | 3257542 | 169 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee/US Dollar Cross Currency Rate  | (5) | 09/26/2025 | 283225 | 3260 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indian Rupee/US Dollar Cross Currency Rate  | (5) | 09/26/2025 | 113210 | 1014 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese 10 Year Government Bonds  | (363) | 09/12/2025 | 339743595 | 1167150 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japanese Yen/US Dollar Cross Currency Rate  | (1289) | 09/15/2025 | 109782519 | 580803 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Light Sweet Crude Oil  | (8) | 09/19/2025 | 256040 | (5203) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (3) | 09/01/2025 | 196386 | (2820) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (2) | 09/02/2025 | 130924 | (1910) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/05/2025 | 65457 | (1006) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (5) | 09/08/2025 | 327279 | (7027) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (2) | 09/09/2025 | 130905 | (1768) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (5) | 09/10/2025 | 327245 | (6360) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (3) | 09/12/2025 | 196327 | (2613) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (188) | 09/15/2025 | 12302485 | (376945) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/16/2025 | 65401 | (911) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/17/2025 | 65390 | (946) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/19/2025 | 65368 | (905) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (13) | 09/22/2025 | 849631 | 7380 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/24/2025 | $65365 | $(1040) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/26/2025 | 65381 | (519) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 09/30/2025 | 65381 | 541 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (4) | 10/01/2025 | 261525 | 2195 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (2) | 10/03/2025 | 130788 | 1148 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (86) | 10/13/2025 | 5622250 | (75854) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 10/14/2025 | 65325 | 575 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (14) | 10/15/2025 | 914522 | (19222) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (12) | 10/17/2025 | 783825 | (15975) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (21) | 10/20/2025 | 1371563 | (26156) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (18) | 10/21/2025 | 1175513 | (20969) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (17) | 10/22/2025 | 1110100 | (23375) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 10/28/2025 | 65331 | (106) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (7) | 10/29/2025 | 457319 | (9188) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 10/31/2025 | 65343 | (956) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (2) | 11/10/2025 | 130779 | (1946) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (1) | 11/12/2025 | 65380 | (155) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (2) | 11/14/2025 | 130810 | (1322) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (7) | 11/17/2025 | 457835 | (4783) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (8) | 11/18/2025 | 522940 | (3403) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Aluminum Forward  | (4) | 11/19/2025 | 261470 | (2107) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 09/01/2025 | 245581 | (2228) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 09/03/2025 | 245656 | (2303) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 09/05/2025 | 245815 | (1315) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 09/09/2025 | 245894 | (5419) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (25) | 09/15/2025 | 6153225 | (85714) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (15) | 09/22/2025 | 3695130 | (14031) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 09/24/2025 | 246385 | 1841 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 09/26/2025 | 492944 | (206) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 09/29/2025 | 492987 | (10762) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 09/30/2025 | 493030 | (10643) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 10/01/2025 | 493073 | (10623) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 10/06/2025 | 493364 | (10602) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 10/07/2025 | 493414 | (11283) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (2) | 10/08/2025 | 493448 | (10586) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (20) | 10/13/2025 | 4936145 | (87171) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (4) | 10/17/2025 | 987464 | (21289) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 10/20/2025 | 246882 | (2157) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (8) | 10/22/2025 | 1975442 | (32054) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 10/29/2025 | 247112 | (7349) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 10/31/2025 | 247191 | (2514) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 11/17/2025 | 247481 | (5056) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 11/18/2025 | 247456 | (5344) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Copper Forward  | (1) | 11/26/2025 | 247550 | (3625) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 09/02/2025 | 183009 | 2301 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 09/02/2025 | 91481 | (477) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 09/03/2025 | 183043 | 2267 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 09/08/2025 | 91604 | (509) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 09/09/2025 | 183239 | (1020) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (3) | 09/10/2025 | 274908 | (1940) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (4) | 09/12/2025 | $366811 | $(3571) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (68) | 09/15/2025 | 6236925 | (125902) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 09/16/2025 | 183462 | (3702) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (5) | 09/17/2025 | 458715 | (9135) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (5) | 09/19/2025 | 458949 | (14409) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (5) | 09/22/2025 | 459007 | (14581) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 09/23/2025 | 183627 | (1148) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (6) | 09/24/2025 | 550950 | (3426) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (3) | 09/26/2025 | 275665 | (1998) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 09/29/2025 | 91904 | (667) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (4) | 10/01/2025 | 367744 | (6343) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 10/07/2025 | 92031 | (1911) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (3) | 10/08/2025 | 276141 | (1971) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (63) | 10/13/2025 | 5802795 | (142519) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 10/14/2025 | 184238 | (2656) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 10/15/2025 | 92130 | (1890) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (6) | 10/17/2025 | 552897 | (4338) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 10/20/2025 | 184309 | (3110) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 10/21/2025 | 184336 | (4924) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (19) | 10/22/2025 | 1751455 | 19446 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 10/24/2025 | 92220 | (870) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (5) | 10/28/2025 | 461214 | (6504) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (13) | 10/29/2025 | 1199323 | (36973) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 11/05/2025 | 92340 | (1470) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (8) | 11/10/2025 | 739111 | (5881) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (3) | 11/11/2025 | 277202 | (1292) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (60) | 11/17/2025 | 5546948 | (156440) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (3) | 11/18/2025 | 277309 | (6709) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (7) | 11/19/2025 | 647094 | (18654) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (2) | 11/24/2025 | 185004 | (4254) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Lead Forward  | (1) | 11/26/2025 | 92526 | (1626) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 09/01/2025 | 97539 | 2811 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (3) | 09/02/2025 | 146372 | 4944 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 09/02/2025 | 97496 | 2816 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (1) | 09/08/2025 | 48918 | 2020 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (51) | 09/15/2025 | 2501461 | 87827 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 09/16/2025 | 98072 | 3859 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (9) | 09/17/2025 | 441472 | 17213 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 09/19/2025 | 98238 | 3692 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (17) | 09/22/2025 | 835308 | 18957 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 09/26/2025 | 98425 | 3800 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (5) | 09/30/2025 | 246191 | 11059 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (20) | 10/01/2025 | 985020 | 46430 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (6) | 10/03/2025 | 295812 | 10013 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (12) | 10/06/2025 | 591780 | 21958 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (9) | 10/07/2025 | 443950 | 15875 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (1) | 10/08/2025 | 49340 | 1397 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (7) | 10/10/2025 | 345742 | 5845 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (46) | 10/13/2025 | 2272607 | (3734) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (2) | 10/14/2025 | 98772 | 254 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (9) | 10/15/2025 | $444303 | $3147 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (1) | 11/04/2025 | 49617 | (298) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (39) | 11/17/2025 | 1938544 | (9555) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (64) | 11/18/2025 | 3181008 | (33008) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Nickel Forward  | (1) | 11/24/2025 | 49753 | 222 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/01/2025 | 175915 | (19490) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/02/2025 | 175965 | (22690) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/03/2025 | 175815 | (810) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/05/2025 | 175715 | (702) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (2) | 09/08/2025 | 351403 | (12688) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/09/2025 | 175688 | (12413) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (3) | 09/10/2025 | 527025 | (24983) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (3) | 09/15/2025 | 526545 | (18915) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/17/2025 | 175417 | (12067) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (2) | 09/22/2025 | 350772 | (4162) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 09/24/2025 | 175365 | (6555) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (3) | 10/03/2025 | 526207 | (22961) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (2) | 10/07/2025 | 350826 | (18301) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (2) | 10/20/2025 | 350802 | (12522) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 10/21/2025 | 175396 | (6316) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (3) | 10/22/2025 | 526174 | (25939) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 10/29/2025 | 175455 | (9955) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 10/31/2025 | 175502 | (8752) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 11/03/2025 | 175513 | (8563) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (1) | 11/04/2025 | 175525 | (7200) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Tin Forward  | (3) | 11/10/2025 | 526575 | (20600) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 09/02/2025 | 211884 | (10694) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 09/03/2025 | 211857 | (10520) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (2) | 09/05/2025 | 141294 | (7032) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 09/08/2025 | 282617 | (12678) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (2) | 09/09/2025 | 141322 | (7022) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (6) | 09/10/2025 | 424009 | (30324) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 09/12/2025 | 282670 | (15830) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (96) | 09/15/2025 | 6784056 | (454081) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 09/16/2025 | 211927 | (14039) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (8) | 09/17/2025 | 564938 | (36188) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (1) | 09/19/2025 | 70607 | (3432) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (10) | 09/22/2025 | 706022 | (2616) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (2) | 09/23/2025 | 141194 | (2244) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 09/24/2025 | 211777 | (3352) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (6) | 09/26/2025 | 423564 | 1809 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (1) | 09/29/2025 | 70595 | (416) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 09/30/2025 | 282379 | (3016) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (5) | 10/01/2025 | 352976 | 35 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (1) | 10/03/2025 | 70597 | (3122) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 10/06/2025 | 282390 | (2330) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/07/2025 | 211793 | (1245) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 10/08/2025 | 282393 | (8793) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/10/2025 | 211792 | (7017) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (63) | 10/13/2025 | 4447595 | 65 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/14/2025 | $211789 | $(10439) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 10/15/2025 | 282385 | (4697) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 10/17/2025 | 282385 | (2706) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/20/2025 | 211789 | 636 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (1) | 10/21/2025 | 70596 | (1067) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (10) | 10/22/2025 | 705963 | (9081) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (4) | 10/24/2025 | 282385 | (1885) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/27/2025 | 211789 | (3726) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (11) | 10/28/2025 | 776559 | (8971) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (25) | 10/29/2025 | 1764906 | (49406) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (3) | 10/31/2025 | 211811 | (6636) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (1) | 11/03/2025 | 70605 | (1031) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (16) | 11/04/2025 | 1129716 | (16392) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (16) | 11/05/2025 | 1129744 | (16276) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (9) | 11/10/2025 | 635562 | (9011) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (7) | 11/11/2025 | 494239 | (5738) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (18) | 11/12/2025 | 1270899 | (13261) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (9) | 11/14/2025 | 635375 | (8600) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (25) | 11/17/2025 | 1764931 | (32754) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (2) | 11/18/2025 | 141073 | (1973) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (8) | 11/19/2025 | 563800 | (8013) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LME Zinc Forward  | (2) | 11/26/2025 | 140950 | (2287) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Cocoa  | (58) | 12/11/2025 | 4156408 | (40805) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Cocoa  | (2) | 03/16/2026 | 141432 | 1149 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | (1133) | 09/15/2025 | 74142104 | (2403944) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | (312) | 10/13/2025 | 20397000 | (165371) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | (13) | 11/17/2025 | 850265 | (1222) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Aluminum<sup>(a)</sup>  | (12) | 12/15/2025 | 785175 | (12376) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | (232) | 09/15/2025 | 57101929 | (1042005) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | (2) | 10/13/2025 | 493615 | (9771) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Copper<sup>(a)</sup>  | (16) | 12/15/2025 | 3968096 | (76352) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | (725) | 09/15/2025 | 35559981 | 362226 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | (151) | 10/13/2025 | 7460079 | 108875 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | (61) | 11/17/2025 | 3032081 | 20444 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Lead<sup>(a)</sup>  | (226) | 12/15/2025 | 11293163 | (53602) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Nickel<sup>(a)</sup>  | (312) | 09/15/2025 | 28616478 | 125792 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Nickel<sup>(a)</sup>  | (43) | 10/13/2025 | 3960638 | (83534) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Nickel<sup>(a)</sup>  | (156) | 12/15/2025 | 14470176 | (252577) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Tin<sup>(a)</sup>  | (3) | 09/15/2025 | 526545 | (24153) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Zinc<sup>(a)</sup>  | (412) | 09/15/2025 | 29114907 | (1310851) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; London Metals - Zinc<sup>(a)</sup>  | (49) | 12/15/2025 | 3457195 | (41428) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long Gilt  | (2039) | 12/29/2025 | 249466494 | (197740) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumber  | (5) | 11/14/2025 | 81056 | 4164 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maize  | (13) | 11/05/2025 | 143723 | 3173 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milling Wheat No. 2  | (1275) | 12/10/2025 | 14468804 | 526589 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milling Wheat No. 2  | (354) | 03/10/2026 | 4162172 | 128207 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milling Wheat No. 2  | (49) | 05/11/2026 | 590451 | 3027 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq 100 Index  | (1) | 09/19/2025 | 469235 | 4545 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (16) | 09/25/2025 | 119880 | (5618) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (623) | 09/26/2025 | 18671310 | 250741 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (110) | 09/29/2025 | $3031719 | $88448 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (558) | 10/29/2025 | 18598140 | 494420 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (20) | 10/30/2025 | 546084 | 24659 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (180) | 11/25/2025 | 7045200 | 128210 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas  | (81) | 12/29/2025 | 3436830 | 85040 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand Dollar/US Dollar Cross Currency Rate  | (201) | 09/15/2025 | 11868045 | 31925 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nifty 50 Index  | (259) | 09/30/2025 | 12718454 | 163422 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nikkei 225 Index  | (26) | 09/11/2025 | 3722500 | 19516 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD  | (3) | 09/30/2025 | 285995 | 806 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OMXS30 Index  | (162) | 09/19/2025 | 4507227 | (27266) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phelix DE Baseload Quarterly  | (1) | 09/26/2025 | 230056 | (8709) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Spring Wheat  | (215) | 12/12/2025 | 6235000 | 120575 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Red Spring Wheat  | (64) | 03/13/2026 | 1919200 | 35350 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robusta Coffee  | (45) | 11/24/2025 | 2166750 | (648230) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Robusta Coffee  | (17) | 01/26/2026 | 799510 | (228000) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (2) | 10/31/2025 | 194400 | 7900 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (2) | 11/28/2025 | 196100 | 6200 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (2) | 12/24/2025 | 197600 | 4700 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 01/30/2026 | 99600 | 5900 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 02/27/2026 | 100400 | 5100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 03/27/2026 | 100950 | 4550 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 04/24/2026 | 101250 | 4250 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 05/29/2026 | 101900 | 3600 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 06/26/2026 | 102750 | 2750 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 07/31/2026 | 104000 | 1500 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 08/28/2026 | 105050 | 450 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 09/25/2026 | 105800 | (300) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 10/30/2026 | 106500 | (1000) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 11/27/2026 | 106950 | (1450) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rotterdam Coal  | (1) | 12/24/2026 | 107150 | (1650) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rough Rice  | (56) | 11/14/2025 | 1363040 | 46320 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Index  | (189) | 09/19/2025 | 61167488 | (1778030) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P Real Estate Select Sector Stock Index  | (1) | 09/19/2025 | 51788 | (1188) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P/Toronto Stock Exchange 60 Index  | (8) | 09/18/2025 | 1975549 | (11942) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGX FTSE Taiwan Index  | (2) | 09/26/2025 | 160480 | 180 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybean Meal  | (1302) | 12/12/2025 | 37627800 | 1196950 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybean Meal  | (193) | 01/14/2026 | 5651040 | 55460 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans  | (344) | 11/14/2025 | 18137400 | (407400) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans  | (88) | 01/14/2026 | 4719000 | (76275) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans  | (54) | 03/13/2026 | 2934900 | (13950) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugar #11  | (1870) | 09/30/2025 | 34285328 | 426039 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugar #11  | (741) | 02/27/2026 | 14116939 | (65699) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugar #11  | (175) | 04/30/2026 | 3275160 | 35582 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugar #11  | (5) | 06/30/2026 | 92848 | (78) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkish Dollar  | (365) | 09/30/2025 | 374416 | 794 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Two Year Canadian Government Bonds  | (94) | 12/18/2025 | 7226162 | (7529) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 10 Year Notes  | (2445) | 12/19/2025 | 275062500 | (643766) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury 2 Year Notes  | (105) | 12/31/2025 | 21896602 | (15695) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Long Bonds  | (376) | 12/19/2025 | 42958000 | (30725) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Ultra Bonds  | (235) | 12/19/2025 | 27392187 | 21838 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UK Natural Gas  | (90) | 09/29/2025 | $2934957 | $76509 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UK Natural Gas  | (50) | 10/30/2025 | 1677074 | 75136 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Cocoa  | (2) | 12/15/2025 | 154200 | (430) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Dollar/Swedish Krona Cross Currency Rate  | (13) | 09/15/2025 | 1298256 | 14546 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheat  | (2463) | 12/12/2025 | 65792888 | 655665 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheat  | (207) | 03/13/2026 | 5713200 | 61975 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wheat  | (27) | 05/14/2026 | 759375 | (6675) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Sugar  | (103) | 11/14/2025 | 2460155 | (81470) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White Sugar  | (62) | 02/13/2026 | 1461340 | (21605) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | (7) | 09/19/2025 | 448070 | (11960) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | (7) | 10/20/2025 | 444220 | 100 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | (4) | 11/19/2025 | 251960 | (3530) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WTI Light Sweet Crude Oil  | (3) | 12/18/2025 | 188100 | (3900) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XAV Health Care Select Sector Index  | (1) | 09/19/2025 | 138720 | (4150) |
|  |  |  |  | $(9520393) |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $42933477 |

---

&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 Portfolio of Investments (continued)** 

**August 31, 2025**

Forward foreign currency contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | AUD | 600000 | CAD | 539525 | Bank of America | $(230) |
| 09/22/2025 | AUD | 1800000 | CAD | 1616370 | Bank of America | 194 |
| 09/22/2025 | AUD | 200000 | JPY | 19087218 | Bank of America | 715 |
| 09/02/2025 | AUD | 4000000 | NZD | 4443548 | Bank of America | (3870) |
| 09/22/2025 | AUD | 45800000 | NZD | 50275569 | Bank of America | 300728 |
| 09/02/2025 | AUD | 119724777 | USD | 78017355 | Bank of America | 342563 |
| 09/17/2025 | AUD | 54628211 | USD | 35654304 | Bank of America | 109268 |
| 09/22/2025 | AUD | 9681566 | USD | 6290267 | Bank of America | 48526 |
| 10/16/2025 | AUD | 20507000 | USD | 13332626 | Bank of America | 99165 |
| 09/03/2025 | BRL | 88755491 | USD | 15800000 | Bank of America | 548319 |
| 10/02/2025 | BRL | 58938460 | USD | 10800000 | Bank of America | (23975) |
| 09/22/2025 | CAD | 12642117 | AUD | 14200000 | Bank of America | (81175) |
| 09/22/2025 | CAD | 600000 | JPY | 64063218 | Bank of America | 295 |
| 09/02/2025 | CAD | 5780049 | USD | 4204108 | Bank of America | 5436 |
| 09/17/2025 | CAD | 39101896 | USD | 28636959 | Bank of America | (138938) |
| 09/22/2025 | CAD | 23800000 | USD | 17318338 | Bank of America | 31601 |
| 10/16/2025 | CAD | 209699000 | USD | 152625284 | Bank of America | 423660 |
| 09/17/2025 | CHF | 1820694 | EUR | 1950000 | Bank of America | (3310) |
| 09/22/2025 | CHF | 16318138 | EUR | 17500000 | Bank of America | (50475) |
| 09/02/2025 | CHF | 405108 | GBP | 375000 | Bank of America | (332) |
| 09/22/2025 | CHF | 2539519 | GBP | 2375000 | Bank of America | (27563) |
| 09/22/2025 | CHF | 9250000 | JPY | 1685707725 | Bank of America | 93200 |
| 09/02/2025 | CHF | 3728000 | USD | 4652036 | Bank of America | 9427 |
| 09/17/2025 | CHF | 45052735 | USD | 56086547 | Bank of America | 351351 |
| 09/22/2025 | CHF | 9125000 | USD | 11349480 | Bank of America | 88503 |
| 09/04/2025 | CLP | 95742370 | USD | 100000 | Bank of America | (973) |
| 09/08/2025 | CLP | 676203514 | USD | 700000 | Bank of America | (589) |
| 09/11/2025 | CLP | 289348652 | USD | 300000 | Bank of America | (717) |
| 09/17/2025 | CLP | 4761539467 | USD | 5050000 | Bank of America | (124862) |
| 09/22/2025 | CLP | 192433260 | USD | 200000 | Bank of America | (951) |
| 09/29/2025 | CLP | 96107830 | USD | 100000 | Bank of America | (586) |
| 09/30/2025 | CLP | 96971830 | USD | 100000 | Bank of America | 308 |
| 10/02/2025 | CLP | 96708830 | USD | 100000 | Bank of America | 36 |
| 09/02/2025 | CNH | 96904712 | USD | 13569677 | Bank of America | 41956 |
| 09/17/2025 | CNH | 230361501 | USD | 32268026 | Bank of America | 135130 |
| 09/22/2025 | CNH | 255460296 | USD | 35700000 | Bank of America | 251032 |
| 09/08/2025 | COP | 822946900 | USD | 200000 | Bank of America | 4609 |
| 09/12/2025 | COP | 2446902000 | USD | 600000 | Bank of America | 8134 |
| 09/17/2025 | COP | 30550912388 | USD | 7400002 | Bank of America | 189170 |
| 09/19/2025 | COP | 403169000 | USD | 100000 | Bank of America | 132 |
| 09/22/2025 | COP | 2827996000 | USD | 700000 | Bank of America | 2160 |
| 09/25/2025 | COP | 403733316 | USD | 100000 | Bank of America | 213 |
| 09/29/2025 | COP | 806042632 | USD | 200000 | Bank of America | (10) |
| 09/17/2025 | CZK | 129143948 | EUR | 5250000 | Bank of America | 31141 |
| 09/02/2025 | CZK | 2096836 | USD | 100000 | Bank of America | 311 |
| 09/22/2025 | CZK | 6373584 | USD | 300000 | Bank of America | 5073 |
| 09/22/2025 | EUR | 9500000 | AUD | 17011031 | Bank of America | (6372) |
| 09/22/2025 | EUR | 16875000 | CAD | 26944864 | Bank of America | 130066 |
| 09/17/2025 | EUR | 9850000 | CHF | 9238945 | Bank of America | (36028) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/22/2025 | EUR | 3750000 | CHF | 3517350 | Bank of America | $(15013) |
| 09/02/2025 | EUR | 400000 | GBP | 346442 | Bank of America | (190) |
| 09/17/2025 | EUR | 9650000 | GBP | 8399005 | Bank of America | (50836) |
| 09/22/2025 | EUR | 22000000 | GBP | 19169868 | Bank of America | (138403) |
| 09/22/2025 | EUR | 1800000 | HUF | 721748498 | Bank of America | (18256) |
| 09/17/2025 | EUR | 37800000 | JPY | 6444364696 | Bank of America | 331504 |
| 09/22/2025 | EUR | 10900000 | JPY | 1854944982 | Bank of America | 115458 |
| 09/17/2025 | EUR | 5900000 | NOK | 70503160 | Bank of America | (103649) |
| 09/22/2025 | EUR | 8375000 | NOK | 99763168 | Bank of America | (112933) |
| 09/02/2025 | EUR | 300000 | PLN | 1280013 | Bank of America | (207) |
| 09/17/2025 | EUR | 1450000 | PLN | 6195983 | Bank of America | (1514) |
| 09/22/2025 | EUR | 500000 | PLN | 2135758 | Bank of America | (75) |
| 09/17/2025 | EUR | 1750000 | SEK | 19562395 | Bank of America | (19599) |
| 09/02/2025 | EUR | 214299304 | USD | 249515507 | Bank of America | 1260617 |
| 09/17/2025 | EUR | 102250168 | USD | 119413107 | Bank of America | 356275 |
| 09/22/2025 | EUR | 15250000 | USD | 17732779 | Bank of America | 135772 |
| 09/22/2025 | GBP | 7875000 | AUD | 16174535 | Bank of America | 56388 |
| 09/02/2025 | GBP | 875000 | CHF | 946479 | Bank of America | (759) |
| 09/22/2025 | GBP | 375000 | CHF | 405599 | Bank of America | (1442) |
| 09/02/2025 | GBP | 72483 | EUR | 84073 | Bank of America | (410) |
| 09/17/2025 | GBP | 4710608 | EUR | 5450000 | Bank of America | (15727) |
| 09/22/2025 | GBP | 3048554 | EUR | 3515927 | Bank of America | 1738 |
| 09/02/2025 | GBP | 500000 | JPY | 99229953 | Bank of America | 297 |
| 09/22/2025 | GBP | 11125000 | JPY | 2178550115 | Bank of America | 175929 |
| 09/02/2025 | GBP | 7169000 | USD | 9676436 | Bank of America | 13684 |
| 09/17/2025 | GBP | 85263000 | USD | 115098486 | Bank of America | 164721 |
| 09/22/2025 | GBP | 16312500 | USD | 21785296 | Bank of America | 267777 |
| 10/16/2025 | GBP | 88059000 | USD | 118798840 | Bank of America | 266904 |
| 09/17/2025 | HUF | 3096385264 | EUR | 7750000 | Bank of America | 51253 |
| 09/22/2025 | HUF | 796116116 | EUR | 2000000 | Bank of America | 3110 |
| 09/02/2025 | HUF | 395420610 | USD | 1162016 | Bank of America | 4806 |
| 09/17/2025 | HUF | 6533241080 | USD | 19294688 | Bank of America | (32648) |
| 09/22/2025 | HUF | 4081150550 | USD | 11800000 | Bank of America | 229059 |
| 09/17/2025 | IDR | 112259199570 | USD | 6900000 | Bank of America | (94880) |
| 09/02/2025 | ILS | 1997626 | USD | 600000 | Bank of America | (1502) |
| 09/17/2025 | ILS | 32179765 | USD | 9450000 | Bank of America | 191848 |
| 09/22/2025 | ILS | 19767392 | USD | 5800000 | Bank of America | 122981 |
| 09/04/2025 | INR | 87026654 | USD | 1000000 | Bank of America | (13778) |
| 09/08/2025 | INR | 201908845 | USD | 2300000 | Bank of America | (12298) |
| 09/17/2025 | INR | 685725855 | USD | 7909581 | Bank of America | (143410) |
| 09/22/2025 | JPY | 968506920 | AUD | 10200000 | Bank of America | (70171) |
| 09/22/2025 | JPY | 937673412 | CAD | 8800000 | Bank of America | (17423) |
| 09/17/2025 | JPY | 162149666 | EUR | 950000 | Bank of America | (7049) |
| 09/22/2025 | JPY | 34431326 | EUR | 200000 | Bank of America | 581 |
| 09/02/2025 | JPY | 124122171 | GBP | 625000 | Bank of America | 206 |
| 09/22/2025 | JPY | 397526713 | GBP | 2000000 | Bank of America | 8472 |
| 09/02/2025 | JPY | 34626202 | NZD | 400000 | Bank of America | (288) |
| 09/22/2025 | JPY | 1314683438 | NZD | 15200000 | Bank of America | (5030) |
| 09/02/2025 | JPY | 320404897 | USD | 2178743 | Bank of America | 2511 |
| 09/17/2025 | JPY | 1936532209 | USD | 13245937 | Bank of America | (40452) |
| 09/22/2025 | JPY | 750000000 | USD | 5122849 | Bank of America | (5651) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 10/16/2025 | JPY | 2359600000 | USD | 16074349 | Bank of America | $69369 |
| 09/02/2025 | KRW | 4155292895 | USD | 3000000 | Bank of America | (10492) |
| 09/04/2025 | KRW | 415040431 | USD | 300000 | Bank of America | (1370) |
| 09/05/2025 | KRW | 4552738185 | USD | 3300000 | Bank of America | (24036) |
| 09/08/2025 | KRW | 413798290 | USD | 300000 | Bank of America | (2200) |
| 09/11/2025 | KRW | 5002740000 | USD | 3600000 | Bank of America | 909 |
| 09/17/2025 | KRW | 4585079440 | USD | 3362548 | Bank of America | (61218) |
| 09/02/2025 | MXN | 24858251 | USD | 1333594 | Bank of America | (2314) |
| 09/03/2025 | MXN | 1177749 | USD | 63151 | Bank of America | (83) |
| 09/17/2025 | MXN | 1385295561 | USD | 73479886 | Bank of America | 591617 |
| 09/22/2025 | MXN | 161500000 | USD | 8568073 | Bank of America | 62739 |
| 10/16/2025 | MXN | 50780000 | USD | 2703613 | Bank of America | 3234 |
| 09/17/2025 | NOK | 141464461 | EUR | 11950000 | Bank of America | 77179 |
| 09/02/2025 | NOK | 23567996 | USD | 2341001 | Bank of America | 3626 |
| 09/17/2025 | NOK | 173680094 | USD | 16947897 | Bank of America | 331971 |
| 09/22/2025 | NOK | 113860495 | USD | 11100000 | Bank of America | 228610 |
| 10/16/2025 | NOK | 706530000 | USD | 69281006 | Bank of America | 1025454 |
| 09/22/2025 | NZD | 800000 | JPY | 70440472 | Bank of America | (8241) |
| 09/02/2025 | NZD | 4364000 | USD | 2564790 | Bank of America | 10145 |
| 09/17/2025 | NZD | 33394000 | USD | 20021097 | Bank of America | (306684) |
| 09/22/2025 | NZD | 8600000 | USD | 5083047 | Bank of America | (5073) |
| 10/16/2025 | NZD | 15649000 | USD | 9138424 | Bank of America | 110083 |
| 09/17/2025 | PEN | 11378332 | USD | 3150000 | Bank of America | 69222 |
| 09/17/2025 | PHP | 241490517 | USD | 4300000 | Bank of America | (76802) |
| 09/02/2025 | PLN | 852978 | EUR | 200000 | Bank of America | 38 |
| 09/17/2025 | PLN | 43317142 | EUR | 10100000 | Bank of America | 54145 |
| 09/22/2025 | PLN | 8134592 | EUR | 1900000 | Bank of America | 5419 |
| 09/02/2025 | PLN | 3891002 | USD | 1063951 | Bank of America | 3848 |
| 09/17/2025 | PLN | 57287087 | USD | 15724835 | Bank of America | (7344) |
| 09/22/2025 | PLN | 38109053 | USD | 10300000 | Bank of America | 154936 |
| 10/16/2025 | PLN | 22330000 | USD | 6087144 | Bank of America | 36599 |
| 09/17/2025 | SEK | 31630122 | EUR | 2850000 | Bank of America | 7732 |
| 09/22/2025 | SEK | 148132226 | EUR | 13250000 | Bank of America | 150192 |
| 09/22/2025 | SEK | 102294346 | NOK | 109000000 | Bank of America | (20243) |
| 09/02/2025 | SEK | 21251832 | USD | 2241187 | Bank of America | 4832 |
| 09/17/2025 | SEK | 99394828 | USD | 10463917 | Bank of America | 50720 |
| 09/22/2025 | SEK | 84839193 | USD | 8800000 | Bank of America | 177669 |
| 10/16/2025 | SEK | 30710000 | USD | 3244642 | Bank of America | 10276 |
| 09/02/2025 | SGD | 650938 | USD | 507071 | Bank of America | 422 |
| 09/17/2025 | SGD | 15453530 | USD | 12075464 | Bank of America | (12457) |
| 09/22/2025 | SGD | 30281143 | USD | 23600000 | Bank of America | 47045 |
| 10/15/2025 | SGD | 137303 | USD | 107208 | Bank of America | 215 |
| 09/17/2025 | THB | 37119117 | USD | 1150000 | Bank of America | (2420) |
| 09/22/2025 | TRY | 88989304 | USD | 2100000 | Bank of America | 17227 |
| 09/08/2025 | TWD | 5978363 | USD | 200000 | Bank of America | (4270) |
| 09/11/2025 | TWD | 32846210 | USD | 1100000 | Bank of America | (24368) |
| 09/12/2025 | TWD | 5950193 | USD | 200000 | Bank of America | (5131) |
| 09/15/2025 | TWD | 23908372 | USD | 800000 | Bank of America | (16812) |
| 09/17/2025 | TWD | 97841875 | USD | 3377310 | Bank of America | (171706) |
| 09/30/2025 | TWD | 33603900 | USD | 1100000 | Bank of America | 2118 |
| 10/02/2025 | TWD | 6089066 | USD | 200000 | Bank of America | (261) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | USD | 4405010 | AUD | 6741000 | Bank of America | $(6978) |
| 09/17/2025 | USD | 34880343 | AUD | 53767211 | Bank of America | (319557) |
| 09/22/2025 | USD | 10323668 | AUD | 15881566 | Bank of America | (74440) |
| 09/03/2025 | USD | 16340657 | BRL | 88737043 | Bank of America | (4264) |
| 09/02/2025 | USD | 4208345 | CAD | 5780048 | Bank of America | (1199) |
| 09/17/2025 | USD | 79445412 | CAD | 109257151 | Bank of America | (182763) |
| 09/22/2025 | USD | 17750782 | CAD | 24400000 | Bank of America | (36551) |
| 10/16/2025 | USD | 40710904 | CAD | 56209000 | Bank of America | (313269) |
| 09/02/2025 | USD | 3874198 | CHF | 3103000 | Bank of America | (5770) |
| 09/17/2025 | USD | 33924649 | CHF | 27164993 | Bank of America | (105141) |
| 09/22/2025 | USD | 1405657 | CHF | 1125000 | Bank of America | (4505) |
| 10/16/2025 | USD | 115401676 | CHF | 92675000 | Bank of America | (1117682) |
| 09/04/2025 | USD | 100000 | CLP | 98022500 | Bank of America | (1385) |
| 09/08/2025 | USD | 700000 | CLP | 674267690 | Bank of America | 2591 |
| 09/11/2025 | USD | 300000 | CLP | 292167000 | Bank of America | (2198) |
| 09/17/2025 | USD | 7700000 | CLP | 7419755008 | Bank of America | 25315 |
| 09/22/2025 | USD | 1100000 | CLP | 1059337984 | Bank of America | 4243 |
| 09/25/2025 | USD | 100000 | CLP | 96642470 | Bank of America | 34 |
| 10/03/2025 | USD | 300000 | CLP | 289330966 | Bank of America | 714 |
| 09/02/2025 | USD | 15174293 | CNH | 108185374 | Bank of America | (21867) |
| 09/17/2025 | USD | 52809741 | CNH | 378398777 | Bank of America | (416664) |
| 09/22/2025 | USD | 6800000 | CNH | 48743493 | Bank of America | (59692) |
| 10/15/2025 | USD | 2533080 | CNH | 18127641 | Bank of America | (22103) |
| 09/08/2025 | USD | 200000 | COP | 807399368 | Bank of America | (744) |
| 09/12/2025 | USD | 600000 | COP | 2420464104 | Bank of America | (1564) |
| 09/17/2025 | USD | 1650000 | COP | 6811051763 | Bank of America | (41938) |
| 09/19/2025 | USD | 100000 | COP | 406157684 | Bank of America | (874) |
| 09/22/2025 | USD | 300000 | COP | 1212579645 | Bank of America | (1070) |
| 09/30/2025 | USD | 100000 | COP | 408172684 | Bank of America | (1261) |
| 09/02/2025 | USD | 100000 | CZK | 2102804 | Bank of America | (596) |
| 09/02/2025 | USD | 7066642 | EUR | 6047000 | Bank of America | (9645) |
| 09/17/2025 | USD | 62894084 | EUR | 54110168 | Bank of America | (487145) |
| 09/22/2025 | USD | 10070272 | EUR | 8625000 | Bank of America | (35712) |
| 09/02/2025 | USD | 146144038 | GBP | 108219904 | Bank of America | (133527) |
| 09/17/2025 | USD | 54767775 | GBP | 40892000 | Bank of America | (512276) |
| 09/22/2025 | USD | 9685079 | GBP | 7187500 | Bank of America | (31792) |
| 10/16/2025 | USD | 3921494 | GBP | 2890000 | Bank of America | 13887 |
| 09/02/2025 | USD | 400037 | HUF | 136195198 | Bank of America | (1853) |
| 09/17/2025 | USD | 2188785 | HUF | 747807682 | Bank of America | (15986) |
| 09/22/2025 | USD | 800000 | HUF | 273463440 | Bank of America | (6025) |
| 09/17/2025 | USD | 7700000 | IDR | 126308331435 | Bank of America | 43226 |
| 09/17/2025 | USD | 1050000 | ILS | 3592940 | Bank of America | (26533) |
| 09/22/2025 | USD | 600000 | ILS | 2042485 | Bank of America | (11998) |
| 09/04/2025 | USD | 1000000 | INR | 87675900 | Bank of America | 6420 |
| 09/08/2025 | USD | 2300000 | INR | 201597530 | Bank of America | 15825 |
| 09/15/2025 | USD | 4500000 | INR | 394752150 | Bank of America | 28815 |
| 09/17/2025 | USD | 42490524 | INR | 3715612416 | Bank of America | 409450 |
| 09/19/2025 | USD | 7700000 | INR | 674803360 | Bank of America | 58265 |
| 09/22/2025 | USD | 4700000 | INR | 410910060 | Bank of America | 47365 |
| 09/25/2025 | USD | 2900000 | INR | 252900576 | Bank of America | 36881 |
| 09/26/2025 | USD | 1800000 | INR | 157681308 | Bank of America | 14956 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/30/2025 | USD | 4100000 | INR | 360308430 | Bank of America | $21921 |
| 09/02/2025 | USD | 104119907 | JPY | 15338401350 | Bank of America | (300955) |
| 09/17/2025 | USD | 48768487 | JPY | 7147907337 | Bank of America | 25905 |
| 09/22/2025 | USD | 2377289 | JPY | 350000000 | Bank of America | (10736) |
| 10/16/2025 | USD | 16021674 | JPY | 2359600000 | Bank of America | (122044) |
| 09/02/2025 | USD | 3008663 | KRW | 4155292896 | Bank of America | 19155 |
| 09/04/2025 | USD | 300000 | KRW | 417751487 | Bank of America | (581) |
| 09/05/2025 | USD | 3300000 | KRW | 4574008311 | Bank of America | 8731 |
| 09/08/2025 | USD | 300000 | KRW | 414979956 | Bank of America | 1350 |
| 09/11/2025 | USD | 3600000 | KRW | 4965030000 | Bank of America | 26234 |
| 09/15/2025 | USD | 600000 | KRW | 831501000 | Bank of America | 1369 |
| 09/17/2025 | USD | 16391640 | KRW | 22717541880 | Bank of America | 34649 |
| 09/29/2025 | USD | 3600000 | KRW | 4997880000 | Bank of America | (852) |
| 09/02/2025 | USD | 1331090 | MXN | 24858251 | Bank of America | (190) |
| 09/03/2025 | USD | 63076 | MXN | 1177749 | Bank of America | 9 |
| 09/17/2025 | USD | 2408906 | MXN | 45558457 | Bank of America | (27096) |
| 09/22/2025 | USD | 2523798 | MXN | 47500000 | Bank of America | (14676) |
| 09/02/2025 | USD | 600000 | NOK | 6042470 | Bank of America | (1126) |
| 09/17/2025 | USD | 8100834 | NOK | 82592512 | Bank of America | (116502) |
| 09/22/2025 | USD | 1200000 | NOK | 12147927 | Bank of America | (8664) |
| 09/02/2025 | USD | 2040164 | NZD | 3464000 | Bank of America | (3735) |
| 09/17/2025 | USD | 43724297 | NZD | 73932000 | Bank of America | 77953 |
| 09/22/2025 | USD | 13847289 | NZD | 23400000 | Bank of America | 30475 |
| 10/16/2025 | USD | 101581017 | NZD | 171005000 | Bank of America | 517637 |
| 09/17/2025 | USD | 250000 | PEN | 894279 | Bank of America | (3014) |
| 09/17/2025 | USD | 3450000 | PHP | 198341000 | Bank of America | (18597) |
| 09/17/2025 | USD | 154184 | PLN | 566029 | Bank of America | (1114) |
| 09/02/2025 | USD | 400000 | SEK | 3798194 | Bank of America | (1416) |
| 09/17/2025 | USD | 4219879 | SEK | 40239917 | Bank of America | (36963) |
| 09/22/2025 | USD | 1500000 | SEK | 14325196 | Bank of America | (15890) |
| 10/16/2025 | USD | 17199568 | SEK | 164660000 | Bank of America | (252559) |
| 09/02/2025 | USD | 506842 | SGD | 650938 | Bank of America | (651) |
| 09/17/2025 | USD | 3184932 | SGD | 4081651 | Bank of America | (1199) |
| 10/15/2025 | USD | 8409817 | SGD | 10787383 | Bank of America | (29990) |
| 09/17/2025 | USD | 550000 | THB | 17898695 | Bank of America | (3359) |
| 09/22/2025 | USD | 9700000 | TRY | 412598758 | Bank of America | (116518) |
| 09/08/2025 | USD | 200000 | TWD | 5968769 | Bank of America | 4584 |
| 09/11/2025 | USD | 1100000 | TWD | 33645762 | Bank of America | (1815) |
| 09/12/2025 | USD | 200000 | TWD | 6102788 | Bank of America | 133 |
| 09/17/2025 | USD | 15064497 | TWD | 453156474 | Bank of America | 217684 |
| 09/02/2025 | USD | 1992715 | ZAR | 35226299 | Bank of America | (3694) |
| 09/17/2025 | USD | 1178029 | ZAR | 20845284 | Bank of America | (2163) |
| 09/22/2025 | USD | 1100000 | ZAR | 19453901 | Bank of America | (1048) |
| 09/02/2025 | ZAR | 7573307 | USD | 428357 | Bank of America | 851 |
| 09/17/2025 | ZAR | 352541776 | USD | 19979502 | Bank of America | (19746) |
| 09/22/2025 | ZAR | 251158349 | USD | 14100000 | Bank of America | 115006 |
| 09/17/2025 | AUD | 97873867 | USD | 63587435 | UBS AG | 487867 |
| 09/03/2025 | BRL | 33457216 | USD | 6000000 | UBS AG | 162653 |
| 10/02/2025 | BRL | 40215886 | USD | 7300000 | UBS AG | 52879 |
| 09/02/2025 | CAD | 560786 | USD | 407816 | UBS AG | 598 |
| 09/17/2025 | CAD | 76956362 | USD | 56234261 | UBS AG | (147363) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | CNH | 9000000 | USD | 1261624 | UBS AG | $2553 |
| 09/17/2025 | CNH | 39000000 | USD | 5465420 | UBS AG | 20405 |
| 09/02/2025 | EUR | 1021349 | NOK | 12000000 | UBS AG | 1395 |
| 09/17/2025 | EUR | 10588289 | NOK | 126000000 | UBS AG | (133603) |
| 09/02/2025 | EUR | 117205 | PLN | 500000 | UBS AG | (59) |
| 09/17/2025 | EUR | 3144173 | PLN | 13500000 | UBS AG | (21024) |
| 12/17/2025 | EUR | 460564 | PLN | 2000000 | UBS AG | (5459) |
| 09/02/2025 | EUR | 994379 | SEK | 11000000 | UBS AG | 1092 |
| 09/17/2025 | EUR | 10111249 | SEK | 113000000 | UBS AG | (110203) |
| 09/02/2025 | EUR | 116726 | USD | 136264 | UBS AG | 330 |
| 09/17/2025 | EUR | 47435448 | USD | 55075499 | UBS AG | 487386 |
| 09/02/2025 | GBP | 440280 | USD | 594224 | UBS AG | 889 |
| 09/17/2025 | GBP | 37864255 | USD | 51095994 | UBS AG | 90985 |
| 09/26/2025 | INR | 34869364 | USD | 400000 | UBS AG | (5258) |
| 09/02/2025 | JPY | 166245407 | USD | 1128727 | UBS AG | 3040 |
| 09/17/2025 | JPY | 17074944202 | USD | 118287620 | UBS AG | (1851180) |
| 09/26/2025 | KRW | 138593030 | USD | 100000 | UBS AG | (163) |
| 09/02/2025 | NOK | 12000000 | EUR | 1021359 | UBS AG | (1407) |
| 09/17/2025 | NOK | 92000000 | EUR | 7887522 | UBS AG | (85634) |
| 09/02/2025 | NOK | 2744696 | USD | 272133 | UBS AG | 919 |
| 09/17/2025 | NOK | 785604170 | USD | 77669725 | UBS AG | 492001 |
| 09/02/2025 | NZD | 3536612 | USD | 2077010 | UBS AG | 9733 |
| 09/17/2025 | NZD | 91049175 | USD | 54752424 | UBS AG | (1000821) |
| 09/30/2025 | PHP | 5696900 | USD | 100000 | UBS AG | (413) |
| 09/02/2025 | PLN | 500000 | EUR | 117206 | UBS AG | 58 |
| 09/17/2025 | PLN | 33000000 | EUR | 7694475 | UBS AG | 41177 |
| 12/17/2025 | PLN | 9000000 | EUR | 2078195 | UBS AG | 17904 |
| 09/02/2025 | SEK | 11000000 | EUR | 994438 | UBS AG | (1160) |
| 09/17/2025 | SEK | 124000000 | EUR | 11278281 | UBS AG | (93132) |
| 09/02/2025 | SEK | 28618805 | USD | 3011890 | UBS AG | 12714 |
| 09/17/2025 | SEK | 319125174 | USD | 33133012 | UBS AG | 626142 |
| 09/17/2025 | TRY | 36000000 | USD | 840048 | UBS AG | 20368 |
| 09/26/2025 | TWD | 24192000 | USD | 800000 | UBS AG | (6829) |
| 09/17/2025 | USD | 53315988 | AUD | 81382117 | UBS AG | 37377 |
| 09/03/2025 | USD | 6000000 | BRL | 32855069 | UBS AG | (51740) |
| 10/02/2025 | USD | 100000 | BRL | 545498 | UBS AG | 264 |
| 09/02/2025 | USD | 407767 | CAD | 560786 | UBS AG | (647) |
| 09/17/2025 | USD | 68520253 | CAD | 93284824 | UBS AG | 532938 |
| 09/26/2025 | USD | 800000 | CLP | 771649680 | UBS AG | 1809 |
| 09/02/2025 | USD | 1261472 | CNH | 9000000 | UBS AG | (2705) |
| 09/17/2025 | USD | 11838322 | CNH | 84500000 | UBS AG | (47633) |
| 09/02/2025 | USD | 135911 | EUR | 116362 | UBS AG | (258) |
| 09/17/2025 | USD | 48080241 | EUR | 41199397 | UBS AG | (178128) |
| 09/02/2025 | USD | 594313 | GBP | 440280 | UBS AG | (800) |
| 09/17/2025 | USD | 91499460 | GBP | 67673097 | UBS AG | 15251 |
| 09/26/2025 | USD | 700000 | IDR | 11512770000 | UBS AG | 2202 |
| 09/26/2025 | USD | 7500000 | INR | 656139624 | UBS AG | 72117 |
| 09/02/2025 | USD | 1128475 | JPY | 166245407 | UBS AG | (3292) |
| 09/17/2025 | USD | 43540113 | JPY | 6350428392 | UBS AG | 235651 |
| 09/26/2025 | USD | 3300000 | KRW | 4597357514 | UBS AG | (11747) |
| 09/02/2025 | USD | 272351 | NOK | 2744696 | UBS AG | (701) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Portfolio of Investments (Concluded)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/17/2025 | USD | 63617838 | NOK | 642746048 | UBS AG | $(330576) |
| 09/02/2025 | USD | 2075158 | NZD | 3536612 | UBS AG | (11585) |
| 09/17/2025 | USD | 16596362 | NZD | 27905316 | UBS AG | 122237 |
| 09/30/2025 | USD | 400000 | PHP | 22896400 | UBS AG | (249) |
| 09/02/2025 | USD | 3017199 | SEK | 28618805 | UBS AG | (7405) |
| 09/17/2025 | USD | 75928981 | SEK | 721839590 | UBS AG | (431946) |
| 09/17/2025 | USD | 11607 | TRY | 500000 | UBS AG | (344) |
| 09/26/2025 | USD | 800000 | TWD | 24383853 | UBS AG | 538 |
| 09/02/2025 | USD | 56490 | ZAR | 1000000 | UBS AG | (184) |
| 09/17/2025 | USD | 828028 | ZAR | 15000000 | UBS AG | (21223) |
| 09/02/2025 | ZAR | 1000000 | USD | 56538 | UBS AG | 136 |
| 09/17/2025 | ZAR | 60000000 | USD | 3371766 | UBS AG | 25237 |
|  Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  |  |  | $3825977 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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 Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $1,768,792,074)  | $1769231310 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 137167509 |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with broker for futures contracts (cost $10,674,445)  | 10798568 |
| &nbsp;&nbsp;&nbsp; Deposit with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts:  | 23231546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 337268562 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 2001760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 442774 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 15712382 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 81643037 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 41958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 2377539406 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 3417948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 1440289 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts  | 11886405 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 38709560 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 548939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 56003141 |
| &nbsp;&nbsp;&nbsp; Net assets  | $2321536265 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $220479 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 2396649895 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | (75334109) |
| &nbsp;&nbsp;&nbsp; Net assets  | $2321536265 |
|  **CLASS A SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $16940334 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 1618160 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $10.47 |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (100/94.25 of $10.47)  | $11.11 |
|  **CLASS I SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $2297729878 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 500,000,000 shares authorized)  | 218174197 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $10.53 |
|  **CLASS C SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $6866053 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 687058 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $9.99 |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Statement of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $107105943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 107105943 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 45178666 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 420657 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 313302 |
| &nbsp;&nbsp;&nbsp; Directors fees  | 231035 |
| &nbsp;&nbsp;&nbsp; Officers fees  | 224845 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 163489 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 156579 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 127610 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 118191 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class C Shares)  | 57859 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class A Shares)  | 51610 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 49000 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 137018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 47229861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (1366424) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 45863437 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 61242506 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 406709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (186299703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (2753306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (19391026) |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (570205) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 29729874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | 176575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 15288141 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | (163412941) |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(102170435) |

---

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

**Abbey Capital Futures Strategy Fund** 

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31, <br> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $61242506 | $84973306 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts  | (208037326) | (107267222) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts  | 44624385 | (12036702) |
|  Net increase/(decrease) in net assets resulting from operations  | (102170435) | (34330618) |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A  | (356826) | (304919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I  | (54735728) | (49555318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C  | (72722) | (82852) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (55165276) | (49943089) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 17956657 | 16588082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 278439 | 244603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (21990626) | (79497741) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (3755530) | (62665056) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1207675903 | 1078371905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 35065728 | 31007633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1472184635) | (992150907) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (229443004) | 117228631 |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1657464 | 2171689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 51424 | 55448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3211047) | (2545271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | (1502159) | (318134) |
|  Net increase/(decrease) in net assets from capital share transactions  | (234700693) | 54245441 |
|  Total increase/(decrease) in net assets  | (392036404) | (30028266) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 2713572669 | 2743600935 |
| &nbsp;&nbsp;&nbsp; End of period  | $2321536265 | $2713572669 |

---

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

**Abbey Capital Futures Strategy Fund** 

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

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31, <br> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1655674 | 1436355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 25734 | 22196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2047590) | (6823094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class A Shares  | (366182) | (5364543) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 111635749 | 93772671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 3225918 | 2795999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (136467600) | (85795101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I Shares  | (21605933) | 10773569 |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 159328 | 196858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 4949 | 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (311022) | (232682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class C Shares  | (146745) | (30583) |
|  Net increase/(decrease) in shares outstanding  | (22118860) | 5378443 |

---

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** |
|  | **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** | **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  | $11.10 | $11.40 | $13.56 | $11.95 | $11.28 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.23 | 0.33 | 0.22 | (0.19) | (0.24) |
|  Net realized and unrealized gain/(loss) from investments  | (0.68) | (0.52) | (0.60) | 2.20 | 1.07 |
|  Net increase/(decrease) in net assets resulting from operations  | (0.45) | (0.19) | (0.38) | 2.01 | 0.83 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.18) | (0.11) | (1.11) | (0.27) | (0.16) |
|  Net realized capital gains  |  |  | (0.67) | (0.13) |  |
|  Total dividends and distributions to shareholders  | (0.18) | (0.11) | (1.78) | (0.40) | (0.16) |
|  Net asset value, end of period  | $10.47 | $11.10 | $11.40 | $13.56 | $11.95 |
|  Total investment return/(loss)<sup>(2)</sup>  | (4.07)% | (1.67)% | (3.05)% | 17.40% | 7.42% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $16940 | $22031 | $83783 | $113480 | $21395 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</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>  | 2.10% | 2.10% | 2.11% | 2.10% | 2.14% |
|  Ratio of net investment income/(loss) to average net assets  | 2.16% | 2.85% | 1.80% | (1.47)% | (2.03)% |
|  Portfolio turnover rate<sup>(4)</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.

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** |
|  | **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** | **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  | $11.19 | $11.57 | $13.72 | $12.07 | $11.38 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.26 | 0.36 | 0.25 | (0.15) | (0.21) |
|  Net realized and unrealized gain/(loss) from investments  | (0.69) | (0.51) | (0.61) | 2.22 | 1.08 |
|  Net increase/(decrease) in net assets resulting from operations  | (0.43) | (0.15) | (0.36) | 2.07 | 0.87 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.23) | (0.23) | (1.12) | (0.29) | (0.18) |
|  Net realized capital gains  |  |  | (0.67) | (0.13) |  |
|  Total dividends and distributions to shareholders  | (0.23) | (0.23) | (1.79) | (0.42) | (0.18) |
|  Net asset value, end of period  | $10.53 | $11.19 | $11.57 | $13.72 | $12.07 |
|  Total investment return/(loss)<sup>(2)</sup>  | (3.89)% | (1.32)% | (2.83)% | 17.72% | 7.74% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $2297730 | $2682705 | $2650349 | $2564701 | $1132714 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</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>  | 1.85% | 1.85% | 1.86% | 1.85% | 1.89% |
|  Ratio of net investment income/(loss) to average net assets  | 2.40% | 3.10% | 2.05% | (1.22)% | (1.78)% |
|  Portfolio turnover rate<sup>(4)</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.

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** |
|  | **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** | **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  | $10.60 | $10.95 | $13.12 | $11.60 | $10.98 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.15 | 0.23 | 0.12 | (0.27) | (0.32) |
|  Net realized and unrealized gain/(loss) from investments  | (0.66) | (0.48) | (0.57) | 2.13 | 1.05 |
|  Net increase/(decrease) in net assets resulting from operations  | (0.51) | (0.25) | (0.45) | 1.86 | 0.73 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.10) | (0.10) | (1.05) | (0.21) | (0.11) |
|  Net realized capital gains  |  |  | (0.67) | (0.13) |  |
|  Total dividends and distributions to shareholders  | (0.10) | (0.10) | (1.72) | (0.34) | (0.11) |
|  Net asset value, end of period  | $9.99 | $10.60 | $10.95 | $13.12 | $11.60 |
|  Total investment return/(loss)<sup>(2)</sup>  | (4.88)% | (2.29)% | (3.77)% | 16.48% | 6.72% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $6866 | $8837 | $9469 | $9078 | $5524 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(3)</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>  | 2.85% | 2.85% | 2.86% | 2.85% | 2.89% |
|  Ratio of net investment income/(loss) to average net assets  | 1.45% | 2.10% | 1.05% | (2.22)% | (2.78)% |
|  Portfolio turnover rate<sup>(4)</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.

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

**Abbey Capital Futures Strategy Fund** 

**Notes To Consolidated Financial Statements** 

**August 31, 2025**

**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 fifty-nine 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Consolidated Financial Statements is the fiscal year ended August 31, 2025 (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 $485,267,031, which represented 20.90% of the Fund's net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $686,337,112, which represented 29.56% 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)** 

**August 31, 2025**

below) in accordance with procedures adopted by the Company's Board of Directors (the "Board"). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated 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 | $1769231310 | $— | $— | $1769231310 |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 41037765 |  |  | 41037765 |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 29500446 |  |  | 29500446 |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 15712382 |  | 15712382 |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 2754949 |  |  | 2754949 |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 8349877 |  |  | 8349877 |
|  **Total Assets** | $**1850874347** | $**15712382** | $**—** | $**1866586729** |

---

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(18819045) | $— | $— | $(18819045) |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (6727747) |  |  | (6727747) |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | (11886405) |  | (11886405) |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (4198283) |  |  | (4198283) |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (8964485) |  |  | (8964485) |
|  **Total Liabilities** | $**(38709560)** | $**(11886405)** | $**—** | $**(50595965)** |

---

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 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 Futures Strategy Fund** 

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

**August 31, 2025**

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 |  |  | 15712382 |  | 15712382 |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | 29500446 | 8349877 | 2754949 | 41037765 | 81643037 |
|  **Total Value- Assets** |  | $**29500446** | $**8349877** | $**18467331** | $**41037765** | $**97355419** |
| **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 |  |  | (11886405) |  | (11886405) |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | (6727747) | (8964485) | (4198283) | (18819045) | (38709560) |
|  **Total Value- Liabilities** | **Total Value- Liabilities** | $**(6727747)** | $**(8964485)** | $**(16084688)** | $**(18819045)** | $**(50595965)** |

---

<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)** |
|  Futures Contracts | Net realized gain/(loss) from futures contracts | $20671276 | $(112953436) | $(11592643) | $(82424900) | $(186299703) |
|  Forward Contracts | Net realized gain/(loss) from forward foreign currency contracts |  |  | (19391026) |  | (19391026) |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $**20671276** | $**(112953436)** | $**(30983669)** | $**(82424900)** | $**(205690729)** |

---

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

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 | $6795478 | $3638820 | $5621364 | $13674212 | $29729874 |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts |  |  | 15288141 |  | 15288141 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $**6795478** | $**3638820** | $**20909505** | $**13674212** | $**45018015** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Long Futures<br> Notional<br> Amount** | **Short Futures<br> Notional <br> Amount** | **Forward Foreign <br> Currency <br> Contracts — Payable <br> (Value at Trade Date)** | **Forward Foreign <br> Currency <br> Contracts — <br> Receivable <br> (Value at Trade Date)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10347432423  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5801779342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(5027584967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5028626359 |

---

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 Futures Strategy Fund** 

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

**August 31, 2025**

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 <br> 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 <br> 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 | $15712382 | $(11886405) | $— | $3825977 | $11886405 | $(11886405) | $— | $— |

---

<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 Futures Strategy Fund** 

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

**August 31, 2025**

**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** — Effective August 19, 2022, the U.S. Securities and Exchange Commission ("SEC") implemented Rule 18f-4 under the 1940 Act ("Rule 18f-4"), providing 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

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

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.

**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

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

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.

**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.

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

**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 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 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 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, 2025 and may not be terminated without the approval of the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Advisory <br> Fee** | **Expense Caps** | **Expense Caps** | **Expense Caps** | **Expense Caps** |
|  | **Class A** | **Class I** | **Class C** | **Class T** |
| 1.77% | 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 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** | **EXPIRATION** | **EXPIRATION** | **EXPIRATION** |
| **August 31,<br> 2026** | **August 31,<br> 2027** | **August 31,<br> 2028** | **Total** |
| $1932272 | $1582258 | $1366423 | $4880953 |

---

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., 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.

Effective December 31, 2024 Eclipse Capital Management Inc no longer serves as a Trading Adviser to the Fund.

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.

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

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 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.

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 2025**

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>:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br> Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| 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:

---

| | |
|:---|:---|
| **Distributable <br> Earnings/(Loss)** | **Paid-In<br> Capital** |
| $538551897 | (538551897) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $24131581 | $— | $(358785961) | $(100029046) | $— | $— |

---

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 years ended August 31, 2024 and August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Gains** | **Total** |
| 2025 | $55165276 | $— | $55165276 |
| 2024 | $49943089 | $— | $49943089 |

---

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.

**Abbey Capital Futures Strategy Fund** 

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

**August 31, 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. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**7. 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 Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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).

**8. 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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Abbey Capital Futures Strategy Fund

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Abbey Capital Futures Strategy Fund (one of the funds constituting The RBB Fund, Inc., referred to hereafter as the "Fund") as of August 31, 2025, and the related consolidated statements of operations and changes in net assets, including the related notes, and the consolidated financial highlights for the year ended August 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of the Fund as of and for the year ended August 31, 2024 and the consolidated financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than the consolidated statement of changes in net assets and the consolidated financial highlights) were audited by other auditors whose report dated October 30, 2024 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Abbey Capital Limited since 2025.

**Abbey Capital Futures Strategy Fund** 

**Shareholder Tax Information** 

**(UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended August 31, 2025. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. During the fiscal year ended August 31, 2025, the Fund paid no ordinary income dividends that are designated as "qualified dividend income" to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 0%.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**Abbey Capital Futures Strategy Fund** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**Approval of Investment Advisory Agreements and Trading Advisory Agreements** 

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 renewal of (1) the investment advisory agreement (the "Investment Advisory Agreement") between Abbey Capital and the Company on behalf of the Fund, (2) each of the separate advisory agreements between Abbey Capital Onshore Series LLC, Abbey Capital Master Offshore Fund Limited, and Abbey Capital Offshore Fund SPC (the "Subsidiaries") and Abbey Capital (collectively, the "Subsidiary Investment Advisory Agreements"), and (3) the trading advisory agreements between Abbey Capital and each of Aspect Capital Limited, Crabel Capital Management, LLP, 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, a "Trading Adviser") (the "Trading Advisory Agreements"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Advisory Agreement, Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements, the Board considered information provided by Abbey Capital and each of the Trading Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Abbey Capital with respect to the Fund, each of the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Abbey Capital, the Subsidiaries, or Trading Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Abbey Capital and each Trading Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Abbey Capital's and the Trading Advisers' investment philosophies and processes; (iv) Abbey Capital's and the Trading Advisers' assets under management and client descriptions; (v) Abbey Capital's and the Trading Advisers' soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Abbey Capital's and the Trading Advisers' advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Abbey Capital's and the Trading Advisers' compliance procedures; (viii) Abbey Capital's and the Trading Advisers' financial information and insurance coverage, as applicable, and Abbey Capital's 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.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Abbey Capital and each Trading Adviser. The Directors concluded that Abbey Capital and each Trading Adviser had substantial resources to provide services to the Fund and the Subsidiaries, as applicable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the S&P 500 Total Return Index, 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 objective and investment strategies. The Board noted that the Fund's total return outperformed the median

**Abbey Capital Futures Strategy Fund** 

**OTHER INFORMATION (CONCLUDED)** 

**(UNAUDITED)**

of its Peer Group for the three-month and since-inceptions period ended December 31, 2024, equaled the median of its Peer Group for the ten-year period ended December 31, 2024, and underperformed the median of its Peer Group for the one-year, three-year, and five year periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund's total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for the Peer Group. The Directors noted that both the Fund's net advisory fee and Fund's total net expenses were above the median and in the 5th quintile (most expensive) of its Peer Group. The Directors also considered the fees payable to each Trading Adviser under the Trading Advisory Agreements and the information provided by Abbey Capital on the services provided by the different Trading Advisers. In this regard, the Directors noted that the fees for each Trading Adviser were paid directly by Abbey Capital and not by the Fund. The Directors noted that Abbey Capital had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025, to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding Abbey Capital's and the Trading Advisers' costs, profitability and economies of scale, and after considering the services to be provided by Abbey Capital and each Trading Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Abbey Capital and the trading advisory fees to be paid by Abbey Capital to each Trading Adviser were fair and reasonable and that the Investment Advisory Agreement, Subsidiary Investment Advisory Agreements, and Trading Advisory Agreements should be approved and renewed for an additional one-year period ending August 16, 2026.

**Investment Adviser** Abbey Capital Limited

8 St. Stephen's Green

Dublin 2, Ireland

**Administrator and Transfer Agent** U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

**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

![](fp0094047-10_i.jpg)

**Abbey Capital Multi Asset Fund** 

**of** 

**THE RBB FUND, INC.** 

**Annual Financial Statements** 

**August 31, 2025** 

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **U.S. TREASURY BILLS — 74.7%** | **U.S. TREASURY BILLS — 74.7%** | **U.S. TREASURY BILLS — 74.7%** |
|  4.18%, 09/04/2025 <sup>(a)</sup>  | $14559000 | $14555579 |
|  4.19%, 09/11/2025 <sup>(a)</sup>  | 15185000 | 15168942 |
|  4.17%, 09/18/2025 <sup>(a)</sup>  | 46450000 | 46362261 |
|  4.17%, 09/25/2025 <sup>(a)</sup>  | 34189000 | 34096713 |
|  4.24%, 10/02/2025 <sup>(a)</sup>  | 14310000 | 14259833 |
|  4.13%, 10/09/2025 <sup>(a)</sup>  | 18331000 | 18252054 |
|  4.14%, 10/16/2025 <sup>(a)</sup>  | 47876000 | 47632870 |
|  4.13%, 10/23/2025 <sup>(a)</sup>  | 13500000 | 13421396 |
|  4.14%, 10/30/2025 <sup>(a)</sup>  | 13591000 | 13500167 |
|  4.17%, 11/06/2025 <sup>(a)</sup>  | 36398000 | 36129868 |
|  4.19%, 11/13/2025 <sup>(a)</sup>  | 45003000 | 44637126 |
|  4.24%, 11/20/2025 <sup>(a)</sup>  | 66774000 | 66180509 |
|  4.23%, 11/28/2025 <sup>(a)</sup>  | 30481000 | 30182667 |
|  4.21%, 12/04/2025 <sup>(a)</sup>  | 64470000 | 63800770 |
|  4.18%, 12/18/2025 <sup>(a)</sup>  | 14989000 | 14810575 |
|  4.23%, 01/02/2026 <sup>(a)</sup>  | 45133000 | 44526627 |
|  4.21%, 01/08/2026 <sup>(a)</sup>  | 12982000 | 12801752 |
|  4.20%, 01/15/2026 <sup>(a)</sup>  | 9682000 | 9540224 |
|  4.21%, 01/22/2026 <sup>(a)</sup>  | 23415000 | 23054464 |
|  4.10%, 01/29/2026 <sup>(a)</sup>  | 6045000 | 5947424 |
|  4.03%, 02/05/2026 <sup>(a)</sup>  | 26343000 | 25901228 |
|  4.01%, 02/12/2026 <sup>(a)</sup>  | 24256000 | 23831661 |
|  4.05%, 02/19/2026 <sup>(a)</sup>  | 23568000 | 23138616 |
|  3.95%, 02/26/2026 <sup>(a)</sup>  | 29459000 | 28901366 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $670,428,052)  |  | 670634692 |
|  **TOTAL INVESTMENTS — 74.7%** (Cost $670,428,052)  |  | 670634692 |
|  Other Assets in Excess of Liabilities — 25.3%  |  | 226914123 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $897548815 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 effective yield as of August 31, 2025.

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

Futures contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  10 Year U.S. Ultra Treasury Notes  | 7 | 12/19/2025 | $800844 | $2203 |
|  3 Month Canadian Overnight Repo Rate Average  | 12 | 06/16/2026 | 2131576 | 910 |
|  3 Month Canadian Overnight Repo Rate Average  | 20 | 09/15/2026 | 3552445 | 2203 |
|  3 Month Canadian Overnight Repo Rate Average  | 24 | 12/15/2026 | 4261186 | 2594 |
|  3 Month Canadian Overnight Repo Rate Average  | 21 | 03/16/2027 | 3726627 | 1939 |
|  3 Month Canadian Overnight Repo Rate Average  | 10 | 06/15/2027 | 1773765 | 1101 |
|  3 Month Canadian Overnight Repo Rate Average  | 1 | 09/14/2027 | 177285 | 100 |
|  3 Month Euribor  | 92 | 03/16/2026 | 26396575 | 33255 |
|  3 Month Euribor  | 434 | 06/15/2026 | 124554705 | (89161) |
|  3 Month Euribor  | 28 | 09/14/2026 | 8034968 | (5659) |
|  3 Month Euribor  | 455 | 12/14/2026 | 130515007 | (46328) |
|  3 Month Euribor  | 50 | 03/15/2027 | 14333534 | (4972) |
|  3 Month Euribor  | 274 | 06/14/2027 | 78495677 | 19026 |
|  3 Month Euribor  | 54 | 09/13/2027 | 15458895 | (746) |
|  3 Month Euribor  | 43 | 12/13/2027 | 12301058 | (760) |
|  3 Month Euribor  | 112 | 03/13/2028 | 32018672 | (1989) |
|  3 Month Euribor  | 173 | 06/19/2028 | 49429583 | (6625) |
|  3 Month Euribor  | 8 | 09/18/2028 | 2284591 | 614 |
|  3 Month Euribor  | 2 | 12/18/2028 | 570855 |  |
|  3 Month New Zealand Treasury Bill  | 34 | 12/10/2025 | 19923191 | 6698 |
|  3 Month New Zealand Treasury Bill  | 32 | 03/11/2026 | 18753076 | 6786 |
|  3 Month Swiss Average Overnight Rate  | 1 | 03/17/2026 | 312754 | (453) |
|  3 Month Swiss Average Overnight Rate  | 2 | 06/16/2026 | 625726 | (187) |
|  3-Month Secured Overnight Financing Rate  | 90 | 09/15/2026 | 21769875 | 10388 |
|  3-Month Secured Overnight Financing Rate  | 73 | 12/15/2026 | 17690637 | 13925 |
|  3-Month Secured Overnight Financing Rate  | 697 | 03/16/2027 | 169066063 | 251487 |
|  3-Month Secured Overnight Financing Rate  | 188 | 06/15/2027 | 45615850 | 90950 |
|  3-Month Secured Overnight Financing Rate  | 102 | 09/14/2027 | 24745200 | 33500 |
|  3-Month Secured Overnight Financing Rate  | 103 | 12/14/2027 | 24977500 | 37050 |
|  3-Month Secured Overnight Financing Rate  | 97 | 03/14/2028 | 23509162 | 36862 |
|  3-Month Secured Overnight Financing Rate  | 424 | 06/20/2028 | 102698100 | 214687 |
|  3-Month Secured Overnight Financing Rate  | 72 | 09/19/2028 | 17427600 | 26612 |
|  3-Month Secured Overnight Financing Rate  | 54 | 12/19/2028 | 13063275 | 19213 |
|  3-Month Secured Overnight Financing Rate  | 22 | 03/20/2029 | 5318775 | 6838 |
|  3-Month Secured Overnight Financing Rate  | 20 | 06/18/2029 | 4832500 | 7150 |
|  3-Month Secured Overnight Financing Rate  | 20 | 09/18/2029 | 4829750 | 6775 |
|  3-Month Secured Overnight Financing Rate  | 20 | 12/18/2029 | 4827000 | (500) |
|  Arabica Coffee  | 70 | 12/18/2025 | 10135125 | 599813 |
|  Arabica Coffee  | 10 | 03/19/2026 | 1402125 | 55781 |
|  Arabica Coffee  | 3 | 05/18/2026 | 409106 | 29025 |
|  ASX SPI 200 Index  | 251 | 09/18/2025 | 36701358 | 1081888 |
|  AUD/USD Cross Currency Rate  | 34 | 09/15/2025 | 2226150 | 6510 |
|  Australian 90 Day Bank Bills  | 215 | 03/12/2026 | 139605263 | (20099) |
|  Australian 90 Day Bank Bills  | 81 | 06/11/2026 | 52601906 | (3656) |
|  Australian 90 Day Bank Bills  | 70 | 09/10/2026 | 45458437 | (2369) |
|  Australian 90 Day Bank Bills  | 21 | 12/10/2026 | 13636530 | (2638) |
|  Australian 90 Day Bank Bills  | 23 | 03/11/2027 | 14933786 | (1700) |
|  Australian 90 Day Bank Bills  | 22 | 06/10/2027 | 14282744 | 16 |
|  Australian Government 10 Year Bonds  | 408 | 09/15/2025 | 30359581 | (123125) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Australian Government 3 Year Bonds  | 1305 | 09/15/2025 | $91663122 | $(103916) |
|  Brazilian Real/US Dollar Cross Currency Rate  | 2 | 09/30/2025 | 36600 | 90 |
|  Brent Crude Oil  | 48 | 09/30/2025 | 3239040 | 56330 |
|  Brent Crude Oil  | 2 | 10/31/2025 | 133780 | (2160) |
|  Brent Crude Oil  | 2 | 11/28/2025 | 133000 | 1800 |
|  British Pound/US Dollar Cross Currency Rate  | 329 | 09/15/2025 | 27786106 | (90816) |
|  CAC40 10 Euro Index  | 142 | 09/19/2025 | 12814172 | (248634) |
|  Canadian 5 Year Bonds  | 1 | 12/18/2025 | 83220 | 226 |
|  Canadian Canola Oil  | 18 | 11/14/2025 | 164200 | (20311) |
|  Canadian Dollar/US Dollar Cross Currency Rate  | 67 | 09/16/2025 | 4884300 | (13471) |
|  Class III Milk  | 3 | 11/04/2025 | 107040 | (2960) |
|  Consumer Discretionary Select Sector Index  | 2 | 09/19/2025 | 468680 | 9600 |
|  Copper  | 3 | 12/29/2025 | 344288 | 7588 |
|  Corn No. 2 Yellow  | 62 | 12/12/2025 | 1302775 | 7287 |
|  Crude Oil  | 44 | 09/22/2025 | 2816440 | 52260 |
|  Crude Oil  | 1 | 10/21/2025 | 63460 | (480) |
|  Crude Oil  | 1 | 11/20/2025 | 62990 | (1290) |
|  Crude Oil  | 1 | 12/19/2025 | 62700 | (2680) |
|  Crude Palm Oil  | 23 | 10/15/2025 | 591604 | 21899 |
|  Crude Palm Oil  | 81 | 11/14/2025 | 2099290 | 18130 |
|  Crude Palm Oil  | 59 | 12/15/2025 | 1538888 | (20467) |
|  Crude Palm Oil  | 16 | 01/15/2026 | 418935 | (13882) |
|  Crude Soybean Oil  | 188 | 12/12/2025 | 5881392 | (302628) |
|  Crude Soybean Oil  | 42 | 01/14/2026 | 1320984 | (46380) |
|  Crude Soybean Oil  | 8 | 03/13/2026 | 252960 | (5688) |
|  DAX Index  | 2 | 09/19/2025 | 280286 | (3270) |
|  Dow Jones Industrial Average Index  | 100 | 09/19/2025 | 22800500 | 344955 |
|  Dow Jones U.S. Micro-Cap Total Stock Index  | 4 | 09/19/2025 | 91202 | 1587 |
|  E-mini Consumer Staples Select Sector  | 5 | 09/19/2025 | 407100 | (3390) |
|  E-mini Materials Sector  | 2 | 09/19/2025 | 195780 | 4570 |
|  Emini S&P 500 ESG Index  | 4 | 09/19/2025 | 1126400 | 37360 |
|  Euro STOXX 50 Dividend Index  | 10 | 12/18/2026 | 184845 | 9488 |
|  EURO STOXX 50 Index  | 3 | 09/19/2025 | 160113 | 526 |
|  Euro STOXX 50 Quanto Index  | 239 | 09/19/2025 | 14992548 | (162237) |
|  Euro STOXX Banks Index  | 96 | 09/19/2025 | 1261813 | 131149 |
|  Euro/Japanese Yen Cross Currency Rate  | 77 | 09/15/2025 | 11256839 | 305434 |
|  Euro/Pound Sterling Cross Currency Rate  | 2 | 09/15/2025 | 292826 | (1681) |
|  Euro/US Dollar Cross Currency Rate  | 3 | 09/15/2025 | 43914 | 161 |
|  Euro/US Dollar Cross Currency Rate  | 392 | 09/15/2025 | 57381450 | 378848 |
|  Euro-BOBL  | 22 | 09/08/2025 | 3023176 | (1287) |
|  Euro-BTP Italian Government Bonds  | 284 | 09/08/2025 | 39953438 | (234671) |
|  Euro-Schatz  | 36 | 09/08/2025 | 4509002 | (4399) |
|  Feeder Cattle  | 64 | 10/30/2025 | 11663200 | 438475 |
|  Feeder Cattle  | 12 | 11/20/2025 | 2181600 | 95013 |
|  Financial Select Sector Index  | 1 | 09/19/2025 | 166390 | 3352 |
|  FTSE 100 Index  | 578 | 09/19/2025 | 72017584 | 1993715 |
|  FTSE Bursa Malaysia KLCI Index  | 24 | 09/30/2025 | 439669 | (5343) |
|  FTSE China A50 Index  | 2058 | 09/29/2025 | 30839130 | 63754 |
|  FTSE MIB Index  | 23 | 09/19/2025 | 1136802 | 69574 |
|  FTSE/JSE Top 40 Index  | 217 | 09/18/2025 | 11580099 | 505266 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  FTSE/MIB Index  | 39 | 09/19/2025 | $9638101 | $413006 |
|  German Stock Index  | 46 | 09/19/2025 | 32232881 | (9593) |
|  Gold  | 148 | 12/29/2025 | 52038280 | 1033700 |
|  Gold  | 3 | 02/25/2026 | 1063380 | 25850 |
|  Hang Seng China Enterprises Index  | 30 | 09/29/2025 | 343660 | (8522) |
|  Hang Seng China Enterprises Index  | 216 | 09/29/2025 | 12371753 | (322353) |
|  Hang Seng Index  | 38 | 09/29/2025 | 1219773 | (20051) |
|  Hang Seng Index  | 213 | 09/29/2025 | 34185742 | (741524) |
|  Hang Seng TECH Index  | 70 | 09/29/2025 | 2556475 | (44539) |
|  IBEX 35 Composite Index  | 8 | 09/19/2025 | 140094 | (2711) |
|  IBEX 35 Index  | 15 | 09/19/2025 | 2626759 | (20017) |
|  ICE 3 Month SONIA Rate  | 6 | 09/15/2026 | 1953613 | (4258) |
|  ICE 3 Month SONIA Rate  | 7 | 12/15/2026 | 2280279 | (4798) |
|  ICE 3 Month SONIA Rate  | 431 | 03/16/2027 | 140429186 | (188887) |
|  ICE 3 Month SONIA Rate  | 80 | 06/15/2027 | 26061687 | (38690) |
|  ICE 3 Month SONIA Rate  | 27 | 09/14/2027 | 8793539 | (14834) |
|  ICE 3 Month SONIA Rate  | 27 | 12/14/2027 | 8790802 | (12317) |
|  ICE 3 Month SONIA Rate  | 55 | 03/14/2028 | 17900684 | (17520) |
|  ICE 3 Month SONIA Rate  | 40 | 06/20/2028 | 13013273 | (12638) |
|  ICE 3 Month SONIA Rate  | 5 | 09/19/2028 | 1625983 | (1909) |
|  ICE 3 Month SONIA Rate  | 3 | 12/19/2028 | 975185 | (1301) |
|  ICE European Climate Exchange Emissions  | 9 | 12/15/2025 | 768523 | 10997 |
|  Industrial Select Sector Index  | 1 | 09/19/2025 | 153120 | 920 |
|  Japanese Yen/US Dollar Cross Currency Rate  | 4 | 09/15/2025 | 340675 | (194) |
|  JPNK400 Index  | 2 | 09/11/2025 | 37454 | 1228 |
|  Lean Hogs  | 275 | 10/14/2025 | 10452750 | 330260 |
|  Lean Hogs  | 127 | 12/12/2025 | 4439920 | 170550 |
|  Lean Hogs  | 97 | 02/13/2026 | 3477450 | 84320 |
|  Live Cattle  | 122 | 10/31/2025 | 11694920 | 1250570 |
|  Live Cattle  | 197 | 12/31/2025 | 18973070 | 1467910 |
|  Live Cattle  | 91 | 02/27/2026 | 8817900 | 593250 |
|  Live Cattle  | 17 | 04/30/2026 | 1648660 | 128920 |
|  LME Aluminum Forward  | 103 | 09/15/2025 | 6740191 | 73487 |
|  LME Aluminum Forward  | 46 | 10/13/2025 | 3007250 | 60090 |
|  LME Aluminum Forward  | 13 | 11/17/2025 | 850265 | 11957 |
|  LME Copper Forward  | 14 | 09/15/2025 | 3445806 | 68356 |
|  LME Copper Forward  | 11 | 10/13/2025 | 2714880 | 42411 |
|  LME Copper Forward  | 7 | 11/17/2025 | 1732367 | 34053 |
|  LME Lead Forward  | 35 | 09/15/2025 | 3210182 | 69029 |
|  LME Lead Forward  | 32 | 10/13/2025 | 2947452 | 81222 |
|  LME Lead Forward  | 2 | 11/17/2025 | 184898 | 1778 |
|  LME Nickel Forward  | 27 | 09/15/2025 | 1324303 | (49802) |
|  LME Nickel Forward  | 18 | 10/13/2025 | 889281 | 1871 |
|  LME Zinc Forward  | 53 | 09/15/2025 | 3745364 | 21390 |
|  LME Zinc Forward  | 28 | 10/13/2025 | 1976709 | 7706 |
|  LME Zinc Forward  | 1 | 11/17/2025 | 70597 | 687 |
|  London Cocoa  | 3 | 12/11/2025 | 214987 | (9894) |
|  London Metals - Aluminum<sup>(a)</sup>  | 463 | 09/15/2025 | 30298141 | 707453 |
|  London Metals - Aluminum<sup>(a)</sup>  | 98 | 12/15/2025 | 6412263 | 17887 |
|  London Metals - Copper<sup>(a)</sup>  | 114 | 09/15/2025 | 28058706 | 509960 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  London Metals - Copper<sup>(a)</sup>  | 58 | 12/15/2025 | $14384348 | $193910 |
|  London Metals - Lead<sup>(a)</sup>  | 296 | 09/15/2025 | 14518282 | (297591) |
|  London Metals - Lead<sup>(a)</sup>  | 3 | 12/15/2025 | 149909 | (139) |
|  London Metals - Nickel<sup>(a)</sup>  | 137 | 09/15/2025 | 12565569 | 79484 |
|  London Metals - Nickel<sup>(a)</sup>  | 12 | 12/15/2025 | 1113090 | 14436 |
|  London Metals - Zinc<sup>(a)</sup>  | 189 | 09/15/2025 | 13356110 | 218800 |
|  London Metals - Zinc<sup>(a)</sup>  | 9 | 12/15/2025 | 634995 | 1693 |
|  Low Sulphur Gas Oil  | 87 | 10/10/2025 | 5850750 | 108125 |
|  Low Sulphur Gas Oil  | 9 | 11/12/2025 | 596700 | (1075) |
|  Low Sulphur Gas Oil  | 8 | 12/11/2025 | 520800 | 6950 |
|  Low Sulphur Gas Oil  | 2 | 01/12/2026 | 129250 | 425 |
|  Mexican Peso/US Dollar Cross Currency Rate  | 434 | 09/15/2025 | 11616010 | 188635 |
|  Micro Gold  | 3 | 12/29/2025 | 105483 | 2496 |
|  MSCI China A 50 Index  | 3 | 09/19/2025 | 188190 | 14305 |
|  MSCI EAFE Index  | 47 | 09/19/2025 | 6394585 | 97862 |
|  MSCI Emerging Markets Index  | 238 | 09/19/2025 | 15052310 | 482595 |
|  MSCI Singapore Index  | 268 | 09/29/2025 | 9274834 | 157041 |
|  Nasdaq 100 Index  | 70 | 09/19/2025 | 32846450 | 568677 |
|  NASDAQ 100 Micro Index  | 3 | 09/19/2025 | 140770 | 4197 |
|  Nifty 50 Index  | 111 | 09/30/2025 | 5450766 | (105908) |
|  Nikkei 225 Index  | 8 | 09/11/2025 | 1145385 | 25790 |
|  Nikkei 225 Index  | 9 | 09/11/2025 | 1894500 | 38775 |
|  Nikkei 225 Index  | 118 | 09/11/2025 | 17141336 | 918764 |
|  Nikkei 225 Index  | 60 | 09/11/2025 | 17429825 | 595080 |
|  Nikkei 225 Index  | 34 | 09/11/2025 | 987690 | 49821 |
|  NY Harbor ULSD  | 57 | 09/30/2025 | 5433901 | (10980) |
|  NY Harbor ULSD  | 15 | 10/31/2025 | 1424619 | (48640) |
|  NY Harbor ULSD  | 14 | 11/28/2025 | 1320236 | (28993) |
|  NY Harbor ULSD  | 4 | 12/31/2025 | 376320 | (336) |
|  NYSE FANG+ Index  | 1 | 09/19/2025 | 76627 | 882 |
|  OMXS30 ESG Index  | 2 | 09/19/2025 | 53013 | (365) |
|  OMXS30 Index  | 627 | 09/19/2025 | 17444638 | (56443) |
|  Palladium  | 17 | 12/29/2025 | 1910800 | (28270) |
|  Platinum  | 131 | 10/29/2025 | 8976775 | 289965 |
|  Platinum  | 6 | 06/25/2026 | 119751 | (2807) |
|  Reformulated Gasoline Blendstock  | 107 | 09/30/2025 | 8848237 | 164695 |
|  Reformulated Gasoline Blendstock  | 11 | 10/31/2025 | 883991 | (3482) |
|  Reformulated Gasoline Blendstock  | 7 | 11/28/2025 | 550868 | (6178) |
|  Reformulated Gasoline Blendstock  | 5 | 12/31/2025 | 389907 | 2423 |
|  Robusta Coffee  | 5 | 01/26/2026 | 235150 | 22320 |
|  Russell 2000 Index  | 180 | 09/19/2025 | 21328200 | 563322 |
|  Russell 2000 Index  | 1 | 09/19/2025 | 11849 | 650 |
|  S&P 500 Index  | 1594 | 09/19/2025 | 515878175 | 32878703 |
|  S&P 500 Index  | 2 | 09/19/2025 | 64728 | 3172 |
|  S&P Mid Cap 400 Index  | 8 | 09/19/2025 | 2606800 | 33240 |
|  S&P/Toronto Stock Exchange 60 Index  | 123 | 09/18/2025 | 30374063 | 1478895 |
|  SET50 Index  | 48 | 09/29/2025 | 236837 | (4471) |
|  SGX FTSE Taiwan Index  | 201 | 09/26/2025 | 16128240 | 21395 |
|  SGX Technically Specified Rubber 20  | 1 | 09/30/2025 | 8695 | 60 |
|  SGX TSI Iron Ore  | 94 | 09/30/2025 | 972900 | (4352) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  SGX TSI Iron Ore  | 239 | 10/31/2025 | $2472933 | $18463 |
|  SGX TSI Iron Ore  | 68 | 11/28/2025 | 701760 | 4390 |
|  SGX TSI Iron Ore  | 38 | 12/31/2025 | 391400 | 3790 |
|  Short-term Euro-BTP  | 928 | 09/08/2025 | 116954034 | (299285) |
|  Silver  | 246 | 12/29/2025 | 50089290 | 2228005 |
|  Silver  | 6 | 03/27/2026 | 1236060 | 48335 |
|  South African Rand/US Dollar Cross Currency Rate  | 1 | 09/15/2025 | 28325 | 325 |
|  Soybeans  | 106 | 11/14/2025 | 5588850 | 1675 |
|  Soybeans  | 39 | 03/13/2026 | 2119650 | 33888 |
|  STOXX 600 Bank Spread Index  | 24 | 09/19/2025 | 419832 | 28825 |
|  STOXX 600 Utilities Index  | 9 | 09/19/2025 | 228114 | (4533) |
|  STOXX Euro ESG-X Index  | 34 | 09/19/2025 | 801104 | (5171) |
|  STOXX Europe 600 Index  | 6 | 09/19/2025 | 171309 | 2135 |
|  STOXX Europe 600 Index  | 94 | 09/19/2025 | 3030254 | 9317 |
|  Swiss Franc/US Dollar Cross Currency Rate  | 44 | 09/15/2025 | 6887650 | (16844) |
|  Swiss Government Bonds  | 1 | 09/08/2025 | 203812 | (1787) |
|  Tokyo Price Index  | 34 | 09/11/2025 | 710864 | 58897 |
|  TOPIX Index  | 143 | 09/11/2025 | 29898098 | 1525877 |
|  Two Year Canadian Government Bonds  | 42 | 12/18/2025 | 3228711 | 3211 |
|  U.S. Treasury 10 Year Notes  | 632 | 12/19/2025 | 71100000 | 202781 |
|  U.S. Treasury 2 Year Notes  | 330 | 12/31/2025 | 68817890 | 70945 |
|  U.S. Treasury 5 Year Note  | 1134 | 12/31/2025 | 124137563 | 273484 |
|  U.S. Treasury Long Bonds  | 9 | 12/19/2025 | 1028250 | (1820) |
|  US 3 Year Notes  | 4 | 12/31/2025 | 852656 | 2133 |
|  US Cocoa  | 6 | 12/15/2025 | 462600 | (38500) |
|  US Cocoa  | 3 | 03/16/2026 | 225060 | (19990) |
|  US Dollar/Chinese Renminbi Cross Currency Rate  | 2 | 09/15/2025 | 199744 | (1559) |
|  US Dollar/Chinese Renminbi Cross Currency Rate  | 1 | 09/15/2025 | 100003 | (407) |
|  Utilities Select Sector Index  | 3 | 09/19/2025 | 255210 | 3990 |
|  White Sugar  | 5 | 09/15/2025 | 123175 | 1040 |
|  White Sugar  | 6 | 11/14/2025 | 143310 | 3045 |
|  WTI CRUDE FUTURE Feb 26  | 1 | 01/16/2026 | 62510 | (340) |
|  WTI Light Sweet Crude Oil  | 1 | 10/20/2025 | 63460 | (680) |
|  WTI Light Sweet Crude Oil  | 1 | 11/19/2025 | 62990 | (600) |
|  WTI Light Sweet Crude Oil  | 1 | 12/18/2025 | 62700 | (3950) |
|  |  |  |  | $54012432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  1 Month Secured Overnight Financing Rate  | (19) | 01/30/2026 | $7615651 | $1021 |
|  10 Year Japanese Government Bonds  | (16) | 09/11/2025 | 1497819 | (129) |
|  10 Year U.S. Ultra Treasury Notes  | (28) | 12/19/2025 | 3203375 | (11734) |
|  3 Month Canadian Overnight Repo Rate Average  | (44) | 03/17/2026 | 7812575 | (7791) |
|  3 Month Canadian Overnight Repo Rate Average  | (16) | 06/16/2026 | 2842101 | (1311) |
|  3 Month Euribor  | (37) | 03/16/2026 | 10616014 | 570 |
|  3 Month Euribor  | (53) | 09/14/2026 | 15209047 | 307 |
|  3-Month Secured Overnight Financing Rate  | (127) | 06/16/2026 | 30633987 | (31438) |
|  3-Month Secured Overnight Financing Rate  | (267) | 09/15/2026 | 64583962 | (169863) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  3-Month Secured Overnight Financing Rate  | (8) | 12/15/2026 | $1938700 | $(700) |
|  Arabica Coffee  | (1) | 12/18/2025 | 144788 | (1706) |
|  AUD/USD Cross Currency Rate  | (49) | 09/15/2025 | 3208275 | (41820) |
|  Australian 90 Day Bank Bills  | (117) | 12/11/2025 | 75948940 | 4414 |
|  Australian 90 Day Bank Bills  | (1) | 03/12/2026 | 649327 | 16 |
|  Brent Crude Oil  | (7) | 10/31/2025 | 468230 | (5450) |
|  Brent Crude Oil  | (2) | 11/28/2025 | 133000 | (2020) |
|  British Pound/US Dollar Cross Currency Rate  | (2) | 09/15/2025 | 168913 | 13 |
|  CAC40 10 Euro Index  | (8) | 09/19/2025 | 721925 | 2761 |
|  Canadian 10 Year Government Bonds  | (377) | 12/18/2025 | 33081349 | (185357) |
|  Canadian 5 Year Bonds  | (132) | 12/18/2025 | 10985022 | (36160) |
|  Canadian Canola Oil  | (28) | 11/14/2025 | 255422 | 10228 |
|  Canadian Canola Oil  | (6) | 01/14/2026 | 55773 | 1710 |
|  Canadian Dollar/US Dollar Cross Currency Rate  | (133) | 09/16/2025 | 9695700 | (34230) |
|  Copper  | (32) | 12/29/2025 | 3672400 | (71175) |
|  Copper  | (5) | 03/27/2026 | 580375 | (3638) |
|  Corn No. 2 Yellow  | (984) | 12/12/2025 | 20676300 | 447204 |
|  Corn No. 2 Yellow  | (463) | 03/13/2026 | 10133912 | (132238) |
|  Corn No. 2 Yellow  | (72) | 05/14/2026 | 1611900 | 2863 |
|  Cotton No.2  | (502) | 12/08/2025 | 16701540 | 274047 |
|  Cotton No.2  | (43) | 03/09/2026 | 1471460 | 15660 |
|  Crude Oil  | (5) | 09/22/2025 | 320050 | (3010) |
|  Crude Oil  | (2) | 10/21/2025 | 126920 | (3400) |
|  Crude Oil  | (23) | 11/20/2025 | 1448770 | (25070) |
|  Crude Oil  | (5) | 12/19/2025 | 313500 | (6250) |
|  Crude Soybean Oil  | (48) | 12/12/2025 | 1501632 | (4242) |
|  Dollar Index  | (168) | 09/15/2025 | 16411920 | (27952) |
|  E-mini Energy Select Sector  | (2) | 09/19/2025 | 189120 | (10070) |
|  Euro BUXL 30 Year Bonds  | (117) | 09/08/2025 | 15598722 | 476643 |
|  Euro STOXX 50 Quanto Index  | (4) | 09/19/2025 | 250921 | 842 |
|  Euro-BOBL  | (238) | 09/08/2025 | 32705266 | (41508) |
|  Euro-Bund  | (352) | 09/08/2025 | 53349556 | (15688) |
|  Euro-Schatz  | (464) | 09/08/2025 | 58116031 | 1199 |
|  European Rapeseed  | (75) | 10/31/2025 | 2029055 | 34322 |
|  European Rapeseed  | (25) | 01/30/2026 | 685857 | 15253 |
|  French Government Bonds  | (253) | 09/08/2025 | 36083660 | 299402 |
|  Frozen Concentrated Orange Juice  | (13) | 11/07/2025 | 476872 | 2992 |
|  German Stock Index  | (2) | 09/19/2025 | 1401430 | 5674 |
|  Hang Seng Index  | (4) | 09/29/2025 | 641986 | (1591) |
|  Hard Red Winter Wheat  | (393) | 12/12/2025 | 10213088 | 269235 |
|  Hard Red Winter Wheat  | (50) | 03/13/2026 | 1351875 | 47388 |
|  ICE 3 Month SONIA Rate  | (308) | 06/16/2026 | 100202200 | 100576 |
|  ICE 3 Month SONIA Rate  | (356) | 09/15/2026 | 115914362 | 19566 |
|  ICE 3 Month SONIA Rate  | (5) | 12/15/2026 | 1628771 | 84 |
|  ICE European Climate Exchange Emissions  | (4) | 12/14/2026 | 350504 | (14097) |
|  Indian Rupee/US Dollar Cross Currency Rate  | (3) | 09/26/2025 | 67926 | 624 |
|  Indian Rupee/US Dollar Cross Currency Rate  | (1) | 09/26/2025 | 56645 | 595 |
|  Japanese 10 Year Government Bonds  | (184) | 09/12/2025 | 172211629 | 592411 |
|  Japanese Yen/US Dollar Cross Currency Rate  | (477) | 09/15/2025 | 40625494 | 165350 |
|  Light Sweet Crude Oil  | (1) | 09/19/2025 | 32005 | 333 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  LME Aluminum Forward  | (103) | 09/15/2025 | $6740191 | $(207406) |
|  LME Aluminum Forward  | (46) | 10/13/2025 | 3007250 | (40655) |
|  LME Aluminum Forward  | (1) | 11/17/2025 | 65405 | 79 |
|  LME Copper Forward  | (14) | 09/15/2025 | 3445806 | (51404) |
|  LME Copper Forward  | (11) | 10/13/2025 | 2714880 | (55625) |
|  LME Lead Forward  | (35) | 09/15/2025 | 3210182 | (65069) |
|  LME Lead Forward  | (32) | 10/13/2025 | 2947452 | (71129) |
|  LME Lead Forward  | (31) | 11/17/2025 | 2865923 | (81131) |
|  LME Nickel Forward  | (27) | 09/15/2025 | 1324303 | 46116 |
|  LME Nickel Forward  | (18) | 10/13/2025 | 889281 | (4933) |
|  LME Nickel Forward  | (20) | 11/17/2025 | 994125 | (4989) |
|  LME Zinc Forward  | (53) | 09/15/2025 | 3745364 | (252532) |
|  LME Zinc Forward  | (28) | 10/13/2025 | 1976709 | 11780 |
|  LME Zinc Forward  | (12) | 11/17/2025 | 847167 | (15890) |
|  London Cocoa  | (28) | 12/11/2025 | 2006542 | (14422) |
|  London Cocoa  | (3) | 03/16/2026 | 212148 | 3041 |
|  London Cocoa  | (1) | 05/13/2026 | 70000 | 757 |
|  London Metals - Aluminum<sup>(a)</sup>  | (463) | 09/15/2025 | 30298141 | (1120865) |
|  London Metals - Aluminum<sup>(a)</sup>  | (6) | 12/15/2025 | 392588 | (6454) |
|  London Metals - Copper<sup>(a)</sup>  | (114) | 09/15/2025 | 28058706 | (505603) |
|  London Metals - Copper<sup>(a)</sup>  | (9) | 12/15/2025 | 2232054 | (42844) |
|  London Metals - Lead<sup>(a)</sup>  | (296) | 09/15/2025 | 14518282 | 101149 |
|  London Metals - Lead<sup>(a)</sup>  | (109) | 12/15/2025 | 5446703 | (24905) |
|  London Metals - Nickel<sup>(a)</sup>  | (137) | 09/15/2025 | 12565569 | 90590 |
|  London Metals - Nickel<sup>(a)</sup>  | (77) | 12/15/2025 | 7142330 | (123368) |
|  London Metals - Zinc<sup>(a)</sup>  | (189) | 09/15/2025 | 13356110 | (608136) |
|  London Metals - Zinc<sup>(a)</sup>  | (22) | 12/15/2025 | 1552210 | (18024) |
|  Long Gilt  | (410) | 12/29/2025 | 50162463 | 20193 |
|  Maize  | (5) | 11/05/2025 | 55278 | 746 |
|  Milling Wheat No. 2  | (659) | 12/10/2025 | 7478386 | 223785 |
|  Milling Wheat No. 2  | (172) | 03/10/2026 | 2022298 | 60470 |
|  Milling Wheat No. 2  | (25) | 05/11/2026 | 301251 | 1492 |
|  Natural Gas  | (11) | 09/25/2025 | 82418 | (3818) |
|  Natural Gas  | (270) | 09/26/2025 | 8091900 | 121341 |
|  Natural Gas  | (55) | 09/29/2025 | 1515860 | 60653 |
|  Natural Gas  | (278) | 10/29/2025 | 9265740 | 268720 |
|  Natural Gas  | (10) | 10/30/2025 | 273042 | 14783 |
|  Natural Gas  | (86) | 11/25/2025 | 3366040 | 72010 |
|  Natural Gas  | (41) | 12/29/2025 | 1739630 | 43610 |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | (72) | 09/15/2025 | 4251240 | (28955) |
|  Nifty 50 Index  | (131) | 09/30/2025 | 6432886 | 82038 |
|  NY Harbor ULSD  | (2) | 09/30/2025 | 190663 | 575 |
|  Oats  | (3) | 12/12/2025 | 50475 | (438) |
|  Red Spring Wheat  | (79) | 12/12/2025 | 2291000 | 50188 |
|  Red Spring Wheat  | (30) | 03/13/2026 | 899625 | 16263 |
|  Robusta Coffee  | (24) | 11/24/2025 | 1155600 | (353830) |
|  Robusta Coffee  | (8) | 01/26/2026 | 376240 | (105170) |
|  Rough Rice  | (29) | 11/14/2025 | 705860 | 28920 |
|  S&P Real Estate Select Sector Stock Index  | (5) | 09/19/2025 | 258937 | (5363) |
|  SGX FTSE Taiwan Index  | (1) | 09/26/2025 | 80240 | 470 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> SOLD** | **Expiration <br> Date** | **Notional** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Soybean Meal  | (489) | 12/12/2025 | $14132100 | $471140 |
|  Soybean Meal  | (90) | 01/14/2026 | 2635200 | 31340 |
|  Soybeans  | (152) | 11/14/2025 | 8014200 | (168688) |
|  Soybeans  | (42) | 01/14/2026 | 2252250 | (38838) |
|  Soybeans  | (26) | 03/13/2026 | 1413100 | (5425) |
|  Sugar #11  | (850) | 09/30/2025 | 15584240 | 224649 |
|  Sugar #11  | (377) | 02/27/2026 | 7182302 | (38438) |
|  Sugar #11  | (83) | 04/30/2026 | 1553362 | 16195 |
|  Sugar #11  | (2) | 06/30/2026 | 37139 | 90 |
|  Two Year Canadian Government Bonds  | (44) | 12/18/2025 | 3382459 | (3524) |
|  U.S. Treasury 2 Year Notes  | (52) | 12/31/2025 | 10844031 | (8797) |
|  U.S. Treasury Long Bonds  | (105) | 12/19/2025 | 11996250 | (14484) |
|  U.S. Treasury Ultra Bonds  | (90) | 12/19/2025 | 10490625 | 13563 |
|  UK Natural Gas  | (50) | 09/29/2025 | 1630531 | 60524 |
|  UK Natural Gas  | (20) | 10/30/2025 | 670830 | 27390 |
|  US Cocoa  | (1) | 12/15/2025 | 77100 | (550) |
|  Wheat  | (1147) | 12/12/2025 | 30639238 | 331987 |
|  Wheat  | (99) | 03/13/2026 | 2732400 | 28200 |
|  Wheat  | (9) | 05/14/2026 | 253125 | (2250) |
|  White Maize  | (25) | 12/22/2025 | 565760 | 63907 |
|  White Sugar  | (49) | 11/14/2025 | 1170365 | (39870) |
|  White Sugar  | (29) | 02/13/2026 | 683530 | (10625) |
|  WTI Light Sweet Crude Oil  | (1) | 09/19/2025 | 64010 | (980) |
|  WTI Light Sweet Crude Oil  | (3) | 10/20/2025 | 190380 | (1750) |
|  WTI Light Sweet Crude Oil  | (1) | 11/19/2025 | 62990 | (1020) |
|  WTI Light Sweet Crude Oil  | (1) | 12/18/2025 | 62700 | (1460) |
|  Yellow Maize  | (3) | 12/22/2025 | 64966 | 4671 |
|  |  |  |  | $347433 |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $54359865 |

---

&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 Portfolio of Investments (Continued)** 

**August 31, 2025**

Forward foreign currency contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | AUD | 400000 | CAD | 359717 | SG Americas Securities LLC | $(178) |
| 09/22/2025 | AUD | 1200000 | CAD | 1077393 | SG Americas Securities LLC | 266 |
| 09/22/2025 | AUD | 400000 | JPY | 38138964 | SG Americas Securities LLC | 1672 |
| 09/02/2025 | AUD | 2000000 | NZD | 2221667 | SG Americas Securities LLC | (1872) |
| 09/22/2025 | AUD | 23400000 | NZD | 25682209 | SG Americas Securities LLC | 156266 |
| 09/02/2025 | AUD | 60884439 | USD | 39674741 | SG Americas Securities LLC | 174151 |
| 09/17/2025 | AUD | 26932410 | USD | 17577141 | SG Americas Securities LLC | 54760 |
| 09/22/2025 | AUD | 5700000 | USD | 3700556 | SG Americas Securities LLC | 31394 |
| 09/03/2025 | BRL | 60844215 | USD | 10850000 | SG Americas Securities LLC | 357201 |
| 10/02/2025 | BRL | 49295934 | USD | 9000000 | SG Americas Securities LLC | 13031 |
| 09/22/2025 | CAD | 6765974 | AUD | 7600000 | SG Americas Securities LLC | (43613) |
| 09/22/2025 | CAD | 200000 | JPY | 21342168 | SG Americas Securities LLC | 182 |
| 09/02/2025 | CAD | 2888466 | USD | 2100904 | SG Americas Securities LLC | 2733 |
| 09/17/2025 | CAD | 19153135 | USD | 14024542 | SG Americas Securities LLC | (65463) |
| 09/22/2025 | CAD | 11600000 | USD | 8443951 | SG Americas Securities LLC | 12322 |
| 09/17/2025 | CHF | 980519 | EUR | 1050000 | SG Americas Securities LLC | (1601) |
| 09/22/2025 | CHF | 8629177 | EUR | 9250000 | SG Americas Securities LLC | (21821) |
| 09/02/2025 | CHF | 270087 | GBP | 250000 | SG Americas Securities LLC | (203) |
| 09/22/2025 | CHF | 803303 | GBP | 750000 | SG Americas Securities LLC | (7013) |
| 09/22/2025 | CHF | 5500000 | JPY | 1002572450 | SG Americas Securities LLC | 53644 |
| 09/02/2025 | CHF | 1795000 | USD | 2239835 | SG Americas Securities LLC | 4619 |
| 09/17/2025 | CHF | 21262382 | USD | 26464636 | SG Americas Securities LLC | 170909 |
| 09/22/2025 | CHF | 4500000 | USD | 5583037 | SG Americas Securities LLC | 57613 |
| 09/02/2025 | CLP | 97676010 | USD | 102698 | SG Americas Securities LLC | (1671) |
| 09/08/2025 | CLP | 386547588 | USD | 400000 | SG Americas Securities LLC | (186) |
| 09/11/2025 | CLP | 289886097 | USD | 300000 | SG Americas Securities LLC | (161) |
| 09/17/2025 | CLP | 2358592371 | USD | 2500000 | SG Americas Securities LLC | (60371) |
| 09/22/2025 | CLP | 193122010 | USD | 200000 | SG Americas Securities LLC | (239) |
| 09/29/2025 | CLP | 192215660 | USD | 200000 | SG Americas Securities LLC | (1171) |
| 10/02/2025 | CLP | 96708830 | USD | 100000 | SG Americas Securities LLC | 36 |
| 09/02/2025 | CNH | 48305834 | USD | 6765295 | SG Americas Securities LLC | 19940 |
| 09/17/2025 | CNH | 137473580 | USD | 19258669 | SG Americas Securities LLC | 78667 |
| 09/22/2025 | CNH | 133221316 | USD | 18621687 | SG Americas Securities LLC | 126603 |
| 09/08/2025 | COP | 411450500 | USD | 100000 | SG Americas Securities LLC | 2299 |
| 09/12/2025 | COP | 815386000 | USD | 200000 | SG Americas Securities LLC | 2650 |
| 09/17/2025 | COP | 15062995820 | USD | 3650001 | SG Americas Securities LLC | 91808 |
| 09/22/2025 | COP | 1212185800 | USD | 300000 | SG Americas Securities LLC | 972 |
| 09/29/2025 | COP | 804131632 | USD | 200000 | SG Americas Securities LLC | (484) |
| 09/17/2025 | CZK | 66415924 | EUR | 2700000 | SG Americas Securities LLC | 15969 |
| 09/22/2025 | CZK | 2130529 | USD | 100000 | SG Americas Securities LLC | 1978 |
| 09/22/2025 | EUR | 4875000 | AUD | 8728289 | SG Americas Securities LLC | (2578) |
| 09/22/2025 | EUR | 8250000 | CAD | 13183909 | SG Americas Securities LLC | 55668 |
| 09/17/2025 | EUR | 5100000 | CHF | 4783539 | SG Americas Securities LLC | (18557) |
| 09/22/2025 | EUR | 2000000 | CHF | 1876113 | SG Americas Securities LLC | (8249) |
| 09/02/2025 | EUR | 200000 | GBP | 173334 | SG Americas Securities LLC | (248) |
| 09/17/2025 | EUR | 4950000 | GBP | 4308431 | SG Americas Securities LLC | (26256) |
| 09/22/2025 | EUR | 12500000 | GBP | 10876993 | SG Americas Securities LLC | (58390) |
| 09/22/2025 | EUR | 1100000 | HUF | 440972424 | SG Americas Securities LLC | (10873) |
| 09/17/2025 | EUR | 19450000 | JPY | 3315969236 | SG Americas Securities LLC | 170441 |
| 09/22/2025 | EUR | 5500000 | JPY | 936249216 | SG Americas Securities LLC | 56431 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | EUR | 510660 | NOK | 6000000 | SG Americas Securities LLC | $681 |
| 09/17/2025 | EUR | 8378680 | NOK | 99852269 | SG Americas Securities LLC | (120296) |
| 09/22/2025 | EUR | 4375000 | NOK | 51983864 | SG Americas Securities LLC | (45938) |
| 09/02/2025 | EUR | 317205 | PLN | 1353342 | SG Americas Securities LLC | (197) |
| 09/17/2025 | EUR | 2497191 | PLN | 10705286 | SG Americas Securities LLC | (12089) |
| 09/22/2025 | EUR | 200000 | PLN | 854198 | SG Americas Securities LLC | (1) |
| 12/17/2025 | EUR | 230282 | PLN | 1000000 | SG Americas Securities LLC | (2729) |
| 09/02/2025 | EUR | 452030 | SEK | 5000000 | SG Americas Securities LLC | 542 |
| 09/17/2025 | EUR | 6129648 | SEK | 68499367 | SG Americas Securities LLC | (66430) |
| 09/02/2025 | EUR | 116743640 | USD | 135949451 | SG Americas Securities LLC | 665634 |
| 09/17/2025 | EUR | 49673185 | USD | 58010123 | SG Americas Securities LLC | 173905 |
| 09/22/2025 | EUR | 7875000 | USD | 9154705 | SG Americas Securities LLC | 72497 |
| 09/22/2025 | GBP | 4000000 | AUD | 8224049 | SG Americas Securities LLC | 23134 |
| 09/02/2025 | GBP | 250000 | CHF | 270379 | SG Americas Securities LLC | (163) |
| 09/22/2025 | GBP | 125000 | CHF | 135731 | SG Americas Securities LLC | (1147) |
| 09/17/2025 | GBP | 2420146 | EUR | 2800000 | SG Americas Securities LLC | (8057) |
| 09/22/2025 | GBP | 2604251 | EUR | 3000000 | SG Americas Securities LLC | 5595 |
| 09/02/2025 | GBP | 125000 | JPY | 24807625 | SG Americas Securities LLC | 73 |
| 09/22/2025 | GBP | 6500000 | JPY | 1274733542 | SG Americas Securities LLC | 90012 |
| 09/02/2025 | GBP | 3447500 | USD | 4653318 | SG Americas Securities LLC | 6564 |
| 09/17/2025 | GBP | 41170000 | USD | 55564247 | SG Americas Securities LLC | 91620 |
| 09/22/2025 | GBP | 9250000 | USD | 12353605 | SG Americas Securities LLC | 151586 |
| 09/17/2025 | HUF | 1598130790 | EUR | 4000000 | SG Americas Securities LLC | 26443 |
| 09/22/2025 | HUF | 358239262 | EUR | 900000 | SG Americas Securities LLC | 1361 |
| 09/02/2025 | HUF | 212085937 | USD | 623867 | SG Americas Securities LLC | 1964 |
| 09/17/2025 | HUF | 3278363618 | USD | 9682024 | SG Americas Securities LLC | (16382) |
| 09/22/2025 | HUF | 2182074940 | USD | 6300000 | SG Americas Securities LLC | 131595 |
| 09/17/2025 | IDR | 55309132550 | USD | 3400000 | SG Americas Securities LLC | (47176) |
| 09/02/2025 | ILS | 667480 | USD | 200000 | SG Americas Securities LLC | (20) |
| 09/17/2025 | ILS | 16684405 | USD | 4900000 | SG Americas Securities LLC | 99058 |
| 09/22/2025 | ILS | 8898438 | USD | 2600000 | SG Americas Securities LLC | 66274 |
| 09/04/2025 | INR | 34805826 | USD | 400000 | SG Americas Securities LLC | (5566) |
| 09/08/2025 | INR | 579395879 | USD | 6600000 | SG Americas Securities LLC | (35230) |
| 09/17/2025 | INR | 328370562 | USD | 3788239 | SG Americas Securities LLC | (69287) |
| 09/26/2025 | INR | 17434682 | USD | 200000 | SG Americas Securities LLC | (2629) |
| 09/22/2025 | JPY | 512999764 | AUD | 5400000 | SG Americas Securities LLC | (35370) |
| 09/22/2025 | JPY | 426322682 | CAD | 4000000 | SG Americas Securities LLC | (7186) |
| 09/17/2025 | JPY | 85409074 | EUR | 500000 | SG Americas Securities LLC | (3252) |
| 09/22/2025 | JPY | 51643224 | EUR | 300000 | SG Americas Securities LLC | 846 |
| 09/02/2025 | JPY | 74461000 | GBP | 375000 | SG Americas Securities LLC | 40 |
| 09/22/2025 | JPY | 372220905 | GBP | 1875000 | SG Americas Securities LLC | 4802 |
| 09/02/2025 | JPY | 17312800 | NZD | 200000 | SG Americas Securities LLC | (146) |
| 09/22/2025 | JPY | 675300102 | NZD | 7800000 | SG Americas Securities LLC | 1921 |
| 09/02/2025 | JPY | 166558668 | USD | 1132940 | SG Americas Securities LLC | 959 |
| 09/17/2025 | JPY | 931693625 | USD | 6371560 | SG Americas Securities LLC | (18210) |
| 09/22/2025 | JPY | 387500000 | USD | 2642880 | SG Americas Securities LLC | 1005 |
| 09/02/2025 | KRW | 138611763 | USD | 100000 | SG Americas Securities LLC | (276) |
| 09/04/2025 | KRW | 415195090 | USD | 300000 | SG Americas Securities LLC | (1258) |
| 09/05/2025 | KRW | 2480512737 | USD | 1800000 | SG Americas Securities LLC | (15125) |
| 09/11/2025 | KRW | 2501478000 | USD | 1800000 | SG Americas Securities LLC | 532 |
| 09/17/2025 | KRW | 2271718090 | USD | 1665190 | SG Americas Securities LLC | (29517) |
| 09/26/2025 | KRW | 138593030 | USD | 100000 | SG Americas Securities LLC | (163) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | MXN | 22680113 | USD | 1217631 | SG Americas Securities LLC | $(3001) |
| 09/03/2025 | MXN | 593337 | USD | 31815 | SG Americas Securities LLC | (42) |
| 09/17/2025 | MXN | 692182243 | USD | 36725908 | SG Americas Securities LLC | 284952 |
| 09/22/2025 | MXN | 79500000 | USD | 4220887 | SG Americas Securities LLC | 27717 |
| 09/02/2025 | NOK | 6000000 | EUR | 510680 | SG Americas Securities LLC | (704) |
| 09/17/2025 | NOK | 120211242 | EUR | 10215386 | SG Americas Securities LLC | (5540) |
| 09/02/2025 | NOK | 11778285 | USD | 1169967 | SG Americas Securities LLC | 1778 |
| 09/17/2025 | NOK | 84234301 | USD | 8218184 | SG Americas Securities LLC | 162498 |
| 09/22/2025 | NOK | 56389566 | USD | 5500000 | SG Americas Securities LLC | 110510 |
| 09/22/2025 | NZD | 400000 | JPY | 35175584 | SG Americas Securities LLC | (3816) |
| 09/02/2025 | NZD | 2125000 | USD | 1248943 | SG Americas Securities LLC | 4892 |
| 09/17/2025 | NZD | 15888000 | USD | 9520982 | SG Americas Securities LLC | (141375) |
| 09/22/2025 | NZD | 4400000 | USD | 2596932 | SG Americas Securities LLC | 1101 |
| 09/17/2025 | PEN | 5596189 | USD | 1550000 | SG Americas Securities LLC | 33305 |
| 09/17/2025 | PHP | 117913003 | USD | 2100000 | SG Americas Securities LLC | (37932) |
| 09/02/2025 | PLN | 926489 | EUR | 217206 | SG Americas Securities LLC | 77 |
| 09/17/2025 | PLN | 38801150 | EUR | 9046743 | SG Americas Securities LLC | 48840 |
| 09/22/2025 | PLN | 3856572 | EUR | 900000 | SG Americas Securities LLC | 3485 |
| 12/17/2025 | PLN | 4500000 | EUR | 1039168 | SG Americas Securities LLC | 8869 |
| 09/02/2025 | PLN | 1900852 | USD | 519499 | SG Americas Securities LLC | 2148 |
| 09/17/2025 | PLN | 29448984 | USD | 8084101 | SG Americas Securities LLC | (4372) |
| 09/22/2025 | PLN | 19648706 | USD | 5300000 | SG Americas Securities LLC | 90476 |
| 09/02/2025 | SEK | 5000000 | EUR | 452058 | SG Americas Securities LLC | (575) |
| 09/17/2025 | SEK | 79532724 | EUR | 7220374 | SG Americas Securities LLC | (43996) |
| 09/22/2025 | SEK | 82419960 | EUR | 7375000 | SG Americas Securities LLC | 80318 |
| 09/22/2025 | SEK | 51705070 | NOK | 55000000 | SG Americas Securities LLC | (832) |
| 09/02/2025 | SEK | 10222725 | USD | 1078056 | SG Americas Securities LLC | 2342 |
| 09/17/2025 | SEK | 49135361 | USD | 5173016 | SG Americas Securities LLC | 24845 |
| 09/22/2025 | SEK | 44407649 | USD | 4600000 | SG Americas Securities LLC | 99210 |
| 09/02/2025 | SGD | 261810 | USD | 203821 | SG Americas Securities LLC | 295 |
| 09/17/2025 | SGD | 7564556 | USD | 5911100 | SG Americas Securities LLC | (6217) |
| 09/22/2025 | SGD | 15395688 | USD | 12000000 | SG Americas Securities LLC | 22747 |
| 10/15/2025 | SGD | 133386 | USD | 104149 | SG Americas Securities LLC | 209 |
| 09/17/2025 | THB | 19366021 | USD | 600000 | SG Americas Securities LLC | (1277) |
| 09/17/2025 | TRY | 17000000 | USD | 396381 | SG Americas Securities LLC | 9927 |
| 09/22/2025 | TRY | 59368925 | USD | 1400000 | SG Americas Securities LLC | 12501 |
| 09/08/2025 | TWD | 5980065 | USD | 200000 | SG Americas Securities LLC | (4214) |
| 09/11/2025 | TWD | 20849789 | USD | 700000 | SG Americas Securities LLC | (17221) |
| 09/12/2025 | TWD | 5952277 | USD | 200000 | SG Americas Securities LLC | (5062) |
| 09/15/2025 | TWD | 8966283 | USD | 300000 | SG Americas Securities LLC | (6283) |
| 09/17/2025 | TWD | 46926057 | USD | 1613332 | SG Americas Securities LLC | (75889) |
| 09/18/2025 | TWD | 5980000 | USD | 200000 | SG Americas Securities LLC | (4061) |
| 09/26/2025 | TWD | 12096000 | USD | 400000 | SG Americas Securities LLC | (3414) |
| 10/02/2025 | TWD | 27404277 | USD | 900000 | SG Americas Securities LLC | (1060) |
| 09/02/2025 | USD | 2258845 | AUD | 3457000 | SG Americas Securities LLC | (3763) |
| 09/17/2025 | USD | 17197687 | AUD | 26512410 | SG Americas Securities LLC | (159251) |
| 09/22/2025 | USD | 5653835 | AUD | 8700000 | SG Americas Securities LLC | (42300) |
| 09/03/2025 | USD | 11127902 | BRL | 60555428 | SG Americas Securities LLC | (26106) |
| 10/02/2025 | USD | 100000 | BRL | 545498 | SG Americas Securities LLC | 264 |
| 09/02/2025 | USD | 2103014 | CAD | 2888468 | SG Americas Securities LLC | (625) |
| 09/17/2025 | USD | 39613147 | CAD | 54486768 | SG Americas Securities LLC | (97589) |
| 09/22/2025 | USD | 8945540 | CAD | 12300000 | SG Americas Securities LLC | (21025) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/02/2025 | USD | 2396069 | CHF | 1920000 | SG Americas Securities LLC | $(4684) |
| 09/17/2025 | USD | 15363867 | CHF | 12313034 | SG Americas Securities LLC | (60763) |
| 09/22/2025 | USD | 780959 | CHF | 625000 | SG Americas Securities LLC | (2465) |
| 09/02/2025 | USD | 100000 | CLP | 97676010 | SG Americas Securities LLC | (1027) |
| 09/08/2025 | USD | 400000 | CLP | 385847690 | SG Americas Securities LLC | 910 |
| 09/11/2025 | USD | 300000 | CLP | 289896650 | SG Americas Securities LLC | 150 |
| 09/17/2025 | USD | 3850000 | CLP | 3711144272 | SG Americas Securities LLC | 11347 |
| 09/22/2025 | USD | 700000 | CLP | 676371661 | SG Americas Securities LLC | 375 |
| 09/25/2025 | USD | 200000 | CLP | 193284940 | SG Americas Securities LLC | 68 |
| 09/26/2025 | USD | 400000 | CLP | 385566690 | SG Americas Securities LLC | 1171 |
| 09/29/2025 | USD | 100000 | CLP | 96300550 | SG Americas Securities LLC | 386 |
| 10/03/2025 | USD | 100000 | CLP | 96507230 | SG Americas Securities LLC | 172 |
| 09/02/2025 | USD | 8867631 | CNH | 63219637 | SG Americas Securities LLC | (12458) |
| 09/17/2025 | USD | 32489452 | CNH | 232628845 | SG Americas Securities LLC | (232634) |
| 09/22/2025 | USD | 3321687 | CNH | 23810377 | SG Americas Securities LLC | (29157) |
| 10/15/2025 | USD | 1417467 | CNH | 10144006 | SG Americas Securities LLC | (12382) |
| 09/08/2025 | USD | 100000 | COP | 404846684 | SG Americas Securities LLC | (657) |
| 09/12/2025 | USD | 200000 | COP | 806024568 | SG Americas Securities LLC | (323) |
| 09/17/2025 | USD | 700000 | COP | 2909590098 | SG Americas Securities LLC | (22773) |
| 09/22/2025 | USD | 200000 | COP | 809832775 | SG Americas Securities LLC | (1073) |
| 09/30/2025 | USD | 100000 | COP | 408172684 | SG Americas Securities LLC | (1261) |
| 09/02/2025 | USD | 3465021 | EUR | 2965000 | SG Americas Securities LLC | (4664) |
| 09/17/2025 | USD | 29647271 | EUR | 25513185 | SG Americas Securities LLC | (237259) |
| 09/22/2025 | USD | 4962526 | EUR | 4250000 | SG Americas Securities LLC | (17234) |
| 09/02/2025 | USD | 74425355 | GBP | 55112470 | SG Americas Securities LLC | (68501) |
| 09/17/2025 | USD | 25154721 | GBP | 18782000 | SG Americas Securities LLC | (235818) |
| 09/22/2025 | USD | 5729475 | GBP | 4250000 | SG Americas Securities LLC | (16153) |
| 09/02/2025 | USD | 242932 | HUF | 82694410 | SG Americas Securities LLC | (1086) |
| 09/17/2025 | USD | 1028507 | HUF | 351614579 | SG Americas Securities LLC | (8163) |
| 09/22/2025 | USD | 600000 | HUF | 205088710 | SG Americas Securities LLC | (4492) |
| 09/17/2025 | USD | 3800000 | IDR | 62345558995 | SG Americas Securities LLC | 20630 |
| 09/26/2025 | USD | 300000 | IDR | 4938776000 | SG Americas Securities LLC | 657 |
| 09/17/2025 | USD | 550000 | ILS | 1881989 | SG Americas Securities LLC | (13890) |
| 09/22/2025 | USD | 200000 | ILS | 675794 | SG Americas Securities LLC | (2491) |
| 09/04/2025 | USD | 400000 | INR | 35073400 | SG Americas Securities LLC | 2534 |
| 09/08/2025 | USD | 6600000 | INR | 578870820 | SG Americas Securities LLC | 41179 |
| 09/15/2025 | USD | 2200000 | INR | 193000896 | SG Americas Securities LLC | 13963 |
| 09/17/2025 | USD | 21279179 | INR | 1860809816 | SG Americas Securities LLC | 204624 |
| 09/22/2025 | USD | 1000000 | INR | 87202237 | SG Americas Securities LLC | 12630 |
| 09/25/2025 | USD | 1300000 | INR | 113328443 | SG Americas Securities LLC | 16994 |
| 09/26/2025 | USD | 4400000 | INR | 385042380 | SG Americas Securities LLC | 41096 |
| 09/30/2025 | USD | 7400000 | INR | 650327957 | SG Americas Securities LLC | 39392 |
| 09/02/2025 | USD | 53178283 | JPY | 7833963058 | SG Americas Securities LLC | (153819) |
| 09/17/2025 | USD | 24202520 | JPY | 3548175244 | SG Americas Securities LLC | 7015 |
| 09/22/2025 | USD | 1104482 | JPY | 162500000 | SG Americas Securities LLC | (4244) |
| 09/02/2025 | USD | 100375 | KRW | 138611763 | SG Americas Securities LLC | 651 |
| 09/04/2025 | USD | 300000 | KRW | 417121474 | SG Americas Securities LLC | (128) |
| 09/05/2025 | USD | 1800000 | KRW | 2488087300 | SG Americas Securities LLC | 9674 |
| 09/11/2025 | USD | 1800000 | KRW | 2479696200 | SG Americas Securities LLC | 15146 |
| 09/15/2025 | USD | 200000 | KRW | 277103000 | SG Americas Securities LLC | 503 |
| 09/17/2025 | USD | 8253843 | KRW | 11441252947 | SG Americas Securities LLC | 15959 |
| 09/26/2025 | USD | 1600000 | KRW | 2227862017 | SG Americas Securities LLC | (4860) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Portfolio of Investments (Concluded)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| 09/29/2025 | USD | 1800000 | KRW | 2499048000 | SG Americas Securities LLC | $(504) |
| 09/02/2025 | USD | 1216138 | MXN | 22680113 | SG Americas Securities LLC | 1507 |
| 09/03/2025 | USD | 31777 | MXN | 593337 | SG Americas Securities LLC | 4 |
| 09/17/2025 | USD | 839701 | MXN | 15864208 | SG Americas Securities LLC | (8556) |
| 09/22/2025 | USD | 1142947 | MXN | 21500000 | SG Americas Securities LLC | (6046) |
| 09/02/2025 | USD | 200000 | NOK | 2014445 | SG Americas Securities LLC | (404) |
| 09/17/2025 | USD | 3697419 | NOK | 37678434 | SG Americas Securities LLC | (51303) |
| 09/22/2025 | USD | 600000 | NOK | 6069482 | SG Americas Securities LLC | (3886) |
| 09/02/2025 | USD | 1015960 | NZD | 1725000 | SG Americas Securities LLC | (1859) |
| 09/17/2025 | USD | 21432354 | NZD | 36248000 | SG Americas Securities LLC | 33059 |
| 09/22/2025 | USD | 7040924 | NZD | 11900000 | SG Americas Securities LLC | 14425 |
| 09/17/2025 | USD | 50000 | PEN | 178626 | SG Americas Securities LLC | (538) |
| 09/17/2025 | USD | 1650000 | PHP | 94909925 | SG Americas Securities LLC | (9789) |
| 09/30/2025 | USD | 200000 | PHP | 11448200 | SG Americas Securities LLC | (125) |
| 09/02/2025 | USD | 37171 | PLN | 135964 | SG Americas Securities LLC | (141) |
| 09/17/2025 | USD | 247468 | PLN | 908281 | SG Americas Securities LLC | (1731) |
| 09/02/2025 | USD | 207131 | SEK | 1967107 | SG Americas Securities LLC | (764) |
| 09/17/2025 | USD | 2053519 | SEK | 19557348 | SG Americas Securities LLC | (15386) |
| 09/22/2025 | USD | 800000 | SEK | 7639494 | SG Americas Securities LLC | (8410) |
| 09/02/2025 | USD | 203794 | SGD | 261810 | SG Americas Securities LLC | (322) |
| 09/17/2025 | USD | 1642376 | SGD | 2104905 | SG Americas Securities LLC | (710) |
| 10/15/2025 | USD | 4104228 | SGD | 5264515 | SG Americas Securities LLC | (14610) |
| 09/17/2025 | USD | 300000 | THB | 9759937 | SG Americas Securities LLC | (1740) |
| 09/22/2025 | USD | 5100000 | TRY | 216934200 | SG Americas Securities LLC | (61282) |
| 09/08/2025 | USD | 200000 | TWD | 5973311 | SG Americas Securities LLC | 4435 |
| 09/11/2025 | USD | 700000 | TWD | 21360205 | SG Americas Securities LLC | 506 |
| 09/12/2025 | USD | 200000 | TWD | 6101228 | SG Americas Securities LLC | 184 |
| 09/17/2025 | USD | 7482538 | TWD | 225337309 | SG Americas Securities LLC | 99788 |
| 09/26/2025 | USD | 400000 | TWD | 12194094 | SG Americas Securities LLC | 198 |
| 09/02/2025 | USD | 1200000 | ZAR | 21223083 | SG Americas Securities LLC | (2793) |
| 09/17/2025 | USD | 1036136 | ZAR | 18546693 | SG Americas Securities LLC | (13916) |
| 09/22/2025 | USD | 461598 | ZAR | 8135994 | SG Americas Securities LLC | 1119 |
| 09/02/2025 | ZAR | 3852565 | USD | 217983 | SG Americas Securities LLC | 357 |
| 09/17/2025 | ZAR | 207615833 | USD | 11750380 | SG Americas Securities LLC | 4145 |
| 09/22/2025 | ZAR | 122489548 | USD | 6861598 | SG Americas Securities LLC | 71039 |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  |  | $2102312 |

---

---

| | | | |
|:---|:---|:---|:---|
| 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 Multi Asset Fund** 

**Consolidated Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $670,428,052)  | $670634692 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 66166909 |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with broker for futures contracts (cost $—)  | 902 |
| &nbsp;&nbsp;&nbsp; Deposit with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 3848612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 113573066 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 550774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 153152 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 5054168 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 64579695 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 39514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $924601484 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Broker  | 10127904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 1281506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 2057784 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts  | 2951856 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 10219830 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 413789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 27052669 |
| &nbsp;&nbsp;&nbsp; Net assets  | $897548815 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $78692 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 847060047 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 50410076 |
| &nbsp;&nbsp;&nbsp; Net assets  | $897548815 |
|  **CLASS A SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $6103810 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 538539 |
| &nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $11.33 |
| &nbsp;&nbsp;&nbsp; Maximum offering price per share (100/94.25 of $11.33)  | $12.02 |
|  **CLASS I SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $876539763 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 76803198 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.41 |
|  **CLASS C SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $14905242 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 1350219 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.04 |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Statement of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $45184495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 45184495 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 18184681 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 216817 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 191609 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 151673 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class C Shares)  | 123102 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 97375 |
| &nbsp;&nbsp;&nbsp; Director fees  | 96680 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 78896 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 71020 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 57006 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 48774 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Class A Shares)  | 17995 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 100448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 19436076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (844605) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 18591471 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 26593024 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 76468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (66109578) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (2266245) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (17833754) |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (186925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 38322225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | 14891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 6533930 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | (41448988) |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(14855964) |

---

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

**Abbey Capital Multi Asset Fund** 

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended <br> August 31, <br> 2025** | **For the<br> Year Ended <br> August 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $26593024 | $24238809 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts  | (86133109) | (2085272) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts  | 44684121 | 5798365 |
|  Net increase/(decrease) in net assets resulting from operations  | (14855964) | 27951902 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A  | $(378388) | $(80502) |
| &nbsp;&nbsp;&nbsp; Class I  | (47046224) | (21476557) |
| &nbsp;&nbsp;&nbsp; Class C  | (705624) | (194878) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (48130236) | (21751937) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 6764844 | 8280971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 325284 | 58480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (7123067) | (3272101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (32939) | 5067350 |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 592911174 | 732653887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 32239748 | 12529698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (687486210) | (248071786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | (62335288) | 497111799 |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 6306682 | 10903723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 557289 | 122506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (5634850) | (1745933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | 1229121 | 9280296 |
|  Net increase/(decrease) in net assets from capital share transactions  | (61139106) | 511459445 |
|  Total increase/(decrease) in net assets  | (124125306) | 517659410 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 1021674121 | 504014711 |
| &nbsp;&nbsp;&nbsp; End of period  | $897548815 | $1021674121 |

---

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

**Abbey Capital Multi Asset Fund** 

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

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended <br> August 31, <br> 2025** | **For the<br> Year Ended <br> August 31, <br> 2024** |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 585411 | 691208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 27778 | 5390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (639281) | (276345) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class A Shares  | (26092) | 420253 |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 51769324 | 61322625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 2739146 | 1151627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (61972402) | (21252768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class I Shares  | (7463932) | 41221484 |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 558577 | 914951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 48587 | 11460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (524764) | (151257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Class C Shares  | 82400 | 775154 |
|  Net increase/(decrease) in shares outstanding  | (7407624) | 42416891 |

---

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** |
|  | **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> February 16,<br> 2022 to <br> august 31,<br> 2022<sup>(1)</sup>** |
|  **Per Share Operating Performance** |  |  |  |  |
|  Net asset value, beginning of period  | $11.82 | $11.51 | $11.94 | $11.21 |
|  Net investment income/(loss)<sup>(2)</sup>  | 0.27 | 0.34 | 0.23 | (0.06) |
|  Net realized and unrealized gain/(loss) from investments  | (0.23) | 0.38 | (0.21) | 0.79 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.04 | 0.72 | 0.02 | 0.73 |
|  Dividends and distributions to shareholders from: |  |  |  |  |
|  Net investment income  | (0.18) | (0.10) | (0.42) |  |
|  Net realized capital gains  | (0.35) | (0.31) | (0.03) |  |
|  Total dividends and distributions to shareholders  | (0.53) | (0.41) | (0.45) |  |
|  Net asset value, end of period  | $11.33 | $11.82 | $11.51 | $11.94 |
|  Total investment return/(loss)<sup>(3)</sup>  | 0.18% | 6.61% | 0.24% | 6.51%<sup>(4)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $6104 | $6672 | $1661 | $808 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(6)</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>  | 2.12% | 2.12% | 2.16% | 2.23%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 2.36% | 2.88% | 1.99% | (0.87)%<sup>(5)</sup> |
|  Portfolio turnover rate<sup>(7)</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** |
|  | **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  | $11.87 | $11.54 | $11.96 | $11.98 | $11.07 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.30 | 0.38 | 0.26 | (0.13) | (0.21) |
|  Net realized and unrealized gain/(loss) from investments  | (0.22) | 0.37 | (0.23) | 1.29 | 2.21 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.08 | 0.75 | 0.03 | 1.16 | 2.00 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.19) | (0.11) | (0.42) | (0.34) | (0.17) |
|  Net realized capital gains  | (0.35) | (0.31) | (0.03) | (0.84) | (0.92) |
|  Total dividends and distributions to shareholders  | (0.54) | (0.42) | (0.45) | (1.18) | (1.09) |
|  Net asset value, end of period  | $11.41 | $11.87 | $11.54 | $11.96 | $11.98 |
|  Total investment return/(loss)<sup>(2)</sup>  | 0.49% | 6.88% | 0.38% | 10.40% | 19.72% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $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% | 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% | 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>  | 1.87% | 1.87% | 1.91% | 1.98% | 2.28% |
|  Ratio of net investment income/(loss) to average net assets  | 2.61% | 3.13% | 2.24% | (1.12)% | (1.80)% |
|  Portfolio turnover rate<sup>(4)</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 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.

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** |
|  | **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> November 8,<br> 2021<br> To August 31,<br> 2022<sup>(1)</sup>** |
|  **Per Share Operating Performance** |  |  |  |  |
|  Net asset value, beginning of period  | $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  | (0.22) | 0.38 | (0.22) | 0.70 |
|  Net increase/(decrease) in net assets resulting from operations  | (0.04) | 0.64 | (0.08) | 0.52 |
|  Dividends and distributions to shareholders from: |  |  |  |  |
|  Net investment income  | (0.16) | (0.06) | (0.42) | (0.34) |
|  Net realized capital gains  | (0.35) | (0.31) | (0.03) | (0.84) |
|  Total dividends and distributions to shareholders  | (0.51) | (0.37) | (0.45) | (1.18) |
|  Net asset value, end of period  | $11.04 | $11.59 | $11.32 | $11.85 |
|  Total investment return/(loss)<sup>(3)</sup>  | (0.55)% | 5.93% | (0.63)% | 4.84%<sup>(4)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $14905 | $14684 | $5578 | $624 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(6)</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>  | 2.87% | 2.87% | 2.91% | 2.98%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 1.63% | 2.13% | 1.24% | (1.88)%<sup>(5)</sup> |
|  Portfolio turnover rate<sup>(7)</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** 

**August 31, 2025**

**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 fifty-nine active separate 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Consolidated Financial Statements is the fiscal year ended August 31, 2025 (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 $188,530,610, which represented 21.01% of the Fund's net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $137,913,339, which represented 15.37% 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)** 

**August 31, 2025**

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 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 | $670634692 |  | $— | $670634692 |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 15877014 |  |  | 15877014 |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 44613594 |  |  | 44613594 |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 5054168 |  | 5054168 |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 1107067 |  |  | 1107067 |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 2982020 |  |  | 2982020 |
|  **Total Assets** | $**735214387** | $**5054168** | $**—** | $**740268555** |

---

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(5977498) | $— | $— | $(5977498) |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (2073760) |  |  | (2073760) |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | (2951856) |  | (2951856) |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (318412) |  |  | (318412) |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (1850161) |  |  | (1850161) |
|  **Total Liabilities** | $**(10219831)** | $**(2951856)** | $**—** | $**(13171687)** |

---

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)** 

**August 31, 2025**

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 | $— | $— | $5054168 | $— | $5054168 |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | 44613594 | 2982020 | 1107067 | 15877014 | 64579695 |
|  **Total Value- Assets** |  | $44613594 | $2982020 | $6161235 | $15877014 | $69633863 |
| **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 | $— | $— | $(2951856) | $— | $(2951856) |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | (2073760) | (1850161) | (318412) | (5977497) | (10219830) |
|  **Total Value- Liabilities** | **Total Value- Liabilities** | $(2073760) | $(1850161) | $(3270268) | $(5977497) | $(13171680) |

---

<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)** |
|  Futures Contracts | Net realized gain/(loss) from Futures Contracts | $18972291 | $(53270723) | $3074457 | $(34885603) | $(66109578) |
|  Forward Contracts | Net realized gain/(loss) from Forward Foreign Currency Contracts |  |  | (17833754) |  | (17833754) |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $**18972291** | $**(53270723)** | $**(14759297)** | $**(34885603)** | $**(83943332)** |

---

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

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 | $25516187 | $4155624 | $1617097 | $7033317 | $38322225 |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts |  |  | 6533930 |  | 6533930 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $**25516187** | $**4155624** | $**8151027** | $**7033317** | $**44856155** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Long Futures<br> Notional<br> Amount** | **Short Futures<br> Notional <br> Amount** | **Forward Foreign <br> Currency <br> Contracts — Payable <br> (Value at Trade Date)** | **Forward Foreign <br> Currency <br> Contracts — <br> Receivable <br> (Value at Trade Date)** |
| $3742967407 | $(2187025008) | $(1558715310) | $1558887402 |

---

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)** 

**August 31, 2025**

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 <br> 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 <br> 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 | $5054168 | $(2951856) | $— | $2102312 | $2951856 | $(2951856) | $— | $— |

---

<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)** 

**August 31, 2025**

**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** — Effective August 19, 2022, the U.S. Securities and Exchange Commission ("SEC") implemented Rule 18f-4 under the 1940 Act ("Rule 18f-4"), providing 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

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

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 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

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

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.

**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.

**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, 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 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 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, 2025 and may not be terminated without the approval of the Board.

---

| | | | |
|:---|:---|:---|:---|
| **Advisory <br> Fee** | **Expense Caps** | **Expense Caps** | **Expense Caps** |
|  | **Class A** | **Class I** | **Class C** |
| 1.77% | 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.

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

---

| | | | |
|:---|:---|:---|:---|
| **eXPIRATION** | **eXPIRATION** | **eXPIRATION** | **eXPIRATION** |
| **August 31,<br> 2026** | **August 31,<br> 2027** | **August 31,<br> 2028** | **Total** |
| $495671 | $647218 | $844605 | $1987494 |

---

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., 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.

Effective December 31, 2024 Eclipse Capital Management Inc no longer serves as a Trading Adviser to the Fund.

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.

**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.

**Abbey Capital Multi Asset Fund** 

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

**August 31, 2025**

**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>:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br> Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| $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:

---

| | |
|:---|:---|
| **Distributable <br> Earnings/(Loss)** | **Paid-In<br> Capital** |
| $90617103 | $(90617103) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $32955251 | $17247286 | $15976509 | $— | $— | $— |

---

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, 2024 and August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Gains** | **Total** |
| 2025 | $31858343 | $16271893 | $48130236 |
| 2024 | $13460205 | $8291732 | $21751937 |

---

**Abbey Capital Multi Asset Fund** 

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

**August 31, 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 no unlimited short-term or long-term capital loss carryforwards to offset future capital gains.

**6. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**7. 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 Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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).

**8. 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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Abbey Capital Multi Asset Fund

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated portfolio of investments, of Abbey Capital Multi Asset Fund (one of the funds constituting The RBB Fund, Inc., referred to hereafter as the "Fund") as of August 31, 2025, and the related consolidated statements of operations and changes in net assets, including the related notes, and the consolidated financial highlights for the year ended August 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of the Fund, as of and for the year ended August 31, 2024 and the consolidated financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than the consolidated statement of changes in net assets and the consolidated financial highlights) were audited by other auditors whose report dated October 30, 2024 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Abbey Capital Limited since 2025.

**Abbey Capital Multi Asset Fund** 

**Shareholder Tax Information** 

**(UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended August 31, 2025. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. During the fiscal year ended August 31, 2025, the Fund paid no ordinary income dividends that are designated as "qualified dividend income" to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 47.46%.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**Abbey Capital Multi Asset Fund** 

**OTHER Information** 

**(UNAUDITED)**

**Approval of Investment Advisory Agreements and Trading Advisory Agreements** 

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 renewals of (1) the investment advisory agreement (the "Investment Advisory Agreement") between Abbey Capital and the Company on behalf of the Fund, (2) each of the separate advisory agreements between ACMAF Onshore Series LLC, ACMAF Master Offshore Limited, and ACMAF Offshore SPC (the "Subsidiaries") and Abbey Capital (collectively, the "Subsidiary Investment Advisory Agreements"), and (3) the trading advisory agreements between Abbey Capital and each of Aspect Capital Limited, Crabel Capital Management, LLC, Graham Capital Management, LP, Revolution Capital Management, LLC, 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, a "Trading Adviser") (the "Trading Advisory Agreements"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Advisory Agreement, Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements, the Board considered information provided by Abbey Capital and each of the Trading Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Abbey Capital with respect to the Fund, the Subsidiary Investment Advisory Agreements between the Subsidiaries and Abbey Capital, and the Trading Advisory Agreements between Abbey Capital and the Trading Advisers 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Abbey Capital, the Subsidiaries, or Trading Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Abbey Capital and each Trading Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Abbey Capital's and the Trading Advisers' investment philosophies and processes; (iv) Abbey Capital's and the Trading Advisers' assets under management and client descriptions; (v) Abbey Capital's and the Trading Advisers' soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Abbey Capital's and the Trading Advisers' advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Abbey Capital's and the Trading Advisers' compliance procedures; (viii) Abbey Capital's and the Trading Advisers' financial information and insurance coverage, as applicable, and Abbey Capital's 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.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Abbey Capital and each Trading Adviser. The Directors concluded that Abbey Capital and each Trading Adviser had substantial resources to provide services to the Fund and the Subsidiaries, as applicable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the S&P 500 Total Return Index, for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2024. The Directors considered the Fund's investment performance in light of its investment objective and investment strategies. The Board noted that the Fund's total return outperformed the median of its Peer Group for the one-year, three-year, five-year and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month period ended December 31, 2024.

**Abbey Capital Multi Asset Fund** 

**OTHER Information (CONCLUDED)** 

**(UNAUDITED)**

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund's total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for the Peer Group. The Directors noted that the Fund's net advisory fee was above the median and in the 5th quintile (most expensive) of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile (second most expensive) of its Peer Group. The Directors also considered the fees payable to each Trading Adviser under the Trading Advisory Agreements and the information provided by Abbey Capital on the services provided by the different Trading Advisers. In this regard, the Directors noted that the fees for each Trading Adviser were payable by Abbey Capital. The Directors noted that Abbey Capital had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding Abbey Capital's and the Trading Advisers' costs, profitability and economies of scale, and after considering the services to be provided by Abbey Capital and each Trading Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Abbey Capital and the trading advisory fees to be paid by Abbey Capital to each Trading Adviser were fair and reasonable and that the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and Trading Advisory Agreements should be approved and renewed for an additional one-year period ending August 16, 2026.

**Investment Adviser** Abbey Capital Limited

8 St. Stephen's Green

Dublin 2, Ireland

**Administrator and Transfer Agent** U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

**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

![](fp0094047-8_i.jpg)

**ADARA SMALLER COMPANIES FUND** 

*of* 

**The RBB Fund, Inc.** 

**FINANCIAL STATEMENTS** 

August 31, 2025

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 August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 93.0%** |  |  |
|  **Advertising — 0.2%** |  |  |
|  MNTN, Inc. - Class A <sup>(a)</sup>  | 59885 | $1222253 |
|  TechTarget, Inc. <sup>(a)</sup>  | 8670 | 51153 |
|  |  | 1273406 |
|  **Aerospace/Defense — 2.0%** |  |  |
|  AAR Corp. <sup>(a)</sup>  | 11755 | 889383 |
|  Aerovironment, Inc. <sup>(a)</sup>  | 1433 | 345855 |
|  AIRO Group Holdings, Inc. <sup>(a)</sup>  | 12107 | 285120 |
|  Amprius Technologies, Inc. <sup>(a)</sup>  | 93145 | 660398 |
|  Astronics Corp. <sup>(a)</sup>  | 18740 | 681574 |
|  ATI, Inc. <sup>(a)</sup>  | 7199 | 558210 |
|  Curtiss-Wright Corp.  | 2004 | 958213 |
|  Hexcel Corp.  | 29218 | 1845117 |
|  Karman Holdings, Inc. <sup>(a)</sup>  | 46947 | 2507439 |
|  Kratos Defense & Security Solutions, Inc. <sup>(a)</sup>  | 19882 | 1309031 |
|  Mercury Systems, Inc. <sup>(a)</sup>  | 18184 | 1228329 |
|  Moog, Inc. - Class A  | 1762 | 345088 |
|  National Presto Industries, Inc.  | 615 | 64464 |
|  Red Cat Holdings, Inc. <sup>(a)</sup>  | 94387 | 843820 |
|  TAT Technologies Ltd. <sup>(a)</sup>  | 20218 | 736946 |
|  Voyager Technologies, Inc. - Class A <sup>(a)</sup>  | 18564 | 569729 |
|  |  | 13828716 |
|  **Agriculture — 1.3%** |  |  |
|  Alico, Inc.  | 121300 | 4104792 |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 8943 | 303704 |
|  Dole PLC  | 130824 | 1925729 |
|  Fresh Del Monte Produce, Inc.  | 6955 | 252328 |
|  Vital Farms, Inc. <sup>(a)</sup>  | 48971 | 2501928 |
|  |  | 9088481 |
|  **Airlines — 0.1%** |  |  |
|  SkyWest, Inc. <sup>(a)</sup>  | 8137 | 987832 |
|  **Apparel — 1.1%** |  |  |
|  Canada Goose Holdings, Inc. <sup>(a)</sup>  | 103329 | 1341210 |
|  Carter's, Inc.  | 11938 | 340949 |
|  Crocs, Inc. <sup>(a)</sup>  | 1693 | 147630 |
|  Kontoor Brands, Inc.  | 4168 | 321978 |
|  Lakeland Industries, Inc.  | 197240 | 2996076 |
|  Skechers USA, Inc. - Class A <sup>(a)</sup>  | 3666 | 231251 |
|  Wolverine World Wide, Inc.  | 71636 | 2288054 |
|  |  | 7667148 |
|  **Auto Manufacturers — 0.4%** |  |  |
|  Blue Bird Corp. <sup>(a)</sup>  | 22851 | 1334270 |
|  REV Group, Inc.  | 28697 | 1526967 |
|  |  | 2861237 |
|  **Auto Parts & Equipment — 2.0%** | **Auto Parts & Equipment — 2.0%** |  |
|  Adient PLC <sup>(a)</sup>  | 18535 | 459668 |
|  BorgWarner, Inc.  | 6155 | 263188 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Auto Parts & Equipment — (Continued)** | **Auto Parts & Equipment — (Continued)** |  |
|  Cooper-Standard Holdings, Inc. <sup>(a)</sup>  | 103209 | $3800155 |
|  Dorman Products, Inc. <sup>(a)</sup>  | 1368 | 221329 |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 2620 | 75796 |
|  Gentherm, Inc. <sup>(a)</sup>  | 922 | 33902 |
|  Miller Industries, Inc.  | 39500 | 1662555 |
|  Motorcar Parts of America, Inc. <sup>(a)</sup>  | 333960 | 4976004 |
|  Standard Motor Products, Inc.  | 6173 | 239574 |
|  Strattec Security Corp. <sup>(a)</sup>  | 32610 | 2148021 |
|  |  | 13880192 |
|  **Banks — 8.2%** |  |  |
|  Ameris Bancorp  | 2245 | 164514 |
|  Atlantic Union Bankshares Corp.  | 8734 | 312066 |
|  Bankwell Financial Group, Inc.  | 71520 | 3023866 |
|  Banner Corp.  | 1733 | 116163 |
|  Cadence Bank  | 22282 | 838694 |
|  Capital Bancorp, Inc.  | 82990 | 2820830 |
|  Central Pacific Financial Corp.  | 3784 | 118515 |
|  City Holding Co.  | 4208 | 540644 |
|  Coastal Financial Corp./WA <sup>(a)</sup>  | 25619 | 2933376 |
|  Colony Bankcorp, Inc.  | 161947 | 2782249 |
|  Community Financial System, Inc.  | 1997 | 119600 |
|  ConnectOne Bancorp, Inc.  | 5049 | 129254 |
|  Customers Bancorp, Inc. <sup>(a)</sup>  | 13377 | 958997 |
|  Dime Community Bancshares, Inc.  | 1047 | 32206 |
|  Eastern Bankshares, Inc.  | 5441 | 93096 |
|  Esquire Financial Holdings, Inc.  | 11495 | 1127660 |
|  First BanCorp  | 38999 | 866948 |
|  First Business Financial Services, Inc.  | 59879 | 3132869 |
|  First Commonwealth Financial Corp.  | 18699 | 331907 |
|  First Financial Bancorp  | 24036 | 636473 |
|  First Financial Bankshares, Inc.  | 13162 | 489232 |
|  First Hawaiian, Inc.  | 13502 | 350377 |
|  First Interstate BancSystem, Inc. - Class A  | 7996 | 261629 |
|  First Merchants Corp.  | 2329 | 96700 |
|  Five Star Bancorp  | 71840 | 2354197 |
|  Fulton Financial Corp.  | 84522 | 1661703 |
|  Glacier Bancorp, Inc.  | 40280 | 1979762 |
|  Heritage Commerce Corp.  | 7938 | 82000 |
|  Hope Bancorp, Inc.  | 27648 | 307722 |
|  Horizon Bancorp, Inc.  | 182190 | 3071723 |
|  Independent Bank Corp.  | 1193 | 85311 |
|  Metropolitan Bank Holding Corp.  | 47746 | 3790555 |
|  NBT Bancorp, Inc.  | 1326 | 58702 |
|  Northeast Bank  | 42470 | 4695483 |
|  OFG Bancorp  | 7960 | 356210 |
|  Old National Bancorp  | 10450 | 239201 |
|  Orrstown Financial Services, Inc.  | 62786 | 2188092 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Banks — (Continued)** |  |  |
|  Park National Corp.  | 737 | $126594 |
|  Parke Bancorp, Inc.  | 124601 | 2809753 |
|  Pathward Financial, Inc.  | 17952 | 1426645 |
|  Peapack-Gladstone Financial Corp.  | 2621 | 76035 |
|  Pinnacle Financial Partners, Inc.  | 11833 | 1150404 |
|  Preferred Bank  | 1275 | 120360 |
|  S&T Bancorp, Inc.  | 8702 | 343816 |
|  Seacoast Banking Corp. of Florida  | 47589 | 1480494 |
|  Southside Bancshares, Inc.  | 4513 | 140986 |
|  Stellar Bancorp, Inc.  | 2051 | 63417 |
|  Stock Yards Bancorp, Inc.  | 1084 | 87490 |
|  TriCo Bancshares  | 3184 | 144617 |
|  UMB Financial Corp.  | 4909 | 598407 |
|  United Community Banks, Inc.  | 12730 | 425182 |
|  Unity Bancorp, Inc.  | 63780 | 3338883 |
|  Veritex Holdings, Inc.  | 11815 | 405845 |
|  VersaBank  | 2350 | 25780 |
|  Walker & Dunlop, Inc.  | 1239 | 105377 |
|  Washington Trust Bancorp, Inc.  | 4356 | 132117 |
|  WesBanco, Inc.  | 11998 | 393534 |
|  West Bancorporation, Inc.  | 52630 | 1050495 |
|  |  | 57594757 |
|  **Beverages — 0.3%** |  |  |
|  Coca-Cola Consolidated, Inc.  | 2790 | 327100 |
|  MGP Ingredients, Inc.  | 6885 | 203589 |
|  National Beverage Corp. <sup>(a)</sup>  | 2518 | 105882 |
|  Vita Coco Co., Inc. <sup>(a)</sup>  | 35682 | 1275275 |
|  |  | 1911846 |
|  **Biotechnology — 4.4%** |  |  |
|  Alumis, Inc. <sup>(a)</sup>  | 8920 | 41389 |
|  Anavex Life Sciences Corp. <sup>(a)</sup>  | 74121 | 714526 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 11006 | 1029061 |
|  Apogee Therapeutics, Inc. <sup>(a)</sup>  | 30652 | 1114813 |
|  Arcellx, Inc. <sup>(a)</sup>  | 11200 | 777168 |
|  Arcus Biosciences, Inc. <sup>(a)</sup>  | 6260 | 66293 |
|  Arcutis Biotherapeutics, Inc. <sup>(a)</sup>  | 79198 | 1229153 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup>  | 8589 | 189216 |
|  ARS Pharmaceuticals, Inc. <sup>(a)</sup>  | 28909 | 335923 |
|  Astria Therapeutics, Inc. <sup>(a)</sup>  | 104011 | 642788 |
|  BioCryst Pharmaceuticals, Inc. <sup>(a)</sup>  | 55742 | 463216 |
|  Capricor Therapeutics, Inc. <sup>(a)</sup>  | 86700 | 544476 |
|  Certara, Inc. <sup>(a)</sup>  | 115640 | 1253538 |
|  Crinetics Pharmaceuticals, Inc. <sup>(a)</sup>  | 103975 | 3222185 |
|  Cullinan Therapeutics, Inc. <sup>(a)</sup>  | 6212 | 46838 |
|  Cytokinetics, Inc. <sup>(a)</sup>  | 4225 | 149269 |
|  Denali Therapeutics, Inc. <sup>(a)</sup>  | 55057 | 840720 |
|  Edgewise Therapeutics, Inc. <sup>(a)</sup>  | 39515 | 567040 |
|  Keros Therapeutics, Inc. <sup>(a)</sup>  | 9554 | 145316 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Biotechnology — (Continued)** |  |  |
|  Kiniksa Pharmaceuticals International PLC <sup>(a)</sup>  | 47115 | $1577881 |
|  Korro Bio, Inc. <sup>(a)</sup>  | 7282 | 168069 |
|  Kura Oncology, Inc. <sup>(a)</sup>  | 8218 | 64922 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 12743 | 2060671 |
|  MBX Biosciences, Inc. <sup>(a)</sup>  | 49656 | 749309 |
|  Mind Medicine MindMed, Inc. <sup>(a)</sup>  | 124213 | 1103011 |
|  Myriad Genetics, Inc. <sup>(a)</sup>  | 13950 | 88862 |
|  Olema Pharmaceuticals, Inc. <sup>(a)</sup>  | 136225 | 743789 |
|  Praxis Precision Medicines, Inc. <sup>(a)</sup>  | 19393 | 883157 |
|  Precigen, Inc. <sup>(a)</sup>  | 236368 | 1066020 |
|  Relay Therapeutics, Inc. <sup>(a)</sup>  | 19074 | 68476 |
|  Rocket Pharmaceuticals, Inc. <sup>(a)</sup>  | 19238 | 63101 |
|  Roivant Sciences Ltd. <sup>(a)</sup>  | 70893 | 845754 |
|  Scholar Rock Holding Corp. <sup>(a)</sup>  | 37319 | 1218465 |
|  Septerna, Inc. <sup>(a)</sup>  | 77166 | 933709 |
|  Structure Therapeutics, Inc. - ADR <sup>(a)</sup>  | 62937 | 1214684 |
|  Tarsus Pharmaceuticals, Inc. <sup>(a)</sup>  | 31287 | 1832792 |
|  Upstream Bio, Inc. <sup>(a)</sup>  | 5900 | 101067 |
|  Vericel Corp. <sup>(a)</sup>  | 1632 | 59340 |
|  Vir Biotechnology, Inc. <sup>(a)</sup>  | 25747 | 127190 |
|  WaVe Life Sciences Ltd. <sup>(a)</sup>  | 115024 | 1104230 |
|  Xencor, Inc. <sup>(a)</sup>  | 15794 | 128405 |
|  Xenon Pharmaceuticals, Inc. <sup>(a)</sup>  | 43712 | 1692092 |
|  |  | 31267924 |
|  **Building Materials — 1.8%** |  |  |
|  AAON, Inc.  | 6180 | 512631 |
|  American Woodmark Corp. <sup>(a)</sup>  | 1043 | 67347 |
|  Apogee Enterprises, Inc.  | 7722 | 339575 |
|  Armstrong World Industries, Inc.  | 7898 | 1546191 |
|  Boise Cascade Co.  | 3571 | 310677 |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 4141 | 259185 |
|  NWPX Infrastructure, Inc. <sup>(a)</sup>  | 86540 | 4583158 |
|  Simpson Manufacturing Co., Inc.  | 2069 | 395427 |
|  SPX Technologies, Inc. <sup>(a)</sup>  | 4521 | 845924 |
|  Titan America SA  | 132856 | 2060597 |
|  Trex Co., Inc. <sup>(a)</sup>  | 12803 | 789049 |
|  UFP Industries, Inc.  | 8103 | 818160 |
|  |  | 12527921 |
|  **Chemicals — 0.6%** |  |  |
|  AdvanSix, Inc.  | 3917 | 84059 |
|  Balchem Corp.  | 1142 | 185107 |
|  Celanese Corp.  | 1227 | 58442 |
|  Chemours Co.  | 9276 | 142851 |
|  Codexis, Inc. <sup>(a)</sup>  | 339893 | 927908 |
|  Innospec, Inc.  | 1121 | 98188 |
|  Koppers Holdings, Inc.  | 7974 | 231087 |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 31536 | 706091 |
|  Rogers Corp. <sup>(a)</sup>  | 1868 | 146563 |
|  Sensient Technologies Corp.  | 10816 | 1227183 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Chemicals — (Continued)** |  |  |
|  Stepan Co.  | 2701 | $135131 |
|  Tronox Holdings PLC  | 51301 | 219568 |
|  |  | 4162178 |
|  **Coal — 0.2%** |  |  |
|  Warrior Met Coal, Inc.  | 26933 | 1646684 |
|  **Commercial Services — 7.1%** |  |  |
|  Acacia Research Corp. <sup>(a)</sup>  | 347370 | 1184532 |
|  Adtalem Global Education, Inc. <sup>(a)</sup>  | 7923 | 1037517 |
|  American Public Education, Inc. <sup>(a)</sup>  | 101556 | 3064960 |
|  AMN Healthcare Services, Inc. <sup>(a)</sup>  | 3294 | 68449 |
|  Arlo Technologies, Inc. <sup>(a)</sup>  | 186300 | 3243483 |
|  BGSF, Inc. <sup>(a)</sup>  | 163080 | 1009465 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 6056 | 87206 |
|  Brink's Co.  | 4054 | 454210 |
|  CoreCivic, Inc. <sup>(a)</sup>  | 231877 | 4702466 |
|  CPI Card Group, Inc. <sup>(a)</sup>  | 132459 | 2063711 |
|  Cross Country Healthcare, Inc. <sup>(a)</sup>  | 6965 | 93192 |
|  Driven Brands Holdings, Inc. <sup>(a)</sup>  | 39083 | 719909 |
|  EVERTEC, Inc.  | 46427 | 1656515 |
|  Forrester Research, Inc. <sup>(a)</sup>  | 166690 | 1623561 |
|  GEO Group, Inc. <sup>(a)</sup>  | 38619 | 800958 |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 65590 | 3453313 |
|  Heidrick & Struggles International, Inc.  | 2031 | 103195 |
|  Herc Holdings, Inc.  | 8821 | 1153699 |
|  Insperity, Inc.  | 20467 | 1130188 |
|  Kelly Services, Inc. - Class A  | 25815 | 367347 |
|  Lincoln Educational Services Corp. <sup>(a)</sup>  | 158033 | 2972601 |
|  MarketAxess Holdings, Inc.  | 1203 | 221160 |
|  Matthews International Corp. - Class A  | 5499 | 135110 |
|  Perdoceo Education Corp.  | 10039 | 328677 |
|  Progyny, Inc. <sup>(a)</sup>  | 44811 | 1060676 |
|  RCM Technologies, Inc. <sup>(a)</sup>  | 76040 | 2062965 |
|  Rent-A-Center, Inc.  | 3409 | 86623 |
|  Repay Holdings Corp. <sup>(a)</sup>  | 225240 | 1333421 |
|  Sezzle, Inc. <sup>(a)</sup>  | 9289 | 878739 |
|  Shift4 Payments, Inc. - Class A <sup>(a)</sup>  | 12623 | 1141498 |
|  Strategic Education, Inc.  | 1789 | 145535 |
|  Stride, Inc. <sup>(a)</sup>  | 7287 | 1189166 |
|  Universal Technical Institute, Inc. <sup>(a)</sup>  | 61862 | 1644911 |
|  USCB Financial Holdings, Inc.  | 145370 | 2527984 |
|  Verra Mobility Corp. <sup>(a)</sup>  | 36085 | 896712 |
|  WEX, Inc. <sup>(a)</sup>  | 15795 | 2706473 |
|  WillScot Holdings Corp.  | 109038 | 2643081 |
|  |  | 49993208 |
|  **Computers — 1.4%** |  |  |
|  Amentum Holdings, Inc. <sup>(a)</sup>  | 2599 | 64845 |
|  ASGN, Inc. <sup>(a)</sup>  | 2386 | 129441 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Computers — (Continued)** |  |  |
|  CACI International, Inc. - Class A <sup>(a)</sup>  | 1145 | $549279 |
|  Cantaloupe, Inc. <sup>(a)</sup>  | 9881 | 107406 |
|  ExlService Holdings, Inc. <sup>(a)</sup>  | 7485 | 327693 |
|  Insight Enterprises, Inc. <sup>(a)</sup>  | 2176 | 283228 |
|  MAXIMUS, Inc.  | 17251 | 1516708 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 49502 | 652436 |
|  One Stop Systems, Inc. <sup>(a)</sup>  | 184188 | 1095919 |
|  Rimini Street, Inc. <sup>(a)</sup>  | 592860 | 2567084 |
|  Science Applications International Corp.  | 1681 | 197854 |
|  Varonis Systems, Inc. <sup>(a)</sup>  | 10331 | 609736 |
|  Whitefiber, Inc. <sup>(a)</sup>  | 85668 | 1448646 |
|  |  | 9550275 |
|  **Cosmetics/Personal Care — 0.7%** | **Cosmetics/Personal Care — 0.7%** |  |
|  elf Beauty, Inc. <sup>(a)</sup>  | 11929 | 1491125 |
|  Interparfums, Inc.  | 15895 | 1826971 |
|  Oddity Tech Ltd. - Class A <sup>(a)</sup>  | 18489 | 1113223 |
|  Prestige Brands Holdings, Inc. <sup>(a)</sup>  | 3474 | 236371 |
|  |  | 4667690 |
|  **Distribution/Wholesale — 1.0%** |  |  |
|  G-III Apparel Group Ltd. <sup>(a)</sup>  | 19012 | 513324 |
|  MRC Global, Inc. <sup>(a)</sup>  | 7000 | 105560 |
|  OPENLANE, Inc. <sup>(a)</sup>  | 84662 | 2448425 |
|  Pool Corp.  | 2106 | 654355 |
|  ThredUp, Inc. - Class A <sup>(a)</sup>  | 154694 | 1673789 |
|  VSE Corp.  | 10413 | 1691071 |
|  WESCO International, Inc.  | 371 | 81561 |
|  |  | 7168085 |
|  **Diversified Financial Services — 2.0%** | **Diversified Financial Services — 2.0%** |  |
|  Dave, Inc. <sup>(a)</sup>  | 12790 | 2727084 |
|  Encore Capital Group, Inc. <sup>(a)</sup>  | 3458 | 144683 |
|  Enova International, Inc. <sup>(a)</sup>  | 3612 | 438136 |
|  Houlihan Lokey, Inc.  | 4821 | 960584 |
|  Interactive Brokers Group, Inc. - Class A  | 12252 | 762564 |
|  LendingClub Corp. <sup>(a)</sup>  | 119711 | 2056635 |
|  Miami International Holdings, Inc. <sup>(a)</sup>  | 13774 | 517627 |
|  Moelis & Co., Class A - Class A  | 25221 | 1818686 |
|  Perella Weinberg Partners  | 84663 | 1873592 |
|  PRA Group, Inc. <sup>(a)</sup>  | 3634 | 62105 |
|  Radian Group, Inc.  | 16450 | 573776 |
|  Silvercrest Asset Management Group, Inc. - Class A  | 87776 | 1438649 |
|  Virtus Investment Partners, Inc.  | 807 | 162554 |
|  World Acceptance Corp. <sup>(a)</sup>  | 2155 | 369432 |
|  |  | 13906107 |
|  **Electric — 0.6%** |  |  |
|  Hawaiian Electric Industries, Inc. <sup>(a)</sup>  | 39161 | 507526 |
|  Northwestern Energy Group, Inc.  | 38213 | 2197630 |
|  TXNM Energy, Inc.  | 22500 | 1274400 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electric — (Continued)** |  |  |
|  Unitil Corp.  | 2272 | $106693 |
|  |  | 4086249 |
|  **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |  |
|  American Superconductor Corp. <sup>(a)</sup>  | 51409 | 2565309 |
|  Littelfuse, Inc.  | 1079 | 280357 |
|  Powell Industries, Inc.  | 12382 | 3295593 |
|  |  | 6141259 |
|  **Electronics — 2.5%** |  |  |
|  Applied Optoelectronics, Inc. <sup>(a)</sup>  | 26969 | 652650 |
|  Atkore International Group, Inc.  | 12006 | 698629 |
|  Badger Meter, Inc.  | 2217 | 405534 |
|  Benchmark Electronics, Inc.  | 4446 | 180463 |
|  Brady Corp. - Class A  | 2928 | 228618 |
|  Coherent Corp. <sup>(a)</sup>  | 3416 | 309046 |
|  Enovix Corp. <sup>(a)</sup>  | 57394 | 552130 |
|  ESCO Technologies, Inc.  | 1920 | 385747 |
|  Evolv Technologies Holdings, Inc. <sup>(a)</sup>  | 240589 | 1982453 |
|  Itron, Inc. <sup>(a)</sup>  | 4655 | 572286 |
|  Kimball Electronics, Inc. <sup>(a)</sup>  | 137070 | 3957211 |
|  Knowles Corp. <sup>(a)</sup>  | 7352 | 156965 |
|  Mirion Technologies, Inc. <sup>(a)</sup>  | 119572 | 2451226 |
|  OSI Systems, Inc. <sup>(a)</sup>  | 1136 | 261337 |
|  Plexus Corp. <sup>(a)</sup>  | 2641 | 361844 |
|  Sanmina Corp. <sup>(a)</sup>  | 6648 | 781273 |
|  SYNNEX Corp.  | 830 | 122898 |
|  TTM Technologies, Inc. <sup>(a)</sup>  | 8548 | 380984 |
|  Vontier Corp.  | 70532 | 3026528 |
|  |  | 17467822 |
|  **Energy-Alternate Sources — 0.7%** | **Energy-Alternate Sources — 0.7%** |  |
|  ASP Isotopes, Inc. <sup>(a)</sup>  | 102108 | 947562 |
|  Eos Energy Enterprises, Inc. <sup>(a)</sup>  | 511634 | 3530275 |
|  REX American Resources Corp. <sup>(a)</sup>  | 2520 | 157676 |
|  Sunrun, Inc. <sup>(a)</sup>  | 7050 | 112589 |
|  |  | 4748102 |
|  **Engineering & Construction — 2.9%** | **Engineering & Construction — 2.9%** |  |
|  Bowman Consulting Group Ltd. <sup>(a)</sup>  | 104350 | 4458875 |
|  Comfort Systems USA, Inc.  | 4006 | 2817740 |
|  Construction Partners, Inc. - Class A <sup>(a)</sup>  | 19953 | 2392365 |
|  EMCOR Group, Inc.  | 4741 | 2939420 |
|  Exponent, Inc.  | 2780 | 198436 |
|  Latham Group, Inc. <sup>(a)</sup>  | 152328 | 1223194 |
|  Limbach Holdings, Inc. <sup>(a)</sup>  | 11189 | 1281812 |
|  Mistras Group, Inc. <sup>(a)</sup>  | 107610 | 1028752 |
|  MYR Group, Inc. <sup>(a)</sup>  | 9665 | 1809965 |
|  Shimmick Corp. <sup>(a)</sup>  | 186970 | 529125 |
|  Sterling Construction Co., Inc. <sup>(a)</sup>  | 2167 | 603575 |
|  TopBuild Corp. <sup>(a)</sup>  | 2707 | 1138997 |
|  Uniti Group, Inc. <sup>(a)</sup>  | 29867 | 188162 |
|  |  | 20610418 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Entertainment — 1.7%** |  |  |
|  Atlanta Braves Holdings, Inc. - Class A <sup>(a)</sup>  | 1183 | $56198 |
|  Cinemark Holdings, Inc.  | 7468 | 192674 |
|  IMAX Corp., (Canada) <sup>(a)</sup>  | 99408 | 2839092 |
|  Monarch Casino & Resort, Inc.  | 3215 | 335421 |
|  Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup>  | 56607 | 2111441 |
|  Rush Street Interactive, Inc. <sup>(a)</sup>  | 161503 | 3601517 |
|  Scientific Games Corp. <sup>(a)</sup>  | 6167 | 570263 |
|  United Parks & Resorts, Inc. <sup>(a)</sup>  | 40334 | 2120762 |
|  |  | 11827368 |
|  **Environmental Control — 0.6%** |  |  |
|  CECO Environmental Corp. <sup>(a)</sup>  | 68298 | 3113706 |
|  PureCycle Technologies, Inc. <sup>(a)</sup>  | 15408 | 220180 |
|  Tetra Tech, Inc.  | 15990 | 582356 |
|  |  | 3916242 |
|  **Food — 0.8%** |  |  |
|  B&G Foods, Inc.  | 75320 | 339693 |
|  Calavo Growers, Inc.  | 2628 | 71876 |
|  Grocery Outlet Holding Corp. <sup>(a)</sup>  | 14587 | 264170 |
|  Ingles Markets, Inc. - Class A  | 26982 | 1826412 |
|  J&J Snack Foods Corp.  | 578 | 64487 |
|  Natural Grocers by Vitamin Cottage, Inc.  | 16553 | 636463 |
|  Nomad Foods Ltd.  | 90610 | 1408079 |
|  SpartanNash Co.  | 4482 | 120118 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 19944 | 564016 |
|  Weis Markets, Inc.  | 1995 | 142942 |
|  |  | 5438256 |
|  **Forest Products & Paper — 0.0%<sup>(b)</sup>** | **Forest Products & Paper — 0.0%<sup>(b)</sup>** |  |
|  Magnera Corp. <sup>(a)</sup>  | 6969 | 86416 |
|  **Gas — 0.6%** |  |  |
|  MDU Resources Group, Inc.  | 107415 | 1749790 |
|  Northwest Natural Holding, Co.  | 10869 | 451390 |
|  Southwest Gas Holdings, Inc.  | 24526 | 1959137 |
|  |  | 4160317 |
|  **Hand/Machine Tools — 0.4%** |  |  |
|  Franklin Electric Co., Inc.  | 1896 | 185543 |
|  Hurco Cos., Inc. <sup>(a)</sup>  | 72650 | 1211802 |
|  MSA Safety, Inc.  | 7542 | 1286665 |
|  |  | 2684010 |
|  **Healthcare-Products — 3.4%** |  |  |
|  ABIOMED Inc. <sup>(a)(c)</sup>  | 1453 | 0 |
|  Adaptive Biotechnologies Corp. <sup>(a)</sup>  | 272954 | 3597534 |
|  Albireo Pharma Inc. <sup>(a)(c)</sup>  | 1908 | 0 |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 82717 | 1315200 |
|  AngioDynamics, Inc. <sup>(a)</sup>  | 119724 | 1228368 |
|  Beta Bionics, Inc. <sup>(a)</sup>  | 56027 | 1055549 |
|  Brooks Automation, Inc. <sup>(a)</sup>  | 2595 | 79251 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Healthcare-Products — (Continued)** | **Healthcare-Products — (Continued)** |  |
|  CryoLife, Inc. <sup>(a)</sup>  | 21688 | $952754 |
|  Establishment Labs Holdings, Inc. <sup>(a)</sup>  | 43816 | 1808286 |
|  Glaukos Corp. <sup>(a)</sup>  | 2161 | 207067 |
|  GRAIL, Inc. <sup>(a)</sup>  | 18403 | 603434 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 18371 | 1238573 |
|  Haemonetics Corp. <sup>(a)</sup>  | 31555 | 1721010 |
|  ICU Medical, Inc. <sup>(a)</sup>  | 15246 | 1946304 |
|  Integra LifeSciences Holdings Corp. <sup>(a)</sup>  | 13397 | 202697 |
|  LeMaitre Vascular, Inc.  | 934 | 89071 |
|  Masimo Corp. <sup>(a)</sup>  | 2530 | 353466 |
|  Merit Medical Systems, Inc. <sup>(a)</sup>  | 3088 | 279588 |
|  NeuroPace, Inc. <sup>(a)</sup>  | 42404 | 387997 |
|  OmniAb, Inc. <sup>(a)(c)</sup>  | 370 | 0 |
|  OmniAb, Inc. <sup>(a)(c)</sup>  | 370 | 0 |
|  Omnicell, Inc. <sup>(a)</sup>  | 17778 | 579385 |
|  Repligen Corp. <sup>(a)</sup>  | 10960 | 1340627 |
|  Sensus Healthcare, Inc. <sup>(a)</sup>  | 237910 | 806515 |
|  SI-BONE, Inc. <sup>(a)</sup>  | 89370 | 1489798 |
|  STAAR Surgical Co. <sup>(a)</sup>  | 2784 | 76170 |
|  Surmodics, Inc. <sup>(a)</sup>  | 2311 | 78666 |
|  Teleflex, Inc.  | 899 | 113643 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 11648 | 1339054 |
|  West Pharmaceutical Services, Inc.  | 2836 | 700350 |
|  |  | 23590357 |
|  **Healthcare-Services — 1.6%** |  |  |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 10455 | 1204102 |
|  Ardent Health, Inc. <sup>(a)</sup>  | 104577 | 1327082 |
|  Chemed Corp.  | 621 | 284387 |
|  CorVel Corp. <sup>(a)</sup>  | 1296 | 115409 |
|  Ensign Group, Inc.  | 2982 | 512248 |
|  Fortrea Holdings, Inc. <sup>(a)</sup>  | 29756 | 293097 |
|  GeneDx Holdings Corp. <sup>(a)</sup>  | 9596 | 1242586 |
|  HealthEquity, Inc. <sup>(a)</sup>  | 1801 | 160883 |
|  MEDNAX, Inc. <sup>(a)</sup>  | 54613 | 939890 |
|  National HealthCare Corp.  | 3006 | 341121 |
|  PACS Group, Inc. <sup>(a)</sup>  | 5433 | 63240 |
|  Privia Health Group, Inc. <sup>(a)</sup>  | 64064 | 1476035 |
|  RadNet, Inc. <sup>(a)</sup>  | 24449 | 1754460 |
|  Surgery Partners, Inc. <sup>(a)</sup>  | 58020 | 1316474 |
|  US Physical Therapy, Inc.  | 1232 | 102120 |
|  |  | 11133134 |
|  **Home Builders — 1.4%** |  |  |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 624 | 331026 |
|  Century Communities, Inc.  | 33372 | 2198547 |
|  Champion Homes, Inc. <sup>(a)</sup>  | 21806 | 1645481 |
|  Dream Finders Homes, Inc. - Class A <sup>(a)</sup>  | 18082 | 502499 |
|  Installed Building Products, Inc.  | 7795 | 2040887 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Home Builders — (Continued)** |  |  |
|  LCI Industries  | 10277 | $1083401 |
|  LGI Homes, Inc. <sup>(a)</sup>  | 15400 | 953414 |
|  M/I Homes, Inc. <sup>(a)</sup>  | 5874 | 865005 |
|  Winnebago Industries, Inc.  | 5231 | 188211 |
|  |  | 9808471 |
|  **Home Furnishings — 0.7%** |  |  |
|  Ethan Allen Interiors, Inc.  | 3342 | 98622 |
|  Hamilton Beach Brands Holding Co. - Class A  | 135580 | 1998449 |
|  Leggett & Platt, Inc.  | 10424 | 100175 |
|  Sleep Number Corp. <sup>(a)</sup>  | 174030 | 1832536 |
|  Universal Electronics, Inc. <sup>(a)</sup>  | 149350 | 725094 |
|  |  | 4754876 |
|  **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |  |
|  Central Garden & Pet Co. <sup>(a)</sup>  | 1215 | 44263 |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup>  | 303 | 10008 |
|  Helen of Troy Ltd. <sup>(a)</sup>  | 12155 | 298405 |
|  Quanex Building Products Corp.  | 1957 | 41625 |
|  WD-40 Co.  | 1574 | 340047 |
|  |  | 734348 |
|  **Housewares — 0.1%** |  |  |
|  Lifetime Brands, Inc.  | 212930 | 841074 |
|  Newell Brands, Inc.  | 11472 | 67914 |
|  |  | 908988 |
|  **Insurance — 3.5%** |  |  |
|  American Integrity Insurance Group, Inc. <sup>(a)</sup>  | 103720 | 2073363 |
|  Aspen Insurance Holdings Ltd. - Class A <sup>(a)</sup>  | 38218 | 1394957 |
|  Assured Guaranty Ltd.  | 31673 | 2603520 |
|  Ategrity Specialty Holdings LLC <sup>(a)</sup>  | 27460 | 621694 |
|  Axis Capital Holdings Ltd.  | 28885 | 2847483 |
|  Employers Holdings, Inc.  | 3627 | 156904 |
|  Genworth Financial, Inc. - Class A <sup>(a)</sup>  | 364880 | 3127022 |
|  HCI Group, Inc.  | 10906 | 1818139 |
|  Heritage Insurance Holdings, Inc. <sup>(a)</sup>  | 190417 | 4335795 |
|  NMI Holdings, Inc. - Class A <sup>(a)</sup>  | 9565 | 376383 |
|  RLI Corp.  | 2956 | 200210 |
|  Safety Insurance Group, Inc.  | 1593 | 117898 |
|  Selective Insurance Group, Inc.  | 3866 | 302437 |
|  Skyward Specialty Insurance Group, Inc. <sup>(a)</sup>  | 17142 | 827959 |
|  Stewart Information Services Corp.  | 2200 | 160248 |
|  TWFG, Inc. <sup>(a)</sup>  | 3549 | 93853 |
|  White Mountains Insurance Group Ltd.  | 2104 | 3850699 |
|  |  | 24908564 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Internet — 2.1%** |  |  |
|  Bumble, Inc. - Class A <sup>(a)</sup>  | 37209 | $229580 |
|  DHI Group, Inc. <sup>(a)</sup>  | 1285830 | 3536033 |
|  ePlus, Inc.  | 43438 | 3143608 |
|  Etoro Group Ltd. - Class A <sup>(a)</sup>  | 13911 | 617649 |
|  Groupon, Inc. <sup>(a)</sup>  | 30240 | 789264 |
|  HealthStream, Inc.  | 2700 | 75816 |
|  Magnite, Inc. <sup>(a)</sup>  | 50797 | 1318182 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 16577 | 1305107 |
|  QuinStreet, Inc. <sup>(a)</sup>  | 5337 | 83684 |
|  RealReal, Inc. <sup>(a)</sup>  | 179153 | 1366937 |
|  Shutterstock, Inc.  | 12201 | 255367 |
|  TripAdvisor, Inc. <sup>(a)</sup>  | 69810 | 1216090 |
|  Yelp, Inc. <sup>(a)</sup>  | 27842 | 880364 |
|  |  | 14817681 |
|  **Investment Companies — 1.4%** |  |  |
|  Cannae Holdings, Inc.  | 99907 | 1868261 |
|  Cipher Mining, Inc. <sup>(a)</sup>  | 98626 | 753503 |
|  Core Scientific, Inc. <sup>(a)</sup>  | 148810 | 2135423 |
|  HA Sustainable Infrastructure Capital, Inc.  | 3141 | 88702 |
|  Hut 8 Corp. <sup>(a)</sup>  | 33627 | 898850 |
|  MARA Holdings, Inc. <sup>(a)</sup>  | 4676 | 74722 |
|  Terawulf, Inc. <sup>(a)</sup>  | 411466 | 3888354 |
|  |  | 9707815 |
|  **Iron/Steel — 0.4%** |  |  |
|  Carpenter Technology Corp.  | 11908 | 2868399 |
|  **Leisure Time — 0.7%** |  |  |
|  Callaway Golf Co. <sup>(a)</sup>  | 8836 | 84472 |
|  Lindblad Expeditions Holdings, Inc. <sup>(a)</sup>  | 143530 | 2092668 |
|  OneSpaWorld Holdings Ltd.  | 115046 | 2596588 |
|  |  | 4773728 |
|  **Lodging — 0.1%** |  |  |
|  Boyd Gaming Corp.  | 4776 | 410067 |
|  Marcus Corp.  | 4068 | 62810 |
|  |  | 472877 |
|  **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |  |
|  Argan, Inc.  | 10721 | 2446747 |
|  Bloom Energy Corp. - Class A <sup>(a)</sup>  | 31013 | 1641828 |
|  BWX Technologies, Inc.  | 12317 | 1995847 |
|  Lightbridge Corp. <sup>(a)</sup>  | 28619 | 433005 |
|  NuScale Power Corp. <sup>(a)</sup>  | 19048 | 660013 |
|  |  | 7177440 |
|  **Machinery-Diversified — 1.6%** |  |  |
|  Albany International Corp. - Class A  | 1126 | 71512 |
|  Applied Industrial Technologies, Inc.  | 4104 | 1081732 |
|  Chart Industries, Inc. <sup>(a)</sup>  | 3219 | 641740 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Machinery-Diversified — (Continued)** | **Machinery-Diversified — (Continued)** | **Machinery-Diversified — (Continued)** |
|  DXP Enterprises, Inc. <sup>(a)</sup>  | 7143 | $892018 |
|  Flowserve Corp.  | 26227 | 1407341 |
|  Lindsay Corp.  | 11594 | 1591045 |
|  Mueller Water Products, Inc. - Class A  | 22734 | 599268 |
|  Tennant Co.  | 18084 | 1483611 |
|  Toro Co.  | 5348 | 433509 |
|  Twin Disc, Inc.  | 225745 | 2852288 |
|  |  | 11054064 |
|  **Media — 0.1%** |  |  |
|  Cable One, Inc.  | 3868 | 624605 |
|  Scholastic Corp.  | 5558 | 142618 |
|  Sinclair, Inc.  | 17962 | 259910 |
|  |  | 1027133 |
|  **Metal Fabricate/Hardware — 1.2%** | **Metal Fabricate/Hardware — 1.2%** |  |
|  AZZ, Inc.  | 11323 | 1278253 |
|  Helios Technologies, Inc.  | 8208 | 445202 |
|  Janus International Group, Inc. <sup>(a)</sup>  | 115465 | 1195063 |
|  Mueller Industries, Inc.  | 11950 | 1146483 |
|  NN, Inc. <sup>(a)</sup>  | 176710 | 454145 |
|  Standex International Corp.  | 1485 | 303044 |
|  Xometry, Inc. - Class A <sup>(a)</sup>  | 71051 | 3515603 |
|  |  | 8337793 |
|  **Mining — 2.1%** |  |  |
|  Almonty Industries, Inc. <sup>(a)</sup>  | 147400 | 655930 |
|  Centrus Energy Corp. - Class A <sup>(a)</sup>  | 16058 | 3239380 |
|  Century Aluminum Co. <sup>(a)</sup>  | 18637 | 416164 |
|  Critical Metals Corp. <sup>(a)</sup>  | 80899 | 501169 |
|  Energy Fuels Inc. <sup>(a)</sup>  | 116825 | 1350497 |
|  IAMGOLD Corp. <sup>(a)</sup>  | 207547 | 1932263 |
|  Ivanhoe Electric, Inc. / US <sup>(a)</sup>  | 77642 | 692567 |
|  Perpetua Resources Corp. <sup>(a)</sup>  | 71243 | 1344355 |
|  United States Antimony Corp. <sup>(a)</sup>  | 202896 | 923177 |
|  Uranium Energy Corp. <sup>(a)</sup>  | 275978 | 2950205 |
|  USA Rare Earth, Inc. <sup>(a)</sup>  | 65384 | 975529 |
|  |  | 14981236 |
|  **Miscellaneous Manufacturing — 1.6%** | **Miscellaneous Manufacturing — 1.6%** |  |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 5340 | 3990529 |
|  Byrna Technologies, Inc. <sup>(a)</sup>  | 38929 | 794152 |
|  Core Molding Technologies, Inc. <sup>(a)</sup>  | 61350 | 1177920 |
|  Enpro, Inc.  | 4961 | 1085318 |
|  Fabrinet <sup>(a)</sup>  | 5820 | 1928108 |
|  Federal Signal Corp.  | 6477 | 796606 |
|  JBT Marel Corp.  | 2493 | 357222 |
|  Materion Corp.  | 2877 | 318771 |
|  Park Aerospace Corp.  | 58277 | 1092111 |
|  Smith & Wesson Brands, Inc.  | 7143 | 58358 |
|  |  | 11599095 |
|  **Office Furnishings — 0.0%<sup>(b)</sup>** |  |  |
|  Interface, Inc.  | 11644 | 311128 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Office-Business Equipment — 0.0%<sup>(b)</sup>** | **Office-Business Equipment — 0.0%<sup>(b)</sup>** |  |
|  Pitney Bowes, Inc.  | 11567 | $140192 |
|  Xerox Holdings Corp.  | 22816 | 90808 |
|  |  | 231000 |
|  **Oil & Gas — 1.2%** |  |  |
|  Delek US Holdings, Inc.  | 68734 | 1904619 |
|  Evolution Petroleum Corp.  | 97583 | 503528 |
|  Expand Energy Corp.  | 9762 | 944766 |
|  Gulfport Energy Corp. <sup>(a)</sup>  | 6233 | 1084729 |
|  Helmerich & Payne, Inc.  | 16912 | 353292 |
|  Patterson-UTI Energy, Inc.  | 112890 | 655891 |
|  PBF Energy, Inc. - Class A  | 5245 | 143294 |
|  Range Resources Corp.  | 29237 | 1001952 |
|  SM Energy Co.  | 50967 | 1455108 |
|  Talos Energy, Inc. <sup>(a)</sup>  | 6990 | 69061 |
|  |  | 8116240 |
|  **Oil & Gas Services — 1.6%** |  |  |
|  DMC Global, Inc. <sup>(a)</sup>  | 237270 | 1589709 |
|  DNOW, Inc. <sup>(a)</sup>  | 14472 | 231552 |
|  Helix Energy Solutions Group, Inc. <sup>(a)</sup>  | 41891 | 276062 |
|  Kodiak Gas Services, Inc.  | 40023 | 1432423 |
|  Natural Gas Services Group, Inc.  | 162000 | 4237920 |
|  Oceaneering International, Inc. <sup>(a)</sup>  | 35309 | 861540 |
|  Solaris Energy Infrastructure, Inc.  | 46887 | 1481160 |
|  Tidewater, Inc. <sup>(a)</sup>  | 20821 | 1253424 |
|  |  | 11363790 |
|  **Pharmaceuticals — 1.9%** |  |  |
|  Amphastar Pharmaceuticals, Inc. <sup>(a)</sup>  | 6771 | 207328 |
|  Arvinas, Inc. <sup>(a)</sup>  | 8832 | 68271 |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 19609 | 804949 |
|  Centessa Pharmaceuticals PLC - ADR <sup>(a)</sup>  | 37158 | 623883 |
|  Cidara Therapeutics, Inc. <sup>(a)</sup>  | 11487 | 751135 |
|  Collegium Pharmaceutical, Inc. <sup>(a)</sup>  | 2619 | 101617 |
|  Corcept Therapeutics, Inc. <sup>(a)</sup>  | 3332 | 232307 |
|  Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup>  | 29247 | 772706 |
|  Indivior PLC <sup>(a)</sup>  | 24520 | 595346 |
|  Madrigal Pharmaceuticals, Inc. <sup>(a)</sup>  | 334 | 146242 |
|  MERUS NV <sup>(a)</sup>  | 24280 | 1598595 |
|  Organon & Co.  | 48975 | 461345 |
|  Pacira BioSciences, Inc. <sup>(a)</sup>  | 12980 | 346177 |
|  Premier, Inc. - Class A  | 5713 | 147967 |
|  Protagonist Therapeutics, Inc. <sup>(a)</sup>  | 31058 | 1833975 |
|  Rhythm Pharmaceuticals, Inc. <sup>(a)</sup>  | 28071 | 2895524 |
|  Spyre Therapeutics, Inc. <sup>(a)</sup>  | 26005 | 428822 |
|  USANA Health Sciences, Inc. <sup>(a)</sup>  | 5528 | 176398 |
|  Xeris Biopharma Holdings, Inc. <sup>(a)</sup>  | 151622 | 1187200 |
|  |  | 13379787 |
|  **Private Equity — 0.2%** |  |  |
|  P10, Inc. - Class A  | 131061 | 1617293 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate — 0.8%** |  |  |
|  Howard Hughes Holdings, Inc. <sup>(a)</sup>  | 14760 | $1125745 |
|  Kennedy-Wilson Holdings, Inc.  | 23811 | 209537 |
|  McGrath RentCorp  | 32901 | 3997142 |
|  |  | 5332424 |
|  **REITS — 1.6%** |  |  |
|  Agree Realty Corp.  | 1641 | 119366 |
|  Alexander & Baldwin, Inc.  | 4543 | 87862 |
|  Alexander's, Inc.  | 670 | 154328 |
|  Alpine Income Property Trust, Inc.  | 113104 | 1727098 |
|  American Assets Trust, Inc.  | 14803 | 309383 |
|  Apollo Commercial Real Estate Finance, Inc.  | 44054 | 466532 |
|  Blackstone Mortgage Trust, Inc. - Class A  | 6106 | 119433 |
|  Brandywine Realty Trust  | 21186 | 90252 |
|  CareTrust REIT, Inc.  | 7113 | 244758 |
|  Centerspace  | 2329 | 138576 |
|  Chimera Investment Corp.  | 18396 | 260671 |
|  DiamondRock Hospitality Co.  | 13130 | 112393 |
|  EastGroup Properties, Inc.  | 2590 | 439160 |
|  Getty Realty Corp.  | 5173 | 147896 |
|  Gladstone Commercial Corp.  | 10245 | 137795 |
|  Global Net Lease, Inc.  | 24433 | 192288 |
|  Highwoods Properties, Inc.  | 6502 | 205008 |
|  Kite Realty Group Trust  | 7450 | 170009 |
|  Lexington Realty Trust  | 12112 | 109977 |
|  Medical Properties Trust, Inc.  | 67175 | 302288 |
|  NETSTREIT Corp.  | 3764 | 68844 |
|  NexPoint Residential Trust, Inc.  | 2074 | 71574 |
|  Outfront Media, Inc.  | 49235 | 919710 |
|  PennyMac Mortgage Investment Trust  | 24404 | 300413 |
|  Piedmont Realty Trust, Inc. - Class A  | 33537 | 284058 |
|  PotlatchDeltic Corp.  | 1462 | 61448 |
|  Ready Capital Corp.  | 43388 | 184833 |
|  Redwood Trust, Inc.  | 77920 | 476870 |
|  Regency Centers Corp.  | 2758 | 199955 |
|  Safehold, Inc.  | 19145 | 315127 |
|  Saul Centers, Inc.  | 2685 | 91746 |
|  Service Properties Trust  | 37213 | 100475 |
|  Sunrise Realty Trust, Inc.  | 132970 | 1470648 |
|  Tanger, Inc.  | 33410 | 1141954 |
|  TPG RE Finance Trust, Inc.  | 8617 | 80569 |
|  Universal Health Realty Income Trust  | 1866 | 75741 |
|  Whitestone REIT  | 14111 | 185701 |
|  |  | 11564739 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Retail — 4.7%** |  |  |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 2464 | $230458 |
|  Advance Auto Parts, Inc.  | 2595 | 158269 |
|  America's Car-Mart, Inc./TX <sup>(a)</sup>  | 1410 | 63182 |
|  Asbury Automotive Group, Inc. <sup>(a)</sup>  | 15526 | 3905410 |
|  BJ's Restaurants, Inc. <sup>(a)</sup>  | 7047 | 236497 |
|  BlueLinx Holdings, Inc. <sup>(a)</sup>  | 13760 | 1136714 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup>  | 11237 | 1997601 |
|  Buckle, Inc.  | 2951 | 166997 |
|  Build-A-Bear Workshop, Inc.  | 79280 | 4821017 |
|  Casey's General Stores, Inc.  | 1888 | 933654 |
|  Cracker Barrel Old Country Store, Inc.  | 1090 | 65204 |
|  FirstCash Holdings, Inc.  | 2930 | 431501 |
|  Five Below, Inc. <sup>(a)</sup>  | 3696 | 536290 |
|  Freshpet, Inc. <sup>(a)</sup>  | 18577 | 1036968 |
|  Group 1 Automotive, Inc.  | 2270 | 1055051 |
|  Guess?, Inc.  | 12246 | 205855 |
|  Kohl's Corp.  | 4833 | 72785 |
|  Krispy Kreme, Inc.  | 24973 | 88654 |
|  Kura Sushi USA, Inc. - Class A <sup>(a)</sup>  | 11690 | 991370 |
|  Lithia Motors, Inc.  | 382 | 128612 |
|  Murphy USA, Inc.  | 7961 | 2997316 |
|  National Vision Holdings, Inc. <sup>(a)</sup>  | 71801 | 1647115 |
|  Nu Skin Enterprises, Inc. - Class A  | 35505 | 432096 |
|  ODP Corp. <sup>(a)</sup>  | 4256 | 86227 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 10832 | 1373931 |
|  Papa John's International, Inc.  | 8393 | 408823 |
|  PriceSmart, Inc.  | 23643 | 2535948 |
|  Red Robin Gourmet Burgers, Inc. <sup>(a)</sup>  | 528900 | 3427272 |
|  RH <sup>(a)</sup>  | 2399 | 541382 |
|  Shoe Carnival, Inc.  | 6304 | 131754 |
|  Signet Jewelers Ltd.  | 5100 | 449055 |
|  Texas Roadhouse, Inc.  | 2804 | 483830 |
|  |  | 32776838 |
|  **Savings & Loans — 1.2%** |  |  |
|  Axos Financial, Inc. <sup>(a)</sup>  | 3461 | 315678 |
|  Banc of California, Inc.  | 1809 | 30608 |
|  Beacon Financial Corp.  | 17583 | 459444 |
|  FS Bancorp, Inc.  | 88474 | 3778724 |
|  Home Bancorp, Inc.  | 34650 | 1949582 |
|  Northfield Bancorp, Inc.  | 9880 | 117078 |
|  Northwest Bancshares, Inc.  | 5826 | 73699 |
|  OceanFirst Financial Corp.  | 5361 | 98589 |
|  Pacific Premier Bancorp, Inc.  | 8033 | 196728 |
|  Provident Financial Services, Inc.  | 15571 | 308929 |
|  Riverview Bancorp, Inc.  | 256620 | 1298497 |
|  |  | 8627556 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors — 3.1%** |  |  |
|  Advanced Energy Industries, Inc.  | 7772 | $1163313 |
|  Aehr Test Systems <sup>(a)</sup>  | 65159 | 1625717 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup>  | 36470 | 1125100 |
|  Amtech Systems, Inc. <sup>(a)</sup>  | 267970 | 1696250 |
|  AXT, Inc. <sup>(a)</sup>  | 742790 | 2154091 |
|  CEVA, Inc. <sup>(a)</sup>  | 2534 | 56305 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 3525 | 402520 |
|  FormFactor, Inc. <sup>(a)</sup>  | 5658 | 165157 |
|  inTEST Corp. <sup>(a)</sup>  | 223130 | 1561910 |
|  Kulicke & Soffa Industries, Inc.  | 6419 | 240712 |
|  Lattice Semiconductor Corp. <sup>(a)</sup>  | 14343 | 952088 |
|  MKS, Inc.  | 1371 | 141679 |
|  Monolithic Power Systems, Inc.  | 1952 | 1631404 |
|  Onto Innovation, Inc. <sup>(a)</sup>  | 16017 | 1697802 |
|  Ouster, Inc. <sup>(a)</sup>  | 54876 | 1565612 |
|  Photronics, Inc. <sup>(a)</sup>  | 7595 | 172179 |
|  Power Integrations, Inc.  | 6328 | 285393 |
|  Semtech Corp. <sup>(a)</sup>  | 911 | 52920 |
|  Silicon Motion Technology Corp., ADR  | 20094 | 1601090 |
|  SiTime Corp. <sup>(a)</sup>  | 14331 | 3463373 |
|  Veeco Instruments, Inc. <sup>(a)</sup>  | 3472 | 85133 |
|  |  | 21839748 |
|  **Software — 4.4%** |  |  |
|  ACI Worldwide, Inc. <sup>(a)</sup>  | 15830 | 781210 |
|  ACV Auctions, Inc. - Class A <sup>(a)</sup>  | 77689 | 905854 |
|  Agilysys, Inc. <sup>(a)</sup>  | 13941 | 1521242 |
|  Alignment Healthcare, Inc. <sup>(a)</sup>  | 39944 | 653484 |
|  Asure Software, Inc. <sup>(a)</sup>  | 265320 | 2228688 |
|  AvePoint, Inc. <sup>(a)</sup>  | 48735 | 797305 |
|  Blackbaud, Inc. <sup>(a)</sup>  | 799 | 53301 |
|  BlackLine, Inc. <sup>(a)</sup>  | 20908 | 1136768 |
|  Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup>  | 93870 | 1940293 |
|  Concentrix Corp.  | 830 | 43791 |
|  Confluent, Inc. - Class A <sup>(a)</sup>  | 74139 | 1472401 |
|  CSG Systems International, Inc.  | 2939 | 188566 |
|  Freshworks, Inc. - Class A <sup>(a)</sup>  | 83852 | 1129486 |
|  Genasys, Inc. <sup>(a)</sup>  | 448230 | 869566 |
|  Genius Sports Ltd. <sup>(a)</sup>  | 185770 | 2375998 |
|  Gitlab, Inc. - Class A <sup>(a)</sup>  | 13308 | 639050 |
|  Innodata, Inc. <sup>(a)</sup>  | 15654 | 594539 |
|  JFrog Ltd. <sup>(a)</sup>  | 31283 | 1544442 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 5117 | 142867 |
|  nCino, Inc. <sup>(a)</sup>  | 41262 | 1324923 |
|  Pagaya Technologies Ltd. - Class A <sup>(a)</sup>  | 9654 | 356039 |
|  Planet Labs PBC <sup>(a)</sup>  | 374276 | 2653617 |
|  Porch Group, Inc. <sup>(a)</sup>  | 232108 | 3938873 |
|  Procore Technologies, Inc. <sup>(a)</sup>  | 19836 | 1378800 |
|  Progress Software Corp.  | 5306 | 245615 |
|  Smith Micro Software, Inc. <sup>(a)</sup>  | 224280 | 166012 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Schedule of Investments (Concluded)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Software — (Continued)** |  |  |
|  Take-Two Interactive Software, Inc. <sup>(a)</sup>  | 3504 | $817378 |
|  Vertex, Inc. - Class A <sup>(a)</sup>  | 52084 | 1344809 |
|  |  | 31244917 |
|  **Telecommunications — 1.2%** |  |  |
|  Applied Digital Corp. <sup>(a)</sup>  | 100421 | 1604728 |
|  Array Digital Infrastructure, Inc.  | 8331 | 448458 |
|  Aviat Networks, Inc. <sup>(a)</sup>  | 118780 | 2727189 |
|  BlackSky Technology, Inc. <sup>(a)</sup>  | 78924 | 1385905 |
|  Calix, Inc. <sup>(a)</sup>  | 6753 | 401466 |
|  IDT Corp. - Class B  | 3111 | 199322 |
|  InterDigital, Inc.  | 869 | 236116 |
|  Iridium Communications, Inc.  | 9628 | 239641 |
|  NetGear, Inc. <sup>(a)</sup>  | 7443 | 202226 |
|  Telephone & Data Systems, Inc.  | 10347 | 414811 |
|  Viavi Solutions, Inc. <sup>(a)</sup>  | 23640 | 266659 |
|  |  | 8126521 |
|  **Textiles — 0.4%** |  |  |
|  UniFirst Corp.  | 16579 | 2948078 |
|  **Toys/Games/Hobbies — 0.3%** |  |  |
|  JAKKS Pacific, Inc.  | 134820 | 2395751 |
|  **Transportation — 0.8%** |  |  |
|  ArcBest Corp.  | 7779 | 573779 |
|  Hub Group, Inc. - Class A  | 24360 | 911551 |
|  Ituran Location and Control Ltd.  | 20252 | 682897 |
|  Knight-Swift Transportation Holdings, Inc.  | 1873 | 82225 |
|  Marten Transport Ltd.  | 7327 | 86752 |
|  PAMT CORP <sup>(a)</sup>  | 74520 | 912870 |
|  Saia, Inc. <sup>(a)</sup>  | 7941 | 2354189 |
|  Scorpio Tankers, Inc.  | 4242 | 213797 |
|  |  | 5818060 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Water — 0.0%<sup>(b)</sup>** |  |  |
|  American States Water Co.  | 1758 | $131024 |
|  California Water Service Group  | 1969 | 92405 |
|  |  | 223429 |
|  **TOTAL COMMON STOCKS** (Cost $435,120,664)  |  | 653723444 |
|  **TOTAL INVESTMENTS — 93.0%** (Cost $435,120,664)  |  | 653723444 |
|  Other Assets in Excess of Liabilities — 7.0%  |  | 49387979 |
|  **TOTAL NET ASSETS — 100.0%** |  | $703111423 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

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) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fair value determined using
 significant unobservable inputs in accordance with procedures established by and under the supervision of the Altair Advisers, LLC, acting
 as Valuation Designee (as defined below). These securities represented $0 or 0.0% of net assets as of August 31, 2025.

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

**ADARA SMALLER COMPANIES FUND** 

 **STATEMENT of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
|  Investments, at value (cost $435,120,664)  | $653723444 |
|  Cash and cash equivalents  | 50066378 |
|  Receivables for: |  |
| &nbsp;&nbsp;&nbsp; Investments sold  | 444488 |
| &nbsp;&nbsp;&nbsp; Dividends  | 428055 |
| &nbsp;&nbsp;&nbsp; Capital shares sold  | 7037 |
|  Prepaid expenses and other assets  | 134169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 704803571 |
|  **LIABILITIES** |  |
|  Payables for: |  |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed  | 635020 |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 593418 |
| &nbsp;&nbsp;&nbsp; Investments purchased  | 340775 |
|  Other accrued expenses and liabilities  | 122935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1692148 |
|  Net assets  | $703111423 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $36500 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 448010646 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 255064277 |
|  Net assets  | $703111423 |
|  **CAPITAL SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets  | 703111423 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 36499504 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $19.26 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Statement of Operations** 

**FOR THE YEAR ENDED August 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $17,479)  | $5536117 |
| &nbsp;&nbsp;&nbsp; Interest income  | 1134752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 6670869 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 4395887 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 166945 |
| &nbsp;&nbsp;&nbsp; Officer Fees  | 75299 |
| &nbsp;&nbsp;&nbsp; Investment management fees  | 59004 |
| &nbsp;&nbsp;&nbsp; Director fees  | 57559 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 47283 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 46643 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 43702 |
| &nbsp;&nbsp;&nbsp; Audit fees and tax services  | 29926 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 26396 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 6764 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 59708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 5015116 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 1655753 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 47324752 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 28568138 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 75892890 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $77548643 |

---

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

**ADARA SMALLER COMPANIES FUND** 

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended<br> August 31, 2025** | **For the <br> Year Ended<br> August 31, 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1655753 | $2221955 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 47324752 | 16525110 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 28568138 | 64759495 |
|  Net increase/(decrease) in net assets resulting from operations  | 77548643 | 83506560 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (20686719) | (3000495) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (20686719) | (3000495) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 52119089 | 59868759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 18720449 | 2676590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (28485844) | (21595709) |
|  Net increase/(decrease) in net assets resulting from capital share transactions  | 42353694 | 40949640 |
|  Total increase/(decrease) in net assets  | 99215618 | 121455705 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 603895805 | 482440100 |
| &nbsp;&nbsp;&nbsp; End of period  | $703111423 | $603895805 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3008317 | 3700174 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 975532 | 178202 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1594066) | (1393206) |
|  Net increase/(decrease) in shares  | 2389783 | 2485170 |

---

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> 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  | $17.70 | $15.26 | $14.39 | $21.47 | $13.73 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.05 | 0.07 | 0.07 | 0.02 | (0.03) |
|  Net realized and unrealized gain/(loss) from investments  | 2.12 | 2.46 | 0.85 | (2.88) | 7.99 |
|  Net increase/(decrease) in net assets resulting from operations  | 2.17 | 2.53 | 0.92 | (2.86) | 7.96 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.20) | (0.09) | (0.05) |  |  |
|  Net realized capital gains  | (0.41) |  |  | (4.22) | (0.22) |
|  Total dividends and distributions to shareholders  | (0.61) | (0.09) | (0.05) | (4.22) | (0.22) |
|  Net asset value, end of period  | $19.26 | $17.70 | $15.26 | $14.39 | $21.47 |
|  Total investment return/(loss)<sup>(2)</sup>  | 12.25% | 16.72% | 6.40% | (16.93)% | 58.41% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $703111 | $603896 | $482440 | $441478 | $536177 |
|  Ratio of expenses to average net assets  | 0.80% | 0.80% | 0.82% | 0.84% | 0.84% |
|  Ratio of net investment income/(loss) to average net assets  | 0.26% | 0.43% | 0.50% | 0.10% | (0.18)% |
|  Portfolio turnover rate  | 71% | 58% | 56% | 56% | 75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Calculated based on average
 shares outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any.

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

**ADARA SMALLER COMPANIES FUND** 

 **NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025**

**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 fifty-nine active investment portfolios, including the Adara Smaller Companies Fund (the "Fund"), which commenced investment operations on October 21, 2014.

The Fund's investment objective seeks 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 the Altair Advisers, LLC ("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)** 

**August 31, 2025** 

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> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $653723444 | $— | $— <sup>(a)</sup> | $653723444 |
|  Total Investments | $653723444 | $— | $— <sup>(a)</sup> | $653723444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount is less than $0.50.

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 or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are

**ADARA SMALLER COMPANIES FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

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.

**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 ("Sub-Adviser") 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-Adviser, 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 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.

During the current fiscal period, collectively, sub-advisory fees accrued were $4,395,887, or the rate of 0.70%.

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. During the current fiscal period, the Fund paid the Adviser $59,004. 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.

**ADARA SMALLER COMPANIES FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

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:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $437099497 | $420742162 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| **FEDERAL <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
| $439472327 | $237673374 | $(23422257) | $214251117 |

---

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.

**ADARA SMALLER COMPANIES FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**August 31, 2025**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| $— | $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 years ended August 31, 2025 and August 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
| 2025.0 | $7539135 | $13147584 | $20686719 |
| 2024.0 | $3000495 | $— | $3000495 |

---

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. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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.

**ADARA SMALLER COMPANIES FUND** 

 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Adara Smaller Companies Fund

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Adara Smaller Companies Fund (one of the funds constituting The RBB Fund, Inc., referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Altair Advisers, LLC since 2015.

**ADARA SMALLER COMPANIES FUND** 

 **SHAREHOLDER TAX INFORMATION (UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the following dividends and distributions were paid by the Fund:

---

| | |
|:---|:---|
| **Ordinary <br> income** | **long-term<br> gains** |
| $7539135 | $13147584 |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adara Smaller Companies Fund  | 62.05% |

---

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Fund is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adara Smaller Companies Fund  | 60.87% |

---

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adara Smaller Companies Fund  | 0% |

---

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**ADARA SMALLER COMPANIES FUND** 

 **Other Information (Unaudited)**

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS** 

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 (1) the renewal of the investment advisory agreement (the "Investment Advisory Agrement") between Altair and the Company on behalf of the Fund, and (2) the renewal of the sub-advisory agreements (together, the "Sub-Advisory Agrements") among Altair, the Company and each of Aperio Group, LLC, Driehaus Capital Management, LLC, Pacific Ridge Capital Partners, LLC, Pier Capital, LLC, and River Road Asset Management, LLC (collectively, the "Sub-Advisers") with respect to the Funds at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and each Sub-Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement and the Sub-Advisory Agreements, the Board considered information provided by Altair and each of the Sub-Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreement with respect to the Fund, and the renewal and approval of the Sub-Advisory Agreements among the Company, Altair and the Sub-Advisers 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Altair, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Altair or the Sub-Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Altair and each Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Altair's and the Sub-Advisers' investment philosophies and processes; (iv) Altair's and the Sub-Advisers' assets under management and client descriptions; (v) Altair's and the Sub-Advisers' soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Altair's and the Sub-Advisers' advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Altair's and the Sub-Advisers' compliance procedures; (viii) Altair's and the Sub-Advisers' financial information and insurance coverage, as applicable and Altair's 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 (xi) a report 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 Altair and each Sub-Adviser. The Directors concluded that Altair and each Sub-Adviser had substantial resources to provide services to the Fund, and that Altair's and the Sub-Advisers' services had been acceptable.

The Directors also considered the investment performance of the Fund, noting that the Fund had outperformed its benchmark, the Russell 2000 Index Total Return, 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 objective and investment strategies. The Board noted that the Fund's total return outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement and Sub-Advisory Agreements. In this regard, information on the advisory fees paid by the Fund and the Fund's total operating expense ratios were compared to similar information for Peer Group. The Directors noted that the Fund's net advisory fee was below the median and in the 2nd quintile of its Peer Group and the Fund's total net expenses were below the median and in the 1st quintile (least expensive) of its Peer Group. The Directors considered that the Fund

**ADARA SMALLER COMPANIES FUND** 

 **Other Information (Unaudited) (CONCLUDED)**

does not pay a contractual management fee to Altair, but instead reimburses for out-of-pocket expenses in connection with its compliance monitoring of the Fund's trading, up to 0.01% of the Fund's average daily net assets. The Directors also considered the fees payable to each Sub-Adviser under the applicable Sub-Advisory Agreement.

After reviewing the information regarding Altair's and the Sub-Advisers' costs, profitability and economies of scale, and after considering the services to be provided by Altair and the Sub-Advisers, the Directors concluded that the reimbursement to be made by the Fund to Altair and the sub-advisory fees to be paid to each Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and each Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**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

P.O. Box 701

Milwaukee, WI 53201

**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

![](fp0094047-9_i.jpg)

**AQUARIUS INTERNATIONAL FUND** 

*of* 

**The RBB Fund, Inc.** 

**FINANCIAL STATEMENTS** 

August 31, 2025

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 HOLDINGS SUMMARY TABLE** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Sector Classification as of August 31, 2025** | **% of Net<br> Assets** | **Value** |
| &nbsp;&nbsp;&nbsp; Financials  | 23.8% | $161818397 |
| &nbsp;&nbsp;&nbsp; Industrials  | 20.7 | 142546116 |
| &nbsp;&nbsp;&nbsp; Information Technology  | 11.3 | 75814830 |
| &nbsp;&nbsp;&nbsp; Communication Services  | 8.4 | 58529996 |
| &nbsp;&nbsp;&nbsp; Health Care  | 8.0 | 54575058 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 7.2 | 49064347 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 5.5 | 37724192 |
| &nbsp;&nbsp;&nbsp; Materials  | 5.1 | 35547897 |
| &nbsp;&nbsp;&nbsp; Energy  | 4.0 | 27983428 |
| &nbsp;&nbsp;&nbsp; Utilities  | 1.4 | 10160302 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 0.3 | 4391700 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 4.3 | 29835534 |
|  | 100.0% | $687991797 |

---

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

---

| | | |
|:---|:---|:---|
| **Country** | **% of Net<br> Assets** | **Value** |
| &nbsp;&nbsp;&nbsp; United Kingdom  | 16.4% | $112971797 |
| &nbsp;&nbsp;&nbsp; Japan  | 12.4 | 85445507 |
| &nbsp;&nbsp;&nbsp; China  | 7.6 | 52332683 |
| &nbsp;&nbsp;&nbsp; France  | 6.2 | 43013994 |
| &nbsp;&nbsp;&nbsp; Taiwan  | 5.3 | 36697365 |
| &nbsp;&nbsp;&nbsp; South Korea  | 5 | 34292115 |
| &nbsp;&nbsp;&nbsp; Netherlands  | 4.9 | 33588595 |
| &nbsp;&nbsp;&nbsp; India  | 3.7 | 25427377 |
| &nbsp;&nbsp;&nbsp; Italy  | 3.6 | 24692032 |
| &nbsp;&nbsp;&nbsp; Canada  | 3.3 | 22722027 |
| &nbsp;&nbsp;&nbsp; Switzerland  | 3 | 20988558 |
| &nbsp;&nbsp;&nbsp; Germany  | 2.7 | 18868831 |
| &nbsp;&nbsp;&nbsp; Hong Kong  | 2.7 | 18527415 |
| &nbsp;&nbsp;&nbsp; Ireland  | 2.3 | 15512779 |
| &nbsp;&nbsp;&nbsp; Finland  | 1.9 | 13258446 |
| &nbsp;&nbsp;&nbsp; Denmark  | 1.6 | 10751138 |
| &nbsp;&nbsp;&nbsp; Spain  | 1.5 | 10393280 |
| &nbsp;&nbsp;&nbsp; Brazil  | 1.3 | 9294392 |
| &nbsp;&nbsp;&nbsp; United States  | 1.2 | 8296591 |
| &nbsp;&nbsp;&nbsp; Bermuda  | 1.1 | 7337768 |
| &nbsp;&nbsp;&nbsp; Mexico  | 1 | 7076090 |
| &nbsp;&nbsp;&nbsp; Singapore  | 0.9 | 6264694 |
| &nbsp;&nbsp;&nbsp; Norway  | 0.9 | 6039081 |
| &nbsp;&nbsp;&nbsp; Australia  | 0.7 | 4695681 |
| &nbsp;&nbsp;&nbsp; South Africa  | 0.7 | 4580679 |
| &nbsp;&nbsp;&nbsp; United Arab Emirates  | 0.5 | 3290007 |
| &nbsp;&nbsp;&nbsp; Belgium  | 0.4 | 2471946 |
| &nbsp;&nbsp;&nbsp; Luxembourg  | 0.3 | 2212382 |
| &nbsp;&nbsp;&nbsp; Sweden  | 0.3 | 1975032 |
| &nbsp;&nbsp;&nbsp; Greece  | 0.2 | 1719005 |
| &nbsp;&nbsp;&nbsp; Austria  | 0.2% | $1669354 |
| &nbsp;&nbsp;&nbsp; Peru  | 0.2 | 1465268 |
| &nbsp;&nbsp;&nbsp; Hungary  | 0.2 | 1401520 |
| &nbsp;&nbsp;&nbsp; Indonesia  | 0.2 | 1245778 |
| &nbsp;&nbsp;&nbsp; Poland  | 0.2 | 1140250 |
| &nbsp;&nbsp;&nbsp; Kazakhstan  | 0.2 | 1111077 |
| &nbsp;&nbsp;&nbsp; Uruguay  | 0.2 | 1085608 |
| &nbsp;&nbsp;&nbsp; Israel  | 0.2 | 1054117 |
| &nbsp;&nbsp;&nbsp; Panama  | 0.1 | 865617 |
| &nbsp;&nbsp;&nbsp; Argentina  | 0.1 | 628048 |
| &nbsp;&nbsp;&nbsp; Saudi Arabia  | 0.1 | 478114 |
| &nbsp;&nbsp;&nbsp; New Zealand  | 0.1 | 396029 |
| &nbsp;&nbsp;&nbsp; Chile  | 0.1 | 375548 |
| &nbsp;&nbsp;&nbsp; Philippines  | 0 | 223867 |
| &nbsp;&nbsp;&nbsp; Portugal  | 0 | 119098 |
| &nbsp;&nbsp;&nbsp; Turkey  | 0 | 88312 |
| &nbsp;&nbsp;&nbsp; Colombia  | 0 | 71351 |
| &nbsp;&nbsp;&nbsp; Russia  | 0 | 20 |
| &nbsp;&nbsp;&nbsp; Cyprus  |  | 0 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 4.3 | 29835534 |
|  | 100.0% | $687991797 |

---

Schedule holdings are subject to change at any time.

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 95.7%** |  |  |
|  **Argentina — 0.1%** |  |  |
|  Grupo Financiero Galicia SA - ADR  | 15989 | $628048 |
|  **Australia — 0.7%** |  |  |
|  ANZ Group Holdings Ltd.  | 5980 | 131406 |
|  Aristocrat Leisure Ltd.  | 1203 | 57042 |
|  ASX, Ltd.  | 1132 | 46241 |
|  Bendigo & Adelaide Bank Ltd.  | 12614 | 109887 |
|  BHP Group Ltd. - ADR  | 4125 | 230051 |
|  BlueScope Steel Ltd.  | 6357 | 95239 |
|  Brambles Ltd.  | 3599 | 60993 |
|  Cochlear Ltd.  | 376 | 74040 |
|  Coles Group Ltd.  | 3923 | 61242 |
|  Commonwealth Bank Of Australia  | 5640 | 626875 |
|  Computershare Ltd.  | 2023 | 50344 |
|  CSL Ltd. - ADR  | 2908 | 201612 |
|  CSL Ltd.  | 628 | 87360 |
|  Endeavour Group Ltd.  | 2137 | 5332 |
|  Fortescue Ltd.  | 5658 | 71365 |
|  Goodman Group  | 6677 | 149421 |
|  GPT Group  | 9864 | 35973 |
|  Lottery Corp. Ltd.  | 8950 | 34384 |
|  Macquarie Group Ltd.  | 745 | 109267 |
|  Macquarie Group, Ltd. - ADR  | 1081 | 159166 |
|  Mirvac Group  | 19373 | 29857 |
|  National Australia Bank Ltd.  | 7689 | 214589 |
|  National Australia Bank Ltd. - ADR  | 11208 | 156800 |
|  Orica Ltd.  | 5536 | 79448 |
|  Qantas Airways Ltd.  | 8392 | 64302 |
|  QBE Insurance Group Ltd.  | 3568 | 50411 |
|  REA Group Ltd.  | 633 | 103666 |
|  Santos Ltd.  | 19946 | 104423 |
|  Scentre Group  | 14492 | 38625 |
|  SEEK Ltd.  | 4272 | 77254 |
|  SGH Ltd.  | 1507 | 49625 |
|  South32 Ltd.  | 44192 | 78030 |
|  Stockland  | 11630 | 47103 |
|  Suncorp Group Ltd.  | 15828 | 219964 |
|  Transurban Group  | 7222 | 68884 |
|  Washington H Soul Pattinson & Co. Ltd.  | 2269 | 64861 |
|  Wesfarmers Ltd.  | 4523 | 270921 |
|  Westpac Banking Corp.  | 11015 | 277458 |
|  WiseTech Global Ltd.  | 855 | 56645 |
|  Woodside Energy Group Ltd.  | 7097 | 122335 |
|  Woolworths Group Ltd.  | 6547 | 123240 |
|  |  | 4695681 |
|  **Austria — 0.2%** |  |  |
|  ANDRITZ AG  | 18502 | 1302611 |
|  Erste Group Bank AG  | 544 | 51781 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Austria — 0.2% (Continued)** | **Austria — 0.2% (Continued)** | **Austria — 0.2% (Continued)** |
|  OMV AG  | 4843 | $266752 |
|  Verbund AG - Class A  | 676 | 48210 |
|  |  | 1669354 |
|  **Belgium — 0.4%** |  |  |
|  Ageas SA NV  | 2481 | 174807 |
|  Anheuser-Busch InBev SA/NV - ADR  | 2087 | 130792 |
|  Azelis Group NV  | 97656 | 1456555 |
|  D'ieteren Group  | 282 | 61110 |
|  Elia Group SA/NV  | 1009 | 115456 |
|  Groupe Bruxelles Lambert SA  | 635 | 55815 |
|  KBC Group NV  | 799 | 94181 |
|  Sofina SA  | 192 | 58094 |
|  Syensqo SA  | 373 | 32971 |
|  UCB SA  | 810 | 190010 |
|  Warehouses De Pauw CVA  | 3980 | 102155 |
|  |  | 2471946 |
|  **Bermuda — 1.1%** |  |  |
|  Everest Group Ltd.  | 8751 | 2991792 |
|  Hiscox Ltd.  | 246504 | 4345976 |
|  |  | 7337768 |
|  **Brazil — 1.3%** |  |  |
|  Banco do Brasil SA - ADR  | 22592 | 88787 |
|  Centrais Eletricas Brasileiras SA - ADR  | 6734 | 55488 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR  | 10993 | 248992 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 64500 | 1453015 |
|  Cia Siderurgica Nacional SA - ADR  | 41580 | 58628 |
|  Direcional Engenharia SA  | 194814 | 557653 |
|  Embraer SA, SP ADR - ADR  | 925 | 52105 |
|  Itau Unibanco Holdings, SP ADR  | 406157 | 2899961 |
|  Localiza Rent a Car SA - ADR  | 4006 | 26840 |
|  NU Holdings Ltd. - Class A <sup>(a)</sup>  | 54862 | 811958 |
|  Petroleo Brasileiro SA - Petrobras - ADR  | 10959 | 135892 |
|  StoneCo Ltd. - Class A <sup>(a)</sup>  | 65382 | 1076842 |
|  Suzano Papel e Celulose SA - ADR  | 6573 | 63955 |
|  Telefonica Brasil SA  | 89760 | 559401 |
|  Telefonica Brasil SA - ADR  | 13700 | 170839 |
|  Ultrapar Participacoes SA - ADR  | 8959 | 32700 |
|  Vale SA - ADR  | 89762 | 922753 |
|  XP, Inc. - Class A  | 4332 | 78583 |
|  |  | 9294392 |
|  **Canada — 3.3%** |  |  |
|  Agnico Eagle Mines Ltd.  | 5200 | 749738 |
|  Agnico Eagle Mines Ltd.  | 1913 | 275797 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**As of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Canada — 3.3% (Continued)** | **Canada — 3.3% (Continued)** | **Canada — 3.3% (Continued)** |
|  Allied Gold Corp. <sup>(a)</sup>  | 111284 | $1559848 |
|  Bank Montreal  | 1765 | 213565 |
|  Bank of Nova Scotia  | 3619 | 226043 |
|  Barrick Mining Corp.  | 6196 | 164999 |
|  BCE, Inc.  | 2343 | 58481 |
|  Brookfield Corp.  | 3359 | 220753 |
|  CAE, Inc. <sup>(a)</sup>  | 1578 | 42511 |
|  Cameco Corp.  | 8937 | 691634 |
|  Canadian Imperial Bank of Commerce  | 2982 | 230479 |
|  Canadian National Railway Co.  | 3433 | 332246 |
|  Canadian Natural Resources Ltd.  | 11652 | 368786 |
|  Canadian Pacific Kansas City Ltd.  | 3152 | 240151 |
|  Celestica, Inc. <sup>(a)</sup>  | 359 | 69915 |
|  Cenovus Energy, Inc.  | 136066 | 2262895 |
|  CGI, Inc.  | 1307 | 127014 |
|  Constellation Software, Inc./Canada  | 62 | 205425 |
|  Dollarama, Inc.  | 1231 | 167850 |
|  Enbridge, Inc.  | 8175 | 395180 |
|  Fairfax Financial Holdings Ltd.  | 93 | 160106 |
|  FirstService Corp.  | 230 | 46276 |
|  Fortis, Inc.  | 6019 | 299385 |
|  Franco-Nevada Corp.  | 1038 | 195507 |
|  GFL Environmental, Inc.  | 2147 | 107436 |
|  Gildan Activewear, Inc.  | 5757 | 314332 |
|  Hammond Power Solutions, Inc.  | 7162 | 617037 |
|  Imperial Oil Ltd.  | 2792 | 253458 |
|  Intact Financial Corp.  | 966 | 193453 |
|  Kinross Gold Corp.  | 52576 | 1099106 |
|  Kinross Gold Corp.  | 3369 | 70412 |
|  Magna International, Inc.  | 3010 | 138159 |
|  Manulife Financial Corp.  | 6860 | 210945 |
|  National Bank of Canada  | 1583 | 166397 |
|  Nutrien Ltd.  | 60585 | 3491683 |
|  Nutrien Ltd.  | 1238 | 71334 |
|  Pembina Pipeline Corp.  | 2696 | 101828 |
|  Restaurant Brands International, Inc.  | 3260 | 206456 |
|  Royal Bank Canada  | 4734 | 688134 |
|  Shopify, Inc. - Class A <sup>(a)</sup>  | 3733 | 527398 |
|  South Bow Corp.  | 584 | 16200 |
|  Stantec, Inc.  | 565 | 61399 |
|  Sun Life Financial, Inc.  | 2753 | 160858 |
|  Suncor Energy, Inc.  | 1529 | 63148 |
|  TC Energy Corp.  | 5100 | 265506 |
|  Teck Resources Ltd. - Class B  | 8215 | 280871 |
|  Teck Resources Ltd. - Class B  | 91694 | 3135363 |
|  Thomson Reuters Corp.  | 1367 | 242793 |
|  Toronto-Dominion Bank  | 6970 | 523726 |
|  Wheaton Precious Metals Corp.  | 2998 | 301059 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Canada — 3.3% (Continued)** | **Canada — 3.3% (Continued)** | **Canada — 3.3% (Continued)** |
|  WSP Global, Inc.  | 535 | $108952 |
|  |  | 22722027 |
|  **Chile — 0.1%** |  |  |
|  Antofagasta PLC  | 8790 | 255055 |
|  Cia Cervecerias Unidas SA - ADR  | 4167 | 51546 |
|  Sociedad Quimica y Minera de Chile SA SP ADR <sup>(a)</sup>  | 1515 | 68947 |
|  |  | 375548 |
|  **China — 7.6%** |  |  |
|  AAC Technologies Holdings, Inc.  | 74000 | 412724 |
|  Air China Ltd. - Class H <sup>(a)</sup>  | 74000 | 49193 |
|  Akeso, Inc. <sup>(a)(b)</sup>  | 5000 | 100708 |
|  ANTA Sports Products Ltd.  | 62161 | 773436 |
|  Bilibili, Inc. - ADR <sup>(a)</sup>  | 4363 | 101483 |
|  BYD Co. Ltd. - Class H  | 12000 | 169294 |
|  BYD Electronic International Co. Ltd.  | 23500 | 124933 |
|  China Coal Energy Co. Ltd. - Class H  | 44000 | 53471 |
|  China Conch Environment Protection Holdings Ltd. <sup>(a)</sup>  | 21500 | 1937 |
|  China Construction Bank Corp. - Class H  | 200000 | 193560 |
|  China Literature, Ltd. <sup>(a)(b)</sup>  | 96800 | 507758 |
|  China Merchants Bank Co. Ltd. - Class H  | 167563 | 1041518 |
|  China Pacific Insurance Group Co. Ltd. - Class H  | 40400 | 185434 |
|  China Shenhua Energy Co. Ltd. - Class H  | 39000 | 175259 |
|  Contemporary Amperex Technology Co. Ltd. - Class A  | 30105 | 1291483 |
|  DiDi Global, Inc. - ADR <sup>(a)</sup>  | 121677 | 711811 |
|  ENN Energy Holdings Ltd.  | 4400 | 35614 |
|  Fuyao Glass Industry Group Co. Ltd. - Class A  | 69600 | 640608 |
|  Fuyao Glass Industry Group Co. Ltd. - Class H <sup>(b)</sup>  | 6400 | 56480 |
|  Guotai Haitong Securities Co. Ltd. - Class H <sup>(b)</sup>  | 33400 | 70141 |
|  H World Group Ltd. - ADR  | 1879 | 69241 |
|  Haier Smart Home Co. Ltd. - ADR  | 4117 | 56032 |
|  Haitian International Holdings Ltd.  | 31000 | 87881 |
|  Hansoh Pharmaceutical Group Co. Ltd. <sup>(b)</sup>  | 16000 | 74324 |
|  Industrial & Commercial Bank of China Ltd. - Class H  | 1802000 | 1340515 |
|  JD.com, Inc. - ADR  | 5286 | 164236 |
|  Jiangsu Hengli Hydraulic Co. Ltd. - Class A  | 60800 | 760584 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A  | 135600 | 1258296 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China — 7.6% (Continued)** | **China — 7.6% (Continued)** | **China — 7.6% (Continued)** |
|  KE Holdings, Inc. - ADR  | 4582 | $80552 |
|  Laopu Gold Co. Ltd. - Class H  | 4100 | 375987 |
|  Lenovo Group Ltd.  | 32000 | 45939 |
|  Li Auto, Inc. - ADR <sup>(a)</sup>  | 3672 | 85741 |
|  Meituan - ADR <sup>(a)</sup>  | 4650 | 123690 |
|  Montage Technology Co. Ltd. - Class A  | 71177 | 1225957 |
|  NetEase, Inc.  | 103400 | 2835311 |
|  NetEase, Inc. - ADR  | 10260 | 1397309 |
|  New China Life Insurance Co. Ltd. - Class H  | 45800 | 284965 |
|  New Oriental Education & Technology Group, Inc. - ADR  | 2260 | 108435 |
|  Nongfu Spring Co. Ltd. - Class H <sup>(b)</sup>  | 9600 | 62094 |
|  PetroChina Co. Ltd. - Class H  | 788000 | 763027 |
|  PICC Property & Casualty Co. Ltd. - Class H  | 48000 | 116005 |
|  Ping An Insurance Group Co. of China Ltd. - Class H  | 194000 | 1412445 |
|  Pop Mart International Group Ltd. <sup>(b)</sup>  | 3200 | 133016 |
|  Qfin Holdings, Inc. - ADR  | 12053 | 350983 |
|  RLX Technology, Inc. - ADR  | 23295 | 59169 |
|  Sany Heavy Industry Co. Ltd. - Class A  | 216800 | 639049 |
|  Shanghai MicroPort MedBot Group Co. Ltd. - Class H <sup>(a)</sup>  | 74500 | 195241 |
|  Shanghai Pharmaceuticals Holding Co. Ltd. - Class H  | 39800 | 63179 |
|  Shenzhen Inovance Technology Co. Ltd. - Class A  | 83800 | 881836 |
|  Shenzhou International Group Holdings Ltd.  | 7100 | 56494 |
|  Sinopharm Group Co. Ltd. - Class H  | 36400 | 87718 |
|  Sinotruk Hong Kong Ltd.  | 19500 | 56855 |
|  Sunac Services Holdings Ltd. <sup>(b)</sup>  | 619 | 133 |
|  TAL Education Group - ADR <sup>(a)</sup>  | 7594 | 80648 |
|  Tencent Holdings Ltd. - ADR  | 21564 | 1673151 |
|  Tencent Holdings Ltd.  | 252130 | 19526084 |
|  Tencent Music Entertainment Group, ADR  | 194521 | 4769655 |
|  Tongcheng Travel Holdings Ltd.  | 122400 | 346293 |
|  Weichai Power Co. Ltd. - Class H  | 24000 | 50452 |
|  WuXi AppTec Co. Ltd. - Class H <sup>(b)</sup>  | 38900 | 542070 |
|  Wuxi Biologics Cayman, Inc. <sup>(a)(b)</sup>  | 17000 | 73132 |
|  Xiaomi Corp. - ADR <sup>(a)</sup>  | 9311 | 318250 |
|  Xiaomi Corp. - Class B <sup>(a)(b)</sup>  | 185200 | 1263962 |
|  XPeng, Inc. - ADR <sup>(a)</sup>  | 2396 | 50364 |
|  XtalPi Holdings Ltd. <sup>(a)</sup>  | 458000 | 606254 |
|  Yangzijiang Shipbuilding Holdings Ltd.  | 26600 | 60271 |
|  Yum China Holdings, Inc.  | 1162 | 51965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **China — 7.6% (Continued)** | **China — 7.6% (Continued)** | **China — 7.6% (Continued)** |
|  Zhejiang Leapmotor Technology Co. Ltd. - Class H <sup>(a)(b)</sup>  | 7100 | $59262 |
|  Zijin Mining Group Co. Ltd. - Class H  | 252000 | 836759 |
|  ZTE Corp. - Class H  | 16600 | 75027 |
|  |  | 52332683 |
|  **Colombia — 0.0%<sup>(c)</sup>** |  |  |
|  Grupo Cibest SA - ADR  | 1414 | 71351 |
|  **Cyprus — 0.0%<sup>(c)</sup>** |  |  |
|  TCS Group Holding PLC - GDR <sup>(a)(d)</sup>  | 3732 | 0 |
|  **Denmark — 1.6%** |  |  |
|  AP Moller - Maersk AS - Class B  | 28 | 57695 |
|  Carlsberg A/S - Class B  | 1277 | 156199 |
|  Danske Bank AS  | 126842 | 5220590 |
|  DSV AS - ADR  | 826 | 91612 |
|  DSV AS  | 208 | 46115 |
|  Genmab AS <sup>(a)</sup>  | 5356 | 1336800 |
|  Novo Nordisk AS - ADR  | 12898 | 728221 |
|  Novo Nordisk AS  | 51600 | 2915886 |
|  Novonesis Novozymes B  | 1601 | 101831 |
|  Orsted A/S <sup>(a)(b)</sup>  | 1074 | 32565 |
|  Vestas Wind Systems AS  | 3196 | 63624 |
|  |  | 10751138 |
|  **Finland — 1.9%** |  |  |
|  Elisa OYJ  | 1595 | 85029 |
|  Fortum Oyj  | 2493 | 43139 |
|  Kone Oyj - Class B  | 74412 | 4680350 |
|  Mandatum Oyj  | 2616 | 17981 |
|  Nordea Bank Abp  | 153343 | 2344323 |
|  Nordea Bank Abp  | 93 | 1419 |
|  Orion Oyj - Class B  | 672 | 53684 |
|  Sampo Oyj  | 514240 | 5900840 |
|  UPM-Kymmene Corp.  | 1923 | 54764 |
|  Wartsila OYJ Abp  | 2624 | 76917 |
|  |  | 13258446 |
|  **France — 6.2%** |  |  |
|  Air Liquide SA  | 18900 | 3894127 |
|  Air Liquide SA - ADR  | 2142 | 88550 |
|  Airbus Group SE  | 1661 | 347265 |
|  AXA SA  | 3534 | 164606 |
|  BioMerieux  | 677 | 94147 |
|  BNP Paribas SA  | 3223 | 289636 |
|  Bouygues SA  | 2565 | 109995 |
|  Bureau Veritas SA  | 96437 | 2909188 |
|  Canal+ SA  | 3398 | 10361 |
|  Capgemini SE  | 22843 | 3248962 |
|  Cie de Saint-Gobain SA  | 1672 | 180509 |
|  Cie Generale des Etablissements Michelin SCA  | 1852 | 67068 |
|  Danone SA  | 3796 | 316844 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **France — 6.2% (Continued)** | **France — 6.2% (Continued)** | **France — 6.2% (Continued)** |
|  Dassault Aviation SA  | 263 | $83023 |
|  Dassault Systemes SE - ADR  | 2450 | 76122 |
|  Dassault Systemes SE  | 2375 | 73863 |
|  Edenred SE  | 23762 | 687374 |
|  Eiffage SA  | 428 | 53862 |
|  Engie SA - ADR  | 8968 | 186445 |
|  Essilor International Cie Generale d'Opitque SA  | 951 | 290090 |
|  EssilorLuxottica SA - ADR  | 144 | 21960 |
|  Eurazeo SA  | 19646 | 1285644 |
|  Getlink SE  | 1582 | 29926 |
|  Havas NV  | 3398 | 5959 |
|  Hermes International SCA  | 98 | 240019 |
|  Ipsen SA  | 10318 | 1402807 |
|  Kering SA  | 247 | 66187 |
|  Legrand SA  | 1347 | 205130 |
|  L'Oreal SA - ADR  | 3400 | 316438 |
|  L'Oreal SA  | 269 | 125593 |
|  Louis Hachette Group  | 3398 | 6536 |
|  LVMH Moet Hennessy Louis Vuitton SE - ADR  | 2495 | 294585 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 5109 | 3016542 |
|  Orange SA  | 7330 | 119473 |
|  Pernod Ricard SA  | 14843 | 1690859 |
|  Pernod Ricard SA - ADR  | 4525 | 103586 |
|  Publicis Groupe SA  | 2188 | 202037 |
|  Rexel SA  | 72149 | 2335919 |
|  Safran SA  | 905 | 300759 |
|  Sanofi SA - ADR  | 7794 | 385647 |
|  Sanofi SA  | 31589 | 3134023 |
|  Sartorius Stedim Biotech  | 191 | 39169 |
|  Schneider Electric SE  | 15972 | 3924122 |
|  Schneider Electric SE - ADR  | 4025 | 197778 |
|  Societe Generale SA  | 2392 | 147608 |
|  SPIE SA  | 42316 | 2345395 |
|  Thales SA  | 10075 | 2650135 |
|  TotalEnergies SE - ADR  | 8970 | 562868 |
|  Unibail-Rodamco-Westfield  | 938 | 97590 |
|  Vallourec SACA  | 237134 | 4257227 |
|  Vinci SA  | 2155 | 292287 |
|  Vinci SA - ADR  | 1124 | 38149 |
|  |  | 43013994 |
|  **Germany — 2.7%** |  |  |
|  Adidas AG  | 494 | 96111 |
|  Allianz SE  | 644 | 272273 |
|  Allianz SE - ADR  | 4740 | 200464 |
|  BASF SE  | 2932 | 155751 |
|  Bayer AG  | 2559 | 84193 |
|  Bayerische Motoren Werke AG - ADR  | 3309 | 115650 |
|  Bayerische Motoren Werke AG  | 509 | 53252 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Germany — 2.7% (Continued)** | **Germany — 2.7% (Continued)** | **Germany — 2.7% (Continued)** |
|  Beiersdorf AG  | 796 | $91672 |
|  Commerzbank AG  | 18102 | 690930 |
|  Continental AG  | 523 | 45860 |
|  Covestro AG <sup>(a)(b)</sup>  | 1514 | 106022 |
|  Daimler AG  | 3623 | 226746 |
|  Daimler Truck Holding AG  | 1811 | 85188 |
|  Delivery Hero SE <sup>(a)(b)</sup>  | 1653 | 43853 |
|  Deutsche Bank AG  | 8776 | 308301 |
|  Deutsche Boerse AG  | 25001 | 7358677 |
|  Deutsche Boerse AG - ADR  | 2810 | 82755 |
|  Deutsche Post AG - ADR  | 1603 | 73001 |
|  Deutsche Telekom AG  | 6034 | 220815 |
|  Deutsche Telekom AG - ADR  | 5690 | 208590 |
|  E.ON SE  | 4732 | 84378 |
|  Fresenius Medical Care AG  | 918 | 47322 |
|  Fresenius SE & Co. KGaA  | 1112 | 60464 |
|  Hannover Rueck SE  | 421 | 122572 |
|  Heidelberg Materials AG  | 273 | 64578 |
|  Henkel AG & Co. KGaA  | 1341 | 103063 |
|  Infineon Technologies AG  | 29220 | 1196093 |
|  KION Group AG  | 1235 | 80418 |
|  Knorr-Bremse AG  | 679 | 70930 |
|  LEG Immobilien SE  | 635 | 53230 |
|  Merck KGaA  | 587 | 74530 |
|  MTU Aero Engines AG - ADR  | 562 | 125349 |
|  Muenchener Rueckversicherungs-Gesellschaft AG  | 383 | 244318 |
|  Rheinmetall AG  | 648 | 1256964 |
|  RWE AG  | 3207 | 128433 |
|  SAP SE - ADR  | 3821 | 1039923 |
|  Schaeffler AG  | 1003 | 6940 |
|  Siemens AG  | 11212 | 3108042 |
|  Siemens Energy AG <sup>(a)</sup>  | 1738 | 184888 |
|  Symrise AG  | 462 | 44736 |
|  TeamViewer SE - ADR <sup>(a)</sup>  | 4442 | 23409 |
|  Volkswagen AG  | 1057 | 126502 |
|  Vonovia SE  | 1402 | 45402 |
|  |  | 18812588 |
|  **Greece — 0.2%** |  |  |
|  National Bank of Greece SA  | 108982 | 1509281 |
|  OPAP SA  | 9345 | 209724 |
|  |  | 1719005 |
|  **Hong Kong — 2.7%** |  |  |
|  AIA Group Ltd. - ADR  | 7624 | 289559 |
|  Alibaba Group Holding Ltd. - ADR  | 6727 | 908145 |
|  Alibaba Group Holding Ltd.  | 535700 | 8869944 |
|  BOC Hong Kong Holdings Ltd.  | 28000 | 127123 |
|  China Merchants Port Holdings Co. Ltd.  | 60000 | 115374 |
|  China Resources Power Holdings Co. Ltd.  | 14000 | 32328 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Hong Kong — 2.7% (Continued)** | **Hong Kong — 2.7% (Continued)** | **Hong Kong — 2.7% (Continued)** |
|  China State Construction International Holdings Ltd.  | 32000 | $43866 |
|  CK Asset Holdings Ltd.  | 8500 | 40218 |
|  CK Hutchison Holdings Ltd.  | 259000 | 1713596 |
|  CLP Holdings Ltd.  | 13500 | 114255 |
|  Futu Holdings Ltd. - ADR  | 852 | 158131 |
|  Galaxy Entertainment Group Ltd.  | 13000 | 68919 |
|  Geely Automobile Holdings, Ltd.  | 31000 | 78193 |
|  Hang Seng Bank, Ltd.  | 6100 | 87468 |
|  Henderson Land Development Co. Ltd.  | 23000 | 79813 |
|  HKT Trust & HKT Ltd.  | 54000 | 81913 |
|  Hong Kong Exchanges & Clearing Ltd.  | 13580 | 795627 |
|  Hongkong Land Holdings Ltd.  | 7900 | 48983 |
|  Jardine Matheson Holdings, Ltd.  | 4800 | 290633 |
|  Link  | 10200 | 54480 |
|  MTR Corp. Ltd.  | 16500 | 55941 |
|  Power Assets Holdings Ltd.  | 11000 | 71727 |
|  Prudential PLC  | 309284 | 4125187 |
|  Sun Hung Kai Properties Ltd.  | 9000 | 106311 |
|  Swire Pacific Ltd. - Class A  | 4000 | 34287 |
|  Techtronic Industries Co. Ltd.  | 3000 | 38797 |
|  WH Group Ltd. <sup>(b)</sup>  | 52500 | 56417 |
|  Wharf Holdings Ltd.  | 14000 | 40180 |
|  |  | 18527415 |
|  **Hungary — 0.2%** |  |  |
|  OTP Bank, PLC  | 16068 | 1401520 |
|  **India — 3.7%** |  |  |
|  Adani Ports & Special Economic Zone Ltd.  | 48508 | 722657 |
|  Bajaj Finance Ltd.  | 223142 | 2222876 |
|  Bharat Electronics Ltd.  | 283075 | 1186170 |
|  Bharti Airtel Ltd.  | 57212 | 1226321 |
|  Divi's Laboratories Ltd.  | 6417 | 445983 |
|  Dr Reddy's Laboratories Ltd. - ADR  | 48380 | 686996 |
|  HDFC Bank Ltd.  | 383860 | 4143165 |
|  HDFC Bank Ltd. - ADR  | 77296 | 5500383 |
|  ICICI Bank Ltd. - ADR  | 80834 | 2565671 |
|  Indian Hotels Co. Ltd.  | 91599 | 788258 |
|  Infosys Ltd. - ADR  | 56873 | 956604 |
|  Mahindra & Mahindra Ltd.  | 36053 | 1308139 |
|  Max Healthcare Institute Ltd.  | 64579 | 844943 |
|  One 97 Communications Ltd. <sup>(a)</sup>  | 40149 | 549809 |
|  Reliance Industries Ltd.  | 48951 | 753876 |
|  UltraTech Cement Ltd.  | 6544 | 938021 |
|  Wipro Ltd. - ADR  | 212864 | 587505 |
|  |  | 25427377 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Indonesia — 0.2%**  |  |  |
|  Astra International Tbk PT - ADR  | 3615 | $24437 |
|  Bank Central Asia Tbk PT  | 1889600 | 925734 |
|  Bank Central Asia Tbk PT - ADR  | 7351 | 89903 |
|  Bank Mandiri Persero Tbk PT - ADR  | 9299 | 106102 |
|  Bank Rakyat Indonesia Persero Tbk PT - ADR  | 8191 | 99602 |
|  |  | 1245778 |
|  **Ireland — 2.3%** |  |  |
|  AerCap Holdings NV  | 28183 | 3480600 |
|  AIB Group PLC  | 199201 | 1618491 |
|  Aon PLC - Class A  | 23649 | 8679183 |
|  DCC PLC  | 452 | 28745 |
|  Experian PLC  | 3412 | 176864 |
|  ICON PLC <sup>(a)</sup>  | 4200 | 747348 |
|  James Hardie Industries PLC <sup>(a)</sup>  | 2896 | 58815 |
|  Kerry Group PLC - ADR  | 361 | 33086 |
|  Kingspan Group PLC  | 554 | 42743 |
|  PDD Holdings, Inc. - ADR <sup>(a)</sup>  | 5381 | 646904 |
|  |  | 15512779 |
|  **Israel — 0.2%** |  |  |
|  Check Point Software Technologies Ltd. <sup>(a)</sup>  | 499 | 96377 |
|  CyberArk Software Ltd. <sup>(a)</sup>  | 576 | 261078 |
|  Elbit Systems Ltd.  | 666 | 319820 |
|  ICL Group Ltd.  | 12592 | 81092 |
|  Nice Ltd. - ADR <sup>(a)</sup>  | 288 | 40709 |
|  Nova Ltd. <sup>(a)</sup>  | 489 | 128773 |
|  Teva Pharmaceutical Industries, Ltd., SP ADR <sup>(a)</sup>  | 3884 | 71388 |
|  Wix.com Ltd. <sup>(a)</sup>  | 389 | 54880 |
|  |  | 1054117 |
|  **Italy — 3.6%** |  |  |
|  Davide Campari-Milano NV  | 7108 | 53542 |
|  Enel SpA  | 497572 | 4591690 |
|  Eni SpA  | 9979 | 178390 |
|  Ferrari NV  | 642 | 306369 |
|  Ferrari NV  | 141 | 67101 |
|  FinecoBank Banca Fineco SpA  | 317744 | 6975101 |
|  Generali  | 1602 | 62538 |
|  Infrastrutture Wireless Italiane SpA <sup>(b)</sup>  | 3972 | 48159 |
|  Intesa Sanpaolo  | 31407 | 197725 |
|  Iveco Group NV  | 1324 | 28469 |
|  Leonardo SpA  | 70526 | 4006490 |
|  Mediobanca Banca di Credito Finanziario SpA  | 3974 | 96260 |
|  Prysmian SpA  | 641 | 55942 |
|  Recordati SPA  | 65994 | 4080327 |
|  Saipem SpA  | 1264937 | 3554497 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Italy — 3.6% (Continued)** | **Italy — 3.6% (Continued)** | **Italy — 3.6% (Continued)** |
|  UniCredit SpA  | 5035 | $389432 |
|  |  | 24692032 |
|  **Japan — 12.4%** |  |  |
|  Aeon Co. Ltd.  | 15600 | 189244 |
|  Aisin Corp.  | 3300 | 54306 |
|  Ajinomoto Co., Inc.  | 3000 | 81358 |
|  Asahi Group Holdings Ltd.  | 131200 | 1648755 |
|  Asahi Kasei Corp.  | 6000 | 48963 |
|  Bandai Namco Holdings, Inc.  | 2400 | 82517 |
|  BayCurrent, Inc.  | 127000 | 7205720 |
|  Bridgestone Corp.  | 3300 | 149079 |
|  Canon, Inc.  | 2700 | 79016 |
|  Central Japan Railway Co.  | 2100 | 55856 |
|  Chiba Bank Ltd.  | 4900 | 50127 |
|  Chugai Pharmaceutical Co. Ltd.  | 53900 | 2381914 |
|  Concordia Financial Group Ltd.  | 11723 | 88454 |
|  Daifuku Co. Ltd.  | 1800 | 56654 |
|  Dai-ichi Life Holdings, Inc.  | 26768 | 219647 |
|  Daiichi Sankyo Co. Ltd. - ADR  | 876 | 20928 |
|  Daiichi Sankyo Co. Ltd.  | 4848 | 115924 |
|  Daikin Industries Ltd.  | 749 | 93576 |
|  Daito Trust Construction Co. Ltd.  | 700 | 74488 |
|  Daiwa House Industry Co. Ltd.  | 1500 | 52999 |
|  Denso Corp.  | 7600 | 108905 |
|  Dentsu Group, Inc.  | 1800 | 35543 |
|  Disco Corp.  | 4000 | 1094422 |
|  East Japan Railway Co.  | 3700 | 90781 |
|  Fast Retailing Co. Ltd.  | 741 | 231621 |
|  Fuji Electric Co. Ltd.  | 61900 | 3897936 |
|  FUJIFILM Holdings Corp.  | 5400 | 127930 |
|  Fujikura Ltd.  | 1400 | 118774 |
|  Fujitsu Ltd.  | 5300 | 127540 |
|  Fukuoka Financial Group, Inc.  | 3000 | 89892 |
|  Hamamatsu Photonics KK  | 99200 | 1041145 |
|  Hankyu Hanshin Holdings, Inc.  | 1700 | 50332 |
|  Hikari Tsushin, Inc.  | 1000 | 266287 |
|  Hirose Electric Co. Ltd.  | 8300 | 1074665 |
|  Hitachi Ltd.  | 318905 | 8592395 |
|  Hitachi Ltd. - ADR  | 18300 | 497394 |
|  Honda Motor Co. Ltd.  | 5400 | 59859 |
|  Honda Motor Co. Ltd. - ADR  | 1291 | 43119 |
|  Hoshizaki Corp.  | 800 | 30757 |
|  Hoya Corp.  | 670 | 86515 |
|  Hoya Corp. - ADR  | 487 | 63066 |
|  IHI Corp.  | 9200 | 956083 |
|  Inpex Corp.  | 6228 | 105827 |
|  Isuzu Motors Ltd.  | 2700 | 35366 |
|  ITOCHU Corp.  | 3700 | 209008 |
|  ITOCHU Corp. - ADR  | 426 | 48202 |
|  Japan Airlines Co. Ltd.  | 2600 | 55290 |
|  Japan Post Bank Co. Ltd.  | 3700 | 46510 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** |
|  Japan Post Insurance Co. Ltd.  | 16100 | $450783 |
|  Japan Real Estate Investment Corp.  | 229 | 199054 |
|  Japan Tobacco, Inc.  | 19200 | 610467 |
|  Kansai Electric Power Co., Inc.  | 3700 | 51336 |
|  Kao Corp.  | 2200 | 99959 |
|  KDDI Corp.  | 247496 | 4277552 |
|  Keyence Corp.  | 600 | 228746 |
|  Kobe Bussan Co. Ltd.  | 1900 | 53439 |
|  Komatsu Ltd.  | 4400 | 148959 |
|  Konami Group Corp.  | 400 | 60335 |
|  Kyocera Corp.  | 204200 | 2715797 |
|  LY Corp.  | 14900 | 47173 |
|  Marubeni Corp.  | 2800 | 63547 |
|  MatsukiyoCocokara & Co.  | 2400 | 49575 |
|  McDonald's Holdings Co. Japan Ltd.  | 2600 | 115638 |
|  Mitsubishi Chemical Group Corp.  | 332300 | 1888233 |
|  Mitsubishi Corp.  | 12300 | 277696 |
|  Mitsubishi Electric Corp.  | 147400 | 3518884 |
|  Mitsubishi Estate Co. Ltd.  | 3100 | 66038 |
|  Mitsubishi Heavy Industries Ltd.  | 11300 | 285124 |
|  Mitsubishi UFJ Financial Group, Inc. - ADR  | 53334 | 815477 |
|  Mitsubishi UFJ Financial Group, Inc., SP ADR  | 36400 | 553974 |
|  Mitsui & Co. Ltd.  | 10718 | 246743 |
|  Mitsui OSK Lines Ltd.  | 9000 | 288803 |
|  Mizuho Financial Group, Inc.  | 3500 | 115143 |
|  MS&AD Insurance Group Holdings, Inc.  | 2700 | 62807 |
|  Murata Manufacturing Co. Ltd.  | 2657 | 42893 |
|  Murata Manufacturing Co. Ltd. - ADR  | 86 | 696 |
|  NEC Corp.  | 2500 | 76127 |
|  Nexon Co. Ltd.  | 2300 | 52047 |
|  Nintendo Co. Ltd.  | 2000 | 178378 |
|  Nintendo Co. Ltd. - ADR  | 5760 | 128678 |
|  Nippon Building Fund Inc.  | 224 | 216738 |
|  Nippon Paint Holdings Co. Ltd.  | 6200 | 44863 |
|  Nippon Sanso Holdings Corp.  | 82500 | 2990444 |
|  Nippon Steel Corp.  | 8000 | 168504 |
|  Nippon Yusen KK  | 1500 | 54071 |
|  Nisshin Seifun Group, Inc.  | 2700 | 32830 |
|  Nitori Holdings Co. Ltd.  | 700 | 64599 |
|  Nomura Research Institute Ltd.  | 66800 | 2622185 |
|  NTT Data Group Corp.  | 3100 | 82552 |
|  NTT, Inc.  | 1200 | 1269 |
|  NTT, Inc. - ADR  | 984 | 25978 |
|  Obic Co. Ltd.  | 1300 | 45967 |
|  Oriental Land Co., Ltd.  | 4465 | 106304 |
|  Otsuka Holdings Co. Ltd.  | 1000 | 52472 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** |
|  Pan Pacific International Holdings Corp.  | 1500 | $54104 |
|  Rakus Co. Ltd.  | 31700 | 562612 |
|  Rakuten Group, Inc. <sup>(a)</sup>  | 7200 | 44319 |
|  Recruit Holdings Co. Ltd.  | 5092 | 291381 |
|  Resona Holdings, Inc.  | 154200 | 1546540 |
|  Sansan, Inc. <sup>(a)</sup>  | 21400 | 277182 |
|  SBI Holdings, Inc.  | 2600 | 122163 |
|  SCREEN Holdings Co. Ltd.  | 700 | 52914 |
|  Secom Co. Ltd.  | 3500 | 129222 |
|  Sekisui House Ltd.  | 4000 | 90017 |
|  Seven & i Holdings Co. Ltd. - ADR  | 2700 | 34911 |
|  Shin-Etsu Chemical Co. Ltd.  | 3270 | 99596 |
|  Shin-Etsu Chemical Co. Ltd. - ADR  | 6860 | 104615 |
|  Shionogi & Co. Ltd.  | 2600 | 44974 |
|  Shizuoka Financial Group, Inc.  | 3900 | 51767 |
|  SoftBank Corp.  | 28000 | 43313 |
|  SoftBank Group Corp.  | 2700 | 289937 |
|  Sompo Holdings, Inc.  | 1800 | 57527 |
|  Sony Group Corp. - ADR  | 24030 | 661306 |
|  Sony Group Corp.  | 114200 | 3121216 |
|  Sugi Holdings Co. Ltd.  | 99300 | 2509613 |
|  Sumitomo Corp.  | 4000 | 112022 |
|  Sumitomo Electric Industries, Ltd.  | 3200 | 89629 |
|  Sumitomo Heavy Industries Ltd.  | 2000 | 44204 |
|  Sumitomo Metal Mining Co. Ltd.  | 2000 | 54120 |
|  Sumitomo Mitsui Financial Group, Inc. - ADR  | 56610 | 929536 |
|  Sumitomo Mitsui Financial Group, Inc.  | 188500 | 5133910 |
|  Sumitomo Mitsui Trust Group, Inc.  | 1600 | 45534 |
|  Sumitomo Realty & Development Co. Ltd.  | 1300 | 53404 |
|  Suzuken Co Ltd.  | 50600 | 2001206 |
|  Suzuki Motor Corp.  | 221200 | 2927086 |
|  T&D Holdings, Inc.  | 5200 | 134627 |
|  Taisei Corp.  | 1800 | 121860 |
|  Takeda Pharmaceutical Co. Ltd.  | 5200 | 156534 |
|  TDK Corp.  | 8800 | 113637 |
|  Terumo Corp.  | 2624 | 47051 |
|  THK Co. Ltd.  | 34200 | 919848 |
|  Toho Co. Ltd./Tokyo  | 1100 | 69826 |
|  Tokio Marine Holdings, Inc.  | 5500 | 235884 |
|  Tokyo Electron Ltd.  | 9900 | 1348243 |
|  Tokyo Electron Ltd. - ADR  | 1572 | 107226 |
|  Tokyo Gas Co. Ltd.  | 1500 | 57307 |
|  Toyo Suisan Kaisha Ltd.  | 29800 | 2049812 |
|  Toyo Tire Corp.  | 56300 | 1430351 |
|  Toyota Industries Corp.  | 600 | 66092 |
|  Toyota Motor Corp. - ADR  | 2161 | 420466 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** | **Japan — 12.4% (Continued)** |
|  Toyota Motor Corp.  | 7100 | $137473 |
|  Toyota Tsusho Corp.  | 2700 | 71862 |
|  United Urban Investment Corp.  | 51 | 61473 |
|  USS Co. Ltd.  | 3400 | 41189 |
|  Yokogawa Electric Corp.  | 2100 | 61300 |
|  |  | 85445507 |
|  **Kazakhstan — 0.2%** |  |  |
|  Kaspi.KZ JSC - ADR  | 11825 | 1111077 |
|  **Luxembourg — 0.3%** |  |  |
|  Eurofins Scientific SE <sup>(a)</sup>  | 725 | 55053 |
|  Millicom International Cellular SA  | 43437 | 2098442 |
|  Reinet Investments SCA  | 1940 | 58887 |
|  |  | 2212382 |
|  **Mexico — 1.0%** |  |  |
|  America Movil SAB de CV - ADR  | 101853 | 2036042 |
|  Arca Continental SAB de CV  | 46100 | 471040 |
|  Coca-Cola Femsa SA De CV, SP ADR  | 36525 | 3104260 |
|  Corp. Inmobiliaria Vesta SAB de CV  | 84900 | 233532 |
|  Fomento Economico Mexicano SAB de CV - ADR  | 948 | 82135 |
|  Grupo Aeroportuario del Pacifico SAB de CV - ADR  | 392 | 94472 |
|  Grupo Aeroportuario del Sureste SAB de CV - ADR  | 471 | 153409 |
|  Grupo Financiero Banorte SAB de CV  | 90900 | 827984 |
|  Grupo Financiero Banorte SAB de CV, SP ADR  | 1349 | 61622 |
|  Wal-Mart de Mexico SAB de CV - ADR  | 388 | 11594 |
|  |  | 7076090 |
|  **Netherlands — 4.9%** |  |  |
|  Adyen NV <sup>(a)(b)</sup>  | 1391 | 2335737 |
|  Aegon Ltd.  | 14288 | 112280 |
|  Argenx SE - ADR <sup>(a)</sup>  | 238 | 169504 |
|  ASM International NV  | 4318 | 2073385 |
|  ASML Holding NV  | 4337 | 3220639 |
|  ASML Holding NV  | 1368 | 1015904 |
|  BE Semiconductor Industries NV  | 395 | 53206 |
|  Euronext NV <sup>(b)</sup>  | 20335 | 3356914 |
|  Ferrovial SE  | 3123 | 170811 |
|  Heineken Holding NV  | 2322 | 164880 |
|  Heineken NV  | 76909 | 6238115 |
|  IMCD NV  | 12168 | 1366420 |
|  ING Groep NV  | 7103 | 169585 |
|  JDE Peet's NV  | 2304 | 84376 |
|  Koninklijke Ahold Delhaize NV  | 118207 | 4736912 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Netherlands — 4.9% (Continued)** | **Netherlands — 4.9% (Continued)** | **Netherlands — 4.9% (Continued)** |
|  Koninklijke Ahold Delhaize NV - ADR  | 4031 | $161442 |
|  NN Group NV  | 3039 | 209182 |
|  Prosus NV  | 49998 | 3092851 |
|  Stellantis NV  | 5160 | 49404 |
|  Wolters Kluwer  | 37493 | 4723153 |
|  Wolters Kluwer NV - ADR  | 667 | 83895 |
|  |  | 33588595 |
|  **New Zealand — 0.1%** |  |  |
|  Auckland International Airport Ltd.  | 13450 | 59908 |
|  Contact Energy Ltd.  | 8409 | 44800 |
|  Fisher & Paykel Healthcare Corp. Ltd.  | 6554 | 141515 |
|  Infratil Ltd.  | 7199 | 48208 |
|  Meridian Energy Ltd.  | 15956 | 53720 |
|  Xero Ltd. <sup>(a)</sup>  | 449 | 47878 |
|  |  | 396029 |
|  **Norway — 0.9%** |  |  |
|  Aker BP ASA  | 3025 | 76526 |
|  DNB Bank ASA  | 143485 | 3780568 |
|  Equinor ASA - ADR  | 2925 | 71984 |
|  Kongsberg Gruppen ASA  | 1685 | 50325 |
|  Norsk Hydro ASA  | 317764 | 2059678 |
|  |  | 6039081 |
|  **Panama — 0.1%** |  |  |
|  Copa Holdings SA - Class A  | 7377 | 865617 |
|  **Peru — 0.2%** |  |  |
|  Credicorp Ltd.  | 5697 | 1465268 |
|  **Philippines — 0.0%<sup>(c)</sup>** |  |  |
|  PLDT, Inc. - ADR  | 10931 | 223867 |
|  **Poland — 0.2%** |  |  |
|  Powszechny Zaklad Ubezpieczen SA  | 68511 | 1140250 |
|  **Portugal — 0.0%<sup>(c)</sup>** |  |  |
|  Galp Energia SGPS SA  | 3396 | 66011 |
|  Jeronimo Martins SGPS SA  | 2146 | 53087 |
|  |  | 119098 |
|  **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 |
|  |  | 20 |
|  **Saudi Arabia — 0.1%** |  |  |
|  Etihad Etisalat Co.  | 7556 | 128864 |
|  Saudi National Bank  | 37682 | 349250 |
|  |  | 478114 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Singapore — 0.9%** |  |  |
|  Ascendas Real Estate Investment Trust  | 23000 | $48753 |
|  BOC Aviation Ltd. <sup>(b)</sup>  | 6200 | 55650 |
|  CapitaLand Investment Ltd./Singapore  | 23000 | 49435 |
|  CapitaLand Mall Trust  | 25715 | 45692 |
|  DBS Group Holdings Ltd. - ADR  | 2449 | 385326 |
|  DBS Group Holdings Ltd.  | 85610 | 3369857 |
|  Jardine Cycle & Carriage Ltd.  | 4000 | 88112 |
|  JOYY, Inc. - ADR  | 2046 | 110607 |
|  Keppel Ltd.  | 9600 | 65424 |
|  Oversea-Chinese Banking Corp. Ltd.  | 9000 | 117355 |
|  Sea Ltd. - ADR <sup>(a)</sup>  | 2556 | 476796 |
|  Sembcorp Industries, Ltd.  | 9400 | 44445 |
|  Singapore Airlines Ltd.  | 19800 | 101520 |
|  Singapore Exchange Ltd.  | 6000 | 77458 |
|  Singapore Technologies Engineering Ltd.  | 8400 | 50271 |
|  Singapore Telecommunications Ltd.  | 60600 | 203663 |
|  Trip.com Group Ltd. - ADR  | 10469 | 772089 |
|  United Overseas Bank Ltd.  | 6000 | 164320 |
|  Wilmar International Ltd.  | 16500 | 37921 |
|  |  | 6264694 |
|  **South Africa — 0.7%** |  |  |
|  Aspen Pharmacare Holdings Ltd. - ADR  | 6986 | 41986 |
|  Bid Corp. Ltd.  | 1987 | 51957 |
|  Bidvest Group Ltd.  | 2568 | 34487 |
|  Capitec Bank Holdings Ltd.  | 4715 | 953729 |
|  FirstRand Ltd.  | 25812 | 108798 |
|  Gold Fields, Ltd. - ADR  | 4549 | 152300 |
|  Impala Platinum Holdings, Ltd. <sup>(a)</sup>  | 54669 | 496073 |
|  MTN Group Ltd.  | 102994 | 874931 |
|  Naspers Ltd. - ADR  | 4780 | 314524 |
|  Naspers Ltd.  | 3734 | 1231926 |
|  Nedbank Group Ltd. - ADR  | 2666 | 34765 |
|  Sanlam Ltd. - ADR  | 5156 | 54138 |
|  Sasol Ltd. <sup>(a)</sup>  | 12990 | 87610 |
|  Standard Bank Group Ltd.  | 9099 | 128014 |
|  Valterra Platinum Ltd.  | 340 | 15441 |
|  |  | 4580679 |
|  **South Korea — 5.0%** |  |  |
|  Doosan Enerbility Co. Ltd. <sup>(a)</sup>  | 15314 | 673434 |
|  Hana Financial Group, Inc.  | 2351 | 138595 |
|  Hanwha Aerospace Co. Ltd.  | 1061 | 672856 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd.  | 8726 | 2543003 |
|  Hyundai Mobis Co. Ltd.  | 4609 | 1052515 |
|  Hyundai Motor Co.  | 1095 | 172384 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — 5.0% (Continued)** | **South Korea — 5.0% (Continued)** | **South Korea — 5.0% (Continued)** |
|  IsuPetasys Co. Ltd.  | 2590 | $124074 |
|  KB Financial Group, Inc. - ADR  | 6431 | 505862 |
|  KB Financial Group, Inc.  | 23518 | 1836880 |
|  Korea Electric Power Corp.  | 32246 | 845495 |
|  KT Corp.  | 63052 | 2452464 |
|  KT Corp., SP ADR  | 82343 | 1667446 |
|  KT&G Corp.  | 6881 | 665556 |
|  LG Chem Ltd.  | 462 | 91762 |
|  LIG Nex1 Co. Ltd.  | 2948 | 1036104 |
|  Macquarie Korea Infrastructure Fund  | 35316 | 295797 |
|  NAVER Corp.  | 28498 | 4380821 |
|  POSCO Holdings, Inc. - ADR  | 3580 | 184692 |
|  Samsung Biologics Co. Ltd. <sup>(a)(b)</sup>  | 652 | 467897 |
|  Samsung Electronics Co. Ltd.  | 171594 | 8572801 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 7189 | 2288046 |
|  Shinhan Financial Group Co. Ltd. - ADR  | 9162 | 432721 |
|  SK Hynix, Inc.  | 9563 | 1822109 |
|  SK Telecom Co. Ltd. - ADR  | 3 | 65 |
|  SK, Inc.  | 7527 | 1116232 |
|  Woori Financial Group, Inc. - ADR  | 4696 | 252504 |
|  |  | 34292115 |
|  **Spain — 1.5%** |  |  |
|  Acciona SA  | 369 | 73140 |
|  Aena SME SA <sup>(b)</sup>  | 2010 | 58259 |
|  Amadeus IT Group SA - ADR  | 1437 | 120550 |
|  Banco Bilbao Vizcaya Argentaria SA  | 273377 | 4975214 |
|  Banco Bilbao Vizcaya Argentaria, SP ADR  | 7661 | 138894 |
|  Banco Santander SA  | 364019 | 3476414 |
|  CaixaBank SA  | 65952 | 658537 |
|  Cellnex Telecom SA <sup>(b)</sup>  | 1427 | 50797 |
|  EDP Renovaveis SA  | 5230 | 61427 |
|  Grifols SA,ADR - ADR  | 6482 | 64625 |
|  Iberdrola SA  | 11895 | 224233 |
|  Iberdrola SA - ADR  | 1618 | 121949 |
|  Industria de Diseno Textil SA  | 3811 | 188490 |
|  Repsol SA  | 7844 | 128612 |
|  Telefonica SA  | 9725 | 52139 |
|  |  | 10393280 |
|  **Sweden — 0.3%** |  |  |
|  Alfa Laval AB  | 1251 | 56953 |
|  Alleima AB  | 657 | 4856 |
|  Assa Abloy AB, Class B - Class B  | 2940 | 103884 |
|  Atlas Copco AB - ADR  | 6624 | 105719 |
|  Atlas Copco AB - Class A  | 6804 | 108626 |
|  Boliden AB <sup>(a)</sup>  | 2900 | 99957 |
|  Electrolux AB - Class B <sup>(a)</sup>  | 972 | 5775 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Sweden — 0.3% (Continued)** | **Sweden — 0.3% (Continued)** | **Sweden — 0.3% (Continued)** |
|  Epiroc AB <sup>(a)</sup>  | 4564 | $95377 |
|  Essity AB - Class B  | 5178 | 139997 |
|  Evolution AB - ADR  | 595 | 51515 |
|  H & M Hennes & Mauritz AB - Class B  | 6863 | 100857 |
|  Hexagon AB - Class B  | 4953 | 55195 |
|  L E Lundbergforetagen AB - Class B  | 2728 | 138081 |
|  Nibe Industrier AB - Class B <sup>(a)</sup>  | 12181 | 50045 |
|  Saab AB  | 1300 | 73464 |
|  Sandvik AB  | 2323 | 58749 |
|  Securitas AB - Class B  | 3516 | 53806 |
|  Spotify Technology SA <sup>(a)</sup>  | 506 | 345031 |
|  Svenska Cellulosa AB SCA - Class B  | 4527 | 61589 |
|  Swedish Orphan Biovitrum AB <sup>(a)</sup>  | 1614 | 49026 |
|  Tele2 AB - Class B  | 3689 | 64971 |
|  Telefonaktiebolaget LM Ericsson - Class B  | 5013 | 39687 |
|  Volvo AB - Class B  | 3636 | 111872 |
|  |  | 1975032 |
|  **Switzerland — 3.0%** |  |  |
|  ABB Ltd.  | 4533 | 304215 |
|  ABB Ltd., SP ADR  | 879 | 58981 |
|  Accelleron Industries AG  | 226 | 19448 |
|  Alcon AG  | 1673 | 133522 |
|  Baloise Holding AG  | 522 | 135378 |
|  Banque Cantonale Vaudoise <sup>(a)</sup>  | 429 | 49868 |
|  Barry Callebaut AG  | 47 | 63649 |
|  BKW AG  | 258 | 53708 |
|  Chocoladefabriken Lindt & Spruengli AG  | 12 | 183006 |
|  Cie Financiere Richemont SA - ADR  | 12160 | 212557 |
|  Coca-Cola HBC AG  | 11680 | 590828 |
|  EMS-Chemie Holding AG  | 143 | 109738 |
|  Galderma Group AG  | 334 | 58496 |
|  Geberit AG  | 202 | 148120 |
|  Givaudan SA  | 27 | 113713 |
|  Givaudan SA - ADR  | 600 | 50640 |
|  LafargeHolcim Ltd.  | 2013 | 168727 |
|  Logitech International SA  | 444 | 45972 |
|  Lonza Group AG  | 182 | 129163 |
|  Lonza Group AG - ADR  | 370 | 26211 |
|  Nestle SA  | 826 | 77917 |
|  Nestle SA - ADR  | 9402 | 884916 |
|  Novartis AG - ADR  | 6575 | 832066 |
|  Novartis AG  | 28061 | 3551739 |
|  Partners Group Holding AG  | 95 | 130464 |
|  Roche Holding AG - ADR  | 18600 | 758322 |
|  Roche Holdings AG  | 13460 | 4389015 |
|  Sandoz Group AG  | 58902 | 3696074 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (Continued)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Switzerland — 3.0% (Continued)** | **Switzerland — 3.0% (Continued)** | **Switzerland — 3.0% (Continued)** |
|  Sandoz Group AG - ADR  | 1166 | $73330 |
|  Schindler Holding AG  | 651 | 232824 |
|  SGS SA  | 1024 | 104459 |
|  Sika AG  | 409 | 94911 |
|  Sonova Holding AG  | 143 | 41654 |
|  STMicroelectronics NV  | 2229 | 60161 |
|  Swiss Life Holding AG  | 53 | 57275 |
|  Swiss Prime Site AG  | 402 | 55911 |
|  Swiss Re AG  | 829 | 150251 |
|  Swisscom AG  | 284 | 205325 |
|  Swissquote Group Holding SA  | 2929 | 1920747 |
|  UBS Group AG  | 13717 | 555668 |
|  Zurich Insurance Group AG - ADR  | 7180 | 262285 |
|  Zurich Insurance Group AG  | 270 | 197304 |
|  |  | 20988558 |
|  **Taiwan — 5.3%** |  |  |
|  Accton Technology Corp.  | 21000 | 691370 |
|  Acter Group Corp. Ltd.  | 3819 | 110741 |
|  Advanced Energy Solution Holding Co. Ltd.  | 5000 | 220808 |
|  ASE Technology Holding Co. Ltd. - ADR  | 6033 | 59787 |
|  ASPEED Technology, Inc.  | 3000 | 487634 |
|  Asustek Computer, Inc.  | 2000 | 41145 |
|  Cathay Financial Holding Co. Ltd.  | 51000 | 102127 |
|  Chailease Holding Co. Ltd.  | 13260 | 50323 |
|  Chunghwa Telecom Co. Ltd.  | 102000 | 442097 |
|  Chunghwa Telecom Co. Ltd. - ADR  | 4171 | 181480 |
|  CTBC Financial Holding Co. Ltd.  | 1012000 | 1357416 |
|  Delta Electronics, Inc.  | 78000 | 1796946 |
|  Formosa Plastic Corp.  | 43000 | 54606 |
|  Fubon Financial Holding Co. Ltd.  | 37000 | 101093 |
|  Hon Hai Precision Industry Co. Ltd.  | 215353 | 1421750 |
|  King Slide Works Co. Ltd.  | 3189 | 312604 |
|  MediaTek, Inc.  | 10000 | 444360 |
|  Mega Financial Holding Co. Ltd.  | 56000 | 73217 |
|  Quanta Computer, Inc.  | 14000 | 119216 |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 443725 | 16618128 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 45071 | 10405542 |
|  Unimicron Technology Corp.  | 18000 | 84003 |
|  Uni-President Enterprises Corp.  | 31000 | 78261 |
|  United Microelectronics Corp. - ADR  | 36418 | 239630 |
|  Wistron Corp.  | 14000 | 51348 |
|  Wiwynn Corp.  | 12000 | 1151733 |
|  |  | 36697365 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Turkey — 0.0%<sup>(c)</sup>** |  |  |
|  Turkcell Iletisim Hizmetleri AS - ADR  | 15019 | $88312 |
|  **United Arab Emirates — 0.5%** |  |  |
|  Abu Dhabi Community Bank.  | 152085 | 626616 |
|  Aldar Properties PJSC  | 438207 | 1146179 |
|  Dubai Electricity & Water Authority PJSC  | 728813 | 545546 |
|  Emaar Properties PJSC  | 247856 | 971666 |
|  |  | 3290007 |
|  **United Kingdom — 16.4%** |  |  |
|  3i Group PLC  | 3463 | 188141 |
|  Admiral Group PLC  | 62926 | 3083601 |
|  Anglo American PLC  | 1 | 31 |
|  ARM Holdings PLC - ADR <sup>(a)</sup>  | 4200 | 580902 |
|  Ashtead Group PLC  | 67928 | 5004833 |
|  Associated British Foods PLC  | 1593 | 46554 |
|  AstraZeneca PLC - ADR  | 11310 | 903669 |
|  AstraZeneca PLC  | 52639 | 8391459 |
|  Auto Trader Group PLC <sup>(b)</sup>  | 55933 | 607402 |
|  Babcock International Group PLC  | 303881 | 4171979 |
|  BAE Systems PLC  | 416750 | 9877383 |
|  BAE Systems PLC - ADR  | 2426 | 228626 |
|  Barclays PLC  | 126063 | 614264 |
|  Beazley PLC  | 185538 | 1964159 |
|  BP PLC - ADR  | 1 | 35 |
|  British American Tobacco PLC - ADR  | 8945 | 508881 |
|  BT Group PLC  | 20707 | 60626 |
|  Bunzl PLC  | 143458 | 4848451 |
|  Coca-Cola Europacific Partners PLC  | 1477 | 131246 |
|  Compass Group PLC - ADR  | 7353 | 249928 |
|  Compass Group PLC  | 184843 | 6282427 |
|  Diageo PLC - ADR  | 2508 | 280470 |
|  Diageo PLC  | 136032 | 3772711 |
|  Diploma PLC  | 44908 | 3278343 |
|  Endeavour Mining PLC  | 74573 | 2592828 |
|  GSK PLC - ADR  | 5851 | 232109 |
|  Haleon PLC - ADR  | 8472 | 83026 |
|  Halma PLC  | 1292 | 57439 |
|  Hikma Pharmaceuticals PLC  | 134304 | 3244524 |
|  HSBC Holdings PLC - ADR  | 9910 | 638898 |
|  IMI PLC  | 85292 | 2620986 |
|  Imperial Brands PLC - ADR  | 4457 | 188486 |
|  Informa PLC  | 170129 | 2004044 |
|  InterContinental Hotels Group PLC  | 1515 | 183908 |
|  Intertek Group PLC  | 1279 | 81124 |
|  J Sainsbury PLC  | 13361 | 54066 |
|  Legal & General Group PLC  | 36815 | 123217 |
|  Lloyds Banking Group PLC - ADR  | 29724 | 128408 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Schedule of Investments (ConCLUDED)** 

**as of August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom — 16.4% (Continued)** | **United Kingdom — 16.4% (Continued)** | **United Kingdom — 16.4% (Continued)** |
|  London Stock Exchange Group PLC  | 27631 | $3424413 |
|  London Stock Exchange Group PLC - ADR  | 2464 | 77394 |
|  M&G PLC  | 12144 | 43501 |
|  National Grid PLC - ADR  | 2605 | 183835 |
|  National Grid PLC  | 5579 | 78363 |
|  NatWest Group PLC  | 474294 | 3273661 |
|  Next PLC  | 952 | 153842 |
|  Nomad Foods Ltd.  | 182431 | 2834978 |
|  Pearson PLC - ADR  | 15198 | 221435 |
|  Reckitt Benckiser Group PLC - ADR  | 14975 | 225374 |
|  RELX PLC  | 132012 | 6166265 |
|  Rentokil Initial PLC  | 7414 | 36657 |
|  Rightmove PLC  | 104129 | 1044946 |
|  Rio Tinto PLC - ADR  | 2114 | 132590 |
|  Rolls-Royce Holdings PLC  | 23167 | 334078 |
|  Segro PLC  | 2361 | 20036 |
|  Severn Trent PLC  | 1491 | 52084 |
|  Shell PLC  | 153263 | 5643076 |
|  Shell PLC - ADR  | 88143 | 6512005 |
|  Smith & Nephew PLC  | 2921 | 54788 |
|  SSE PLC - ADR  | 5415 | 127794 |
|  Standard Chartered PLC  | 3181 | 59605 |
|  Tesco PLC  | 24237 | 138541 |
|  Unilever PLC - ADR  | 12031 | 760359 |
|  Weir Group PLC  | 287772 | 9584004 |
|  Whitbread PLC  | 1412 | 60114 |
|  Wise PLC - Class A <sup>(a)</sup>  | 310183 | 4418875 |
|  |  | 112971797 |
|  **United States — 1.2%** |  |  |
|  Amrize Ltd. <sup>(a)</sup>  | 2013 | 105009 |
|  BeOne Medicines Ltd. - ADR <sup>(a)</sup>  | 2834 | 867346 |
|  Brookfield Asset Management Ltd.  | 1009 | 60701 |
|  CRH PLC  | 20409 | 2301085 |
|  Ferguson Enterprises, Inc.  | 14703 | 3398598 |
|  Legend Biotech Corp. - ADR <sup>(a)</sup>  | 1396 | 48483 |
|  RB Global, Inc.  | 1064 | 121871 |
|  Southern Copper Corp.  | 14502 | 1393498 |
|  |  | 8296591 |
|  **Uruguay — 0.2%** |  |  |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 439 | 1085608 |
|  TOTAL COMMON STOCKS (Cost $487,358,697)  |  | 658100020 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **PREFERRED STOCKS — 0.0%<sup>(c)</sup>** | **PREFERRED STOCKS — 0.0%<sup>(c)</sup>** | **PREFERRED STOCKS — 0.0%<sup>(c)</sup>** |
|  **Germany — 0.0%<sup>(c)</sup>** |  |  |
|  Porsche Auto SE, 0.00%  | 1320 | $56243 |
|  TOTAL PREFERRED STOCKS (Cost $51,091)  |  | 56243 |
|  TOTAL INVESTMENTS — 95.7% (Cost $487,409,788)  |  | 658156263 |
|  Other Assets in Excess of Liabilities — 4.3%  |  | 29835534 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $687991797 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

JSC - Public Joint Stock Company

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 August 31, 2025, the value of these securities total $10,162,752 or 1.5%
 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 Altair Advisers, LLC, acting
 as Valuation Designee (as defined below). These securities represented $20 or 0.0% of net assets as of August 31, 2025.

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

**AQUARIUS INTERNATIONAL FUND** 

 **STATEMENT of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
|  Investments, at value (cost $487,409,788)  | $658156263 |
|  Cash and cash equivalent  | 30446462 |
|  Foreign currency, at value (Cost $2,270,752)  | 2281584 |
|  Receivables for: |  |
| &nbsp;&nbsp;&nbsp; Investments sold  | 2574537 |
| &nbsp;&nbsp;&nbsp; Dividends  | 1746615 |
|  Prepaid expenses and other assets  | 2530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 695207991 |
|  **LIABILITIES** |  |
|  Payables for: |  |
| &nbsp;&nbsp;&nbsp; Investments purchased  | 5093206 |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed  | 1485461 |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 281207 |
|  Other accrued expenses and liabilities  | 356320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 7216194 |
|  Net assets  | $687991797 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $51385 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 519132191 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 168808221 |
|  Net assets  | $687991797 |
|  **CAPITAL SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net Assets  | $687991797 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 51385206 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $13.39 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Statement of Operations** 

**FOR THE Year ENDED August 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends (net of foreign withholdings taxes of $1,595,473)  | $14158242 |
| &nbsp;&nbsp;&nbsp; Interest income  | 1629318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 15787560 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Sub-advisory fees  | 2956816 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 335210 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 277316 |
| &nbsp;&nbsp;&nbsp; Investment management fees  | 172102 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 75604 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 66940 |
| &nbsp;&nbsp;&nbsp; Director fees  | 65836 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 44089 |
| &nbsp;&nbsp;&nbsp; Audit fees and tax services  | 32320 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 27859 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 7278 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 41870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 4103240 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 11684320 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 19976065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions  | (478162) |
| &nbsp;&nbsp;&nbsp; Net Realized Gain (Loss)  | 19497903 |
| &nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 51626493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Transactions  | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation (Depreciation)  | 51628870 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $82811093 |

---

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

**AQUARIUS INTERNATIONAL FUND** 

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the<br> Year Ended<br> August 31, 2025** | **For the<br> Year Ended<br> August 31, 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $11684320 | $9874965 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 19497903 | 6079737 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions  | 51628870 | 75354811 |
|  Net increase/(decrease) in net assets resulting from operations  | 82811093 | 91309513 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (9827963) | (10001068) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (9827963) | (10001068) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 73428337 | 78989579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 8355699 | 8459172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (48209671) | (38919822) |
|  Net increase/(decrease) in net assets resulting from capital share transactions  | 33574365 | 48528929 |
|  Total increase/(decrease) in net assets  | 106557495 | 129837374 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 581434302 | 451596928 |
| &nbsp;&nbsp;&nbsp; End of period  | $687991797 | $581434302 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 6228229 | 7264867 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 731672 | 826091 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3935918) | (3648054) |
|  Net increase/(decrease) in shares  | 3023983 | 4442904 |

---

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> 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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $12.02 | $10.28 | $9.29 | $11.97 | $9.93 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.23 | 0.21 | 0.21 | 0.16 | 0.12 |
|  Net realized and unrealized gain/(loss) from investments  | 1.34 | 1.76 | 0.89 | (2.69) | 2.00 |
|  Net increase/(decrease) in net assets resulting from operations  | 1.57 | 1.97 | 1.10 | (2.53) | 2.12 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net Investment Income  | (0.20) | (0.23) | (0.11) | (0.15) | (0.08) |
|  Total dividends and distributions to shareholders  | (0.20) | (0.23) | (0.11) | (0.15) | (0.08) |
|  Net asset value, end of period  | $13.39 | $12.02 | $10.28 | $9.29 | $11.97 |
|  Total investment return/(loss)<sup>(2)</sup>  | 13.32% | 19.53% | 11.89% | (21.38)% | 21.46% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $687992 | $581434 | $451597 | $355666 | $382824 |
|  Ratio of expenses to average net assets  | 0.67% | 0.69% | 0.70% | 0.73% | 0.75% |
|  Ratio of net investment income/(loss) to average net assets  | 1.90% | 1.97% | 2.16% | 1.48% | 1.08% |
|  Portfolio turnover rate  | 64% | 59% | 78% | 52% | 48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Calculated based on average
 shares outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any.

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

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025**

**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 fifty-nine active investment portfolios, including the Aquarius International Fund (the "Fund"), which commenced investment operations on April 17, 2018.

The Fund's investment objective seeks 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 the Altair Advisers, LLC ("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 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).

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

**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  | $147183190 | $510916810 | $20 | $658100020 |
|  Preferred Stocks  |  | 56243 |  | 56243 |
|  Total Investments  | $147183190 | $510973053 | $20 | $658156263 |

---

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.

**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.

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

**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.

**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

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

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.

**MARKET RISK** — Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Fund may be inhibited.

**INTERNATIONAL CONFLICT RISK** — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries 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 between Israel and Hamas and other militant groups in the Middle East and related events could cause significant impacts on 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 Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

**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 ("Sub-Adviser") 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 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.

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. During the current fiscal period, the Fund paid the Adviser $172,102. 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.

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

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:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $414369868 | $369621121 |

---

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, which includes foreign currency, and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FEDERAL <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** |
| $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.

**AQUARIUS INTERNATIONAL FUND** 

 **NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**August 31, 2025**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| $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 years ended August 31, 2025 and August 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **ORDINARY<br> INCOME** | **LONG-TERM<br> GAINS** | **TOTAL** |
| 2025.0 | $9827963 | $– $| 9827963 |
| 2024.0 | $10001068 | $– $| 10001068 |

---

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.

**6. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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.

**AQUARIUS INTERNATIONAL FUND** 

 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Aquarius International Fund

***Opinion on the Financial Statements*** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Aquarius International Fund (one of the funds constituting The RBB Fund, Inc., referred to hereafter as the "Fund") as of August 31, 2025, the related statement of operations for the year ended August 31, 2025, the statement of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2025 and the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion*** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Altair Advisers, LLC since 2015.

**AQUARIUS INTERNATIONAL FUND** 

 **SHAREHOLDER TAX INFORMATION**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the following dividends and distributions were paid by the Fund:

---

| | |
|:---|:---|
| **Ordinary<br> Income** | **Long-Term<br> Gains** |
| $9827963 | $— |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquarius International Fund  | 99.05% |

---

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Fund is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquarius International Fund  | 0% |

---

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aquarius International Fund  | 0% |

---

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. The Fund passed through foreign tax credits of $1,553,532 and earned $15,637,681 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (*e.g.*, IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (*e.g.*, corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**AQUARIUS INTERNATIONAL FUND** 

 **Other Information (Unaudited)**

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS** 

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 (1) the renewal of the investment advisory agreement (the "Investment Advisory Agrement") between Altair and the Company on behalf of the Fund, and (2) the renewal of the sub-advisory agreements (together, the "Sub-Advisory Agrements") among Altair, the Company and each of Aperio Group, LLC, Boston Partners Global Investors, Inc., Driehaus Capital Management, LLC, and Mawer Investment Management, Ltd. (collectively, the "Sub-Advisers") with respect to the Fund, at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and each Sub-Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement and the Sub-Advisory Agreements, the Board considered information provided by Altair and each of the Sub-Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreement between the Company and Altair with respect to the Fund, and the Sub-Advisory Agreements among the Company, Altair and each Sub-Adviser 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Altair, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Altair or the Sub-Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Altair and each Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Altair's and the Sub-Advisers' investment philosophies and processes; (iv) Altair's and the Sub-Advisers' assets under management and client descriptions; (v) Altair's and the Sub-Advisers' soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Altair's and the Sub-Advisers' advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Altair's and the Sub-Advisers' compliance procedures; (viii) Altair's and the Sub-Advisers' financial information and insurance coverage, as applicable and Altair's 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 (xi) a report 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 Altair and each Sub-Adviser. The Directors concluded that Altair and each Sub-Adviser had substantial resources to provide services to the Fund, and that Altair's and the Sub-Advisers' services had been acceptable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the MSCI ACWI ex USA Index, for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2024. The Directors considered the Fund's investment performance in light of its investment objective and investment strategies. The Board noted that the Fund's total return outperformed the median of its Peer Group for the three-year and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, one-year, and five-year periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement and Sub-Advisory Agreements. In this regard, information on the advisory fees paid by the Fund and the Fund's total operating expense ratios were compared to similar information for its Peer Group. The Directors noted that both the Fund's net advisory fee and total net expenses were below the median and in the 1st quintile (least expensive) of its Peer Group. The Directors considered that the Fund does not pay a contractual management fee to Altair, but instead

**AQUARIUS INTERNATIONAL FUND** 

 **Other Information (Unaudited) (CONCLUDED)**

reimburses for out-of-pocket expenses in connection with its compliance monitoring of the Fund's trading, up to 0.03% of the Fund's average daily net assets. The Directors also considered the fees payable to each Sub-Adviser under the Sub-Advisory Agreement.

After reviewing the information regarding Altair's and the Sub-Advisers' costs, profitability and economies of scale, and after considering the services to be provided by Altair and the Sub-Advisers, the Directors concluded that the reimbursement to be made by the Fund to Altair and the sub-advisory fees to be paid to each Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and each Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**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

P.O. Box 701

Milwaukee, WI 53201

**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

![](fp0094047-18_i.jpg)

**BOSTON PARTNERS INVESTMENT FUNDS**<br>

**Table of Contents** 

---

| | |
|:---|:---|
| Schedule of Investments  | 1 |
| Statements of Assets and Liabilities  | 47 |
| Statements of Operations  | 52 |
| Statements of Changes in Net Assets  | 55 |
| Financial Highlights  | 61 |
| Notes to Financial Statements  | 74 |
| Report of Independent Registered Public Accounting Firm  | 89 |
| Shareholder Tax Information  | 90 |
| Other Information  | 92 |

---

**BOSTON PARTNERS ALL-CAP VALUE FUND** 

**Schedule of Investments** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |  |
|  **Communication Services — 4.8%** |  |  |
|  Alphabet, Inc. - Class A  | 118779 | $25289237 |
|  Interpublic Group of Cos., Inc.  | 150283 | 4033596 |
|  Match Group, Inc.  | 147075 | 5491780 |
|  Omnicom Group, Inc. <sup>(a)</sup>  | 51629 | 4044100 |
|  Take-Two Interactive Software, Inc. <sup>(b)</sup>  | 28298 | 6601074 |
|  Walt Disney Co.  | 137520 | 16279618 |
|  |  | 61739405 |
|  **Consumer Discretionary — 5.7%** |  |  |
|  AutoZone, Inc. <sup>(b)</sup>  | 2596 | 10899384 |
|  Booking Holdings, Inc.  | 4278 | 23952736 |
|  LKQ Corp.  | 141493 | 4615502 |
|  NVR, Inc. <sup>(b)</sup>  | 2458 | 19953184 |
|  TopBuild Corp. <sup>(b)</sup>  | 12240 | 5150102 |
|  Wyndham Hotels & Resorts, Inc. <sup>(a)</sup>  | 106614 | 9233838 |
|  |  | 73804746 |
|  **Consumer Staples — 5.3%** |  |  |
|  Coca-Cola Europacific Partners PLC  | 46633 | 4143808 |
|  J M Smucker Co.  | 55066 | 6085344 |
|  Kenvue, Inc.  | 295281 | 6115270 |
|  Keurig Dr Pepper, Inc.  | 366871 | 10672277 |
|  Philip Morris International, Inc.  | 166586 | 27841518 |
|  Sysco Corp.  | 167508 | 13479369 |
|  |  | 68337586 |
|  **Energy — 3.4%** |  |  |
|  BP PLC - ADR  | 91855 | 3236052 |
|  Canadian Natural Resources Ltd.  | 175434 | 5552486 |
|  Chord Energy Corp.  | 46712 | 5133182 |
|  ConocoPhillips  | 45591 | 4512141 |
|  Exxon Mobil Corp.  | 47479 | 5426375 |
|  Halliburton Co.  | 187494 | 4261739 |
|  Phillips 66  | 32989 | 4406670 |
|  Schlumberger Ltd.  | 171377 | 6313529 |
|  Shell PLC - ADR  | 65232 | 4819340 |
|  |  | 43661514 |
|  **Financials — 28.6%<sup>(c)</sup>** |  |  |
|  Allstate Corp.  | 39198 | 7974833 |
|  American International Group, Inc.  | 247922 | 20161017 |
|  Aon PLC - Class A  | 28361 | 10408487 |
|  Bank of America Corp.  | 620484 | 31483358 |
|  Capital One Financial Corp.  | 55782 | 12674786 |
|  Chubb Ltd.  | 67529 | 18575202 |
|  Citigroup, Inc.  | 185347 | 17898960 |
|  Corpay, Inc. <sup>(b)</sup>  | 73730 | 24011649 |
|  Credit Acceptance Corp. <sup>(a)(b)</sup>  | 4632 | 2384229 |
|  Fidelity National Information Services, Inc.  | 94583 | 6602839 |
|  First American Financial Corp.  | 234286 | 15462876 |
|  Global Payments, Inc.  | 85122 | 7560536 |
|  Goldman Sachs Group, Inc.  | 30718 | 22892590 |
|  JPMorgan Chase & Co.  | 116514 | 35119650 |
|  Loews Corp.  | 170634 | 16517371 |
|  LPL Financial Holdings, Inc.  | 36880 | 13442022 |
|  Markel Group, Inc. <sup>(b)</sup>  | 9712 | 19026391 |
|  Renaissance Holdings Ltd. <sup>(a)</sup>  | 56030 | 13614730 |
|  **Financials — 28.6%<sup>(c)</sup>** **(continued)** |  |  |
|  Shift4 Payments, Inc. - Class A <sup>(a)(b)</sup>  | 77835 | $7038619 |
|  Travelers Cos., Inc.  | 44161 | 11990153 |
|  Visa, Inc. - Class A <sup>(a)</sup>  | 58813 | 20689237 |
|  Wells Fargo & Co.  | 179336 | 14737833 |
|  WEX, Inc. <sup>(b)</sup>  | 26341 | 4513530 |
|  White Mountains Insurance Group Ltd.  | 6855 | 12545884 |
|  |  | 367326782 |
|  **Health Care — 14.6%** |  |  |
|  AbbVie, Inc.  | 118233 | 24876223 |
|  Amgen, Inc.  | 45005 | 12948389 |
|  Cencora, Inc.  | 50717 | 14789584 |
|  Cigna Group  | 29971 | 9017375 |
|  Elevance Health, Inc.  | 19291 | 6147077 |
|  Johnson & Johnson  | 145723 | 25817744 |
|  McKesson Corp.  | 20031 | 13754086 |
|  Medtronic PLC  | 253883 | 23562881 |
|  Merck & Co., Inc.  | 88422 | 7438059 |
|  Novo Nordisk AS - ADR <sup>(a)</sup>  | 156590 | 8841071 |
|  Sanofi SA - ADR  | 462616 | 22890240 |
|  UnitedHealth Group, Inc.  | 29545 | 9155109 |
|  Zimmer Biomet Holdings, Inc.  | 78224 | 8299566 |
|  |  | 187537404 |
|  **Industrials — 13.2%** |  |  |
|  Acuity, Inc.  | 35016 | 11431673 |
|  Allegion PLC <sup>(a)</sup>  | 86566 | 14698907 |
|  Allison Transmission Holdings, Inc.  | 109235 | 9537308 |
|  AMETEK, Inc.  | 36210 | 6691608 |
|  CH Robinson Worldwide, Inc.  | 61237 | 7881202 |
|  EnerSys  | 28907 | 2967304 |
|  Equifax, Inc.  | 24126 | 5942234 |
|  Expeditors International of Washington, Inc.  | 120970 | 14581724 |
|  Huron Consulting Group, Inc. <sup>(b)</sup>  | 64170 | 8788723 |
|  Landstar System, Inc.  | 44339 | 5867380 |
|  Masco Corp.  | 71845 | 5272705 |
|  Middleby Corp. <sup>(b)</sup>  | 47450 | 6493532 |
|  Resideo Technologies, Inc. <sup>(b)</sup>  | 178186 | 6067233 |
|  Robert Half, Inc.  | 91101 | 3399889 |
|  Science Applications International Corp. <sup>(a)</sup>  | 83984 | 9884917 |
|  Sensata Technologies Holding PLC  | 186128 | 6056605 |
|  SS&C Technologies Holdings, Inc.  | 212692 | 18857273 |
|  Textron, Inc.  | 85270 | 6835243 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 98007 | 9188156 |
|  Westinghouse Air Brake Technologies Corp.  | 50479 | 9767686 |
|  |  | 170211302 |
|  **Information Technology — 20.0%** |  |  |
|  Accenture PLC - Class A  | 41121 | 10690226 |
|  Analog Devices, Inc.  | 57650 | 14488022 |
|  Applied Materials, Inc.  | 53419 | 8587638 |
|  Arrow Electronics, Inc. <sup>(b)</sup>  | 125338 | 15833950 |
|  CDW Corp.  | 46067 | 7589999 |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 118652 | 22916447 |

---

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

**BOSTON PARTNERS ALL-CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology — 20.0% (continued)** | **Information Technology — 20.0% (continued)** |  |
|  Cisco Systems, Inc.  | 297990 | $20588129 |
|  Cognizant Technology Solutions Corp. - Class A  | 214286 | 15482164 |
|  Flex Ltd. <sup>(b)</sup>  | 325497 | 17453149 |
|  Gen Digital, Inc.  | 104899 | 3167950 |
|  Hewlett Packard Enterprise Co.  | 183888 | 4150352 |
|  Jabil, Inc.  | 81817 | 16758576 |
|  KLA Corp.  | 10244 | 8932768 |
|  Lam Research Corp.  | 78180 | 7829727 |
|  Microchip Technology, Inc.  | 200550 | 13035750 |
|  Micron Technology, Inc.  | 62012 | 7380048 |
|  Nice Ltd. - ADR <sup>(a)(b)</sup>  | 61360 | 8673236 |
|  Oracle Corp.  | 102082 | 23083803 |
|  QUALCOMM, Inc.  | 50096 | 8051930 |
|  TD SYNNEX Corp. <sup>(a)</sup>  | 64856 | 9603228 |
|  TE Connectivity PLC  | 30072 | 6209868 |
|  Zebra Technologies Corp. - Class A <sup>(b)</sup>  | 22303 | 7072058 |
|  |  | 257579018 |
|  **Materials — 2.9%** |  |  |
|  Corteva, Inc.  | 114140 | 8468047 |
|  CRH PLC  | 250351 | 28277145 |
|  |  | 36745192 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $672,917,348)  |  | 1266942949 |
|  | **UNITS** |  |
|  **SHORT-TERM INVESTMENTS**  |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9%**  |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 88613292 | 88613292 |
|  TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $88,613,292)  |  | 88613292 |
|  TOTAL INVESTMENTS — 105.4% (Cost $761,530,640)  |  | 1355556241 |
|  Liabilities in Excess of Other Assets — (5.4)%  |  | (69441311) |
|  TOTAL NET ASSETS — 100.0%  |  | $1286114930 |

---

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

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 August 31, 2025. The fair value of these securities was $86,571,889. 

<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 effective yield as of August 31, 2025.

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

**BOSTON PARTNERS ALL-CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1266942949 | $— | $— | $1266942949 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 88613292 |
|  Total Investments | $1266942949 | $— | $— | $1355556241 |

---

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.

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 64.1%** | **COMMON STOCKS — 64.1%** |  |
|  **Brazil — 7.2%** |  |  |
|  Embraer SA  | 52400 | $735669 |
|  Hypera SA  | 59000 | 265518 |
|  Itau Unibanco Holding SA - ADR <sup>(a)</sup>  | 50439 | 360134 |
|  Localiza Rent a Car SA  | 19700 | 131022 |
|  Rede D'Or Sao Luiz SA <sup>(b)</sup>  | 103600 | 751895 |
|  Sendas Distribuidora SA  | 205900 | 398748 |
|  Suzano SA  | 92600 | 897333 |
|  TIM SA  | 238600 | 1002922 |
|  |  | 4543241 |
|  **Chile — 0.4%** |  |  |
|  Cencosud SA  | 17636 | 55888 |
|  Sociedad Quimica y Minera de Chile SA - ADR <sup>(a)(c)</sup>  | 4640 | 211167 |
|  |  | 267055 |
|  **China — 11.5%** |  |  |
|  China Jushi Co. Ltd. - Class A <sup>(a)</sup>  | 199400 | 436610 |
|  Contemporary Amperex Technology Co. Ltd. - Class A <sup>(a)</sup>  | 8600 | 368934 |
|  Hangzhou Chang Chuan Technology Co. Ltd. - Class A <sup>(a)</sup>  | 21900 | 183274 |
|  Hongfa Technology Co. Ltd. - Class A <sup>(a)</sup>  | 20160 | 73963 |
|  Muyuan Foods Co., Ltd. - Class A <sup>(a)</sup>  | 234200 | 1806221 |
|  Qinghai Salt Lake Industry Co. Ltd. - Class A <sup>(a)(c)</sup>  | 227000 | 646016 |
|  Quectel Wireless Solutions Co. Ltd. - Class A <sup>(a)</sup>  | 23700 | 365174 |
|  Sunwoda Electronic Co. Ltd. - Class A <sup>(a)</sup>  | 127700 | 439341 |
|  Tencent Holdings Ltd. - ADR - ADR <sup>(a)</sup>  | 7442 | 577425 |
|  Tongwei Co. Ltd. - Class A <sup>(a)(c)</sup>  | 61900 | 191194 |
|  Wens Foodstuff Group Co. Ltd. - Class A <sup>(a)</sup>  | 81000 | 206680 |
|  WuXi AppTec Co. Ltd. - Class A <sup>(a)</sup>  | 53600 | 775175 |
|  Yifeng Pharmacy Chain Co. Ltd. - Class A <sup>(a)</sup>  | 36300 | 120866 |
|  Yunnan Baiyao Group Co. Ltd. - Class A <sup>(a)</sup>  | 6900 | 55717 |
|  Yunnan Yuntianhua Co. Ltd. - Class A <sup>(a)</sup>  | 179600 | 684900 |
|  Zhejiang Jingxin Pharmaceutical Co. Ltd. - Class A <sup>(a)</sup>  | 101600 | 268742 |
|  |  | 7200232 |
|  **Cyprus — 0.0%<sup>(d)</sup>** |  |  |
|  Fix Price Group PLC - GDR <sup>(c)(e)</sup>  | 21704 | 0 |
|  **Greece — 0.2%** |  |  |
|  Hellenic Telecommunications Organization SA  | 3404 | 63319 |
|  OPAP SA  | 3933 | 88266 |
|  |  | 151585 |
|  **India — 7.8%** |  |  |
|  Bharti Airtel Ltd.  | 33785 | 724171 |
|  Chambal Fertilisers and Chemicals Ltd.  | 28541 | 174797 |
|  HDFC Bank Ltd. - ADR  | 18475 | 1314681 |
|  **India — 7.8% (continued)** |  |  |
|  Indus Towers Ltd. <sup>(c)</sup>  | 65186 | $250442 |
|  Reliance Industries Ltd.  | 79088 | 1218005 |
|  Reliance Industries Ltd. - GDR <sup>(b)</sup>  | 8833 | 543538 |
|  Steel Authority of India Ltd.  | 197820 | 266601 |
|  UPL Ltd.  | 41528 | 337186 |
|  UPL Ltd. <sup>(c)</sup>  | 10899 | 63721 |
|  |  | 4893142 |
|  **Israel — 0.2%** |  |  |
|  ICL Group Ltd. <sup>(a)</sup>  | 20223 | 130236 |
|  **Luxembourg — 4.1%** |  |  |
|  Millicom International Cellular SA <sup>(a)</sup>  | 34931 | 1687517 |
|  Zabka Group SA <sup>(c)</sup>  | 148545 | 888999 |
|  |  | 2576516 |
|  **Mexico — 7.4%** |  |  |
|  America Movil SAB de CV  | 1176600 | 1175056 |
|  Cemex SAB de CV - ADR <sup>(a)</sup>  | 105524 | 959213 |
|  Fibra Uno Administracion SAB de CV  | 220400 | 310682 |
|  Genomma Lab Internacional SAB de CV - Class B  | 94600 | 113128 |
|  Grupo Comercial Chedraui SAB de CV  | 10100 | 81332 |
|  Grupo Financiero Banorte SAB de CV  | 139300 | 1268847 |
|  Kimberly-Clark de Mexico SAB de CV - Class A  | 171600 | 323074 |
|  Prologis Property Mexico SAB de CV  | 81500 | 300071 |
|  Vista Energy SAB de CV - ADR <sup>(a)(c)</sup>  | 2308 | 89966 |
|  |  | 4621369 |
|  **Peru — 3.1%** |  |  |
|  Credicorp Ltd. <sup>(a)</sup>  | 7429 | 1910739 |
|  **Portugal — 0.1%** |  |  |
|  Jeronimo Martins SGPS SA  | 2424 | 59964 |
|  **Saudi Arabia — 1.5%** |  |  |
|  Al Rajhi Bank  | 18003 | 451740 |
|  Riyad Bank  | 35589 | 245838 |
|  SABIC Agri-Nutrients Co.  | 8059 | 260486 |
|  |  | 958064 |
|  **Singapore — 0.3%** |  |  |
|  Singapore Airlines Ltd.  | 34900 | 178942 |
|  **South Africa — 0.9%** |  |  |
|  MTN Group Ltd.  | 38918 | 330607 |
|  Vodacom Group Ltd.  | 32022 | 258082 |
|  |  | 588689 |
|  **South Korea — 5.3%** |  |  |
|  Hyundai Rotem Co. Ltd.  | 888 | 122498 |
|  KB Financial Group, Inc. - ADR <sup>(a)</sup>  | 4334 | 340912 |
|  KT Corp. - ADR <sup>(a)</sup>  | 42650 | 863663 |
|  Samsung Electro-Mechanics Co., Ltd.  | 3228 | 370324 |
|  Samsung Electronics Co., Ltd.  | 27079 | 1352861 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 927 | 295037 |
|  |  | 3345295 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Taiwan — 4.9%** |  |  |
|  Globalwafers Co. Ltd.  | 33000 | $399163 |
|  Nan Ya Plastics Corp.  | 213000 | 299815 |
|  Nanya Technology Corp. <sup>(c)</sup>  | 84000 | 128241 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR <sup>(a)</sup>  | 3103 | 716390 |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 7000 | 262160 |
|  Tripod Technology Corp.  | 112000 | 1171239 |
|  WT Microelectronics Co. Ltd.  | 17000 | 67983 |
|  |  | 3044991 |
|  **Thailand — 1.2%** |  |  |
|  Com7 PCL - NVDR  | 157900 | 124507 |
|  CP ALL PCL - NVDR  | 100200 | 136309 |
|  Indorama Ventures PCL - NVDR  | 698600 | 467515 |
|  |  | 728331 |
|  **United Arab Emirates — 5.3%** |  |  |
|  Abu Dhabi Commercial Bank PJSC  | 256654 | 1057458 |
|  Abu Dhabi Islamic Bank PJSC  | 290667 | 1687818 |
|  Emaar Properties PJSC  | 148696 | 582930 |
|  |  | 3328206 |
|  **United Kingdom — 2.1%** |  |  |
|  Anglogold Ashanti PLC  | 10150 | 571197 |
|  Hikma Pharmaceuticals PLC  | 1810 | 43726 |
|  Pepco Group NV  | 120935 | 711795 |
|  |  | 1326718 |
|  **United States — 0.6%** |  |  |
|  Monolithic Power Systems, Inc. <sup>(a)</sup>  | 307 | 256578 |
|  Mosaic Co. <sup>(a)</sup>  | 4175 | 139445 |
|  |  | 396023 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $34,085,304)  |  | 40249338 |
|  **PREFERRED STOCKS — 2.9%** |  |  |
|  **Brazil — 0.8%** |  |  |
|  Itau Unibanco Holding SA, 0.00%  | 75800 | 538248 |
|  **South Korea — 2.1%** |  |  |
|  Samsung Electronics Co., Ltd., 0.00%  | 32484 | 1318913 |
| &nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCKS (Cost $1,517,368)  |  | 1857161 |
|  **MONEY MARKET FUNDS — 15.4%** |  |  |
|  BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Institutional Class, 4.15%<sup>(a)(f)</sup>  | 2409878 | $2409878 |
|  Federated Hermes U.S. Treasury Cash Reserves - Institutional Class, 4.12%<sup>(a)(f)</sup>  | 2409877 | 2409877 |
|  Fidelity Treasury Portfolio - Class I, 4.16%<sup>(a)(f)</sup>  | 2359878 | 2359878 |
|  Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 4.11%<sup>(a)(f)</sup>  | 2409878 | 2409878 |
|  MSILF Treasury Securities Portfolio - Institutional Class, 4.10%<sup>(a)(f)</sup>  | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp; TOTAL MONEY MARKET FUNDS (Cost $9,639,511)  |  | 9639511 |
|  TOTAL INVESTMENTS — 82.4% (Cost $45,242,183)  |  | 51746010 |
|  Other Assets in Excess of Liabilities — 17.6%  |  | 11047500 |
|  TOTAL NET ASSETS — 100.0%  |  | $62793510 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of security has been pledged as collateral for securities sold short and contracts for difference. The fair value of assets committed as collateral as of August 31, 2025 is $17,648,671. 

<sup>(b)</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 August 31, 2025, the value of these securities total $1,295,433 or 2.1% of the Fund's net assets. 

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

<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 August 31, 2025. 

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **COMMON STOCKS — (0.3)%** | **COMMON STOCKS — (0.3)%** |  |
|  **Taiwan — (0.3)%** |  |  |
|  Hon Hai Precision Industry Co. Ltd. - GDR  | (14065) | $(186432) |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Proceeds $153,023)  |  | (186432) |
|  TOTAL SECURITIES SOLD SHORT — (0.3)% (Proceeds $153,023)  |  | $(186432) |

---

Percentages are stated as a percent of net assets.

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

Futures contracts held by the Fund at August 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  Asian Paints Ltd.  | (9) | 09/30/2025 | $64644 | $(110) |
|  Dabur India Ltd.  | (9) | 09/30/2025 | 66838 | (675) |
|  Hindustan Unilever Ltd.  | (7) | 09/30/2025 | 63693 | (630) |
|  Phoenix Mills Ltd.  | (99) | 09/30/2025 | 593530 | 30547 |
|  Varun Beverages Ltd.  | (88) | 09/30/2025 | 500673 | 29926 |
|  Net Unrealized Appreciation (Depreciation)  |  |  |  | $59058 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

Contracts For Difference held by the Fund at August 31, 2025, 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)** |
|  AAC Technologies Holdings, Inc. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 08/01/2027 | HKD | 930520 | $37160 |
|  Alibaba Group Holding Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 08/04/2027 | HKD | 1342120 | (38722) |
|  BYD Co. Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 11/20/2027 | HKD | 2459600 | 22982 |
|  Cathay Pacific Airways Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 01/23/2028 | HKD | 1477980 | 1401 |
|  Coca-Cola Femsa SAB de CV | Goldman Sachs | Receive | EFFR + 0.51% | Termination | 08/08/2027 |  | 178904 | (2707) |
|  Coway Co. Ltd. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 09/15/2027 |  | 722823 | 238319 |
|  DBS Group Holdings Ltd. | Goldman Sachs | Receive | SORA + 1.00% | Termination | 12/10/2025 | SGD | 5 | 1 |
|  DBS Group Holdings Ltd. | Morgan Stanley | Receive | SORA + 0.55% | Termination | 10/24/2027 | SGD | 1414560 | 28388 |
|  Detsky Mir PJSC^ | Goldman Sachs | Receive | EFFR + 0.85% | Monthly | 09/18/2025 |  | 0 | (158287) |
|  Eva Airways Corp. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 11/13/2027 |  | 162672 | 13521 |
|  Formosa Plastics Corp. | Goldman Sachs | Receive | EFFR + 0.76% | Termination | 05/17/2028 |  | 258652 | 4936 |
|  Galaxy Entertainment Group Ltd. | UBS AG | Receive | HIBOR + 0.33% | Termination | 08/16/2028 | HKD | 4961000 | 10555 |
|  Geely Automobile Holdings Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 09/01/2027 | HKD | 8195640 | 19091 |
|  Genomma Lab Internacional SAB de CV | J.P. Morgan Securities, Inc. | Receive | OBFR + 0.60% | Termination | 08/08/2027 |  | 137045 | 25116 |
|  Goldwind Science & Technology Co. Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 09/11/2027 | HKD | 3134650 | 173175 |
|  Hana Financial Group, Inc. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 11/17/2027 |  | 1084076 | (25499) |
|  HeadHunter Group PLC^ | Morgan Stanley | Receive | EFFR + 0.55% | Monthly | 09/23/2026 |  | 0 | (116107) |
|  Hypera SA | J.P. Morgan Securities, Inc. | Receive | OBFR + 0.60% | Termination | 08/11/2027 |  | 170112 | 40507 |
|  Hyundai Mobis Co. Ltd. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 11/06/2027 |  | 821766 | 75293 |
|  ICL Group Ltd. | Goldman Sachs | Receive | TELBOR + 0.70% | Termination | 08/27/2027 | ILS | 694270 | 47895 |
|  J&T Global Express Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 11/20/2027 | HKD | 10110880 | 494894 |
|  JD Logistics, Inc. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 10/27/2027 | HKD | 2311966 | (18725) |
|  JD.com, Inc. | UBS AG | Receive | HIBOR + 0.33% | Termination | 03/15/2028 | HKD | 1066090 | (49791) |
|  Korea Electric Power Corp. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 11/27/2027 |  | 379933 | 85976 |
|  Korean Air Lines Co. Ltd. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 07/31/2027 |  | 337377 | (19506) |
|  KT Corp. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 08/11/2027 |  | 565730 | 54389 |
|  KT Corp. | Morgan Stanley | Receive | EFFR + 0.55% | Termination | 09/22/2027 |  | 597719 | 142335 |
|  Lenovo Group Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 03/15/2028 | HKD | 2127360 | (15352) |
|  Millicom International Cellular SA | Goldman Sachs | Receive | EFFR + 0.51% | Termination | 01/02/2031 |  | 257492 | 104208 |
|  Oversea-Chinese Banking Corp. Ltd. | Morgan Stanley | Receive | SORA + 0.55% | Termination | 09/18/2027 | SGD | 147312 | 5661 |
|  Pharmaron Beijing Co. Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 09/25/2027 | HKD | 3103650 | 127647 |
|  Rede D'Or Sao Luiz SA | J.P. Morgan Securities, Inc. | Receive | OBFR + 0.60% | Termination | 06/16/2027 |  | 284784 | 80944 |
|  Samsung Electronics Co. Ltd. | UBS AG | Receive | OBFR + 0.33% | Termination | 03/09/2028 |  | 203940 | 50231 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  Sberbank of Russia PJSC^ | Goldman Sachs | Receive | EFFR + 0.96% | Monthly | 09/18/2025 | $0 | $(1057) |
|  Silergy Corp. | Goldman Sachs | Receive | EFFR + 0.76% | Termination | 08/04/2027 | 80734 | (7491) |
|  STO Express Co. Ltd. | Goldman Sachs | Receive | EFFR + 0.50% | Termination | 02/27/2028 | 195024 | 70551 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | Morgan Stanley | Receive | EFFR + 0.85% | Termination | 10/16/2027 | 3301330 | 315166 |
|  Tencent Holdings Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 08/25/2027 HKD | 1968450 | 2113 |
|  Tencent Holdings Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 08/23/2028 HKD | 28393400 | 33813 |
|  Tongcheng Travel Holdings Ltd. | Morgan Stanley | Receive | HONIA + 0.55% | Termination | 12/04/2027 HKD | 5748280 | 86093 |
|  WH Group Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 08/01/2027 HKD | 9903750 | 363630 |
|  WuXi AppTec Co. Ltd. | Goldman Sachs | Receive | 1 mo. HIBOR HKD + 0.50% | Termination | 08/24/2028 HKD | 18806970 | 145824 |
|  |  |  |  |  |  |  | 2448571 |
|  Acer, Inc. | Goldman Sachs | Pay | EFFR + (3.00)% | Termination | 08/16/2028 | (169164) | 15579 |
|  Acer, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (3.25)% | Termination | 07/27/2028 | (241662) | 10682 |
|  Acer, Inc. | Morgan Stanley | Pay | EFFR + (3.75)% | Termination | 07/13/2028 | (235863) | 8227 |
|  Adient PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 | (68746) | (20301) |
|  ADNOC Logistics & Services | Goldman Sachs | Pay | EFFR + (0.75)% | Termination | 12/11/2027 | (126712) | (15904) |
|  Airports of Thailand PCL | Goldman Sachs | Pay | EFFR + (1.75)% | Termination | 08/18/2027 | (584535) | 137157 |
|  AKR Corporindo Tbk PT | Bank of America | Pay | EFFR + (3.00)% | Termination | 02/24/2027 | (9602) | 938 |
|  AKR Corporindo Tbk PT | J.P. Morgan Securities, Inc. | Pay | OBFR + (8.75)% | Termination | 03/12/2028 | (7247) | (560) |
|  AKR Corporindo Tbk PT | Morgan Stanley | Pay | EFFR + (4.05)% | Termination | 08/14/2027 | (7356) | 1265 |
|  Al Hammadi Co. for Development and Investment | J.P. Morgan Securities, Inc. | Pay | OBFR + (10.65)% | Termination | 08/25/2027 | (179543) | 28222 |
|  Alsea SAB de CV | Morgan Stanley | Pay | EFFR + (0.55)% | Termination | 12/15/2027 | (248262) | (63680) |
|  Amorepacific Corp. | Goldman Sachs | Pay | EFFR + (7.00)% | Termination | 12/10/2025 | (264180) | 18951 |
|  Amorepacific Corp. | Morgan Stanley | Pay | EFFR + (7.00)% | Termination | 08/16/2028 | (298533) | 11373 |
|  Arabian Contracting Services Co. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.35)% | Termination | 11/12/2027 | (9) | 7 |
|  AURAS Technology Co. Ltd. | HSBC Bank | Pay | SOFR + (19.00)% | Termination | 03/05/2028 | (89632) | (16099) |
|  Axis Bank Ltd. | Morgan Stanley | Pay | EFFR + (0.50)% | Termination | 11/13/2027 | (436709) | 23854 |
|  Bangkok Airways PCL | J.P. Morgan Securities, Inc. | Pay | OBFR + 0.00% | Termination | 09/06/2028 | (127959) | 0 |
|  Bangkok Airways PCL | Morgan Stanley | Pay | EFFR + (12.75)% | Termination | 01/30/2028 | (298421) | 46152 |
|  Bank Negara Indonesia Persero Tbk PT | Bank of America | Pay | EFFR + (4.00)% | Termination | 02/09/2028 | (114932) | (13569) |
|  Bank Negara Indonesia Persero Tbk PT | HSBC Bank | Pay | SOFR + (3.50)% | Termination | 03/15/2028 | (120696) | (8343) |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Bank Negara Indonesia Persero Tbk PT | Morgan Stanley | Pay | EFFR + (4.05)% | Termination | 02/02/2028 |  | $(278896) | $1121 |
|  Bank Negara Indonesia Persero Tbk PT | UBS AG | Pay | OBFR + (3.50)% | Termination | 02/23/2028 |  | (174456) | 2005 |
|  Bank Rakyat Indonesia Persero Tbk PT | Goldman Sachs | Pay | EFFR + (10.41)% | Termination | 02/23/2028 |  | (575917) | (61040) |
|  Becle SAB de CV | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.83)% | Termination | 03/05/2028 |  | (631833) | (144065) |
|  Bid Corp. Ltd. | HSBC Bank | Pay | South Africa Rand Overnight Deposit Rate + (0.60)% | Termination | 03/29/2028 | ZAR | (2430840) | (5668) |
|  Bid Corp. Ltd. | J.P. Morgan Securities, Inc. | Pay | South Africa Rand Overnight Deposit Rate + (0.55)% | Termination | 07/23/2028 | ZAR | (1136545) | (1893) |
|  Bid Corp. Ltd. | Morgan Stanley | Pay | South Africa Rand Overnight Deposit Rate + (1.05)% | Termination | 08/08/2027 | ZAR | (10058697) | (18356) |
|  Bora Pharmaceuticals Co. Ltd. | Goldman Sachs | Pay | EFFR + (3.75)% | Termination | 07/25/2027 |  | (57053) | (16039) |
|  Bora Pharmaceuticals Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (4.61)% | Termination | 03/29/2028 |  | (256797) | (25380) |
|  Budweiser Brewing Co. APAC Ltd. | Goldman Sachs | Pay | HONIA + (0.75)% | Termination | 02/24/2027 | HKD | (4079040) | (14239) |
|  Budweiser Brewing Co. APAC Ltd. | Morgan Stanley | Pay | HONIA + (1.50)% | Termination | 05/12/2027 | HKD | (1269240) | (12110) |
|  Bumrungrad Hospital PCL | Bank of America | Pay | EFFR + (3.20)% | Termination | 07/13/2028 |  | (120883) | (29360) |
|  Bumrungrad Hospital PCL | J.P. Morgan Securities, Inc. | Pay | OBFR + (5.50)% | Termination | 01/30/2028 |  | (169785) | (34455) |
|  Camtek Ltd. | Morgan Stanley | Pay | EFFR + (3.68)% | Termination | 04/16/2026 |  | (76176) | (20947) |
|  Camtek Ltd. | Morgan Stanley | Pay | EFFR + (3.68)% | Termination | 04/16/2026 |  | (578970) | (24375) |
|  China Coal Energy Co. Ltd. | Goldman Sachs | Pay | HONIA + (0.50)% | Termination | 07/30/2026 | HKD | (1806860) | (111712) |
|  China Motor Corp. | Goldman Sachs | Pay | EFFR + (4.25)% | Termination | 09/15/2027 |  | (269883) | 18817 |
|  China Shenhua Energy Co. Ltd. | Goldman Sachs | Pay | HONIA + (0.50)% | Termination | 07/30/2026 | HKD | (2581120) | (116244) |
|  China Shenhua Energy Co. Ltd. | Morgan Stanley | Pay | HONIA + (0.55)% | Termination | 03/12/2028 | HKD | (1639360) | (41498) |
|  Compal Electronics, Inc. | Goldman Sachs | Pay | EFFR + (0.50)% | Termination | 09/06/2028 |  | (126632) | 0 |
|  Compal Electronics, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.56)% | Termination | 11/15/2026 |  | (501995) | 48310 |
|  Corp. Inmobiliaria Vesta SAB de CV | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.75)% | Termination | 08/11/2027 |  | (429656) | (27811) |
|  COSCO SHIPPING Energy Transportation Co. Ltd. | Goldman Sachs | Pay | HONIA + (7.00)% | Termination | 12/08/2027 | HKD | (1045500) | (25996) |
|  COSCO SHIPPING Energy Transportation Co. Ltd. | HSBC Bank | Pay | 1 mo. HIBOR HKD + (6.50)% | Termination | 04/04/2027 | HKD | (1686740) | 14629 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  COSCO SHIPPING Energy Transportation Co. Ltd. | Morgan Stanley | Pay | HONIA + (5.88)% | Termination | 09/15/2027 HKD | (1296420) | $(4130) |
|  CSPC Innovation Pharmaceutical Co. Ltd. | Bank of America | Pay | EFFR + (25.00)% | Termination | 09/22/2027 | (102528) | (73466) |
|  CSPC Innovation Pharmaceutical Co. Ltd. | Morgan Stanley | Pay | EFFR + (14.16)% | Termination | 05/15/2027 | (199817) | (97546) |
|  Dr Reddy's Laboratories Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/01/2027 | (836124) | (25527) |
|  Dr Sulaiman Al Habib Medical Services Group Co. | Goldman Sachs | Pay | EFFR + (2.50)% | Termination | 07/30/2028 | (289673) | 16027 |
|  Dr Sulaiman Al Habib Medical Services Group Co. | J.P. Morgan Securities, Inc. | Pay | OBFR + (6.38)% | Termination | 07/15/2028 | (274707) | 28045 |
|  E Ink Holdings, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (1.87)% | Termination | 11/27/2027 | (129050) | (20025) |
|  EcoPro BM Co. Ltd. | Goldman Sachs | Pay | EFFR + (11.50)% | Termination | 05/06/2026 | (147245) | 143958 |
|  EcoPro Co. Ltd. | Goldman Sachs | Pay | EFFR + (4.50)% | Termination | 11/11/2026 | (46587) | 66524 |
|  Elan Microelectronics Corp. | Goldman Sachs | Pay | EFFR + (3.00)% | Termination | 02/24/2027 | (449549) | 39846 |
|  Elan Microelectronics Corp. | UBS AG | Pay | OBFR + (0.30)% | Termination | 07/12/2028 | (230638) | 14992 |
|  Espressif Systems Shanghai Co. Ltd. | Morgan Stanley | Pay | EFFR + (9.15)% | Termination | 03/29/2028 | (125445) | (34072) |
|  Faraday Technology Corp. | Goldman Sachs | Pay | EFFR + (6.00)% | Termination | 12/10/2025 | (186068) | 23445 |
|  Faraday Technology Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (5.75)% | Termination | 07/27/2028 | (108540) | 18567 |
|  Faraday Technology Corp. | Morgan Stanley | Pay | EFFR + (6.38)% | Termination | 12/12/2025 | (80929) | 32543 |
|  Fortune Electric Co. Ltd. | HSBC Bank | Pay | SOFR + (12.25)% | Termination | 03/29/2028 | (93126) | (31969) |
|  Gamuda Bhd | HSBC Bank | Pay | SOFR + (8.00)% | Termination | 05/08/2027 | (67074) | (23099) |
|  Gigabyte Technology Co. Ltd. | Morgan Stanley | Pay | EFFR + (5.38)% | Termination | 03/08/2028 | (181226) | (32279) |
|  Global Unichip Corp. | Goldman Sachs | Pay | EFFR + (4.75)% | Termination | 11/15/2026 | (87015) | (6629) |
|  Global Unichip Corp. | HSBC Bank | Pay | SOFR + (5.25)% | Termination | 07/27/2028 | (130522) | (11609) |
|  Global Unichip Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (7.50)% | Termination | 05/12/2027 | (43507) | (5397) |
|  Grupo Aeroportuario del Sureste SAB de CV | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 08/25/2027 | (383035) | (83278) |
|  Grupo Aeroportuario del Sureste SAB de CV | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 03/23/2028 | (213340) | (38228) |
|  Guanghui Energy Co. Ltd. | Bank of America | Pay | EFFR + (25.00)% | Termination | 09/16/2026 | (39679) | (38415) |
|  Guanghui Energy Co. Ltd. | Goldman Sachs | Pay | EFFR + (19.25)% | Termination | 09/13/2026 | (26527) | (5111) |
|  Guangzhou Kingmed Diagnostics Group Co. Ltd. | Morgan Stanley | Pay | EFFR + (8.15)% | Termination | 07/12/2028 | (346253) | (46560) |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  HD Hyundai Electric Co. Ltd. | Morgan Stanley | Pay | EFFR + (2.75)% | Termination | 04/12/2028 |  | $(121154) | $(59075) |
|  Hyundai Motor Co. | Goldman Sachs | Pay | EFFR + (0.50)% | Termination | 04/16/2026 |  | (1424) | (108) |
|  Hyundai Motor Co. | Morgan Stanley | Pay | EFFR + (0.55)% | Termination | 12/10/2025 |  | (166474) | (37382) |
|  Indosat Tbk PT | J.P. Morgan Securities, Inc. | Pay | OBFR + (4.75)% | Termination | 04/12/2028 |  | (166941) | (52606) |
|  Indosat Tbk PT | UBS AG | Pay | OBFR + (4.75)% | Termination | 02/23/2028 |  | (190007) | (25809) |
|  Infosys Ltd. | Morgan Stanley | Pay | EFFR + (1.53)% | Termination | 03/22/2028 |  | (496947) | 23337 |
|  Inter & Co., Inc. | Bank of America | Pay | EFFR + (0.98)% | Termination | 04/19/2028 |  | (465449) | (94863) |
|  Inter & Co., Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/15/2027 |  | (255303) | (126323) |
|  Inventec Corp. | HSBC Bank | Pay | SOFR + (3.75)% | Termination | 07/13/2028 |  | (453640) | 26920 |
|  Inventec Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + 0.00% | Termination | 09/06/2028 |  | (127853) | 0 |
|  iQIYI, Inc. | Morgan Stanley | Pay | EFFR + (0.93)% | Termination | 12/08/2027 |  | (696298) | (214458) |
|  Jiumaojiu International Holdings Ltd. | Morgan Stanley | Pay | HONIA + (16.50)% | Termination | 08/01/2027 | HKD | (407290) | (1385) |
|  JUMBO SA | Morgan Stanley | Pay | EONIA + (12.75)% | Termination | 08/18/2027 | EUR | (131582) | (47484) |
|  Kakao Games Corp. | Goldman Sachs | Pay | EFFR + (4.50)% | Termination | 10/21/2026 |  | (184393) | 88174 |
|  Kia Corp. | Morgan Stanley | Pay | EFFR + (0.55)% | Termination | 12/10/2025 |  | (124198) | (42658) |
|  Kinik Co. | Bank of America | Pay | EFFR + (6.35)% | Termination | 04/02/2028 |  | (68500) | (25352) |
|  Kinik Co. | J.P. Morgan Securities, Inc. | Pay | OBFR + (7.25)% | Termination | 08/16/2028 |  | (205499) | (19205) |
|  Krafton, Inc. | Bank of America | Pay | EFFR + (1.00)% | Termination | 07/26/2028 |  | (376439) | 31076 |
|  Krafton, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.50)% | Termination | 07/30/2028 |  | (301293) | 7996 |
|  Kum Yang Co. Ltd. | Goldman Sachs | Pay | EFFR + (10.50)% | Termination | 11/11/2026 |  | (11994) | 79885 |
|  Land & Houses PCL | Morgan Stanley | Pay | EFFR + (14.63)% | Termination | 08/28/2027 |  | (328975) | (9376) |
|  Lattice Semiconductor Corp. | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 07/09/2028 |  | (231202) | (48269) |
|  Leejam Sports Co. JSC | J.P. Morgan Securities, Inc. | Pay | OBFR + (12.00)% | Termination | 11/12/2027 |  | (195351) | (9495) |
|  LG Energy Solution Ltd. | Goldman Sachs | Pay | EFFR + (9.00)% | Termination | 10/21/2026 |  | (90896) | 18173 |
|  LG H&H Co. Ltd. | Goldman Sachs | Pay | EFFR + (4.00)% | Termination | 12/10/2025 |  | (158564) | 208731 |
|  LG H&H Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (1.72)% | Termination | 07/12/2028 |  | (253362) | 8878 |
|  LG H&H Co. Ltd. | Morgan Stanley | Pay | EFFR + (4.63)% | Termination | 07/13/2028 |  | (41448) | 4221 |
|  Lotes Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (2.75)% | Termination | 08/16/2028 |  | (95193) | 596 |
|  Lotes Co. Ltd. | Morgan Stanley | Pay | EFFR + (3.38)% | Termination | 02/13/2028 |  | (95193) | (3274) |
|  Lotus Pharmaceutical Co. Ltd. | Goldman Sachs | Pay | EFFR + (4.25)% | Termination | 08/25/2027 |  | (613994) | 108096 |
|  LPP SA | Bank of America | Pay | EFFR + (0.40)% | Termination | 07/12/2028 |  | (435546) | (66079) |
|  LPP SA | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.50)% | Termination | 07/20/2028 |  | (142026) | (18938) |
|  Lumi Rental Co. | J.P. Morgan Securities, Inc. | Pay | OBFR + (8.76)% | Termination | 01/28/2028 |  | (316962) | 29692 |
|  Lumi Rental Co. | Morgan Stanley | Pay | EFFR + (7.50)% | Termination | 02/04/2028 |  | (52721) | 11908 |
|  MakeMyTrip Ltd. | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 03/19/2028 |  | (130548) | (4444) |
|  MakeMyTrip Ltd. | UBS AG | Pay | OBFR + (0.30)% | Termination | 03/15/2028 |  | (499280) | (59262) |
|  MediaTek, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.60)% | Termination | 08/11/2027 |  | (672239) | (14210) |
|  Middle East Healthcare Co. | Goldman Sachs | Pay | EFFR + (1.50)% | Termination | 03/15/2028 |  | (514568) | 11642 |
|  Middle East Healthcare Co. | J.P. Morgan Securities, Inc. | Pay | OBFR + (8.00)% | Termination | 10/13/2027 |  | (59493) | 12570 |
|  MISC Bhd | HSBC Bank | Pay | SOFR + (11.00)% | Termination | 12/04/2025 |  | (91323) | 1874 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  MISC Bhd | HSBC Bank | Pay | SOFR + (11.00)% | Termination | 12/15/2027 |  | $(59009) | $(6609) |
|  Mitra Adiperkasa Tbk PT | J.P. Morgan Securities, Inc. | Pay | OBFR + (7.18)% | Termination | 04/07/2027 |  | (120405) | 13854 |
|  Mitra Adiperkasa Tbk PT | Morgan Stanley | Pay | EFFR + (6.50)% | Termination | 02/25/2027 |  | (113193) | 2456 |
|  Mr Price Group Ltd. | HSBC Bank | Pay | South Africa Rand Overnight Deposit Rate + (0.60)% | Termination | 03/01/2028 | ZAR | (12093466) | 97595 |
|  Mr Price Group Ltd. | J.P. Morgan Securities, Inc. | Pay | South Africa Rand Overnight Deposit Rate + (0.55)% | Termination | 07/23/2028 | ZAR | (1094144) | 1194 |
|  Murata Manufacturing Co. Ltd. | Morgan Stanley | Pay | TONA + (0.45)% | Termination | 12/11/2027 | JPY | (20185600) | (18730) |
|  NAURA Technology Group Co. Ltd. | Morgan Stanley | Pay | EFFR + (4.35)% | Termination | 02/16/2028 |  | (204979) | (43819) |
|  Nova Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 04/19/2028 |  | (116923) | (32798) |
|  NU Holdings Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 12/15/2027 |  | (68406) | (17851) |
|  Onto Innovation, Inc. | UBS AG | Pay | OBFR + (0.30)% | Termination | 03/01/2028 |  | (132394) | 42604 |
|  Ozon Holdings PLC^ | Goldman Sachs | Pay | EFFR + (0.25)% | Monthly | 09/18/2025 |  | 0 | 314151 |
|  Pegatron Corp. | Goldman Sachs | Pay | EFFR + (0.20)% | Termination | 11/27/2027 |  | (121710) | 23700 |
|  Pegatron Corp. | HSBC Bank | Pay | SOFR + (0.50)% | Termination | 03/29/2028 |  | (456985) | 76144 |
|  Pegavision Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (11.00)% | Termination | 08/11/2027 |  | (62513) | (959) |
|  Pegavision Corp. | Morgan Stanley | Pay | EFFR + (9.13)% | Termination | 09/15/2027 |  | (177121) | 13298 |
|  PharmaEssentia Corp. | HSBC Bank | Pay | SOFR + (2.50)% | Termination | 08/16/2028 |  | (113692) | 7398 |
|  PharmaEssentia Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (2.63)% | Termination | 12/01/2027 |  | (259867) | 40622 |
|  Pingdingshan Tianan Coal Mining Co. Ltd. | Goldman Sachs | Pay | EFFR + (18.75)% | Termination | 10/18/2026 |  | (50959) | (8394) |
|  Pingdingshan Tianan Coal Mining Co. Ltd. | Morgan Stanley | Pay | EFFR + (5.95)% | Termination | 08/02/2026 |  | (53127) | (13342) |
|  POSCO Future M Co. Ltd. | Bank of America | Pay | EFFR + (15.00)% | Termination | 11/11/2026 |  | (93302) | 79198 |
|  POSCO Future M Co. Ltd. | Goldman Sachs | Pay | EFFR + (9.00)% | Termination | 10/21/2026 |  | (58441) | 77483 |
|  Quanta Computer, Inc. | Goldman Sachs | Pay | EFFR + (0.50)% | Termination | 09/06/2028 |  | (130782) | 0 |
|  Quanta Computer, Inc. | Morgan Stanley | Pay | EFFR + (0.79)% | Termination | 11/27/2027 |  | (489458) | (18235) |
|  Raia Drogasil SA | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.70)% | Termination | 05/24/2028 |  | (119753) | (25776) |
|  Realtek Semiconductor Corp. | Goldman Sachs | Pay | EFFR + (0.50)% | Termination | 11/07/2027 |  | (52405) | (2744) |
|  Realtek Semiconductor Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.60)% | Termination | 08/16/2028 |  | (401773) | 9914 |
|  Richter Gedeon Nyrt | J.P. Morgan Securities, Inc. | Pay | BUBOR + (1.50)% | Termination | 07/20/2028 | HUF | (63797240) | (1580) |
|  Richter Gedeon Nyrt | Morgan Stanley | Pay | EFFR + (0.55)% | Termination | 07/30/2028 | HUF | (31641870) | 396 |
|  Richter Gedeon Nyrt | UBS AG | Pay | BUBOR + (0.55)% | Termination | 07/13/2028 | HUF | (106849080) | 984 |
|  SATS Ltd. | Morgan Stanley | Pay | SORA + (0.55)% | Termination | 03/12/2028 | SGD | (83412) | (4213) |
|  Shanxi Coking Coal Energy Group Co., Ltd. | Goldman Sachs | Pay | EFFR + (22.75)% | Termination | 09/13/2026 |  | (221913) | (7592) |
|  Shanxi Coking Coal Energy Group Co., Ltd. | Morgan Stanley | Pay | EFFR + (12.65)% | Termination | 09/16/2026 |  | (58101) | 134 |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Shenzhen Inovance Technology Co. Ltd. | Morgan Stanley | Pay | EFFR + (4.75)% | Termination | 09/01/2027 |  | $(33640) | $(16623) |
|  Shenzhen Inovance Technology Co., Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (9.15)% | Termination | 11/12/2026 |  | (56803) | (13228) |
|  Sinbon Electronics Co. Ltd. | Goldman Sachs | Pay | EFFR + (1.00)% | Termination | 07/20/2028 |  | (205793) | (7400) |
|  Sinbon Electronics Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (1.75)% | Termination | 07/13/2028 |  | (373477) | (10939) |
|  Singapore Technologies Engineering Ltd. | Morgan Stanley | Pay | SORA + (0.55)% | Termination | 12/15/2027 | SGD | (79872) | (26585) |
|  Sinotruk Hong Kong Ltd. | HSBC Bank | Pay | 1 mo. HIBOR HKD + (0.35)% | Termination | 12/04/2027 | HKD | (2336040) | (8352) |
|  SM Entertainment Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (5.25)% | Termination | 08/03/2028 |  | (278049) | (31414) |
|  Sonoscape Medical Corp. | Morgan Stanley | Pay | EFFR + (8.35)% | Termination | 12/04/2025 |  | (206532) | (37943) |
|  State Bank of India | Morgan Stanley | Pay | EFFR + (0.50)% | Termination | 10/31/2027 |  | (117706) | (14429) |
|  Sumber Alfaria Trijaya Tbk PT | HSBC Bank | Pay | SOFR + (3.50)% | Termination | 03/17/2027 |  | (152292) | 31812 |
|  Sumber Alfaria Trijaya Tbk PT | J.P. Morgan Securities, Inc. | Pay | OBFR + (3.60)% | Termination | 02/24/2027 |  | (404992) | 49485 |
|  Sunway Bhd | Morgan Stanley | Pay | EFFR + (13.75)% | Termination | 02/16/2028 |  | (2213) | (2212) |
|  Sunway Bhd | Morgan Stanley | Pay | EFFR + (13.75)% | Termination | 01/02/2031 |  | (60321) | (8263) |
|  Techtronic Industries Co. Ltd. | HSBC Bank | Pay | 1 mo. HIBOR HKD + (0.44)% | Termination | 07/06/2028 | HKD | (4819200) | (87498) |
|  Telkom Indonesia Persero Tbk PT | HSBC Bank | Pay | SOFR + (3.00)% | Termination | 03/05/2028 |  | (213045) | (60845) |
|  Tong Yang Industry Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (2.84)% | Termination | 08/11/2027 |  | (444921) | (3560) |
|  Tong Yang Industry Co. Ltd. | Morgan Stanley | Pay | EFFR + (3.13)% | Termination | 07/20/2028 |  | (116211) | 3804 |
|  Unilever Indonesia Tbk PT | J.P. Morgan Securities, Inc. | Pay | OBFR + (2.25)% | Termination | 03/17/2027 |  | (75103) | 46148 |
|  Unilever Indonesia Tbk PT | Morgan Stanley | Pay | EFFR + (4.05)% | Termination | 05/19/2027 |  | (24907) | 13202 |
|  Unilever Indonesia Tbk PT | UBS AG | Pay | OBFR + (2.25)% | Termination | 03/15/2028 |  | (278402) | (83244) |
|  United Electronics Co. | Goldman Sachs | Pay | EFFR + (7.55)% | Termination | 08/14/2027 |  | (705969) | (46233) |
|  United International Transportation Co. | Goldman Sachs | Pay | EFFR + (5.00)% | Termination | 11/11/2026 |  | (561426) | 46133 |
|  United International Transportation Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/19/2026 |  | (120807) | 3345 |
|  Vanguard International Semiconductor Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (13.25)% | Termination | 11/27/2027 |  | (62857) | (11943) |
|  VAT Group AG | HSBC Bank | Pay | SARON + (0.40)% | Termination | 07/06/2028 | CHF | (219315) | 62801 |
|  VK IPJSC^ | Morgan Stanley | Pay | EFFR + (6.50)% | Monthly | 09/23/2026 |  | 0 | 140169 |
|  Wal-Mart de Mexico SAB de CV | Morgan Stanley | Pay | EFFR + (0.55)% | Termination | 12/04/2025 |  | (782424) | 29296 |
|  WEG SA | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.50)% | Termination | 03/22/2028 |  | (233942) | 19244 |
|  Wizz Air Holdings PLC | Goldman Sachs | Pay | SONIA + (0.40)% | Termination | 08/14/2027 | GBP | (33583) | (1081) |
|  Wizz Air Holdings PLC | J.P. Morgan Securities, Inc. | Pay | SONIA + (0.30)% | Termination | 07/26/2028 | GBP | (89248) | (27042) |
|  WNC Corp. /Taiwan | Goldman Sachs | Pay | EFFR + (3.00)% | Termination | 07/30/2028 |  | (66471) | (2873) |

---

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  WNC Corp. /Taiwan | J.P. Morgan Securities, Inc. | Pay | OBFR + (3.25)% | Termination | 07/20/2028 |  | $(195260) | $(11420) |
|  WNC Corp. /Taiwan | Morgan Stanley | Pay | EFFR + (2.75)% | Termination | 07/12/2028 |  | (369748) | (1213) |
|  Woolworths Holdings Ltd. | Goldman Sachs | Pay | South Africa Rand Overnight Deposit Rate + (0.80)% | Termination | 08/18/2027 | ZAR | (10941265) | 75720 |
|  Woolworths Holdings Ltd./South Africa | HSBC Bank | Pay | South Africa Rand Overnight Deposit Rate + (0.60)% | Termination | 03/29/2028 | ZAR | (2167456) | 7312 |
|  Yankuang Energy Group Co. Ltd. | HSBC Bank | Pay | 1 mo. HIBOR HKD + (1.50)% | Termination | 04/15/2026 | HKD | (1294150) | (44063) |
|  Yankuang Energy Group Co. Ltd. | Morgan Stanley | Pay | HONIA + (1.25)% | Termination | 12/08/2027 | HKD | (3221800) | (51495) |
|  Yulon Motor Co. Ltd. | Morgan Stanley | Pay | EFFR + (3.75)% | Termination | 12/12/2025 |  | (224197) | 41956 |
|  Yum China Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 02/09/2028 |  | (418132) | 14670 |
|  |  |  |  |  |  |  |  | (408352) |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | 2040219 |

---

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2025.

Notional Amount is in USD unless otherwise indicated.

---

| | |
|:---|:---|
| ^  | 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 $178,869 or 0.28% of net assets as of August 31, 2025.  |

---

BUBOR - National Bank of Hungary Budapest Interbank Offered Rate Overnight Index was 6.50% as of August 31, 2025.

EFFR - Effective Federal Funds Rate was 4.33% as of August 31, 2025.

HIBOR - Hong Kong Inter-Bank Offered Rate was 3.25% as of August 31, 2025.

HONIA - Hong Kong Overnight Index Average was 3.25% as of August 31, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of August 31, 2025.

SARON - Swiss Average Rate Overnight was (0.05)% as of August 31, 2025.

SOFR - Secured Overnight Financing Rate was 4.34% as of August 31, 2025.

SONIA - Sterling Overnight Index Average was 3.97% as of August 31, 2025.

SORA - Singapore Overnight Rate Average was 1.04% as of August 31, 2025.

South Africa Rand Overnight Deposit Rate was 6.88% as of August 31, 2025.

TELBOR - Tel Aviv Interbank Offer Rate was 4.51% as of August 31, 2025.

TONA - Tokyo Overnight Average Rate was 0.48% as of August 31, 2025.

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $17690652 | $22558686 | $0 | $40249338 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 538248 | 1318913 |  | 1857161 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9639511 |  |  | 9639511 |
|  Total Investments | $27868411 | $23877599 | $0 | $51746010 |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contracts for Difference\* | $— | $5278722 | $454320 | $5733042 |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | 60473 |  |  | 60473 |
|  Total Other Financial Instruments | $60473 | $5278722 | $454320 | $5793515 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(186432) | $— | $— | $(186432) |
|  Total Investments | $(186432) | $— | $— | $(186432) |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contracts for Difference\* | $— | $(3417372) | $(275451) | $(3692823) |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | (1415) |  |  | (1415) |
|  Total Other Financial Instruments | $(1415) | $(3417372) | $(275451) | $(3694238) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.

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 GLOBAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.4%** | **COMMON STOCKS — 96.4%** |  |
|  **Bermuda — 2.3%** |  |  |
|  Everest Group Ltd.  | 4973 | $1700169 |
|  Hiscox Ltd.  | 162634 | 2867311 |
|  RenaissanceRe Holdings Ltd. <sup>(a)</sup>  | 7975 | 1937845 |
|  |  | 6505325 |
|  **Canada — 0.4%** |  |  |
|  Cenovus Energy, Inc.  | 58253 | 968798 |
|  **Denmark — 1.1%** |  |  |
|  Danske Bank AS  | 71162 | 2928901 |
|  **Finland — 1.4%** |  |  |
|  Nordea Bank Abp  | 260419 | 3981312 |
|  **France — 13.7%** |  |  |
|  Airbus Group SE  | 12347 | 2581388 |
|  Alten SA  | 9850 | 760597 |
|  BNP Paribas SA  | 15656 | 1406930 |
|  Bureau Veritas SA  | 96456 | 2909762 |
|  Capgemini SE  | 21462 | 3052542 |
|  Cie de Saint-Gobain SA  | 39576 | 4272614 |
|  Cie Generale des Etablissements Michelin SCA  | 69051 | 2500595 |
|  Eiffage SA  | 12941 | 1628575 |
|  Elis SA  | 52327 | 1433887 |
|  Eurazeo SE  | 18061 | 1181921 |
|  Ipsen SA  | 11655 | 1584582 |
|  Rexel SA  | 131108 | 4244794 |
|  Sanofi SA  | 16267 | 1613889 |
|  SPIE SA  | 69449 | 3849260 |
|  TotalEnergies SE  | 47343 | 2972257 |
|  Vallourec SACA  | 116369 | 2089153 |
|  |  | 38082746 |
|  **Germany — 2.5%** |  |  |
|  Deutsche Telekom AG  | 93156 | 3409061 |
|  Siemens AG  | 12922 | 3582065 |
|  |  | 6991126 |
|  **Ireland — 3.3%** |  |  |
|  AIB Group PLC  | 388894 | 3159730 |
|  Kerry Group PLC - Class A  | 31962 | 2926572 |
|  Ryanair Holdings PLC - ADR  | 45884 | 2912257 |
|  |  | 8998559 |
|  **Italy — 2.2%** |  |  |
|  Enel SpA  | 303331 | 2799197 |
|  Italgas SpA  | 167833 | 1508584 |
|  Saipem SpA  | 617818 | 1736080 |
|  |  | 6043861 |
|  **Japan — 7.1%** |  |  |
|  Asahi Group Holdings Ltd.  | 99400 | 1249133 |
|  Fuji Electric Co., Ltd.  | 40700 | 2562940 |
|  IHI Corp.  | 10500 | 1091182 |
|  Japan Post Insurance Co. Ltd.  | 18900 | 529180 |
|  Kyocera Corp.  | 190700 | 2536251 |
|  Mitsubishi Chemical Group Corp.  | 302700 | 1720036 |
|  Mitsubishi UFJ Financial Group, Inc.  | 105800 | 1610177 |
|  Renesas Electronics Corp.  | 206800 | 2413905 |
|  **Japan — 7.1% (continued)** |  |  |
|  Sugi Holdings Co., Ltd.  | 89300 | $2256883 |
|  Sumitomo Mitsui Financial Group, Inc.  | 81900 | 2230595 |
|  Toyo Suisan Kaisha Ltd.  | 23000 | 1582070 |
|  |  | 19782352 |
|  **Netherlands — 2.8%** |  |  |
|  Heineken NV  | 24927 | 2021838 |
|  ING Groep NV  | 161541 | 3856806 |
|  Koninklijke Ahold NV  | 45791 | 1834984 |
|  |  | 7713628 |
|  **Singapore — 0.6%** |  |  |
|  United Overseas Bank Ltd.  | 57900 | 1585688 |
|  **South Korea — 1.7%** |  |  |
|  KB Financial Group, Inc.  | 15884 | 1240624 |
|  KT Corp.  | 57613 | 2240909 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 4208 | 1339282 |
|  |  | 4820815 |
|  **Spain — 3.3%** |  |  |
|  Banco Bilbao Vizcaya Argentaria SA  | 221820 | 4036923 |
|  Bankinter SA  | 190529 | 2843500 |
|  Grifols SA  | 155259 | 2197447 |
|  |  | 9077870 |
|  **Sweden — 0.6%** |  |  |
|  Loomis AB  | 39538 | 1753006 |
|  **Switzerland — 2.7%** |  |  |
|  Aptiv PLC <sup>(b)</sup>  | 21633 | 1720473 |
|  Glencore PLC  | 484828 | 1915348 |
|  Sandoz Group AG  | 61860 | 3881687 |
|  |  | 7517508 |
|  **United Kingdom — 15.6%** |  |  |
|  AstraZeneca PLC  | 28088 | 4477655 |
|  Barratt Redrow PLC  | 338692 | 1646582 |
|  Beazley PLC  | 244317 | 2586411 |
|  Coca-Cola Europacific Partners PLC  | 27873 | 2476795 |
|  Diageo PLC  | 50740 | 1407223 |
|  Hikma Pharmaceuticals PLC  | 84504 | 2041452 |
|  IMI PLC  | 129571 | 3981661 |
|  Informa PLC  | 288643 | 3400087 |
|  Marks & Spencer Group PLC  | 522735 | 2441434 |
|  NatWest Group PLC  | 567302 | 3915618 |
|  Nomad Foods Ltd.  | 119719 | 1860433 |
|  Shell PLC  | 102551 | 3775883 |
|  SSE PLC  | 71688 | 1675238 |
|  Tesco PLC  | 840455 | 4804106 |
|  Weir Group PLC  | 80672 | 2686713 |
|  |  | 43177291 |
|  **United States — 35.1%<sup>(c)</sup>** |  |  |
|  AbbVie, Inc.  | 8190 | 1723176 |
|  Abercrombie & Fitch Co. - Class A <sup>(a)(b)</sup>  | 13700 | 1281361 |
|  Acuity, Inc.  | 8303 | 2710680 |
|  Allstate Corp., (The)  | 13176 | 2680657 |
|  Amgen, Inc.  | 9132 | 2627368 |
|  Applied Materials, Inc.  | 5443 | 875017 |

---

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

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 35.1%<sup>(c)</sup>** **(continued)** |  |  |
|  Bank of America Corp.  | 75625 | $3837213 |
|  Cencora, Inc.  | 5831 | 1700378 |
|  Chubb Ltd. <sup>(a)</sup>  | 8017 | 2205236 |
|  Cigna Group  | 3813 | 1147217 |
|  Cisco Systems, Inc.  | 31910 | 2204662 |
|  ConocoPhillips  | 19730 | 1952678 |
|  Corpay, Inc. <sup>(b)</sup>  | 3805 | 1239174 |
|  CRH PLC  | 67147 | 7570726 |
|  Cummins, Inc.  | 4976 | 1982637 |
|  Diamondback Energy, Inc.  | 12554 | 1867533 |
|  DuPont de Nemours, Inc.  | 35935 | 2764120 |
|  East West Bancorp, Inc.  | 17869 | 1878747 |
|  FedEx Corp.  | 7156 | 1653537 |
|  Fidelity National Information Services, Inc.  | 24185 | 1688355 |
|  Fifth Third Bancorp  | 46693 | 2137139 |
|  Flex Ltd. <sup>(b)</sup>  | 24964 | 1338570 |
|  Flowserve Corp.  | 44584 | 2392377 |
|  Freeport-McMoRan, Inc.  | 54294 | 2410654 |
|  Gen Digital, Inc.  | 82924 | 2504305 |
|  Goldman Sachs Group, Inc. <sup>(a)</sup>  | 5328 | 3970692 |
|  HCA Healthcare, Inc.  | 4800 | 1939008 |
|  Huntington Bancshares, Inc.  | 206642 | 3680294 |
|  IQVIA Holdings, Inc. <sup>(b)</sup>  | 6587 | 1256865 |
|  Jacobs Solutions, Inc.  | 6504 | 951080 |
|  Johnson & Johnson  | 9525 | 1687544 |
|  JPMorgan Chase & Co.  | 12996 | 3917254 |
|  KBR, Inc.  | 21887 | 1104418 |
|  Leidos Holdings, Inc.  | 7750 | 1402130 |
|  Lennar Corp. - Class A  | 6409 | 853294 |
|  M&T Bank Corp.  | 10948 | 2207774 |
|  Marathon Petroleum Corp.  | 8159 | 1466254 |
|  Micron Technology, Inc.  | 10028 | 1193432 |
|  NetApp, Inc.  | 15729 | 1774074 |
|  Resideo Technologies, Inc. <sup>(b)</sup>  | 211 | 7185 |
|  Schlumberger Ltd.  | 54411 | 2004501 |
|  Solventum Corp. <sup>(b)</sup>  | 12530 | 915818 |
|  TE Connectivity PLC  | 6993 | 1444055 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 11259 | 2075371 |
|  Textron, Inc.  | 42711 | 3423714 |
|  United Rentals, Inc.  | 2400 | 2295216 |
|  US Foods Holding Corp. <sup>(b)</sup>  | 18423 | 1429625 |
|  |  | 97373115 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $197,239,518)  |  | 267301901 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **VALUE** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 6359884 | $6359884 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,359,884)  |  | 6359884 |
|  TOTAL INVESTMENTS — 98.7% (Cost $203,599,402)  |  | 273661785 |
|  Other Assets in Excess of Liabilities — 1.3%  |  | 3509841 |
|  TOTAL NET ASSETS — 100.0%  |  | $277171626 |

---

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 August 31, 2025. The fair value of these securities was $6,233,626. 

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

<sup>(c)</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>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**BOSTON PARTNERS GLOBAL EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $105636042 | $161665859 | $— | $267301901 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 6359884 |
|  Total Investments | $105636042 | $161665859 | $— | $273661785 |

---

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.

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

**BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |  |
|  **Bermuda — 2.6%** |  |  |
|  Hiscox Ltd.  | 7259 | $127979 |
|  Lancashire Holdings Ltd.  | 21907 | 180915 |
|  |  | 308894 |
|  **Denmark — 1.5%** |  |  |
|  Danske Bank AS  | 4422 | 182002 |
|  **France — 13.6%** |  |  |
|  Airbus Group SE  | 737 | 154085 |
|  Alten SA  | 1063 | 82083 |
|  BNP Paribas SA  | 1432 | 128687 |
|  Capgemini SE  | 1142 | 162427 |
|  Cie de Saint-Gobain SA  | 2799 | 302179 |
|  Eiffage SA  | 653 | 82177 |
|  Eurazeo SE  | 1148 | 75126 |
|  Rexel SA  | 6002 | 194323 |
|  SPIE SA  | 6562 | 363703 |
|  Vallourec SACA  | 5337 | 95814 |
|  |  | 1640604 |
|  **Germany — 2.5%** |  |  |
|  Infineon Technologies AG  | 1419 | 58085 |
|  Rheinmetall AG  | 85 | 164880 |
|  Siemens AG  | 295 | 81776 |
|  |  | 304741 |
|  **Ireland — 1.6%** |  |  |
|  AIB Group PLC  | 23593 | 191691 |
|  **Italy — 1.0%** |  |  |
|  Italgas SpA  | 13887 | 124825 |
|  **Japan — 8.7%** |  |  |
|  Asahi Group Holdings Ltd.  | 4900 | 61577 |
|  Fuji Electric Co., Ltd.  | 1600 | 100754 |
|  Hitachi Ltd.  | 2000 | 53887 |
|  IHI Corp.  | 900 | 93530 |
|  Kyocera Corp.  | 5000 | 66498 |
|  Renesas Electronics Corp.  | 5200 | 60698 |
|  Stanley Electric Co. Ltd.  | 3000 | 60761 |
|  Sumitomo Mitsui Financial Group, Inc.  | 10000 | 272356 |
|  Suzuken Co. Ltd.  | 7000 | 276847 |
|  |  | 1046908 |
|  **Mexico — 0.5%** |  |  |
|  Coca-Cola Femsa SAB de CV - ADR  | 634 | 53884 |
|  **Netherlands — 1.0%** |  |  |
|  Koninklijke Ahold Delhaize NV  | 2894 | 115971 |
|  **South Korea — 3.6%** |  |  |
|  Hana Financial Group, Inc.  | 1891 | 111477 |
|  KB Financial Group, Inc.  | 831 | 64906 |
|  KT Corp.  | 4242 | 164996 |
|  Samsung Fire & Marine Insurance Co. Ltd.  | 288 | 91662 |
|  |  | 433041 |
|  **Spain — 1.8%** |  |  |
|  Banco Santander SA  | 23066 | $220282 |
|  **Switzerland — 4.3%** |  |  |
|  Aptiv PLC <sup>(a)</sup>  | 1726 | 137269 |
|  Novartis AG  | 1297 | 164164 |
|  Sandoz Group AG  | 3558 | 223263 |
|  |  | 524696 |
|  **United Kingdom — 19.0%** |  |  |
|  AstraZeneca PLC  | 742 | 118286 |
|  Babcock International Group PLC  | 11842 | 162579 |
|  BAE Systems PLC  | 3191 | 75630 |
|  Hikma Pharmaceuticals PLC  | 5233 | 126419 |
|  IMI PLC  | 6382 | 196116 |
|  Informa PLC  | 21399 | 252071 |
|  Marex Group PLC  | 1922 | 67962 |
|  Marks & Spencer Group PLC  | 65141 | 304241 |
|  Melrose Industries PLC  | 23289 | 184939 |
|  NatWest Group PLC  | 24602 | 169807 |
|  Nomad Foods Ltd.  | 15772 | 245097 |
|  Tesco PLC  | 32785 | 187401 |
|  Weir Group PLC  | 6309 | 210116 |
|  |  | 2300664 |
|  **United States — 36.7%<sup>(b)</sup>** |  |  |
|  AbbVie, Inc.  | 720 | 151488 |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 895 | 83709 |
|  Allstate Corp.  | 942 | 191650 |
|  Alphabet, Inc. - Class A  | 1186 | 252511 |
|  American Express Co.  | 412 | 136487 |
|  Amgen, Inc.  | 357 | 102713 |
|  Applied Materials, Inc.  | 464 | 74593 |
|  Arrow Electronics, Inc. <sup>(a)</sup>  | 1197 | 151217 |
|  AutoZone, Inc. <sup>(a)</sup>  | 14 | 58779 |
|  Bank of America Corp.  | 4352 | 220821 |
|  Booking Holdings, Inc.  | 22 | 123179 |
|  Bristol-Myers Squibb Co.  | 1270 | 59919 |
|  Cars.com, Inc. <sup>(a)</sup>  | 4668 | 60917 |
|  Cencora, Inc.  | 709 | 206752 |
|  Centene Corp. <sup>(a)</sup>  | 4228 | 122781 |
|  Chubb Ltd.  | 389 | 107002 |
|  Cigna Group  | 204 | 61378 |
|  Dell Technologies, Inc. - Class C  | 416 | 50814 |
|  DNOW, Inc. <sup>(a)</sup>  | 7598 | 121568 |
|  Emerson Electric Co.  | 1254 | 165528 |
|  Fidelity National Information Services, Inc.  | 2617 | 182693 |
|  Gen Digital, Inc.  | 6286 | 189837 |
|  JPMorgan Chase & Co.  | 634 | 191100 |
|  Kenvue, Inc.  | 7937 | 164375 |
|  Keysight Technologies, Inc. <sup>(a)</sup>  | 1158 | 189252 |
|  Louisiana-Pacific Corp.  | 971 | 92352 |
|  McKesson Corp.  | 219 | 150374 |
|  Microchip Technology, Inc.  | 1447 | 94055 |
|  Old Dominion Freight Line, Inc.  | 608 | 91790 |
|  Primo Brands Corp.  | 2011 | 50496 |
|  Seagate Technology Holdings PLC  | 840 | 140616 |
|  TE Connectivity PLC  | 584 | 120596 |
|  Textron, Inc.  | 1125 | 90180 |

---

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

**BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 36.7%<sup>(b)</sup>** **(continued)** |  |  |
|  US Foods Holding Corp. <sup>(a)</sup>  | 2353 | $182593 |
|  |  | 4434115 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $9,045,872)  |  | 11882318 |
|  TOTAL INVESTMENTS — 98.4% (Cost $9,045,872)  |  | 11882318 |
|  Other Assets in Excess of Liabilities — 1.6%  |  | 197258 |
|  TOTAL NET ASSETS — 100.0%  |  | $12079576 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

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

<sup>(b)</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.

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

**BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $4938326 | $6943992 | $— | $11882318 |
|  Total Investments | $4938326 | $6943992 | $— | $11882318 |

---

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

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 93.9%** | **COMMON STOCKS — 93.9%** |  |
|  **Communication Services — 4.0%** |  |  |
|  Alphabet, Inc. - Class A <sup>(a)</sup>  | 7551 | $1607683 |
|  DoubleDown Interactive Co. Ltd. - ADR <sup>(a)(b)(c)</sup>  | 40273 | 388635 |
|  EverQuote, Inc. - Class A <sup>(b)</sup>  | 13967 | 324733 |
|  Gravity Co. Ltd. - ADR <sup>(b)</sup>  | 8165 | 527051 |
|  John Wiley & Sons, Inc. - Class A  | 9059 | 367614 |
|  |  | 3215716 |
|  **Consumer Discretionary — 10.6%** |  |  |
|  Abercrombie & Fitch Co. - Class A <sup>(b)(c)</sup>  | 4311 | 403208 |
|  Arcos Dorados Holdings, Inc. - Class A <sup>(a)</sup>  | 122949 | 860643 |
|  CarParts.com, Inc. <sup>(b)</sup>  | 212435 | 174260 |
|  Carriage Services, Inc. <sup>(a)</sup>  | 17363 | 760152 |
|  Cavco Industries, Inc. <sup>(b)(c)</sup>  | 1785 | 946925 |
|  El Pollo Loco Holdings, Inc. <sup>(b)</sup>  | 24170 | 256927 |
|  Flutter Entertainment PLC <sup>(b)</sup>  | 2422 | 743966 |
|  Frontdoor, Inc. <sup>(b)</sup>  | 17017 | 1033783 |
|  Italian Sea Group SPA <sup>(c)</sup>  | 36223 | 209727 |
|  JD.com, Inc. - Class A  | 27286 | 422801 |
|  Leon's Furniture Ltd.  | 14567 | 316722 |
|  Perdoceo Education Corp. <sup>(a)</sup>  | 19384 | 634632 |
|  Potbelly Corp. <sup>(a)(b)</sup>  | 26609 | 344320 |
|  Super Group SGHC Ltd. <sup>(a)</sup>  | 129323 | 1504027 |
|  |  | 8612093 |
|  **Consumer Staples — 4.7%** |  |  |
|  Ambev SA - ADR - ADR <sup>(c)</sup>  | 323349 | 724302 |
|  British American Tobacco PLC - ADR <sup>(a)</sup>  | 26645 | 1515834 |
|  Coca-Cola Europacific Partners PLC  | 3314 | 294482 |
|  PriceSmart, Inc.  | 5667 | 607842 |
|  Turning Point Brands, Inc.  | 6468 | 643566 |
|  |  | 3786026 |
|  **Energy — 2.5%** |  |  |
|  Canadian Natural Resources Ltd. <sup>(a)</sup>  | 23128 | 732001 |
|  Coterra Energy, Inc.  | 14337 | 350396 |
|  Peabody Energy Corp. <sup>(a)(c)</sup>  | 33427 | 581630 |
|  Solaris Energy Infrastructure, Inc. <sup>(a)</sup>  | 12445 | 393138 |
|  |  | 2057165 |
|  **Financials — 22.5%** |  |  |
|  Acadian Asset Management, Inc.  | 23619 | 1203860 |
|  American Integrity Insurance Group, Inc. <sup>(b)</sup>  | 26154 | 522818 |
|  Banco Bilbao Vizcaya Argentaria SA - ADR <sup>(a)</sup>  | 53458 | 969193 |
|  Bank of America Corp. <sup>(a)</sup>  | 18534 | 940415 |
|  BGC Group, Inc. - Class A <sup>(a)</sup>  | 152823 | 1499194 |
|  Citigroup, Inc. <sup>(a)</sup>  | 10117 | 976999 |
|  Crawford & Co. - Class A <sup>(a)</sup>  | 17692 | 191781 |
|  Fairfax Financial Holdings Ltd.  | 967 | 1664420 |
|  Fidelis Insurance Holdings Ltd. <sup>(a)</sup>  | 20064 | 350719 |
|  FinVolution Group - ADR  | 49014 | 404365 |
|  Fiserv, Inc. <sup>(b)</sup>  | 3388 | 468154 |
|  Greenlight Capital Re Ltd. - Class A <sup>(a)(b)</sup>  | 33064 | 426195 |
|  Hamilton Insurance Group Ltd. - Class B <sup>(b)</sup>  | 45756 | 1090823 |
|  Heritage Insurance Holdings, Inc. <sup>(a)(b)</sup>  | 22576 | 514055 |
|  **Financials — 22.5% (continued)** |  |  |
|  Intercorp Financial Services, Inc.  | 10673 | $423932 |
|  Jiayin Group, Inc. - ADR  | 24334 | 306122 |
|  KB Financial Group, Inc. - ADR  | 14036 | 1104072 |
|  Lincoln National Corp.  | 10472 | 449563 |
|  Merchants Bancorp  | 6836 | 221623 |
|  NewtekOne, Inc.  | 34139 | 422299 |
|  Northeast Bank  | 3914 | 432732 |
|  Northeast Community Bancorp, Inc.  | 12304 | 277455 |
|  Oppenheimer Holdings, Inc. - Class A  | 7046 | 511328 |
|  PayPal Holdings, Inc. <sup>(b)</sup>  | 7141 | 501227 |
|  Rithm Capital Corp. <sup>(a)</sup>  | 45515 | 563476 |
|  Shift4 Payments, Inc. - Class A <sup>(b)(c)</sup>  | 3809 | 344448 |
|  Stifel Financial Corp. <sup>(a)</sup>  | 5616 | 647469 |
|  Wells Fargo & Co. <sup>(a)</sup>  | 10639 | 874313 |
|  |  | 18303050 |
|  **Health Care — 10.2%** |  |  |
|  AstraZeneca PLC - ADR  | 9207 | 735639 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 52042 | 1071545 |
|  Centene Corp. <sup>(b)</sup>  | 8505 | 246985 |
|  Cigna Group <sup>(a)</sup>  | 1464 | 440474 |
|  Harmony Biosciences Holdings, Inc. <sup>(b)</sup>  | 13601 | 501741 |
|  HCA Healthcare, Inc. <sup>(a)</sup>  | 1224 | 494447 |
|  Jazz Pharmaceuticals PLC <sup>(b)</sup>  | 6721 | 858608 |
|  Johnson & Johnson <sup>(a)</sup>  | 5599 | 991975 |
|  Lantheus Holdings, Inc. <sup>(b)</sup>  | 7394 | 405931 |
|  Medtronic PLC <sup>(a)</sup>  | 6997 | 649391 |
|  Novartis AG - ADR <sup>(c)</sup>  | 5116 | 647430 |
|  Sandoz Group AG - ADR  | 5262 | 330927 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 2441 | 449949 |
|  UnitedHealth Group, Inc.  | 1499 | 464495 |
|  |  | 8289537 |
|  **Industrials — 10.6%** |  |  |
|  Barrett Business Services, Inc. <sup>(a)</sup>  | 18849 | 919831 |
|  Brady Corp. - Class A  | 4021 | 313960 |
|  Builders FirstSource, Inc. <sup>(a)(b)(c)</sup>  | 3001 | 416179 |
|  CACI International, Inc. - Class A <sup>(b)</sup>  | 856 | 410640 |
|  Euroseas Ltd.  | 8220 | 511859 |
|  Everus Construction Group, Inc. <sup>(b)</sup>  | 10134 | 794911 |
|  Fiverr International Ltd. <sup>(b)(c)</sup>  | 22614 | 532560 |
|  Galliford Try Holdings PLC  | 249946 | 1446762 |
|  Lyft, Inc. - Class A <sup>(a)(b)</sup>  | 24339 | 394778 |
|  NEXTracker, Inc. - Class A <sup>(b)</sup>  | 4987 | 335425 |
|  Quanta Services, Inc. <sup>(a)</sup>  | 1181 | 446371 |
|  RCM Technologies, Inc. <sup>(b)</sup>  | 12636 | 342815 |
|  Sterling Infrastructure, Inc. <sup>(a)(b)</sup>  | 4088 | 1138631 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 6725 | 630469 |
|  |  | 8635191 |
|  **Information Technology — 20.4%** |  |  |
|  ACI Worldwide, Inc. <sup>(b)</sup>  | 10013 | 494142 |
|  Adeia, Inc. <sup>(a)</sup>  | 53353 | 802429 |
|  Axcelis Technologies, Inc. <sup>(b)(c)</sup>  | 3998 | 320000 |
|  Broadcom, Inc.  | 4146 | 1232979 |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 1809 | 349390 |
|  Circle Internet Group, Inc. <sup>(b)(c)</sup>  | 1556 | 205361 |

---

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Information Technology — 20.4% (continued)** | **Information Technology — 20.4% (continued)** |  |
|  Cognizant Technology Solutions Corp. - Class A <sup>(a)</sup>  | 8863 | $640352 |
|  Dell Technologies, Inc. - Class C  | 5864 | 716288 |
|  Hackett Group, Inc. <sup>(a)</sup>  | 16324 | 339866 |
|  InterDigital, Inc. <sup>(c)</sup>  | 4658 | 1265625 |
|  LiveRamp Holdings, Inc. <sup>(b)</sup>  | 12648 | 353132 |
|  Microchip Technology, Inc.  | 2783 | 180895 |
|  Nice Ltd. - ADR <sup>(b)(c)</sup>  | 2580 | 364683 |
|  Okta, Inc. <sup>(b)</sup>  | 4015 | 372471 |
|  Open Text Corp.  | 33781 | 1117138 |
|  Oracle Corp. <sup>(a)</sup>  | 2364 | 534571 |
|  Photronics, Inc. <sup>(a)(b)</sup>  | 36230 | 821334 |
|  QUALCOMM, Inc. <sup>(a)</sup>  | 1747 | 280795 |
|  Rimini Street, Inc. <sup>(a)(b)</sup>  | 183109 | 792862 |
|  RingCentral, Inc. - Class A <sup>(a)(b)</sup>  | 39015 | 1190348 |
|  Samsung Electronics Co., Ltd.  | 16366 | 817642 |
|  Silicon Motion Technology Corp. - ADR  | 4061 | 323580 |
|  TeamViewer SE <sup>(b)(d)</sup>  | 102044 | 1083015 |
|  Telefonaktiebolaget LM Ericsson - ADR <sup>(a)(c)</sup>  | 83931 | 660537 |
|  Twilio, Inc. - Class A <sup>(b)</sup>  | 12135 | 1281577 |
|  |  | 16541012 |
|  **Materials — 4.1%** |  |  |
|  Almonty Industries, Inc. <sup>(b)</sup>  | 54451 | 242307 |
|  Ferroglobe PLC <sup>(a)</sup>  | 143804 | 601101 |
|  Glencore PLC - ADR <sup>(a)</sup>  | 41326 | 324822 |
|  Methanex Corp.  | 12388 | 439898 |
|  Mosaic Co.  | 15933 | 532162 |
|  Pan American Silver Corp.  | 16681 | 565820 |
|  Taseko Mines Ltd. <sup>(a)(b)</sup>  | 85901 | 280037 |
|  Ternium SA - ADR <sup>(a)</sup>  | 10217 | 338796 |
|  |  | 3324943 |
|  **Real Estate — 3.5%** |  |  |
|  CTO Realty Growth, Inc.  | 21661 | 374302 |
|  Newmark Group, Inc. - Class A <sup>(a)</sup>  | 83130 | 1513797 |
|  Park Hotels & Resorts, Inc. <sup>(a)(c)</sup>  | 41755 | 491039 |
|  Pebblebrook Hotel Trust <sup>(a)</sup>  | 42567 | 474197 |
|  |  | 2853335 |
|  **Utilities — 0.8%** |  |  |
|  NRG Energy, Inc.  | 4582 | 666956 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $51,692,628)  |  | 76285024 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.0%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 7324416 | 7324416 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,324,416)  |  | 7324416 |
|  **MONEY MARKET FUNDS — 0.0%<sup>(f)</sup>** |  |  |
|  BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Institutional Class, 4.15%<sup>(a)(e)</sup>  | 906 | $906 |
|  Federated Hermes U.S. Treasury Cash Reserves - Institutional Class, 4.12%<sup>(a)(e)</sup>  | 905 | 905 |
|  Fidelity Treasury Portfolio - Class I, 4.16%<sup>(a)(e)</sup>  | 905 | 905 |
|  Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 4.11%<sup>(a)(e)</sup>  | 906 | 906 |
| &nbsp;&nbsp;&nbsp; TOTAL MONEY MARKET FUNDS (Cost $3,622)  |  | 3622 |
|  TOTAL INVESTMENTS — 102.9% (Cost $59,020,666)  |  | 83613062 |
|  Liabilities in Excess of Other Assets - (2.9)%  |  | (2383359) |
|  TOTAL NET ASSETS — 100.0%  |  | $81229703 |

---

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of August 31, 2025 is $29,954,027. 

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

<sup>(c)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $7,083,996. 

<sup>(d)</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 August 31, 2025, the value of these securities total $1,083,015 or 1.3% of the Fund's net assets. 

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **COMMON STOCKS — (19.4)%** | **COMMON STOCKS — (19.4)%** |  |
|  **Communication Services — (1.2)%** |  |  |
|  Boston Omaha Corp. - Class A  | (12223) | $(163055) |
|  Clear Channel Outdoor Holdings, Inc.  | (193522) | (239967) |
|  CTC Communications Group, Inc. <sup>(a)</sup>  | (98900) | 0 |
|  Grindr, Inc.  | (13230) | (206917) |
|  Ibotta, Inc. - Class A  | (4462) | (120206) |
|  Telesat Corp.  | (11795) | (244511) |
|  |  | (974656) |
|  **Consumer Discretionary — (4.2)%** |  |  |
|  Acushnet Holdings Corp.  | (3717) | (284908) |
|  Brunello Cucinelli SpA  | (1633) | (188896) |
|  Brunswick Corp.  | (4105) | (261037) |
|  Cava Group, Inc.  | (2189) | (147867) |
|  First Watch Restaurant Group, Inc.  | (16068) | (302721) |
|  Five Below, Inc.  | (2189) | (317624) |
|  Floor & Decor Holdings, Inc. - Class A  | (3821) | (313016) |
|  Goodyear Tire & Rubber Co.  | (19335) | (163961) |
|  Groupon, Inc.  | (14117) | (368454) |
|  Kura Sushi USA, Inc. - Class A  | (2278) | (193186) |
|  Petco Health & Wellness Co., Inc.  | (27594) | (110100) |
|  Qsound Labs, Inc. <sup>(a)</sup>  | (4440) | 0 |
|  QuantumScape Corp.  | (26231) | (208012) |
|  Rivian Automotive, Inc. - Class A  | (25905) | (351531) |
|  Shake Shack, Inc. - Class A  | (2145) | (227370) |
|  |  | (3438683) |
|  **Consumer Staples — (1.9)%** |  |  |
|  Amish Naturals, Inc. <sup>(a)</sup>  | (25959) | 0 |
|  Brown-Forman Corp. - Class B  | (6839) | (204760) |
|  Costco Wholesale Corp.  | (279) | (263186) |
|  Hershey Co.  | (1535) | (282056) |
|  Mama's Creations, Inc.  | (34272) | (273491) |
|  Marzetti Co.  | (1374) | (250892) |
|  Westrock Coffee Co.  | (43471) | (235178) |
|  |  | (1509563) |
|  **Energy — (0.3)%** |  |  |
|  Beard Co. <sup>(a)</sup>  | (9710) | 0 |
|  Calumet, Inc.  | (17024) | (277491) |
|  |  | (277491) |
|  **Financials — (1.1)%** |  |  |
|  Bakkt Holdings, Inc.  | (17111) | (150063) |
|  Commonwealth Bank of Australia  | (2560) | (284539) |
|  Nelnet, Inc. - Class A  | (1260) | (162049) |
|  Remitly Global, Inc.  | (13616) | (252305) |
|  |  | (848956) |
|  **Health Care — (1.8)%** |  |  |
|  AirSculpt Technologies, Inc.  | (31240) | (201498) |
|  ARS Pharmaceuticals, Inc.  | (10924) | (126937) |
|  BodyTel Scientific, Inc. <sup>(a)</sup>  | (4840) | 0 |
|  CareView Communications, Inc.  | (165489) | (2482) |
|  Establishment Labs Holdings, Inc.  | (5919) | (244277) |
|  Hims & Hers Health, Inc.  | (4257) | (180284) |
|  PROCEPT BioRobotics Corp.  | (5311) | (213343) |
|  Stevanato Group SpA  | (13054) | (300373) |
|  **Health Care — (1.8)% (continued)** |  |  |
|  TG Therapeutics, Inc.  | (6390) | $(187419) |
|  |  | (1456613) |
|  **Industrials — (2.7)%** |  |  |
|  Ameresco, Inc. - Class A  | (6243) | (158760) |
|  Applied Energetics, Inc.  | (59611) | (94483) |
|  Corporate Resource Services, Inc. <sup>(a)</sup>  | (218896) | (22) |
|  Driven Brands Holdings, Inc.  | (14133) | (260330) |
|  DynaMotive Energy Systems Corp. <sup>(a)</sup>  | (72185) | (7) |
|  Ener1, Inc. <sup>(a)</sup>  | (102820) | (10) |
|  FTAI Infrastructure, Inc.  | (30307) | (145474) |
|  Hertz Global Holdings, Inc.  | (43417) | (248779) |
|  KULR Technology Group, Inc.  | (12189) | (57286) |
|  Limbach Holdings, Inc.  | (1577) | (180661) |
|  NANO Nuclear Energy, Inc.  | (5702) | (185543) |
|  Redwire Corp.  | (23204) | (206748) |
|  Richtech Robotics, Inc. - Class B  | (148074) | (450885) |
|  Sky Harbour Group Corp.  | (19863) | (209356) |
|  Valence Technology, Inc. <sup>(a)</sup>  | (27585) | (3) |
|  |  | (2198347) |
|  **Information Technology — (4.9)%** |  |  |
|  Amplitude, Inc. - Class A  | (14999) | (171439) |
|  ANTs software, Inc. <sup>(a)</sup>  | (10334) | (1) |
|  Atomera, Inc.  | (50817) | (166680) |
|  BigBear.ai Holdings, Inc.  | (53028) | (268852) |
|  Consygen, Inc. <sup>(a)</sup>  | (200) | 0 |
|  D-Wave Quantum, Inc.  | (32668) | (510274) |
|  Entegris, Inc.  | (2700) | (226098) |
|  Evolv Technologies Holdings, Inc.  | (58458) | (481694) |
|  Interliant, Inc. <sup>(a)</sup>  | (600) | 0 |
|  IonQ, Inc.  | (14174) | (605797) |
|  Lightwave Logic, Inc.  | (59044) | (198388) |
|  MicroVision, Inc.  | (156541) | (180022) |
|  Nestor, Inc. <sup>(a)</sup>  | (15200) | (1) |
|  NextNav, Inc.  | (27226) | (484895) |
|  Samsara, Inc. - Class A  | (4574) | (165304) |
|  SoundHound AI, Inc. - Class A  | (23581) | (307025) |
|  Sprout Social, Inc. - Class A  | (8093) | (127788) |
|  Tiger Telematics, Inc. <sup>(a)</sup>  | (6510) | 0 |
|  Tucows, Inc. - Class A  | (5974) | (109205) |
|  Uni-Pixel, Inc. <sup>(a)</sup>  | (19665) | (2) |
|  Worldgate Communications, Inc. <sup>(a)</sup>  | (582655) | (58) |
|  XRiver Corp. <sup>(a)</sup>  | (34156) | 0 |
|  |  | (4003523) |
|  **Materials — (1.3)%** |  |  |
|  PureCycle Technologies, Inc.  | (30719) | (438974) |
|  TMC the metals co, Inc.  | (116149) | (622559) |
|  |  | (1061533) |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Proceeds $17,994,884)  |  | (15769365) |
|  TOTAL SECURITIES SOLD SHORT — (19.4)% (Proceeds $17,994,884)  |  | $(15769365) |

---

Percentages are stated as a percent of net assets.

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

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 August 31, 2025. 

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

**BOSTON PARTNERS LONG/SHORT EQUITY FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $72305077 | $3979947 | $— | $76285024 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 7324416 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3622 |  |  | 3622 |
|  Total Investments | $72308699 | $3979947 | $— | $83613062 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(15295826) | $(473435) | $(104) | $(15769365) |
|  Total Investments | $(15295826) | $(473435) | $(104) | $(15769365) |

---

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.

<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.

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |  |
|  **Communication Services — 3.2%** |  |  |
|  Alphabet, Inc. - Class A <sup>(a)</sup>  | 27480 | $5850767 |
|  Deutsche Telekom AG  | 46494 | 1701456 |
|  Informa PLC  | 234647 | 2764038 |
|  Omnicom Group, Inc.  | 28484 | 2231152 |
|  T-Mobile US, Inc. <sup>(a)</sup>  | 6958 | 1753346 |
|  Walt Disney Co.  | 25439 | 3011469 |
|  |  | 17312228 |
|  **Consumer Discretionary — 9.2%** |  |  |
|  Abercrombie & Fitch Co. - Class A <sup>(b)</sup>  | 11114 | 1039492 |
|  Aptiv PLC <sup>(b)</sup>  | 32852 | 2612720 |
|  AutoNation, Inc. <sup>(b)</sup>  | 8753 | 1917607 |
|  AutoZone, Inc. <sup>(b)</sup>  | 741 | 3111111 |
|  Best Buy Co., Inc.  | 14877 | 1095542 |
|  Booking Holdings, Inc.  | 984 | 5509465 |
|  Boyd Gaming Corp.  | 46474 | 3990258 |
|  Darden Restaurants, Inc.  | 7270 | 1504454 |
|  eBay, Inc.  | 17600 | 1594736 |
|  Flutter Entertainment PLC <sup>(b)</sup>  | 16231 | 4983161 |
|  Frontdoor, Inc. <sup>(a)(b)</sup>  | 109738 | 6666583 |
|  Home Depot, Inc., (The)  | 4008 | 1630334 |
|  Lennar Corp. - Class A  | 21364 | 2844403 |
|  Lowe's Cos., Inc.  | 4686 | 1209269 |
|  Restaurant Brands International, Inc.  | 13172 | 834183 |
|  RH <sup>(b)</sup>  | 4653 | 1050043 |
|  Ross Stores, Inc.  | 14154 | 2082903 |
|  TJX Cos., Inc. <sup>(a)</sup>  | 20286 | 2771270 |
|  Wyndham Hotels & Resorts, Inc.  | 32752 | 2836651 |
|  |  | 49284185 |
|  **Consumer Staples — 5.8%** |  |  |
|  BJ's Wholesale Club Holdings, Inc. <sup>(b)</sup>  | 19719 | 1926152 |
|  Coca-Cola Co., (The)  | 46787 | 3227835 |
|  Coca-Cola Consolidated, Inc.  | 16700 | 1957908 |
|  Coca-Cola Europacific Partners PLC  | 20771 | 1845711 |
|  Kenvue, Inc.  | 55004 | 1139133 |
|  Kerry Group PLC - Class A  | 8391 | 768314 |
|  Lamb Weston Holdings, Inc.  | 10868 | 625236 |
|  Maplebear, Inc. <sup>(b)</sup>  | 38291 | 1660681 |
|  Nomad Foods Ltd.  | 57467 | 893037 |
|  Philip Morris International, Inc.  | 22412 | 3745717 |
|  Primo Brands Corp.  | 83772 | 2103515 |
|  Sysco Corp.  | 40355 | 3247367 |
|  Toyo Suisan Kaisha Ltd.  | 16210 | 1115015 |
|  US Foods Holding Corp. <sup>(a)(b)</sup>  | 63006 | 4889266 |
|  Walmart, Inc.  | 22815 | 2212599 |
|  |  | 31357486 |
|  **Energy — 1.5%** |  |  |
|  Energy Transfer LP  | 113373 | 2008969 |
|  Enterprise Products Partners LP <sup>(a)</sup>  | 54401 | 1748448 |
|  Marathon Petroleum Corp. <sup>(a)</sup>  | 9504 | 1707964 |
|  Permian Resources Corp.  | 77428 | 1106446 |
|  Saipem SpA  | 508004 | 1427501 |
|  |  | 7999328 |
|  **Financials — 19.8%** |  |  |
|  AIB Group PLC  | 106613 | 866221 |
|  Allstate Corp.  | 12599 | 2563267 |
|  **Financials — 19.8% (continued)** |  |  |
|  American Express Co.  | 5448 | $1804813 |
|  Ameriprise Financial, Inc. <sup>(a)</sup>  | 6095 | 3137767 |
|  Aon PLC - Class A  | 11269 | 4135723 |
|  Apollo Global Management, Inc.  | 10691 | 1456435 |
|  Arthur J Gallagher & Co.  | 7752 | 2346918 |
|  Bank of America Corp. <sup>(a)</sup>  | 115626 | 5866863 |
|  Beazley PLC  | 199133 | 2108080 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)(b)</sup>  | 4470 | 2248321 |
|  Blue Owl Capital, Inc. - Class A  | 58444 | 1082383 |
|  Brown & Brown, Inc.  | 14438 | 1399764 |
|  Capital One Financial Corp.  | 5766 | 1310151 |
|  Charles Schwab Corp.  | 19132 | 1833611 |
|  Chubb Ltd.  | 11399 | 3135523 |
|  Corpay, Inc. <sup>(b)</sup>  | 10521 | 3426374 |
|  Danske Bank AS  | 19909 | 819419 |
|  East West Bancorp, Inc. <sup>(a)</sup>  | 19492 | 2049389 |
|  Equitable Holdings, Inc.  | 14635 | 779460 |
|  Evercore, Inc. - Class A  | 5707 | 1835086 |
|  Everest Group Ltd.  | 7521 | 2571279 |
|  Fidelity National Information Services, Inc.  | 32466 | 2266451 |
|  Fifth Third Bancorp <sup>(a)</sup>  | 32509 | 1487937 |
|  First American Financial Corp.  | 15516 | 1024056 |
|  Goldman Sachs Group, Inc. <sup>(a)</sup>  | 1457 | 1085829 |
|  Hiscox Ltd.  | 129728 | 2287163 |
|  Huntington Bancshares, Inc. <sup>(a)</sup>  | 119211 | 2123148 |
|  ING Groep NV  | 77616 | 1853089 |
|  Intercontinental Exchange, Inc.  | 6888 | 1216421 |
|  JPMorgan Chase & Co. <sup>(a)</sup>  | 26083 | 7861938 |
|  Lancashire Holdings Ltd.  | 146637 | 1210975 |
|  LPL Financial Holdings, Inc.  | 10615 | 3868955 |
|  M&T Bank Corp.  | 9400 | 1895604 |
|  Markel Group, Inc. <sup>(a)(b)</sup>  | 1633 | 3199145 |
|  Morgan Stanley <sup>(a)</sup>  | 9081 | 1366509 |
|  NatWest Group PLC  | 226175 | 1561100 |
|  Nordea Bank Abp  | 111953 | 1711549 |
|  Progressive Corp.  | 8373 | 2068633 |
|  Renaissance Holdings Ltd.  | 9208 | 2237452 |
|  Shift4 Payments, Inc. - Class A <sup>(b)</sup>  | 17064 | 1543098 |
|  SLM Corp. <sup>(a)</sup>  | 26453 | 827450 |
|  Sumitomo Mitsui Financial Group, Inc.  | 22700 | 618248 |
|  Synchrony Financial <sup>(a)</sup>  | 18919 | 1444276 |
|  Travelers Cos., Inc.  | 6145 | 1668429 |
|  United Overseas Bank Ltd.  | 20400 | 558688 |
|  Visa, Inc. - Class A  | 4698 | 1652662 |
|  Voya Financial, Inc.  | 7006 | 526081 |
|  Wells Fargo & Co. <sup>(a)</sup>  | 86373 | 7098133 |
|  WEX, Inc. <sup>(b)</sup>  | 11554 | 1979778 |
|  White Mountains Insurance Group Ltd.  | 1047 | 1916198 |
|  |  | 106935842 |
|  **Health Care — 10.5%** |  |  |
|  Abbott Laboratories <sup>(a)</sup>  | 15327 | 2033280 |
|  AbbVie, Inc. <sup>(a)</sup>  | 33709 | 7092374 |
|  Amgen, Inc.  | 10964 | 3154452 |
|  AstraZeneca PLC  | 14474 | 2307376 |
|  Bristol-Myers Squibb Co.  | 4430 | 209007 |
|  Cencora, Inc.  | 5891 | 1717874 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care — 10.5% (continued)** |  |  |
|  Cigna Group <sup>(a)</sup>  | 1532 | $460933 |
|  CVS Health Corp.  | 35671 | 2609334 |
|  DaVita, Inc. <sup>(b)</sup>  | 4355 | 599945 |
|  Elevance Health, Inc. <sup>(a)</sup>  | 1670 | 532145 |
|  Grifols SA  | 53921 | 763167 |
|  HCA Healthcare, Inc.  | 6246 | 2523134 |
|  Humana, Inc.  | 1886 | 572703 |
|  ICON PLC <sup>(b)</sup>  | 7171 | 1276008 |
|  Ipsen SA  | 5010 | 681146 |
|  IQVIA Holdings, Inc. <sup>(b)</sup>  | 4140 | 789953 |
|  Johnson & Johnson  | 23074 | 4088021 |
|  McKesson Corp.  | 3543 | 2432766 |
|  Medtronic PLC  | 21548 | 1999870 |
|  Merck & Co., Inc.  | 2445 | 205673 |
|  Molina Healthcare, Inc. <sup>(a)(b)</sup>  | 903 | 163289 |
|  Novartis AG - ADR  | 17570 | 2223483 |
|  Novo Nordisk AS  | 20421 | 1153979 |
|  Pfizer, Inc.  | 3288 | 81411 |
|  QIAGEN NV  | 22958 | 1067547 |
|  Quest Diagnostics, Inc.  | 13014 | 2363863 |
|  Sandoz Group AG  | 26510 | 1663491 |
|  Sanofi SA  | 1123 | 111416 |
|  Stryker Corp.  | 699 | 273596 |
|  Tenet Healthcare Corp. <sup>(b)</sup>  | 14503 | 2673338 |
|  UCB SA  | 13299 | 3119679 |
|  UnitedHealth Group, Inc.  | 11952 | 3703566 |
|  Universal Health Services, Inc. - Class B  | 8555 | 1553417 |
|  Zimmer Biomet Holdings, Inc.  | 1649 | 174959 |
|  |  | 56376195 |
|  **Industrials — 21.3%** |  |  |
|  3M Co.  | 16752 | 2605439 |
|  Acuity, Inc.  | 6684 | 2182125 |
|  AECOM Technology Corp.  | 28425 | 3549998 |
|  Airbus Group SE  | 16994 | 3552936 |
|  Allegion PLC  | 17960 | 3049608 |
|  AMETEK, Inc. <sup>(a)</sup>  | 8553 | 1580594 |
|  ANDRITZ AG  | 14222 | 1001282 |
|  Brink's Co.  | 41619 | 4662993 |
|  Builders FirstSource, Inc. <sup>(b)</sup>  | 24084 | 3339969 |
|  Canadian Pacific Kansas City Ltd.  | 24047 | 1832141 |
|  Carrier Global Corp.  | 26357 | 1718476 |
|  CH Robinson Worldwide, Inc.  | 24283 | 3125222 |
|  Cummins, Inc.  | 3935 | 1567861 |
|  Curtiss-Wright Corp.  | 3728 | 1782543 |
|  Delta Air Lines, Inc.  | 14401 | 889694 |
|  DNOW, Inc. <sup>(b)</sup>  | 95603 | 1529648 |
|  Emerson Electric Co.  | 7354 | 970728 |
|  Equifax, Inc.  | 11829 | 2913483 |
|  Expeditors International of Washington, Inc.  | 16892 | 2036162 |
|  FedEx Corp.  | 7970 | 1841628 |
|  Ferguson Enterprises, Inc.  | 7649 | 1768066 |
|  Flowserve Corp.  | 44067 | 2364635 |
|  Herc Holdings, Inc.  | 15502 | 2027507 |
|  HNI Corp.  | 37451 | 1683048 |
|  Honeywell International, Inc.  | 10568 | 2319676 |
|  Howmet Aerospace, Inc. <sup>(a)</sup>  | 16845 | 2932714 |
|  **Industrials — 21.3% (continued)** |  |  |
|  Huron Consulting Group, Inc. <sup>(b)</sup>  | 17704 | $2424740 |
|  IMI PLC  | 67588 | 2076950 |
|  Jacobs Solutions, Inc.  | 36772 | 5377170 |
|  KBR, Inc.  | 54980 | 2774291 |
|  L3Harris Technologies, Inc.  | 16561 | 4597665 |
|  Leidos Holdings, Inc. <sup>(a)</sup>  | 10066 | 1821141 |
|  Masco Corp. <sup>(a)</sup>  | 39710 | 2914317 |
|  Masterbrand, Inc. <sup>(a)(b)</sup>  | 254039 | 3228836 |
|  Matson, Inc.  | 8190 | 852169 |
|  Nordson Corp.  | 11364 | 2557923 |
|  Norfolk Southern Corp.  | 6428 | 1799711 |
|  Old Dominion Freight Line, Inc.  | 10119 | 1527665 |
|  Otis Worldwide Corp.  | 16108 | 1391409 |
|  Parker-Hannifin Corp. <sup>(a)</sup>  | 1634 | 1240778 |
|  Resideo Technologies, Inc. <sup>(a)(b)</sup>  | 95475 | 3250924 |
|  Rexel SA  | 57785 | 1870865 |
|  Siemens AG  | 4340 | 1203077 |
|  SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 32272 | 2861236 |
|  TriNet Group, Inc.  | 1487 | 107689 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 46950 | 4401563 |
|  UFP Industries, Inc.  | 16121 | 1627737 |
|  United Airlines Holdings, Inc. <sup>(b)</sup>  | 15841 | 1663305 |
|  Upwork, Inc. <sup>(a)(b)</sup>  | 209963 | 3231331 |
|  Westinghouse Air Brake Technologies Corp.  | 6624 | 1281744 |
|  |  | 114912412 |
|  **Information Technology — 10.4%** |  |  |
|  Adeia, Inc. <sup>(a)</sup>  | 131821 | 1982588 |
|  Applied Materials, Inc.  | 7396 | 1188981 |
|  Arrow Electronics, Inc. <sup>(a)(b)</sup>  | 8948 | 1130401 |
|  Broadcom, Inc.  | 16150 | 4802848 |
|  Capgemini SE  | 7433 | 1057196 |
|  CDW Corp.  | 14678 | 2418347 |
|  Celestica, Inc. <sup>(b)</sup>  | 16610 | 3234797 |
|  Check Point Software Technologies Ltd. <sup>(b)</sup>  | 7898 | 1525420 |
|  Dell Technologies, Inc. - Class C  | 10827 | 1322518 |
|  Flex Ltd. <sup>(a)(b)</sup>  | 89449 | 4796255 |
|  Gen Digital, Inc. <sup>(a)</sup>  | 98194 | 2965459 |
|  InterDigital, Inc.  | 11269 | 3061900 |
|  Jabil, Inc. <sup>(a)</sup>  | 9297 | 1904305 |
|  Keysight Technologies, Inc. <sup>(b)</sup>  | 12257 | 2003162 |
|  Lam Research Corp.  | 21538 | 2157031 |
|  Microchip Technology, Inc. <sup>(a)</sup>  | 29445 | 1913925 |
|  Micron Technology, Inc.  | 8986 | 1069424 |
|  NetApp, Inc.  | 17914 | 2020520 |
|  Nice Ltd. - ADR <sup>(b)</sup>  | 11005 | 1555557 |
|  NXP Semiconductors NV  | 6360 | 1493646 |
|  Oracle Corp. <sup>(a)</sup>  | 9563 | 2162481 |
|  Salesforce, Inc.  | 7730 | 1980812 |
|  Samsung Electronics Co., Ltd.  | 44971 | 2246742 |
|  Seagate Technology Holdings PLC  | 11857 | 1984862 |
|  Trimble, Inc. <sup>(b)</sup>  | 28734 | 2322282 |
|  Zebra Technologies Corp. - Class A <sup>(b)</sup>  | 5354 | 1697700 |
|  |  | 55999159 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Value** |
|  **Materials — 5.5%** |  |  |  |
|  CRH PLC  |  | 44223 | $4994988 |
|  DuPont de Nemours, Inc. <sup>(a)</sup>  |  | 41687 | 3206564 |
|  Endeavour Mining PLC  |  | 111054 | 3861236 |
|  Freeport-McMoRan, Inc.  |  | 30989 | 1375911 |
|  Kinross Gold Corp.  |  | 165794 | 3465095 |
|  Louisiana-Pacific Corp.  |  | 13048 | 1240995 |
|  Methanex Corp.  |  | 82166 | 2917715 |
|  Mosaic Co. <sup>(a)</sup>  |  | 93711 | 3129947 |
|  Reliance, Inc.  |  | 4841 | 1431290 |
|  Royal Gold, Inc.  |  | 9724 | 1746236 |
|  Smurfit WestRock PLC  |  | 25112 | 1189304 |
|  Wheaton Precious Metals Corp.  |  | 12992 | 1304657 |
|  |  |  | 29863938 |
|  **Real Estate — 3.5%** |  |  |  |
|  BXP, Inc.  |  | 27360 | 1983874 |
|  COPT Defense Properties  |  | 43399 | 1249023 |
|  Essex Property Trust, Inc.  |  | 4462 | 1205677 |
|  Extra Space Storage, Inc.  |  | 10672 | 1532286 |
|  Invitation Homes, Inc.  |  | 53223 | 1665348 |
|  Jones Lang LaSalle, Inc. <sup>(b)</sup>  |  | 8094 | 2473284 |
|  Kimco Realty Corp.  |  | 90115 | 2026686 |
|  Lamar Advertising Co. - Class A <sup>(a)</sup>  |  | 9384 | 1194114 |
|  Regency Centers Corp. <sup>(a)</sup>  |  | 20137 | 1459932 |
|  VICI Properties, Inc. <sup>(a)</sup>  |  | 83643 | 2825460 |
|  Weyerhaeuser Co.  |  | 45070 | 1165961 |
|  |  |  | 18781645 |
|  **Utilities — 7.8%** |  |  |  |
|  American Electric Power Co., Inc.  |  | 17020 | 1889560 |
|  CenterPoint Energy, Inc. <sup>(a)</sup>  |  | 85936 | 3240647 |
|  Enel SpA  |  | 266318 | 2457634 |
|  Entergy Corp.  |  | 42170 | 3714755 |
|  FirstEnergy Corp. <sup>(a)</sup>  |  | 71352 | 3112374 |
|  NextEra Energy, Inc.  |  | 28357 | 2043122 |
|  NiSource, Inc. <sup>(a)</sup>  |  | 83563 | 3532208 |
|  NRG Energy, Inc.  |  | 23275 | 3387909 |
|  OGE Energy Corp.  |  | 78166 | 3490894 |
|  PPL Corp. <sup>(a)</sup>  |  | 91592 | 3340360 |
|  Southern Co.  |  | 32265 | 2978059 |
|  SSE PLC  |  | 97998 | 2290062 |
|  Talen Energy Corp. <sup>(b)</sup>  |  | 11041 | 4183656 |
|  Vistra Energy Corp.  |  | 12789 | 2418528 |
|  |  |  | 42079768 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $362,770,195)  |  |  | 530902186 |
|  | **Par** | **Par** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |  |
|  **CONVERTIBLE NOTES — 0.2%** |  |  |  |
|  Andrada Mining Ltd., 12.00%, 07/31/2026 <sup>(c)</sup>  | GBP | 700000 | 913673 |
| &nbsp;&nbsp;&nbsp; TOTAL CONVERTIBLE NOTES (Cost $915,463)  |  |  | 913673 |
|  **MONEY MARKET FUNDS — 0.1%** |  |  |  |
|  BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Institutional Class, 4.15%<sup>(a)(d)</sup>  |  | 155344 | $155344 |
|  Federated Hermes U.S. Treasury Cash Reserves - Institutional Class, 4.12%<sup>(a)(d)</sup>  |  | 155344 | 155344 |
|  Fidelity Treasury Portfolio - Class I, 4.16%<sup>(a)(d)</sup>  |  | 2844 | 2844 |
|  Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Institutional Class, 4.11%<sup>(a)(d)</sup>  |  | 155344 | 155344 |
|  MSILF Treasury Securities Portfolio - Institutional Class, 4.10%<sup>(d)</sup>  |  | 152500 | 152500 |
| &nbsp;&nbsp;&nbsp; TOTAL MONEY MARKET FUNDS (Cost $621,376)  |  |  | 621376 |
|  TOTAL INVESTMENTS — 98.8% (Cost $364,307,034)  |  |  | 532437235 |
|  Other Assets in Excess of Liabilities — 1.2%  |  |  | 6404510 |
|  TOTAL NET ASSETS — 100.0%  |  |  | $538841745 |

---

Par amount is in USD unless otherwise indicated.

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

GBP - British Pound

<sup>(a)</sup> All or a portion of security has been pledged as collateral for securities sold short and contracts for difference. The fair value of assets committed as collateral as of August 31, 2025 is $128,490,728. 

<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 $913,673 or 0.2% of net assets as of August 31, 2025. 

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **COMMON STOCKS — (14.1)%** | **COMMON STOCKS — (14.1)%** |  |
|  **Communication Services — (0.6)%** |  |  |
|  Dentsu Group, Inc.  | (76600) | $(1512544) |
|  Lumen Technologies, Inc.  | (258578) | (1285133) |
|  TELUS Corp.  | (44835) | (739115) |
|  |  | (3536792) |
|  **Consumer Discretionary — (2.8)%** |  |  |
|  Birkenstock Holding PLC  | (12264) | (639322) |
|  CarMax, Inc.  | (15460) | (948471) |
|  Carvana Co.  | (2244) | (834588) |
|  Choice Hotels International, Inc.  | (15166) | (1813550) |
|  InterContinental Hotels Group PLC  | (4810) | (583893) |
|  LGI Homes, Inc.  | (40038) | (2478752) |
|  Lululemon Athletica, Inc.  | (4794) | (969347) |
|  MGM Resorts International  | (22810) | (905329) |
|  Moncler SpA  | (9634) | (560749) |
|  Nokian Renkaat Oyj  | (161656) | (1521055) |
|  On Holding AG - Class A  | (8524) | (384262) |
|  Rivian Automotive, Inc. - Class A  | (64412) | (874071) |
|  Shake Shack, Inc. - Class A  | (8157) | (864642) |
|  Wendy's Co. (The)  | (88836) | (942550) |
|  Whirlpool Corp.  | (6927) | (645250) |
|  |  | (14965831) |
|  **Consumer Staples — (2.1)%** |  |  |
|  Beiersdorf AG  | (9297) | (1070702) |
|  Boston Beer Co., Inc. Class A, (The) - Class A  | (1927) | (426040) |
|  Brown-Forman Corp. - Class B  | (48642) | (1456341) |
|  Church & Dwight Co., Inc.  | (9943) | (926290) |
|  Costco Wholesale Corp.  | (880) | (830122) |
|  Coty, Inc. Class A - Class A  | (228221) | (976786) |
|  Hershey Co.  | (9092) | (1670655) |
|  Hormel Foods Corp.  | (31089) | (790904) |
|  Kellanova  | (12624) | (1003608) |
|  Kikkoman Corp.  | (44900) | (385360) |
|  Kraft Heinz Co., (The)  | (36424) | (1018779) |
|  Lotus Bakeries NV  | (88) | (862973) |
|  |  | (11418560) |
|  **Energy — (0.4)%** |  |  |
|  Comstock Resources, Inc.  | (17100) | (275823) |
|  Dorchester Minerals LP  | (10974) | (276161) |
|  Occidental Petroleum Corp.  | (23379) | (1113074) |
|  PBF Energy, Inc. - Class A  | (14577) | (398244) |
|  |  | (2063302) |
|  **Financials — (1.8)%** |  |  |
|  Aozora Bank Ltd.  | (138300) | (2145598) |
|  Hang Seng Bank Ltd.  | (159100) | (2281331) |
|  Jack Henry & Associates, Inc.  | (5339) | (871645) |
|  Kinsale Capital Group, Inc.  | (2580) | (1180221) |
|  T Rowe Price Group, Inc.  | (16987) | (1828141) |
|  Trupanion, Inc.  | (8076) | (374403) |
|  United Bankshares, Inc.  | (26285) | (1007767) |
|  |  | (9689106) |
|  **Health Care — (0.9)%** |  |  |
|  10X Genomics, Inc. - Class A  | (38620) | $(541066) |
|  Ambu AS - Class B  | (21027) | (317869) |
|  Anavex Life Sciences Corp.  | (41636) | (401371) |
|  ARS Pharmaceuticals, Inc.  | (29770) | (345927) |
|  Carl Zeiss Meditec AG  | (9672) | (488635) |
|  Dexcom, Inc.  | (6643) | (500484) |
|  Hims & Hers Health, Inc.  | (9503) | (402452) |
|  Moderna, Inc.  | (15996) | (385344) |
|  Neogen Corp.  | (35596) | (204677) |
|  Omada Health, Inc.  | (29099) | (689355) |
|  Oxford Nanopore Technologies PLC  | (209272) | (512774) |
|  Recursion Pharmaceuticals, Inc. - Class A  | (65617) | (308400) |
|  |  | (5098354) |
|  **Industrials — (2.2)%** |  |  |
|  Arcosa, Inc.  | (8815) | (872244) |
|  Booz Allen Hamilton Holding Corp.  | (8655) | (940972) |
|  Husqvarna AB - Class B  | (223371) | (1267919) |
|  ICF International, Inc.  | (9502) | (933286) |
|  Kornit Digital Ltd.  | (17511) | (261614) |
|  Kuehne + Nagel International AG  | (3174) | (647064) |
|  Mitsui OSK Lines Ltd.  | (21800) | (699545) |
|  Proto Labs, Inc.  | (73336) | (3652866) |
|  SiteOne Landscape Supply, Inc.  | (6133) | (878491) |
|  Trex Co., Inc.  | (24367) | (1501738) |
|  |  | (11655739) |
|  **Information Technology — (1.1)%** |  |  |
|  Amdocs Ltd.  | (15323) | (1311189) |
|  Cognex Corp.  | (72120) | (3168953) |
|  Power Integrations, Inc.  | (37457) | (1689311) |
|  |  | (6169453) |
|  **Materials — (0.6)%** |  |  |
|  Axalta Coating Systems Ltd.  | (28429) | (888691) |
|  BASF SE  | (29692) | (1577276) |
|  Graphic Packaging Holding Co.  | (26404) | (588017) |
|  |  | (3053984) |
|  **Real Estate — (1.2)%** |  |  |
|  Mid-America Apartment Communities, Inc.  | (10308) | (1503112) |
|  Nomura Real Estate Master Fund, Inc.  | (1393) | (1524789) |
|  Segro PLC  | (148919) | (1263749) |
|  Unibail-Rodamco-Westfield  | (20008) | (2081637) |
|  |  | (6373287) |
|  **Utilities — (0.4)%** |  |  |
|  Verbund AG - Class A  | (30133) | (2148991) |
|  TOTAL COMMON STOCKS (Proceeds $84,872,656)  |  | (76173399) |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Schedule of Securities <br> Sold Short** | **Shares** | **Value** |
|  **PREFERRED STOCKS — (0.2)%** |  |  |
|  **Consumer Discretionary — (0.2)%** |  |  |
|  Dr Ing hc F Porsche AG, 0.00%<sup>(a)</sup>  | (20347) | $(1079263) |
| &nbsp;&nbsp;&nbsp; TOTAL PREFERRED STOCKS (Proceeds $1,681,991)  |  | (1079263) |
|  TOTAL SECURITIES SOLD SHORT — (14.3)% (Proceeds $86,554,647)  |  | $(77252662) |

---

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.

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 August 31, 2025, the value of these securities total $(1079263) or -0.2% of the Fund's net assets. 

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

Contracts For Difference held by the Fund at August 31, 2025, 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 + (3.00)% | Termination | 12/10/2025 |  | $(804253) | $(220594) |
|  Acer, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (2.25)% | Termination | 12/29/2027 |  | (228129) | 38168 |
|  Acushnet Holdings Corp. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 10/06/2027 |  | (257697) | (38726) |
|  Acushnet Holdings Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1457576) | (201449) |
|  Amcor PLC | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1074953) | 188058 |
|  American Airlines Group, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1169313) | (69333) |
|  Ascendis Pharma AS | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (702869) | (176384) |
|  Bank of Hawaii Corp. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 03/04/2026 |  | (953271) | (53482) |
|  Bank of Hawaii Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (1354771) | 226924 |
|  Bank of Hawaii Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (106267) | (12980) |
|  Becle SAB de CV | J.P. Morgan Securities, Inc. | Pay | OBFR + (1.64)% | Termination | 08/24/2028 |  | (819798) | (54707) |
|  BlackLine, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (922931) | 272850 |
|  BlackLine, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (424793) | (73874) |
|  Blackstone, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2285448) | (103762) |
|  Caris Life Sciences, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (6.83)% | Termination | 08/24/2028 |  | (827842) | (5042) |
|  Cincinnati Financial Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1068442) | (133502) |
|  Commonwealth Bank of Australia | Morgan Stanley | Pay | RBA + (0.55)% | Termination | 12/04/2025 | AUD | (242848) | (26057) |
|  Commonwealth Bank of Australia | Morgan Stanley | Pay | RBA + (0.55)% | Termination | 12/10/2025 | AUD | (4010224) | (1040992) |
|  Compal Electronics, Inc. | Goldman Sachs | Pay | EFFR + (0.50)% | Termination | 12/10/2025 |  | (740782) | (137762) |
|  Corcept Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (529105) | (257976) |
|  Cracker Barrel Old Country Store, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.46)% | Termination | 08/24/2028 |  | (982783) | (81568) |
|  Cullen/Frost Bankers, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 04/08/2026 |  | (601796) | (115767) |
|  Cullen/Frost Bankers, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (260383) | 12463 |
|  Cullen/Frost Bankers, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (54580) | (9325) |
|  CVB Financial Corp. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 10/08/2026 |  | (931576) | (162490) |
|  CVB Financial Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (12662) | (3368) |
|  CVB Financial Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (43461) | (7597) |
|  Dayforce, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 04/09/2028 |  | (164797) | (36474) |
|  Dayforce, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (724631) | 25167 |
|  Dayforce, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (168704) | (36826) |
|  Dick's Sporting Goods, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1248923) | 63715 |
|  Digital Realty Trust, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1426784) | (13521) |
|  Dollar General Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1009619) | 35744 |
|  Ecopro BM Co. Ltd. | Morgan Stanley | Pay | EFFR + (13.38)% | Termination | 12/04/2025 |  | (395355) | 422805 |
|  Ecopro Co. Ltd. | Goldman Sachs | Pay | EFFR + (4.50)% | Termination | 11/01/2026 |  | (219033) | 298973 |
|  EcoPro Co., Ltd. | Bank of America | Pay | EFFR + (9.00)% | Termination | 10/25/2026 |  | (158470) | 343487 |
|  Entegris, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 04/09/2028 |  | (587185) | (114376) |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Entegris, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | $(788496) | $206367 |
|  EQT AB | J.P. Morgan Securities, Inc. | Pay | STIBOR + (0.30)% | Termination | 08/27/2028 | SEK | (24185560) | (27871) |
|  Erie Indemnity Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (334889) | 139340 |
|  First Financial Bankshares, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 03/04/2026 |  | (1805273) | (190256) |
|  First Financial Bankshares, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (587546) | 15715 |
|  First Financial Bankshares, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (110135) | (15209) |
|  Floor & Decor Holdings, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 04/15/2026 |  | (222085) | 73720 |
|  Floor & Decor Holdings, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (241418) | (2415) |
|  Fortis, Inc./Canada | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1823568) | 37380 |
|  Fox Factory Holding Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (914101) | 8458 |
|  Fuji Media Holdings, Inc. | J.P. Morgan Securities, Inc. | Pay | MUTAN + (1.25)% | Termination | 08/30/2028 | JPY | (220579200) | (16586) |
|  Glacier Bancorp, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 03/04/2026 |  | (2002715) | (496513) |
|  Glacier Bancorp, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (1041144) | 201145 |
|  Glacier Bancorp, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/12/2025 |  | (140127) | (28598) |
|  GRAIL, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.83)% | Termination | 08/24/2028 |  | (386135) | 4599 |
|  Greif, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2021018) | 53170 |
|  Hayward Holdings, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2133752) | 370 |
|  Hinge Health, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.58)% | Termination | 08/24/2028 |  | (771661) | (324) |
|  Hyatt Hotels Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1577558) | (81479) |
|  Infosys Ltd. | Morgan Stanley | Pay | EFFR + (1.53)% | Termination | 08/25/2027 |  | (1548416) | 444630 |
|  KB Home | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (2051330) | 270321 |
|  Kimberly-Clark Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1067730) | 64703 |
|  Kinsale Capital Group, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 09/23/2026 |  | (159650) | (1310) |
|  Kinsale Capital Group, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (147299) | (42546) |
|  Lemonade, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.58)% | Termination | 08/24/2028 |  | (787205) | 48461 |
|  Liberty Global Ltd. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1674577) | 614704 |
|  Madrigal Pharmaceuticals, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (750913) | (305823) |
|  Moelis & Co. | HSBC Bank | Pay | SOFR + (0.15)% | Termination | 05/21/2028 |  | (369420) | (55602) |
|  Moelis & Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (2139359) | (365997) |
|  Montrose Environmental Group, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1440035) | (99711) |
|  National Beverage Corp. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 12/17/2025 |  | (106555) | 29836 |
|  National Beverage Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (599885) | 154976 |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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)** |
|  Northrop Grumman Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | $(1220203) | $(171021) |
|  Novanta, Inc. | Goldman Sachs | Pay | EFFR + (0.25)% | Termination | 09/02/2026 |  | (2318305) | 534123 |
|  Novanta, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (389624) | 173082 |
|  Pan Jit International, Inc. | Goldman Sachs | Pay | EFFR + (3.50)% | Termination | 12/10/2025 |  | (1931821) | (301777) |
|  Pan Jit International, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (3.25)% | Termination | 04/19/2028 |  | (366561) | (167305) |
|  POSCO Future M Co. Ltd. | J.P. Morgan Securities, Inc. | Pay | OBFR + (23.75)% | Termination | 05/03/2028 |  | (188739) | (33128) |
|  Posco Future M Co., Ltd. | Bank of America | Pay | EFFR + (15.00)% | Termination | 10/25/2026 |  | (892469) | 1133878 |
|  QuantumScape Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (787608) | (5769) |
|  Regal Rexnord Corp. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (598963) | (21836) |
|  Rhythm Pharmaceuticals, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (629937) | (348418) |
|  RLI Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 12/10/2025 |  | (904873) | (198) |
|  Sagax AB | Goldman Sachs | Pay | STIBOR + (0.40)% | Termination | 01/16/2028 | SEK | (11259215) | 54460 |
|  Sagax AB | Morgan Stanley | Pay | STIBOR + (0.55)% | Termination | 08/29/2027 | SEK | (5177685) | 199238 |
|  SDI Corp. | Goldman Sachs | Pay | EFFR + (5.50)% | Termination | 12/10/2025 |  | (421204) | (11170) |
|  Service Corp. International/US | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (2134203) | 56952 |
|  Shenzhen Goodix Technology Co. Ltd. | Bank of America | Pay | EFFR + (17.50)% | Termination | 04/12/2028 |  | (190406) | (44675) |
|  Shenzhen Goodix Technology Co. Ltd. | Morgan Stanley | Pay | EFFR + (7.45)% | Termination | 08/08/2026 |  | (88856) | (21834) |
|  Shenzhen Goodix Technology Co., Ltd. | Morgan Stanley | Pay | EFFR + (7.45)% | Termination | 08/05/2026 |  | (1225519) | (345547) |
|  Simpson Manufacturing Co., Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1345676) | (15724) |
|  SL Green Realty Corp. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (2171150) | 214401 |
|  Spirax Group PLC | J.P. Morgan Securities, Inc. | Pay | SONIA + (0.30)% | Termination | 08/30/2028 | GBP | (929894) | (7774) |
|  Stora Enso Oyj | J.P. Morgan Securities, Inc. | Pay | EUSTR + (0.30)% | Termination | 08/27/2028 | EUR | (1102669) | 3055 |
|  Swiss Re AG | J.P. Morgan Securities, Inc. | Pay | SARON + (0.30)% | Termination | 08/27/2028 | CHF | (769564) | 19869 |
|  Telia Co. AB | J.P. Morgan Securities, Inc. | Pay | STIBOR + (0.30)% | Termination | 08/27/2028 | SEK | (12348681) | 22119 |
|  Tetra Tech, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (607923) | (9622) |
|  Texas Capital Bancshares, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1704477) | (25895) |
|  TG Therapeutics, Inc. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (420064) | (55462) |
|  Tractor Supply Co. | Morgan Stanley | Pay | EFFR + (0.25)% | Termination | 08/25/2027 |  | (1250949) | (151829) |
|  Treasury Wine Estates Ltd. | Goldman Sachs | Pay | RBA + (0.50)% | Termination | 01/16/2028 | AUD | (205044) | 48856 |
|  Treasury Wine Estates Ltd. | Morgan Stanley | Pay | RBA + (0.55)% | Termination | 08/29/2027 | AUD | (749010) | 243665 |
|  United Natural Foods, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 |  | (1008352) | (40277) |

---

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Entity** | **Counterparty** | **Pay/ <br> Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
|  United Parks & Resorts, Inc. | J.P. Morgan Securities, Inc. | Pay | OBFR + (0.25)% | Termination | 08/24/2028 | $(1695284) | $(40267) |
|  VAT Group AG | Morgan Stanley | Pay | SARON + (0.45)% | Termination | 12/10/2025 CHF | (760151) | 220052 |
|  VAT Group AG | Morgan Stanley | Pay | SARON + (0.45)% | Termination | 12/12/2025 CHF | (869678) | 179371 |
|  Zurich Insurance Group AG | J.P. Morgan Securities, Inc. | Pay | SARON + (0.30)% | Termination | 08/27/2028 CHF | (908158) | 22083 |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  |  |  | 683751 |

---

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2025.

Notional Amount is in USD unless otherwise indicated.

EFFR - Effective Federal Funds Rate was 4.33% as of August 31, 2025.

EUSTR - Euro Short-Term Rate was 1.92% as of August 31, 2025.

MUTAN - Bank of Japan Uncollateralized Overnight Call Rate was 0.48% as of August 31, 2025.

OBFR - Overnight Bank Funding Rate was 4.33% as of August 31, 2025.

RBA - Reserve Bank of Australia Cash Rate was 3.59% as of August 31, 2025.

SARON - Swiss Average Rate Overnight was (0.05)% as of August 31, 2025.

SOFR - Secured Overnight Financing Rate was 4.34% as of August 31, 2025.

SONIA - Sterling Overnight Index Average was 3.97% as of August 31, 2025.

STIBOR - Stockholm Interbank Offered Rate was 2.00% as of August 31, 2025.

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

**BOSTON PARTNERS LONG/SHORT RESEARCH FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $478202146 | $52700040 | $— | $530902186 |
| &nbsp;&nbsp;&nbsp; Convertible Notes |  |  | 913673 | 913673 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 621376 |  |  | 621376 |
|  Total Investments | $478823522 | $52700040 | $913673 | $532437235 |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contracts for Difference\* | $— | $7421453 | $— | $7421453 |
|  Total Other Financial Instruments | $— | $7421453 | $— | $7421453 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $(52718946) | $(23454453) | $— | $(76173399) |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | (1079263) |  | (1079263) |
|  Total Investments | $(52718946) | $(24533716) | $— | $(77252662) |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Contracts for Difference\* | $— | $(6737702) | $— | $(6737702) |
|  Total Other Financial Instruments | $— | $(6737702) | $— | $(6737702) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.

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 AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.5%** | **COMMON STOCKS — 96.5%** |  |
|  **Communication Services — 3.5%** |  |  |
|  Cargurus, Inc. <sup>(a)</sup>  | 108972 | $3770431 |
|  EverQuote, Inc. - Class A <sup>(a)</sup>  | 145419 | 3380992 |
|  Magnite, Inc. <sup>(a)(b)</sup>  | 476806 | 12373116 |
|  Stagwell, Inc. <sup>(a)</sup>  | 515710 | 2908604 |
|  |  | 22433143 |
|  **Consumer Discretionary — 18.0%** |  |  |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 59979 | 5609836 |
|  Academy Sports & Outdoors, Inc. <sup>(b)</sup>  | 96766 | 5181819 |
|  Adtalem Global Education, Inc. <sup>(a)</sup>  | 29947 | 3921560 |
|  Bath & Body Works, Inc.  | 79466 | 2321202 |
|  Beazer Homes USA, Inc. <sup>(a)</sup>  | 169547 | 4265803 |
|  Boyd Gaming Corp. <sup>(b)</sup>  | 33713 | 2894598 |
|  Build-A-Bear Workshop, Inc. <sup>(b)</sup>  | 74908 | 4555155 |
|  Carriage Services, Inc.  | 138284 | 6054074 |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 7475 | 3965413 |
|  Frontdoor, Inc. <sup>(a)</sup>  | 86812 | 5273829 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 26672 | 5376275 |
|  Group 1 Automotive, Inc.  | 13930 | 6474385 |
|  Installed Building Products, Inc. <sup>(b)</sup>  | 17339 | 4539697 |
|  Kontoor Brands, Inc. <sup>(b)</sup>  | 66110 | 5106997 |
|  Laureate Education, Inc. <sup>(a)</sup>  | 262556 | 7215039 |
|  LCI Industries <sup>(b)</sup>  | 34541 | 3641312 |
|  Lear Corp.  | 31409 | 3454990 |
|  Legacy Housing Corp. <sup>(a)</sup>  | 83667 | 2338074 |
|  Modine Manufacturing Co. <sup>(a)(b)</sup>  | 27335 | 3721114 |
|  Murphy USA, Inc.  | 10480 | 3945720 |
|  Perdoceo Education Corp.  | 105918 | 3467755 |
|  Steven Madden Ltd. <sup>(b)</sup>  | 94083 | 2732170 |
|  Taylor Morrison Home Corp. <sup>(a)</sup>  | 63935 | 4307301 |
|  Universal Technical Institute, Inc. <sup>(a)</sup>  | 99428 | 2643791 |
|  Urban Outfitters, Inc. <sup>(a)</sup>  | 54275 | 3640767 |
|  Wolverine World Wide, Inc.  | 168335 | 5376620 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 35806 | 3101158 |
|  |  | 115126454 |
|  **Consumer Staples — 3.5%** |  |  |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 51640 | 2119822 |
|  Coca-Cola Consolidated, Inc.  | 24024 | 2816574 |
|  Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup>  | 169467 | 4477318 |
|  Ingredion, Inc.  | 44216 | 5727741 |
|  PriceSmart, Inc.  | 37844 | 4059147 |
|  Simply Good Foods Co. <sup>(a)</sup>  | 121888 | 3489653 |
|  |  | 22690255 |
|  **Energy — 4.1%** |  |  |
|  Archrock, Inc.  | 139223 | 3447162 |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 313420 | 2933611 |
|  South Bow Corp.  | 157401 | 4366304 |
|  Tidewater, Inc. <sup>(a)</sup>  | 64252 | 3867970 |
|  Viper Energy, Inc. - Class A  | 172111 | 6857763 |
|  World Kinect Corp.  | 184563 | 4948134 |
|  |  | 26420944 |
|  **Financials — 30.3%<sup>(c)</sup>** |  |  |
|  AllianceBernstein Holding LP  | 38233 | 1513262 |
|  AMERISAFE, Inc.  | 45892 | 2119292 |
|  **Financials — 30.3%<sup>(c)</sup>** **(continued)** |  |  |
|  Assured Guaranty Ltd.  | 83745 | $6883839 |
|  Axis Capital Holdings Ltd.  | 50074 | 4936295 |
|  Axos Financial, Inc. <sup>(a)</sup>  | 40562 | 3699660 |
|  BankUnited, Inc.  | 85546 | 3352548 |
|  Bar Harbor Bankshares  | 99740 | 3218610 |
|  BGC Group, Inc. - Class A  | 391602 | 3841616 |
|  Byline Bancorp, Inc.  | 115011 | 3324968 |
|  Cadence Bank  | 76240 | 2869674 |
|  Columbia Banking System, Inc. <sup>(b)</sup>  | 114246 | 3058365 |
|  ConnectOne Bancorp, Inc.  | 98983 | 2533965 |
|  Diamond Hill Investment Group, Inc.  | 16963 | 2472527 |
|  Employers Holdings, Inc.  | 43218 | 1869611 |
|  Essent Group Ltd.  | 54863 | 3442105 |
|  Evercore, Inc. - Class A  | 6208 | 1996182 |
|  EVERTEC, Inc.  | 62712 | 2237564 |
|  Federal Agricultural Mortgage Corp. - Class C  | 49059 | 10281295 |
|  First American Financial Corp.  | 93068 | 6142488 |
|  First Mid Bancshares, Inc.  | 60205 | 2434690 |
|  FirstCash Holdings, Inc.  | 66769 | 9833071 |
|  Global Indemnity Group LLC - Class A  | 109331 | 3244605 |
|  Hancock Whitney Corp.  | 57469 | 3615949 |
|  Heritage Commerce Corp.  | 260324 | 2689147 |
|  Home BancShares, Inc.  | 84076 | 2502102 |
|  James River Group Holdings Ltd.  | 571645 | 3212645 |
|  Kemper Corp.  | 81660 | 4381059 |
|  Nicolet Bankshares, Inc. <sup>(b)</sup>  | 23391 | 3234741 |
|  Northeast Bank  | 54297 | 6003076 |
|  Northrim BanCorp, Inc.  | 27699 | 2604537 |
|  Old National Bancorp  | 177295 | 4058282 |
|  Oportun Financial Corp. <sup>(a)</sup>  | 407225 | 2691757 |
|  Oppenheimer Holdings, Inc. - Class A  | 46890 | 3402807 |
|  Peapack-Gladstone Financial Corp.  | 97540 | 2829635 |
|  PennyMac Financial Services, Inc.  | 45958 | 5059976 |
|  PennyMac Mortgage Investment Trust  | 207416 | 2553291 |
|  Preferred Bank <sup>(b)</sup>  | 76665 | 7237176 |
|  Primis Financial Corp.  | 235046 | 2691277 |
|  Redwood Trust, Inc. <sup>(b)</sup>  | 394581 | 2414836 |
|  Shift4 Payments, Inc. - Class A <sup>(a)(b)</sup>  | 28904 | 2613789 |
|  Silvercrest Asset Management Group, Inc. - Class A  | 165967 | 2720199 |
|  SLM Corp. <sup>(b)</sup>  | 270288 | 8454609 |
|  Starwood Property Trust, Inc.  | 123132 | 2495886 |
|  Stewart Information Services Corp.  | 71761 | 5227071 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 65101 | 6651369 |
|  Voya Financial, Inc.  | 64629 | 4852992 |
|  WEX, Inc. <sup>(a)</sup>  | 20737 | 3553285 |
|  White Mountains Insurance Group Ltd.  | 2626 | 4806053 |
|  Wintrust Financial Corp.  | 20665 | 2837098 |
|  WSFS Financial Corp.  | 57181 | 3333080 |
|  |  | 194033956 |
|  **Health Care — 3.6%** |  |  |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 32650 | 3760301 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)</sup>  | 126948 | 2613859 |
|  Haemonetics Corp. <sup>(a)(b)</sup>  | 54913 | 2994955 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 40082 | 2931998 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup>  | 65979 | 2433965 |

---

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

**BOSTON PARTNERS SMALL CAP VALUE FUND II** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care — 3.6% (continued)** |  |  |
|  Option Care Health, Inc. <sup>(a)</sup>  | 139848 | $4010841 |
|  Pediatrix Medical Group, Inc. <sup>(a)</sup>  | 257881 | 4438132 |
|  |  | 23184051 |
|  **Industrials — 20.0%** |  |  |
|  ABM Industries, Inc.  | 85973 | 4227292 |
|  Atmus Filtration Technologies, Inc.  | 75393 | 3356496 |
|  AZZ, Inc.  | 26191 | 2956702 |
|  Brink's Co.  | 60738 | 6805086 |
|  Civeo Corp. <sup>(b)</sup>  | 110309 | 2619839 |
|  Concentrix Corp. <sup>(b)</sup>  | 65575 | 3459737 |
|  CRA International, Inc.  | 25134 | 4869964 |
|  DNOW, Inc. <sup>(a)</sup>  | 175789 | 2812624 |
|  DXP Enterprises, Inc. <sup>(a)</sup>  | 41066 | 5128322 |
|  EnerSys  | 34164 | 3506935 |
|  First Advantage Corp. <sup>(a)(b)</sup>  | 316996 | 5186055 |
|  Granite Construction, Inc. <sup>(b)</sup>  | 59158 | 6374274 |
|  Griffon Corp.  | 57981 | 4415833 |
|  Heidrick & Struggles International, Inc.  | 65845 | 3345584 |
|  Huron Consulting Group, Inc. <sup>(a)</sup>  | 36662 | 5021228 |
|  IBEX Holdings Ltd. <sup>(a)</sup>  | 187215 | 5528459 |
|  Janus International Group, Inc. <sup>(a)</sup>  | 388341 | 4019329 |
|  Karat Packaging, Inc.  | 109045 | 2756658 |
|  KBR, Inc.  | 65160 | 3287974 |
|  Kelly Services, Inc. - Class A  | 223951 | 3186823 |
|  Landstar System, Inc.  | 21919 | 2900541 |
|  Legalzoom.com, Inc. <sup>(a)</sup>  | 235081 | 2604697 |
|  LSI Industries, Inc.  | 200285 | 4592535 |
|  Masterbrand, Inc. <sup>(a)</sup>  | 243749 | 3098050 |
|  Matson, Inc. <sup>(b)</sup>  | 36649 | 3813328 |
|  Maximus, Inc.  | 53690 | 4720425 |
|  Mayville Engineering Co., Inc. <sup>(a)</sup>  | 151635 | 2213871 |
|  Primoris Services Corp.  | 78843 | 9346838 |
|  Sensata Technologies Holding PLC  | 132974 | 4326974 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 18016 | 5017996 |
|  Upwork, Inc. <sup>(a)</sup>  | 184813 | 2844272 |
|  |  | 128344741 |
|  **Information Technology — 10.4%** |  |  |
|  Adeia, Inc.  | 323873 | 4871050 |
|  Arrow Electronics, Inc. <sup>(a)</sup>  | 35602 | 4497601 |
|  Avnet, Inc.  | 84649 | 4619296 |
|  Axcelis Technologies, Inc. <sup>(a)(b)</sup>  | 52452 | 4198258 |
|  Bel Fuse, Inc. - Class B  | 42700 | 5745712 |
|  Belden, Inc.  | 30126 | 3922405 |
|  Benchmark Electronics, Inc.  | 84373 | 3424700 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 27409 | 3129834 |
|  Hackett Group, Inc.  | 79854 | 1662560 |
|  InterDigital, Inc. <sup>(b)</sup>  | 30710 | 8344214 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 154036 | 4300685 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 273132 | 3599880 |
|  OSI Systems, Inc. <sup>(a)(b)</sup>  | 13497 | 3104985 |
|  Photronics, Inc. <sup>(a)</sup>  | 112790 | 2556949 |
|  Qorvo, Inc. <sup>(a)</sup>  | 30292 | 2747484 |
|  Verint Systems, Inc. <sup>(a)</sup>  | 146135 | 2979693 |
|  Yext, Inc. <sup>(a)</sup>  | 344894 | 3135086 |
|  |  | 66840392 |
|  **Materials — 1.5%** |  |  |
|  Ecovyst, Inc. <sup>(a)</sup>  | 374892 | $3407768 |
|  Knife River Corp. <sup>(a)(b)</sup>  | 41786 | 3384666 |
|  Myers Industries, Inc.  | 148205 | 2480952 |
|  |  | 9273386 |
|  **Real Estate — 1.3%** |  |  |
|  BRT Apartments Corp.  | 85793 | 1372688 |
|  Cousins Properties, Inc.  | 85738 | 2528413 |
|  CTO Realty Growth, Inc.  | 115685 | 1999037 |
|  First Industrial Realty Trust, Inc.  | 43025 | 2263115 |
|  |  | 8163253 |
|  **Utilities — 0.3%** |  |  |
|  Pure Cycle Corp. <sup>(a)</sup>  | 155537 | 1570924 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $467,979,862)  |  | 618081499 |
|  **CLOSED-END FUNDS — 0.9%** |  |  |
|  Blue Owl Capital Corp.  | 200499 | 2875156 |
|  Golub Capital BDC, Inc.<sup>(b)</sup>  | 197012 | 2939419 |
| &nbsp;&nbsp;&nbsp; TOTAL CLOSED-END FUNDS (Cost $6,150,993)  |  | 5814575 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.6%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 74514606 | 74514606 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $74,514,606)  |  | 74514606 |
|  TOTAL INVESTMENTS — 109.0% (Cost $548,645,461)  |  | 698410680 |
|  Liabilities in Excess of Other Assets — (9.0)%  |  | (57770324) |
|  TOTAL NET ASSETS — 100.0%  |  | $640640356 |

---

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

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

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

**BOSTON PARTNERS SMALL CAP VALUE FUND II** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $72,057,387. 

<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 effective yield as of August 31, 2025.

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

**BOSTON PARTNERS SMALL CAP VALUE FUND II** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $618081499 | $— | $— | $618081499 |
| &nbsp;&nbsp;&nbsp; Closed-End Funds | 5814575 |  |  | 5814575 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 74514606 |
|  Total Investments | $623896074 | $— | $— | $698410680 |

---

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.

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

**WPG PARTNERS SELECT SMALL CAP VALUE FUND** 

**SCHEDULE OF INVESTMENTS** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 94.0%** | **COMMON STOCKS — 94.0%** |  |
|  **Communication Services — 4.0%** |  |  |
|  Cars.com, Inc. <sup>(a)</sup>  | 114546 | $1494825 |
|  Vimeo, Inc. <sup>(a)</sup>  | 1431191 | 6011002 |
|  |  | 7505827 |
|  **Consumer Discretionary — 11.9%** |  |  |
|  Academy Sports & Outdoors, Inc.  | 32925 | 1763134 |
|  Bath & Body Works, Inc.  | 54568 | 1593931 |
|  Denny's Corp. <sup>(a)</sup>  | 613765 | 2804906 |
|  Holley, Inc. <sup>(a)</sup>  | 1072947 | 4366895 |
|  Matthews International Corp. - Class A  | 141716 | 3481962 |
|  National Vision Holdings, Inc. <sup>(a)</sup>  | 141217 | 3239518 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup>  | 149958 | 5298016 |
|  |  | 22548362 |
|  **Consumer Staples — 0.8%** |  |  |
|  Grocery Outlet Holding Corp. <sup>(a)</sup>  | 86568 | 1567746 |
|  **Energy — 5.3%** |  |  |
|  BKV Corp. <sup>(a)</sup>  | 174836 | 4075427 |
|  Expro Group Holdings NV <sup>(a)</sup>  | 217584 | 2713272 |
|  Viper Energy, Inc. - Class A  | 83343 | 3320802 |
|  |  | 10109501 |
|  **Financials — 16.0%** |  |  |
|  American Integrity Insurance Group, Inc. <sup>(a)</sup>  | 150915 | 3016791 |
|  BGC Group, Inc. - Class A  | 483505 | 4743184 |
|  First BanCorp/Puerto Rico  | 145259 | 3229108 |
|  Kemper Corp.  | 84196 | 4517115 |
|  Perella Weinberg Partners  | 81035 | 1793305 |
|  Prosperity Bancshares, Inc.  | 87693 | 6062217 |
|  SLM Corp.  | 102684 | 3211955 |
|  Webster Financial Corp.  | 60571 | 3768728 |
|  |  | 30342403 |
|  **Health Care — 9.7%** |  |  |
|  Enovis Corp. <sup>(a)</sup>  | 164560 | 5084904 |
|  Innoviva, Inc. <sup>(a)</sup>  | 204385 | 4175586 |
|  Teleflex, Inc.  | 71406 | 9026432 |
|  |  | 18286922 |
|  **Industrials — 17.3%** |  |  |
|  Air Lease Corp.  | 62402 | 3757224 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 239708 | 3451795 |
|  Custom Truck One Source, Inc. <sup>(a)</sup>  | 815218 | 5005439 |
|  Generac Holdings, Inc. <sup>(a)</sup>  | 4905 | 908651 |
|  Matrix Service Co. <sup>(a)</sup>  | 126509 | 1914081 |
|  Maximus, Inc.  | 65081 | 5721922 |
|  MYR Group, Inc. <sup>(a)</sup>  | 17845 | 3341833 |
|  Proficient Auto Logistics, Inc. <sup>(a)</sup>  | 325391 | 2570589 |
|  TAT Technologies Ltd. <sup>(a)</sup>  | 37618 | 1371176 |
|  TrueBlue, Inc. <sup>(a)</sup>  | 192872 | 1151446 |
|  Tutor Perini Corp. <sup>(a)</sup>  | 60425 | 3561450 |
|  |  | 32755606 |
|  **Information Technology — 15.5%** |  |  |
|  8x8, Inc. <sup>(a)</sup>  | 1248139 | $2471315 |
|  Alpha & Omega Semiconductor Ltd. <sup>(a)</sup>  | 176263 | 5071087 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 570060 | 7513391 |
|  Silicon Motion Technology Corp. - ADR  | 88062 | 7016780 |
|  Teradata Corp. <sup>(a)</sup>  | 219925 | 4614026 |
|  Tower Semiconductor Ltd. <sup>(a)</sup>  | 46227 | 2719072 |
|  |  | 29405671 |
|  **Materials — 6.8%** |  |  |
|  Century Aluminum Co. <sup>(a)</sup>  | 222408 | 4966371 |
|  Ingevity Corp. <sup>(a)</sup>  | 25600 | 1494528 |
|  Kronos Worldwide, Inc.  | 439656 | 2805005 |
|  thyssenkrupp AG  | 349098 | 3694395 |
|  |  | 12960299 |
|  **Real Estate — 4.2%** |  |  |
|  Broadstone Net Lease, Inc.  | 284212 | 5283501 |
|  Newmark Group, Inc. - Class A  | 147421 | 2684536 |
|  |  | 7968037 |
|  **Utilities — 2.5%** |  |  |
|  Northwestern Energy Group, Inc.  | 81115 | 4664924 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $160,687,305)  |  | 178115298 |
|  TOTAL INVESTMENTS — 94.0% (Cost $160,687,305)  |  | 178115298 |
|  Other Assets in Excess of Liabilities — 6.0%  |  | 11296379 |
|  TOTAL NET ASSETS — 100.0%  |  | $189411677 |

---

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR - American Depositary Receipt

<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 AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $174420903 | $3694395 | $— | $178115298 |
|  Total Investments | $174420903 | $3694395 | $— | $178115298 |

---

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 AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.9%** | **COMMON STOCKS — 97.9%** |  |
|  **Communication Services — 1.0%** |  |  |
|  Cargurus, Inc. <sup>(a)</sup>  | 9438 | $326555 |
|  **Consumer Discretionary — 6.4%** |  |  |
|  Academy Sports & Outdoors, Inc. <sup>(b)</sup>  | 3269 | 175055 |
|  ADT, Inc.  | 34412 | 299729 |
|  Advance Auto Parts, Inc. <sup>(b)</sup>  | 4110 | 250669 |
|  Bath & Body Works, Inc.  | 9372 | 273756 |
|  Century Communities, Inc.  | 3128 | 206073 |
|  Dave & Buster's Entertainment, Inc. <sup>(a)</sup>  | 2366 | 60735 |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 5749 | 166319 |
|  Gentherm, Inc. <sup>(a)</sup>  | 6142 | 225841 |
|  Gildan Activewear, Inc.  | 2833 | 154682 |
|  Under Armour, Inc. - Class C <sup>(a)(b)</sup>  | 24448 | 120284 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup>  | 1586 | 137363 |
|  |  | 2070506 |
|  **Consumer Staples — 1.9%** |  |  |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 3794 | 155744 |
|  Grocery Outlet Holding Corp. <sup>(a)(b)</sup>  | 12125 | 219584 |
|  Nomad Foods Ltd.  | 15940 | 247707 |
|  |  | 623035 |
|  **Energy — 9.3%** |  |  |
|  Antero Resources Corp. <sup>(a)</sup>  | 9296 | 296728 |
|  Atlas Energy Solutions, Inc. <sup>(b)</sup>  | 16114 | 188695 |
|  BKV Corp. <sup>(a)</sup>  | 19050 | 444056 |
|  DHT Holdings, Inc.  | 29542 | 346232 |
|  Excelerate Energy, Inc. - Class A  | 3247 | 79292 |
|  Expro Group Holdings NV <sup>(a)</sup>  | 21821 | 272108 |
|  Kodiak Gas Services, Inc.  | 5455 | 195234 |
|  Liberty Energy, Inc.  | 12898 | 145103 |
|  Scorpio Tankers, Inc.  | 11171 | 563018 |
|  SM Energy Co. <sup>(b)</sup>  | 9575 | 273366 |
|  Viper Energy, Inc. - Class A  | 5046 | 201058 |
|  |  | 3004890 |
|  **Financials — 20.0%** |  |  |
|  Axis Capital Holdings Ltd.  | 2888 | 284699 |
|  BGC Group, Inc. - Class A  | 64578 | 633510 |
|  CNO Financial Group, Inc.  | 8452 | 333600 |
|  Enterprise Financial Services Corp.  | 10587 | 648348 |
|  First BanCorp  | 17256 | 383601 |
|  First Commonwealth Financial Corp.  | 24232 | 430118 |
|  FirstCash Holdings, Inc.  | 601 | 88509 |
|  Hanover Insurance Group, Inc.  | 2681 | 465100 |
|  Kemper Corp.  | 11610 | 622877 |
|  National Bank Holdings Corp. - Class A  | 10090 | 395730 |
|  Popular, Inc.  | 3306 | 415366 |
|  Primerica, Inc.  | 268 | 72183 |
|  Prosperity Bancshares, Inc.  | 7386 | 510594 |
|  SLM Corp. <sup>(b)</sup>  | 11522 | 360408 |
|  Webster Financial Corp.  | 8249 | 513253 |
|  WesBanco, Inc.  | 9407 | 308550 |
|  |  | 6466446 |
|  **Health Care — 6.7%** |  |  |
|  Enovis Corp. <sup>(a)</sup>  | 18528 | 572515 |
|  Haemonetics Corp. <sup>(a)</sup>  | 2908 | 158602 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 3127 | 228740 |
|  **Health Care — 6.7% (continued)** |  |  |
|  Phreesia, Inc. <sup>(a)</sup>  | 12760 | $403982 |
|  Teleflex, Inc.  | 5847 | 739119 |
|  Tenet Healthcare Corp. <sup>(a)</sup>  | 447 | 82396 |
|  |  | 2185354 |
|  **Industrials — 18.7%** |  |  |
|  ABM Industries, Inc. <sup>(b)</sup>  | 10673 | 524791 |
|  Air Lease Corp.  | 9927 | 597705 |
|  Allegiant Travel Co. <sup>(a)(b)</sup>  | 3076 | 192742 |
|  Arcosa, Inc.  | 3315 | 328019 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 40311 | 580478 |
|  Driven Brands Holdings, Inc. <sup>(a)(b)</sup>  | 21749 | 400617 |
|  First Advantage Corp. <sup>(a)(b)</sup>  | 7500 | 122700 |
|  Generac Holdings, Inc. <sup>(a)</sup>  | 435 | 80584 |
|  GXO Logistics, Inc. <sup>(a)(b)</sup>  | 10786 | 567883 |
|  Hillman Solutions Corp. <sup>(a)</sup>  | 39036 | 385676 |
|  Knight-Swift Transportation Holdings, Inc. <sup>(b)</sup>  | 10418 | 457350 |
|  Leonardo DRS, Inc.  | 3262 | 135895 |
|  Maximus, Inc.  | 6346 | 557940 |
|  MYR Group, Inc. <sup>(a)</sup>  | 1570 | 294014 |
|  Regal Rexnord Corp. <sup>(b)</sup>  | 1065 | 159036 |
|  Star Bulk Carriers Corp. <sup>(b)</sup>  | 16340 | 304741 |
|  Timken Co.  | 2699 | 208444 |
|  UFP Industries, Inc.  | 1630 | 164581 |
|  |  | 6063196 |
|  **Information Technology — 12.4%** |  |  |
|  BlackBerry Ltd. <sup>(a)(b)</sup>  | 19640 | 75221 |
|  Calix, Inc. <sup>(a)</sup>  | 1680 | 99876 |
|  Coherent Corp. <sup>(a)</sup>  | 3731 | 337544 |
|  Crane NXT Co. <sup>(b)</sup>  | 8429 | 503464 |
|  Diodes, Inc. <sup>(a)</sup>  | 3899 | 212242 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 48814 | 643368 |
|  Semtech Corp. <sup>(a)</sup>  | 3066 | 178104 |
|  Silicon Motion Technology Corp. - ADR  | 11523 | 918153 |
|  Teradata Corp. <sup>(a)</sup>  | 22113 | 463931 |
|  Tower Semiconductor Ltd. <sup>(a)</sup>  | 7215 | 424386 |
|  Verint Systems, Inc. <sup>(a)</sup>  | 8287 | 168972 |
|  |  | 4025261 |
|  **Materials — 10.3%** |  |  |
|  Alcoa Corp.  | 8598 | 276770 |
|  Ashland, Inc.  | 6095 | 342234 |
|  Capstone Copper Corp. <sup>(a)</sup>  | 58800 | 420443 |
|  Commercial Metals Co.  | 5128 | 295732 |
|  Constellium SE <sup>(a)</sup>  | 27935 | 404778 |
|  ERO Copper Corp. <sup>(a)(b)</sup>  | 19603 | 281107 |
|  Huntsman Corp.  | 8140 | 90842 |
|  Ingevity Corp. <sup>(a)</sup>  | 2748 | 160428 |
|  Mosaic Co. <sup>(b)</sup>  | 7920 | 264528 |
|  thyssenkrupp AG  | 35942 | 380363 |
|  Warrior Met Coal, Inc. <sup>(b)</sup>  | 6990 | 427369 |
|  |  | 3344594 |
|  **Real Estate — 5.8%** |  |  |
|  Brixmor Property Group, Inc.  | 23946 | 670249 |
|  Broadstone Net Lease, Inc.  | 22939 | 426436 |
|  Getty Realty Corp. <sup>(b)</sup>  | 19346 | 553102 |

---

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

**WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND** 

**SCHEDULE OF INVESTMENTS (CONTINUED)** 

**AS OF AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate — 5.8% (continued)** |  |  |
|  Newmark Group, Inc. - Class A  | 12658 | $230502 |
|  |  | 1880289 |
|  **Utilities — 5.4%** |  |  |
|  Black Hills Corp.  | 6348 | 379674 |
|  IDACORP, Inc. <sup>(b)</sup>  | 1561 | 195281 |
|  Northwestern Energy Group, Inc.  | 6716 | 386237 |
|  Portland General Electric Co.  | 7894 | 337705 |
|  Spire, Inc.  | 5996 | 459294 |
|  |  | 1758191 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $27,254,749)  |  | 31748317 |
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 16.9%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(c)</sup>  | 5475711 | 5475711 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,475,711)  |  | 5475711 |
|  TOTAL INVESTMENTS — 114.8% (Cost $32,730,460)  |  | 37224028 |
|  Liabilities in Excess of Other Assets — (14.8)%  |  | (4811508) |
|  TOTAL NET ASSETS — 100.0%  |  | $32412520 |

---

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.

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

ADR - American Depositary Receipt

LLC - Limited Liability Company

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

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $5,352,225. 

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AS OF AUGUST 31, 2025**

A summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2025 is as follows (see Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $31367954 | $380363 | $— | $31748317 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 5475711 |
|  Total Investments | $31367954 | $380363 | $— | $37224028 |

---

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.

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Statements of Assets and Liabilities** 

**AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Boston<br> Partners<br> All-Cap<br> Value Fund** | **Boston<br> Partners<br> Emerging <br> Markets<br> Dynamic <br> Equity Fund** | **Boston<br> Partners <br> Global<br> Equity Fund** | **Boston<br> Partners<br> Global <br> Sustainability <br> Fund** |
|  **ASSETS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value <sup>†^</sup>  | $1266942949 | $51746010 | $267301901 | $11882318 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value\*  | 88613292 |  | 6359884 |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 18480659 | 4322982 | 8684503 | 110205 |
| &nbsp;&nbsp;&nbsp; Foreign currencies, at value <sup>#</sup>  |  | 692548 | 104 | 125081 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for contracts for difference  |  | 3296067 |  |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for securities sold short  |  | 44784 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with brokers for future contracts\*\*  |  | 640676 |  |  |
| &nbsp;&nbsp;&nbsp; Receivables  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  |  | 368916 | 266029 | 200829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 384529 | 8944 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 1349112 | 83727 | 607066 | 22177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims  | 386737 | 2256 | 593465 | 28151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on contracts for difference <sup>◊</sup>  |  | 5733042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts <sup>◊</sup>  |  | 60473 |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 120325 | 8340 | 23283 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 1376277603 | 67008765 | 283836235 | 12368812 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value <sup>‡</sup>  |  | 186432 |  |  |
| &nbsp;&nbsp;&nbsp; Payables  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  | 88613292 |  | 6359884 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 115424 | 146841 |  | 231960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 402603 | 21035 | 7472 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 820153 | 89123 | 215202 | 1201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 23574 | 32995 | 23369 | 8375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees  | 170 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 66612 | 10701 | 21577 | 8917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 96637 | 3916 | 15388 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on contracts for difference <sup>◊</sup>  |  | 3692823 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts <sup>◊</sup>  |  | 1415 |  |  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 24208 | 29974 | 21717 | 37942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 90162673 | 4215255 | 6664609 | 289236 |
| &nbsp;&nbsp;&nbsp; Net Assets  | $1286114930 | $62793510 | $277171626 | $12079576 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $38344 | $6806 | $9744 | $869 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 591362197 | 71359348 | 187549921 | 8254207 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 694714389 | (8572644) | 89611961 | 3824500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $1286114930 | $62793510 | $277171626 | $12079576 |
|  **INSTITUTIONAL CLASS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $1083763092 | $62793510 | $277171626 | $12079576 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 32269309 | 6806473 | 9744263 | 869445 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | 33.58 | 9.23 | 28.44 | 13.89 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

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

**AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Boston<br> Partners<br> All-Cap<br> Value Fund** | **Boston<br> Partners<br> Emerging <br> Markets<br> Dynamic <br> Equity Fund** | **Boston<br> Partners <br> Global<br> Equity Fund** | **Boston<br> Partners<br> Global <br> Sustainability <br> Fund** |
|  **INVESTOR CLASS**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $202351838 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 6074754 |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | 33.31 |  |  |  |
|  † Investments in securities, at cost  | $672917348 | $45242183 | $197239518 | $9045872 |
|  ^ Includes market value of securities on loan  | 86571889 |  | 6233626 |  |
|  \* Investments purchased with proceeds from securities lending collateral, at cost  | 88613292 |  | 6359884 |  |
|  # Foreign currencies, at cost  |  | 687530 |  | 125010 |
|  \*\* Foreign currency deposits for futures contracts, at cost  |  | 663407 |  |  |
|  ‡ Proceeds received, securities sold short  |  | 153023 |  |  |
|  ◊ 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 (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 in securities, at value <sup>†^</sup>  | $76288646 | $532437235 | $623896074 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value\*  | 7324416 |  | 74514606 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 4264790 | 217 | 15109517 |
| &nbsp;&nbsp;&nbsp; Foreign currencies, at value <sup>#</sup>  | 922903 | 6608984 |  |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with brokers for securities sold short\*\*  | 2516119 | 25690651 |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for contracts for difference  |  | 1360000 |  |
| &nbsp;&nbsp;&nbsp; Deposits with brokers for securities sold short  | 13129879 | 49890972 |  |
| &nbsp;&nbsp;&nbsp; Receivables  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  |  | 473958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 15506 | 147750 | 3585461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 60003 | 771649 | 492647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims  | 29331 | 777266 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on contracts for difference <sup>◊</sup>  |  | 7421453 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 22069 | 86900 | 39467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 104573662 | 625667035 | 717637772 |
|  **LIABILITIES**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value<sup>‡</sup>  | 15769365 | 77252662 |  |
| &nbsp;&nbsp;&nbsp; Payables  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  | 7324416 |  | 74514606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  |  | 619028 | 1380180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 55838 | 246503 | 409262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 116455 | 516495 | 462950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 8539 | 25503 | 15240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees  | 5987 | 2961 | 76213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends on securities sold short  | 9133 | 164101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 11200 | 44817 | 30183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 8217 | 43682 | 62965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outstanding loan  |  | 1156000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on contracts for difference<sup>◊</sup>  |  | 6737702 |  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 34809 | 15836 | 45817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 23343959 | 86825290 | 76997416 |
| &nbsp;&nbsp;&nbsp; Net Assets  | $81229703 | $538841745 | $640640356 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $6022 | $36507 | $22886 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 47964031 | 314406912 | 451754789 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 33259650 | 224398326 | 188862681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $81229703 | $538841745 | $640640356 |
|  **INSTITUTIONAL CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $62728912 | $529974109 | $585921174 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 4315844 | 35876762 | 20799867 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | 14.53 | 14.77 | 28.17 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

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

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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** |
|  **INVESTOR CLASS**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $18500791 | $8867636 | $54719182 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 1705861 | 630387 | 2086234 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | 10.85 | 14.07 | 26.23 |
|  † Investments in securities, at cost  | $51696250 | $364307034 | $474130855 |
|  ^ Includes market value of securities on loan  | 7083996 |  | 72057387 |
|  \* Investments purchased with proceeds from securities lending collateral, at cost  | 7324416 |  | 74514606 |
|  # Foreign currencies, at cost  | 922903 | 6639646 |  |
|  \*\* Foreign currency deposits for securities sold short, at cost  | 2735627 | 24761039 |  |
|  ‡ Proceeds received, securities sold short  | 17994884 | 86554647 |  |
|  ◊ 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)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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 in securities, at value<sup>†^</sup>  | $178115298 | $31748317 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value\*  |  | 5475711 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 11980981 | 666305 |
| &nbsp;&nbsp;&nbsp; Receivables  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 61866 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 164680 | 33948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims  |  | 396 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 6563 | 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 190329388 | 37989461 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payables  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  |  | 5475711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 681054 | 33081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 9320 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  | 131045 | 21700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 9500 | 10275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 10506 | 6885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 24345 | 4459 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 51941 | 24830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 917711 | 5576941 |
| &nbsp;&nbsp;&nbsp; Net Assets  | $189411677 | $32412520 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | 16818 | 1606 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $176980969 | $25264474 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 12413890 | 7146440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $189411677 | $32412520 |
|  **INSTITUTIONAL CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $189411677 | $32412520 |
| &nbsp;&nbsp;&nbsp; Shares outstanding  | 16818387 | 1606413 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | 11.26 | 20.18 |
|  † Investments in securities, at cost  | $160687305 | $27254749 |
|  ^ Includes market value of securities on loan  |  | 5352225 |
|  \* Investments purchased with proceeds from securities lending collateral, at cost  |  | 5475711 |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Statements of Operations** 

**AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Boston<br> Partners<br> All-Cap<br> Value Fund** | **Boston<br> Partners<br> Emerging <br> Markets<br> Dynamic <br> Equity Fund** | **Boston<br> Partners <br> Global<br> Equity Fund** | **Boston<br> Partners<br> Global <br> Sustainability <br> Fund** |
|  **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <sup>†</sup>  | $21317037 | $1300469 | $6500999 | $244281 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims  | 506935 | 4733 | 460451 | 14442 |
| &nbsp;&nbsp;&nbsp; Interest  | 1166933 | 749903 | 263562 | 7206 |
| &nbsp;&nbsp;&nbsp; Income from securities loaned, net  | 70645 |  | 12179 |  |
| &nbsp;&nbsp;&nbsp; Prime broker interest income  |  | 559 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 23061550 | 2055664 | 7237191 | 265929 |
|  **Expenses**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 9672399 | 758295 | 2226535 | 88694 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 922889 | 16662 | 198740 | 2844 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Investor Class)  | 519434 |  |  |  |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 289268 | 38843 | 87542 | 20151 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 241684 | 28280 | 38742 | 1681 |
| &nbsp;&nbsp;&nbsp; Officer's fees  | 188813 | 7982 | 26864 | 1297 |
| &nbsp;&nbsp;&nbsp; Director's fees  | 139752 | 6197 | 23898 | 1715 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 77460 | 2358 | 10628 | 65 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 44228 | 73470 | 51803 | 17874 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 36426 | 21144 | 23713 | 18247 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 25000 | 60546 | 41724 | 37061 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 78313 | 7040 | 14458 | 2902 |
| &nbsp;&nbsp;&nbsp; Dividend expense on securities sold short  |  | 15700 |  |  |
| &nbsp;&nbsp;&nbsp; Prime broker interest expense  |  | 64101 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 12235666 | 1100618 | 2744647 | 192531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (657804) | (172528) | (394414) | (92228) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements net of amounts recouped  | 11577862 | 928090 | 2350233 | 100303 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 11483688 | 1127574 | 4886958 | 165626 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | 143550107 | 1896069 | 20998877 | 1279445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  |  | (132890) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts for difference \*\*  |  | (2360040) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\*\*  |  | (191390) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions <sup>^</sup> |  | (114480) | (104351) | (4037) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (43937770) | 3814679 | 16033721 | 319533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  |  | 19660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts for difference \*\*  |  | (565845) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts\*\*  |  | 59058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 2041 | (19250) | 22044 | 1189 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | 99614378 | 2405571 | 36950291 | 1596130 |
|  **Net increase/(decrease) in net assets resulting from operations**  | $111098066 | $3533145 | $41837249 | $1761756 |
|  † Net of foreign withholding taxes of  | $(213090) | $(140627) | $(660662) | $(24426) |
|  ^ Net of realized gain/(loss) on foreign capital gains tax | $— | $(62674) | $— | $— |
|  \*\* Primary risk exposure is equity contracts |  |  |  |  |

---

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**STATEMENTS OF OPERATIONS (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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; Dividends <sup>†</sup>  | $1211137 | $9444483 | $8393336 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims  | 31175 | 247597 | 30468 |
| &nbsp;&nbsp;&nbsp; Interest  | 111631 | 796809 | 683064 |
| &nbsp;&nbsp;&nbsp; Income from securities loaned, net  | 25901 |  | 209567 |
| &nbsp;&nbsp;&nbsp; Prime broker interest income  | 490448 | 3962802 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1870292 | 14451691 | 9316435 |
|  **Expenses**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 1552321 | 7027561 | 4810784 |
| &nbsp;&nbsp;&nbsp; Advisory fees - recouped  |  |  | 24555 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 52397 | 290046 | 448085 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Investor Class)  | 40611 | 20378 | 134883 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 40634 | 184390 | 127507 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 10234 | 123629 | 99325 |
| &nbsp;&nbsp;&nbsp; Officer's fees  | 7095 | 75769 | 71399 |
| &nbsp;&nbsp;&nbsp; Director's fees  | 6986 | 63967 | 64801 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 3854 | 22681 | 32044 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 17136 | 45431 | 28286 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 34831 | 41040 | 34999 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 33800 | 42000 | 25000 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 9813 | 29700 | 24806 |
| &nbsp;&nbsp;&nbsp; Dividend expense on securities sold short  | 44818 | 2422863 |  |
| &nbsp;&nbsp;&nbsp; Prime broker interest expense  | 242392 | 483291 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 2096922 | 10872746 | 5926474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (416555) |  | (196442) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements net of amounts recouped  | 1680367 | 10872746 | 5730032 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 189925 | 3578945 | 3586403 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | 10211523 | 69465870 | 60342370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchased options\*\*  | 22365 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | (261627) | (12518698) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written \*\*  | 64989 | (75205) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts for difference \*\*  | 29589 | (1093129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (56990) | 1839934 | (8) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | 4082703 | (15284032) | (2144927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | (2602549) | (3133070) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Options written \*\*  |  | 44492 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts for difference \*\*  | 18603 | 331495 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 35653 | (587591) |  |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | 11544259 | 38990066 | 58197435 |
|  **Net increase/(decrease) in net assets resulting from operations**  | $11734184 | $42569011 | $61783838 |
|  † Net of foreign withholding taxes of  | $(70171) | $(275303) | $(42323) |
|  \*\* 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)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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; Dividends <sup>†</sup>  | $1874872 | $540920 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims  | 6975 | 1117 |
| &nbsp;&nbsp;&nbsp; Interest  | 338323 | 48974 |
| &nbsp;&nbsp;&nbsp; Income from securities loaned, net  |  | 15317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 2220170 | 606328 |
|  **Expenses**  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 1453304 | 254437 |
| &nbsp;&nbsp;&nbsp; Advisory fees - recouped  | 66669 |  |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 90337 | 19057 |
| &nbsp;&nbsp;&nbsp; Distribution fees (Investor Class)  |  |  |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 49191 | 24189 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 25798 | 4691 |
| &nbsp;&nbsp;&nbsp; Officer's fees  | 18242 | 3657 |
| &nbsp;&nbsp;&nbsp; Director's fees  | 24918 | 3170 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 8575 | 2214 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 16411 | 21834 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 21892 | 24166 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 25000 | 25000 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 21936 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 1822273 | 386219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (47132) | (36289) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements net of amounts recouped  | 1775141 | 349930 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 445029 | 256398 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (2796815) | 2874274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | (6690) | (13680) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities  | (211176) | (2785485) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (406) | (509) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss)  | (3015087) | 74600 |
|  **Net increase/(decrease) in net assets resulting from operations**  | $(2570058) | $330998 |
|  † Net of foreign withholding taxes of  | $(27805) | $(5571) |

---

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** | **Boston Partners<br> Emerging Markets <br> Dynamic Equity Fund** | **Boston Partners<br> Emerging Markets <br> Dynamic Equity Fund** |
|  | **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> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $11483688 | $12925335 | $1127574 | $1079216 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 143550107 | 111488816 | (902731) | 266119 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | (43935729) | 120986503 | 3308302 | (706903) |
|  Net increase/(decrease) in net assets resulting from operations  | 111098066 | 245400654 | 3533145 | 638432 |
|  **Dividends and distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (115942510) | (113490263) |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | (19479841) | (23113027) |  |  |
|  Net decrease in net assets from dividends and distributions to shareholders  | (135422351) | (136603290) |  |  |
|  **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 103855302 | 240527804 | 1410023 | 1484132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 92688487 | 89167313 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (363671223) | (314817112) | (2117263) | (3979687) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 10161894 | 11463927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 18446970 | 22007650 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (44006445) | (57211482) |  |  |
|  Net increase/(decrease) in net assets from capital transactions  | (182525015) | (8861900) | (707240) | (2495555) |
|  Total increase/(decrease) in net assets  | (206849300) | 99935464 | 2825905 | (1857123) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 1492964230 | 1393028766 | 59967605 | 61824728 |
| &nbsp;&nbsp;&nbsp; End of period  | $1286114930 | $1492964230 | $62793510 | $59967605 |
|  **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3266267 | 7740493 | 160442 | 166306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 2983215 | 2986179 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (11446582) | (9927991) | (239768) | (453041) |
|  Net increase/(decrease)  | (5197100) | 798681 | (79326) | (286735) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 317807 | 367862 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 597569 | 741248 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1375919) | (1824011) |  |  |
|  Net increase/(decrease)  | (460543) | (714901) |  |  |

---

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** | **Boston Partners<br> Global Sustainability Fund** | **Boston Partners<br> Global Sustainability Fund** |
|  | **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> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $4886958 | $4370244 | $165626 | $187150 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 20894526 | 17664696 | 1275408 | 2375281 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 16055765 | 22700676 | 320722 | 434350 |
|  Net increase/(decrease) in net assets resulting from operations  | 41837249 | 44735616 | 1761756 | 2996781 |
|  **Dividends and distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (11307608) | (4137287) | (164124) | (383298) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
|  Net decrease in net assets from dividends and distributions to shareholders  | (11307608) | (4137287) | (164124) | (383298) |
|  **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 22287855 | 14745831 | 391212 | 1000184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 10762707 | 3944599 | 164124 | 383298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (31056072) | (26805073) | (1470860) | (16496527) |
| &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  | 1994490 | (8114643) | (915524) | (15113045) |
|  Total increase/(decrease) in net assets  | 32524131 | 32483686 | 682108 | (12499562) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 244647495 | 212163809 | 11397468 | 23897030 |
| &nbsp;&nbsp;&nbsp; End of period  | $277171626 | $244647495 | $12079576 | $11397468 |
|  **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 898831 | 654463 | 32366 | 95216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 458768 | 178005 | 14161 | 36785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1229367) | (1210800) | (131134) | (1568110) |
|  Net increase/(decrease)  | 128232 | (378332) | (84607) | (1436109) |

---

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> 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> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $189925 | $232345 | $3578945 | $5221562 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 10009849 | 11659242 | 57618772 | 59371487 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | 1534410 | 713465 | (18628706) | 35531428 |
|  Net increase/(decrease) in net assets resulting from operations  | 11734184 | 12605052 | 42569011 | 100124477 |
|  **Dividends and distributions to shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (8827226) | (9339469) | (59554854) | (66527383) |
| &nbsp;&nbsp;&nbsp; Investor Class  | (3581735) | (2682662) | (849904) | (732348) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (12408961) | (12022131) | (60404758) | (67259731) |
|  **Capital transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 20751764 | 3592766 | 144517472 | 119238251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 8511483 | 9007246 | 31639246 | 32190431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (14344409) | (21774134) | (212550287) | (288736079) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 5499897 | 3797621 | 2245684 | 1584296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 3529613 | 2626901 | 849904 | 731513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | $(4937584) | (2990895) | (1976343) | (2348054) |
|  Net increase/(decrease) in net assets from capital transactions  | 19010764 | (5740495) | (35274324) | (137339642) |
|  Total increase/(decrease) in net assets  | 18335987 | (5157574) | (53110071) | (104474896) |
|  **Net assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 62893716 | 68051290 | 591951816 | 696426712 |
| &nbsp;&nbsp;&nbsp; End of period  | $81229703 | $62893716 | $538841745 | $591951816 |
|  **Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1585879 | 254300 | 10159559 | 8521172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 671782 | 701499 | 2291039 | 2455410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1103856) | (1549426) | (15290264) | (20947454) |
|  Net increase/(decrease)  | 1153805 | (593627) | (2839666) | (9970872) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 539982 | 354242 | 165585 | 115490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 372715 | 258299 | 64533 | 58149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (495654) | (267373) | (146975) | (175931) |
|  Net increase/(decrease)  | 417043 | 345168 | 83143 | (2292) |

---

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> Year Ended<br> August 31, <br> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $3586403 | $4633649 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 60342362 | 80780984 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | (2144927) | 14384396 |
|  Net increase/(decrease) in net assets resulting from operations  | 61783838 | 99799029 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (66484637) | (60315331) |
| &nbsp;&nbsp;&nbsp; Investor Class  | (7573971) | (7258207) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (74058608) | (67573538) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 139949131 | 66178718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 64990134 | 58874147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (151668934) | (145635464) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2012228 | 3760286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 7332895 | 7055068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (9874530) | (16957577) |
|  Net increase/(decrease) in net assets from capital transactions  | 52740924 | (26724822) |
|  Total increase/(decrease) in net assets  | 40466154 | 5500669 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 600174202 | 594673533 |
| &nbsp;&nbsp;&nbsp; End of period  | $640640356 | $600174202 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 5249893 | 2513191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 2407042 | 2307885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (5634391) | (5501460) |
|  Net increase/(decrease)  | 2022544 | (680384) |
| &nbsp;&nbsp;&nbsp; Investor Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 80685 | 151193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 291219 | 293839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (398157) | (685234) |
|  Net increase/(decrease)  | (26253) | (240202) |

---

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> Year Ended<br> August 31, <br> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $445029 | $21846 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | (2803505) | 4373965 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | (211582) | 10778980 |
|  Net increase/(decrease) in net assets resulting from operations  | (2570058) | 15174791 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (5331430) | (14373145) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (5331430) | (14373145) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 125679607 | 69842753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 4074306 | 14245244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (56070384) | (68589373) |
|  Net increase/(decrease) in net assets from capital transactions  | 73683529 | 15498624 |
|  Total increase/(decrease) in net assets  | 65782041 | 16300270 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 123629636 | 107329366 |
| &nbsp;&nbsp;&nbsp; End of period  | $189411677 | $123629636 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 11698764 | 6367546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 346749 | 1428811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (5455668) | (6651263) |
|  Net increase/(decrease)  | 6589845 | 1145094 |

---

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> Year Ended<br> August 31, <br> 2025** | **For the<br> Year Ended<br> August 31, <br> 2024** |
|  **Increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $256398 | $253505 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments and foreign currencies  | 2860594 | 1848956 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation  | (2785994) | 3647651 |
|  Net increase/(decrease) in net assets resulting from operations  | 330998 | 5750112 |
|  **Dividends and distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (1976316) | (2113959) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (1976316) | (2113959) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2138827 | 863166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 1907591 | 1990247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3066734) | (2674828) |
|  Net increase/(decrease) in net assets from capital transactions  | 979684 | 178585 |
|  Total increase/(decrease) in net assets  | (665633) | 3814738 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 33078153 | 29263415 |
| &nbsp;&nbsp;&nbsp; End of period  | $32412520 | $33078153 |
|  **Share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 108046 | 44741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 95332 | 109055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (162749) | (143343) |
|  Net increase/(decrease)  | 40629 | 10453 |

---

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** |
|  | **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  | $33.97 | $31.76 | $30.78 | $33.77 | $24.53 |
|  Net Investment Income/(Loss)\*  | 0.28 | 0.30 | 0.41 | 0.33 | 0.26 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 2.49 | 5.29 | 3.16 | (1.51) | 9.43 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 2.77 | 5.59 | 3.57 | (1.18) | 9.69 |
|  Dividends to Shareholders from Net Investment Income  | (0.30) | (0.52) | (0.31) | (0.33) | (0.21) |
|  Distributions to Shareholders from Net Realized Gains  | (2.86) | (2.86) | (2.28) | (1.48) | (0.24) |
|  Total Dividend and Distributions to Shareholders  | (3.16) | (3.38) | (2.59) | (1.81) | (0.45) |
|  Net Asset Value, End of Period  | $33.58 | $33.97 | $31.76 | $30.78 | $33.77 |
|  Total Investment Return<sup>1</sup>  | 8.90% | 19.04% | 12.00% | (3.76)% | 39.91% |
|  Net Assets, End of Period (000)  | $1083763 | $1272666 | $1164397 | $1200629 | $1653698 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 0.80% | 0.80% | 0.80% | 0.80% | 0.80% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 0.85% | 0.85% | 0.84% | 0.86% | 0.83% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.87% | 0.96% | 1.35% | 1.00% | 0.86% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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. 

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** |
|  | **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  | $33.71 | $31.53 | $30.58 | $33.56 | $24.39 |
|  Net Investment Income/(Loss)\*  | 0.20 | 0.22 | 0.33 | 0.25 | 0.18 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 2.48 | 5.26 | 3.13 | (1.51) | 9.38 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 2.68 | 5.48 | 3.46 | (1.26) | 9.56 |
|  Dividends to Shareholders from Net Investment Income  | (0.22) | (0.44) | (0.23) | (0.24) | (0.15) |
|  Distributions to Shareholders from Net Realized Gains  | (2.86) | (2.86) | (2.28) | (1.48) | (0.24) |
|  Total Dividend and Distributions to Shareholders  | (3.08) | (3.30) | (2.51) | (1.72) | (0.39) |
|  Net Asset Value, End of Period  | $33.31 | $33.71 | $31.53 | $30.58 | $33.56 |
|  Total Investment Return<sup>1</sup>  | 8.65% | 18.77% | 11.68% | (4.00)% | 39.57% |
|  Net Assets, End of Period (000)  | $202352 | $220298 | $228631 | $230437 | $279306 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.05% | 1.05% | 1.05% | 1.05% | 1.05% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.10% | 1.10% | 1.09% | 1.11% | 1.08% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.62% | 0.71% | 1.10% | 0.75% | 0.61% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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. 

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

**BOSTON PARTNERS EMERGING MARKETS DYNAMIC 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** |
|  | **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  | $8.71 | $8.62 | $10.23 | $11.44 | $11.23 |
|  Net Investment Income/(Loss)\*  | 0.16 | 0.16 | 0.13 | 0.07 | (0.02) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 0.36 | (0.07) | 0.27 | (1.27) | 1.17 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 0.52 | 0.09 | 0.40 | (1.20) | 1.15 |
|  Dividends to Shareholders from Net Investment Income  |  |  | (2.01) | (0.01) | (0.94) |
|  Distributions to Shareholders from Net Realized Gains  |  |  |  |  |  |
|  Total Dividend and Distributions to Shareholders  |  |  | (2.01) | (0.01) | (0.94) |
|  Net Asset Value, End of Period  | $9.23 | $8.71 | $8.62 | $10.23 | $11.44 |
|  Total Investment Return<sup>1</sup>  | 5.97% | 1.04% | 4.98% | (10.52)% | 10.38% |
|  Net Assets, End of Period (000)  | $62794 | $59968 | $61825 | $60616 | $61430 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.53% | 1.45% | 1.42% | 1.42% | 1.75% |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)  | 1.40% | 1.40% | 1.40% | 1.40% | 1.40% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.81% | 1.63% | 1.67% | 1.73% | 2.00% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 1.86% | 1.74% | 1.52% | 0.63% | (0.14)% |
|  Portfolio Turnover Rate  | 207% | 202% | 132% | 136% | 125% |

---

\* 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $25.44 | $21.23 | $18.69 | $20.74 | $15.15 |
|  Net Investment Income/(Loss)\*  | 0.50 | 0.45 | 0.45 | 0.39 | 0.25 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 3.70 | 4.19 | 2.39 | (2.08) | 5.69 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 4.20 | 4.64 | 2.84 | (1.69) | 5.94 |
|  Dividends to Shareholders from Net Investment Income  | (0.47) | (0.43) | (0.30) | (0.36) | (0.35) |
|  Distributions to Shareholders from Net Realized Gains  | (0.73) |  |  |  |  |
|  Total Dividend and Distributions to Shareholders  | (1.20) | (0.43) | (0.30) | (0.36) | (0.35) |
|  Net Asset Value, End of Period  | $28.44 | $25.44 | $21.23 | $18.69 | $20.74 |
|  Total Investment Return<sup>1</sup>  | 17.49% | 22.17% | 15.28% | (8.27)% | 39.66% |
|  Net Assets, End of Period (000)  | $277172 | $244647 | $212164 | $171407 | $183433 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.11% | 1.11% | 1.11% | 1.13% | 1.04% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 1.98% | 1.98% | 2.20% | 1.94% | 1.38% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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. 

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

**BOSTON PARTNERS GLOBAL SUSTAINABILITY 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** |
|  | **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  | $11.95 | $10.00 | $8.62 | $10.00 |
|  Net Investment Income/(Loss)\*  | 0.19 | 0.13 | 0.17 | 0.11 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 1.92 | 1.98 | 1.35 | (1.49) |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 2.11 | 2.11 | 1.52 | (1.38) |
|  Dividends to Shareholders from Net Investment Income  | (0.17) | (0.16) | (0.14) |  |
|  Distributions to Shareholders from Net Realized Gains  |  |  |  |  |
|  Total Dividend and Distributions to Shareholders  | (0.17) | (0.16) | (0.14) |  |
|  Net Asset Value, End of Period  | $13.89 | $11.95 | $10.00 | $8.62 |
|  Total Investment Return<sup>1</sup>  | 17.96% | 21.34% | 17.71% | (13.80)% |
|  Net Assets, End of Period (000)  | $12080 | $11397 | $23897 | $22640 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 0.90% | 0.90% | 0.90% | 0.90%<sup>3</sup> |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.74% | 1.53% | 1.36% | 1.73%<sup>3</sup> |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 1.49% | 1.23% | 1.80% | 1.75%<sup>3</sup> |
|  Portfolio Turnover Rate  | 69% | 73% | 77% | 55%<sup>4</sup> |

---

\* 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> Beginning on September 1, 2018, 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** |
|  | **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  | $15.04 | $14.99 | $14.73 | $14.21 | $15.15 |
|  Net Investment Income/(Loss)\*  | 0.05 | 0.06 | 0.07 | (0.13) | (0.12) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 2.15 | 2.96 | 1.96 | 1.29 | 3.69 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 2.20 | 3.02 | 2.03 | 1.16 | 3.57 |
|  Dividends to Shareholders from Net Investment Income  | (0.08) | (0.27) |  |  |  |
|  Distributions to Shareholders from Net Realized Gains  | (2.63) | (2.70) | (1.77) | (0.64) | (4.51) |
|  Total Dividend and Distributions to Shareholders  | (2.71) | (2.97) | (1.77) | (0.64) | (4.51) |
|  Net Asset Value, End of Period  | $14.53 | $15.04 | $14.99 | $14.73 | $14.21 |
|  Total Investment Return<sup>1</sup>  | 17.30% | 23.51% | 14.69% | 8.35% | 29.08% |
|  Net Assets, End of Period (000)  | $62729 | $47563 | $56303 | $54733 | $49551 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 2.37% | 2.04% | 2.02% | 2.55% | 2.60% |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)  | 1.96% | 1.96% | 1.96% | 1.96% | 1.97% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 2.98% | 2.72% | 2.67% | 3.18% | 3.14% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.34% | 0.43% | 0.50% | (0.87)% | (0.91)% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $11.90 | $12.45 | $12.54 | $12.22 | $13.64 |
|  Net Investment Income/(Loss)\*  | 0.01 | 0.02 | 0.03 | (0.14) | (0.14) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 1.63 | 2.38 | 1.65 | 1.10 | 3.23 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 1.64 | 2.40 | 1.68 | 0.96 | 3.09 |
|  Dividends to Shareholders from Net Investment Income  | (0.06) | (0.25) |  |  |  |
|  Distributions to Shareholders from Net Realized Gains  | (2.63) | (2.70) | (1.77) | (0.64) | (4.51) |
|  Total Dividend and Distributions to Shareholders  | (2.69) | (2.95) | (1.77) | (0.64) | (4.51) |
|  Net Asset Value, End of Period  | $10.85 | $11.90 | $12.45 | $12.54 | $12.22 |
|  Total Investment Return<sup>1</sup>  | 17.00% | 23.26% | 14.44% | 8.07% | 28.71% |
|  Net Assets, End of Period (000)  | $18501 | $15331 | $11748 | $11720 | $11571 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 2.62% | 2.29% | 2.27% | 2.80% | 2.85% |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)  | 2.21% | 2.21% | 2.21% | 2.21% | 2.22% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 3.23% | 2.97% | 2.92% | 3.43% | 3.39% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.09% | 0.18% | 0.25% | (1.12)% | (1.16)% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $15.09 | $14.15 | $15.98 | $16.82 | $13.31 |
|  Net Investment Income/(Loss)\*  | 0.09 | 0.12 | 0.16 | (0.02) | (0.10) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 1.13 | 2.32 | 0.95 | 1.18 | 3.61 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 1.22 | 2.44 | 1.11 | 1.16 | 3.51 |
|  Dividends to Shareholders from Net Investment Income  | (0.12) | (0.34) | (0.22) |  |  |
|  Distributions to Shareholders from Net Realized Gains  | (1.42) | (1.16) | (2.72) | (2.00) |  |
|  Total Dividend and Distributions to Shareholders  | (1.54) | (1.50) | (2.94) | (2.00) |  |
|  Net Asset Value, End of Period  | $14.77 | $15.09 | $14.15 | $15.98 | $16.82 |
|  Total Investment Return<sup>1</sup>  | 8.85% | 18.79% | 7.16% | 7.17% | 26.37% |
|  Net Assets, End of Period (000)  | $529974 | $584044 | $688944 | $801913 | $808565 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.92% | 1.90% | 1.88% | 1.95% | 2.15% |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)  | 1.41% | 1.40% | 1.40% | 1.40% | 1.40% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.92% | 1.90% | 1.88% | 1.95% | 2.15% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.64% | 0.88% | 1.12% | (0.10)% | (0.66)% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $14.45 | $13.62 | $15.48 | $16.39 | $13.01 |
|  Net Investment Income/(Loss)\*  | 0.05 | 0.09 | 0.12 | (0.05) | (0.13) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 1.09 | 2.21 | 0.92 | 1.14 | 3.51 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 1.14 | 2.30 | 1.04 | 1.09 | 3.38 |
|  Dividends to Shareholders from Net Investment Income  | (0.10) | (0.31) | (0.18) |  |  |
|  Distributions to Shareholders from Net Realized Gains  | (1.42) | (1.16) | (2.72) | (2.00) |  |
|  Total Dividend and Distributions to Shareholders  | (1.52) | (1.47) | (2.90) | (2.00) |  |
|  Net Asset Value, End of Period  | $14.07 | $14.45 | $13.62 | $15.48 | $16.39 |
|  Total Investment Return<sup>1</sup>  | 8.58% | 18.43% | 6.92% | 6.91% | 25.98% |
|  Net Assets, End of Period (000)  | $8868 | $7907 | $7483 | $11989 | $10220 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 2.17% | 2.15% | 2.13% | 2.20% | 2.40% |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)  | 1.66% | 1.65% | 1.65% | 1.65% | 1.65% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 2.17% | 2.15% | 2.13% | 2.20% | 2.40% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.39% | 0.63% | 0.87% | (0.35)% | (0.91)% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $28.91 | $27.43 | $27.51 | $32.34 | $21.06 |
|  Net Investment Income/(Loss)\*  | 0.18 | 0.22 | 0.24 | 0.18 | 0.15 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 2.83 | 4.57 | 1.60 | (2.86) | 11.27 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 3.01 | 4.79 | 1.84 | (2.68) | 11.42 |
|  Dividends to Shareholders from Net Investment Income  | (0.23) | (0.25) | (0.26) | (0.12) | (0.14) |
|  Distributions to Shareholders from Net Realized Gains  | (3.52) | (3.06) | (1.66) | (2.03) |  |
|  Total Dividend and Distributions to Shareholders  | (3.75) | (3.31) | (1.92) | (2.15) | (0.14) |
|  Net Asset Value, End of Period  | $28.17 | $28.91 | $27.43 | $27.51 | $32.34 |
|  Total Investment Return<sup>1</sup>  | 10.97% | 19.09% | 7.17% | (8.88)% | 54.40% |
|  Net Assets, End of Period (000)  | $585921 | $542807 | $533633 | $688375 | $776442 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.02% | 1.03% | 1.04% | 1.02% | 1.01% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.65% | 0.84% | 0.91% | 0.61% | 0.52% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $27.16 | $25.95 | $26.12 | $30.81 | $20.07 |
|  Net Investment Income/(Loss)\*  | 0.10 | 0.15 | 0.17 | 0.10 | 0.07 |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | 2.65 | 4.30 | 1.51 | (2.72) | 10.75 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 2.75 | 4.45 | 1.68 | (2.62) | 10.82 |
|  Dividends to Shareholders from Net Investment Income  | (0.16) | (0.18) | (0.19) | (0.04) | (0.08) |
|  Distributions to Shareholders from Net Realized Gains  | (3.52) | (3.06) | (1.66) | (2.03) |  |
|  Total Dividend and Distributions to Shareholders  | (3.68) | (3.24) | (1.85) | (2.07) | (0.08) |
|  Net Asset Value, End of Period  | $26.23 | $27.16 | $25.95 | $26.12 | $30.81 |
|  Total Investment Return<sup>1</sup>  | 10.69% | 18.80% | 6.90% | (9.11)% | 54.01% |
|  Net Assets, End of Period (000)  | $54719 | $57367 | $61041 | $82898 | $104282 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.24% | 1.24% | 1.24% | 1.24% | 1.24% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.27% | 1.28% | 1.29% | 1.27% | 1.26% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.40% | 0.59% | 0.66% | 0.36% | 0.27% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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** |
|  | **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  | $12.09 | $11.82 | $9.40 | $10.00 |
|  Net Investment Income/(Loss)\*  | 0.03 |  | 0.07 | (0.01) |
|  Net Realized and Unrealized Gain/(Loss) on Investments  | (0.48) | 1.82 | 2.37 | (0.59) |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | (0.45) | 1.82 | 2.44 | (0.60) |
|  Dividends to Shareholders from Net Investment Income  | (0.01) | (0.06) |  |  |
|  Distributions to Shareholders from Net Realized Gains  | (0.37) | (1.49) | (0.02) |  |
|  Total Dividend and Distributions to Shareholders  | (0.38) | (1.55) | (0.02) |  |
|  Net Asset Value, End of Period  | $11.26 | $12.09 | $11.82 | $9.40 |
|  Total Investment Return<sup>1</sup>  | (3.86)% | 18.12% | 25.94% | (6.00)% |
|  Net Assets, End of Period (000)  | $189412 | $123630 | $107329 | $17845 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.10% | 1.10% | 1.10% | 1.10%<sup>3</sup> |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.13% | 1.13% | 1.16% | 2.93%<sup>3</sup> |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.28% | 0.02% | 0.65% | (0.22)%<sup>3</sup> |
|  Portfolio Turnover Rate  | 155% | 160% | 118% | 70%<sup>4</sup> |

---

\* 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> Beginning on September 1, 2018, 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** |
|  | **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  | $21.13 | $18.81 | $19.92 | $19.33 | $11.96 |
|  Net Investment Income/(Loss)\*  | 0.16 | 0.16 | 0.20 | 0.09 | 0.07 |
|  Net Realized and Unrealized Gain/(Loss) on Investments\*\*  | 0.12 | 3.56 | 1.80 | 0.80 | 7.39 |
|  Net Increase/(Decrease) in Net Assets Resulting from Operations  | 0.28 | 3.72 | 2.00 | 0.89 | 7.46 |
|  Dividends to Shareholders from Net Investment Income  | (0.16) | (0.21) | (0.09) | (0.07) | (0.09) |
|  Distributions to Shareholders from Net Realized Gains  | (1.07) | (1.19) | (3.02) | (0.23) |  |
|  Total Dividend and Distributions to Shareholders  | (1.23) | (1.40) | (3.11) | (0.30) | (0.09) |
|  Net Asset Value, End of Period  | $20.18 | $21.13 | $18.81 | $19.92 | $19.33 |
|  Total Investment Return<sup>1</sup>  | 1.39% | 20.99% | 11.35% | 4.59% | 62.66% |
|  Net Assets, End of Period (000)  | $32413 | $33078 | $29263 | $32264 | $27602 |
|  Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any<sup>2</sup>  | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
|  Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any  | 1.21% | 1.27% | 1.32% | 1.26% | 1.28% |
|  Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements  | 0.81% | 0.84% | 1.06% | 0.44% | 0.40% |
|  Portfolio Turnover Rate  | 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> Beginning on September 1, 2018, 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.

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Notes to Financial Statements** 

**AUGUST 31, 2025**

&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 fifty-nine active investment portfolios, including Boston Partners All-Cap Value Fund ("BP All-Cap Value Fund"), Boston Partners Emerging Markets Dynamic Equity Fund ("BP Emerging Markets Dynamic Equity Fund"), Boston Partners Global Equity Fund ("BP Global Equity Fund"), Boston Partners Global Sustainability Fund ("BP Global Sustainability 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 Emerging Markets Dynamic Equity Fund, BP Global Sustainability 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. As of the end of the reporting period, Investor Class shares of the BP Global Equity Fund have not been issued. The BP Emerging Markets Dynamic Equity Fund, BP Global Sustainability 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 Emerging Markets Dynamic Equity Fund and BP Global Equity Fund is to seek long-term capital growth. The investment objective of BP Global Sustainability Fund, and 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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (the "current fiscal period" or the "reporting 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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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).

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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.

**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** — Effective August 19, 2022, the Securities and Exchange Commission (the "SEC") implemented Rule 18f-4 under the 1940 Act ("Rule 18f-4"), providing 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 Emerging Markets Dynamic Equity Fund, 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, BP Global Sustainability 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.

**EMERGING MARKETS RISK** — The BP Global Sustainability Fund and the BP Emerging Markets Dynamic Equity Fund invest in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

**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** — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries 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 between Israel and Hamas and other militant groups in the Middle East and related events could cause significant impacts on 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.

**SUSTAINABLE INVESTMENT RISK** — The sustainability criterion required for investment by the BP Global Sustainability Fund may cause the Fund to not invest in certain industries or issuers. As a result, the BP Global Sustainability Fund may be overweight or underweight in certain industries or issuers relative to its benchmark index, which may cause the Fund's performance to be more or less sensitive to developments affecting those industries or issuers. Sustainability information provided by issuers, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the BP Global Sustainability Fund to modify or alter its investment process. Similarly, government policies incentivizing issuers to engage in sustainable practices may fall out of favor, which could potentially limit the BP Global Sustainability Fund's investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the BP Global Sustainability Fund selling a security when it might otherwise be disadvantageous to do so. There is no guarantee that sustainable investments will outperform the broader market on either an absolute or relative basis.

**SHORT SALES** — When the Adviser believes that a security is overvalued, the BP Emerging Markets Dynamic Equity Fund, 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 Emerging Markets Dynamic Equity Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund had net income/(charges) of $(63,542), $248,056, and $3,479,511, 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 Emerging Markets Dynamic Equity Fund, 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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. ("Goldman Sachs") (the Funds' prime broker), BP Emerging Markets Dynamic Equity Fund, 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 Emerging Markets Dynamic Equity Fund, BP Long/Short Equity Fund and BP Long/Short Research fund borrowed a maximum of $200,525, $4,364,155 and $11,665,481, respectively. At the end of the reporting period, BP Emerging Markets Dynamic Equity Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund had an outstanding loan totaling $0, $2,045,263 and $3,671,112. The BP Emerging Markets Dynamic Equity Fund, 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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **BP EMERGING MARKETS DYNAMIC EQUITY FUND** | **BP EMERGING MARKETS DYNAMIC EQUITY FUND** | **BP EMERGING MARKETS DYNAMIC EQUITY FUND** | **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** | **DAYS<br> UTILIZED** | **AVERAGE DAILY<br> BORROWINGS** | **WEIGHTED AVERAGE<br> INTEREST RATE** |
| 97 | EUR 2,702 | 2.40% | 73 | AUD 15,739 | 4.28% |
| 1 | GBP 7,127 | 4.60% | 137 | EUR 20,181 | 2.49% |
| 4 | HKD 162,393 | 0.46% | 364 | USD 2,303,850 | 4.98% |
| 39 | USD 54,762 | 5.03% |  |  |  |

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| | | |
|:---|:---|:---|
| **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** |
| 49 | AUD 106,033 | 4.43% |
| 35 | CAD 41,813 | 3.15% |
| 55 | DKK 72,056 | 2.66% |
| 91 | EUR 155,146 | 2.59% |
| 264 | GBP 161,104 | 5.05% |
| 267 | HKD 1,682,582 | 3.25% |
| 117 | JPY 13,616,223 | 0.91% |
| 102 | MXN 1,051,507 | 9.44% |
| 167 | SEK 1,970,167 | 2.65% |
| 262 | USD 1,917,057 | 4.87% |

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The BP Emerging Markets Dynamic Equity Fund, 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 $321, $116,253, and $86,752, respectively.

**FUTURES CONTRACTS** — As of the end of the reporting period, the BP Emerging Markets Dynamic Equity Fund was invested in futures contracts. Information regarding the fair value of futures contracts held at year-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 futures contracts was as follows:

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| | | |
|:---|:---|:---|
| **FUND** | **NOTIONAL AMOUNT<br> LONG** | **NOTIONAL AMOUNT<br> SHORT** |
|  BP Emerging Markets Dynamic Equity Fund  | $– $| 447216 |

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**CONTRACTS FOR DIFFERENCE** — The BP Emerging Markets Dynamic Equity Fund, 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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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 Emerging Markets Dynamic Equity Fund, 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 Emerging Markets Dynamic Equity Fund and BP Long/Short Research Fund held CFDs. Information regarding fair value of CFDs held at year-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:

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| | | |
|:---|:---|:---|
| **FUND** | **NOTIONAL AMOUNT<br> LONG** | **NOTIONAL AMOUNT<br> SHORT** |
|  BP Emerging Markets Dynamic Equity Fund  | $25602574 | $37811875 |
|  BP Long/Short Equity Fund  |  | 89005 |
|  BP Long/Short Research Fund  |  | 83442546 |

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**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **GROSS AMOUNT <br> NOT OFFSET IN <br> THE STATEMENT<br> OF ASSETS AND LIABILITIES**  | **GROSS AMOUNT <br> NOT OFFSET IN <br> THE STATEMENT<br> OF ASSETS AND LIABILITIES**  | | | **GROSS AMOUNT <br> NOT OFFSET IN <br> THE STATEMENT<br> OF ASSETS AND LIABILITIES**  | **GROSS AMOUNT <br> NOT OFFSET IN <br> THE STATEMENT<br> OF ASSETS AND LIABILITIES**  | |
| <br>**FUND** | <br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED <br> ASSETS**  | **FINANCIAL <br> INSTRUMENTS**  | **CASH <br> COLLATERAL <br> RECEIVED**  | <br>**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>**  | <br>**NET <br> AMOUNT<sup>3</sup>** |
|  BP Emerging Markets Dynamic Equity Fund  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Securities, Inc.  | $111212 | $(111212) | $— | $— | $(341104) | $111212 | $229892 | $— |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | 2325655 | (867204) |  | 1458451 | (867204) | 867204 |  |  |
| &nbsp;&nbsp;&nbsp; HSBC Bank  | 326485 | (326485) |  |  | (356867) | 326485 | 30382 |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | 520593 | (520593) |  |  | (562550) | 520593 |  | (41957) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 2327726 | (1346992) |  | 980734 | (1346992) | 1346992 |  |  |
| &nbsp;&nbsp;&nbsp; UBS  | 121371 | (121371) |  |  | (218106) | 121371 | 96735 |  |
|  Total  | $5733042 | $(3293857) | $— | $2439185 | $(3692823) | $3293857 | $357009 | $(41957) |
|  BP Long/Short Research Fund  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bank of America Securities, Inc.  | $1477365 | $(44675) | $— | $1432690 | $(44675) | $44675 | $— | $— |
| &nbsp;&nbsp;&nbsp; Goldman Sachs  | 1039968 | (1039968) |  |  | (1880697) | 1039968 | 840729 |  |
| &nbsp;&nbsp;&nbsp; HSBC Bank  |  |  |  |  | (55602) |  | 55602 |  |
| &nbsp;&nbsp;&nbsp; J.P. Morgan Securities, Inc.  | 414143 | (414143) |  |  | (907980) | 414143 |  | (493837) |
| &nbsp;&nbsp;&nbsp; Morgan Stanley  | 4489977 | (3848748) |  | 641229 | (3848748) | 3848748 |  |  |
|  Total  | $7421453 | $(5347534) | $— | $2073919 | $(6737702) | $5347534 | $896331 | $(493837) |

---

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

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

<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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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, 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  | $6267 | $12998 |
|  BP Long/Short Research Fund  |  | 13821 |

---

**2. INVESTMENT ADVISERS AND OTHER SERVICES** 

Boston Partners Global Investors, Inc. ("Boston Partners" or the "Adviser") 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, 2026 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 Emerging Markets Dynamic Equity Fund  | 1.25 | 1.40 | N/A |
|  BP Global Equity Fund  | 0.90 | 0.95 | N/A |
|  BP Global Sustainability Fund  | 0.80 | 0.90 | N/A |
|  BP Long/Short Equity Fund  | 2.25 | 1.96 | 2.21 |
|  BP Long/Short Research Fund  | 1.25 | 1.50 | 1.75 |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| | | **EXPENSE CAPS** | **EXPENSE CAPS** |
| <br>**FUND** | <br>**ADVISORY FEE** | **INSTITUTIONAL <br> CLASS**  | **INVESTOR <br> CLASS**  |
|  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.

During the current fiscal period, investment advisory fees recouped were as follows:

---

| | |
|:---|:---|
| **FUND** | **RECOUPMENTS** |
|  BP All-Cap Value Fund  | $— |
|  BP Emerging Markets Dynamic Equity Fund  |  |
|  BP Global Equity Fund  |  |
|  BP Global Sustainability Fund  |  |
|  BP Long/Short Equity Fund  |  |
|  BP Long/Short Research Fund  |  |
|  BP Small Cap Value Fund II  | 24555 |
|  WPG Select Small Cap Value Fund  | 66669 |
|  WPG Small Cap Value Diversified Fund  |  |

---

As of the end of the reporting period, the Funds had amounts available for recoupment as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **AUGUST 31,<br> 2026** | **AUGUST 31,<br> 2027** | **AUGUST 31,<br> 2028** | **TOTAL** |
|  BP All-Cap Value Fund  | $581154 | $650637 | $657804 | $1889595 |
|  BP Emerging Markets Dynamic Equity Fund  | 150185 | 113783 | 172528 | 436496 |
|  BP Global Equity Fund  | 312531 | 357823 | 394414 | 1064768 |
|  BP Global Sustainability Fund  | 102575 | 94610 | 92228 | 289413 |
|  BP Long/Short Equity Fund  | 440825 | 414321 | 416555 | 1271701 |
|  BP Small Cap Value Fund II  | 313733 | 231790 | 196442 | 741965 |
|  WPG Select Small Cap Value Fund  | 52965 | 39014 | 47132 | 139111 |
|  WPG Small Cap Value Diversified Fund  | 64117 | 51465 | 36289 | 151871 |

---

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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;**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  | $510186090 | $816923939 |
|  BP Emerging Markets Dynamic Equity Fund  | 78139683 | 79008653 |
|  BP Global Equity Fund  | 131888022 | 134668161 |
|  BP Global Sustainability Fund  | 7673418 | 8579314 |
|  BP Long/Short Equity Fund  | 37384856 | 36017527 |
|  BP Long/Short Research Fund  | 354356184 | 432901462 |
|  BP Small Cap Value Fund II  | 389011745 | 405449422 |
|  WPG Select Small Cap Value Fund  | 301068380 | 239575821 |
|  WPG Small Cap Value Diversified Fund  | 28621638 | 28447520 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

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

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

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**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 Emerging Markets Dynamic Equity Fund  | 45380150 | 12912124 | (4888059) | 8024065 |
|  BP Global Equity Fund  | 206166343 | 74761924 | (7242179) | 67519745 |
|  BP Global Sustainability Fund  | 9150195 | 2992006 | (257758) | 2734248 |
|  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 |

---

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 Emerging Markets Dynamic Equity Fund  |  |  |
|  BP Global Equity Fund  | (735708) | 735708 |
|  BP Global Sustainability Fund  |  |  |
|  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 |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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 Emerging Markets Dynamic Equity Fund  | 1445147 |  | (17968476) | – | (73380) | 8024065 |
|  BP Global Equity Fund  | 8432265 | 13659951 |  | – |  | 67519745 |
|  BP Global Sustainability Fund  | 154363 | 935889 |  | – |  | 2734248 |
|  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 years ended August 31, 2025 and August 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| <br>**FUND** | **ORDINARY <br> INCOME**  | **LONG-TERM <br> GAINS**  | **TOTAL** | **ORDINARY <br> INCOME**  | **LONG-TERM <br> GAINS**  | **TOTAL** |
|  BP All-Cap Value Fund  | $14315274 | $121107077 | $135422351 | $20422209 | $116181081 | $136603290 |
|  BP Emerging Markets Dynamic Equity Fund  |  |  |  |  |  |  |
|  BP Global Equity Fund  | 4444770 | 6862838 | 11307608 | 4137287 |  | 4137287 |
|  BP Global Sustainability Fund  | 164124 |  | 164124 | 383298 |  | 383298 |
|  BP Long/Short Equity Fund  | 5977261 | 6431700 | 12408961 | 5479195 | 6542936 | 12022131 |
|  BP Long/Short Research Fund  | 4599811 | 55804947 | 60404758 | 25433392 | 41826339 | 67259731 |
|  BP Small Cap Value Fund II  | 7882656 | 66175952 | 74058608 | 7336862 | 60236676 | 67573538 |
|  WPG Select Small Cap Value Fund  | 3800237 | 1531193 | 5331430 | 13481054 | 892091 | 14373145 |
|  WPG Small Cap Value Diversified Fund  | 898973 | 1077343 | 1976316 | 469112 | 1644847 | 2113959 |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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. During the current fiscal period, the BP Global Sustainability Fund had utilized $312,071 of capital loss carryforwards.

As of August 31, 2025, the BP Emerging Markets Dynamic Equity Fund had short-term post-enactment capital losses of $17,968,476.

&nbsp;&nbsp;&nbsp;&nbsp;**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  | $86571889 | $88613292 | $70645 |
|  BP Global Equity Fund  | 6233626 | 6359884 | 12179 |
|  BP Long/Short Equity Fund  | 7083996 | 7324416 | 25901 |
|  BP Small Cap Value Fund II  | 72057387 | 74514606 | 209567 |
|  WPG Small Cap Value Diversified Fund  | 5352225 | 5475711 | 15317 |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

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<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<sup>2</sup>** |
|  BP All-Cap Value Fund  | $86571889 |  | $86571889 | $(86571889) |  |  |
|  BP Global Equity Fund  | 6233626 |  | 6233626 | (6233626) |  |  |
|  BP Long/Short Equity Fund  | 7083996 |  | 7083996 | (7083996) |  |  |
|  BP Small Cap Value Fund II  | 72057387 |  | 72057387 | (72057387) |  |  |
|  WPG Small Cap Value Diversified Fund  | 5352225 |  | 5352225 | (5352225) |  |  |

---

<sup>1</sup> Amount disclosed is limited to the amount of assets presented in the Statements 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. 

&nbsp;&nbsp;&nbsp;&nbsp;**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 7.50% at August 31, 2025. Interest expense is included in Other expenses on the Statements of Operations.

During the current fiscal period, the Funds' LoC borrowing activity was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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  | 5 | $7048600 | $13261000 | $7434 | 7.53% |
|  BP Global Sustainability Fund  | 5 | 501200 | 795000 | 522 | 7.50% |
|  BP Long/Short Equity Fund  | 3 | 482000 | 482000 | 301 | 7.50% |
|  BP Long/Short Research Fund  | 14 | 3383500 | 19508000 | 9969 | 7.54% |
|  BP Small Cap Value Fund II  | 1 | 5785000 | 5785000 | 1366 | 8.50% |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**AUGUST 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**11. 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 Cohen & Company, Ltd. ("Cohen") 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 Cohen 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).

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **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.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Boston Partners All-Cap Value Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Small Cap Value Fund, and WPG Partners Small Cap Value Diversified Fund (the "Funds"), each a series of The RBB Fund, Inc., as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial statements and financial highlights for the years or periods ended August 31, 2024, and prior, were audited by other auditors whose report dated October 30, 2024, expressed an unqualified opinion on those financial statements and financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2025.

![](fp0094047-18_89.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Shareholder Tax Information (UNAUDITED)**

Certain tax information regarding each Fund is required to be provided to shareholders based upon each Fund's income and distributions for the taxable year ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the following dividends and distributions were paid by each of the Funds:

---

| | | |
|:---|:---|:---|
| **FUND** | **ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** |
|  BP All-Cap Value Fund  | $14315274 | $121107077 |
|  BP Emerging Markets Dynamic Equity Fund  |  |  |
|  BP Global Equity Fund  | 4444770 | 6862838 |
|  BP Global Sustainability Fund  | 164124 |  |
|  BP Long/Short Equity Fund  | 5977261 | 6431700 |
|  BP Long/Short Research Fund  | 4599811 | 55804947 |
|  BP Small Cap Value Fund II  | 7882656 | 66175952 |
|  WPG Select Small Cap Value Fund  | 3800237 | 1531193 |
|  WPG Small Cap Value Diversified Fund  | 898973 | 1077343 |

---

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 (the "Act") the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
| **FUND** |  |
|  BP All-Cap Value Fund  | 100.00% |
|  BP Emerging Markets Dynamic Equity Fund  | 0.00% |
|  BP Global Equity Fund  | 96.03% |
|  BP Global Sustainability Fund  | 100.00% |
|  BP Long/Short Equity Fund  | 22.13% |
|  BP Long/Short Research Fund  | 100.00% |
|  BP Small Cap Value Fund II  | 96.58% |
|  WPG Select Small Cap Value Fund  | 9.25% |
|  WPG Small Cap Value Diversified Fund  | 32.06% |

---

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:

---

| | |
|:---|:---|
| **FUND** |  |
|  BP All-Cap Value Fund  | 100.00% |
|  BP Emerging Markets Dynamic Equity Fund  | 0.00% |
|  BP Global Equity Fund  | 32.84% |
|  BP Global Sustainability Fund  | 37.98% |
|  BP Long/Short Equity Fund  | 10.44% |
|  BP Long/Short Research Fund  | 100.00% |
|  BP Small Cap Value Fund II  | 93.42% |
|  WPG Select Small Cap Value Fund  | 8.78% |
|  WPG Small Cap Value Diversified Fund  | 25.13% |

---

**BOSTON PARTNERS INVESTMENT FUNDS** 

**SHAREHOLDER TAX INFORMATION (UNAUDITED) (CONCLUDED)**

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

---

| | |
|:---|:---|
| **FUND** |  |
|  All-Cap Value Fund  | 0.00% |
|  Emerging Markets Dynamic Equity Fund  | 0.00% |
|  Global Equity Fund  | 0.69% |
|  Global Sustainability Fund  | 6.59% |
|  Long Short Equity Fund  | 2.54% |
|  Long Short Research  | 2.73% |
|  Small Cap Value II Fund  | 0.00% |
|  WPG Partners Select Small Cap Value Fund  | 0.00% |
|  WPG Partners Small Cap Value Diversified Fund  | 0.00% |

---

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
| **FUND** |  |
|  All-Cap Value Fund  | 12.72% |
|  Emerging Markets Dynamic Equity Fund  | 0.00% |
|  Global Equity Fund  | 0.00% |
|  Global Sustainability Fund  | 0.00% |
|  Long Short Equity Fund  | 94.15% |
|  Long Short Research  | 0.00% |
|  Small Cap Value II Fund  | 45.03% |
|  WPG Partners Select Small Cap Value Fund  | 96.25% |
|  WPG Partners Small Cap Value Diversified Fund  | 72.37% |

---

Pursuant to Section 853 of the Internal Revenue Code, as amended, the following Portfolios elect to pass-through to shareholders the credit for taxes paid to eligible foreign countries, which may be less than the actual amount paid for financial statement purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **PER SHARE** | **PER SHARE** | |
| <br>**FUND** | <br>**GROSS FOREIGN <br> SOURCE INCOME** | <br>**FOREIGN TAXES <br> PASSTHROUGH** | **GROSS FOREIGN <br> SOURCE INCOME** | **FOREIGN TAXES <br> PASSTHROUGH** | <br>**SHARES <br> OUTSTANDING AT <br> 8/31/2025** |
|  Emerging Markets Dynamic Equity Fund  | 1452760 | 139421 | 0.21343804 | 0.02048353 | 6806473 |
|  Global Equity Fund  | 6358261 | 328563 | 0.65251329 | 0.03371861 | 9744263 |
|  Global Sustainability Fund  | 224750 | 15982 | 0.25849851 | 0.01838184 | 869445 |

---

Because each Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**Other Information (UNAUDITED)**

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 renewal of the investment advisory agreement between Boston Partners and the Company (the "Investment Advisory Agreement") on behalf of the Boston Partners Small Cap Value Fund II, Boston Partners All-Cap Value Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, WPG Partners Small Cap Value Diversified Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, Boston Partners Emerging Markets Dynamic Equity Fund, and the WPG Partners Select Small Cap Value Fund (for this section only, each a "Fund" and collectively the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreements for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreements, 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 renewal and approval of the Investment Advisory Agreement between the Company and Boston Partners with respect to the Funds, the Directors took into account all the 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 Boston Partners, and discussed 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 Funds; (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; (vii) Boston Partners' compliance procedures; (viii) Boston Partners' financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund's management fees and total expense ratios to a group of mutual funds deemed comparable to such Fund based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of each 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 Funds and that Boston Partners' services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds' investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2024, as applicable. The Directors considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

In reaching this conclusion, the Directors noted that the Boston Partners All-Cap Value Fund outperformed its benchmark, the Russell 3000 Value Index, for the three-month, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the one-year period ended December 31, 2024. The Board noted that the Fund's total return equaled the median of its Peer Group for the three-month and ten-year periods ended December 31, 2024, outperformed 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 one-year, three-year, and five-year periods ended December 31, 2024.

The Directors noted that the Boston Partners Long/Short Equity Fund outperformed its primary benchmark, the S&P 500 Index, for the three-year and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-month, one-year, five-year, and ten-year periods ended December 31, 2024. The Directors noted that the Boston Partners Long/Short Equity 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 noted that the WPG Partners Small Cap Value Diversified Fund outperformed its primary benchmark, the Russell 2000 Value Index, for the one-year, three-year, and five-year periods ended December 31, 2024, and underperformed its benchmark for the three-month and ten-year periods ended December 31, 2024. The Directors noted that the WPG Partners Small Cap Value Diversified Fund outperformed the median of its Peer Group for the one-year, three-year and five-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 and ten-year periods ended December 31, 2024.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**OTHER INFORMATION (UNAUDITED) (CONTINUED)**

Next, the Directors also reviewed the performance of the Boston Partners Long/Short Research Fund, noting that the Fund had underperformed its benchmark, the S&P 500 Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024. The Directors noted that the Boston Partners Long/Short Research Fund outperformed the median of its Peer Group for the one-year, three-year, and five-year periods ended December 31, 2024, matched the performance of the median for the since-inception period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month and ten-year periods ended December 31, 2024.

The Directors next reviewed the performance of the Boston Partners Small Cap Value Fund II, which outperformed its benchmark, the Russell 2000 Value Index, for the three-month, one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2024. The Directors noted that the Boston Partners Small Cap Value Fund II outperformed the median of its Peer Group for the three-month, one-year, three-year, ten-year, and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the five-year period ended December 31, 2024.

The Directors also considered the performance of the Boston Partners Global Equity Fund, which underperformed its benchmark, the MSCI World Net Return Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024. The Directors noted that the Boston Partners Global Equity Fund outperformed the median of its Peer Group for the three-year, five-year, ten-year, and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2024.

The Directors also considered the performance of the Boston Partners Global Sustainability Fund, which underperformed its benchmark, the MSCI World Net Return Index, for the three-month, one-year, three-year and since-inception periods ended December 31, 2024. The Directors noted that the Boston Partners Global Sustainability Fund outperformed the median of its Peer Group for the three-year and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2024.

The Directors then reviewed the performance of the Boston Partners Emerging Markets Dynamic Equity Fund, which outperformed its benchmark, the MSCI Emerging Markets Index, for the three-month and three-year periods ended December 31, 2024, and underperformed its benchmark for the one-year, five year, and since-inception periods ended December 31, 2024. The Directors also noted that the Boston Partners Emerging Markets Dynamic Equity Fund underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2024.

The Directors noted that the WPG Partners Select Small Cap Value Fund outperformed its primary benchmark, the Russell 2000 Value Index, for the three-year and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-month and one-year periods ended December 31, 2024. The Directors noted that the WPG Partners Select Small Cap Value Fund outperformed the median of its Peer Group for the three-year and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2024.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the fees paid by the Funds and the Funds' total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that Boston Partners had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 for the Funds to limit total annual operating expenses to agreed upon levels for each Fund.

The Directors noted that the Boston Partners Small Cap Value Fund II's net advisory fee was above the median and ranked in the 4th quintile of its Peer Group and the Fund's total net expenses were above the median and ranked in the 3rd quintile of its Peer Group.

The Directors noted that the Boston Partners Long/Short Equity Fund's net advisory fee was above the median and ranked in the 5th quintile of its Peer Group, and the Fund's total net expenses was above the median and ranked in the 4th quintile of its Peer Group.

The Directors noted that the Boston Partners Long/Short Research Fund's net advisory fee was above the median and ranked in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and ranked in the 3rd quintile of its Peer Group.

The Directors noted that the Boston Partners All-Cap Value Fund's net advisory fee was below the median and ranked in the 2nd quintile of its Peer Group and the Fund's total net expenses were below the median and ranked in the 2nd quintile of its Peer Group.

The Directors noted that the Boston Partners Global Equity Fund's net advisory fee was above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses was above the median and in the 5th quintile of its Peer Group.

**BOSTON PARTNERS INVESTMENT FUNDS** 

**OTHER INFORMATION (UNAUDITED) (CONCLUDED)**

The Directors noted that the Boston Partners Global Sustainability Fund's net advisory matched the median and was in the 3rd quintile of its Peer Group, and the Fund's total net expenses matched the median and was in the 2nd quintile of its Peer Group.

The Directors noted that the Boston Partners Emerging Markets Dynamic Equity Fund's net advisory fee was below the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the WPG Partners Select Small Cap Value Fund's net advisory fee was above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the WPG Partners Small Cap Value Diversified Fund's net advisory fee was above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

After reviewing the information regarding the Funds' costs, profitability and economies of scale, and after considering Boston Partners' services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2026.

![](fp0094047-18_95.jpg)

![](fp0094047-6_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** 

**August 31, 2025** 

**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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **SHORT-TERM INVESTMENTS — 81.2%** | **SHORT-TERM INVESTMENTS — 81.2%** |  |
|  **U.S. TREASURY BILLS — 73.1%** | **U.S. TREASURY BILLS — 73.1%** |  |
|  4.16%, 09/04/2025 <sup>(a)</sup>  | $270000000 | $269936550 |
|  4.11%, 10/09/2025 <sup>(a)</sup>  | 290000000 | 288751057 |
|  4.18%, 11/13/2025 <sup>(a)</sup>  | 225000000 | 223170750 |
|  4.19%, 12/04/2025 <sup>(a)</sup>  | 225000000 | 222664392 |
|  4.19%, 01/08/2026 <sup>(a)</sup>  | 200000000 | 197223112 |
|  4.03%, 02/05/2026 <sup>(a)</sup>  | 240000000 | 235975200 |
|  |  | 1437721061 |
|  | **SHARES** |  |
|  **MONEY MARKET FUNDS — 8.1%** | **MONEY MARKET FUNDS — 8.1%** |  |
|  BlackRock Liquidity Funds T-Fund - Institutional Class, 4.16% <sup>(b)</sup>  | 159716606 | 159716606 |
|  **TOTAL SHORT TERM INVESTMENTS** (Cost $1,597,043,924)  |  | 1597437667 |
|  **TOTAL INVESTMENTS — 81.2%** (Cost $1,597,043,924)  |  | 1597437667 |
|  Other Assets in Excess of Liabilities — 18.8%  |  | 369490423 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $1966928090 |

---

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 effective yield as of August 31, 2025.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**Campbell Systematic Macro Fund** 

**Consolidated Schedule of INVESTMENTS (CONTINUED)** 

**August 31, 2025**

Futures contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  3 Month Canadian Overnight Repo Rate Average  | 404 | 03/16/2027 | $71693195 | $54472 |
|  3 Month Euribor  | 12217 | 09/14/2026 | 3505828922 | 542523 |
|  ASX SPI 200 Index  | 310 | 09/18/2025 | 45328370 | 26084 |
|  Austrailian Government 10 Year Bonds  | 5725 | 09/15/2025 | 426001485 | (382738) |
|  Austrailian Government 3 Year Bonds  | 10099 | 09/15/2025 | 709353186 | (506068) |
|  Canadian Canola Oil  | 2700 | 11/14/2025 | 24629992 | (2096006) |
|  Copper  | 170 | 12/29/2025 | 19509625 | 300480 |
|  Corn No. 2 Yellow  | 4383 | 12/12/2025 | 92097788 | 3005888 |
|  Dow Jones Industrial Average Index  | 46 | 09/19/2025 | 10488230 | 244236 |
|  Euro-BOBL  | 2603 | 09/08/2025 | 357696667 | (325422) |
|  Euro-BTP Italian Government Bonds  | 143 | 09/08/2025 | 20117400 | (52607) |
|  Euro-Schatz  | 23446 | 09/08/2025 | 2936613077 | (518431) |
|  Feeder Cattle  | 214 | 10/30/2025 | 38998825 | 2330041 |
|  FTSE 100 Index  | 661 | 09/19/2025 | 82359210 | (543784) |
|  FTSE China A50 Index  | 379 | 09/29/2025 | 5679315 | 36490 |
|  FTSE/JSE Top 40 Index  | 1465 | 09/18/2025 | 78179011 | 2484811 |
|  FTSE/MIB Index  | 405 | 09/19/2025 | 100087977 | 3111843 |
|  Gold  | 755 | 12/29/2025 | 265465550 | 4361875 |
|  Hang Seng China Enterprises Index  | 6 | 09/29/2025 | 343660 | (9869) |
|  IBEX 35 Index  | 596 | 09/19/2025 | 104369901 | (427553) |
|  ICE 3 Month SONIA Rate  | 3379 | 12/15/2026 | 1100723431 | 10440 |
|  Live Cattle  | 2022 | 10/31/2025 | 193828920 | 16207904 |
|  London Metals - Aluminum<sup>(a)</sup>  | 3307 | 09/15/2025 | 216405946 | 6608882 |
|  London Metals - Aluminum<sup>(a)</sup>  | 1656 | 12/15/2025 | 108354150 | (25170) |
|  London Metals - Copper<sup>(a)</sup>  | 1280 | 09/15/2025 | 315045123 | 4255314 |
|  London Metals - Copper<sup>(a)</sup>  | 621 | 12/15/2025 | 154011726 | 935796 |
|  London Metals - Lead<sup>(a)</sup>  | 2468 | 09/15/2025 | 121051081 | (2657871) |
|  London Metals - Lead<sup>(a)</sup>  | 127 | 12/15/2025 | 6346158 | (27735) |
|  London Metals - Nickel<sup>(a)</sup>  | 776 | 09/15/2025 | 71174317 | 22 |
|  London Metals - Nickel<sup>(a)</sup>  | 328 | 12/15/2025 | 30424473 | 516610 |
|  London Metals - Zinc<sup>(a)</sup>  | 3268 | 09/15/2025 | 230940573 | 6303736 |
|  London Metals - Zinc<sup>(a)</sup>  | 543 | 12/15/2025 | 38311365 | (13578) |
|  Long Gilt  | 1217 | 12/29/2025 | 148896872 | (86497) |
|  Low Sulphur Gas Oil  | 836 | 10/10/2025 | 56221000 | 743712 |
|  MSCI Singapore Index  | 2444 | 09/29/2025 | 84580952 | (256935) |
|  Nasdaq 100 Index  | 216 | 09/19/2025 | 101354760 | 408614 |
|  Natural Gas  | 57 | 09/26/2025 | 1708290 | 15712 |
|  NY Harbor ULSD  | 846 | 09/30/2025 | 80650534 | 368787 |
|  S&P 500 Index  | 1040 | 09/19/2025 | 336583000 | (8853) |
|  S&P/Toronto Stock Exchange 60 Index  | 571 | 09/18/2025 | 141004798 | 1709352 |
|  SGX FTSE Taiwan Index  | 593 | 09/26/2025 | 47582320 | 125214 |
|  SGX TSI Iron Ore  | 75 | 10/31/2025 | 776025 | 249 |
|  Silver  | 244 | 12/29/2025 | 49682060 | 1322307 |
|  Soybeans  | 608 | 11/14/2025 | 32056800 | 1014 |
|  Sugar #11  | 2098 | 09/30/2025 | 38465571 | (348507) |
|  TOPIX Index  | 13 | 09/11/2025 | 2718009 | 1673 |
|  U.S. Treasury 10 Year Notes  | 8381 | 12/19/2025 | 942862500 | 987163 |
|  U.S. Treasury 5 Year Note  | 9518 | 12/31/2025 | 1041923563 | 870718 |
|  U.S. Treasury Long Bonds  | 427 | 12/19/2025 | 48784750 | (127608) |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Schedule of INVESTMENTS (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional <br> Value** | **Value/<br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  UK Natural Gas  | 125 | 10/30/2025 | $4192685 | $(246324) |
|  |  |  |  | $49230406 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  3-Month Secured Overnight Financing Rate  | (4647) | 03/16/2027 | $1127187938 | $(982452) |
|  Arabica Coffee  | (139) | 12/18/2025 | 20125463 | (239689) |
|  Australian 90 Day Bank Bills  | (1699) | 09/10/2026 | 1103343589 | (1089) |
|  Brent Crude Oil  | (178) | 10/31/2025 | 11906420 | (17806) |
|  CAC40 10 Euro Index  | (143) | 09/19/2025 | 12904413 | 53817 |
|  Canadian 10 Year Government Bonds  | (2038) | 12/18/2025 | 178832330 | (841941) |
|  Cotton No.2  | (1458) | 12/08/2025 | 48507660 | 508187 |
|  Crude Oil  | (339) | 09/22/2025 | 21699390 | (117600) |
|  Crude Soybean Oil  | (1219) | 12/12/2025 | 38135196 | 848073 |
|  Euro BUXL 30 Year Bonds  | (309) | 09/08/2025 | 41196626 | 719517 |
|  Euro STOXX 50 Quanto Index  | (751) | 09/19/2025 | 47110474 | 147644 |
|  Euro-Bund  | (867) | 09/08/2025 | 131403594 | 12491 |
|  French Government Bonds  | (181) | 09/08/2025 | 25814792 | 96030 |
|  German Stock Index  | (6) | 09/19/2025 | 4204289 | 9140 |
|  Hang Seng Index  | (356) | 09/29/2025 | 57136733 | 231083 |
|  Hard Red Winter Wheat  | (561) | 12/12/2025 | 14578987 | 245968 |
|  ICE European Climate Exchange Emissions  | (457) | 12/15/2025 | 39023866 | (1987486) |
|  Japanese 10 Year Government Bonds  | (413) | 09/12/2025 | 386540233 | (25622) |
|  Lean Hogs  | (406) | 10/14/2025 | 15432060 | (998204) |
|  London Metals - Aluminum<sup>(a)</sup>  | (3307) | 09/15/2025 | 216405946 | (3604929) |
|  London Metals - Aluminum<sup>(a)</sup>  | (726) | 12/15/2025 | 47503087 | (576184) |
|  London Metals - Copper<sup>(a)</sup>  | (1280) | 09/15/2025 | 315045123 | (5135833) |
|  London Metals - Copper<sup>(a)</sup>  | (245) | 12/15/2025 | 60761470 | (976854) |
|  London Metals - Lead<sup>(a)</sup>  | (2468) | 09/15/2025 | 121051081 | 1562039 |
|  London Metals - Lead<sup>(a)</sup>  | (1165) | 12/15/2025 | 58214759 | 205058 |
|  London Metals - Nickel<sup>(a)</sup>  | (776) | 09/15/2025 | 71174316 | (43474) |
|  London Metals - Nickel<sup>(a)</sup>  | (57) | 12/15/2025 | 5287180 | (39669) |
|  London Metals - Zinc<sup>(a)</sup>  | (3268) | 09/15/2025 | 230940573 | (9544061) |
|  London Metals - Zinc<sup>(a)</sup>  | (543) | 12/15/2025 | 38311365 | (669156) |
|  MSCI EAFE Index  | (77) | 09/19/2025 | 10476235 | (201260) |
|  MSCI Emerging Markets Index  | (239) | 09/19/2025 | 15115555 | (493661) |
|  Natural Gas  | (1650) | 10/30/2025 | 45051909 | 2623307 |
|  Nifty 50 Index  | (1205) | 09/30/2025 | 59172730 | 1078047 |
|  Nikkei 225 Index  | (104) | 09/11/2025 | 30211697 | 9434 |
|  OMXS30 Index  | (295) | 09/19/2025 | 8207605 | 24306 |
|  Palladium  | (397) | 12/29/2025 | 44622800 | 268149 |
|  Physcial Electricity Index  | (70) | 10/30/2025 | 5113906 | (147738) |
|  Platinum  | (34) | 10/29/2025 | 2329850 | (54074) |
|  Reformulated Gasoline Blendstock  | (708) | 09/30/2025 | 58547210 | (949687) |
|  Robusta Coffee  | (412) | 11/24/2025 | 19837800 | (5516856) |
|  Russell 2000 Index  | (389) | 09/19/2025 | 46092610 | (1216460) |
|  S&P Mid Cap 400 Index  | (67) | 09/19/2025 | 21831950 | 49599 |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Schedule of INVESTMENTS (Concluded)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **Expiration <br> Date** | **Notional <br> Value** | **Value / <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Soybean Meal  | (5672) | 12/12/2025 | $163920800 | $4595101 |
|  U.S. Treasury 2 Year Notes  | (8816) | 12/31/2025 | 1838480371 | (1989550) |
|  U.S. Treasury Ultra Bonds  | (97) | 12/19/2025 | 11306563 | 21069 |
|  US Cocoa  | (149) | 12/15/2025 | 11487900 | 897030 |
|  Wheat  | (751) | 12/12/2025 | 20061087 | (431193) |
|  |  |  |  | $(22597439) |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $26632967 |

---

<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 Statement of Assets and Liabilities.

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

**Campbell Systematic Macro Fund** 

**CONSOLIDATED Schedule of INVESTMENTS** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| UBS AG | 09/17/2025 | AUD | 6551550000 | USD | 4284137427 | $4980341 |
| UBS AG | 09/17/2025 | BRL | 2089550000 | USD | 373118677 | 10369125 |
| UBS AG | 09/17/2025 | CAD | 4072700000 | USD | 2974147075 | (5905032) |
| UBS AG | 09/17/2025 | CHF | 222500000 | USD | 278275382 | 452032 |
| UBS AG | 09/17/2025 | CLP | 209850000000 | USD | 220888565 | (3828490) |
| UBS AG | 09/17/2025 | CNH | 463900000 | USD | 64754906 | 498289 |
| UBS AG | 09/17/2025 | COP | 1022580000000 | USD | 248764510 | 5255261 |
| UBS AG | 09/17/2025 | CZK | 5325600000 | USD | 250968328 | 3907883 |
| UBS AG | 09/17/2025 | EUR | 1595300000 | USD | 1857176686 | 11456876 |
| UBS AG | 09/17/2025 | GBP | 1728700000 | USD | 2334592405 | 2359197 |
| UBS AG | 09/17/2025 | HUF | 90219000000 | USD | 258885103 | 7108748 |
| UBS AG | 09/17/2025 | IDR | 3544975000000 | USD | 217167280 | (2271923) |
| UBS AG | 09/17/2025 | INR | 41652000000 | USD | 479865564 | (8136891) |
| UBS AG | 09/17/2025 | JPY | 381601500000 | USD | 2641063386 | (38869230) |
| UBS AG | 09/17/2025 | KRW | 313920000000 | USD | 231528397 | (5501013) |
| UBS AG | 09/17/2025 | MXN | 6006000000 | USD | 314201484 | 6938251 |
| UBS AG | 09/17/2025 | NOK | 9913350000 | USD | 980494439 | 5809577 |
| UBS AG | 09/17/2025 | NZD | 1925500000 | USD | 1159693600 | (22959386) |
| UBS AG | 09/17/2025 | PHP | 17565000000 | USD | 310923611 | (3746061) |
| UBS AG | 09/17/2025 | PLN | 1740525000 | USD | 471880131 | 5656565 |
| UBS AG | 09/17/2025 | SEK | 3955650000 | USD | 414940863 | 3513747 |
| UBS AG | 09/17/2025 | SGD | 39627000 | USD | 31260012 | (327224) |
| UBS AG | 09/17/2025 | TWD | 216000000 | USD | 7543993 | (467163) |
| UBS AG | 09/17/2025 | USD | 4176525569 | AUD | 6420700000 | (26928339) |
| UBS AG | 09/17/2025 | USD | 230741291 | BRL | 1298200000 | (7512813) |
| UBS AG | 09/17/2025 | USD | 2795206352 | CAD | 3831150000 | 3009405 |
| UBS AG | 09/17/2025 | USD | 393047833 | CHF | 316050000 | (2870367) |
| UBS AG | 09/17/2025 | USD | 239766483 | CLP | 227550000000 | 4398267 |
| UBS AG | 09/17/2025 | USD | 146717418 | CNH | 1047700000 | (654370) |
| UBS AG | 09/17/2025 | USD | 135024555 | COP | 557580000000 | (3484259) |
| UBS AG | 09/17/2025 | USD | 134812824 | CZK | 2838400000 | (1029266) |
| UBS AG | 09/17/2025 | USD | 1697180444 | EUR | 1458650000 | (11389947) |
| UBS AG | 09/17/2025 | USD | 1859128014 | GBP | 1372750000 | 3369170 |
| UBS AG | 09/17/2025 | USD | 107691256 | HUF | 37287000000 | (2242491) |
| UBS AG | 09/17/2025 | USD | 243565768 | IDR | 3988075000000 | 1809818 |
| UBS AG | 09/17/2025 | USD | 391758052 | INR | 33942000000 | 7348789 |
| UBS AG | 09/17/2025 | USD | 2267574391 | JPY | 329785500000 | 18720807 |
| UBS AG | 09/17/2025 | USD | 279673404 | KRW | 384735000000 | 2658096 |
| UBS AG | 09/17/2025 | USD | 375310809 | MXN | 7126800000 | (5757899) |
| UBS AG | 09/17/2025 | USD | 584991537 | NOK | 5925150000 | (4516474) |
| UBS AG | 09/17/2025 | USD | 1891467196 | NZD | 3173600000 | 17907236 |
| UBS AG | 09/17/2025 | USD | 269540144 | PHP | 15354000000 | 1028666 |
| UBS AG | 09/17/2025 | USD | 399064275 | PLN | 1472250000 | (4867527) |
| UBS AG | 09/17/2025 | USD | 558612681 | SEK | 5325750000 | (4780097) |
| UBS AG | 09/17/2025 | USD | 142446263 | SGD | 182121000 | 282835 |
| UBS AG | 09/17/2025 | USD | 118470225 | TWD | 3470400000 | 4769151 |
| UBS AG | 09/17/2025 | USD | 324803921 | ZAR | 5806200000 | (3924018) |
| UBS AG | 09/17/2025 | ZAR | 7332400000 | USD | 409488952 | 5647408 |
|  **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** |  |  | $(32714740) |

---

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

**Campbell Systematic Macro Fund** 

**CONSOLIDATED Schedule of INVESTMENTS (Concluded)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| 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 | KRW - | South Korean Won |
| INR -  | Indian Rupee | MXN - | Mexican Peso |
| JPY -  | Japanese Yen | NOK -  | Norwegian Krone |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Short-term investments, at value (cost $1,597,043,924)  | $1597437667 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 141316300 |
| &nbsp;&nbsp;&nbsp; Deposits with brokers: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 234880084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 2667255 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency contracts  | 139255540 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 72097051 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 1107509 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 490585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 2189251991 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency contracts  | $171970280 |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 45464084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 2517278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 1961740 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 410519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 222323901 |
| &nbsp;&nbsp;&nbsp; Net assets  | $1966928090 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | 202963 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 1945027034 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 21698093 |
| &nbsp;&nbsp;&nbsp; Net assets  | $1966928090 |
|  **CAPITAL SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Class A Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class A Shares  | $52104958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 5442168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share  | $9.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (100/96.5 of 9.57)  | $10.16 |
| &nbsp;&nbsp;&nbsp; Class C Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class C Shares  | 22196272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 2489866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $8.91 |
| &nbsp;&nbsp;&nbsp; Class I Shares: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class I Shares  | 1892626860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 300,000,000 shares authorized)  | 195031232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $9.70 |

---

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

**Campbell Systematic Macro Fund** 

**Consolidated Statement of Operations** 

**For the Year Ended August 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $68222358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 68222358 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 27437806 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 2090288 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 246739 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 239592 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 219423 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares  | 212476 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Class A Shares  | 145227 |
| &nbsp;&nbsp;&nbsp; Director fees  | 158671 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 135198 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 73013 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 72769 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 54180 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 41537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 31126919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursements  | (1446663) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 29680256 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 38542102 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** | **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (54126761) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 16212602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | 35688379 |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (161343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 24008746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations  | 66121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency contracts  | (33359385) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | (11671641) |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $26870461 |

---

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> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $38542102 | $29690843 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts  | (2225780) | (12681748) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts  | (9445861) | 17494867 |
|  Net increase/(decrease) in net assets resulting from operations  | 26870461 | 34503962 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp; Distributable earnings  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  | (1420635) | (826673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  | (364758) | (98765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  | (37163038) | (15128997) |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (38948431) | (16054435) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (38948431) | (16054435) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 20988989 | 11201253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 1412399 | 798911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (24360331) | (20737101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (1958943) | (8736937) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 7099091 | 3003962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 361630 | 92450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3446361) | (3796719) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | 4014360 | (700307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1183826586 | 765144923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 33469034 | 13897674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (485223860) | (406608214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | 732071760 | 372434383 |
|  Net increase/(decrease) in net assets from capital share transactions  | 734127177 | 362997139 |
|  Total increase/(decrease) in net assets  | 722049207 | 381446666 |

---

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> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | $1244878883 | $863432217 |
| &nbsp;&nbsp;&nbsp; End of year  | $1966928090 | $1244878883 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2149736 | 1206997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 148674 | 87312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2517992) | (2231994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (219582) | (937685) |
| &nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 776735 | 343292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 40678 | 10775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (378480) | (438071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | 438933 | (84004) |
| &nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 119207029 | 81023773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 3482730 | 1500829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (49030020) | (43506352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | 73659739 | 39018250 |
|  Net increase/(decrease) in shares outstanding  | 73879090 | 37996561 |

---

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** |
|  | **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  | $9.53 | $9.37 | $10.65 | $8.76 | $7.55 |
|  Net investment income/(loss)<sup>(1)</sup>  | 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>  | 0.09 | 0.04 | (0.05) | 2.57 | 1.37 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.29 | 0.29 | 0.11 | 2.46 | 1.21 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.12) | (0.13) | (0.20) | (0.48) |  |
|  Net realized capital gain  | (0.13) |  | (1.19) | (0.09) |  |
|  Total dividends and distributions to shareholders  | (0.25) | (0.13) | (1.39) | (0.57) |  |
|  Net asset value, end of period  | $9.57 | $9.53 | $9.37 | $10.65 | $8.76 |
|  Total investment return <sup>(3)</sup>  | 3.06% | 3.15% | 0.93% | 30.09% | 16.03% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $52105 | $53942 | $61813 | $65549 | $12613 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</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>  | 2.09% | 2.09% | 2.12% | 2.16% | 2.36% |
|  Ratio of net investment income/(loss) to average net assets  | 2.09% | 2.67% | 1.71% | (1.32)% | (1.93)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 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.

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** |
|  | **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  | $8.88 | $8.72 | $10.02 | $8.38 | $7.28 |
|  Net investment income/(loss)<sup>(1)</sup>  | 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>  | 0.08 | 0.04 | (0.05) | 2.45 | 1.31 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.20 | 0.21 | 0.04 | 2.25 | 1.10 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.04) | (0.05) | (0.15) | (0.52) |  |
|  Net realized capital gain  | (0.13) |  | (1.19) | (0.09) |  |
|  Total dividends and distributions to shareholders  | (0.17) | (0.05) | (1.34) | (0.61) |  |
|  Net asset value, end of period  | $8.91 | $8.88 | $8.72 | $10.02 | $8.38 |
|  Total investment return <sup>(3)</sup>  | 2.26% | 2.38% | 0.22% | 29.13% | 15.11% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $22196 | $18205 | $18610 | $15654 | $9079 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</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>  | 2.84% | 2.84% | 2.87% | 2.91% | 3.11% |
|  Ratio of net investment income/(loss) to average net assets  | 1.34% | 1.92% | 0.96% | (2.07)% | (2.67)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 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.

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** |
|  | **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  | $9.66 | $9.51 | $10.77 | $8.90 | $7.65 |
|  Net investment income/(loss)<sup>(1)</sup>  | 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>  | 0.09 | 0.04 | (0.05) | 2.59 | 1.39 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.32 | 0.31 | 0.15 | 2.50 | 1.25 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.15) | (0.16) | (0.22) | (0.54) |  |
|  Net realized capital gain  | (0.13) |  | (1.19) | (0.09) |  |
|  Total dividends and distributions to shareholders  | (0.28) | (0.16) | (1.41) | (0.63) |  |
|  Net asset value, end of period  | $9.70 | $9.66 | $9.51 | $10.77 | $8.90 |
|  Total investment return <sup>(3)</sup>  | 3.38% | 3.42% | 1.25% | 30.35% | 16.34% |
|  **Ratios/Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $1892627 | $1172732 | $783009 | $555072 | $119324 |
|  Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments <sup>(4)</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>  | 1.84% | 1.84% | 1.87% | 1.91% | 2.11% |
|  Ratio of net investment income/(loss) to average net assets  | 2.34% | 2.92% | 1.96% | (1.07)% | (1.68)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 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.

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

**Campbell Systematic Macro Fund** 

**Notes to Consolidated Financial Statements** 

**August 31, 2025**

**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 fifty-nine 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 certain redemptions of Class A shares made within twelve months after a purchase of Class A shares where no initial sales charge was paid at the time of purchase as part of an investment of $250,000 or more. This CDSC of 1.00% on certain redemptions of Class A shares was terminated as of May 20, 2025. A 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Consolidated Financial Statements is the year ended August 31, 2025 (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 August 31, 2025, the net assets of the Subsidiary were $147,052,261, which represented 7.48% 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

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

defined below) in accordance with procedures adopted by the Company's Board of Directors (the "Board"). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund's NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated 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 | $1597437667 | $— | $— | $1597437667 |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 63510353 |  |  | 63510353 |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 5760031 |  |  | 5760031 |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 2826667 |  |  | 2826667 |
|  Foreign Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | 139255540 |  | 139255540 |
|  **Total Assets** | $**1669534718** | $**139255540** | $**—** | $**1808790258** |

---

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3** | **Total** |
|  Commodity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(39605018) | $— | $— | $(39605018) |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (543784) |  |  | (543784) |
|  Interest Rate Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | (5315282) |  |  | (5315282) |
|  Foreign Exchange Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | (171970280) |  | (171970280) |
|  **Total Liabilities** | $**(45464084)** | $**(171970280)** | $**—** | $**(217434364)** |

---

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)** 

**August 31, 2025**

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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **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 | $63510353 | $5760031 | $2826667 | $— | $72097051 |
|  Forward Contracts <sup>(a)</sup> | Unrealized appreciation on forward foreign currency contracts |  |  |  | 139255540 | 139255540 |
|  **Total Value - Assets** |  | $**63510353** | $**5760031** | $**2826667** | $**139255540** | $**211352591** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **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** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | $(39605018) | $(543784) | $(5315282) | $— | $(45464084) |
|  Forward Contracts <sup>(a)</sup> | Unrealized depreciation on forward foreign currency contracts |  |  |  | (171970280) | (171970280) |
|  **Total Value - Liabilities** |  | $**(39605018)** | $**(543784)** | $**(5315282)** | $**(171970280)** | $**(217434364)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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)** 

**August 31, 2025**

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 | $(15426131) | $81753354 | $(120453984) | $— | $(54126761) |
|  Forward Contracts | Net realized gain/(loss) from forward foreign currency contracts |  |  |  | 35688379 | 35688379 |
|  **Total Realized Gain/(Loss)** |  | $**(15426131)** | $**81753354** | $**(120453984)** | $**35688379** | $**(18438382)** |

---

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 | $19707557 | $(1518804) | $5819993 | $— | $24008746 |
|  Forward Contracts | Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts |  |  |  | (33359385) | (33359385) |
|  **Total Change in Unrealized Appreciation/(Depreciation)** |  | $**19707557** | $**(1518804)** | $**5819993** | $**(33359385)** | $**(9350639)** |

---

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

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

---

| | | | |
|:---|:---|:---|:---|
| **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)** |
| $8585967675 | $(4382392570) | $(25515894043) | $25510044781 |

---

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 Assets and <br> Liabilities** | **Gross Amount Not <br> Offset in Consolidated <br> Statement of Assets and <br> Liabilities** | | | **Gross Amount Not <br> Offset in Consolidated <br> Statement of Assets and <br> Liabilities** | **Gross Amount Not <br> Offset in Consolidated <br> Statement of Assets and <br> 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 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 | $139255540 | $(139255540) | $— | $— | $171970280 | $(139255540) | $— | $32714740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net amount represents the net
 amount receivable from the counterparty in the event of default.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Actual collateral pledged may
 be more than the amount shown.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Net amount represents the net
 amount payable to the counterparty in the event of default.

**Use of Estimates** — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

**Investment Transactions, Investment Income and Expenses** — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund's investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

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.

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.

**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 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.

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

**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 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.

**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.

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

**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.

**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 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 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, 2025 and may not be terminated without the approval of the Board.

---

| | | | |
|:---|:---|:---|:---|
| | **Expense Cap** | **Expense Cap** | **Expense Cap** |
| <br>**Advisory Fee** | **Class A** | **Class C** | **Class I** |
| 1.64% | 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.

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Expiration** | **Expiration** | **Expiration** | **Expiration** |
| **August 31, <br> 2026** | **August 31,<br> 2027** | **August 31,<br> 2028** | **Total** |
| $34279 | $951565 | $1446663 | $2432507 |

---

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.

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

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.

**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>:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br> Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation/<br> (Depreciation)** |
| $1738360224 | $22000713  | $(17198693) | $4802020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between the
 book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to
 futures and forwards not regulated by Section 1256 of the Internal Revenue Code and timing difference related to taxable income from a
 wholly owned controlled foreign corporation.

**Campbell Systematic Macro Fund** 

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

**August 31, 2025**

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:

---

| | |
|:---|:---|
| **Distributable<br> Earnings/(Loss)** | **PAID-IN<br> CAPITAL** |
| $53291796  | $(53291796) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| $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 years ended August 31, 2024 and August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Gains** | **Total** |
| 2024 | $16054435 | $— | $16054435 |
| 2025 | $38948431 | $— | $38948431 |

---

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 did had $68,465,424 of qualified late year losses.

**6. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**Campbell Systematic Macro Fund** 

**Notes to Consolidated Financial Statements (CONCLUDED)** 

**August 31, 2025**

**7. 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 Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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).

**8. 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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Campbell Systematic Macro Fund

**Opinion on the Consolidated Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Campbell Systematic Macro Fund (one of the funds constituting The RBB Fund, Inc., referred to hereafter as the "Fund") as of August 31, 2025, and the related consolidated statements of operations and changes in net assets, including the related notes, and the consolidated financial highlights for the year ended August 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the year ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial statements of the Fund as of and for the year ended August 31, 2024 and the consolidated financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than the consolidated statement of changes in net assets and the consolidated financial highlights) were audited by other auditors whose report dated October 30, 2024 expressed an unqualified opinion on those consolidated financial statements and consolidated financial highlights.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Campbell & Company Investment Adviser LLC since 2025.

**Campbell Systematic Macro Fund** 

**SHAREHOLDER TAX INFORMATION** 

**(UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. During the year ended August 31, 2025, the Fund paid $38,948,431 of ordinary income distributions. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal tax purposes.

The percentage of ordinary income dividends qualifying for the 15% dividend tax rate is 0.00%.

The percentage of ordinary income dividends qualifying for the corporate dividends received deduction is 0.00%.

The Fund designates 46.51% of the ordinary income distributions as qualified short-term gain pursuant to the American Job Creation Act of 2004.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**Campbell Systematic Macro Fund** 

**Other Information** 

**(UNAUDITED)**

**APPROVAL OF CURRENT INVESTMENT ADVISORY AGREEMENTS** 

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Campbell and the Company on behalf of the Campbell Systematic Macro Fund (the "Fund"), and the investment advisory agreement between Campbell and Campbell Systematic Macro Offshore Limited (the "Subsidiary"), the Cayman subsidiary of the Fund (the "Subsidiary Investment Advisory Agreement" and together with the Investment Advisory Agreement, the "Investment Advisory Agreements") at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreements for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreements, the Board considered information provided by Campbell with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreements between the Company and Campbell 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Campbell, and discussed the Investment Advisory Agreements with counsel in executive sessions, at which no representatives of Campbell or the Subsidiary were present. Among other things, the Directors considered (i) the nature, extent, and quality of Campbell's services to be provided to the Fund; (ii) descriptions of the experience and qualifications of Campbell's personnel providing those services; (iii) Campbell's investment philosophies and processes; (iv) Campbell's assets under management and client descriptions; (v) Campbell's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Campbell's advisory fee arrangement with the Company and other similarly managed clients; (vii) Campbell's compliance policies and procedures; (viii) Campbell's 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 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 (xi) a report comparing the performance of the Fund to the performance of their respective benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Campbell. The Directors concluded that Campbell had substantial resources to provide services to the Fund and that Campbell's services had been acceptable.

The Directors then reviewed the performance of the Fund, which outperformed its benchmark, the S&P 500 Total Return Index, for the three-year period ended December 31, 2024, and underperformed its benchmark for the three-month, one-year, five year, ten-year, and since-inception periods ended December 31, 2024. The Directors also noted that the Fund outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreements. 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) were compared to similar information for its Peer Group. The Directors noted that the Fund's net advisory fee was above the median and in the 4th quintile of its Peer Group, while the Fund's total net expenses matched the median of its Peer Group and was in the 3rd quintile of its Peer Group. The Directors noted that Campbell had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed upon levels for the Fund.

**Campbell Systematic Macro Fund** 

**Other Information (Concluded)** 

**(UNAUDITED)**

After reviewing the information regarding the Campbell's costs, estimated profitability and economies of scale, and after considering Campbell's services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved for an additional annual period ending August 16, 2026.

**Campbell Systematic Macro Fund** 

**Affirmation of the Commodity Pool Operator August 31, 2025**

To the best of the knowledge and belief of the undersigned, the information contained in the Annual Report for the year ended August 31, 2025 is accurate and complete.

---

| |
|:---|
| ![](fp0094047-6_30.jpg) |
| Kevin D. Cole, Chief Executive Officer &<br> Chief Investment Officer <br> Campbell & Company, LP<br> CAMPBELL SYSTEMATIC MACRO FUND |

---

**Investment Adviser** 

Campbell & Company Investment Adviser LLC

2850 Quarry Lake Drive

Baltimore, Maryland 21209

**Administrator and Transfer Agent** U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

**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** 

August 31, 2025

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 August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.9%** | **OPEN-END FUNDS — 99.9%** |  |
|  DFA US Large Company Portfolio - Class Institutional <sup>(b)</sup>  | 6358783 | $272982575 |
|  DFA US Micro Cap Portfolio - Class Institutional<sup>(c)</sup>  | 22641637 | 694645424 |
|  DFA US Small Cap Portfolio - Class Institutional<sup>(c)</sup>  | 13345361 | 687019166 |
|  DFA US Small Cap Value Portfolio - Class Institutional <sup>(c)</sup> <sup>(d)</sup>  | 22897766 | 1166641163 |
|  Dimensional US Large Cap Value Portfolio III - Class Institutional <sup>(b)</sup>  | 22922771 | 790377159 |
|  iShares Core S&P 500 ETF  | 626530 | 406191930 |
|  iShares MSCI USA Value Factor ETF <sup>(a)</sup>  | 2601261 | 311318916 |
|  U.S. Large Cap Value Series  | 2825615 | 260352208 |
|  **TOTAL OPEN-END FUNDS** (Cost $2,517,681,413)  |  | 4589528541 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 7631750 | 7631750 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.1%**  | **MONEY MARKET FUNDS — 0.1%**  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.20%<sup>(f)</sup>  | 4917877 | 4917877 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $12,549,627)  |  | 12549627 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.2% (Cost $2,530,231,040)  |  | 4602078168 |
|  Liabilities in Excess of Other Assets — (0.2)%  |  | (10930524) |
|  TOTAL NET ASSETS — 100.0%  |  | $4591147644 |

---

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 August 31, 2025. At August 31, 2025, the market value of these securities was $7,456,064 which represented 0.2%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A portfolio of Dimensional
 Investment Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A portfolio of DFA Investment
 Dimensions Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) The rate shown is as of
 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 100.0%** | **OPEN-END FUNDS — 100.0%** |  |
|  DFA Emerging Markets Small Cap Portfolio - Class Institutional <sup>(a)</sup>  | 6772066 | $182304027 |
|  DFA Emerging Markets Value Portfolio - Class Institutional <sup>(a)</sup>  | 5200696 | 181608312 |
|  DFA International Small Cap Value Portfolio - Class Institutional <sup>(a)</sup> <sup>(b)</sup>  | 52346370 | 1538983291 |
|  DFA International Value Portfolio III - Class Institutional <sup>(c)</sup>  | 27814027 | 631656548 |
|  International Value Series  | 11350771 | 519184265 |
|  Dimensional International Small Cap ETF <sup>(d)</sup>  | 12207935 | 378201826 |
|  iShares Core MSCI EAFE ETF <sup>(d)</sup>  | 2168736 | 185448615 |
|  iShares Core MSCI Emerging Markets ETF <sup>(d)</sup>  | 3162684 | 196371050 |
|  **TOTAL OPEN-END FUNDS** (Cost $2,550,009,444)  |  | 3813757934 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  | **SHORT-TERM INVESTMENTS – 0.3%**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.2%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 6684453 | 6684453 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.1%**  | **MONEY MARKET FUNDS — 0.1%**  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.20%<sup>(f)</sup>  | 3963086 | 3963086 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $10,647,539)  |  | 10647539 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.3% (Cost $2,560,656,983)  |  | 3824405473 |
|  Liabilities in Excess of Other Assets — (0.3)%  |  | (9602216) |
|  TOTAL NET ASSETS — 100.0%  |  | $3814803257 |

---

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) A portfolio of DFA Investment
 Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair value of this security
 exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available
 from the SEC's EDGAR database at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A portfolio of DFA Investment
 Dimensions Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this
 security is on loan as of August 31, 2025. At August 31, 2025, the market value of these securities was $6,515,831 which represented 0.2%.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is as of
 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.5%** | **OPEN-END FUNDS — 99.5%** |  |
|  DFA Intermediate Government Fixed Income Portfolio - Class Institutional <sup>(a)</sup>  | 15873885 | $178104991 |
|  DFA One-Year Fixed Income Portfolio - Class Institutional <sup>(a)</sup>  | 41421413 | 424155266 |
|  DFA Short-Term Government Portfolio - Class Institutional <sup>(a)</sup>  | 11710165 | 117218750 |
|  DFA Two-Year Global Fixed Income Portfolio - Class Institutional <sup>(a)</sup>  | 74549875 | 735807262 |
|  Dimensional Inflation-Protected Securities ETF  | 3543397 | 149956561 |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF <sup>(b)</sup>  | 13330300 | 706372597 |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF <sup>(b)</sup>  | 3299441 | 177015010 |
|  iShares Core International Aggregate Bond ETF  | 8641620 | 441154701 |
|  **TOTAL OPEN-END FUNDS** (Cost $2,956,027,016) |  | 2929785138 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS – 1.3%**  | **SHORT-TERM INVESTMENTS – 1.3%**  | **SHORT-TERM INVESTMENTS – 1.3%**  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.7%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.7%**  | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.7%**  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(c)</sup>  | 21416575 | 21416575 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.6%**  | **MONEY MARKET FUNDS — 0.6%**  |  |
|  Invesco Government & Agency Portfolio - Institutional Class, 4.20%<sup>(d)</sup>  | 17341773 | 17341773 |
| &nbsp;&nbsp;&nbsp; TOTAL SHORT-TERM INVESTMENTS (Cost $38,758,348)  |  | 38758348 |
| &nbsp;&nbsp;&nbsp; TOTAL INVESTMENTS — 100.8% (Cost $2,994,785,364)  |  | 2968543486 |
|  Liabilities in Excess of Other Assets — (0.8)%  |  | (23700800) |
|  TOTAL NET ASSETS — 100.0%  |  | $2944842686 |

---

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

LLC – Limited Liability Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) A portfolio of DFA Investment
 Dimensions Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this
 security is on loan as of August 31, 2025. At August 31, 2025, the total market value of these securities was $20,891,461 which represented
 0.7% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is as of
 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 in non-affiliated funds, at value (cost $2,517,681,413, $2,550,009,444 and $2,956,027,016, respectively)  | $4589528541 | $3813757934 | $2929785138 |
| &nbsp;&nbsp;&nbsp; Short-term investments, at value (cost $4,917,877, $3,963,086, and $17,341,773 respectively)  | 4917877 | 3963086 | 17341773 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral (cost $7,631,750, $6,684,453 and $21,416,575, respectively)  | 7631750 | 6684453 | 21416575 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 1400141 | 905765 | 1233914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 1958 | 14371 | 62645 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 165691 | 127212 | 130837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 4603645958 | 3825452821 | 2969970882 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  | 7631750 | 6684453 | 21416575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 2649135 | 2038126 | 2233914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 1796597 | 1568760 | 1228699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 131547 | 105686 | 93923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 7274 | 7658 | 7708 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 282011 | 244881 | 147377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 12498314 | 10649564 | 25128196 |
| &nbsp;&nbsp;&nbsp; Net assets  | $4591147644 | $3814803257 | $2944842686 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $177800 | $257455 | $289666 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 2385518924 | 2354497390 | 2989619051 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 2205450920 | 1460048412 | (45066031) |
| &nbsp;&nbsp;&nbsp; Net assets  | $4591147644 | $3814803257 | $2944842686 |
|  **CAPITAL SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $4591147644 | $3814803257 | $2944842686 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 700,000,000 shares authorized)  | 177800049 | 257454780 | 289665959 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $25.82 | $14.82 | $10.17 |

---

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

**FREE MARKET FUNDS** 

**Statements of Operations** 

**FOR THE Year ENDED August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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; Dividends from non-affiliated funds  | $66630099 | $126247037 | $132488916 |
| &nbsp;&nbsp;&nbsp; Interest income  | 174567 | 186686 | 689796 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 46305 | 231345 | 92205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 66850971 | 126665068 | 133270917 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 20459573 | 16544729 | 14235182 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 575957 | 456878 | 390069 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 395607 | 287936 | 268216 |
| &nbsp;&nbsp;&nbsp; Director fees  | 385226 | 264498 | 227959 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 187244 | 109054 | 73598 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 168813 | 129817 | 107394 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 108478 | 96556 | 86212 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 83599 | 80593 | 79449 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 83141 | 78367 | 79245 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 28456 | 28537 | 27524 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 131056 | 263481 | 79593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 22607150 | 18340446 | 15654441 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 44243821 | 108324622 | 117616476 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-affiliated funds  | 91690662 | 73126546 | (16879856) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from non-affiliated fund investments  | 92622 | 10219356 |  |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-affiliated funds  | 237522566 | 553864393 | 19381807 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 329305850 | 637210295 | 2501951 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $373549671 | $745534917 | $120118427 |

---

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

**FREE MARKET U.S. EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $44243821 | $41823375 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 91783284 | 136417140 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 237522566 | 551485192 |
|  Net increase/(decrease) in net assets resulting from operations  | 373549671 | 729725707 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (154518979) | (155017081) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (154518979) | (155017081) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 632201143 | 476286979 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 154352458 | 154979410 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (715622248) | (583688219) |
|  Net increase/(decrease) in net assets from capital shares  | 70931353 | 47578170 |
|  Total increase/(decrease) in net assets  | 289962045 | 622286796 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 4301185599 | 3678898803 |
| &nbsp;&nbsp;&nbsp; End of period  | $4591147644 | $4301185599 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 26511980 | 21414430 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 6420651 | 6949749 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (29293338) | (26322345) |
|  Net increase/(decrease) in shares outstanding  | 3639293 | 2041834 |

---

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

**FREE MARKET INTERNATIONAL EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $108324622 | $86602782 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 83345902 | 28864317 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 553864393 | 379850519 |
|  Net increase/(decrease) in net assets resulting from operations  | 745534917 | 495317618 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (109536909) | (71432283) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (109536909) | (71432283) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 432541599 | 386235877 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 109445428 | 71413639 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (646629997) | (423715477) |
|  Net increase/(decrease) in net assets from capital shares  | (104642970) | 33934039 |
|  Total increase/(decrease) in net assets  | 531355038 | 457819374 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 3283448219 | 2825628845 |
| &nbsp;&nbsp;&nbsp; End of period  | $3814803257 | $3283448219 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 34426799 | 34170229 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 9592062 | 6416320 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (50803673) | (37820659) |
|  Net increase/(decrease) in shares outstanding  | (6784812) | 2765890 |

---

 

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

**FREE MARKET FIXED INCOME FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $117616476 | $89103608 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | (16879856) | (18576023) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 19381807 | 99079963 |
|  Net increase/(decrease) in net assets resulting from operations  | 120118427 | 169607548 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (106899138) | (82530062) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (106899138) | (82530062) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 462057165 | 414922883 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 106780333 | 82496375 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (528152175) | (478913639) |
|  Net increase/(decrease) in net assets from capital shares  | 40685323 | 18505619 |
|  Total increase/(decrease) in net assets  | 53904612 | 105583105 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 2890938074 | 2785354969 |
| &nbsp;&nbsp;&nbsp; End of period  | $2944842686 | $2890938074 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 45904400 | 41907589 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 10782119 | 8351711 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (52489494) | (48478845) |
|  Net increase/(decrease) in shares outstanding  | 4197025 | 1780455 |

---

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $24.70 | $21.37 | $21.07 | $23.59 | $16.06 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.25 | 0.24 | 0.24 | 0.21 | 0.21 |
|  Net realized and unrealized gain/(loss) on investments  | 1.78 | 4.00 | 1.68 | (1.69) | 7.62 |
|  Net increase/(decrease) in net assets resulting from operations  | 2.03 | 4.24 | 1.92 | (1.48) | 7.83 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.25) | (0.25) | (0.21) | (0.41) | (0.08) |
|  Net realized capital gains  | (0.66) | (0.66) | (1.41) | (0.63) | (0.22) |
|  Total dividends and distributions to shareholders  | (0.91) | (0.91) | (1.62) | (1.04) | (0.30) |
|  Net asset value, end of period  | $25.82 | $24.70 | $21.37 | $21.07 | $23.59 |
|  Total investment return/(loss)<sup>(2)</sup>  | 8.52% | 20.30% | 9.92% | (6.77)% | 49.28% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $4591148 | $4301186 | $3678899 | $3292855 | $3635318 |
|  Ratio of expenses to average net assets<sup>(3)</sup>  | 0.54% | 0.54% | 0.55% | 0.56% | 0.55% |
|  Ratio of net investment income/(loss) to average net assets<sup>(3)</sup>  | 1.05% | 1.08% | 1.18% | 0.92% | 1.05% |
|  Portfolio turnover rate  | 6% | 4% | 2% | 7% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated by 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;(3) The Fund also will indirectly
 bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $12.43 | $10.81 | $9.66 | $11.60 | $8.89 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.41 | 0.33 | 0.27 | 0.34 | 0.18 |
|  Net realized and unrealized gain/(loss) on investments  | 2.40 | 1.57 | 1.22 | (2.13) | 2.84 |
|  Net increase/(decrease) in net assets resulting from operations  | 2.81 | 1.90 | 1.49 | (1.79) | 3.02 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.42) | (0.28) | (0.34) | (0.15) | (0.13) |
|  Net realized capital gains  |  |  |  |  | (0.18) |
|  Total dividends and distributions to shareholders  | (0.42) | (0.28) | (0.34) | (0.15) | (0.31) |
|  Net asset value, end of period  | $14.82 | $12.43 | $10.81 | $9.66 | $11.60 |
|  Total investment return/(loss)<sup>(2)</sup>  | 23.60% | 17.86% | 15.82% | (15.63)% | 34.43% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $3814803 | $3283448 | $2825629 | $2395377 | $2682213 |
|  Ratio of expenses to average net assets<sup>(3)</sup>  | 0.55% | 0.55% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income/(loss) to average net assets<sup>(3)</sup>  | 3.22% | 2.92% | 2.68% | 3.08% | 1.70% |
|  Portfolio turnover rate  | 5% | 13% | 3% | 2% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated by 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;(3) The Fund also will indirectly
 bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $10.13 | $9.82 | $9.82 | $10.56 | $10.61 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.41 | 0.32 | 0.17 | 0.05 | 0.03 |
|  Net realized and unrealized gain/(loss) on investments  | 0.01 | 0.29 | (0.01) | (0.74) | —<sup>(2)</sup> |
|  Net increase/(decrease) in net assets resulting from operations  | 0.42 | 0.61 | 0.16 | (0.69) | 0.03 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.38) | (0.30) | (0.16) | (0.05) | (0.05) |
|  Net realized capital gains  |  |  |  |  | (0.03) |
|  Return of capital  |  |  |  |  | —<sup>(2)</sup> |
|  Total dividends and distributions to shareholders  | (0.38) | (0.30) | (0.16) | (0.05) | (0.08) |
|  Net asset value, end of period  | $10.17 | $10.13 | $9.82 | $9.82 | $10.56 |
|  Total investment return/(loss)<sup>(3)</sup>  | 4.26% | 6.30% | 1.62% | (6.51)% | 0.31% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $2944843 | $2890938 | $2785355 | $2749164 | $2820610 |
|  Ratio of expenses to average net assets<sup>(4)</sup>  | 0.54% | 0.55% | 0.55% | 0.56% | 0.56% |
|  Ratio of net investment income/(loss) to average net assets<sup>(4)</sup>  | 4.08% | 3.20% | 1.72% | 0.51% | 0.27% |
|  Portfolio turnover rate  | 15% | 8% | 3% | 3% | 2% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount less than $(0.005)
 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total investment return/(loss)
 is calculated by 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;(4) The Fund also will indirectly
 bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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

**FREE MARKET FUNDS** 

**Notes to Financial Statements** 

**August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 fifty-nine 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'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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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" or "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)** 

**August 31, 2025**

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**  |
|  Open End Funds | $4329176333 | $— | $— | $4329176333 |
|  Investments Measured at Net Asset Value\* |  |  |  | 260352208 |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  | 7631750 |
|  Short-Term Investments | 4917877 |  |  | 4917877 |
|  Total Investments\*\* | $4334094210 | $— | $— | $4602078168 |

---

\* 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 Portfolio of Investments for further details.

**FREE MARKET FUNDS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**FREE MARKET INTERNATIONAL EQUITY Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
|  Open End Funds | $3294573670 | $— | $— | $3294573670 |
|  Investments Measured at Net Asset Value\* |  |  |  | 519184264 |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  | 6684453 |
|  Short-Term Investments | 3963086 |  |  | 3963086 |
|  Total Investments\*\* | $3298536756 | $— | $— | $3824405473 |

---

\* 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 Portfolio of Investments for further details.

**FREE MARKET FIXED INCOME Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
|  Open End Funds | $2929785138 | $— | $— | $2929785138 |
|  Investments Measured at Net Asset Value\* |  |  |  |  |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  | 21416575 |
|  Short-Term Investments | 17341773 |  |  | 17341773 |
|  Total Investments\*\* | $2947126911 | $— | $— | $2968543486 |

---

\* 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 Portfolio 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 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.

**FREE MARKET FUNDS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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.

**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.

**FREE MARKET FUNDS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 |

---

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.

**FREE MARKET FUNDS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**3.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
|  Free Market U.S. Equity Fund | $262700264 | $300635190 |
|  Free Market International Equity Fund | 179600599 | 289682074 |
|  Free Market Fixed Income Fund | 470931075 | 418856987 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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:

---

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

**FREE MARKET FUNDS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

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:

---

| | | |
|:---|:---|:---|
|  | **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:

---

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

The tax character of distributions paid during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Ordinary<br> Income** | **Long-Term<br> Gains** | **RETURN OF <br> CAPITAL** | **Total** |
|  Free Market U.S. Equity Fund | 2025.0 | $42663107 | $111855872 | $– $| 154518979 |
|  | 2024.0 | 42924002 | 112093079 | – | 155017081 |
|  Free Market International Equity Fund | 2025.0 | 109536909 |  | – | 109536909 |
|  | 2024.0 | 71432283 |  | – | 71432283 |
|  Free Market Fixed Income Fund | 2025.0 | 106899138 |  | – | 106899138 |
|  | 2024.0 | 82530062 |  | – | 82530062 |

---

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.

**FREE MARKET FUNDS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

**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 | $7456064 | $7631750 | $46305 |
|  Free Market International Equity Fund | 6515831 | 6684453 | 231345 |
|  Free Market Fixed Income Fund | 20891461 | 21416575 | 92205 |

---

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>** |
|  Free Market U.S. Equity Fund | $7456064 | $— | $7456064 | (7456064) | $— | $— |
|  Free Market International Equity Fund | 6515831 |  | 6515831 | (6515831) |  |  |
|  Free Market Fixed Income Fund | 20891461 |  | 20891461 | (20891461) |  |  |

---

<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. 

**FREE MARKET FUNDS** 

**Notes to Financial Statements (concluded)** 

**August 31, 2025**

**7. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Free Market U.S. Equity Fund, Free Market International Equity Fund, and Free Market Fixed Income Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Free Market U.S. Equity Fund, Free Market International Equity Fund, and Free Market Fixed Income Fund (three of the funds constituting The RBB Fund, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Matson Money, Inc. since 2008.

**FREE MARKET FUNDS** 

**Shareholder Tax Information** 

**(Unaudited)**

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term <br> CAPITAL 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 |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) are 0.00% for each Fund.

The percentage of total ordinary income dividends qualifying for the 15% dividend income tax rate is 100% for the Free Market U.S. Equity Fund and 77.37% for the Free Market International Equity Fund.

The percentage of total ordinary dividends qualifying for the corporate dividends received deduction is 100% for the Free Market U.S. Equity Fund.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 63.15% for the Free Market Fixed Income Fund. A total of 25.56% of the dividend distributed during the fiscal year was derived from U.S. Government securities, which is generally exempt from state income tax for the Free Market Fixed Income Fund.

Because each Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any. The Free Market International Equity Fund passed through foreign tax credits of $12,789,236 and earned $96,871,086 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**FREE MARKET FUNDS** 

**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 Free Market Funds at (866) 780-0357, ext. 3863 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.

**Approval of Investment Advisory Agreement**

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Matson Money and the Company on behalf of the Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund (each a "Fund" and together the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, the Board considered information provided by Matson Money with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreement between the Company and Matson Money with respect to the Funds, the Directors took into account all the 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 Matson Money, and discussed the aforementioned Agreement with counsel in executive sessions, at which no representatives of Matson Money were present. Among other things, the Directors considered (i) the nature, extent, and quality of Matson Money's services provided to the Funds; (ii) descriptions of the experience and qualifications of Matson Money's personnel providing those services; (iii) Matson Money's investment philosophies and processes; (iv) Matson Money's assets under management and client descriptions; (v) Matson Money's current advisory fee arrangements with the Company and other similarly managed clients; (vi) Matson Money's compliance procedures; (vii) Matson Money's financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (viii) the extent to which economies of scale are relevant to the Funds; (ix) a report prepared by Fuse Research Network, LLC comparing each Fund's management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Fund to the performance of its Peer Group; and (x) a report comparing the performance of each Fund to the performance of its primary and composite benchmarks.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Matson Money. The Directors concluded that Matson Money had substantial resources to provide services to the Funds and that Matson Money's services had been acceptable.

**FREE MARKET FUNDS** 

**Other Information (Continued)** 

**(Unaudited)** 

The Directors also considered the investment performance of the Funds and Matson Money. Information on the Funds' 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 Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

In reaching this conclusion, the Directors observed that the Free Market U.S. Equity Fund outperformed its primary benchmark, the Russell 2500 Total Return Index, for the one-year, three-year, five-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-month and ten-year periods ended December 31, 2024. The Directors noted that the Free Market U.S. Equity Fund outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024, and underperformed its Peer Group for the three-year, five-year, and ten-year periods ended December 31, 2024.

The Directors noted that the Free Market International Equity Fund's institutional shares outperformed its primary benchmark, the MSCI World ex-US Index, for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2024, and underperformed its benchmark for the ten-year period ended December 31, 2024. The Directors noted that the Free Market International Equity Fund's institutional shares outperformed the median of its Peer Group for the three-month, one-year, and three-year periods ended December 31, 2024, matched the median of its Peer Group for the five-year period ended December 31, 2024, and underperformed the median of its Peer Group for the ten-year and since-inception periods ended December 31, 2024.

The Directors noted that the Free Market Fixed Income Fund's institutional shares outperformed its primary benchmark, the ICE BofA US 3 Month Treasury Bill Total Return USD Index, for the since-inception period ended December 31, 2024, and underperformed its benchmark for the three-month, one-year, three-year, five-year, and ten-year periods ended December 31, 2024. The Directors noted that the Free Market Fixed Income Fund's institutional shares outperformed the median of its Peer Group for the three-month period ended December 31, 2024, and underperformed the median of its Peer Group for the one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the advisory fees paid by each Fund and each Fund's total operating expense ratios (before and after the voluntary fee waiver and expense reimbursements) were compared to similar information for its Peer Group.

The Directors noted that the Free Market U.S. Equity Fund's net advisory fee and total net expenses (including acquired fund fees and expenses) both ranked below the median and in the 1st quintile of its Peer Group.

The Directors noted that the net advisory fee of the Free Market International Equity Fund ranked below the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses (including acquired fund fees and expenses) were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the Free Market Fixed Income Fund ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

**FREE MARKET FUNDS** 

**Other Information (CONCLUDED)** 

**(Unaudited)** 

In addition, the Directors took note that Matson Money had voluntarily agreed to waive its advisory fee and reimburse expenses in order to limit total annual Fund operating expenses to the agreed-upon level for each Fund.

After reviewing the information regarding the Funds' costs, profitability and economies of scale, and after considering Matson Money's services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2026.

**Investment Adviser** 

Matson Money, Inc.

5955 Deerfield Blvd.

Mason, OH 45040

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

**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**

August 31, 2025

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** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.4%** | **OPEN-END FUNDS — 99.4%** |  |
|  DFA Investment VA U.S. Large Value Portfolio <sup>(c)</sup>  | 32453 | $1160856 |
|  DFA Investment VA U.S. Targeted Value Portfolio <sup>(c)</sup>  | 186000 | 4467722 |
|  DFA US Large Company Portfolio - Class Institutional<sup>(a)</sup>  | 92791 | 3983512 |
|  DFA US Micro Cap Portfolio - Class Institutional<sup>(c)</sup>  | 145094 | 4451472 |
|  DFA US Small Cap Portfolio - Class Institutional<sup>(c)</sup>  | 86670 | 4461789 |
|  DFA US Small Cap Value Portfolio - Class Institutional<sup>(c)</sup>  | 58858 | 2998830 |
|  Dimensional US Large Cap Value Portfolio III - Class Institutional<sup>(a)</sup> <sup>(b)</sup>  | 220997 | 7619992 |
|  **TOTAL OPEN-END FUNDS** (Cost $22,118,149)  |  | 29144173 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** | **MONEY MARKET FUNDS — 0.9%** |
|  STIT-Government & Agency Portfolio - Institutional Class, 4.20%<sup>(d)</sup>  | 251044 | 251044 |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** (Cost $251,044)  |  | 251044 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 100.3%** (Cost $22,369,193)  |  | 29395217 |
|  Liabilities in Excess of Other Assets **—** (0.3)%  |  | (83270) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $29311947 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) A portfolio of Dimensional
 Investment Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair value of this security
 exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available
 from the SEC's EDGAR database at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A portfolio of DFA Investment
 Trust Company

&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

Portfolio Holdings are subject to change at any time.

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

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.4%** | **OPEN-END FUNDS — 99.4%** |  |
|  DFA International Small Cap Value Portfolio - Class Institutional <sup>(a)</sup> <sup>(b)</sup>  | 215085 | $6323498 |
|  DFA International Value Portfolio III - Class Institutional <sup>(b)</sup> <sup>(c)</sup>  | 298512 | 6779197 |
|  DFA Investment VA International Small Portfolio <sup>(a)</sup>  | 257696 | 3844818 |
|  DFA Investment VA International Value Portfolio <sup>(a)</sup>  | 63482 | 1135688 |
|  DFA Emerging Markets Small Cap Portfolio - Class Institutional <sup>(a)</sup>  | 40876 | 1100393 |
|  DFA Emerging Markets Value Portfolio - Class Institutional <sup>(a)</sup>  | 31264 | 1091738 |
|  iShares Core MSCI EAFE ETF  | 10535 | 900848 |
|  iShares Core MSCI Emerging Markets ETF <sup>(d)</sup>  | 18893 | 1173066 |
|  **TOTAL OPEN-END FUNDS** (Cost $15,965,435)  |  | 22349246 |

---

---

| | |
|:---|:---|
|  | **Units** |
|  **SHORT-TERM INVESTMENTS – 6.3%** | **SHORT-TERM INVESTMENTS – 6.3%** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.3%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 1192380 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** |  |
|  **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** | **MONEY MARKET FUNDS — 1.0%** |
|  STIT-Government & Agency Portfolio - Institutional Class, 4.20%<sup>(f)</sup>  | 216181 | 216181 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,408,561)  |  | 1408561 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 105.7%** (Cost $17,373,996)  |  | 23757807 |
|  Liabilities in Excess of Other Assets **—** (5.7)%  |  | (1273823) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $22483984 |

---

LLC - Limited Liability Company

ETF - Exchange Traded Fund

&nbsp;&nbsp;&nbsp;&nbsp;(a) A portfolio of DFA Investment
 Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair value of this security
 exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available
 from the SEC's EDGAR database at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;(c) A portfolio of DFA Investment
 Dimensions Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this
 security is on loan as of August 31, 2025. At August 31, 2025, the total market value of these securities was $1,161,331 which represents
 5.2% of the net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is as of
 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

Portfolio Holdings are subject to change at any time.

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

**MATSON MONEY VI PORTFOLIOS** 

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **OPEN-END FUNDS — 99.7%** | **OPEN-END FUNDS — 99.7%** |  |
|  DFA Intermediate Government Fixed Income Portfolio - Class Institutional<sup>(a)</sup>  | 134893 | $1513502 |
|  DFA Investment Global Bond Portfolio<sup>(a)</sup>  | 251594 | 2526001 |
|  DFA Investment VA Short Term Fixed Income Portfolio<sup>(a)</sup>  | 48714 | 504679 |
|  DFA One-Year Fixed Income Portfolio - Class Institutional<sup>(a)</sup>  | 282288 | 2890633 |
|  DFA Short-Term Government Portfolio - Class Institutional<sup>(a)</sup>  | 100738 | 1008383 |
|  DFA Two-Year Global Fixed Income Portfolio - Class Institutional<sup>(a)</sup>  | 383513 | 3785272 |
|  Dimensional Inflation-Protected Securities ETF  | 29932 | 1266722 |
|  iShares 1-5 Year Investment Grade Corporate Bond ETF  | 114247 | 6053948 |
|  iShares 5-10 Year Investment Grade Corporate Bond ETF  | 28240 | 1515076 |
|  iShares Core International Aggregate Bond ETF  | 74060 | 3780763 |
|  **TOTAL OPEN-END FUNDS** (Cost $25,114,651)  |  | 24844979 |

---

---

| | |
|:---|:---|
|  | **VALUE** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 1.4%** | **MONEY MARKET FUNDS — 1.4%** |
|  STIT-Government & Agency Portfolio - Institutional Class, 4.20%<sup>(b)</sup>  | 350881 |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** (Cost $350,881) | 350881 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS — 101.1%** (Cost $25,465,532)  | 25195860 |
|  Liabilities in Excess of Other Assets **—** (1.1)%  | (273912) |
|  **TOTAL NET ASSETS — 100.0%**  | $24921948 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) A portfolio of DFA Investment
 Dimensions Group Inc.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

ETF - Exchange Traded Fund

Portfolio Holdings are subject to change at any time.

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

**MATSON MONEY VI PORTFOLIOS** 

**Statements of Assets and Liabilities** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 in non-affiliated funds, at value (cost $22,118,149, $15,965,435 and $25,114,651, respectively)  | $29144173 | $22349246 | $24844979 |
| &nbsp;&nbsp;&nbsp; Short-term investments, at value (cost $251,044, $216,181 and $350,881, respectively)  | 251044 | 216181 | 350881 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral (cost $—, $1,192,380 and $—, respectively)  |  | 1192380 |  |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash  | 40000 |  | 5849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold  | 942 | 766 | 35111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  |  | 124 | 363 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 1065 | 554 | 1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 29437224 | 23759251 | 25238233 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | $71808 | $34420 | $264036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit Fees  | 30497 | 30494 | 30492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory Fees  | 12159 | 9422 | 10779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 3759 | 3414 | 3561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 575 | 476 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  |  | 1192380 |  |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 6479 | 4661 | 6809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 125277 | 1275267 | 316285 |
| &nbsp;&nbsp;&nbsp; Net assets  | $29311947 | $22483984 | $24921948 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Par value  | $857 | $684 | $1014 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 21080777 | 15470068 | 25706355 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 8230313 | 7013232 | (785421) |
| &nbsp;&nbsp;&nbsp; Net assets  | $29311947 | $22483984 | $24921948 |
|  **CAPITAL SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $29311947 | $22483984 | $24921948 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 857298 | 683644 | 1014211 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $34.19 | $32.89 | $24.57 |

---

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

**MATSON MONEY VI PORTFOLIOS** 

**Statements of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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; Dividends from non-affiliated funds  | $401278 | $797531 | $1115038 |
| &nbsp;&nbsp;&nbsp; Interest income  | 11676 | 9076 | 16436 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  | 1209 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 412954 | 807816 | 1136509 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 137205 | 104744 | 126507 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 27370 | 27370 | 27370 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 17570 | 16642 | 17326 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 4438 | 3965 | 5334 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 3603 | 2965 | 3474 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 2303 | 1699 | 2117 |
| &nbsp;&nbsp;&nbsp; Director's fees  | 2043 | 1492 | 1824 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 936 | 711 | 829 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 4412 | 4227 | 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 199880 | 163815 | 189123 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 213074 | 644001 | 947386 |
| &nbsp;&nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-affiliated funds  | 1376904 | 993458 | (166655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gain distributions from non-affiliated fund investments  | 388689 | 159279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-affiliated funds  | 352294 | 2524818 | 214061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 2117887 | 3677555 | 47406 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $2330961 | $4321556 | $994792 |

---

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

**MATSON MONEY U.S. EQUITY VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $213074 | $231948 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 1765593 | 2234979 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 352294 | 2699915 |
|  Net increase/(decrease) in net assets resulting from operations  | 2330961 | 5166842 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (2675128) | (2176502) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (2675128) | (2176502) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2852803 | 2413824 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2675128 | 2176501 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4176491) | (7046852) |
|  Net increase/(decrease) in net assets from capital shares  | 1351440 | (2456527) |
|  Total increase/(decrease) in net assets  | 1007273 | 533813 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 28304674 | 27770861 |
| &nbsp;&nbsp;&nbsp; End of period  | $29311947 | $28304674 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 90322 | 75772 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 83702 | 68790 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (123441) | (217257) |
|  Net increase/(decrease) in shares outstanding  | 50583 | (72695) |

---

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

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $644001 | $587162 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 1152737 | 366698 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 2524818 | 2366865 |
|  Net increase/(decrease) in net assets resulting from operations  | 4321556 | 3320725 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (981218) | (638754) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (981218) | (638754) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2053034 | 1745197 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 981218 | 638754 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (4847639) | (4460211) |
|  Net increase/(decrease) in net assets from capital shares  | (1813387) | (2076260) |
|  Total increase/(decrease) in net assets  | 1526951 | 605711 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 20957033 | 20351322 |
| &nbsp;&nbsp;&nbsp; End of period  | $22483984 | $20957033 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 73240 | 66262 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 38434 | 25168 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (170344) | (168854) |
|  Net increase/(decrease) in shares outstanding  | (58670) | (77424) |

---

 

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

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2025** | **FOR THE<br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $947386 | $833938 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | (166655) | (324377) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 214061 | 1087837 |
|  Net increase/(decrease) in net assets resulting from operations  | 994792 | 1597398 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (916426) | (721924) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (916426) | (721924) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1870932 | 2993093 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 916426 | 721924 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3696779) | (5764504) |
|  Net increase/(decrease) in net assets from capital shares  | (909421) | (2049487) |
|  Total increase/(decrease) in net assets  | (831055) | (1174013) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 25753004 | 26927017 |
| &nbsp;&nbsp;&nbsp; End of period  | $24921949 | $25753004 |
|  **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 76641 | 125742 |
| &nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 38651 | 30435 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (152499) | (241074) |
|  Net increase/(decrease) in shares outstanding  | (37207) | (84897) |

---

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $35.09 | $31.58 | $31.90 | $36.70 | $25.62 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.25 | 0.27 | 0.28 | 0.23 | 0.25 |
|  Net realized and unrealized gain/(loss) on investments  | 2.29 | 5.74 | 2.62 | (2.37) | 12.06 |
|  Net increase/(decrease) in net assets resulting from operations  | 2.54 | 6.01 | 2.90 | (2.14) | 12.31 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.29) | (0.33) | (0.26) | (0.34) | (0.29) |
|  Net realized capital gains  | (3.15) | (2.17) | (2.96) | (2.32) | (0.94) |
|  Total dividends and distributions to shareholders  | (3.44) | (2.50) | (3.22) | (2.66) | (1.23) |
|  Net asset value, end of period  | $34.19 | $35.09 | $31.58 | $31.90 | $36.70 |
|  Total investment return/(loss)<sup>(2)</sup>  | 7.94% | 19.90% | 10.14% | (6.64)% | 49.31% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $29312 | $28305 | $27771 | $27817 | $31796 |
|  Ratio of expenses to average net assets with waivers, if any<sup>(3)</sup>  | 0.73% | 0.76% | 0.74% | 0.73% | 0.74% |
|  Ratio of expenses to average net assets without waivers, if any<sup>(3)</sup>  | 0.73% | 0.76% | 0.74% | 0.73% | 0.74% |
|  Ratio of net investment income/(loss) to average net assets<sup>(3)</sup>  | 0.78% | 0.84% | 0.90% | 0.65% | 0.77% |
|  Portfolio turnover rate  | 11% | 8% | 9% | 15% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated by 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;(3) The Portfolio also will
 indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $28.23 | $24.83 | $22.22 | $28.00 | $21.35 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.87 | 0.73 | 0.61 | 0.73 | 0.37 |
|  Net realized and unrealized gain/(loss) on investments  | 5.11 | 3.46 | 2.73 | (4.87) | 6.80 |
|  Net increase/(decrease) in net assets resulting from operations  | 5.98 | 4.19 | 3.34 | (4.14) | 7.17 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.81) | (0.79) | (0.50) | (0.82) | (0.35) |
|  Net realized capital gains  | (0.51) |  | (0.23) | (0.82) | (0.17) |
|  Total dividends and distributions to shareholders  | (1.32) | (0.79) | (0.73) | (1.64) | (0.52) |
|  Net asset value, end of period  | $32.89 | $28.23 | $24.83 | $22.22 | $28.00 |
|  Total investment return/(loss)<sup>(2)</sup>  | 22.54% | 17.23% | 15.39% | (15.66)% | 33.96% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $22484 | $20957 | $20351 | $19100 | $22780 |
|  Ratio of expenses to average net assets with waivers, if any<sup>(3)</sup>  | 0.78% | 0.83% | 0.80% | 0.80% | 0.80% |
|  Ratio of expenses to average net assets without waivers, if any<sup>(3)</sup>  | 0.78% | 0.83% | 0.80% | 0.80% | 0.80% |
|  Ratio of net investment income/(loss) to average net assets<sup>(3)</sup>  | 3.07% | 2.84% | 2.60% | 2.86% | 1.48% |
|  Portfolio turnover rate  | 11% | 6% | 11% | 11% | 18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated by 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;(3) The Portfolio also will
 indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 Operating Performance** |  |  |  |  |  |
|  Net asset value, beginning of period  | $24.49 | $23.70 | $23.67 | $25.55 | $25.66 |
|  Net investment income/(loss)<sup>(1)</sup>  | 0.91 | 0.74 | 0.37 | 0.10 | 0.02 |
|  Net realized and unrealized gain/(loss) on investments  | 0.05 | 0.69 | (0.05) | (1.90) | 0.04 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.96 | 1.43 | 0.32 | (1.80) | 0.06 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.88) | (0.64) | (0.29) | (0.08) | (0.16) |
|  Net realized capital gains  |  |  |  |  |  |
|  Return of capital  |  |  |  |  | (0.01) |
|  Total dividends and distributions to shareholders  | (0.88) | (0.64) | (0.29) | (0.08) | (0.17) |
|  Net asset value, end of period  | $24.57 | $24.49 | $23.70 | $23.67 | $25.55 |
|  Total investment return/(loss)<sup>(2)</sup>  | 4.04% | 6.12% | 1.36% | (7.08)% | 0.22% |
|  **Ratios/Supplemental Data**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $24922 | $25753 | $26927 | $28299 | $33103 |
|  Ratio of expenses to average net assets with waivers, if any<sup>(3)</sup>  | 0.75% | 0.76% | 0.74% | 0.73% | 0.73% |
|  Ratio of expenses to average net assets without waivers, if any<sup>(3)</sup>  | 0.75% | 0.76% | 0.74% | 0.73% | 0.73% |
|  Ratio of net investment income/(loss) to average net assets<sup>(3)</sup>  | 3.74% | 3.10% | 1.59% | 0.39% | 0.07% |
|  Portfolio turnover rate  | 19% | 15% | 8% | 7% | 8% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated using the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Total investment return/(loss)
 is calculated by 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;(3) The Portfolio also will
 indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

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

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements** 

**August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 fifty-nine 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 reporting period for the Portfolios is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 "Board"

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

or "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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;● 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**  |
|  Open-End Funds | $23515595 | $— | $— | $23515595 |
|  Investments Measured at Net Asset Value\* |  |  |  | 5628578 |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  |  |
|  Short-Term Investments | 251044 |  |  | 251044 |
|  Total Investments\*\* | $23766639 | $— | $— | $29395217 |

---

\* 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 Portfolio of Investments for further details.

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3** | **TOTAL**  |
|  Open-End Funds | $17368740 | $— | $— | $17368740 |
|  Investments Measured at Net Asset Value\* |  |  |  | 4980506 |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  | 1192380 |
|  Short-Term Investments | 216181 |  |  | 216181 |
|  Total Investments\*\* | $17584921 | $— | $— | $23757807 |

---

\* 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 Portfolio of Investments for further details.

**MATSON MONEY FIXED INCOME VI PORTFOLIO** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL**  |
|  Open-End Funds | $21814299 | $— | $— | $21814299 |
|  Investments Measured at Net Asset Value\* |  |  |  | 3030680 |
|  Investments Purchased with Proceeds From Securities Lending Collateral\* |  |  |  |  |
|  Short-Term Investments | 350881 |  |  | 350881 |
|  Total Investments\*\* | $22165180 | $— | $— | $25195860 |

---

\* 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 Portfolio 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 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.

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**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.

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.

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;**2.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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, 2025 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2025.

---

| | |
|:---|:---|
| **PORTFOLIO** | **EXPENSE <br> CAPS** |
|  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 |

---

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.

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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:

---

| | | |
|:---|:---|:---|
|  | **PURCHASES** | **SALES** |
|  Matson Money U.S. Equity VI Portfolio  | $3091477 | $3763909 |
|  Matson Money International Equity VI Portfolio | 2284811 | 4266609 |
|  Matson Money Fixed Income VI Portfolio  | 4726247 | 5355549 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **ORDINARY<br> INCOME** | **LONG-TERM <br> GAINS** | **RETURN OF<br> CAPITAL** | **TOTAL** |
|  Matson Money U.S. Equity VI Portfolio | 2025.0 | $227887 | $2447241 | – $| 2675128 |
|  | 2024.0 | 284964 | 1891538 | – | 2176502 |
|  Matson Money International Equity VI Portfolio | 2025.0 | 603814 | 377404 | – | 981218 |
|  | 2024.0 | 638754 |  | – | 638754 |
|  Matson Money Fixed Income VI Portfolio | 2025.0 | 916426 |  | – | 916426 |
|  | 2024.0 | 721924 |  | – | 721924 |

---

**MATSON MONEY VI PORTFOLIOS** 

**Notes to Financial Statements (CONTINUED)** 

**August 31, 2025**

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 VI Portfolio | $— | $— | $— |
|  Matson Money International Equity VI Portfolio | 1161331 | 1192380 | 1209 |
|  Matson Money Fixed Income VI Portfolio |  |  | 5035 |

---

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)** 

**August 31, 2025**

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 VI Portfolio | $— | $— | $— | $— | $— | $— |
|  Matson Money International Equity VI Portfolio | 1161331 |  | 1161331 | (1161331) |  |  |
|  Matson Money Fixed Income VI Portfolio |  |  |  |  |  |  |

---

<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. 

&nbsp;&nbsp;&nbsp;&nbsp;**7.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio

**O** **pinions on the Financial Statements**

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio (three of the funds constituting The RBB Fund, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the five years in the period ended August 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

**B** **asis for Opinions**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Matson Money, Inc. since 2008.

**MATSON MONEY VI PORTFOLIOS** 

**Shareholder Tax Information** 

**(Unaudited)**

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> CAPITAL GAINS** | **Return of<br> Capital** | **Total** |
|  Matson Money U.S. Equity Portfolio | $227887 | $2447241 | $– $| 2675128 |
|  Matson Money International Equity Portfolio | 603814 | 377404 | – | 981218 |
|  Matson Money Fixed Income Portfolio  | 916426 |  | – | 916426 |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) are 0.00% for each Portfolio.

The percentage of total ordinary income dividends qualifying for the 15% dividend income tax rate is 100% for the Matson Money U.S. Equity VI Portfolio and 88.31% for the Matson Money International Equity VI Portfolio.

The percentage of total ordinary dividends qualifying for the corporate dividends received deduction is 100% for the Matson Money U.S. Equity VI Portfolio.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 51.92% for the Matson Money Fixed Income VI Portfolio.

Because each Portfolio's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Portfolios, if any. The Matson Money International Equity VI Portfolio passed through foreign tax credits of $60,475 and earned $704,279 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Portfolios.

**MATSON MONEY VI PORTFOLIOS** 

**Other Information** 

**(Unaudited)** 

**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 (866) 780-0357, ext. 3863 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.

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Matson Money and the Company on behalf of the Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio (each a "Portfolio" and together the "Portfolios"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, the Board considered information provided by Matson Money with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Matson Money with respect to the Portfolios, the Directors took into account all the 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 Matson Money, and discussed the aforementioned Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Matson Money were present. Among other things, the Directors considered (i) the nature, extent, and quality of Matson Money's services provided to the Portfolios; (ii) descriptions of the experience and qualifications of Matson Money's personnel providing those services; (iii) Matson Money's investment philosophies and processes; (iv) Matson Money's assets under management and client descriptions; (v) Matson Money's current advisory fee arrangements with the Company and other similarly managed clients; (vi) Matson Money's compliance procedures; (vii) Matson Money's financial information, insurance coverage and profitability analysis related to providing advisory services to the Portfolios; (viii) the extent to which economies of scale are relevant to the Portfolios; (ix) a report prepared by Fuse Research Network, LLC comparing each Portfolio's management fees and total expense ratios to a group of mutual funds deemed comparable to the Portfolio based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Portfolio to the performance of its Peer Group; and (x) a report comparing the performance of each Portfolio to the performance of its primary and composite benchmarks.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Matson Money. The Directors concluded that Matson Money had substantial resources to provide services to the Portfolios and that Matson Money's services had been acceptable.

**MATSON MONEY VI PORTFOLIOS** 

**Other Information (CONTINUED)** 

**(Unaudited)** 

The Directors also considered the investment performance of the Portfolios and Matson Money. Information on the Portfolios' investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024, as applicable. The Directors considered the Portfolios' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Portfolios as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors noted that the Matson Money U.S. Equity VI Portfolio outperformed its primary benchmark, the Russell 2500 Total Return Index, for the one-year, three-year, and five-year periods ended December 31, 2024, equaled the performance of its benchmark for the since-inception period ended December 31, 2024, and underperformed its benchmark for the three-month and ten-year periods ended December 31, 2024. The Directors noted that the Matson Money U.S. Equity VI Portfolio outperformed the median of its Peer Group for the three-month, five-year, ten-year, and since-inception periods ended December 31, 2024 and underperformed the median of its Peer Group for the one-year and three-year periods ended December 31, 2024.

The Directors noted that the Matson Money International Equity VI Portfolio outperformed its primary benchmark, the MSCI World ex-US Net Return Index, for the three-month, one-year, and three-year periods ended December 31, 2024, and underperformed its benchmark for the five-year, ten-year, and since-inception periods ended December 31, 2024. The Directors noted that the Matson Money International Equity VI Portfolio outperformed the median of its Peer Group for the three-month, one-year, three-year, and five-year periods ended December 31, 2024, equaled the median of its Peer group for the ten-year period ended December 31, 2024, and underperformed the median of its Peer Group for the since-inception period ended December 31, 2024.

The Directors noted that the Matson Money Fixed Income VI Portfolio underperformed its primary benchmark, the ICE BofA US 3 Month Treasury Bill Total Return USD Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024. The Directors noted that the Matson Money Fixed Income VI Portfolio underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rates payable by the Portfolios under the Investment Advisory Agreement. In this regard, information on the fees paid by the Portfolios and each Portfolios' total operating expense ratios (before and after fee waivers and expense reimbursements) was compared to similar information of its Peer Group.

The Directors noted that the net advisory fee of the Matson Money U.S. Equity VI Portfolio ranked below the median and in the 2nd quintile of its Peer Group, and the Portfolio's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Matson Money International Equity VI Portfolio ranked below the median and in the 3rd quintile of its Peer Group, and the Portfolio's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Matson Money Fixed Income VI Portfolio ranked above the median and in the 4th quintile of its Peer Group, and the Portfolio's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

In addition, the Directors noted that Matson Money had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed upon levels for the Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio.

**MATSON MONEY VI PORTFOLIOS** 

**Other Information (Concluded)** 

**(Unaudited)**

After reviewing the information regarding the Portfolios' costs, profitability and economies of scale, and after considering Matson Money's services, the Directors concluded that the investment advisory fees to be paid by the Portfolios were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2026.

[THIS PAGE INTENTIONALLY LEFT BLANK]

**Investment Adviser** 

Matson Money, Inc.

5955 Deerfield Blvd.

Mason, OH 45040

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

**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

![](fp0094047-3_i.jpg)

Financial Statements

Motley Fool Asset Management ETFs

Series of The RBB Fund, Inc.

**8/31/25** 

---

| | |
|:---|:---|
| Motley Fool Global Opportunities ETF | ![](fp0094047-3_ia.jpg) |
| Motley Fool Mid-Cap Growth ETF | ![](fp0094047-3_ib.jpg) |
| Motley Fool 100 Index ETF | ![](fp0094047-3_ic.jpg) |
| Motley Fool Small-Cap Growth ETF | ![](fp0094047-3_id.jpg) |
| Motley Fool Capital Efficiency 100 Index ETF | ![](fp0094047-3_ie.jpg) |
| Motley Fool Next Index ETF | ![](fp0094047-3_if.jpg) |

---

**Motley Fool global opportunities ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of August 31, 2025** | **% of Net <br> Assets** | **Values** |
|  United States  | $212767919 | 53.0% |
|  United Kingdom  | 42309581 | 10.6 |
|  Japan  | 24303804 | 6.1 |
|  Canada  | 22110800 | 5.5 |
|  Ireland  | 20591506 | 5.1 |
|  Germany  | 15433785 | 3.8 |
|  Philippines  | 13612427 | 3.4 |
|  Uruguay  | 11639987 | 2.9 |
|  Taiwan  | 9891625 | 2.5 |
|  China  | 9462349 | 2.4 |
|  Thailand  | 7267177 | 1.8 |
|  Israel  | 7202290 | 1.8 |
|  Spain  | 5739247 | 1.4 |
|  Australia  | 4520768 | 1.1 |
|  Netherlands  | 4427648 | 1.1 |
|  Kenya  | 885449 | 0.2 |
|  United Arab Emirates  | 0 |  |
|  Liabilities in Excess of Other Assets  | (10792755) | (2.7) |
|  | $401373607 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **Sector Classification as of August 31, 2025** | **% of Net <br> Assets** | **Values** |
|  Industrials  | $87279572 | 21.8% |
|  Financials  | 71457193 | 17.8 |
|  Consumer Discretionary  | 55383968 | 13.9 |
|  Communication Services  | 54447811 | 13.5 |
|  Information Technology  | 38154266 | 9.5 |
|  Health Care  | 34005462 | 8.5 |
|  Real Estate  | 25688163 | 6.4 |
|  Consumer Staples  | 22476185 | 5.5 |
|  Materials  | 7687247 | 1.9 |
|  Investments Purchased with Proceeds from Securities Lending  | 15586495 | 3.9 |
|  Liabilities in Excess of Other Assets  | (10792755) | (2.7) |
|  | $401373607 | 100.0% |

---

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

**Motley Fool global opportunities ETF** 

**Schedule of Investments (continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** | **COMMON STOCKS — 96.9%** |
|  **Australia — 1.1%** | **Australia — 1.1%** | **Australia — 1.1%** |
|  Atlassian Corp. - Class A <sup>(a)</sup>  | 25429 | $4520768 |
|  **Canada — 5.5%** | **Canada — 5.5%** | **Canada — 5.5%** |
|  Canadian National Railway Co. <sup>(b)</sup>  | 54417 | 5266477 |
|  Waste Connections, Inc.  | 91144 | 16844323 |
|  |  | 22110800 |
|  **China — 2.4%** | **China — 2.4%** | **China — 2.4%** |
|  Yum China Holdings, Inc. <sup>(b)</sup>  | 211591 | 9462349 |
|  **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
|  Symrise AG  | 79377 | 7687247 |
|  **Ireland — 5.1%** | **Ireland — 5.1%** | **Ireland — 5.1%** |
|  ICON PLC <sup>(a)</sup>  | 66898 | 11903830 |
|  Kerry Group PLC - Class A  | 75318 | 6886182 |
|  Kerry Group PLC - Class A  | 19105 | 1801494 |
|  |  | 20591506 |
|  **Israel — 1.8%** | **Israel — 1.8%** | **Israel — 1.8%** |
|  Cellebrite DI Ltd. <sup>(a)</sup>  | 439164 | 7202290 |
|  **Japan — 6.1%** | **Japan — 6.1%** | **Japan — 6.1%** |
|  Nintendo Co. Ltd.  | 268337 | 24303804 |
|  **Kenya — 0.2%** | **Kenya — 0.2%** | **Kenya — 0.2%** |
|  Safaricom PLC  | 4000000 | 885449 |
|  **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
|  Universal Music Group NV  | 156778 | 4427648 |
|  **Philippines — 3.4%** | **Philippines — 3.4%** | **Philippines — 3.4%** |
|  International Container Terminal Services, Inc.  | 1610522 | 13612427 |
|  **Spain — 1.4%** | **Spain — 1.4%** | **Spain — 1.4%** |
|  Cellnex Telecom SA <sup>(c)</sup>  | 161426 | 5739247 |
|  **Taiwan — 2.5%** | **Taiwan — 2.5%** | **Taiwan — 2.5%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 42845 | 9891625 |
|  **Thailand — 1.8%** | **Thailand — 1.8%** | **Thailand — 1.8%** |
|  Fabrinet <sup>(a)</sup>  | 21936 | 7267177 |
|  **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 — 10.6%** | **United Kingdom — 10.6%** | **United Kingdom — 10.6%** |
|  Aon PLC - Class A  | 29387 | 10785029 |
|  Ashtead Group PLC  | 102656 | 7556356 |
|  Close Brothers Group PLC <sup>(a)</sup>  | 1655809 | 10285862 |
|  London Stock Exchange Group PLC  | 87111 | 10794389 |
|  Rentokil Initial PLC - ADR <sup>(b)</sup>  | 113511 | 2802587 |
|  System1 Group PLC  | 14353 | 85358 |
|  |  | 42309581 |
|  **Uraguay — 2.9%** | **Uraguay — 2.9%** | **Uraguay — 2.9%** |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 4707 | 11639987 |

---

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

**Motley Fool global opportunities ETF** 

**Schedule of Investments (concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 49.1%<sup>(f)</sup>** | **United States — 49.1%<sup>(f)</sup>** | **United States — 49.1%<sup>(f)</sup>** |
|  Alphabet, Inc. - Class C  | 89010 | $19006305 |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 383918 | 6104296 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 102710 | 23520590 |
|  American Tower Corp.  | 52958 | 10795488 |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 22623 | 16905942 |
|  Brookfield Asset Management Ltd.  | 195248 | 11746120 |
|  Costco Wholesale Corp.  | 14617 | 13788509 |
|  Crocs, Inc. <sup>(a)(b)</sup>  | 34570 | 3014504 |
|  DexCom, Inc. <sup>(a)</sup>  | 127812 | 9629356 |
|  Equinix, Inc.  | 12618 | 9920146 |
|  Fastenal Co.  | 231044 | 11473645 |
|  Mastercard, Inc. - Class A  | 30301 | 18037882 |
|  Salesforce, Inc.  | 36185 | 9272406 |
|  SBA Communications Corp.  | 24274 | 4972529 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 95996 | 9807911 |
|  Waters Corp. <sup>(a)</sup>  | 21100 | 6367980 |
|  Watsco, Inc. <sup>(b)</sup>  | 31855 | 12817815 |
|  |  | 197181424 |
|  TOTAL COMMON STOCKS (Cost $208,992,518)  |  | 388833329 |
|  **PREFERRED STOCKS — 1.9%** | **PREFERRED STOCKS — 1.9%** | **PREFERRED STOCKS — 1.9%** |
|  **Germany — 1.9%** | **Germany — 1.9%** | **Germany — 1.9%** |
|  Dr Ing hc F Porsche AG, 0.00% <sup>(c)</sup>  | 146009 | 7746538 |
|  TOTAL PREFERRED STOCKS (Cost $12,878,467)  |  | 7746538 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(g)</sup>  | 15586495 | 15586495 |
|  TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,586,495)  |  | 15586495 |
|  TOTAL INVESTMENTS — 102.7% (Cost $237,457,480)  |  | 412166362 |
|  Liabilities in Excess of Other Assets — (2.7)%  |  | (10792755) |
|  TOTAL NET ASSETS — 100.0%  |  | $401373607 |

---

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 August 31, 2025. The fair value of these securities was $15,336,447. 

<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 August 31, 2025, the value of these securities total $13,485,785 or 3.4% 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 August 31, 2025. 

<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 effective yield as of August 31, 2025.

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

**Motley Fool mid-cap growth ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
|  **Aerospace & Defense — 6.0%** | **Aerospace & Defense — 6.0%** | **Aerospace & Defense — 6.0%** |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 13925 | $10406013 |
|  **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** | **Air Freight & Logistics — 2.7%** |
|  GXO Logistics, Inc. <sup>(a)(b)</sup>  | 89621 | 4718546 |
|  **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 29328 | 1708943 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup>  | 1824 | 54647 |
|  |  | 1763590 |
|  **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
|  Carlisle Cos., Inc. <sup>(b)</sup>  | 7336 | 2830889 |
|  **Capital Markets — 10.9%** | **Capital Markets — 10.9%** | **Capital Markets — 10.9%** |
|  Morningstar, Inc.  | 18835 | 4942680 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 138187 | 14118566 |
|  |  | 19061246 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  Eastman Chemical Co.  | 11510 | 809613 |
|  **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** | **Consumer Staples Distribution & Retail — 2.5%** |
|  Performance Food Group Co. <sup>(a)</sup>  | 43705 | 4431687 |
|  **Financial Services — 4.9%** | **Financial Services — 4.9%** | **Financial Services — 4.9%** |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 191267 | 8626142 |
|  **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
|  RXO, Inc. <sup>(a)</sup>  | 30272 | 494342 |
|  **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 37981 | 2559730 |
|  DexCom, Inc. <sup>(a)</sup>  | 48248 | 3635004 |
|  |  | 6194734 |
|  **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** | **Health Care Providers & Services — 4.0%** |
|  HealthEquity, Inc. <sup>(a)</sup>  | 79093 | 7065378 |
|  **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** | **Hotels, Restaurants & Leisure — 1.5%** |
|  Wingstop, Inc.  | 8147 | 2673194 |
|  **Insurance — 7.8%** | **Insurance — 7.8%** | **Insurance — 7.8%** |
|  Brown & Brown, Inc.  | 88987 | 8627289 |
|  Goosehead Insurance, Inc. - Class A <sup>(b)</sup>  | 58542 | 4959093 |
|  |  | 13586382 |
|  **Life Sciences Tools & Services — 5.4%** | **Life Sciences Tools & Services — 5.4%** | **Life Sciences Tools & Services — 5.4%** |
|  Waters Corp. <sup>(a)</sup>  | 14276 | 4308497 |
|  West Pharmaceutical Services, Inc.  | 20860 | 5151377 |
|  |  | 9459874 |
|  **Personal Care Products — 0.0%<sup>(c)</sup>** | **Personal Care Products — 0.0%<sup>(c)</sup>** | **Personal Care Products — 0.0%<sup>(c)</sup>** |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 788 | 32347 |
|  **Professional Services — 7.2%** | **Professional Services — 7.2%** | **Professional Services — 7.2%** |
|  Broadridge Financial Solutions, Inc.  | 35506 | 9076043 |
|  Paychex, Inc.  | 24461 | 3411209 |
|  |  | 12487252 |
|  **Real Estate Management & Development — 2.9%** | **Real Estate Management & Development — 2.9%** | **Real Estate Management & Development — 2.9%** |
|  CoStar Group, Inc. <sup>(a)</sup>  | 55621 | 4977523 |
|  **Software — 15.6%** | **Software — 15.6%** | **Software — 15.6%** |
|  Alarm.com Holdings, Inc. <sup>(a)</sup>  | 88363 | 5180723 |
|  Datadog, Inc. - Class A <sup>(a)</sup>  | 29966 | 4095753 |
|  Guidewire Software, Inc. <sup>(a)(b)</sup>  | 35585 | 7722657 |
|  Nutanix, Inc. - Class A <sup>(a)</sup>  | 43299 | 2910126 |
|  Tyler Technologies, Inc. <sup>(a)</sup>  | 12845 | 7230193 |
|  |  | 27139452 |

---

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

**Motley Fool mid-cap growth ETF** 

**Schedule of Investments (CONCLUDED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Specialized REITs — 3.8%** | **Specialized REITs — 3.8%** | **Specialized REITs — 3.8%** |
|  SBA Communications Corp.  | 31957 | $6546391 |
|  **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** | **Specialty Retail — 3.3%** |
|  Tractor Supply Co. <sup>(b)</sup>  | 92574 | 5717370 |
|  **Textiles, Apparel & Luxury Goods — 0.0%<sup>(c)</sup>** | **Textiles, Apparel & Luxury Goods — 0.0%<sup>(c)</sup>** | **Textiles, Apparel & Luxury Goods — 0.0%<sup>(c)</sup>** |
|  Crocs, Inc. <sup>(a)</sup>  | 603 | 52582 |
|  **Trading Companies & Distributors — 12.6%** | **Trading Companies & Distributors — 12.6%** | **Trading Companies & Distributors — 12.6%** |
|  Fastenal Co.  | 146762 | 7288201 |
|  QXO, Inc. <sup>(a)</sup>  | 345837 | 6961699 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 37643 | 5391983 |
|  Watsco, Inc.  | 6032 | 2427156 |
|  |  | 22069039 |
|  TOTAL COMMON STOCKS (Cost $105,037,396)  |  | 171143586 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.7%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.7%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 9905875 | 9905875 |
|  TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,905,875)  |  | 9905875 |
|  TOTAL INVESTMENTS — 103.8% (Cost $114,943,271)  |  | 181049461 |
|  Liabilities in Excess of Other Assets — (3.8)%  |  | (6554291) |
|  TOTAL NET ASSETS — 100.0%  |  | $174495170 |

---

Par amount is in USD unless otherwise indicated.

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.

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 August 31, 2025. The fair value of these securities was $9,646,997. 

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

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**Motley Fool 100 Index ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** | **COMMON STOCKS — 99.9%** |
|  Altaba, Inc. - Escrow Shares <sup>(a)(b)</sup>  | 8565 | $8308 |
|  **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
|  Axon Enterprise, Inc. <sup>(b)</sup>  | 4228 | 3159542 |
|  Howmet Aerospace, Inc.  | 22297 | 3881908 |
|  TransDigm Group, Inc.  | 3100 | 4336528 |
|  |  | 11377978 |
|  **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** | **Air Freight & Logistics — 0.2%** |
|  FedEx Corp.  | 12824 | 2963242 |
|  **Automobiles — 3.6%** | **Automobiles — 3.6%** | **Automobiles — 3.6%** |
|  Tesla, Inc. <sup>(b)</sup>  | 175540 | 58607540 |
|  **Banks — 3.0%** | **Banks — 3.0%** | **Banks — 3.0%** |
|  JPMorgan Chase & Co.  | 154325 | 46516641 |
|  Truist Financial Corp.  | 72412 | 3390330 |
|  |  | 49906971 |
|  **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
|  Monster Beverage Corp. <sup>(b)</sup>  | 53921 | 3365210 |
|  **Biotechnology — 1.5%** | **Biotechnology — 1.5%** | **Biotechnology — 1.5%** |
|  Alnylam Pharmaceuticals, Inc. <sup>(b)</sup>  | 7199 | 3214425 |
|  Amgen, Inc.  | 29274 | 8422422 |
|  Gilead Sciences, Inc.  | 68776 | 7769625 |
|  Vertex Pharmaceuticals, Inc. <sup>(b)</sup>  | 14185 | 5546619 |
|  |  | 24953091 |
|  **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** |
|  Amazon.com, Inc. <sup>(b)</sup>  | 445966 | 102126214 |
|  Coupang, Inc. <sup>(b)</sup>  | 100379 | 2868832 |
|  eBay, Inc.  | 25479 | 2308652 |
|  |  | 107303698 |
|  **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
|  Charles Schwab Corp.  | 100469 | 9628949 |
|  CME Group, Inc.  | 19918 | 5308346 |
|  Intercontinental Exchange, Inc.  | 31708 | 5599633 |
|  Nasdaq, Inc.  | 31735 | 3006574 |
|  |  | 23543502 |
|  **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
|  Ecolab, Inc.  | 15668 | 4340663 |
|  Sherwin-Williams Co.  | 13818 | 5055039 |
|  |  | 9395702 |
|  **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
|  Cintas Corp.  | 22303 | 4684299 |
|  Copart, Inc. <sup>(b)</sup>  | 42155 | 2057586 |
|  Waste Management, Inc.  | 22226 | 5031744 |
|  |  | 11773629 |
|  **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
|  Arista Networks, Inc. <sup>(b)</sup>  | 69428 | 9480393 |
|  Motorola Solutions, Inc.  | 9217 | 4354664 |
|  |  | 13835057 |
|  **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** | **Consumer Staples Distribution & Retail — 4.0%** |
|  Costco Wholesale Corp.  | 24107 | 22740615 |
|  Walmart, Inc.  | 441694 | 42835484 |
|  |  | 65576099 |
|  **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** | **Electric Utilities — 0.3%** |
|  Constellation Energy Corp.  | 17310 | 5331134 |
|  **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
|  Corning, Inc.  | 47343 | 3173401 |

---

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

**Motley Fool 100 Index ETF** 

**Schedule of Investments (continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Entertainment — 3.0%** | **Entertainment — 3.0%** | **Entertainment — 3.0%** |
|  Electronic Arts, Inc.  | 13865 | $2384087 |
|  Netflix, Inc. <sup>(b)</sup>  | 23044 | 27842913 |
|  ROBLOX Corp. - Class A <sup>(b)</sup>  | 37488 | 4670630 |
|  Take-Two Interactive Software, Inc. <sup>(b)</sup>  | 10101 | 2356260 |
|  Walt Disney Co. <sup>(c)</sup>  | 99370 | 11763421 |
|  |  | 49017311 |
|  **Financial Services — 8.0%** | **Financial Services — 8.0%** | **Financial Services — 8.0%** |
|  Berkshire Hathaway, Inc. - Class B <sup>(b)</sup>  | 117774 | 59237967 |
|  Block, Inc. <sup>(b)</sup>  | 33834 | 2694540 |
|  Mastercard, Inc. - Class A  | 48553 | 28903115 |
|  PayPal Holdings, Inc. <sup>(b)</sup>  | 48702 | 3418393 |
|  Visa, Inc. - Class A <sup>(c)</sup>  | 103520 | 36416266 |
|  |  | 130670281 |
|  **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
|  Old Dominion Freight Line, Inc.  | 11290 | 1704451 |
|  Uber Technologies, Inc. <sup>(b)</sup>  | 113300 | 10621875 |
|  Union Pacific Corp.  | 32596 | 7287488 |
|  |  | 19613814 |
|  **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
|  DexCom, Inc. <sup>(b)</sup>  | 21257 | 1601502 |
|  GE HealthCare Technologies, Inc.  | 25304 | 1865664 |
|  IDEXX Laboratories, Inc. <sup>(b)</sup>  | 4429 | 2865962 |
|  Intuitive Surgical, Inc. <sup>(b)</sup>  | 19473 | 9216474 |
|  ResMed, Inc. <sup>(c)</sup>  | 8083 | 2218864 |
|  |  | 17768466 |
|  **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
|  CVS Health Corp.  | 70614 | 5165414 |
|  HCA Healthcare, Inc.  | 13129 | 5303591 |
|  McKesson Corp.  | 6918 | 4750175 |
|  |  | 15219180 |
|  **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
|  Veeva Systems, Inc. - Class A <sup>(b)</sup>  | 9030 | 2430876 |
|  **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
|  Airbnb, Inc. - Class A <sup>(b)</sup>  | 33127 | 4324067 |
|  Booking Holdings, Inc.  | 1772 | 9921517 |
|  Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 58986 | 2485670 |
|  DoorDash, Inc. - Class A <sup>(b)</sup>  | 23403 | 5739586 |
|  Marriott International, Inc. - Class A  | 15135 | 4054061 |
|  Starbucks Corp.  | 55659 | 4908567 |
|  |  | 31433468 |
|  **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** | **Industrial Conglomerates — 0.3%** |
|  3M Co.  | 29754 | 4627640 |
|  **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
|  Progressive Corp.  | 31676 | 7825873 |
|  **Interactive Media & Services — 11.4%** | **Interactive Media & Services — 11.4%** | **Interactive Media & Services — 11.4%** |
|  Alphabet, Inc. - Class C  | 508396 | 108557798 |
|  Meta Platforms, Inc. - Class A  | 105630 | 78028881 |
|  |  | 186586679 |
|  **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
|  Cloudflare, Inc. - Class A <sup>(b)</sup>  | 19149 | 3996588 |
|  Cognizant Technology Solutions Corp. - Class A  | 27231 | 1967439 |
|  Gartner, Inc. <sup>(b)</sup>  | 3311 | 831690 |
|  Snowflake, Inc. - Class A <sup>(b)</sup>  | 18424 | 4397072 |
|  |  | 11192789 |
|  **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
|  Cummins, Inc.  | 7592 | 3024956 |
|  **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
|  Trade Desk, Inc. - Class A <sup>(b)</sup>  | 23347 | 1276147 |

---

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

**Motley Fool 100 Index ETF** 

**Schedule of Investments (continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
|  Kinder Morgan, Inc.  | 122880 | $3315302 |
|  **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** | **Pharmaceuticals — 2.0%** |
|  Bristol-Myers Squibb Co.  | 90190 | 4255164 |
|  Eli Lilly & Co.  | 39276 | 28772812 |
|  |  | 33027976 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CoStar Group, Inc. <sup>(b)</sup>  | 23299 | 2085027 |
|  **Semiconductors & Semiconductor Equipment — 16.9%** | **Semiconductors & Semiconductor Equipment — 16.9%** | **Semiconductors & Semiconductor Equipment — 16.9%** |
|  Advanced Micro Devices, Inc. <sup>(b)</sup>  | 89614 | 14573925 |
|  Broadcom, Inc.  | 260139 | 77362737 |
|  Lam Research Corp.  | 70726 | 7083209 |
|  NVIDIA Corp.  | 1025018 | 178537635 |
|  |  | 277557506 |
|  **Software — 14.7%** | **Software — 14.7%** | **Software — 14.7%** |
|  Adobe Systems, Inc. <sup>(b)</sup>  | 17264 | 6158069 |
|  AppLovin Corp. - Class A <sup>(b)</sup>  | 18310 | 8762983 |
|  Autodesk, Inc. <sup>(b)</sup>  | 11818 | 3719125 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup>  | 13770 | 5834349 |
|  Datadog, Inc. - Class A <sup>(b)</sup>  | 19082 | 2608128 |
|  Fair Isaac Corp. <sup>(b)</sup>  | 1011 | 1538378 |
|  Fortinet, Inc. <sup>(b)</sup>  | 42314 | 3333074 |
|  Intuit, Inc.  | 15422 | 10286474 |
|  Microsoft Corp.  | 312216 | 158196725 |
|  Palo Alto Networks, Inc. <sup>(b)</sup>  | 36852 | 7021043 |
|  Salesforce, Inc.  | 45785 | 11732406 |
|  ServiceNow, Inc. <sup>(b)</sup>  | 11449 | 10503999 |
|  Synopsys, Inc. <sup>(b)</sup>  | 8555 | 5163114 |
|  Workday, Inc. - Class A <sup>(b)</sup>  | 14744 | 3403210 |
|  Zoom Communications, Inc. - Class A <sup>(b)</sup>  | 14248 | 1160072 |
|  Zscaler, Inc. <sup>(b)</sup>  | 8584 | 2378197 |
|  |  | 241799346 |
|  **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
|  American Tower Corp.  | 25488 | 5195729 |
|  Equinix, Inc.  | 5392 | 4239136 |
|  |  | 9434865 |
|  **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
|  Carvana Co. <sup>(b)</sup>  | 7297 | 2713900 |
|  Home Depot, Inc.  | 54264 | 22072968 |
|  TJX Cos., Inc.  | 61697 | 8428427 |
|  |  | 33215295 |
|  **Technology Hardware, Storage & Peripherals — 8.9%** | **Technology Hardware, Storage & Peripherals — 8.9%** | **Technology Hardware, Storage & Peripherals — 8.9%** |
|  Apple, Inc.  | 627090 | 145572673 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
|  NIKE, Inc. - Class B  | 69389 | 5368627 |
|  **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** | **Wireless Telecommunication Services — 1.0%** |
|  T-Mobile US, Inc.  | 61776 | 15566934 |
|  TOTAL COMMON STOCKS (Cost $1,093,764,825)  |  | $1638745593 |

---

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

**Motley Fool 100 Index ETF** 

**Schedule of Investments (concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **UNITS** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 38421300 | $38421300 |
|  TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $38,421,300)  |  | 38421300 |
|  TOTAL INVESTMENTS — 102.2% (Cost $1,132,186,125)  |  | 1677166893 |
|  Liabilities in Excess of Other Assets — (2.2)%  |  | (35350603) |
|  TOTAL NET ASSETS — 100.0%  |  | $1641816290 |

---

Par amount is in USD unless otherwise indicated. 

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.

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

<sup>(a)</sup><br> 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 $8,308 or 0.0% of net assets as of August 31, 2025. <br>

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

<sup>(c)</sup><br> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $37,842,888. <br>

<sup>(d)</sup> <sup></sup>The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**MOTLEY FOOL Small-Cap Growth ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
|  **Aerospace & Defense — 6.2%** | **Aerospace & Defense — 6.2%** | **Aerospace & Defense — 6.2%** |
|  Hexcel Corp.  | 39581 | $2499540 |
|  Leonardo DRS, Inc.  | 57300 | 2387118 |
|  |  | 4886658 |
|  **Air Freight & Logistics — 4.3%** | **Air Freight & Logistics — 4.3%** | **Air Freight & Logistics — 4.3%** |
|  GXO Logistics, Inc. <sup>(a)(b)</sup>  | 64276 | 3384131 |
|  **Automobile Components — 1.8%** | **Automobile Components — 1.8%** | **Automobile Components — 1.8%** |
|  Gentex Corp.  | 51838 | 1451982 |
|  **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
|  Live Oak Bancshares, Inc.  | 72360 | 2799608 |
|  **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
|  Ultragenyx Pharmaceutical, Inc. <sup>(a)</sup>  | 81728 | 2448571 |
|  **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
|  Trex Co., Inc. <sup>(a)</sup>  | 25983 | 1601332 |
|  **Capital Markets — 5.9%** | **Capital Markets — 5.9%** | **Capital Markets — 5.9%** |
|  StoneX Group, Inc. <sup>(a)</sup>  | 45366 | 4635044 |
|  **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
|  Eastman Chemical Co.  | 36017 | 2533436 |
|  **Diversified Consumer Services — 3.6%** | **Diversified Consumer Services — 3.6%** | **Diversified Consumer Services — 3.6%** |
|  Frontdoor, Inc. <sup>(a)</sup>  | 46291 | 2812178 |
|  **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** | **Electronic Equipment, Instruments & Components — 5.9%** |
|  Evolv Technologies Holdings, Inc. <sup>(a)</sup>  | 319897 | 2635951 |
|  IPG Photonics Corp. <sup>(a)(b)</sup>  | 24518 | 2006063 |
|  |  | 4642014 |
|  **Financial Services — 5.8%** | **Financial Services — 5.8%** | **Financial Services — 5.8%** |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 101904 | 4595870 |
|  **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** |
|  RXO, Inc. <sup>(a)(b)</sup>  | 106920 | 1746004 |
|  **Health Care Equipment & Supplies — 10.1%** | **Health Care Equipment & Supplies — 10.1%** | **Health Care Equipment & Supplies — 10.1%** |
|  Alphatec Holdings, Inc. <sup>(a)(b)</sup>  | 200720 | 3191448 |
|  Penumbra, Inc. <sup>(a)</sup>  | 9233 | 2517285 |
|  UFP Technologies, Inc. <sup>(a)(b)</sup>  | 11004 | 2312601 |
|  |  | 8021334 |
|  **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
|  HealthEquity, Inc. <sup>(a)</sup>  | 29744 | 2657032 |
|  **Industrial REITs — 2.2%** | **Industrial REITs — 2.2%** | **Industrial REITs — 2.2%** |
|  STAG Industrial, Inc. <sup>(b)</sup>  | 47673 | 1756750 |
|  **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
|  Goosehead Insurance, Inc. - Class A <sup>(b)</sup>  | 23653 | 2003646 |
|  **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
|  Northern Oil & Gas, Inc. <sup>(b)</sup>  | 94513 | 2472460 |
|  **Personal Care Products — 3.3%** | **Personal Care Products — 3.3%** | **Personal Care Products — 3.3%** |
|  BellRing Brands, Inc. <sup>(a)</sup>  | 63220 | 2595181 |
|  **Professional Services — 3.2%** | **Professional Services — 3.2%** | **Professional Services — 3.2%** |
|  Verra Mobility Corp. <sup>(a)</sup>  | 100676 | 2501799 |
|  **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** | **Semiconductors & Semiconductor Equipment — 3.8%** |
|  SiTime Corp. <sup>(a)</sup>  | 12478 | 3015558 |
|  **Software — 8.9%** | **Software — 8.9%** | **Software — 8.9%** |
|  Alarm.com Holdings, Inc. <sup>(a)</sup>  | 52346 | 3069046 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 79382 | 2216346 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 22763 | 1792131 |
|  |  | 7077523 |

---

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

**MOTLEY FOOL Small-Cap Growth ETF** 

**Schedule of Investments (Concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** | **Textiles, Apparel & Luxury Goods — 2.0%** |
|  Crocs, Inc. <sup>(a)(b)</sup>  | 17713 | $1544574 |
|  **Trading Companies & Distributors — 7.6%** | **Trading Companies & Distributors — 7.6%** | **Trading Companies & Distributors — 7.6%** |
|  Herc Holdings, Inc. <sup>(b)</sup>  | 21852 | 2858023 |
|  QXO, Inc. <sup>(a)</sup>  | 93434 | 1880827 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 8889 | 1273260 |
|  |  | 6012110 |
|  TOTAL COMMON STOCKS (Cost $68,693,632)  |  | $77194795 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(c)</sup>  | 15429862 | 15429862 |
|  TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,429,862)  |  | 15429862 |
|  TOTAL INVESTMENTS — 117.1% (Cost $84,123,494)  |  | 92624657 |
|  Liabilities in Excess of Other Assets — (17.1)%  |  | (13537040) |
|  TOTAL NET ASSETS — 100.0%  |  | $79087617 |

---

Par amount is in USD unless otherwise indicated.

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.

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 August 31, 2025. The fair value of these securities was $14,889,679. 

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** | **COMMON STOCKS — 99.8%** |
|  **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
|  FedEx Corp.  | 2733 | $631514 |
|  **Automobile Components — 0.0%<sup>(a)</sup>** | **Automobile Components — 0.0%<sup>(a)</sup>** | **Automobile Components — 0.0%<sup>(a)</sup>** |
|  Phinia, Inc.  | 422 | 24679 |
|  **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
|  Boston Beer Co., Inc. - Class A <sup>(b)</sup>  | 115 | 25425 |
|  Monster Beverage Corp. <sup>(b)</sup>  | 10466 | 653183 |
|  |  | 678608 |
|  **Biotechnology — 2.1%** | **Biotechnology — 2.1%** | **Biotechnology — 2.1%** |
|  Exelixis, Inc. <sup>(b)</sup>  | 4214 | 157688 |
|  Gilead Sciences, Inc.  | 16563 | 1871122 |
|  Neurocrine Biosciences, Inc. <sup>(b)</sup>  | 936 | 130666 |
|  |  | 2159476 |
|  **Broadline Retail — 5.6%** | **Broadline Retail — 5.6%** | **Broadline Retail — 5.6%** |
|  Amazon.com, Inc. <sup>(b)</sup>  | 23056 | 5279824 |
|  eBay, Inc.  | 5288 | 479146 |
|  Etsy, Inc. <sup>(b)</sup>  | 1228 | 65096 |
|  |  | 5824066 |
|  **Capital Markets — 0.3%** | **Capital Markets — 0.3%** | **Capital Markets — 0.3%** |
|  Cboe Global Markets, Inc.  | 980 | 231231 |
|  PJT Partners, Inc. - Class A  | 345 | 61755 |
|  |  | 292986 |
|  **Chemicals — 2.4%** | **Chemicals — 2.4%** | **Chemicals — 2.4%** |
|  Ecolab, Inc.  | 3223 | 892900 |
|  RPM International, Inc.  | 1682 | 210771 |
|  Sherwin-Williams Co.  | 3619 | 1323939 |
|  |  | 2427610 |
|  **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** | **Commercial Services & Supplies — 2.7%** |
|  Cintas Corp.  | 5654 | 1187510 |
|  Rollins, Inc.  | 8275 | 467868 |
|  Veralto Corp.  | 2379 | 252626 |
|  Waste Management, Inc.  | 4080 | 923671 |
|  |  | 2831675 |
|  **Communications Equipment — 2.6%** | **Communications Equipment — 2.6%** | **Communications Equipment — 2.6%** |
|  Arista Networks, Inc. <sup>(b)</sup>  | 12724 | 1737462 |
|  Motorola Solutions, Inc.  | 2067 | 976575 |
|  |  | 2714037 |
|  **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
|  EMCOR Group, Inc.  | 559 | 346580 |
|  **Consumer Staples Distribution & Retail — 9.4%** | **Consumer Staples Distribution & Retail — 9.4%** | **Consumer Staples Distribution & Retail — 9.4%** |
|  Casey's General Stores, Inc.  | 493 | 243798 |
|  Costco Wholesale Corp.  | 4786 | 4514730 |
|  Maplebear, Inc. <sup>(b)</sup>  | 4070 | 176516 |
|  Walmart, Inc.  | 49134 | 4765015 |
|  |  | 9700059 |
|  **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
|  LKQ Corp.  | 2265 | 73884 |
|  **Entertainment — 5.0%** | **Entertainment — 5.0%** | **Entertainment — 5.0%** |
|  Electronic Arts, Inc.  | 3050 | 524448 |
|  Netflix, Inc. <sup>(b)</sup>  | 3841 | 4640888 |
|  |  | 5165336 |
|  **Financial Services — 10.0%** | **Financial Services — 10.0%** | **Financial Services — 10.0%** |
|  Jack Henry & Associates, Inc.  | 878 | 143342 |
|  Mastercard, Inc. - Class A  | 8877 | 5284390 |
|  Visa, Inc. - Class A  | 13985 | 4919643 |
|  |  | 10347375 |
|  **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** | **Ground Transportation — 1.6%** |
|  Landstar System, Inc.  | 285 | 37714 |
|  Old Dominion Freight Line, Inc.  | 1958 | 295599 |
|  Union Pacific Corp.  | 5878 | 1314145 |
|  |  | 1647458 |

---

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

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments (Continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** | **Health Care Equipment & Supplies — 3.3%** |
|  IDEXX Laboratories, Inc. <sup>(b)</sup>  | 1180 | $763566 |
|  Insulet Corp. <sup>(b)</sup>  | 789 | 268165 |
|  Intuitive Surgical, Inc. <sup>(b)</sup>  | 3742 | 1771070 |
|  ResMed, Inc.  | 1780 | 488628 |
|  Solventum Corp. <sup>(b)</sup>  | 1839 | 134413 |
|  STAAR Surgical Co. <sup>(b)</sup>  | 376 | 10287 |
|  |  | 3436129 |
|  **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
|  CVS Health Corp.  | 12635 | 924250 |
|  HCA Healthcare, Inc.  | 3405 | 1375484 |
|  |  | 2299734 |
|  **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
|  Chipotle Mexican Grill, Inc. <sup>(b)</sup>  | 14479 | 610145 |
|  **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
|  Dream Finders Homes, Inc. - Class A <sup>(b)</sup>  | 827 | 22982 |
|  TopBuild Corp. <sup>(b)</sup>  | 326 | 137168 |
|  |  | 160150 |
|  **Interactive Media & Services — 11.5%** | **Interactive Media & Services — 11.5%** | **Interactive Media & Services — 11.5%** |
|  Alphabet, Inc. - Class C  | 28962 | 6184256 |
|  Match Group, Inc.  | 4277 | 159703 |
|  Meta Platforms, Inc. - Class A  | 6888 | 5088166 |
|  Pinterest, Inc. - Class A <sup>(b)</sup>  | 11005 | 403113 |
|  |  | 11835238 |
|  **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
|  Cognizant Technology Solutions Corp. - Class A  | 5358 | 387116 |
|  Gartner, Inc. <sup>(b)</sup>  | 886 | 222554 |
|  GoDaddy, Inc. - Class A <sup>(b)</sup>  | 1740 | 258059 |
|  Kyndryl Holdings, Inc. <sup>(b)</sup>  | 2544 | 80874 |
|  |  | 948603 |
|  **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
|  Medpace Holdings, Inc. <sup>(b)</sup>  | 357 | 169757 |
|  **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
|  Tennant Co.  | 241 | 19772 |
|  Toro Co.  | 1117 | 90544 |
|  |  | 110316 |
|  **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
|  New York Times Co. - Class A  | 2263 | 135418 |
|  Trade Desk, Inc. - Class A <sup>(b)</sup>  | 4137 | 226128 |
|  |  | 361546 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  elf Beauty, Inc. <sup>(b)</sup>  | 810 | 101250 |
|  **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** | **Pharmaceuticals — 5.5%** |
|  Bristol-Myers Squibb Co.  | 24508 | 1156288 |
|  Eli Lilly & Co.  | 6238 | 4569834 |
|  |  | 5726122 |
|  **Professional Services — 0.0%<sup>(a)</sup>** | **Professional Services — 0.0%<sup>(a)</sup>** | **Professional Services — 0.0%<sup>(a)</sup>** |
|  TaskUS, Inc. - Class A <sup>(b)</sup>  | 1215 | 21287 |
|  Upwork, Inc. <sup>(b)</sup>  | 1132 | 17421 |
|  |  | 38708 |
|  **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** |
|  Cirrus Logic, Inc. <sup>(b)</sup>  | 611 | 69770 |
|  Impinj, Inc. <sup>(b)</sup>  | 251 | 47055 |
|  Lam Research Corp.  | 15696 | 1571954 |
|  Monolithic Power Systems, Inc.  | 546 | 456325 |
|  Universal Display Corp.  | 394 | 54605 |
|  |  | 2199709 |

---

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

**MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF** 

**Schedule of Investments (Concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Software — 16.4%** | **Software — 16.4%** | **Software — 16.4%** |
|  Adobe Systems, Inc. <sup>(b)</sup>  | 5738 | $2046745 |
|  Appfolio, Inc. - Class A <sup>(b)</sup>  | 460 | 127595 |
|  Appian Corp. - Class A <sup>(b)</sup>  | 993 | 30565 |
|  Autodesk, Inc. <sup>(b)</sup>  | 2849 | 896580 |
|  Box, Inc. - Class A <sup>(b)</sup>  | 1473 | 48064 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(b)</sup>  | 2934 | 1243136 |
|  Docusign, Inc. <sup>(b)</sup>  | 3202 | 245465 |
|  Fair Isaac Corp. <sup>(b)</sup>  | 369 | 561485 |
|  Fortinet, Inc. <sup>(b)</sup>  | 9825 | 773915 |
|  HubSpot, Inc. <sup>(b)</sup>  | 703 | 339669 |
|  Manhattan Associates, Inc. <sup>(b)</sup>  | 687 | 148007 |
|  Microsoft Corp.  | 9896 | 5014204 |
|  Nutanix, Inc. - Class A <sup>(b)</sup>  | 4008 | 269378 |
|  Palo Alto Networks, Inc. <sup>(b)</sup>  | 6719 | 1280104 |
|  Samsara, Inc. - Class A <sup>(b)</sup>  | 6788 | 245318 |
|  ServiceNow, Inc. <sup>(b)</sup>  | 2370 | 2174380 |
|  Synopsys, Inc. <sup>(b)</sup>  | 1443 | 870879 |
|  Workday, Inc. - Class A <sup>(b)</sup>  | 2929 | 676072 |
|  |  | 16991561 |
|  **Specialty Retail — 7.0%** | **Specialty Retail — 7.0%** | **Specialty Retail — 7.0%** |
|  Five Below, Inc. <sup>(b)</sup>  | 636 | 92284 |
|  Home Depot, Inc.  | 10312 | 4194612 |
|  Stitch Fix, Inc. - Class A <sup>(b)</sup>  | 1949 | 10310 |
|  TJX Cos., Inc.  | 13033 | 1780438 |
|  Tractor Supply Co.  | 7945 | 490683 |
|  Ulta Beauty, Inc. <sup>(b)</sup>  | 623 | 306971 |
|  Williams-Sonoma, Inc.  | 1780 | 334978 |
|  Winmark Corp.  | 97 | 44993 |
|  |  | 7255269 |
|  **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** | **Technology Hardware, Storage & Peripherals — 5.7%** |
|  Apple, Inc.  | 23863 | 5539557 |
|  Pure Storage, Inc. - Class A <sup>(b)</sup>  | 4150 | 322081 |
|  |  | 5861638 |
|  **Textiles, Apparel & Luxury Goods — 0.0%<sup>(a)</sup>** | **Textiles, Apparel & Luxury Goods — 0.0%<sup>(a)</sup>** | **Textiles, Apparel & Luxury Goods — 0.0%<sup>(a)</sup>** |
|  Skechers USA, Inc. - Class A <sup>(b)</sup>  | 300 | 18924 |
|  Under Armour, Inc. - Class A <sup>(b)</sup>  | 4424 | 22120 |
|  |  | 41044 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
|  Watsco, Inc.  | 493 | 198373 |
|  TOTAL COMMON STOCKS (Cost $91,253,728)  |  | 103210635 |
|  TOTAL INVESTMENTS — 99.8% (Cost $91,253,728)  |  | 103210635 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 194278 |
|  TOTAL NET ASSETS — 100.0%  |  | $103404913 |

---

Par amount is in USD unless otherwise indicated.

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** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** | **COMMON STOCKS — 99.6%** |
|  **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** | **Aerospace & Defense — 4.3%** |
|  AeroVironment, Inc. <sup>(a)</sup>  | 707 | $170634 |
|  Archer Aviation, Inc. - Class A <sup>(a)</sup>  | 9880 | 88426 |
|  HEICO Corp.  | 1896 | 591590 |
|  Rocket Lab Corp. <sup>(a)</sup>  | 7200 | 349920 |
|  Textron, Inc.  | 2817 | 225811 |
|  |  | 1426381 |
|  **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 1785 | 93980 |
|  **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
|  BorgWarner, Inc.  | 3429 | 146624 |
|  Phinia, Inc.  | 621 | 36316 |
|  XPEL, Inc. <sup>(a)</sup>  | 445 | 16536 |
|  |  | 199476 |
|  **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 880 | 80265 |
|  Western Alliance Bancorp  | 1704 | 152593 |
|  |  | 232858 |
|  **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
|  Boston Beer Co., Inc. - Class A <sup>(a)</sup>  | 171 | 37806 |
|  Celsius Holdings, Inc. <sup>(a)</sup>  | 4020 | 252778 |
|  |  | 290584 |
|  **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
|  AnaptysBio, Inc. <sup>(a)</sup>  | 459 | 9331 |
|  Biogen, Inc. <sup>(a)</sup>  | 2281 | 301594 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 2993 | 174402 |
|  Bridgebio Pharma, Inc. <sup>(a)</sup>  | 2964 | 153417 |
|  Editas Medicine, Inc. <sup>(a)</sup>  | 1337 | 3436 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup>  | 875 | 7262 |
|  Exact Sciences Corp. <sup>(a)</sup>  | 2943 | 139557 |
|  Exelixis, Inc. <sup>(a)</sup>  | 4256 | 159260 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 2484 | 105905 |
|  Moderna, Inc. <sup>(a)</sup>  | 6035 | 145383 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 1545 | 215682 |
|  Viking Therapeutics, Inc. <sup>(a)</sup>  | 1753 | 47419 |
|  |  | 1462648 |
|  **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** | **Broadline Retail — 0.3%** |
|  Etsy, Inc. <sup>(a)</sup>  | 1626 | 86194 |
|  **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
|  Trex Co., Inc. <sup>(a)</sup>  | 1673 | 103107 |
|  **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
|  Affiliated Managers Group, Inc.  | 444 | 99820 |
|  Cboe Global Markets, Inc.  | 1634 | 385542 |
|  FactSet Research Systems, Inc.  | 592 | 221006 |
|  Houlihan Lokey, Inc.  | 1090 | 217183 |
|  Interactive Brokers Group, Inc. - Class A  | 6801 | 423294 |
|  Jefferies Financial Group, Inc.  | 3219 | 208752 |
|  PJT Partners, Inc. - Class A  | 375 | 67125 |
|  |  | 1622722 |

---

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

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 2306 | $51631 |
|  RPM International, Inc.  | 2005 | 251247 |
|  |  | 302878 |
|  **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** |
|  Rollins, Inc.  | 7562 | 427555 |
|  Veralto Corp.  | 3867 | 410637 |
|  |  | 838192 |
|  **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** | **Communications Equipment — 1.5%** |
|  Ubiquiti, Inc.  | 944 | 498555 |
|  **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** |
|  EMCOR Group, Inc.  | 699 | 433380 |
|  MasTec, Inc. <sup>(a)</sup>  | 1212 | 220208 |
|  |  | 653588 |
|  **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** | **Consumer Finance — 2.0%** |
|  Bread Financial Holdings, Inc.  | 725 | 47988 |
|  Nelnet, Inc. - Class A  | 568 | 73050 |
|  SoFi Technologies, Inc. <sup>(a)</sup>  | 17247 | 440488 |
|  Upstart Holdings, Inc. <sup>(a)</sup>  | 1485 | 108821 |
|  |  | 670347 |
|  **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
|  Casey's General Stores, Inc.  | 581 | 287316 |
|  Maplebear, Inc. <sup>(a)</sup>  | 4069 | 176472 |
|  Sysco Corp.  | 7548 | 607388 |
|  |  | 1071176 |
|  **Distributors — 0.4%** | **Distributors — 0.4%** | **Distributors — 0.4%** |
|  LKQ Corp.  | 4029 | 131426 |
|  **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** |
|  Chegg, Inc. <sup>(a)</sup>  | 1693 | 2488 |
|  Duolingo, Inc. <sup>(a)</sup>  | 709 | 211183 |
|  |  | 213671 |
|  **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
|  AST SpaceMobile, Inc. <sup>(a)</sup>  | 3718 | 181959 |
|  Bandwidth, Inc. - Class A <sup>(a)</sup>  | 462 | 6930 |
|  |  | 188889 |
|  **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Cognex Corp.  | 2619 | 115079 |
|  Coherent Corp. <sup>(a)</sup>  | 2426 | 219480 |
|  IPG Photonics Corp. <sup>(a)</sup>  | 664 | 54329 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup>  | 794 | 251769 |
|  |  | 640657 |
|  **Entertainment — 3.8%** | **Entertainment — 3.8%** | **Entertainment — 3.8%** |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 3617 | 602194 |
|  Roku, Inc. <sup>(a)</sup>  | 2289 | 221026 |
|  Warner Bros Discovery, Inc. <sup>(a)</sup>  | 38602 | 449327 |
|  |  | 1272547 |
|  **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
|  Euronet Worldwide, Inc. <sup>(a)</sup>  | 675 | 62903 |
|  Jack Henry & Associates, Inc.  | 1137 | 185627 |
|  Marqeta, Inc. - Class A <sup>(a)</sup>  | 7308 | 46515 |
|  Rocket Cos., Inc. - Class A  | 614 | 10911 |
|  Shift4 Payments, Inc. - Class A <sup>(a)</sup>  | 1071 | 96851 |
|  Toast, Inc. - Class A <sup>(a)</sup>  | 9018 | 406712 |
|  WEX, Inc. <sup>(a)</sup>  | 535 | 91672 |
|  |  | 901191 |
|  **Food Products — 1.3%** | **Food Products — 1.3%** | **Food Products — 1.3%** |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 2468 | 83813 |
|  Freshpet, Inc. <sup>(a)</sup>  | 761 | 42479 |
|  McCormick & Co., Inc.  | 4185 | 294499 |
|  |  | 420791 |

---

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

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** |
|  Landstar System, Inc.  | 546 | $72252 |
|  RXO, Inc. <sup>(a)</sup>  | 2558 | 41772 |
|  U-Haul Holding Co. <sup>(a)</sup>  | 2752 | 158378 |
|  XPO, Inc. <sup>(a)</sup>  | 1838 | 238389 |
|  |  | 510791 |
|  **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
|  Align Technology, Inc. <sup>(a)</sup>  | 1132 | 160699 |
|  ClearPoint Neuro, Inc. <sup>(a)</sup>  | 445 | 4668 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 2113 | 129463 |
|  Insulet Corp. <sup>(a)</sup>  | 1099 | 373528 |
|  Masimo Corp. <sup>(a)</sup>  | 846 | 118195 |
|  QuidelOrtho Corp. <sup>(a)</sup>  | 1056 | 30297 |
|  Solventum Corp. <sup>(a)</sup>  | 2700 | 197343 |
|  STAAR Surgical Co. <sup>(a)</sup>  | 796 | 21779 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 528 | 60699 |
|  UFP Technologies, Inc. <sup>(a)</sup>  | 121 | 25429 |
|  |  | 1122100 |
|  **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
|  Fulgent Genetics, Inc. <sup>(a)</sup>  | 496 | 10996 |
|  Guardant Health, Inc. <sup>(a)</sup>  | 1933 | 130323 |
|  HealthEquity, Inc. <sup>(a)</sup>  | 1350 | 120595 |
|  Progyny, Inc. <sup>(a)</sup>  | 1376 | 32570 |
|  Quest Diagnostics, Inc.  | 1742 | 316417 |
|  |  | 610901 |
|  **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
|  Doximity, Inc. - Class A <sup>(a)</sup>  | 2932 | 199200 |
|  GoodRx Holdings, Inc. - Class A <sup>(a)</sup>  | 5981 | 26017 |
|  Teladoc, Inc. <sup>(a)</sup>  | 2798 | 21629 |
|  |  | 246846 |
|  **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** | **Hotels, Restaurants & Leisure — 2.8%** |
|  Cava Group, Inc. <sup>(a)</sup>  | 1804 | 121860 |
|  Dave & Buster's Entertainment, Inc. <sup>(a)</sup>  | 540 | 13862 |
|  Hyatt Hotels Corp. - Class A  | 1490 | 214977 |
|  Planet Fitness, Inc. - Class A <sup>(a)</sup>  | 1309 | 137183 |
|  Sweetgreen, Inc. - Class A <sup>(a)</sup>  | 1890 | 17199 |
|  Texas Roadhouse, Inc.  | 1036 | 178762 |
|  Vail Resorts, Inc.  | 580 | 95004 |
|  Wingstop, Inc.  | 436 | 143061 |
|  |  | 921908 |
|  **Household Durables — 2.1%** | **Household Durables — 2.1%** | **Household Durables — 2.1%** |
|  Dream Finders Homes, Inc. - Class A <sup>(a)</sup>  | 1460 | 40573 |
|  iRobot Corp. <sup>(a)</sup>  | 496 | 1682 |
|  Meritage Homes Corp.  | 1122 | 87168 |
|  NVR, Inc. <sup>(a)</sup>  | 47 | 381530 |
|  TopBuild Corp. <sup>(a)</sup>  | 444 | 186817 |
|  |  | 697770 |
|  **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
|  Spectrum Brands Holdings, Inc.  | 391 | 22283 |
|  **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
|  STAG Industrial, Inc.  | 2913 | 107344 |
|  **Insurance — 2.6%** | **Insurance — 2.6%** | **Insurance — 2.6%** |
|  CNA Financial Corp.  | 4213 | 208754 |
|  Kinsale Capital Group, Inc.  | 364 | 166512 |
|  Lemonade, Inc. <sup>(a)</sup>  | 1144 | 60518 |
|  Markel Group, Inc. <sup>(a)</sup>  | 199 | 389853 |
|  Trupanion, Inc. <sup>(a)</sup>  | 668 | 30968 |
|  |  | 856605 |

---

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

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
|  Match Group, Inc.  | 3827 | $142900 |
|  Pinterest, Inc. - Class A <sup>(a)</sup>  | 10557 | 386703 |
|  |  | 529603 |
|  **IT Services — 4.7%** | **IT Services — 4.7%** | **IT Services — 4.7%** |
|  DigitalOcean Holdings, Inc. <sup>(a)</sup>  | 1421 | 46353 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 884 | 155902 |
|  Fastly, Inc. - Class A <sup>(a)</sup>  | 2295 | 17465 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 2224 | 329841 |
|  Kyndryl Holdings, Inc. <sup>(a)</sup>  | 3611 | 114794 |
|  MongoDB, Inc. <sup>(a)</sup>  | 1276 | 402718 |
|  Okta, Inc. <sup>(a)</sup>  | 2732 | 253448 |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 2383 | 251669 |
|  |  | 1572190 |
|  **Leisure Products — 0.5%** | **Leisure Products — 0.5%** | **Leisure Products — 0.5%** |
|  Hasbro, Inc.  | 2187 | 177519 |
|  **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
|  Illumina, Inc. <sup>(a)</sup>  | 2470 | 246901 |
|  Lifecore Biomedical, Inc. <sup>(a)</sup>  | 597 | 4543 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 447 | 212553 |
|  Repligen Corp. <sup>(a)</sup>  | 877 | 107275 |
|  |  | 571272 |
|  **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
|  Chart Industries, Inc. <sup>(a)</sup>  | 701 | 139751 |
|  Middleby Corp. <sup>(a)</sup>  | 835 | 114270 |
|  Proto Labs, Inc. <sup>(a)</sup>  | 391 | 19476 |
|  RBC Bearings, Inc. <sup>(a)</sup>  | 490 | 191080 |
|  Tennant Co.  | 292 | 23956 |
|  Toro Co.  | 1540 | 124832 |
|  Westinghouse Air Brake Technologies Corp.  | 2670 | 516645 |
|  |  | 1130010 |
|  **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
|  Boston Omaha Corp. - Class A <sup>(a)</sup>  | 506 | 6750 |
|  New York Times Co. - Class A  | 2544 | 152233 |
|  PubMatic, Inc. - Class A <sup>(a)</sup>  | 783 | 6789 |
|  |  | 165772 |
|  **Metals & Mining — 0.0%<sup>(b)</sup>** | **Metals & Mining — 0.0%<sup>(b)</sup>** | **Metals & Mining — 0.0%<sup>(b)</sup>** |
|  Compass Minerals International, Inc. <sup>(a)</sup>  | 670 | 12764 |
|  **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
|  EQT Corp.  | 9341 | 484237 |
|  Excelerate Energy, Inc. - Class A  | 498 | 12161 |
|  Sable Offshore Corp. <sup>(a)</sup>  | 1547 | 41738 |
|  Vitesse Energy, Inc.  | 621 | 16525 |
|  |  | 554661 |
|  **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
|  Alaska Air Group, Inc. <sup>(a)</sup>  | 1894 | 118905 |
|  **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
|  elf Beauty, Inc. <sup>(a)</sup>  | 879 | 109875 |
|  **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
|  Axsome Therapeutics, Inc. <sup>(a)</sup>  | 771 | 93507 |
|  **Professional Services — 3.2%** | **Professional Services — 3.2%** | **Professional Services — 3.2%** |
|  Broadridge Financial Solutions, Inc.  | 1833 | 468552 |
|  Paycom Software, Inc.  | 874 | 198529 |
|  SS&C Technologies Holdings, Inc.  | 3849 | 341252 |
|  TaskUS, Inc. - Class A <sup>(a)</sup>  | 1387 | 24300 |
|  Upwork, Inc. <sup>(a)</sup>  | 2054 | 31611 |
|  |  | 1064244 |
|  **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
|  Zillow Group, Inc. - Class C <sup>(a)</sup>  | 3747 | 315910 |
|  **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** | **Semiconductors & Semiconductor Equipment — 5.9%** |
|  Astera Labs, Inc. <sup>(a)</sup>  | 2567 | 467707 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 801 | 91466 |
|  Enphase Energy, Inc. <sup>(a)</sup>  | 2048 | 77210 |
|  First Solar, Inc. <sup>(a)</sup>  | 1674 | 326748 |
|  Impinj, Inc. <sup>(a)</sup>  | 460 | 86236 |
|  Monolithic Power Systems, Inc.  | 747 | 624313 |
|  Skyworks Solutions, Inc.  | 2343 | 175584 |
|  Universal Display Corp.  | 742 | 102834 |
|  |  | 1952098 |

---

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

**MOTLEY FOOL next index ETF** 

**Schedule of Investments (Concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Software — 9.7%** | **Software — 9.7%** | **Software — 9.7%** |
|  Appfolio, Inc. - Class A <sup>(a)</sup>  | 563 | $156165 |
|  Appian Corp. - Class A <sup>(a)</sup>  | 1159 | 35674 |
|  Asana, Inc. - Class A <sup>(a)</sup>  | 3672 | 53611 |
|  Blackbaud, Inc. <sup>(a)</sup>  | 745 | 49699 |
|  BlackLine, Inc. <sup>(a)</sup>  | 973 | 52902 |
|  Box, Inc. - Class A <sup>(a)</sup>  | 2260 | 73744 |
|  Braze, Inc. - Class A <sup>(a)</sup>  | 1729 | 47893 |
|  Confluent, Inc. - Class A <sup>(a)</sup>  | 5312 | 105496 |
|  Docusign, Inc. <sup>(a)</sup>  | 3153 | 241709 |
|  Gitlab, Inc. - Class A <sup>(a)</sup>  | 2578 | 123796 |
|  HubSpot, Inc. <sup>(a)</sup>  | 823 | 397649 |
|  Manhattan Associates, Inc. <sup>(a)</sup>  | 947 | 204022 |
|  Nutanix, Inc. - Class A <sup>(a)</sup>  | 4183 | 281139 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 979 | 77077 |
|  Rubrik, Inc. - Class A <sup>(a)</sup>  | 3012 | 269273 |
|  Samsara, Inc. - Class A <sup>(a)</sup>  | 8884 | 321068 |
|  Tyler Technologies, Inc. <sup>(a)</sup>  | 673 | 378818 |
|  Unity Software, Inc. <sup>(a)</sup>  | 6486 | 255613 |
|  Varonis Systems, Inc. <sup>(a)</sup>  | 1747 | 103108 |
|  |  | 3228456 |
|  **Specialty Retail — 6.3%** | **Specialty Retail — 6.3%** | **Specialty Retail — 6.3%** |
|  Camping World Holdings, Inc. - Class A  | 977 | 17107 |
|  CarMax, Inc. <sup>(a)</sup>  | 2350 | 144172 |
|  Chewy, Inc. - Class A <sup>(a)</sup>  | 6479 | 265380 |
|  Five Below, Inc. <sup>(a)</sup>  | 859 | 124641 |
|  GameStop Corp. - Class A <sup>(a)</sup>  | 6980 | 156422 |
|  RH <sup>(a)</sup>  | 291 | 65670 |
|  Sleep Number Corp. <sup>(a)</sup>  | 362 | 3812 |
|  Stitch Fix, Inc. - Class A <sup>(a)</sup>  | 2075 | 10977 |
|  Tractor Supply Co.  | 8273 | 510940 |
|  Ulta Beauty, Inc. <sup>(a)</sup>  | 702 | 345896 |
|  Warby Parker, Inc. - Class A <sup>(a)</sup>  | 1894 | 49623 |
|  Williams-Sonoma, Inc.  | 1919 | 361137 |
|  Winmark Corp.  | 56 | 25975 |
|  |  | 2081752 |
|  **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
|  Pure Storage, Inc. - Class A <sup>(a)</sup>  | 5100 | 395811 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
|  Skechers USA, Inc. - Class A <sup>(a)</sup>  | 2335 | 147292 |
|  Under Armour, Inc. - Class A <sup>(a)</sup>  | 6488 | 32440 |
|  |  | 179732 |
|  **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
|  Watsco, Inc.  | 596 | 239819 |
|  WESCO International, Inc.  | 762 | 167518 |
|  |  | 407337 |
|  TOTAL COMMON STOCKS (Cost $29,396,784)  |  | 33079824 |
|  TOTAL INVESTMENTS — 99.6% (Cost $29,396,784)  |  | 33079824 |
|  Other Assets in Excess of Liabilities — 0.4%  |  | 122221 |
|  TOTAL NET ASSETS — 100.0%  |  | $33202045 |

---

Par amount is in USD unless otherwise indicated.

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.

REIT - Real Estate Investment Trust

<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** 

**AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Global <br> Opportunities <br> ETF** | **Motley Fool <br> Mid-Cap <br> Growth ETF** | **Motley <br> Fool 100 <br> Index ETF** | **Motley Fool <br> Small-Cap <br> Growth ETF** |
|  **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $412166362 | $181049461 | $1677166893 | $92624657 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 4720310 | 3397940 | 2908628 | 1911739 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 311183 | 67278 | 834354 | 26722 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 24674 | 10614 | 8038 | 9247 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 2419 | 1509 | 1746 | 1613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 8542 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value  | 15620 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 417249110 | 184526802 | 1680919659 | 94573978 |
|  **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 15586495 | 9905875 | 38421300 | 15429862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 289008 | 125757 | 682069 | 56499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 15875503 | 10031632 | 39103369 | 15486361 |
|  **NET ASSETS**  | $401373607 | $174495170 | $1641816290 | $79087617 |
|  **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, $0.001, $0.001, and $0.001 per share)  | $13119 | $6718 | $24425 | $2200 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 236294687 | 109274433 | 1114109510 | 86757242 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 165065801 | 65214019 | 527682355 | (7671825) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $401373607 | $174495170 | $1641816290 | $79087617 |
|  Net assets  | $401373607 | $174495170 | $1641816290 | $79087617 |
|  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)  | 13118873 | 6717511 | 24425000 | 2200000 |
|  Net asset value per share  | $30.60 | $25.98 | $67.22 | $35.95 |
|  **COST:** |  |  |  |  |
|  Investments, at cost  | $237457480 | $114943271 | $1132186125 | $84123494 |
|  Foreign currency, at cost  | $15612 | $— | $— | $— |
|  **LOANED SECURITIES:** |  |  |  |  |
|  at value (included in investments)  | $15336447 | $9646997 | $37842888 | $14889679 |

---

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

**Motley Fool ETFs** 

**Statements of Assets and Liabilities (concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Motley Fool <br> Capital <br> Efficiency <br> 100 Index ETF** | **Motley <br> Fool Next <br> Index ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $103210635 | $33079824 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 173846 | 121482 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 64686 | 14134 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 625 | 412 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 103449792 | 33215852 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 44879 | 13807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 44879 | 13807 |
|  **NET ASSETS**  | $103404913 | $33202045 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, $0.001 per share)  | $3625 | $1550 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 92177231 | 31429169 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 11224057 | 1771326 |
| &nbsp;&nbsp;&nbsp; Total net assets  | $103404913 | $33202045 |
|  Net assets  | $103404913 | $33202045 |
|  Capital shares issued and outstanding (100,000,000, 100,000,000 shares authorized, $0.001, $0.001 par value)  | 3625000 | 1550000 |
|  Net asset value per share  | $28.53 | $21.42 |
|  **COST:** |  |  |
|  Investments, at cost  | $91253728 | $29396784 |
|  Foreign currency, at cost  | $— | $— |
|  **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 Year ENDED AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Motley Fool <br> Global <br> Opportunities <br> ETF** | **Motley Fool <br> Mid-Cap <br> Growth ETF** | **Motley <br> Fool 100 <br> Index ETF** | **Motley Fool <br> Small-Cap <br> Growth ETF** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $9959109 | $1364416 | $8393186 | $619732 |
| &nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  | (3479) |  |  |  |
| &nbsp;&nbsp;&nbsp; Less: Issuance fees  | (17155) |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | 492619 | 122732 | 133683 | 106239 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 58153 | 27243 | 19355 | 20151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 10489247 | 1514391 | 8546224 | 746122 |
|  **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 3509222 | 1623391 | 6311445 | 722070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 3509222 | 1623391 | 6311445 | 722070 |
|  **NET INVESTMENT INCOME/(LOSS)** | 6980025 | (109000) | 2234779 | 24052 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (9767432) | (793102) | (10530336) | 1010968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 38342256 | 19889897 | 72849269 | 5912988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments  | 17725 |  |  | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (226136) |  |  |  |
|  Net realized gain (loss)  | 28366413 | 19096795 | 62318933 | 6924943 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 8447383 | (7224956) | 202512458 | (1067365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 162 |  |  |  |
|  Net change in unrealized appreciation (depreciation)  | 8447545 | (7224956) | 202512458 | (1067365) |
|  Net realized and unrealized gain (loss)  | 36813958 | 11871839 | 264831391 | 5857578 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $43793983 | $11762839 | $267066170 | $5881630 |

---

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

**Motley Fool ETFs** 

**Statements of Operations (CONCLUDED)** 

**FOR THE Year ENDED AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Motley Fool <br> Capital <br> Efficiency <br> 100 Index ETF** | **Motley<br> Fool NEXT<br> INDEX ETF** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $543831 | $154343 |
| &nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  |  |  |
| &nbsp;&nbsp;&nbsp; Less: Issuance fees  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | 9088 | 5115 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 552919 | 159458 |
|  **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 380895 | 147550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 380895 | 147550 |
|  **NET INVESTMENT INCOME/(LOSS)**  | 172024 | 11908 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (584675) | (142540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 6975109 | 594453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  |  |  |
|  Net realized gain (loss)  | 6390434 | 451913 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1735080 | 3881478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  |  |  |
|  Net change in unrealized appreciation (depreciation)  | 1735080 | 3881478 |
|  Net realized and unrealized gain (loss)  | 8125514 | 4333391 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $8297538 | $4345299 |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $6980025 | $2177369 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 28366413 | 101258275 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 8447545 | (21720451) |
|  **Net increase (decrease) in net assets from operations**  | 43793983 | 81715193 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (54078022) | (23006101) |
|  Total distributions to shareholders  | (54078022) | (23006101) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 35624610 | 7701448 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (64429553) | (55914052) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 117 |  |
|  Net increase (decrease) in net assets from capital transactions  | (28804826) | (48212604) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (39088865) | 10496488 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | $440462472 | $429965984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $401373607 | $440462472 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1150000 | 275000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2075000) | (1950000) |
|  Total increase (decrease) in shares outstanding  | (925000) | (1675000) |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(109000) | $157172 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 19096795 | 43792151 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (7224956) | (10270372) |
|  **Net increase (decrease) in net assets from operations**  | 11762839 | 33678951 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (28997279) | (4987801) |
|  Total distributions to shareholders  | (28997279) | (4987801) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 28015973 | 8257740 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (39425335) | (28155655) |
|  Net increase (decrease) in net assets from capital transactions  | (11409362) | (19897915) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (28643802) | 8793235 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | 203138972 | $194345737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $174495170 | $203138972 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1025000 | 300000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1425000) | (1075000) |
|  Total increase (decrease) in shares outstanding  | (400000) | (775000) |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2234779 | $1904997 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 62318933 | 35242986 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 202512458 | 169139961 |
|  **Net increase (decrease) in net assets from operations**  | 267066170 | 206287944 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (4844626) | (846637) |
|  Total distributions to shareholders  | (4844626) | (846637) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 519253178 | 255012722 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (109543270) | (40092155) |
|  Net increase (decrease) in net assets from capital transactions  | 409709908 | 214920567 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 671931452 | 420361874 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | 969884838 | 549522964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $1641816290 | $969884838 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 8675000 | 5225000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1875000) | (825000) |
|  Total increase (decrease) in shares outstanding  | 6800000 | 4400000 |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $24052 | $(124738) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6924943 | (7112753) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (1067365) | 16332435 |
|  **Net increase (decrease) in net assets from operations**  | 5881630 | 9094944 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  |  | (2037) |
|  Total distributions to shareholders  |  | (2037) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 16235780 | 15776198 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (21278473) | (19475617) |
|  Net increase (decrease) in net assets from capital transactions  | (5042693) | (3699419) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 838937 | 5393488 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | 78248680 | 72855192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $79087617 | $78248680 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 425000 | 550000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (625000) | (650000) |
|  Total increase (decrease) in shares outstanding  | (200000) | (100000) |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $172024 | $145022 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 6390434 | 2448477 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1735080 | 7226975 |
|  **Net increase (decrease) in net assets from operations**  | 8297538 | 9820474 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (300784) | (109818) |
|  Total distributions to shareholders  | (300784) | (109818) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 66243602 | 20561140 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (18161781) | (5405930) |
|  Net increase (decrease) in net assets from capital transactions  | 48081821 | 15155210 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 56078575 | 24865866 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | 47326338 | 22460472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $103404913 | $47326338 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2450000 | 900000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (675000) | (225000) |
|  Total increase (decrease) in shares outstanding  | 1775000 | 675000 |

---

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> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $11908 | $33375 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 451913 | 286525 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3881478 | 3254754 |
|  **Net increase (decrease) in net assets from operations**  | 4345299 | 3574654 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (18172) | (46367) |
|  Total distributions to shareholders  | (18172) | (46367) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7143650 | 420680 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2783303) | (8616947) |
|  Net increase (decrease) in net assets from capital transactions  | 4360347 | (8196267) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 8687474 | (4667980) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the year  | 24514571 | 29182551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the year  | $33202045 | $24514571 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 350000 | 25000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (150000) | (525000) |
|  Total increase (decrease) in shares outstanding  | 200000 | (500000) |

---

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> 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 year  | $31.36 | $27.35 | $24.75 | $37.03 | $30.17 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)</sup>  | 0.51 | 0.15 | 0.11 | 0.30 | (0.05) |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 2.68 | 5.36 | 2.65 | (10.00) | 9.03 |
|  Total from investment operations  | 3.19 | 5.51 | 2.76 | (9.70) | 8.98 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
|  Net investment income  | (0.12) | (0.10) | (0.06) | (0.77) |  |
|  Net realized gains  | (3.83) | (1.40) | (0.10) | (1.81) | (2.12) |
|  Total distributions  | (3.95) | (1.50) | (0.16) | (2.58) | (2.12) |
|  Redemption fee per share  | 0.00 <sup>(c)</sup> |  |  |  |  |
|  Net asset value, end of year  | $30.60 | $31.36 | $27.35 | $24.75 | $37.03 |
|  **TOTAL RETURN**  | 10.59% | 21.00% | 11.24% | (27.61)% | 30.86% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $401374 | $440462 | $429966 | $433652 | $181509 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment  | 0.85% | 0.85% | 0.85% | 0.88% | 0.98% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 0.85% | 0.85% | 0.85% | 0.87% | 0.95% |
|  Ratio of net investment income (loss) to average net assets  | 1.69% | 0.51% | 0.45% | 1.08% | (0.16)% |
|  Portfolio turnover rate<sup>(d)</sup>  | 15% | 38% | 4% | 14% | 12% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<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> 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> 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 year  | $28.54 | $24.62 | $22.68 | $33.20 | $29.79 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)</sup>  | (0.02) | 0.02 | 0.07 | (0.04) | (0.09) |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 1.65 | 4.54 | 1.87 | (8.38) | 6.90 |
|  Total from investment operations  | 1.63 | 4.56 | 1.94 | (8.42) | 6.81 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
|  Net investment income  | (0.02) | (0.06) |  |  |  |
|  Net realized gains  | (4.17) | (0.58) |  | (2.10) | (3.40) |
|  Total distributions  | (4.19) | (0.64) |  | (2.10) | (3.40) |
|  Net asset value, end of year  | $25.98 | $28.54 | $24.62 | $22.68 | $33.20 |
|  **TOTAL RETURN**  | 5.22% | 18.95% | 8.58% | (26.66)% | 24.38% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $174495 | $203139 | $194346 | $209044 | $54460 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment  | 0.85% | 0.85% | 0.85% | 0.88% | 0.98% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment  | 0.85% | 0.85% | 0.85% | 0.90% | 0.95% |
|  Ratio of net investment income (loss) to average net assets  | (0.06)% | 0.08% | 0.29% | (0.17)% | (0.30)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 33% | 31% | 18% | 2% | 15% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<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> 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> 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 year  | $55.03 | $41.55 | $33.99 | $42.16 | $33.67 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income<sup>(a)</sup>  | 0.11 | 0.13 | 0.13 | 0.08 | 0.05 |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 12.33 | 13.41 | 7.57 | (8.15) | 8.59 |
|  Total from investment operations  | 12.44 | 13.54 | 7.70 | (8.07) | 8.64 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
|  Net investment income  | (0.10) | (0.06) | (0.14) | (0.02) | (0.10) |
|  Net realized gains  | (0.15) |  |  | (0.08) | (0.05) |
|  Total distributions  | (0.25) | (0.06) | (0.14) | (0.10) | (0.15) |
|  Net asset value, end of year  | $67.22 | $55.03 | $41.55 | $33.99 | $42.16 |
|  **TOTAL RETURN**  | 22.63% | 32.61% | 22.71% | (19.18)% | 25.74% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $1641816 | $969885 | $549523 | $417269 | $528011 |
|  Ratio of expenses to average net assets  | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets  | 0.18% | 0.27% | 0.37% | 0.20% | 0.15% |
|  Portfolio turnover rate<sup>(c)</sup>  | 31% | 24% | 6% | 15% | 23% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<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> 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> 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 year  | $32.60 | $29.14 | $25.18 | $40.73 | $32.59 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)</sup>  | 0.01 | (0.04) | 0.04 | (0.15) | (0.19) |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 3.34 | 3.50 | 4.00 | (14.53) | 10.48 |
|  Total from investment operations  | 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 year  | $35.95 | $32.60 | $29.14 | $25.18 | $40.73 |
|  **TOTAL RETURN**  | 10.26% | 11.87% | 16.13% | (36.66)% | 32.00% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $79088 | $78249 | $72855 | $78050 | $189382 |
|  Ratio of expenses to average net assets  | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income (loss) to average net assets  | 0.03% | (0.16)% | 0.15% | (0.46)% | (0.51)% |
|  Portfolio turnover rate<sup>(c)</sup>  | 40% | 30% | 62% | 11% | 21% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<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> 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> 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  | $25.58 | $19.12 | $15.37 | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.06 | 0.10 | 0.09 | 0.05 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 3.00 | 6.45 | 3.72 | (4.68) |
|  Total from investment operations  | 3.06 | 6.55 | 3.81 | (4.63) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
|  Net investment income  | (0.06) | (0.09) | (0.06) |  |
|  Net realized gains  | (0.05) |  |  |  |
|  Total distributions  | (0.11) | (0.09) | (0.06) |  |
|  Net asset value, end of period  | $28.53 | $25.58 | $19.12 | $15.37 |
|  **TOTAL RETURN**<sup>(d)</sup>  | 11.98% | 34.44% | 24.81% | (23.13)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $103405 | $47326 | $22460 | $20754 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 0.23% | 0.43% | 0.53% | 0.50% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 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> 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  | $18.16 | $15.77 | $15.02 | $20.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.01 | 0.02 | 0.02 | 0.03 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 3.26 | 2.40 | 0.76 | (5.01) |
|  Total from investment operations  | 3.27 | 2.42 | 0.78 | (4.98) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
|  Net investment income  | (0.01) |  |  |  |
|  Net realized gains  |  | (0.03) | (0.03) |  |
|  Total distributions  | (0.01) | (0.03) | (0.03) |  |
|  Net asset value, end of period  | $21.42 | $18.16 | $15.77 | $15.02 |
|  **TOTAL RETURN**<sup>(d)</sup>  | 18.03% | 15.31% | 5.21% | (24.88)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $33202 | $24515 | $29183 | $32678 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.50% | 0.50% | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 0.04% | 0.13% | 0.15% | 0.26% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 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.

<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** 

**AUGUST 31, 2025**

**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 fifty-nine 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") and the Motley Fool Next Index ETF ("Next 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 and Next Fund commenced investment operations on June 17, 2014, June 17, 2014, January 29, 2018, October 29, 2018, December 30, 2021 and December 30, 2021, 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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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)** 

**AUGUST 31, 2025**

**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:

**GLOBAL OPPORTUNITIES FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $388833329 | $— | $0 | $388833329 |
| Preferred Stocks  | 7746538 |  |  | 7746538 |
| Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 15586495 |
| **Total Investments**  | $396579867 | $— | $0 | $412166362 |

---

**MID-CAP GROWTH FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $171143586 | $— | $— | $171143586 |
| Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 9905875 |
| **Total Investments**  | $171143586 | $— | $— | $181049461 |

---

**FOOL 100 FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $1638737285 | $— | $8308 | $1638745593 |
| Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 38421300 |
| **Total Investments**  | $1638737285 | $— | $8308 | $1677166893 |

---

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

**SMALL-CAP GROWTH FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $77194795 | $— | $— | $77194795 |
| Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 15429862 |
| **Total Investments**  | $77194795 | $— | $— | $92624657 |

---

**CAPITAL EFFICIENCY FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $103210635 | $— | $— | $103210635 |
| **Total Investments**  | $103210635 | $— | $— | $103210635 |

---

**NEXT FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
| <u><u>**Investments:**</u></u> |  |  |  |  |
| Common Stocks  | $33079824 | $— | $— | $33079824 |
| **Total Investments**  | $33079824 | $— | $— | $33079824 |

---

Refer to the Schedule of Investments for industry classifications.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain investments that
 are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the
 fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy
 to the amounts listed in the Schedule of Investments.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the 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.

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

**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 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.

**2. Investment Policies and Practices** 

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

**TYPES OF 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

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

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.

**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.

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

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.

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.

**TEMPORARY INVESTMENTS** — During periods of adverse market or economic conditions, a 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, a Fund would not be pursuing its stated

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

investment objective with its usual investment strategies. A 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 United States banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for US. Government 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 the fees and expenses of the money market fund. These indirect fees and expenses will be in addition to the fees and expenses of the Funds. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

**3. INVESTMENT adviser and other services** 

Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund's respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreements between the Adviser and the Company on behalf of each Fund. The Adviser is a wholly-owned subsidiary of Motley Fool Investment Management, LLC, which is a wholly owned subsidiary of The Motley Fool Holdings Inc. ("TMF Holdings"), a multimedia financial-services holding company that also owns The Motley Fool, which publishes investment information and analysis across a wide range of media, including investment newsletter services, websites, and books. TMF Holdings is controlled by David Gardner and Tom Gardner, along with other private shareholders. Each Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on each Fund's average daily net assets (the "Advisory Fee"), payable on a monthly basis in arrears, as shown on the following table.

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
| Global Opportunities Fund  | 0.85% |
| Mid-Cap Growth Fund  | 0.85% |
| Fool 100 Fund  | 0.50% |
| Small-Cap Growth Fund  | 0.85% |
| Capital Efficiency Fund  | 0.50% |
| Next Fund  | 0.50% |

---

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.

**REDEMPTION FEE** — Prior to January 1, 2018, the Global Opportunities Fund and Mid-Cap Growth Fund imposed a redemption fee of 2.00% on redemptions/exchanges of Fund shares held less than 90 days. The redemption fee was calculated as a percentage of the net asset value of the total redemption proceeds and was retained by the Funds and accounted for as additional paid-in capital. Effective January 1, 2018, the Funds have eliminated their redemption fees. Please see the Funds' prospectus for more information.

**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

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

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.

**4. PURCHASES AND SALES OF INVESTMENT SECURITIES** 

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
| Global Opportunities Fund  | $61523114 | $101225703 |
| Mid-Cap Growth Fund  | 61893803 | 92828585 |
| Fool 100 Fund  | 404482153 | 397769160 |
| Small-Cap Growth Fund  | 32530902 | 34331075 |
| Capital Efficiency Fund  | 26036400 | 25374764 |
| Next Index  | 8172974 | 8027808 |

---

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

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  | $34174272 | $61222900 |
| Mid-Cap Growth Fund  | 29062496 | 38655100 |
| Fool 100 Fund  | 508307200 | 108144172 |
| Small-Cap Growth Fund  | 15939082 | 20569608 |
| Capital Efficiency Fund  | 64922666 | 17698153 |
| Next Index  | 6859726 | 2680164 |

---

**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

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

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, 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 <br> 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) |

---

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

Capital Efficiency Fund 118,053 — — (171,165) 11,277,169 11,224,057 <br> Next Fund 11,468 — (1,595,687) — 3,355,545 1,771,326

The differences between the book and tax basis components of distributable earnings (losses) relate primarily to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 and August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Tax <br> year** | **ORDINARY<br> INCOME** | **LONG-TERM<br> CAPITAL GAIN** | **TOTAL** |
| Global Opportunities Fund | 2025 | $9031118 | $45046904 | $54078022 |
|  | 2024 | 1589216 | 21416885 | 23006101 |
| Mid-Cap Growth Fund | 2025 | 150658 | 28846621 | 28997279 |
|  | 2024 | 486537 | 4501264 | 4987801 |
| Fool 100 Fund | 2025 | 3057626 | 1787000 | 4844626 |
|  | 2024 | 846637 |  | 846637 |
| Small-Cap Growth Fund | 2025 |  |  |  |
|  | 2024 | 2037 |  | 2037 |
| Capital Efficiency Fund | 2025 | 163114 | 137670 | 300784 |
|  | 2024 | 109818 |  | 109818 |
| Next Fund | 2025 | 18172 |  | 18172 |
|  | 2024 | 46367 |  | 46367 |

---

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.

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

**6. 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.

**7. 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 <br> OF SECURITIES <br> LOANED** | **MARKET VALUE <br> OF COLLATERAL** | **INCOME <br> RECEIVED FROM <br> SECURITIES <br> LENDING** |
| Global Opportunities Fund | $15336447 | $15586495 | $58153 |
| Mid-Cap Growth Fund | 9646997 | 9905875 | 27243 |
| Fool 100 Fund | 37842888 | 38421300 | 19355 |
| Small-Cap Growth Fund | 14889679 | 15429862 | 20151 |

---

**Motley Fool Asset Management ETFs** 

**Notes to Financial Statements (concluded)** 

**AUGUST 31, 2025** 

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 <br> IN THE <br> STATEMENTS <br> OF ASSETS <br> AND <br> LIABILITIES** | <br>**NET <br> AMOUNTS <br> OF ASSETS <br> PRESENTED <br> IN THE <br> STATEMENTS <br> OF ASSETS <br> AND <br> LIABILITIES** | **FINANCIAL <br> INSTRUMENTS<sup>1</sup>** | **CASH <br> COLLATERAL <br> RECEIVED** | **NET <br> AMOUNT<sup>2</sup>** |
| Global Opportunities Fund | $15336447 | $— | $15336447 | $(15336447) | $— | $— |
| Mid-Cap Growth Fund | 9646997 |  | 9646997 | (9646997) |  |  |
| Fool 100 Fund | 37842888 |  | 37842888 | (37842888) |  |  |
| Small-Cap Growth Fund | 14889679 |  | 14889679 | (14889679) |  |  |

---

<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. 

**8. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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.

**Motley Fool Asset Management ETFs** 

**Report of Independent Registered Public Accounting Firm** 

**To the Board of Directors of The RBB Fund, Inc. and the Shareholders of the Motley Fool ETFs** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool 100 Index ETF, Motley Fool Small-Cap Growth ETF, Motley Fool Capital Efficiency 100 Index ETF, and Motley Fool Next Index ETF (the "Funds"), each a series of The RBB Fund, Inc., including the schedules of investments, as of August 31, 2025, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds constituting <br> Motley Fool ETFs** | **Statement of <br> operations** | **Statements of changes <br> in net assets** | **Financial highlights** |
| Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool 100 Index ETF, and Motley Fool Small-Cap Growth ETF | &nbsp;&nbsp; For the year ended August 31, 2025 | &nbsp;&nbsp; For each of the two years in the period ended August 31, 2025 | &nbsp;&nbsp; For each of the five years in the period ended August 31, 2025 |
| Motley Fool Capital Efficiency 100 Index ETF and Motley Fool Next Index ETF | &nbsp;&nbsp; For the year ended August 31, 2025 | &nbsp;&nbsp; For each of the two years in the period ended August 31, 2025 | &nbsp;&nbsp; For each of the three years in the period ended August 31, 2025 and for the period December 30, 2021 (commencement of operations) through August 31, 2022 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as

**Motley Fool Asset Management ETFs** 

**Report of Independent Registered Public Accounting Firm (concluded)** 

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](fp0094047-3_49.jpg) |
| **TAIT, WELLER & BAKER LLP** |

---

**Philadelphia, Pennsylvania October 30, 2025** 

**Motley Fool Asset Management ETFs** 

**SHAREHOLDER TAX INFORMATION** 

**(Unaudited)**

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2054. During the fiscal year ended August 31, 2025, the following dividends and distributions were paid by the Funds:

---

| | | |
|:---|:---|:---|
| **FUND** | **ORDINARY <br> INCOME** | **LONG-TERM <br> capital gain** |
| Global Opportunities Fund | $9031118 | $45046904 |
| Mid-Cap Growth Fund | 150658 | 28846621 |
| Fool 100 Fund | 3057626 | 1787000 |
| Small-Cap Growth Fund |  |  |
| Capital Efficiency Fund | 163114 | 137670 |
| Next Fund | 18172 |  |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
| Global Opportunities Fund | 83% |
| Mid-Cap Growth Fund | 100% |
| Fool 100 Fund | 100% |
| Small-Cap Growth Fund | —% |
| Capital Efficiency Fund | 100% |
| Next Fund | 100% |

---

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Funds are as follows:

---

| | |
|:---|:---|
| Global Opportunities Fund | 29% |
| Mid-Cap Growth Fund | 100% |
| Fool 100 Fund | 100% |
| Small-Cap Growth Fund | —% |
| Capital Efficiency Fund | 100% |
| Next Fund | 100% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows.

---

| | |
|:---|:---|
| Global Opportunities Fund | 55% |
| Mid-Cap Growth Fund | 7% |
| Fool 100 Fund | 37% |
| Small-Cap Growth Fund | —% |
| Capital Efficiency Fund | —% |
| Next Fund | —% |

---

**Motley Fool Asset Management ETFs** 

**SHAREHOLDER TAX INFORMATION (Concluded)** 

**(Unaudited)**

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (*e.g.*, IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (*e.g.*, corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**Motley Fool Asset Management ETFs** 

**Approval of Investment Advisory Approvals** 

**(Unaudited)**

As required by the 1940 Act, the Board of 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 renewal of the investment advisory agreements between Motley Fool Asset Management, LLC ("MFAM") and the Company (the "Investment Advisory Agreement") on behalf of the Motley Fool Mid-Cap Growth ETF, the Motley Fool Global Opportunities ETF, the Motley Fool Small-Cap Growth ETF, Motley Fool 100 Index ETF, Motley Fool Capital Efficiency 100 Index ETF and Motley Fool Next Index ETF (for this section only, each a "Fund" and collectively the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. 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 renewal of the Investment Advisory Agreement between the Company and MFAM with respect to the Funds, the Directors took into account all the 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. Among other things, the Directors considered (i) the nature, extent, and quality of MFAM's services provided to the Funds; (ii) descriptions of the experience and qualifications of MFAM's 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, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) MFAM's advisory fee arrangement with the Company and other similarly managed clients; (vii) MFAM's compliance policies and procedures; (viii) MFAM's financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund's management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Fund to the performance of its Peer Group.

As part of their review, the Directors considered the nature, extent and quality of the services provided by MFAM. The Directors concluded that MFAM had substantial resources to provide services to the Funds and that MFAM's services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds' investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2024, as applicable. The Directors considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors then noted the performance of the Motley Fool 100 Index ETF, Motley Fool Capital Efficiency 100 Index ETF, and Motley Fool Next Index ETF. The Directors considered that because each of the aforementioned Funds was designed to track the performance of its respective index, the relevant consideration was the extent to which such Fund tracked its index before fees and expenses. The Board also noted that the performance of the index did not take into account the expenses incurred when purchasing or selling securities, which expenses would lower the performance of a fund seeking to replicate some or all of the holdings of the index. The Board noted that for the three-month, one-year, three-year, and since-inception periods ended December 31, 2024, as applicable, each of the aforementioned Fund's performance was in line with its index before fees and expenses.

The Directors noted that the Motley Fool 100 Index ETF outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2024.

The Directors noted that the Motley Fool Capital Efficiency 100 Index ETF outperformed the median of its Peer Group for the one-year, three-year, and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month period ended December 31, 2024.

**Motley Fool Asset Management ETFs** 

**Approval of Investment Advisory Approvals (CONTINUED)** 

**(Unaudited)**

The Directors noted that the Motley Fool Next Index ETF outperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2024, and equaled the median of its Peer Group for the three-year and since-inception periods ended December 31, 2024.

The Directors noted that the Motley Fool Global Opportunities ETF outperformed its primary benchmark, the FTSE Global All Cap Net Return Index, for the three-month and ten-year periods ended December 31, 2024, and underperformed its benchmark for the one-year, three-year, and five-year periods ended December 31, 2024. The Directors noted that the Motley Fool Global Opportunities ETF outperformed the median of its Peer Group for the three-month, three-year, and ten-year periods ended December 31, 2024, and underperformed the median of its Peer Group for the one-year and five-year periods ended December 31, 2024.

The Directors noted that the Motley Fool Mid-Cap Growth ETF underperformed its primary benchmark, the Russell Midcap Growth Total Return Index, for the three-month, one-year, three-year, five-year and ten-year periods ended December 31, 2024. The Directors noted that the Motley Fool Mid-Cap Growth ETF equaled the median of its Peer Group for the ten-year period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, one-year, three-year, and five-year periods ended December 31, 2024.

The Directors noted that the Motley Fool Small-Cap Growth ETF outperformed its primary benchmark, the Russell 2000 Growth Total Return Index, for the three-month, one-year, five-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-year period ended December 31, 2024. The Directors noted that the Motley Fool Small-Cap Growth ETF outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the fees paid by each Fund and each Fund's total operating expense ratios were compared to similar information for its Peer Group

The Directors noted that the net advisory fee of the Motley Fool Mid-Cap Growth ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Global Opportunities ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses equaled the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Small-Cap Growth ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 1st quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool 100 Index ETF equaled the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Capital Efficiency 100 Index ETF equaled the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and ranked in the 2nd quintile of its Peer Group.

The Directors noted that both the net advisory fee and total net expenses of the Motley Fool Next Index ETF equaled the median and in the 3rd quintile of its Peer Group.

The Board also took into consideration that the advisory fee for each Fund was a "unitary fee," meaning those Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that MFAM continued to be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of its own fees and resources.

**Motley Fool Asset Management ETFs** 

**Approval of Investment Advisory Approvals (CONCLUDED)** 

**(Unaudited)**

After reviewing the information regarding the Funds' costs, profitability and economies of scale, and after considering MFAM's services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2026.

**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.

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

**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

P.O. Box 701

Milwaukee, WI 53201

**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

**Optima Strategic Credit Fund** 

**of** 

**THE RBB FUND, INC.** 

**Financial Statements** 

**August 31, 2025** 

**Optima Strategic Credit Fund** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **Value** |
|  **EXCHANGE TRADED FUNDS — 29.0%** | **EXCHANGE TRADED FUNDS — 29.0%** |  |
|  iShares iBoxx $High Yield Corporate Bond ETF<sup>(a)</sup>  | 130000 | $10511800 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** (Cost $10,326,199)  |  | 10511800 |
|  | **Par** |  |
|  **U.S. TREASURY SECURITIES — 27.9%** | **U.S. TREASURY SECURITIES — 27.9%** |  |
|  United States Treasury Note/Bond, 3.88%, 07/31/2030  | 10000000 | 10078907 |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** (Cost $10,052,414)  |  | 10078907 |
|  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS — 25.8%** | **MONEY MARKET FUNDS — 25.8%** |  |
|  First American Treasury Obligations Fund - Class X, 4.20%<sup>(a)(b)</sup>  | 9314139 | 9314139 |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** (Cost $9,314,139)  |  | 9314139 |
|  **TOTAL INVESTMENTS — 82.7%** (Cost $29,692,752)  |  | 29904846 |
|  Other Assets in Excess of Liabilities — 17.3%  |  | 6250258 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $36155104 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</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>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**Optima Strategic Credit Fund** 

**Schedule of Credit Default Swap Contracts** 

**August 31, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference <br> Obligation \*** | **Financing <br> Rate <br> Received <br> (Paid)** | **Payment <br> Frequency** | **Rating of <br> Reference <br> Entity** | **Maturity <br> Date** | **Notional <br> Amount <sup>(** **b** **)</sup>** | **Value <sup>(** **c** **)</sup>** | **Premiums <br> Paid <br> (Received)** | **Net <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  **Sell Protection <sup>(a)</sup>** **:** |  |  |  |  |  |  |  |  |
|  MARKIT CDX North American High Yield (Series #44) | 5.00% | Quarterly | B/BB<sup>(d)</sup> | 06/20/2030 | $34000000 | $2789761 | $2019285 | $770476 |
|  |  |  |  |  |  | $2789761 | $2019285 | $770476 |

---

\* Centrally cleared swap.

The Fund has recorded a liability of $60,048 as of August 31, 2025 related to the current day's variation margin related to these contracts.

<sup>(a)</sup> If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index. 

<sup>(b)</sup> The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(c)</sup> The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(d)</sup> Rating provided by Markit

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

**Optima Strategic Credit Fund** 

**Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Securities at value (cost $29,692,752)  | $29904846 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 250000 |
| &nbsp;&nbsp;&nbsp; Deposit at broker for swap contracts  | 6044097 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 84565 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 6415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 36289923 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit expenses  | 21397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broker fees  | 15500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 9068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 13749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 6576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 3420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps  | 60048 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 134819 |
| &nbsp;&nbsp;&nbsp; Net assets  | 36155104 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $3612 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 36499363 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | (347871) |
| &nbsp;&nbsp;&nbsp; Net assets  | $36155104 |
|  **FOUNDERS CLASS SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $36155104 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 3615210 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $10.00 |

---

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

**Optima Strategic Credit Fund** 

**Statement of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $876146 |
| &nbsp;&nbsp;&nbsp; Dividend income  | 150734 |
| &nbsp;&nbsp;&nbsp; Broker interest income  | 166027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1192907 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Broker expenses  | 196766 |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 141555 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 53682 |
| &nbsp;&nbsp;&nbsp; Administration and accounting services fees  | 42309 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 31987 |
| &nbsp;&nbsp;&nbsp; Audit fees and tax services  | 22389 |
| &nbsp;&nbsp;&nbsp; Director fees  | 16100 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 13756 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 20518 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 682 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 7120 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 6436 |
| &nbsp;&nbsp;&nbsp; Advisory fees - Recouped  | 988 |
| &nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 554288 |
| &nbsp;&nbsp;&nbsp; Waivers and reimbursements  | (6775) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 547513 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 645394 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  | 995051 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 212094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  | 331957 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | 1539349 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $2184743 |

---

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

**Optima Strategic Credit Fund** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended <br> August 31, <br> 2025** | **For the <br> Year Ended <br> August 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $645394 | $840117 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from futures and swap contracts  | 995298 | 119393 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments and swap contracts  | 544051 | 452588 |
|  Net increase/(decrease) in net assets resulting from operations  | 2184743 | 1412098 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (1458926) | (1717031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (1458926) | (1717031) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 14236306 | 3195352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from reinvestment of distributions  | 1458926 | 1717030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1651761) | (30588784) |
|  Net increase/(decrease) in net assets from capital share transactions  | 14043471 | (25676402) |
|  Total increase/(decrease) in net assets  | 14769288 | (25981335) |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 21385816 | 47367151 |
| &nbsp;&nbsp;&nbsp; End of period  | $36155104 | $21385816 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1456329 | 329159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 151331 | 179648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (167459) | (3178245) |
|  Net increase/(decrease) in shares outstanding  | 1440201 | (2669438) |

---

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

**Optima Strategic Credit Fund** 

**Financial Highlights**

Contained below is per share operating performance data for Founders Class 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> 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<sup>(1)</sup>** **<br> to August 31, <br> 2022** |
|  **Per Share Operating Performance** |  |  |  |  |
|  Net asset value, beginning of period  | $9.83 | $9.78 | $9.89 | $10.00 |
|  Net investment income/(loss)<sup>(2)</sup>  | 0.22 | 0.31 | 0.19 |  |
|  Net realized and unrealized gain/(loss) from investments  | 0.54 | 0.25 | (0.18) | (0.11) |
|  Net increase/(decrease) in net assets resulting from operations  | 0.76 | 0.56 | 0.01 | (0.11) |
|  Total dividends and distributions to shareholders  | (0.59) | (0.51) | (0.12) |  |
|  Net asset value, end of period  | $10.00 | $9.83 | $9.78 | $9.89 |
|  Total investment return/(loss)<sup>(3)</sup>  | 8.10% | 5.95% | 0.12% | (1.10)%<sup>(4)</sup> |
|  **Ratios/Supplemental Data** |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $36155 | $21386 | $47367 | $41102 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements  | 1.93% | 2.06% | 1.61% | 1.48%<sup>(5)</sup> |
|  Ratio of expenses to average net assets without waivers and/or reimbursements  | 1.96% | 2.20% | 1.61% | 1.94%<sup>(5)</sup> |
|  Ratio of expenses to average net assets with waivers and reimbursements (excluding broker and interest expense)  | 1.23% | 1.13% | 1.18% | 1.25%<sup>(5)</sup> |
|  Ratio of expenses to average net assets without waivers and reimbursements (excluding broker and interest expense)  | 1.26% | 1.27% | 1.18% | 1.71%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 2.28% | 3.23% | 1.94% | 0.03%<sup>(5)</sup> |
|  Portfolio turnover rate  | 0% | 0% | 0% | 0%<sup>(4)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date of the Founders
 Class Shares of the Fund was December 29, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Calculated based on average
 shares outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Annualized.

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

**Optima Strategic Credit Fund** 

**Notes to Financial Statements** 

**August 31, 2025**

**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 fifty-nine active investment portfolios, including the Optima Strategic Credit Fund (the "Fund"), which commenced investment operations on December 29, 2021. The Fund is authorized to offer two classes of shares, Founders Class Shares and Investor Class Shares. Investor Class Shares have not yet commenced operations as of the end of the reporting period.

The investment objective of the Fund is to seek total return.

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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 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. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. 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.

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 Optima Asset Management LLC, the Fund's investment adviser (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.

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $10511800 | $— | $— | $10511800 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  |  | 10078907 |  | 10078907 |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 9314139 |  |  | 9314139 |
|  Total Investments  | $19825939 | $10078907 | $— | $29904846 |
| <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Credit Default Swaps\*  | $— | $770476 | $— | $770476 |
|  Total Other Financial Instruments  | $— | $770476 | $— | $770476 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.

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.

**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

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**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 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. The Fund did not hold any long or short futures contracts at any quarter-end during the current fiscal period. Therefore the average quarterly notional value for long and short futures contracts in the Fund during the current fiscal period is zero.

**CREDIT DEFAULT SWAP** – During the current fiscal period, the Fund entered into credit default swaps to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statement of Operations. In the case of credit default swaps where the Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps, the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately as Deposit at broker for swap contracts on the Statement of Assets and Liabilities. The average quarterly notional value of credit default swaps in the Fund during the current fiscal period was $21,400,000.

For the current fiscal period, the Fund invested in derivative contracts, which are reflected in the Statement of Assets and Liabilites, as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **DERIVATIVE LIABILITIES** | **DERIVATIVE LIABILITIES** |
| <br>**RISK** | <br>**DERIVATIVE TYPE**  | **STATEMENT OF ASSETS <br> AND LIABILITIES<br> LOCATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET UNREALIZED <br> APPRECATION <br> (DEPRECIATION)**  |
| Credit | Swap contracts | Variation margin payable on swap contracts | $770476 \* |

---

\* Includes cumulative appreciation/(depreciation) as reported on the Schedule of Credit Default Swap Contracts. For centrally cleared credit default swap contracts, only current day's variation margin is reported within the Statement of Assets and Liabilities.

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

For the current fiscal period, the effect of derivative contracts in the Fund's Statement of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **STATEMENT OF OPERATIONS**  | **STATEMENT OF OPERATIONS**  | **STATEMENT OF OPERATIONS**  | **STATEMENT OF OPERATIONS**  |
| <br>**RISK** | **DERIVATIVE TYPE**  | **LOCATION** | **NET REALIZED <br> GAIN(LOSS)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET CHANGE IN <br> UNREALIZED AP<br> PRECATION (DEPRE<br> CIATION)**  |
| Credit | Swap contracts | Swap contracts | $995051 | $331957 |
| Interest Rate | Future contracts | Future contracts | $247 | $— |

---

**DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS** — Dividends from net investment income, if any, are declared and paid monthly. Net realized capital gains (including net short-term capital gains), if any, are 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, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income.

**ACTIVE MANAGEMENT RISK** — The Fund is subject to management risk as an actively-managed investment portfolio. The Fund's ability to achieve its investment objective depends on the investment skill and ability of Anthony Capital Management, LLC (the "Sub-Adviser") and on the Sub-Adviser's ability to correctly identify economic trends.

**CASH POSITIONS RISK** — The Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund's investment in cash or cash equivalent securities increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested in other securities.

**COUNTERPARTY RISK** — Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction.

**CREDIT RISK** — Credit risk is the risk that an issuer or other obligated party of a debt security may be unable or unwilling to make interest and principal payments 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. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.

**CREDIT DEFAULT SWAP RISK** — Credit default swaps are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical credit default swap, one party (the "seller") receives pre-determined periodic payments from the other party (the "buyer"). The seller agrees to make specific payments to the buyer if a negative credit event occurs, such as the bankruptcy of or default by the issuer of the underlying debt instrument. The use of credit default swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty or concentration risks.

**CYBER SECURITY RISK** — Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Adviser, Sub-Adviser, custodian, transfer agent, distributor and/or other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors

**US Optima Strategic Credit Fund** 

 **Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and its Adviser and Sub-Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.

**FIXED INCOME SECURITIES RISK** — Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including: interest rate risk, prepayment risk and credit/default risk. Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. Prepayment risk involves the risk that in declining interest rate environments prepayments of principal could increase and require the Fund or an Underlying Fund to reinvest proceeds of the prepayments at lower interest rates. Credit risk involves the risk that the credit rating of a security may be lowered.

**GOVERNMENT INTERVENTION AND REGULATORY CHANGES** — The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.

In addition, effective August 19, 2022, the Securities and Exchange Commission (the "SEC") implemented Rule 18f-4 under the 1940 Act ("Rule 18f-4"), providing 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.

**HIGH YIELD SECURITIES** — High yield securities, which are rated below investment grade and commonly referred to as "junk" bonds, are high risk, speculative investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities.

**INTEREST RATE RISK**— Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub-Adviser. It is likely there will be less governmental action in the near future to maintain low interest rates. Changing interest rates may have unpredictable effects on the markets and the Fund's investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Any future declines in interest rate levels could cause the Fund's earnings to fall below the Fund's expense ratio, resulting in a negative yield, and a decline in the Fund's share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

**CASH AND CASH EQUIVALENTS** —The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits and is classified as Cash and Cash Equivalents on the Statement of Assets and Liabilities.

**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.

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**2. Investment Adviser and Other Services** 

Optima Asset Management LLC serves as the investment adviser for the Fund. Anthony Capital Management, LLC serves as the investment 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 Investment Advisory Agreement between the Adviser and the Company on behalf of the Fund. The 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 compensates the Sub-Adviser.

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 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 net 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, 2025 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2025.

---

| | |
|:---|:---|
| **Advisory <br> Fee** | **Expense Cap** |
|  | **Founders Class** |
| 0.50% | 1.25% |

---

If at any time the Fund's total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and 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.

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

---

| | |
|:---|:---|
| **Expiration** | **Expiration** |
| **AUGUST 31, <br> 2027** | **AUGUST 31, <br> 2028** |
| $33152 | $6775 |

---

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.

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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 Fund 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, U.S. Government securities and derivative transactions) by the Fund were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $10326199 | $— |

---

Purchases or sales of long-term U.S. Government securities during the current fiscal period were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $10053125 | $— |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
| **Federal Tax <br> Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
| $29692752 | $212094 | $— | $212094 |

---

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.

**Optima Strategic Credit Fund** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| $725872 | $— | $212094 | $(1285837) | $— | $— |

---

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 years ended August 31, 2025 and August 31, 2024, respectively, were as follows:

---

| | | |
|:---|:---|:---|
| **Ordinary<br> Income** | **Long-Term<br> Gains** | **Total** |
| $1458926 | $— | $1458926 |
| 1717031 |  | 1717031 |

---

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 unexpiring short-term losses of $1,285,837 to offset future capital gains. During the fiscal year, the Fund utilized $678,481 of capital loss carryforwards.

**6. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**7. Subsequent Events** 

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued, and has determined that there were the following subsequent events: The Fund paid the following distribution:

---

| | | | |
|:---|:---|:---|:---|
| **RECORD DATE** | **EX-DATE** | **PAY DATE** | **DISTRIBUTION RATE <br> PER SHARE** |
| September 29, 2025 | September 30, 2025 | September 30, 2025 | $0.20637916 |

---

The Fund's Board of Directors has approved the reorganization (the "Reorganization") of the Fund into a newly created series of Investment Managers Series Trust II. The Reorganization of the Fund is subject to approval by shareholders. If approved by shareholders, the Reorganization is currently expected to take effect in the first quarter of 2026.

**Optima Strategic Credit Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments and schedule of credit default swap contracts, of Optima Strategic Credit Fund (the "Fund"), a series of The RBB Fund, Inc., as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the period from December 29, 2021 (commencement of operations) through August 31, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2022.

![](fp0094047-7_15.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**Optima Strategic Credit Fund** 

**SHAREHOLDER TAX INFORMATION** 

**(UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended August 31, 2025. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. During the fiscal year ended August 31, 2025, the Fund paid $1,458,926 in ordinary income dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 0.0%.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026. Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**Optima Strategic Credit Fund** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS** 

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Optima Asset Management LLC (the "Adviser") and the Company on behalf of the Optima Strategic Credit Fund (the "Fund") and the renewal of the sub-advisory agreement (the "Sub-Advisory Agreement") between the Adviser, the Company and Anthony Capital Management, LLC (the "Sub-Adviser"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term ending August 16, 2026. In approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by the Adviser and the Sub-Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreement between the Company and the Adviser with respect to the Fund, and the Sub-Advisory Agreement by and among the Company, the Adviser and the Sub-Adviser 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, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of the Adviser and the Sub-Adviser, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of the Adviser or the Sub-Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by the Adviser and the Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser's and the Sub-Adviser's investment philosophies and processes; (iv) the Adviser's and the Sub-Adviser's assets under management and client descriptions; (v) the Adviser's and the Sub-Adviser's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the Adviser's and the Sub-Adviser's advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) the Adviser's and the Sub-Adviser's compliance procedures; (viii) the Adviser's and the Sub-Adviser's financial information and insurance coverage, as applicable, and the Adviser's profitability analysis; (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 (xi) a report 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 the Adviser and the Sub-Adviser. The Directors concluded that the Adviser and the Sub-Adviser had substantial resources to provide services to the Fund.

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, 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 observed that the Fund outperformed its primary benchmark, the Bloomberg US Corporate High Yield Total Return Index, for the three-month period ended December 31, 2024, and underperformed its benchmark for the one-year, three-year, and since-inception periods ended December 31, 2024. The Directors noted that the Fund outperformed the median of its Peer Group for the three-month, one-year, three-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund's total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for its Peer Group.The Directors noted

**Optima Strategic Credit Fund** 

**OTHER INFORMATION (CONCLUDED)** 

**(UNAUDITED)**

that the Fund's net advisory fee was below the median and ranked in the 1st quintile of its Peer Group, and the Fund's total net expenses (including acquired fund fees and expenses) was below the median and ranked in the 2nd quintile of its Peer Group.

The Directors also considered the fees payable to the Sub-Adviser under the Sub-Advisory Agreement and the information provided by the Adviser on the services provided by the Sub-Adviser. In this regard, the Directors noted that the fees for the Sub-Adviser were paid directly by the Adviser and not by the Fund. The Directors noted that the Adviser had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025, to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding the Adviser's and the Sub-Adviser's costs, profitability and economies of scale, and after considering the services to be provided by the Adviser and the Sub-Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to the Adviser and the sub-advisory fees to be paid by the Adviser to the Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**Investment Adviser** 

Optima Asset Management LLC

10 East 53rd Street

New York, New York 10022

**Sub-Adviser** 

Anthony Capital Management, LLC

421 George Street, Suite 206

De Pere, Wisconsin 54115

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

**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** 

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

![](fp94047-12_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** 

August 31, 2025

**SGI U.S. LARGE CAP CORE ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.0%** |  |  |
|  **Aerospace/Defense — 0.9%** |  |  |
|  General Dynamics Corp.  | 701 | $227523 |
|  Howmet Aerospace, Inc.  | 2556 | 445000 |
|  Lockheed Martin Corp.  | 427 | 194554 |
|  |  | 867077 |
|  **Apparel — 1.1%** |  |  |
|  Deckers Outdoor Corp. <sup>(a)</sup>  | 1756 | 210070 |
|  Ralph Lauren Corp.  | 2662 | 790428 |
|  |  | 1000498 |
|  **Banks — 2.1%** |  |  |
|  JPMorgan Chase & Co.  | 3960 | 1193623 |
|  PNC Financial Services Group, Inc.  | 3113 | 645761 |
|  US Bancorp  | 3964 | 193562 |
|  |  | 2032946 |
|  **Beverages — 1.4%** |  |  |
|  Monster Beverage Corp. <sup>(a)</sup>  | 3130 | 195343 |
|  PepsiCo, Inc.  | 7526 | 1118740 |
|  |  | 1314083 |
|  **Biotechnology — 1.3%** |  |  |
|  Biogen, Inc. <sup>(a)</sup>  | 1442 | 190661 |
|  Gilead Sciences, Inc.  | 2218 | 250568 |
|  Incyte Corp. <sup>(a)</sup>  | 6633 | 561218 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 522 | 204112 |
|  |  | 1206559 |
|  **Building Materials — 0.7%** |  |  |
|  Lennox International, Inc.  | 295 | 164568 |
|  Trane Technologies PLC  | 1233 | 512435 |
|  |  | 677003 |
|  **Commercial Services — 1.8%** |  |  |
|  Automatic Data Processing, Inc.  | 2450 | 744923 |
|  Cintas Corp.  | 859 | 180416 |
|  Corpay, Inc. <sup>(a)</sup>  | 608 | 198007 |
|  Moody's Corp.  | 365 | 186062 |
|  Verisk Analytics, Inc.  | 1453 | 389578 |
|  |  | 1698986 |
|  **Computers — 4.5%** |  |  |
|  Apple, Inc.  | 17868 | 4147878 |
|  Fortinet, Inc. <sup>(a)</sup>  | 1946 | 153286 |
|  |  | 4301164 |
|  **Cosmetics/Personal Care — 2.0%** | **Cosmetics/Personal Care — 2.0%** |  |
|  Colgate-Palmolive Co.  | 22915 | 1926464 |
|  **Distribution/Wholesale — 0.5%** | **Distribution/Wholesale — 0.5%** |  |
|  Copart, Inc. <sup>(a)</sup>  | 5882 | 287100 |
|  WW Grainger, Inc.  | 173 | 175336 |
|  |  | 462436 |
|  **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** |  |
|  Ameriprise Financial, Inc.  | 370 | 190480 |
|  Charles Schwab Corp.  | 1922 | 184205 |
|  Intercontinental Exchange, Inc.  | 989 | 174657 |
|  Mastercard, Inc. - Class A  | 5655 | 3366365 |
|  Visa, Inc. - Class A  | 1359 | 478069 |
|  |  | 4393776 |
|  **Electric — 1.3%** |  |  |
|  Entergy Corp.  | 6012 | 529597 |
|  NextEra Energy, Inc.  | 2620 | 188771 |
|  NRG Energy, Inc.  | 3507 | 510479 |
|  |  | 1228847 |
|  **Electronics — 1.7%** |  |  |
|  Amphenol Corp. - Class A  | 11082 | 1206386 |
|  Garmin Ltd., (Switzerland)  | 785 | 189829 |
|  Honeywell International, Inc.  | 846 | 185697 |
|  |  | 1581912 |
|  **Food — 0.2%** |  |  |
|  Sysco Corp.  | 2340 | 188300 |
|  **Gas — 2.6%** |  |  |
|  Atmos Energy Corp.  | 6894 | 1145300 |
|  NiSource, Inc.  | 31227 | 1319965 |
|  |  | 2465265 |
|  **Healthcare-Products — 1.3%** |  |  |
|  Boston Scientific Corp. <sup>(a)</sup>  | 2114 | 223027 |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 2570 | 173205 |
|  Danaher Corp.  | 1170 | 240809 |
|  Insulet Corp. <sup>(a)</sup>  | 592 | 201209 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 876 | 414607 |
|  |  | 1252857 |
|  **Healthcare-Services — 0.6%** |  |  |
|  Elevance Health, Inc.  | 467 | 148809 |
|  UnitedHealth Group, Inc.  | 600 | 185922 |
|  Universal Health Services, Inc. - Class B  | 1124 | 204096 |
|  |  | 538827 |
|  **Insurance — 4.2%** |  |  |
|  Allstate Corp.  | 1024 | 208333 |
|  Arch Capital Group Ltd.  | 3915 | 358340 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 2117 | 1064809 |
|  Cincinnati Financial Corp.  | 1172 | 180019 |
|  Marsh & McLennan Cos., Inc.  | 810 | 166706 |
|  Progressive Corp.  | 8144 | 2012056 |
|  |  | 3990263 |
|  **Internet — 15.3%** |  |  |
|  Alphabet, Inc. - Class A  | 26050 | 5546306 |
|  Amazon.com, Inc. <sup>(a)</sup>  | 12867 | 2946543 |
|  Booking Holdings, Inc.  | 297 | 1662918 |

---

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

**SGI U.S. LARGE CAP CORE ETF** 

**Portfolio of Investments (Continued)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Internet — 15.3% (Continued)** |  |  |  |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 805 | $| 197426 |
|  Meta Platforms, Inc. - Class A  | 4664 |  | 3445297 |
|  Netflix, Inc. <sup>(a)</sup>  | 185 |  | 223526 |
|  VeriSign, Inc.  | 1579 |  | 431651 |
|  |  |  | 14453667 |
|  **Iron/Steel — 0.2%** |  |  |  |
|  Steel Dynamics, Inc.  | 1340 |  | 175433 |
|  **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |  |  |
|  Caterpillar, Inc.  | 522 |  | 218739 |
|  GE Vernova, Inc.  | 1135 |  | 695721 |
|  |  |  | 914460 |
|  **Machinery-Diversified — 0.7%** |  |  |  |
|  IDEX Corp.  | 2295 |  | 377527 |
|  Westinghouse Air Brake Technologies Corp.  | 1371 |  | 265289 |
|  |  |  | 642816 |
|  **Media — 2.6%** |  |  |  |
|  Comcast Corp. - Class A  | 6606 |  | 224406 |
|  Fox Corp. - Class B  | 40569 |  | 2213039 |
|  |  |  | 2437445 |
|  **Mining — 1.5%** |  |  |  |
|  Freeport-McMoRan, Inc.  | 23201 |  | 1030125 |
|  Newmont Corp.  | 5433 |  | 404215 |
|  |  |  | 1434340 |
|  **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
|  A O Smith Corp.  | 2750 |  | 196048 |
|  Axon Enterprise, Inc. <sup>(a)</sup>  | 563 |  | 420724 |
|  |  |  | 616772 |
|  **Oil & Gas — 2.0%** |  |  |  |
|  ConocoPhillips  | 2006 |  | 198534 |
|  Devon Energy Corp.  | 5253 |  | 189633 |
|  Diamondback Energy, Inc.  | 2056 |  | 305851 |
|  Expand Energy Corp.  | 3571 |  | 345601 |
|  Exxon Mobil Corp.  | 4366 |  | 498990 |
|  Marathon Petroleum Corp.  | 1158 |  | 208104 |
|  Texas Pacific Land Corp.  | 152 |  | 141889 |
|  |  |  | 1888602 |
|  **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
|  Packaging Corp. of America  | 2607 |  | 568222 |
|  **Pharmaceuticals — 2.9%** |  |  |  |
|  AbbVie, Inc.  | 2999 |  | 630990 |
|  Dexcom, Inc. <sup>(a)</sup>  | 2222 |  | 167405 |
|  Eli Lilly & Co.  | 1353 |  | 991181 |
|  Merck & Co., Inc.  | 8785 |  | 738994 |
|  Zoetis, Inc.  | 1107 |  | 173135 |
|  |  |  | 2701705 |
|  **Pipelines — 0.4%**  |  |  |  |
|  ONEOK, Inc.  | 2170 |  | 165745 |
|  Targa Resources Corp.  | 1119 |  | 187723 |
|  |  |  | 353468 |
|  **Private Equity — 0.2%** |  |  |  |
|  Blackstone, Inc.  | 1094 |  | 187512 |
|  **Real Estate — 1.3%** |  |  |  |
|  CBRE Group, Inc. - Class A <sup>(a)</sup>  | 7592 |  | 1230815 |
|  **REITS — 0.9%** |  |  |  |
|  Equinix, Inc.  | 223 |  | 175320 |
|  Simon Property Group, Inc.  | 2982 |  | 538728 |
|  UDR, Inc.  | 4420 |  | 174900 |
|  |  |  | 888948 |
|  **Retail — 5.9%** |  |  |  |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 3343 |  | 140874 |
|  Costco Wholesale Corp.  | 2579 |  | 2432822 |
|  Home Depot, Inc.  | 4064 |  | 1653113 |
|  Lowe's Cos., Inc.  | 942 |  | 243093 |
|  Lululemon Athletica, Inc. <sup>(a)</sup>  | 770 |  | 155694 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 2448 |  | 253809 |
|  TJX Cos., Inc.  | 1377 |  | 188112 |
|  Wal-Mart Stores, Inc.  | 1673 |  | 162248 |
|  Yum! Brands, Inc.  | 2317 |  | 340529 |
|  |  |  | 5570294 |
|  **Semiconductors — 14.6%** |  |  |  |
|  Analog Devices, Inc.  | 893 |  | 224420 |
|  Applied Materials, Inc.  | 2865 |  | 460577 |
|  Broadcom, Inc.  | 4578 |  | 1361451 |
|  KLA-Tencor Corp.  | 314 |  | 273808 |
|  Lam Research Corp.  | 11377 |  | 1139406 |
|  Micron Technology, Inc.  | 3357 |  | 399517 |
|  Monolithic Power Systems, Inc.  | 406 |  | 339319 |
|  NVIDIA Corp.  | 47080 |  | 8200394 |
|  QUALCOMM, Inc.  | 7253 |  | 1165775 |
|  Texas Instruments, Inc.  | 1002 |  | 202885 |
|  |  |  | 13767552 |
|  **Software — 13.0%** |  |  |  |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 1308 |  | 466564 |
|  Autodesk, Inc. <sup>(a)</sup>  | 2781 |  | 875181 |
|  Cadence Design Systems, Inc. <sup>(a)</sup>  | 580 |  | 203250 |
|  Electronic Arts, Inc.  | 1187 |  | 204105 |
|  Fiserv, Inc. <sup>(a)</sup>  | 5241 |  | 724201 |
|  Microsoft Corp.  | 12169 |  | 6165911 |
|  MSCI, Inc.  | 324 |  | 183941 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 11730 |  | 1838208 |
|  Paychex, Inc.  | 9592 |  | 1337652 |
|  Salesforce.com, Inc.  | 725 |  | 185781 |

---

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

**SGI U.S. LARGE CAP CORE ETF** 

**Portfolio of Investments (CONCLUDED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Software — 13.0% (Continued)** |  |  |
|  ServiceNow, Inc. <sup>(a)</sup>  | 170 | $155968 |
|  |  | 12340762 |
|  **Telecommunications — 1.9%** |  |  |
|  Arista Networks, Inc. <sup>(a)</sup>  | 7155 | 977015 |
|  T-Mobile US, Inc.  | 3287 | 828291 |
|  |  | 1805306 |
|  **Transportation — 0.5%** |  |  |
|  FedEx Corp.  | 908 | 209812 |
|  Union Pacific Corp.  | 1346 | 300925 |
|  |  | 510737 |
|  **TOTAL COMMON STOCKS** (Cost $84,421,944)  |  | 93616119 |
|  **TOTAL INVESTMENTS** — **99.0%** (Cost $84,421,944)  |  | 93616119 |
|  Other Assets in Excess of Liabilities — 1.0%  |  | 983715 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $94599834 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

**SGI DYNAMIC TACTICAL ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 99.2%** | **EXCHANGE TRADED FUNDS — 99.2%** |  |
|  iShares Core U.S. Aggregate Bond ETF  | 136807 | $13606824 |
|  iShares Edge MSCI Min Vol USA ETF  | 108048 | 10184605 |
|  iShares Treasury Floating Rate Bond ETF  | 56726 | 2871470 |
|  SGI Enhanced Core ETF<sup>(a)(b)</sup>  | 725806 | 18656843 |
|  SGI U.S. Large Cap Core ETF<sup>(b)</sup>  | 375638 | 13395251 |
|  SPDR Gold Shares<sup>(c)</sup>  | 11045 | 3513083 |
|  WisdomTree Floating Rate Treasury Fund  | 57065 | 2869799 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $62,012,948)  |  | 65097875 |
|  **TOTAL INVESTMENTS — 99.2%** (Cost $62,012,948)  |  | 65097875 |
|  Other Assets in Excess of Liabilities — 0.8%  |  | 552417 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $65650292 |

---

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) Affiliated security as defined
 by the Investment Company Act of 1940.

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

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS — 89.7%** |  |  |  |
|  **Aerospace/Defense — 2.7%** |  |  |  |
|  Lockheed Martin Corp.  | 3569 | $| 1626144 |
|  Thales SA - ADR  | 11486 |  | 602785 |
|  |  |  | 2228929 |
|  **Agriculture — 0.1%** |  |  |  |
|  Wilmar International Ltd. - ADR  | 5052 |  | 115741 |
|  **Airlines — 1.4%** |  |  |  |
|  Ryanair Holdings PLC - ADR  | 18924 |  | 1201106 |
|  **Auto Manufacturers — 1.7%** |  |  |  |
|  Geely Automobile Holdings Ltd. - ADR <sup>(a)</sup>  | 2703 |  | 137285 |
|  Honda Motor Co. Ltd. - ADR  | 9618 |  | 321241 |
|  Isuzu Motors Ltd. - ADR  | 8569 |  | 112340 |
|  Mercedes-Benz Group AG - ADR  | 21000 |  | 327180 |
|  Toyota Motor Corp. - ADR  | 1493 |  | 290493 |
|  Volkswagen AG - ADR  | 22000 |  | 262020 |
|  |  |  | 1450559 |
|  **Banks — 18.3%** |  |  |  |
|  Banco Bilbao Vizcaya Argentaria SA - ADR  | 145125 |  | 2631116 |
|  Banco Santander SA - ADR  | 154045 |  | 1468049 |
|  Bank of America Corp.  | 5830 |  | 295814 |
|  Bank of China Ltd. - ADR  | 30529 |  | 417789 |
|  Bank of New York Mellon Corp.  | 1637 |  | 172867 |
|  BNP Paribas SA - ADR  | 21169 |  | 952817 |
|  BOC Hong Kong Holdings Ltd. - ADR  | 1032 |  | 91803 |
|  Canadian Imperial Bank of Commerce  | 2153 |  | 166405 |
|  China Construction Bank Corp. - ADR  | 21765 |  | 420282 |
|  Citigroup, Inc.  | 4013 |  | 387535 |
|  Credit Agricole SA - ADR  | 20828 |  | 189535 |
|  DBS Group Holdings Ltd. - ADR  | 8271 |  | 1301359 |
|  DNB Bank ASA - ADR  | 4075 |  | 106887 |
|  ING Groep NV - ADR  | 13044 |  | 310839 |
|  Intesa Sanpaolo SpA - ADR  | 17859 |  | 674892 |
|  JPMorgan Chase & Co.  | 1363 |  | 410836 |
|  KBC Group NV - ADR  | 3997 |  | 235723 |
|  NatWest Group PLC - ADR <sup>(a)</sup>  | 92598 |  | 1292668 |
|  Royal Bank of Canada  | 3221 |  | 468205 |
|  Societe Generale SA - ADR  | 71601 |  | 886420 |
|  Svenska Handelsbanken AB - ADR  | 15824 |  | 100941 |
|  UBS Group AG  | 6883 |  | 278899 |
|  UniCredit SpA - ADR  | 42277 |  | 1634006 |
|  United Overseas Bank Ltd. - ADR  | 7170 |  | 393275 |
|  |  |  | 15288962 |
|  **Beverages — 2.0%** |  |  |  |
|  PepsiCo, Inc.  | 11312 |  | 1681529 |
|  **Biotechnology — 1.7%** |  |  |  |
|  Amgen, Inc.  | 1787 |  | 514138 |
|  Gilead Sciences, Inc.  | 7657 |  | 865011 |
|  |  |  | 1379149 |
|  **Building Materials — 0.8%** |  |  |  |
|  Cie de Saint-Gobain SA - ADR  | 4651 |  | 100601 |
|  Holcim AG <sup>(a)</sup>  | 12968 |  | 216566 |
|  Owens Corning  | 2221 |  | 333527 |
|  |  |  | 650694 |
|  **Chemicals — 0.8%** |  |  |  |
|  CF Industries Holdings, Inc.  | 5358 |  | 464163 |
|  Dow, Inc.  | 6858 |  | 168913 |
|  |  |  | 633076 |
|  **Commercial Services — 0.7%** |  |  |  |
|  Automatic Data Processing, Inc.  | 1852 |  | 563101 |
|  **Computers — 0.6%** |  |  |  |
|  Infosys Ltd. - ADR  | 30169 |  | 507443 |
|  **Cosmetics/Personal Care — 3.0%** | **Cosmetics/Personal Care — 3.0%** | **Cosmetics/Personal Care — 3.0%** | **Cosmetics/Personal Care — 3.0%** |
|  Colgate-Palmolive Co.  | 25753 |  | 2165055 |
|  Unilever PLC - ADR  | 5400 |  | 341280 |
|  |  |  | 2506335 |
|  **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** |  |  |
|  Mitsui & Co. Ltd. - ADR  | 775 |  | 357283 |
|  **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
|  Nomura Holdings, Inc. - ADR  | 92552 |  | 665449 |
|  ORIX Corp. - ADR  | 23515 |  | 609509 |
|  |  |  | 1274958 |
|  **Electric — 5.0%** |  |  |  |
|  CMS Energy Corp.  | 3055 |  | 218646 |
|  Engie SA - ADR  | 29000 |  | 602910 |
|  Evergy, Inc.  | 18579 |  | 1323940 |
|  National Grid PLC - ADR  | 24834 |  | 1752535 |
|  NextEra Energy, Inc.  | 3474 |  | 250302 |
|  |  |  | 4148333 |
|  **Electronics — 0.6%** |  |  |  |
|  Honeywell International, Inc.  | 2259 |  | 495850 |
|  **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** | **Engineering & Construction — 0.7%** |
|  Aena SME SA - ADR  | 11093 |  | 159517 |
|  Vinci SA - ADR  | 12175 |  | 413220 |
|  |  |  | 572737 |

---

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (continued)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
|  **Food — 2.4%** |  |  |  |
|  Conagra Brands, Inc.  | 30934 | $| 591767 |
|  Tyson Foods, Inc. - Class A  | 24765 |  | 1406157 |
|  |  |  | 1997924 |
|  **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** | **Forest Products & Paper — 0.5%** |
|  UPM-Kymmene Oyj - ADR  | 14205 |  | 404558 |
|  **Gas — 0.7%** |  |  |  |
|  NiSource, Inc.  | 13460 |  | 568954 |
|  **Healthcare-Services — 1.1%** |  |  |  |
|  Fresenius Medical Care AG - ADR  | 4234 |  | 108814 |
|  UnitedHealth Group, Inc.  | 2723 |  | 843776 |
|  |  |  | 952590 |
|  **Home Builders — 0.2%** |  |  |  |
|  Sekisui House Ltd. - ADR  | 8072 |  | 182185 |
|  **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
|  Kimberly-Clark Corp.  | 800 |  | 103312 |
|  **Insurance — 5.6%** |  |  |  |
|  Allianz SE - ADR  | 7402 |  | 313046 |
|  AXA SA - ADR  | 22525 |  | 1050904 |
|  Manulife Financial Corp.  | 41200 |  | 1266900 |
|  MS&AD Insurance Group Holdings, Inc. - ADR  | 7824 |  | 181986 |
|  NN Group NV - ADR  | 3490 |  | 120021 |
|  Prudential Financial, Inc.  | 7511 |  | 823656 |
|  Sun Life Financial, Inc.  | 2684 |  | 156826 |
|  Zurich Insurance Group AG - ADR  | 21215 |  | 774984 |
|  |  |  | 4688323 |
|  **Internet — 0.7%** |  |  |  |
|  JD.com, Inc. - ADR  | 18398 |  | 571626 |
|  **Iron/Steel — 0.7%** |  |  |  |
|  Fortescue Ltd. - ADR  | 11648 |  | 293530 |
|  Nucor Corp.  | 1791 |  | 266375 |
|  |  |  | 559905 |
|  **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
|  Komatsu Ltd. - ADR  | 15278 |  | 518382 |
|  **Media — 0.7%** |  |  |  |
|  Comcast Corp. - Class A  | 15923 |  | 540904 |
|  **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
|  Tenaris SA - ADR  | 4167 |  | 150804 |
|  **Mining — 0.9%** |  |  |  |
|  Freeport-McMoRan, Inc.  | 14054 |  | 623998 |
|  Rio Tinto PLC - ADR  | 2039 |  | 127886 |
|  |  |  | 751884 |
|  **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |  |  |
|  Siemens AG - ADR  | 2499 |  | 347061 |
|  **Oil & Gas — 4.5%** |  |  |  |
|  Canadian Natural Resources Ltd.  | 7537 |  | 238546 |
|  ConocoPhillips  | 8814 |  | 872322 |
|  Devon Energy Corp.  | 19307 |  | 696983 |
|  EOG Resources, Inc.  | 1886 |  | 235411 |
|  Expand Energy Corp.  | 2902 |  | 280856 |
|  Inpex Corp. - ADR  | 7678 |  | 129681 |
|  Repsol SA - ADR  | 7788 |  | 128190 |
|  TotalEnergies SE - ADR  | 6832 |  | 428708 |
|  Woodside Energy Group Ltd. - ADR  | 45208 |  | 776673 |
|  |  |  | 3787370 |
|  **Packaging & Containers — 1.8%** | **Packaging & Containers — 1.8%** |  |  |
|  Packaging Corp. of America  | 6867 |  | 1496731 |
|  **Pharmaceuticals — 6.4%** |  |  |  |
|  AbbVie, Inc.  | 8271 |  | 1740218 |
|  Merck & Co., Inc.  | 15460 |  | 1300495 |
|  Novartis AG - ADR  | 1369 |  | 173247 |
|  Novo Nordisk AS - ADR  | 7024 |  | 396575 |
|  Roche Holding AG - ADR  | 21676 |  | 883731 |
|  Takeda Pharmaceutical Co. Ltd. - ADR  | 53067 |  | 795474 |
|  |  |  | 5289740 |
|  **Pipelines — 2.7%** |  |  |  |
|  ONEOK, Inc.  | 17734 |  | 1354523 |
|  Targa Resources Corp.  | 5195 |  | 871513 |
|  |  |  | 2226036 |
|  **Private Equity — 0.2%** |  |  |  |
|  3i Group PLC - ADR  | 8972 |  | 123096 |
|  **REITS — 1.5%** |  |  |  |
|  Annaly Capital Management, Inc.  | 59399 |  | 1258665 |
|  **Retail — 3.7%** |  |  |  |
|  Best Buy Co., Inc.  | 3663 |  | 269743 |
|  Cie Financiere Richemont SA - ADR  | 15949 |  | 278789 |
|  CK Hutchison Holdings Ltd. - ADR  | 29259 |  | 193402 |
|  Home Depot, Inc.  | 5781 |  | 2351537 |
|  |  |  | 3093471 |

---

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Semiconductors — 3.2%** |  |  |
|  ASE Technology Holding Co. Ltd. - ADR  | 60163 | $596215 |
|  QUALCOMM, Inc.  | 12260 | 1970550 |
|  Skyworks Solutions, Inc.  | 1760 | 131894 |
|  |  | 2698659 |
|  **Software — 1.0%** |  |  |
|  Paychex, Inc.  | 6149 | 857509 |
|  **Telecommunications — 5.8%** |  |  |
|  BCE, Inc.  | 5395 | 134659 |
|  Deutsche Telekom AG - ADR  | 7653 | 280551 |
|  Nokia Oyj - ADR  | 137020 | 589186 |
|  NTT, Inc. - ADR  | 4733 | 124951 |
|  Orange SA - ADR  | 13743 | 223324 |
|  Singapore Telecommunications Ltd. - ADR  | 17474 | 586777 |
|  TELUS Corp.  | 56717 | 935264 |
|  Verizon Communications, Inc.  | 5701 | 252155 |
|  Vodafone Group PLC - ADR  | 144835 | 1732227 |
|  |  | 4859094 |
|  **Transportation — 1.8%** |  |  |
|  Union Pacific Corp.  | 2094 | 468156 |
|  United Parcel Service, Inc. - Class B  | 11414 | 998040 |
|  |  | 1466196 |
|  **Water — 0.3%** |  |  |
|  United Utilities Group PLC - ADR  | 7157 | 223084 |
|  **TOTAL COMMON STOCKS** (Cost $70,399,535)  |  | 74773848 |
|  **EXCHANGE TRADED FUNDS — 9.2%** | **EXCHANGE TRADED FUNDS — 9.2%** |  |
|  iShares Emerging Markets Dividend ETF  | 87937 | 2616126 |
|  SPDR S&P Emerging Markets Dividend ETF  | 56777 | 2192160 |
|  WisdomTree Emerging Markets High Dividend Fund  | 62651 | 2885705 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $7,047,747)  |  | 7693991 |
|  **PREFERRED STOCKS — 0.1%** |  |  |
|  **Auto Manufacturers — 0.1%** |  |  |
|  Volkswagen AG, 0.00%  | 11291 | 130863 |
|  **TOTAL PREFERRED STOCKS** (Cost $107,423)  |  | 130863 |
|  **SHORT-TERM INVESTMENTS**  |  |  |
|  **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** | **MONEY MARKET FUNDS — 0.4%** |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup>  | 302084 | 302084 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $302,084)  |  | 302084 |
|  **TOTAL INVESTMENTS — 99.4%** (Cost $77,856,789)  |  | 82900786 |
|  Other Assets in Excess of Liabilities — 0.6%  |  | 484379 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $83385165 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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

**SGI ENHANCED GLOBAL INCOME ETF** 

**Portfolio of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by <br> Country as of August 31, 2025** | **Allocation of Portfolio Holdings by <br> Country as of August 31, 2025** | **Allocation of Portfolio Holdings by <br> Country as of August 31, 2025** |
| (% of Net Assets) | (% of Net Assets) | (% of Net Assets) |
|  United States | $43109646 | 51.8% |
|  United Kingdom | 5592776 | 6.8 |
|  France | 5451224 | 6.5 |
|  Spain | 4386872 | 5.3 |
|  Japan | 4288974 | 4.9 |
|  Canada | 3366805 | 4.1 |
|  Switzerland | 2606216 | 3.2 |
|  Singapore | 2397152 | 2.9 |
|  Italy | 2308898 | 2.8 |
|  Germany | 1769535 | 2.0 |
|  China | 1409697 | 1.7 |
|  Ireland | 1201106 | 1.4 |
|  Australia | 1070203 | 1.3 |
|  Finland | 993744 | 1.2 |
|  Taiwan | 596215 | 0.7 |
|  India | 507443 | 0.6 |
|  Netherlands | 430860 | 0.5 |
|  Hong Kong | 422490 | 0.5 |
|  Denmark | 396575 | 0.5 |
|  Belgium | 235723 | 0.3 |
|  Luxembourg | 150804 | 0.2 |
|  Norway | 106887 | 0.1 |
|  Sweden | 100941 | 0.1 |
|  Other Assets in Excess of Liabilities  | 484379 | 0.6 |
|  | $**83385165** | **100.0%** |

---

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

**SGI ENHANCED CORE ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value** |
|  **PURCHASED OPTIONS — 0.0%<sup>(a)</sup>** |  |  |  |
|  **Put Options — 0.0%<sup>(b)</sup>**  |  |  |  |
|  S&P 500 Index <sup>(c)(d)(e)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 09/02/2025; Exercise Price: $6,100.00  | $48451950 | 75 | $1650 |
| &nbsp;&nbsp;&nbsp; Expiration: 09/02/2025; Exercise Price: $6,150.00  | 6460260 | 10 | 250 |
|  **TOTAL PURCHASED OPTIONS** (Cost $2,310)  |  |  | 1900 |
|  **SHORT-TERM INVESTMENTS**  |  |  |  |
|  **MONEY MARKET FUNDS — 84.5%**  |  |  |  |
|  Fidelity Government Cash Reserves, 4.04%<sup>(f)</sup>  |  | 24437278 | 24437278 |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(f)</sup>  |  | 3068742 | 3068742 |
|  JPMorgan Liquid Assets Money Market Fund - Class I, 4.26%<sup>(f)</sup>  |  | 26836 | 26836 |
|  PIMCO Government Money Market Fund - Class M<sup>(f)</sup>  |  | 24498016 | 24498016 |
|  T Rowe Price US Treasury Money Fund, Inc. - Class I, 4.02%<sup>(f)</sup>  |  | 47521 | 47521 |
|  Vanguard Federal Money Market Fund - Class I, 4.21%<sup>(f)(g)</sup>  |  | 180652081 | 180652081 |
|  Vanguard Treasury Money Market Fund - Class I, 4.23%<sup>(f)(g)</sup>  |  | 180653615 | 180653615 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $413,384,089)  |  |  | 413384089 |
|  **TOTAL INVESTMENTS — 84.5%** (Cost $413,386,399)  |  |  | 413385989 |
|  Other Assets in Excess of Liabilities — 15.5%  |  |  | 75705619 |
|  **TOTAL NET ASSETS — 100.0%**  |  |  | $489091608 |

---

Percentages are stated as a percent of net assets.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Held in connection with
 written option contracts. See Schedule of Written Options for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 (Concluded)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value** |
|  **WRITTEN OPTIONS — (0.0)%** |  |  |  |
|  **Put Options — (0.0)% <sup>(a)</sup>**  |  |  |  |
|  S&P 500 Index <sup>(b)(c)</sup>  |  |  |  |
|  Expiration: 09/02/2025; Exercise Price: $6,000.00  | $(1292052000) | (2000) | $(30000) |
|  Expiration: 09/02/2025; Exercise Price: $6,010.00  | (129205200) | (200) | (3000) |
|  Expiration: 09/02/2025; Exercise Price: $6,020.00  | (64602600) | (100) | (1500) |
|  Expiration: 09/02/2025; Exercise Price: $6,025.00  | (678327300) | (1050) | (15750) |
|  Expiration: 09/02/2025; Exercise Price: $6,075.00  | (25841040) | (40) | (800) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $48,914)  |  |  | $(51050) |

---

Percentages are stated as a percent of net assets.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100 shares per contract.

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

**SGI ENHANCED NASDAQ-100 ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **U.S. TREASURY BILLS — 51.9%** |  |  |
|  4.15%, 11/13/2025 <sup>(a)</sup>  | $20000000 | $19837400 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $19,833,172)  |  | 19837400 |
|  | **shares** |  |
|  **MONEY MARKET FUNDS — 1.3%**  |  |  |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup>  | 500613 | 500613 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $500,613)  |  | 500613 |
|  **TOTAL INVESTMENTS — 53.2%** (Cost $20,333,785)  |  | 20338013 |
|  Other Assets in Excess of Liabilities — 46.8%  |  | 17916688 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $38254701 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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

**SGI ENHANCED NASDAQ-100 ETF** 

**Portfolio of Investments (CONCLUDED)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **Expiration <br> Date** | **Notional** | **Value / Unrealized <br> Appreciation <br> (Depreciation)** |
|  **Futures Contracts** |  |  |  |  |
|  MICRO E-MINI NASDAQ 100 FUTURE SEPT 2025  | 7 | 09/19/2025 | $328465 | $(992) |
|  Nasdaq 100 Index  | 81 | 09/19/2025 | 38008035 | 2239318 |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $2238326 |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Portfolio of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.1%** |  |  |
|  **Banks — 9.2%** |  |  |
|  Bank of America Corp.  | 38666 | 1961913 |
|  JPMorgan Chase & Co.  | 35663 | 10749541 |
|  Wells Fargo & Co.  | 54289 | 4461470 |
|  |  | 17172924 |
|  **Capital Goods — 6.0%** |  |  |
|  3M Co.  | 18271 | 2841689 |
|  Emerson Electric Co.  | 59322 | 7830504 |
|  General Electric Co.  | 1436 | 395187 |
|  |  | 11067380 |
|  **Consumer Discretionary Distribution & Retail — 8.0%** | **Consumer Discretionary Distribution & Retail — 8.0%** | **Consumer Discretionary Distribution & Retail — 8.0%** |
|  Amazon.com, Inc. <sup>(a)</sup>  | 36257 | 8302853 |
|  Home Depot, Inc.  | 16147 | 6568115 |
|  |  | 14870968 |
|  **Consumer Durables & Apparel — 0.2%** | **Consumer Durables & Apparel — 0.2%** | **Consumer Durables & Apparel — 0.2%** |
|  NIKE, Inc. - Class B  | 5779 | 447121 |
|  **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |
|  Walmart, Inc.  | 44169 | 4283510 |
|  **Energy — 4.0%** |  |  |
|  Exxon Mobil Corp.  | 47061 | 5378602 |
|  Schlumberger NV  | 56837 | 2093875 |
|  |  | 7472477 |
|  **Financial Services — 6.6%** |  |  |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 3664 | 1842919 |
|  Mastercard, Inc. - Class A  | 3171 | 1887664 |
|  Moody's Corp.  | 16801 | 8564478 |
|  |  | 12295061 |
|  **Food, Beverage & Tobacco — 4.2%** | **Food, Beverage & Tobacco — 4.2%** | **Food, Beverage & Tobacco — 4.2%** |
|  Altria Group, Inc.  | 12390 | 832732 |
|  Mondelez International, Inc. - Class A  | 8604 | 528630 |
|  PepsiCo, Inc.  | 30041 | 4465594 |
|  Philip Morris International, Inc.  | 12390 | 2070741 |
|  |  | 7897697 |
|  **Health Care Equipment & Services — 5.3%** | **Health Care Equipment & Services — 5.3%** | **Health Care Equipment & Services — 5.3%** |
|  Abbott Laboratories  | 69322 | 9196257 |
|  GE HealthCare Technologies, Inc.  | 3100 | 228563 |
|  Solventum Corp. <sup>(a)</sup>  | 4582 | 334898 |
|  |  | 9759718 |
|  **Household & Personal Products — 1.2%** | **Household & Personal Products — 1.2%** | **Household & Personal Products — 1.2%** |
|  Kenvue, Inc.  | 25979 | 538025 |
|  Procter & Gamble Co.  | 10275 | 1613586 |
|  |  | 2151611 |
|  **Media & Entertainment — 10.5%** | **Media & Entertainment — 10.5%** | **Media & Entertainment — 10.5%** |
|  Alphabet, Inc. - Class A  | 41770 | 8893251 |
|  Comcast Corp. - Class A  | 95935 | 3258912 |
|  Paramount Skydance Corp. <sup>(a)</sup>  | 16080 | 236376 |
|  Walt Disney Co.  | 59557 | 7050357 |
|  |  | 19438896 |
|  **Pharmaceuticals, Biotechnology & Life Sciences — 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.4%** | **Pharmaceuticals, Biotechnology & Life Sciences — 6.4%** |
|  Johnson & Johnson  | 41362 | 7328105 |
|  Merck & Co., Inc.  | 54024 | 4544499 |
|  |  | 11872604 |
|  **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** | **Semiconductors & Semiconductor Equipment — 9.0%** |
|  Broadcom, Inc.  | 20642 | 6138725 |
|  Intel Corp.  | 155509 | 3786644 |
|  NVIDIA Corp.  | 39017 | 6795981 |
|  |  | 16721350 |
|  **Software & Services — 17.6%** |  |  |
|  Check Point Software Technologies Ltd. <sup>(a)</sup>  | 26921 | 5199522 |
|  Microsoft Corp.  | 32294 | 16363047 |
|  Oracle Corp.  | 48798 | 11034692 |
|  |  | 32597261 |
|  **Technology Hardware & Equipment — 7.3%** | **Technology Hardware & Equipment — 7.3%** | **Technology Hardware & Equipment — 7.3%** |
|  Apple, Inc.  | 52654 | 12223099 |
|  Cisco Systems, Inc.  | 19431 | 1342488 |
|  |  | 13565587 |
|  **Transportation — 0.3%** |  |  |
|  Union Pacific Corp.  | 2919 | 652601 |
|  **TOTAL COMMON STOCKS** (Cost $40,586,271)  |  | 182266766 |

---

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

**SGI ENHANCED MARKET LEADERS ETF** 

**Portfolio of Investments** 

**August 31, 2025 (CONCLUDED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** | **EXCHANGE TRADED FUNDS — 1.2%** |
|  iShares Core S&P 500 ETF  | 1725 | $1118352 |
|  iShares S&P 100 ETF  | 3555 | 1136498 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,025,830)  |  | 2254850 |
|  **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, 4.22%<sup>(b)</sup>  | 1059353 | 1059353 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $1,059,353)  |  | 1059353 |
|  **TOTAL INVESTMENTS — 99.9%** (Cost $43,671,454)  |  | 185580969 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 129506 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $185710475 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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  | $93616119 | $33045781 | $82900786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  | 32052094 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 999973 | 574195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 2807 | 1826 | 2293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 48730 | 29032 | 171808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  | 7908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  |  |  | 370839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for other investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  | 177 |
| &nbsp;&nbsp; Total assets  | 94667629 | 65702928 | 83453811 |
| &nbsp;&nbsp; **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 67795 | 52636 | 68646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  |  |  |
| &nbsp;&nbsp; Total liabilities  | 67795 | 52636 | 68646 |
| &nbsp;&nbsp; **NET ASSETS**  | $94599834 | $65650292 | $83385165 |
| &nbsp;&nbsp; **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, and 0.001 per share)  | $2655 | $2305 | $2855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 91971951 | 63453399 | 81350941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 2625228 | 2194588 | 2031369 |
| &nbsp;&nbsp; Total net assets  | $94599834 | $65650292 | $83385165 |
| &nbsp;&nbsp; Net assets  | $94599834 | $65650292 | $83385165 |
| &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)  | 2655000 | 2305000 | 2855000 |
| &nbsp;&nbsp; Net asset value per share  | $35.63 | $28.48 | $29.21 |
| &nbsp;&nbsp; **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $84421944 | $31526068 | $77856789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $— | $30486880 | $— |
| &nbsp;&nbsp; **PROCEEDS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $— | $— | $— |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities (CONCLUDED)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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  | $413385989 | $20338013 | $185580969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 1807841 | 61686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  |  |  | 230041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  | 74358421 |  | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for other investments  |  | 18389833 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 269 |  | 37312 |
| &nbsp;&nbsp; Total assets  | 489552520 | 38789532 | 185848515 |
| &nbsp;&nbsp; **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value  | 51050 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin:  |  | 503450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 409862 | 31381 | 79624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to directors  |  |  | 16036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  |  | 3015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for expense and other liabilities  |  |  | 39365 |
| &nbsp;&nbsp; Total liabilities  | 460912 | 534831 | 138040 |
| &nbsp;&nbsp; **NET ASSETS**  | $489091608 | $38254701 | $185710475 |
| &nbsp;&nbsp; **NET ASSETS CONSISTS OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, and 0.001 per share)  | $19030 | $1300 | $6081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 486024122 | 34721234 | 43167802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 3048456 | 3532167 | 142536592 |
| &nbsp;&nbsp; Total net assets  | $489091608 | $38254701 | $185710475 |
| &nbsp;&nbsp; Net assets  | $489091608 | $38254701 | $185710475 |
| &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)  | 19030000 | 1300000 | 6080830 |
| &nbsp;&nbsp; Net asset value per share  | $25.70 | $29.43 | $30.54 |
| &nbsp;&nbsp; **COST:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $413386399 | $20333785 | $43671454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $— | $— | $— |
| &nbsp;&nbsp; **PROCEEDS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $48914 | $— | $— |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations** 

**FOR THE Year ENDED August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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  | $1074935 | $901367 | $2931177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  | 581824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  | (498) |  | (239213) |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Issuance fees  |  |  | (49925) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 28969 | 13422 | 41331 |
| &nbsp;&nbsp; Total investment income  | 1103406 | 1496613 | 2683370 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 784552 | 594356 | 758686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense  |  |  | 15883 |
| &nbsp;&nbsp; Total expenses  | 784552 | 594356 | 774569 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME**  | 318854 | 902257 | 1908801 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (6868843) | (833580) | (5206926) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  | 619306 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 10652241 | 1875581 | 9245390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed  |  |  | 1614778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  |  |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions received from affiliated securities  |  | 1742941 |  |
| &nbsp;&nbsp; Net realized gain (loss)  | 3783398 | 3404248 | 5653226 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 3835475 | (867559) | 2506870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  | (1332850) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Future contracts  |  |  |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3835475 | (2200409) | 2506870 |
| &nbsp;&nbsp; Net realized and unrealized gain (loss)  | 7618873 | 1203839 | 8160096 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $7937727 | $2106096 | $10068897 |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations (Concluded)** 

**FOR THE Year ENDED August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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  | $— | $— | $1940268 |
| &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  | 13126642 | 800747 | 43074 |
| &nbsp;&nbsp; Total investment income  | 13126642 | 800747 | 1983342 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 3029231 | 248961 | 351738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  |  |  | 126837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  |  |  | 105563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  |  |  | 47904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  |  |  | 17127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  |  |  | 15996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees  |  |  | 9803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  |  |  | 5161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  |  |  | 2359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  |  |  | 11691 |
| &nbsp;&nbsp; Total expenses  | 3029231 | 248961 | 694179 |
| &nbsp;&nbsp; **NET INVESTMENT INCOME**  | 10097411 | 551786 | 1289163 |
| &nbsp;&nbsp; **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (1106233) | (72047) | 313754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  |  |  | 29077446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed  | 8324776 | 632116 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | (90057) | 707399 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions received from affiliated securities  |  |  |  |
| &nbsp;&nbsp; Net realized gain (loss)  | 7128486 | 1267468 | 29391448 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (410) | 4228 | (12655189) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (3339) | 52 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Future contracts  |  | 2336933 |  |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3749) | 2341213 | (12655189) |
| &nbsp;&nbsp; Net realized and unrealized gain (loss)  | 7124737 | 3608681 | 16736259 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $17222148 | $4160467 | $18025422 |

---

\* Eight-months ended August 31, 2025.

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> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $318854 | $573273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3783398 | 21374015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 3835475 | 2451191 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 7937727 | 24398479 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (7743637) | (1544660) |
| &nbsp;&nbsp; Total distributions to shareholders  | (7743637) | (1544660) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 105666696 | 106414001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (103552522) | (135001112) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 2114174 | (28587111) |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 2308264 | (5733292) |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the year  | 92291570 | 98024862 |
| &nbsp;&nbsp; End of the year  | $94599834 | $92291570 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3090000 | 3385000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3055000) | (4265000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 35000 | (880000) |

---

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

**SGI DYNAMIC TACTICAL ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $902257 | $686669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3404248 | 11246647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (2200409) | 2898279 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 2106096 | 14831595 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (5828622) | (972668) |
| &nbsp;&nbsp; Total distributions to shareholders  | (5828622) | (972668) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 53828580 | 23648762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (44064499) | (88294403) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 9764081 | (64645641) |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 6041555 | (50786714) |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 59608737 | 110395451 |
| &nbsp;&nbsp; End of the period  | $65650292 | $59608737 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1860000 | 845000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1505000) | (3145000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 355000 | (2300000) |

---

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> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Period ENDED <br> AUGUST 31, 2024<sup>(1)</sup>** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1908801 | $657398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 5653226 | 252673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 2506870 | 2537127 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 10068897 | 3447198 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (2819840) | (435871) |
| &nbsp;&nbsp; Total distributions to shareholders  | (2819840) | (435871) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 110834454 | 65227301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (102936974) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 7897480 | 65227301 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 15146537 | 68238628 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 68238628 |  |
| &nbsp;&nbsp; End of the period  | $83385165 | $68238628 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 4090000 | 2545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (3780000) |  |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 310000 | 2545000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date of the Fund
 was February 28, 2024.

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

**SGI ENHANCED CORE ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Period ENDED <br> AUGUST 31, 2024<sup>(1)</sup>** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $10097411 | $1721535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 7128486 | 1933544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3749) | 1203 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 17222148 | 3656282 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (16948939) | (881035) |
| &nbsp;&nbsp; Total distributions to shareholders  | (16948939) | (881035) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 392395053 | 126982104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (32833689) | (500316) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 359561364 | 126481788 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 359834573 | 129257035 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 129257035 |  |
| &nbsp;&nbsp; End of the period  | $489091608 | $129257035 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 15295000 | 5030000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1275000) | (20000) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 14020000 | 5010000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date of the Fund
 was February 28, 2024.

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> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Period ENDED <br> AUGUST 31, 2024<sup>(1)</sup>** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $551786 | $43029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1267468 | 93239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 2341213 | (98659) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 4160467 | 37609 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (665909) |  |
| &nbsp;&nbsp; Total distributions to shareholders  | (665909) |  |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 26686541 | 10515903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2479910) |  |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 24206631 | 10515903 |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 27701189 | 10553512 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp; Beginning of the period  | 10553512 |  |
| &nbsp;&nbsp; End of the period  | $38254701 | $10553512 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 985000 | 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (100000) |  |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | 885000 | 415000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Inception date of the Fund
 was June 13, 2024.

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> PERIOD ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> December 31,<br> 2024** | **FOR THE <br> Year ENDED <br> December 31, <br> 2023** |
| &nbsp;&nbsp; **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1289163 | $2208685 | $2454041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 29391448 | 7497629 | 22104378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (12655189) | 11040746 | 3775847 |
| &nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 18025422 | 20747060 | 28334266 |
| &nbsp;&nbsp; **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (979728) | (2235984) | (2454366) |
| &nbsp;&nbsp; Total distributions to shareholders  | (979728) | (2235984) | (2454366) |
| &nbsp;&nbsp; **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 23340057 | 213842 | 124530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 54221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (30145101) | (7784477) | (23346768) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | (6750823) | (7570635) | (23222238) |
| &nbsp;&nbsp; **NET INCREASE (DECREASE) IN NET ASSETS**  | 10294871 | 10940441 | 2657662 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |  |
| &nbsp;&nbsp; Beginning of the period  | 175415604 | 164475163 | 161817501 |
| &nbsp;&nbsp; End of the period  | $185710475 | $175415604 | $164475163 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS<sup>(a)</sup>** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 780000 | 7809 | 5301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions  | 1983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1006362) | (293520) | (997013) |
| &nbsp;&nbsp; Total increase (decrease) in shares outstanding  | (224379) | (285711) | (991712) |

---

&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> 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  | $35.23 | $28.01 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)</sup>  | 0.12 | 0.19 | 0.11 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 3.13 | 7.47 | 2.90 |
|  Total from investment operations  | 3.25 | 7.66 | 3.01 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
|  Net investment income  | (0.26) | (0.07) |  |
|  Net realized gains  | (2.59) | (0.37) |  |
|  Total distributions  | (2.85) | (0.44) |  |
|  Net asset value, end of period  | $35.63 | $35.23 | $28.01 |
|  **TOTAL RETURN<sup>(d)</sup>** | 9.99% | 27.67% | 12.03% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $94600 | $92292 | $98025 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.85% | 0.85% | 0.85% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 0.35% | 0.61% | 1.01% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 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> 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  | $30.57 | $25.98 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.42 | 0.22 | 0.13 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 0.49 | 4.61 | 0.85 |
|  Total from investment operations  | 0.91 | 4.83 | 0.98 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
|  Net investment income  | (1.30) | (0.24) |  |
|  Net realized gains  | (1.70) |  |  |
|  Total distributions  | (3.00) | (0.24) |  |
|  Net asset value, end of period  | $28.48 | $30.57 | $25.98 |
|  **TOTAL RETURN<sup>(e)</sup>** | 3.25% | 18.75% | 3.90% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $65650 | $59609 | $110395 |
|  Ratio of expenses to average net assets<sup>(f)(g)</sup>  | 0.95% | 0.95% | 0.95% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup>  | 1.44% | 0.82% | 1.18% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 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> 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  | $26.81 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.67 | 0.32 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 2.73 | 1.68 |
|  Total from investment operations  | 3.40 | 2.00 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.69) | (0.19) |
|  Net realized gains  | (0.31) |  |
|  Total distributions  | (1.00) | (0.19) |
|  ETF transaction fees per share  |  |  |
|  Net asset value, end of period  | $29.21 | $26.81 |
|  **TOTAL RETURN<sup>(e)</sup>** | 13.11% | 8.01% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $83385 | $68239 |
|  Ratio of expenses to average net assets<sup>(f)(g)</sup>  | 1.00% | 1.14% |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)(g)</sup>  | 0.02% |  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(f)(g)</sup>  | 0.98% | 0.98% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup>  | 2.47% | 2.46% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 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> 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  | $25.80 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.84 | 0.53 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.75 | 0.49 |
|  Total from investment operations  | 1.59 | 1.02 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.97) | (0.22) |
|  Net realized gains  | (0.72) |  |
|  Total distributions  | (1.69) | (0.22) |
|  Net asset value, end of period  | $25.70 | $25.80 |
|  **TOTAL RETURN<sup>(d)</sup>** | 6.34% | 4.10% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $489092 | $129257 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.98% | 0.99% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 3.27% | 4.16% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 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> 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  | $25.43 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.59 | 0.15 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 4.18 | 0.28 |
|  Total from investment operations  | 4.77 | 0.43 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.52) |  |
|  Net realized gains  | (0.25) |  |
|  Total distributions  | (0.77) |  |
|  Net asset value, end of period  | $29.43 | $25.43 |
|  **TOTAL RETURN<sup>(d)</sup>** | 19.08% | 1.70% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $38255 | $10554 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.98% | 1.18% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 2.17% | 2.80% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 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> 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  | $27.82 | $24.95 | $21.34 | $25.33 | $21.25 | $19.68 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.21 | 0.34 | 0.34 | 0.34 | 0.26 | 0.24 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 2.67 | 2.88 | 3.62 | (3.98) | 4.09 | 1.57 |
|  Total from investment operations  | 2.88 | 3.22 | 3.96 | (3.64) | 4.35 | 1.81 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
|  Net investment income  | (0.16) | (0.35) | (0.35) | (0.35) | (0.27) | (0.24) |
|  Return of capital  |  | (0.00)<sup>(e)</sup> |  |  |  |  |
|  Total distributions  | (0.16) | (0.35) | (0.35) | (0.35) | (0.27) | (0.24) |
|  Net asset value, end of year  | $30.54 | $27.82 | $24.95 | $21.34 | $25.33 | $21.25 |
|  **TOTAL RETURN<sup>(f)</sup>** | 10.39% | 12.92% | 18.71% | (14.34)% | 20.54% | 9.39% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
|  Net assets, end of year (in thousands)  | $185710 | $175416 | $164475 | $161818 | $213527 | $209441 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(g)</sup>  | 0.59% | 0.48% | 0.52% | 0.47% | 0.56% | 0.81% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(g)</sup>  | 0.59% | 0.48% | 0.52% | 0.47% | 0.57% | 0.83% |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(g)</sup>  | 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>  | 1.10% | 1.29% | 1.51% | 1.53% | 1.11% | 1.26% |
|  Portfolio turnover rate<sup>(f)(i)</sup>  | 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 31st.

&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** 

**August 31, 2025**

**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 fifty-nine 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 (the "Predecessor 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 31st.

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:

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | **Fair Value of<br> Investments** | **Net Unrealized<br> Appreciation** | **Fund Shares<br> Outstanding** |
| $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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**INVESTMENT COMPANY SECURITIES** – SGI Dynamic Tactical ETF 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, which 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 exchange-traded funds ("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)** 

**August 31, 2025**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **SGI U.S. LARGE CAP CORE ETF** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $93616119 | $— | $— | $93616119 |
|  Total Investments | $93616119 | $— | $— | $93616119 |
|  **SGI DYNAMIC TACTICAL ETF** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $65097875 | $— | $— | $65097875 |
|  Total Investments | $65097875 | $— | $— | $65097875 |
|  **SGI ENHANCED GLOBAL INCOME ETF** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $74773848 | $— | $— | $74773848 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 7693991 |  |  | 7693991 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 130863 |  |  | 130863 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 302084 |  |  | 302084 |
|  Total Investments | $82900786 | $— | $— | $82900786 |
|  **SGI ENHANCED CORE ETF** |  |  |  |  |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $1900 | $— | $1900 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 413384089 |  |  | 413384089 |
|  Total Investments | $413384089 | $1900 | $— | $413385989 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(51050) | $— | $(51050) |
|  Total Investments | $— | $(51050) | $— | $(51050) |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **SGI ENHANCED NASDAQ-100 ETF** | **SGI ENHANCED NASDAQ-100 ETF** | **SGI ENHANCED NASDAQ-100 ETF** | **SGI ENHANCED NASDAQ-100 ETF** | **SGI ENHANCED NASDAQ-100 ETF** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 19837400 |  | 19837400 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 500613 |  |  | 500613 |
|  Total Investments | $500613 | $19837400 | $— | $20338013 |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $2239318 | $— | $— | $2239318 |
|  Total Other Financial Instruments | $2239318 | $— | $— | $2239318 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts\* | $(992) | $— | $— | $(992) |
|  Total Other Financial Instruments | $(992) | $— | $— | $(992) |
|  **SGI ENHANCED MARKET LEADERS ETF** | **SGI ENHANCED MARKET LEADERS ETF** |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $182266766 | $— | $— | $182266766 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 2254850 |  |  | 2254850 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1059353 |  |  | 1059353 |
|  Total Investments | $185580969 | $— | $— | $185580969 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.

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.

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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.

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 | $(51050) |
|  **Total Value - Liabilities** |  |  | $(51050) |
|  SGI Enhanced Nasdaq-100 ETF | Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | 2238326 |
|  **Total Value - Liabilities** |  |  | $2238326 |

---

<sup>(a)</sup> This amount represent the cumulative appreciation/(depreciation) 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 | $8324776 |
|  SGI Enhanced Core ETF | Futures Contracts | Net realized gain/(loss) from futures contracts | (90057) |
|  **Total Realized Gain/(Loss)** |  |  | $8234719 |
|  SGI Enhanced Global Income ETF  | Written Options | Net realized gain/(loss) from written options | $1614778 |
|  SGI Enhanced Global Income ETF  | Futures Contracts | Net realized gain/(loss) from futures contracts | (16) |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** |  | $1614762 |
|  SGI Enhanced Nasdaq-100 ETF | Written Options | Net realized gain/(loss) from written options | $632116 |
|  SGI Enhanced Nasdaq-100 ETF | Futures Contracts | Net realized gain/(loss) from futures contracts | 707399 |
|  **Total Realized Gain/(Loss)** |  |  | $1339515 |
|  SGI Enhanced Market Leaders ETF | Written Options | Net realized gain/(loss) from written options | $248 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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 | $(3339) |
|  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)** |  | $(3339) |
|  SGI Enhanced Nasdaq-100 ETF | Written Options | Net change in unrealized appreciation/(depreciation) on written options | 52 |
|  SGI Enhanced Nasdaq-100 ETF | Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | 2336933 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** |  | $2336985 |

---

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  | $21436 | $4518 | $— |
|  SGI Enhanced Nasdaq-100 ETF  | 1069 | 59 | 25607028 |

---

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 independent directors and counsel to the independent 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.

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**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** — Effective August 19, 2022, the U.S. Securities and Exchange Commission (the "SEC") implemented Rule 18f-4 under the 1940 Act ("Rule 18f-4"), providing 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 a full derivatives user (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 has 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 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, 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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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** — 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.

**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. Effective May 5, 2025, Summit Global Investments LLC serves as the Adviser to the SGI Enhanced Market Leaders ETF. SG Trading Solutions, LLC ("SG Trading Solutions" or "Sub-Adviser") serves as the investment sub-adviser to the Fund. 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 "Advisory Agreement" and together, the "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 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 cost 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.

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.

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

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.

**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  | $132931571 | $140201260 |
|  SGI Dynamic Tactical ETF  | 67289165 | 70600049 |
|  SGI Enhanced Global Income ETF  | 181795924 | 174677495 |
|  SGI Enhanced Core ETF  |  |  |
|  SGI Enhanced Nasdaq-100 ETF  |  |  |
|  SGI Enhanced Market Leaders ETF  | 24870088 | 22583994 |

---

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

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  | $105351111 | $103141934 |
|  SGI Dynamic Tactical ETF  | 53662681 | 44132344 |
|  SGI Enhanced Global Income ETF  | 103980701 | 101939852 |
|  SGI Enhanced Core ETF  |  |  |
|  SGI Enhanced Nasdaq-100 ETF  |  |  |
|  SGI Enhanced Market Leaders ETF  | 22629670 | 30057415 |

---

**4. 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)** 

**August 31, 2025**

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)** 

**August 31, 2025**

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-<br> YEAR 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 fiscal year ended August 31, 2025 was a follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **ORDINARY 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 fiscal year ended August 31, 2024 was a follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **ORDINARY INCOME** | **LONG-TERM 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)** 

**August 31, 2025**

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.

**5. 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, 2024** | **August 31, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| **Issuer Name** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** |
|  **SGI Dynamic Tactical ETF** |  |  |  |  |  |  |
|  SGI Enhanced Core ETF |  | $— | 787333 | $20206179 | (61527) | $(1578863) |
|  SGI Enhanced Nasdaq-100 ETF | 206880 | 5263151 | 300763 | 8110166 | (507643) | (13466653) |
|  SGI U.S. Large Cap Core ETF | 598640 | 21093080 | 519514 | 17676908 | (742516) | (24538330) |
|  | 805520 | $26356231 | 1607610 | $45993253 | (1311686) | $(39583846) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **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 Dynamic Tactical ETF** |  |  |  |  |  |  |  |
|  SGI Enhanced Core ETF | $322332 | $136808 | $28031 | $1496 | 725806 | $18656843 | $18628812 |
|  SGI Enhanced Nasdaq-100 ETF | 105881 | 84996 | (50717) | 144053 |  |  |  |
|  SGI U.S. Large Cap Core ETF | 153611 | 1521137 | (1310164) | 473757 | 375638 | 13395251 | 11858068 |
|  | $581824 | $1742941 | $(1332850) | $619306 | 1101444 | $32052094 | $30486880 |

---

**6. 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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (CONtinued)** 

**August 31, 2025**

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.

**7. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

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 (1) 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** 

**Report of Independent Registered Public Accounting Firm**

**To the Shareholders and Trustees of The RBB Fund, Inc and the Shareholders of the SGI Funds** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of 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 (formerly Chestnut Street Exchange Fund) (the "Funds"), each a series of The RBB Fund, Inc., including the schedules of investments, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Statement of Operations** | **Statements of Changes <br> in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp; 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  | &nbsp;&nbsp; For the year ended August 31, 2025 | &nbsp;&nbsp; For the year ended August 31, 2025 | &nbsp;&nbsp; For the year ended August 31, 2025 |
| &nbsp;&nbsp; SGI Enhanced Market Leaders ETF  | &nbsp;&nbsp; For eight-month period ended August 31, 2025 | &nbsp;&nbsp; For eight-month period ended August 31, 2025 | &nbsp;&nbsp; For eight-month period ended August 31, 2025 |

---

The Funds' financial statements and financial highlights indicated in the table below, were audited by other auditors, whose reports dated as outlined below expressed unqualified opinions on those financial statements and financial highlights.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Other Auditors <br> Report Date** | **Statement of <br> Operations** | **Statements of <br> Changes in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp; SGI U.S. Large Cap Core ETF  | October 30, 2024 | N/A | &nbsp;&nbsp; For the year ended <br> August 31, 2024 | &nbsp;&nbsp; For the year ended August 31, 2024 and for the period March 30, 2023 (commencement of operations) through August 31, 2023  |
| &nbsp;&nbsp; SGI Dynamic Tactical ETF | October 30, 2024 | N/A | &nbsp;&nbsp; For the year ended <br> August 31, 2024 | &nbsp;&nbsp; For the year ended August 31, 2024 and for the period March 29, 2023 (commencement of operations) through August 31, 2023  |
| &nbsp;&nbsp; SGI Enhanced Global Income ETF and SGI Enhanced Core ETF  | October 30, 2024 | N/A | &nbsp;&nbsp; For the period February 28, 2024 (commencement of operations) through August 31, 2024 | &nbsp;&nbsp; For the period February 28, 2024 (commencement of operations) through August 31, 2024 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Concluded)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Other Auditors <br> Report Date** | **Statement of <br> Operations** | **Statements of <br> Changes in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financial Highlights** |
| &nbsp;&nbsp; SGI Enhanced Nasdaq-100 ETF | October 30, 2024 | N/A | &nbsp;&nbsp; For the period June 13, 2024 (commencement of operations) through August 31, 2024 | &nbsp;&nbsp; For the period June 13, 2024 (commencement of operations) through August 31, 2024 |
| &nbsp;&nbsp; Chestnut Street Exchange Fund | February 28, 2025 | For the year ended December 31, 2024 | &nbsp;&nbsp; For each of the two years in the period ended December 31, 2024 | &nbsp;&nbsp; For each of the two years in the period ended December 31, 2024 |
| &nbsp;&nbsp; Chestnut Street Exchange Fund | February 28, 2023 | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; For each of the three years in the period ended December 31, 2022 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![](fp94047-12_46.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania October 30, 2025** 

**SUMMIT GLOBAL INVESTMENTS** 

**Shareholder Tax Information (UNAUDITED)**

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2025, the tax character of distributions paid by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** |  | **ORDINARY INCOME** | **LONG-TERM GAINS** |
|  SGI U.S. Large Cap Core ETF  | 2025.0 | $7694438 | $49195 |
|  SGI Dynamic Tactical ETF  | 2025.0 | 4326673 | 1501530 |
|  SGI Enhanced Global Income ETF  | 2025.0 | 2298906 | 520934 |
|  SGI Enhanced Core ETF  | 2025.0 | 14134310 | 2814629 |
|  SGI Enhanced Nasdaq-100 ETF  | 2025.0 | 559159 | 106750 |
|  SGI Enhanced Market Leaders ETF  | 2025.0 | 979728 |  |

---

Distributions from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates.

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Core ETF  | 23.34% |
|  SGI Dynamic Tactical ETF  | 14.88% |
|  SGI Enhanced Global Income ETF  | 100.0% |
|  SGI Enhanced Core ETF  | 0.0% |
|  SGI Enhanced Nasdaq-100 ETF  | 0.0% |
|  SGI Enhanced Market Leaders ETF  | 100.0% |

---

The percentage of total ordinary income dividends paid qualifying for corporate dividends received deduction for each Fund is as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Core ETF  | 24.9% |
|  SGI Dynamic Tactical ETF  | 8.32% |
|  SGI Enhanced Global Income ETF  | 45.88% |
|  SGI Enhanced Core ETF  | 0.0% |
|  SGI Enhanced Nasdaq-100 ETF  | 0.0% |
|  SGI Enhanced Market Leaders ETF  | 100.0% |

---

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Core ETF  | 0.0% |
|  SGI Dynamic Tactical ETF  | 0.0% |
|  SGI Enhanced Global Income ETF  | 0.0% |
|  SGI Enhanced Core ETF  | 0.0% |
|  SGI Enhanced Nasdaq-100 ETF  | 0.0% |
|  SGI Enhanced Market Leaders ETF  | 0.0% |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Shareholder Tax Information (UNAUDITED) (CONCLUDED)**

The Percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows (unaudited).

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Core ETF  | 88.43% |
|  SGI Dynamic Tactical ETF  | 33.79% |
|  SGI Enhanced Global Income ETF  | 0.0% |
|  SGI Enhanced Core ETF  | 24.87% |
|  SGI Enhanced Nasdaq-100 ETF  | 13.38% |
|  SGI Enhanced Market Leaders ETF  | 0.0% |

---

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (*e.g.*, IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (*e.g.*, corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**SUMMIT GLOBAL INVESTMENTS** 

**Other Information (Unaudited)**

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

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 (1) the renewal of the investment advisory agreement between Summit and the Company (the "Investment Advisory Agreement") on behalf of the SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Core ETF, SGI Enhanced Global Income ETF, SGI Enhanced Nasdaq-100 ETF, and SGI Enhanced Market Leaders ETF (each a "Fund" and together the "Funds"), and (2) the renewal of the sub-advisory agreement among Summit, the Company and SG Trading Solutions, LLC (the "Sub-Adviser") (the "Sub-Advisory Agreement"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by Summit and the Sub-Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Summit with respect to the Funds, and the Sub-Advisory Agreement among the Company, Summit, and the Sub-Adviser 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 Summit, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Summit or the Sub-Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Summit and the Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Summit's and the Sub-Adviser's investment philosophies and processes; (iv) Summit's and the Sub-Adviser's assets under management and client descriptions; (v) Summit's and the Sub-Adviser's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Summit's and the Sub-Adviser's advisory fee arrangements and other similarly managed clients, as applicable; (vii) Summit's and the Sub-Adviser's compliance procedures; (viii) Summit's and the Sub-Adviser's financial information and insurance coverage, and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each 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 each Fund to the performance of its Peer Group and its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Summit and the Sub-Adviser. The Directors concluded that Summit and the Sub-Adviser had substantial resources to provide services to the Funds, and that Summit's and the Sub-Adviser's services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds' investment performance was provided for the three-month, one-year, and since inception periods ended December 31, 2024, as applicable. The Directors considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors noted that the SGI U.S. Large Cap Core ETF underperformed its primary benchmark, the S&P 500 Index, for the three-month, one-year, and since-inception periods ended December 31, 2024. The Directors noted that the SGI U.S. Large Cap Core ETF outperformed the performance of the median of its Peer Group for the since-inception period ended December 31, 2024, and underperformed the performance of the median of its Peer Group for the three-month and one-year periods ended December 31, 2024.

**SUMMIT GLOBAL INVESTMENTS** 

**Other Information (Unaudited) (CONTINUED)**

The Directors noted that the SGI Enhanced Global Income ETF underperformed its primary benchmark, the MSCI World Index, for the three-month and since-inception periods ended December 31, 2024. The Directors noted that the SGI Enhanced Global Income ETF underperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024.

The Directors noted that the SGI Enhanced Core ETF outperformed its primary benchmark, the Bloomberg US Aggregate Bond Index, for the three-month and since-inception periods ended December 31, 2024. The Directors noted that the SGI Enhanced Core ETF outperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024.

The Directors noted that the SGI Dynamic Tactical ETF outperformed its primary benchmark, the S&P 500 Index, for the three-month period ended December 31, 2024, and underperformed its benchmark for the one-year and since-inception periods ended December 31, 2024. The Directors noted that the SGI Dynamic Tactical ETF outperformed the performance of the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the SGI Enhanced Nasdaq-100 ETF outperformed its primary benchmark, the Nasdaq 100 Index, for the three-month and since-inception periods ended December 31, 2024. The Directors noted that the SGI Enhanced Nasdaq-100 ETF outperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024.

The Directors noted that the SGI Enhanced Market Leaders ETF had not yet commenced operations in the period commenced December 31, 2024 and, consequently, there was no performance information to review with respect to the Fund.

The Board also considered the advisory fee rate payable by the Funds under the Investment Advisory Agreement and Sub-Advisory Agreement. In this regard, information on the advisory fees paid by each Fund and each Fund's total operating expense ratios was compared to similar information for its Peer Group.

The Directors noted that the SGI U.S. Large Cap Core ETF's net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Enhanced Global Income ETF's net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses were above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Enhanced Core ETF's net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses were above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Dynamic Tactical ETF's net advisory fee was above the median of its Peer Group and ranked in the 4th quintile of its Peer Group, and its total net expenses (including acquired fund fees and expenses) was above the median of its Peer Group and ranked in the 3rd quintile of its Peer Group.

The Directors noted that the SGI Enhanced Nasdaq-100 ETF's net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses were above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors also considered the fees payable to the Sub-Adviser under the Sub-Advisory Agreement and the information provided by Summit on the services provided by the Sub-Adviser. In this regard, the Directors noted that the fees for the Sub-Adviser were paid directly by Summit and not by the Funds.

**SUMMIT GLOBAL INVESTMENTS** 

**Other Information (Unaudited) (CONCLUDED)**

The Board also took into consideration that the advisory fee for each Fund was a "unitary fee," meaning those Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that Summit continued to be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding Summit's and the Sub-Adviser's costs, profitability and economies of scale, and after considering the services to be provided by Summit and the Sub-Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Summit and the sub-advisory fees to be paid by Summit to the Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**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

P.O. Box 701

Milwaukee, WI 53201

**Principal Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**Custodian** 

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm** 

Tait, Weller & Baker LLP

Two Liberty Place

50 S 16th St. Suite 2900

Philadelphia, PA 19102-2529

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

![](fp0094047-2_i.jpg)

**SGI U.S. LARGE CAP EQUITY FUND** 

**SGI GLOBAL EQUITY FUND** 

**SGI PRUDENT GROWTH FUND** 

**SGI PEAK GROWTH FUND** 

**SGI SMALL CAP CORE FUND** 

*of* 

**The RBB Fund, Inc.** 

**Financial Statements**

August 31, 2025

**SGI U.S. LARGE CAP EQUITY FUND** 

**Portfolio of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** | **COMMON STOCKS — 99.7%** |
|  **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
|  Bank of New York Mellon Corp.  | 9427 | $995491 |
|  **Beverages — 4.6%**  | **Beverages — 4.6%**  | **Beverages — 4.6%**  |
|  Keurig Dr Pepper, Inc.  | 12935 | 376279 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 61983 | 3868359 |
|  PepsiCo, Inc.  | 40944 | 6086326 |
|  |  | 10330964 |
|  **Biotechnology — 7.5%**  | **Biotechnology — 7.5%**  | **Biotechnology — 7.5%**  |
|  Amgen, Inc.  | 1678 | 482777 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 77778 | 4532124 |
|  Gilead Sciences, Inc.  | 20349 | 2298826 |
|  Incyte Corp. <sup>(a)</sup>  | 66565 | 5632065 |
|  Regeneron Pharmaceuticals, Inc.  | 833 | 483723 |
|  United Therapeutics Corp. <sup>(a)</sup>  | 8714 | 2655679 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 2307 | 902083 |
|  |  | 16987277 |
|  **Commercial Services — 3.8%**  | **Commercial Services — 3.8%**  | **Commercial Services — 3.8%**  |
|  Automatic Data Processing, Inc.  | 23339 | 7096223 |
|  Booz Allen Hamilton Holding Corp.  | 4210 | 457711 |
|  Verisk Analytics, Inc.  | 3876 | 1039233 |
|  |  | 8593167 |
|  **Computers — 1.1%**  | **Computers — 1.1%**  | **Computers — 1.1%**  |
|  Cognizant Technology Solutions Corp. - Class A  | 20898 | 1509880 |
|  Fortinet, Inc. <sup>(a)</sup>  | 4071 | 320673 |
|  Gartner, Inc. <sup>(a)</sup>  | 2957 | 742769 |
|  |  | 2573322 |
|  **Cosmetics & Personal Care — 3.8%**  | **Cosmetics & Personal Care — 3.8%**  | **Cosmetics & Personal Care — 3.8%**  |
|  Colgate-Palmolive Co.  | 96455 | 8108972 |
|  Procter & Gamble Co.  | 2918 | 458243 |
|  |  | 8567215 |
|  **Diversified Financial Services — 4.8%**  | **Diversified Financial Services — 4.8%**  | **Diversified Financial Services — 4.8%**  |
|  CME Group, Inc.  | 5373 | 1431958 |
|  Intercontinental Exchange, Inc.  | 2365 | 417659 |
|  Mastercard, Inc. - Class A  | 14558 | 8666232 |
|  Tradeweb Markets, Inc. - Class A  | 3109 | 383526 |
|  |  | 10899375 |
|  **Electric — 4.7%**  | **Electric — 4.7%**  | **Electric — 4.7%**  |
|  Alliant Energy Corp.  | 7337 | 477418 |
|  Ameren Corp.  | 11228 | 1120330 |
|  CMS Energy Corp.  | 60831 | 4353675 |
|  DTE Energy Co.  | 18078 | 2470359 |
|  Evergy, Inc.  | 6027 | 429484 |
|  Exelon Corp.  | 30524 | 1333288 |
|  **Electric — 4.7% (continued)** | **Electric — 4.7% (continued)** | **Electric — 4.7% (continued)** |
|  Xcel Energy, Inc.  | 6276 | $454320 |
|  |  | 10638874 |
|  **Electronics — 2.2%**  | **Electronics — 2.2%**  | **Electronics — 2.2%**  |
|  Amphenol Corp. - Class A  | 41989 | 4570922 |
|  Garmin Ltd., (Switzerland)  | 1935 | 467922 |
|  |  | 5038844 |
|  **Environmental Control — 2.5%**  | **Environmental Control — 2.5%**  | **Environmental Control — 2.5%**  |
|  Republic Services, Inc.  | 4441 | 1039061 |
|  Veralto Corp.  | 20257 | 2151091 |
|  Waste Management, Inc.  | 10334 | 2339514 |
|  |  | 5529666 |
|  **Food — 2.6%**  | **Food — 2.6%**  | **Food — 2.6%**  |
|  Sysco Corp.  | 26562 | 2137444 |
|  Tyson Foods, Inc. - Class A  | 67079 | 3808746 |
|  |  | 5946190 |
|  **Gas — 4.6%**  | **Gas — 4.6%**  | **Gas — 4.6%**  |
|  Atmos Energy Corp.  | 21568 | 3583092 |
|  NiSource, Inc.  | 159587 | 6745742 |
|  |  | 10328834 |
|  **Healthcare-Products — 0.6%**  | **Healthcare-Products — 0.6%**  | **Healthcare-Products — 0.6%**  |
|  Boston Scientific Corp. <sup>(a)</sup>  | 12189 | 1285940 |
|  **Healthcare-Services — 1.6%**  | **Healthcare-Services — 1.6%**  | **Healthcare-Services — 1.6%**  |
|  Centene Corp. <sup>(a)</sup>  | 7927 | 230200 |
|  Elevance Health, Inc.  | 9046 | 2882508 |
|  UnitedHealth Group, Inc.  | 1479 | 458298 |
|  |  | 3571006 |
|  **Home Builders — 0.2%**  | **Home Builders — 0.2%**  | **Home Builders — 0.2%**  |
|  NVR, Inc. <sup>(a)</sup>  | 56 | 454588 |
|  **Household Products & Wares — 0.3%**  | **Household Products & Wares — 0.3%**  | **Household Products & Wares — 0.3%**  |
|  Church & Dwight Co., Inc.  | 8055 | 750404 |
|  **Insurance — 6.3%**  | **Insurance — 6.3%**  | **Insurance — 6.3%**  |
|  Arch Capital Group Ltd.  | 4912 | 449595 |
|  Arthur J Gallagher & Co.  | 4176 | 1264284 |
|  Brown & Brown, Inc.  | 4785 | 463906 |
|  Loews Corp.  | 7406 | 716901 |
|  Marsh & McLennan Cos., Inc.  | 10790 | 2220690 |
|  Progressive Corp.  | 31684 | 7827849 |
|  Travelers Cos., Inc.  | 4374 | 1187585 |
|  |  | 14130810 |
|  **Internet — 8.1%**  | **Internet — 8.1%**  | **Internet — 8.1%**  |
|  Alphabet, Inc. - Class C  | 17393 | 3713927 |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 2084 | 511101 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 16956 | 2514744 |
|  Meta Platforms, Inc. - Class A  | 10081 | 7446835 |
|  Netflix, Inc. <sup>(a)</sup>  | 382 | 461552 |

---

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

**SGI U.S. LARGE CAP EQUITY FUND** 

**Portfolio of Investments (concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Internet — 8.1% (continued)** | **Internet — 8.1% (continued)** | **Internet — 8.1% (continued)** |
|  VeriSign, Inc.  | 12778 | $3493122 |
|  |  | 18141281 |
|  **Machinery-Construction & Mining — 0.3%**  | **Machinery-Construction & Mining — 0.3%**  | **Machinery-Construction & Mining — 0.3%**  |
|  GE Vernova, Inc.  | 959 | 587838 |
|  **Media — 0.3%**  | **Media — 0.3%**  | **Media — 0.3%**  |
|  Comcast Corp. - Class A  | 20551 | 698117 |
|  **Mining — 0.9%**  | **Mining — 0.9%**  | **Mining — 0.9%**  |
|  Newmont Corp.  | 28215 | 2099196 |
|  **Oil & Gas — 1.2%**  | **Oil & Gas — 1.2%**  | **Oil & Gas — 1.2%**  |
|  Diamondback Energy, Inc.  | 7708 | 1146642 |
|  Exxon Mobil Corp.  | 4110 | 469732 |
|  Marathon Petroleum Corp.  | 2660 | 478029 |
|  Phillips 66  | 3675 | 490906 |
|  |  | 2585309 |
|  **Packaging & Containers — 3.1%**  | **Packaging & Containers — 3.1%**  | **Packaging & Containers — 3.1%**  |
|  Packaging Corp. of America  | 31541 | 6874676 |
|  **Pharmaceuticals — 6.9%**  | **Pharmaceuticals — 6.9%**  | **Pharmaceuticals — 6.9%**  |
|  Cardinal Health, Inc.  | 30323 | 4511456 |
|  Eli Lilly & Co.  | 4331 | 3172804 |
|  McKesson Corp.  | 3351 | 2300931 |
|  Merck & Co., Inc.  | 32044 | 2695541 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 20419 | 2850492 |
|  |  | 15531224 |
|  **Pipelines — 0.3%**  | **Pipelines — 0.3%**  | **Pipelines — 0.3%**  |
|  Targa Resources Corp.  | 4014 | 673389 |
|  **REITS — 2.3%**  | **REITS — 2.3%**  | **REITS — 2.3%**  |
|  Simon Property Group, Inc.  | 26722 | 4827596 |
|  Welltower, Inc.  | 2606 | 438538 |
|  |  | 5266134 |
|  **Retail — 9.0%**  | **Retail — 9.0%**  | **Retail — 9.0%**  |
|  Costco Wholesale Corp.  | 7517 | 7090937 |
|  Home Depot, Inc.  | 18290 | 7439823 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 19425 | 2013984 |
|  Wal-Mart Stores, Inc.  | 16607 | 1610547 |
|  Yum! Brands, Inc.  | 14365 | 2111224 |
|  |  | 20266515 |
|  **Semiconductors — 0.6%**  | **Semiconductors — 0.6%**  | **Semiconductors — 0.6%**  |
|  NVIDIA Corp.  | 7705 | 1342057 |
|  **Software — 8.6%**  | **Software — 8.6%**  | **Software — 8.6%**  |
|  Adobe Systems, Inc. <sup>(a)</sup>  | 5936 | 2117371 |
|  Cadence Design Systems, Inc. <sup>(a)</sup>  | 3856 | 1351258 |
|  Dynatrace, Inc. <sup>(a)</sup>  | 11572 | 585543 |
|  Electronic Arts, Inc.  | 9291 | 1597587 |
|  Fiserv, Inc. <sup>(a)</sup>  | 7063 | 975965 |
|  **Software — 8.6% (continued)** |  |  |
|  HubSpot, Inc. <sup>(a)</sup>  | 5287 | $2554520 |
|  Microsoft Corp.  | 5834 | 2956030 |
|  Nutanix, Inc. - Class A <sup>(a)</sup>  | 7096 | 476922 |
|  Paychex, Inc.  | 25742 | 3589851 |
|  Salesforce.com, Inc.  | 1840 | 471500 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 447 | 410105 |
|  Workday, Inc. - Class A <sup>(a)</sup>  | 5630 | 1299517 |
|  Zoom Communications, Inc. - Class A <sup>(a)</sup>  | 10896 | 887152 |
|  |  | 19273321 |
|  **Telecommunications — 5.5%**  | **Telecommunications — 5.5%**  | **Telecommunications — 5.5%**  |
|  Arista Networks, Inc. <sup>(a)</sup>  | 64458 | 8801740 |
|  T-Mobile US, Inc.  | 14006 | 3529372 |
|  |  | 12331112 |
|  **Transportation — 1.0%**  | **Transportation — 1.0%**  | **Transportation — 1.0%**  |
|  Union Pacific Corp.  | 9902 | 2213790 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $208,696,894)  |  | 224505925 |
|  TOTAL INVESTMENTS — 99.7% (Cost $208,696,894)  |  | 224505925 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 627742 |
|  TOTAL NET ASSETS — 100.0%  |  | $225133667 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

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

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

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
|  **Aerospace/Defense — 3.0%** | **Aerospace/Defense — 3.0%** | **Aerospace/Defense — 3.0%** |
|  BAE Systems PLC - ADR  | 6919 | $652046 |
|  Leonardo SpA - ADR  | 14695 | 415281 |
|  Lockheed Martin Corp.  | 2784 | 1268474 |
|  Thales SA - ADR  | 9992 | 524380 |
|  |  | 2860181 |
|  **Banks — 7.3%** | **Banks — 7.3%** | **Banks — 7.3%** |
|  Bank of China Ltd. - ADR  | 46653 | 638446 |
|  BNP Paribas SA - ADR  | 7161 | 322317 |
|  China Construction Bank Corp. - ADR  | 17552 | 338929 |
|  DBS Group Holdings Ltd. - ADR  | 6689 | 1052447 |
|  HDFC Bank Ltd. - ADR  | 28240 | 2009559 |
|  ICICI Bank Ltd. - ADR  | 59255 | 1880754 |
|  Sumitomo Mitsui Financial Group, Inc. - ADR  | 16164 | 265413 |
|  United Overseas Bank Ltd. - ADR  | 6032 | 330855 |
|  |  | 6838720 |
|  **Beverages — 4.7%** | **Beverages — 4.7%** | **Beverages — 4.7%** |
|  Fomento Economico Mexicano SAB de CV - ADR  | 2995 | 259487 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 26727 | 1668032 |
|  PepsiCo, Inc.  | 17127 | 2545928 |
|  |  | 4473447 |
|  **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
|  Gilead Sciences, Inc.  | 4485 | 506670 |
|  Incyte Corp. <sup>(a)</sup>  | 4827 | 408413 |
|  United Therapeutics Corp. <sup>(a)</sup>  | 5930 | 1807227 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 368 | 143895 |
|  |  | 2866205 |
|  **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
|  Holcim AG <sup>(a)</sup>  | 7220 | 120574 |
|  **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
|  CF Industries Holdings, Inc.  | 5545 | 480363 |
|  **Commercial Services — 2.0%** | **Commercial Services — 2.0%** | **Commercial Services — 2.0%** |
|  Automatic Data Processing, Inc.  | 611 | 185775 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 8581 | 1729672 |
|  |  | 1915447 |
|  **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
|  Check Point Software Technologies Ltd. <sup>(a)</sup>  | 978 | 188891 |
|  Lenovo Group Ltd. - ADR  | 6819 | 195432 |
|  |  | 384323 |
|  **Cosmetics/Personal Care — 6.0%** | **Cosmetics/Personal Care — 6.0%** | **Cosmetics/Personal Care — 6.0%** |
|  Colgate-Palmolive Co.  | 32866 | 2763044 |
|  **Cosmetics/Personal Care — 6.0% (continued)** | **Cosmetics/Personal Care — 6.0% (continued)** | **Cosmetics/Personal Care — 6.0% (continued)** |
|  Unilever PLC - ADR  | 45059 | $2847729 |
|  |  | 5610773 |
|  **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
|  Mitsui & Co. Ltd. - ADR  | 740 | 341147 |
|  Sumitomo Corp. - ADR  | 7502 | 210281 |
|  |  | 551428 |
|  **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
|  Cboe Global Markets, Inc.  | 2349 | 554246 |
|  CME Group, Inc.  | 7514 | 2002556 |
|  Mastercard, Inc. - Class A  | 323 | 192279 |
|  Qfin Holdings, Inc. - ADR  | 14607 | 425356 |
|  Visa, Inc. - Class A  | 867 | 304993 |
|  |  | 3479430 |
|  **Electric — 7.5%** | **Electric — 7.5%** | **Electric — 7.5%** |
|  Ameren Corp.  | 17113 | 1707535 |
|  CMS Energy Corp.  | 13364 | 956461 |
|  Evergy, Inc.  | 12305 | 876854 |
|  Korea Electric Power Corp. - ADR  | 23170 | 306076 |
|  National Grid PLC - ADR  | 27824 | 1963540 |
|  OGE Energy Corp.  | 20510 | 915977 |
|  SSE PLC - ADR  | 13957 | 329385 |
|  |  | 7055828 |
|  **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
|  Halma PLC - ADR  | 3525 | 313725 |
|  **Environmental Control — 3.8%** | **Environmental Control — 3.8%** | **Environmental Control — 3.8%** |
|  Republic Services, Inc.  | 5610 | 1312572 |
|  Waste Management, Inc.  | 10172 | 2302839 |
|  |  | 3615411 |
|  **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
|  Kroger Co., (The)  | 20286 | 1376202 |
|  **Gas — 4.3%** | **Gas — 4.3%** | **Gas — 4.3%** |
|  Atmos Energy Corp.  | 5301 | 880655 |
|  National Fuel Gas Co.  | 36526 | 3168265 |
|  |  | 4048920 |
|  **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
|  FUJIFILM Holdings Corp. - ADR  | 15529 | 182932 |
|  **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** | **Healthcare-Services — 0.7%** |
|  Universal Health Services, Inc. - Class B  | 3891 | 706528 |
|  **Household Products /Wares — 0.2%** | **Household Products /Wares — 0.2%** | **Household Products /Wares — 0.2%** |
|  Church & Dwight Co., Inc.  | 1947 | 181383 |
|  **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
|  Reckitt Benckiser Group PLC - ADR  | 13916 | 209436 |

---

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

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments (continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
|  Chubb Ltd., (Switzerland)  | 2038 | $560593 |
|  Fairfax Financial Holdings Ltd.  | 649 | 1117072 |
|  Manulife Financial Corp.  | 49299 | 1515944 |
|  Ping An Insurance Group Co. of China Ltd. - ADR  | 28693 | 416048 |
|  Swiss Re AG - ADR  | 4134 | 187560 |
|  |  | 3797217 |
|  **Internet — 6.6%** | **Internet — 6.6%** | **Internet — 6.6%** |
|  Alibaba Group Holding Ltd. - ADR  | 7731 | 1043685 |
|  Booking Holdings, Inc.  | 313 | 1752503 |
|  F5, Inc. <sup>(a)</sup>  | 1227 | 384223 |
|  JD.com, Inc. - ADR  | 17759 | 551772 |
|  Tencent Holdings Ltd. - ADR  | 14085 | 1092855 |
|  VeriSign, Inc.  | 5211 | 1424531 |
|  |  | 6249569 |
|  **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** |
|  Hitachi Ltd. - ADR  | 12028 | 326921 |
|  Komatsu Ltd. - ADR  | 14459 | 490594 |
|  |  | 817515 |
|  **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
|  Fox Corp. - Class B  | 18266 | 996410 |
|  **Mining — 1.9%** | **Mining — 1.9%** | **Mining — 1.9%** |
|  Gold Fields Ltd. - ADR  | 49219 | 1647852 |
|  Harmony Gold Mining Co. Ltd. - ADR  | 12353 | 164048 |
|  |  | 1811900 |
|  **Pharmaceuticals — 10.5%** | **Pharmaceuticals — 10.5%** | **Pharmaceuticals — 10.5%** |
|  AbbVie, Inc.  | 4148 | 872739 |
|  Cardinal Health, Inc.  | 14408 | 2143622 |
|  Cencora, Inc.  | 6847 | 1996654 |
|  Dr Reddy's Laboratories Ltd. - ADR  | 124084 | 1761993 |
|  Eli Lilly & Co.  | 493 | 361162 |
|  McKesson Corp.  | 2356 | 1617724 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 4654 | 649698 |
|  Takeda Pharmaceutical Co. Ltd. - ADR  | 30161 | 452113 |
|  |  | 9855705 |
|  **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
|  Cheniere Energy, Inc.  | 2054 | 496698 |
|  Targa Resources Corp.  | 2984 | 500596 |
|  |  | 997294 |
|  **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
|  3i Group PLC - ADR  | 52837 | 724924 |
|  **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
|  FirstService Corp.  | 1478 | 297374 |
|  **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
|  Welltower, Inc.  | 1564 | $263190 |
|  **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
|  AutoZone, Inc. <sup>(a)</sup>  | 234 | 982456 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup>  | 3306 | 342766 |
|  Wal-Mart Stores, Inc.  | 3755 | 364160 |
|  Yum! Brands, Inc.  | 2305 | 338766 |
|  |  | 2028148 |
|  **Semiconductors — 2.7%** | **Semiconductors — 2.7%** | **Semiconductors — 2.7%** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 6843 | 1579843 |
|  United Microelectronics Corp. - ADR  | 144665 | 951896 |
|  |  | 2531739 |
|  **Software — 4.5%** | **Software — 4.5%** | **Software — 4.5%** |
|  Autodesk, Inc. <sup>(a)</sup>  | 3606 | 1134808 |
|  Cadence Design Systems, Inc. <sup>(a)</sup>  | 1060 | 371456 |
|  Electronic Arts, Inc.  | 2424 | 416807 |
|  Microsoft Corp.  | 901 | 456527 |
|  Roper Technologies, Inc.  | 896 | 471574 |
|  SAP SE - ADR  | 4930 | 1341749 |
|  |  | 4192921 |
|  **Telecommunications — 11.0%** | **Telecommunications — 11.0%** | **Telecommunications — 11.0%** |
|  Arista Networks, Inc. <sup>(a)</sup>  | 2995 | 408967 |
|  Chunghwa Telecom Co. Ltd. - ADR  | 12999 | 565587 |
|  Cisco Systems, Inc.  | 14058 | 971267 |
|  Deutsche Telekom AG - ADR  | 53056 | 1944980 |
|  GDS Holdings Ltd. - ADR <sup>(a)</sup>  | 12115 | 418695 |
|  KDDI Corp. - ADR  | 26429 | 455900 |
|  Motorola Solutions, Inc.  | 1107 | 523013 |
|  Nippon Telegraph & Telephone Corp. - ADR  | 19730 | 520872 |
|  Orange SA - ADR  | 12812 | 208195 |
|  Singapore Telecommunications Ltd. - ADR  | 17455 | 586139 |
|  SoftBank Group Corp. - ADR  | 8488 | 455975 |
|  T-Mobile US, Inc.  | 5590 | 1408624 |
|  Xiaomi Corp. - ADR <sup>(a)</sup>  | 55055 | 1881780 |
|  |  | 10349994 |
|  **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
|  Union Pacific Corp.  | 845 | 188917 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $86,128,616)  |  | 92374073 |

---

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

**SGI GLOBAL EQUITY FUND** 

**Portfolio of Investments (Concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 1.6%** | **EXCHANGE TRADED FUNDS — 1.6%** | **EXCHANGE TRADED FUNDS — 1.6%** |
|  iShares MSCI ACWI ex U.S. ETF  | 11842 | $742967 |
|  iShares MSCI Global Min Vol Factor ETF  | 6099 | 728282 |
| &nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS (Cost $1,435,422)  |  | 1471249 |
|  TOTAL INVESTMENTS — 99.7% (Cost $87,564,038)  |  | 93845322 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 314880 |
|  TOTAL NET ASSETS — 100.0%  |  | $94160202 |

---

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.

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

**SGI GLOBAL EQUITY FUND** 

**Allocation of Portfolio Holdings by Country** 

**as of AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **COUNTRY** | **Value** | **% of Net<br> Assets** |
|  United States  | $54257945 | 57.6% |
|  United Kingdom  | 7040785 | 7.5 |
|  China  | 5959313 | 6.3 |
|  India  | 5652306 | 6.0 |
|  Japan  | 3702148 | 4.1 |
|  Germany  | 3286729 | 3.5 |
|  Taiwan  | 3097326 | 3.3 |
|  Canada  | 2930390 | 3.1 |
|  Singapore  | 1969441 | 2.1 |
|  South Africa  | 1811900 | 1.9 |
|  France  | 1054892 | 1.1 |
|  Hong Kong  | 1043685 | 1.1 |
|  Switzerland  | 868727 | 0.9 |
|  Italy  | 415281 | 0.4 |
|  South Korea  | 306076 | 0.3 |
|  Mexico  | 259487 | 0.3 |
|  Israel  | 188891 | 0.2 |
|  Other Assets in Excess of Liabilities  | 314880 | 0.3 |
|  | $94160202 | 100.0% |

---

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

**SGI GLOBAL EQUITY FUND** 

**SECTOR CLASSIFICATION** 

**as of AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **SECTOR** | **Value** | **% of Net<br> Assets** |
|  Financials  | $14840291 | 15.8% |
|  Health Care  | 13428438 | 14.2 |
|  Information Technology  | 13201309 | 13.9 |
|  Consumer Staples  | 12215401 | 13.0 |
|  Utilities  | 11104748 | 11.8 |
|  Communication Services  | 8652344 | 9.3 |
|  Industrials  | 8219227 | 8.7 |
|  Consumer Discretionary  | 6741620 | 7.2 |
|  Materials  | 2412837 | 2.5 |
|  Energy  | 997294 | 1.1 |
|  Real Estate  | 560564 | 0.6 |
|  Other Assets in Excess of Liabilities  | 1786129 | 1.9 |
|  | $94160202 | 100.00% |

---

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

**SGI PRUDENT GROWTH FUND** 

**Portfolio of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 51.0%** | **EXCHANGE TRADED FUNDS — 51.0%** |  |
|  iShares 7-10 Year Treasury Bond ETF  | 7460 | $717279 |
|  iShares Core U.S. Aggregate Bond ETF  | 55800 | 5549868 |
|  iShares iBoxx $High Yield Corporate Bond ETF  | 8850 | 715611 |
|  SGI Dynamic Tactical ETF <sup>(a)</sup>  | 85280 | 2428629 |
|  SGI Enhanced Core ETF <sup>(a)</sup>  | 278460 | 7157814 |
|  SGI Enhanced Global Income ETF <sup>(a)</sup>  | 168670 | 4933598 |
|  SGI U.S. Large Cap Core ETF <sup>(a)</sup>  | 55400 | 1975564 |
|  SPDR Blackstone Senior Loan ETF  | 22060 | 917696 |
|  SPDR Bloomberg Emerging Markets Local Bond ETF  | 33790 | 721079 |
| &nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS (Cost $23,630,079)  |  | 25117138 |
|  **OPEN-END FUNDS — 48.0%** |  |  |
|  SGI Global Equity Fund - Class I <sup>(a)</sup>  | 157809 | $5277126 |
|  SGI Small Cap Core Fund - Class I <sup>(a)</sup>  | 122699 | 4104266 |
|  SGI U.S. Large Cap Equity Fund - Class I <sup>(a)(b)</sup>  | 782412 | 14279014 |
| &nbsp;&nbsp;&nbsp; TOTAL OPEN-END FUNDS (Cost $22,603,479)  |  | 23660406 |
|  TOTAL INVESTMENTS — 99.0% (Cost $46,233,558)  |  | 48777544 |
|  Other Assets in Excess of Liabilities — 1.0%  |  | 468083 |
|  TOTAL NET ASSETS — 100.0%  |  | $49245627 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<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 GROWTH FUND** 

**Portfolio of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 86.3%** | **EXCHANGE TRADED FUNDS — 86.3%** |  |
|  SGI Dynamic Tactical ETF <sup>(a)</sup>  | 172500 | $4912507 |
|  SGI Enhanced Core ETF <sup>(a)</sup>  | 188580 | 4847449 |
|  SGI Enhanced Nasdaq-100 ETF <sup>(a)</sup>  | 312700 | 9207545 |
|  SGI U.S. Large Cap Core ETF <sup>(a)</sup>  | 275278 | 9816414 |
|  SPDR Portfolio Developed World ex-US ETF  | 225190 | 9399430 |
|  SPDR Portfolio Emerging Markets ETF  | 111490 | 4950156 |
| &nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS (Cost $39,067,984)  |  | 43133501 |
|  **OPEN-END FUNDS — 12.0%** |  |  |
|  SGI Small Cap Core Fund - Class I <sup>(a)</sup>  | 179870 | 6016648 |
| &nbsp;&nbsp;&nbsp; TOTAL OPEN-END FUNDS (Cost $4,818,318)  |  | 6016648 |
|  TOTAL INVESTMENTS — 98.3% (Cost $43,886,302)  |  | 49150149 |
|  Other Assets in Excess of Liabilities — 1.7%  |  | 858428 |
|  TOTAL NET ASSETS — 100.0%  |  | $50008577 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
|  **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
|  Andersons, Inc.  | 2791 | $114152 |
|  **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
|  SkyWest, Inc. <sup>(a)</sup>  | 11317 | 1373884 |
|  **Apparel — 1.4%** | **Apparel — 1.4%** | **Apparel — 1.4%** |
|  Kontoor Brands, Inc.  | 15289 | 1181075 |
|  Rocky Brands, Inc.  | 10291 | 313155 |
|  Steven Madden Ltd.  | 5720 | 166109 |
|  |  | 1660339 |
|  **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
|  Fox Factory Holding Corp. <sup>(a)</sup>  | 15324 | 443323 |
|  **Banks — 9.0%** | **Banks — 9.0%** | **Banks — 9.0%** |
|  Ameris Bancorp  | 5400 | 395712 |
|  Atlantic Union Bankshares Corp.  | 12102 | 432404 |
|  Banco Latinoamericano de Comercio Exterior SA  | 14839 | 684523 |
|  Banner Corp.  | 3045 | 204106 |
|  Capital Bancorp, Inc.  | 5434 | 184702 |
|  Central Pacific Financial Corp.  | 18885 | 591478 |
|  Civista Bancshares, Inc.  | 12275 | 260107 |
|  FB Financial Corp.  | 3526 | 189276 |
|  First BanCorp  | 53905 | 1198308 |
|  First Bancorp Southern Pines  | 5057 | 276062 |
|  First Busey Corp.  | 37903 | 936204 |
|  Hanmi Financial Corp.  | 7987 | 200953 |
|  International Bancshares Corp.  | 5249 | 375513 |
|  Northeast Community Bancorp, Inc.  | 5614 | 126596 |
|  Northrim BanCorp, Inc.  | 4488 | 422007 |
|  OFG Bancorp  | 20042 | 896879 |
|  Popular, Inc.  | 10700 | 1344348 |
|  QCR Holdings, Inc.  | 5954 | 466675 |
|  SmartFinancial, Inc.  | 4517 | 166451 |
|  South Plains Financial, Inc.  | 1549 | 62936 |
|  Texas Capital Bancshares, Inc. <sup>(a)</sup>  | 13761 | 1191290 |
|  Third Coast Bancshares, Inc. <sup>(a)</sup>  | 6561 | 261325 |
|  |  | 10867855 |
|  **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  ACADIA Pharmaceuticals, Inc. <sup>(a)</sup>  | 5577 | 144946 |
|  ADMA Biologics, Inc. <sup>(a)</sup>  | 15766 | 272121 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 1434 | 134079 |
|  Arrowhead Pharmaceuticals, Inc. <sup>(a)</sup>  | 10678 | 235236 |
|  Dynavax Technologies Corp. <sup>(a)</sup>  | 11372 | 115085 |
|  Krystal Biotech, Inc. <sup>(a)</sup>  | 4547 | 671592 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 1442 | 233186 |
|  **Biotechnology — 1.6% (continued)** | **Biotechnology — 1.6% (continued)** |  |
|  Vericel Corp. <sup>(a)</sup>  | 4042 | $146967 |
|  |  | 1953212 |
|  **Building Materials — 3.9%** | **Building Materials — 3.9%** | **Building Materials — 3.9%** |
|  Apogee Enterprises, Inc.  | 7227 | 317807 |
|  Armstrong World Industries, Inc.  | 3704 | 725132 |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 18464 | 1155662 |
|  Griffon Corp.  | 16614 | 1265322 |
|  LSI Industries, Inc.  | 26307 | 603220 |
|  Masterbrand, Inc. <sup>(a)</sup>  | 47116 | 598844 |
|  |  | 4665987 |
|  **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
|  Balchem Corp.  | 6303 | 1021653 |
|  Hawkins, Inc.  | 1626 | 272079 |
|  Ingevity Corp. <sup>(a)</sup>  | 9407 | 549181 |
|  Intrepid Potash, Inc. <sup>(a)</sup>  | 14826 | 451155 |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 20585 | 460898 |
|  Rogers Corp. <sup>(a)</sup>  | 11359 | 891227 |
|  |  | 3646193 |
|  **Commercial Services — 9.0%** | **Commercial Services — 9.0%** | **Commercial Services — 9.0%** |
|  Adtalem Global Education, Inc. <sup>(a)</sup>  | 6252 | 818699 |
|  Brink's Co.  | 5886 | 659468 |
|  CPI Card Group, Inc. <sup>(a)</sup>  | 4095 | 63800 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 4026 | 811521 |
|  Herc Holdings, Inc.  | 5703 | 745895 |
|  Korn/Ferry International  | 16552 | 1227165 |
|  Perdoceo Education Corp.  | 38126 | 1248245 |
|  PROG Holdings, Inc.  | 37669 | 1327456 |
|  Strategic Education, Inc.  | 3965 | 322553 |
|  Stride, Inc. <sup>(a)</sup>  | 1836 | 299617 |
|  Upbound Group, Inc.  | 41261 | 1048442 |
|  Verra Mobility Corp. <sup>(a)</sup>  | 45618 | 1133607 |
|  Willdan Group, Inc. <sup>(a)</sup>  | 11081 | 1217359 |
|  |  | 10923827 |
|  **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
|  Tenable Holdings, Inc. <sup>(a)</sup>  | 12930 | 399796 |
|  **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** | **Cosmetics/Personal Care — 0.2%** |
|  Honest Co., Inc. <sup>(a)</sup>  | 73219 | 289947 |
|  **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
|  Rush Enterprises, Inc. - Class B  | 2235 | 129719 |
|  **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** | **Diversified Financial Services — 3.4%** |
|  Air Lease Corp.  | 8829 | 531594 |
|  Enova International, Inc. <sup>(a)</sup>  | 10918 | 1324354 |
|  Radian Group, Inc.  | 33886 | 1181944 |
|  Virtus Investment Partners, Inc.  | 4052 | 816194 |
|  XP, Inc. - Class A  | 11624 | 210859 |
|  |  | 4064945 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONtinued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
|  Avista Corp.  | 7052 | $257680 |
|  Black Hills Corp.  | 18902 | 1130529 |
|  Clearway Energy, Inc. - Class A  | 5132 | 144671 |
|  MGE Energy, Inc.  | 12281 | 1045727 |
|  |  | 2578607 |
|  **Electronics — 0.9%** | **Electronics — 0.9%** | **Electronics — 0.9%** |
|  Benchmark Electronics, Inc.  | 17446 | 708133 |
|  Vicor Corp. <sup>(a)</sup>  | 7530 | 384858 |
|  |  | 1092991 |
|  **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** | **Engineering & Construction — 2.0%** |
|  EMCOR Group, Inc.  | 1828 | 1133360 |
|  Primoris Services Corp.  | 10479 | 1242285 |
|  |  | 2375645 |
|  **Engineering and Construction — 0.9%** | **Engineering and Construction — 0.9%** | **Engineering and Construction — 0.9%** |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 3807 | 1060364 |
|  **Food — 2.3%** | **Food — 2.3%** | **Food — 2.3%** |
|  Cal-Maine Foods, Inc.  | 11161 | 1290658 |
|  Ingles Markets, Inc. - Class A  | 6036 | 408577 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup>  | 7346 | 1032407 |
|  |  | 2731642 |
|  **Gas — 2.5%** | **Gas — 2.5%** | **Gas — 2.5%** |
|  National Fuel Gas Co.  | 17305 | 1501036 |
|  New Jersey Resources Corp.  | 9350 | 442161 |
|  Northwest Natural Holding Co.  | 8596 | 356992 |
|  Southwest Gas Holdings, Inc.  | 8891 | 710213 |
|  |  | 3010402 |
|  **Hand/Machine Tools — 0.5%** | **Hand/Machine Tools — 0.5%** | **Hand/Machine Tools — 0.5%** |
|  Enerpac Tool Group Corp.  | 5966 | 252601 |
|  Franklin Electric Co., Inc.  | 3226 | 315696 |
|  |  | 568297 |
|  **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** |
|  BioLife Solutions, Inc. <sup>(a)</sup>  | 3346 | 83817 |
|  Bioventus, Inc. - Class A <sup>(a)</sup>  | 33286 | 246316 |
|  Castle Biosciences, Inc. <sup>(a)</sup>  | 12352 | 296572 |
|  Embecta Corp.  | 11338 | 164174 |
|  Glaukos Corp. <sup>(a)</sup>  | 1191 | 114122 |
|  iRadimed Corp.  | 7139 | 517149 |
|  LeMaitre Vascular, Inc.  | 3622 | 345412 |
|  TransMedics Group, Inc. <sup>(a)</sup>  | 3148 | 361894 |
|  UFP Technologies, Inc. <sup>(a)</sup>  | 522 | 109704 |
|  Utah Medical Products, Inc.  | 2484 | 154530 |
|  |  | 2393690 |
|  **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** |
|  LifeStance Health Group, Inc. <sup>(a)</sup>  | 63379 | 347317 |
|  National HealthCare Corp.  | 10606 | 1203569 |
|  **Healthcare-Services — 2.3% (continued)** | **Healthcare-Services — 2.3% (continued)** |  |
|  Pennant Group, Inc. <sup>(a)</sup>  | 12770 | $306608 |
|  Privia Health Group, Inc. <sup>(a)</sup>  | 29081 | 670026 |
|  Viemed Healthcare, Inc. <sup>(a)</sup>  | 28423 | 209477 |
|  |  | 2736997 |
|  **Home Builders — 3.4%** | **Home Builders — 3.4%** | **Home Builders — 3.4%** |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 2568 | 1362298 |
|  Century Communities, Inc.  | 3699 | 243690 |
|  Forestar Group, Inc. <sup>(a)</sup>  | 28408 | 786049 |
|  M/I Homes, Inc. <sup>(a)</sup>  | 2327 | 342674 |
|  Meritage Homes Corp.  | 2848 | 221261 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup>  | 33983 | 1200620 |
|  |  | 4156592 |
|  **Housewares — 0.3%** | **Housewares — 0.3%** | **Housewares — 0.3%** |
|  Scotts Miracle-Gro Co.  | 6133 | 375462 |
|  **Insurance — 4.2%** | **Insurance — 4.2%** | **Insurance — 4.2%** |
|  Axis Capital Holdings Ltd.  | 10907 | 1075212 |
|  Essent Group Ltd.  | 18278 | 1146762 |
|  Jackson Financial, Inc. - Class A  | 11991 | 1184711 |
|  NMI Holdings, Inc. - Class A <sup>(a)</sup>  | 31141 | 1225398 |
|  Palomar Holdings, Inc. <sup>(a)</sup>  | 3794 | 466738 |
|  |  | 5098821 |
|  **Internet — 3.6%** | **Internet — 3.6%** | **Internet — 3.6%** |
|  AudioEye, Inc. <sup>(a)</sup>  | 4832 | 62091 |
|  Cargurus, Inc. <sup>(a)</sup>  | 34388 | 1189825 |
|  HealthStream, Inc.  | 8880 | 249350 |
|  Q2 Holdings, Inc. <sup>(a)</sup>  | 7885 | 620786 |
|  QuinStreet, Inc. <sup>(a)</sup>  | 47903 | 751119 |
|  Yelp, Inc. <sup>(a)</sup>  | 26877 | 849851 |
|  Zillow Group, Inc. - Class A <sup>(a)</sup>  | 7272 | 592523 |
|  |  | 4315545 |
|  **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
|  Lindblad Expeditions Holdings, Inc. <sup>(a)</sup>  | 7696 | 112208 |
|  **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** | **Machinery-Diversified — 1.5%** |
|  CSW Industrials, Inc.  | 3645 | 997053 |
|  DXP Enterprises Inc. <sup>(a)</sup>  | 1102 | 137618 |
|  Gorman-Rupp Co.  | 4309 | 184296 |
|  Ichor Holdings Ltd. <sup>(a)</sup>  | 9545 | 160833 |
|  Mueller Water Products, Inc. - Class A  | 12519 | 330001 |
|  |  | 1809801 |
|  **Metal Fabricate/Hardware — 2.3%** | **Metal Fabricate/Hardware — 2.3%** | **Metal Fabricate/Hardware — 2.3%** |
|  Mueller Industries, Inc.  | 14403 | 1381824 |
|  Valmont Industries, Inc.  | 3511 | 1288958 |
|  Worthington Steel, Inc.  | 3030 | 100899 |
|  |  | 2771681 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONtinued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Mining — 2.1%** | **Mining — 2.1%** | **Mining — 2.1%** |
|  Caledonia Mining Corp. PLC  | 13314 | $340572 |
|  Century Aluminum Co. <sup>(a)</sup>  | 4421 | 98721 |
|  Coeur Mining, Inc. <sup>(a)</sup>  | 60298 | 792919 |
|  Constellium SE <sup>(a)</sup>  | 34608 | 501470 |
|  Kaiser Aluminum Corp.  | 10693 | 832664 |
|  |  | 2566346 |
|  **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** | **Miscellaneous Manufacturing — 0.6%** |
|  Federal Signal Corp.  | 4301 | 528980 |
|  Trinity Industries, Inc.  | 6939 | 197206 |
|  |  | 726186 |
|  **Office Furnishings — 1.0%** | **Office Furnishings — 1.0%** | **Office Furnishings — 1.0%** |
|  Interface, Inc.  | 47750 | 1275880 |
|  **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** | **Oil & Gas — 2.6%** |
|  California Resources Corp.  | 13904 | 690751 |
|  Crescent Energy Co. - Class A  | 23301 | 222292 |
|  Helmerich & Payne, Inc.  | 3574 | 74661 |
|  Par Pacific Holdings, Inc. <sup>(a)</sup>  | 8107 | 280827 |
|  Riley Exploration Permian, Inc.  | 8805 | 257634 |
|  SM Energy Co.  | 44659 | 1275014 |
|  Viper Energy, Inc. - Class A  | 4386 | 174760 |
|  Weatherford International PLC  | 1938 | 123460 |
|  |  | 3099399 |
|  **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
|  Archrock, Inc.  | 45079 | 1116156 |
|  Liberty Energy, Inc.  | 13062 | 146948 |
|  Natural Gas Services Group, Inc.  | 2815 | 73640 |
|  |  | 1336744 |
|  **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
|  Catalyst Pharmaceuticals Partners, Inc. <sup>(a)</sup>  | 57821 | 1190534 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup>  | 30145 | 1112049 |
|  Supernus Pharmaceuticals, Inc. <sup>(a)</sup>  | 4209 | 189910 |
|  USANA Health Sciences, Inc. <sup>(a)</sup>  | 7871 | 251164 |
|  |  | 2743657 |
|  **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
|  Excelerate Energy, Inc. - Class A  | 12973 | 316801 |
|  **Real Estate — 1.7%** | **Real Estate — 1.7%** | **Real Estate — 1.7%** |
|  Marcus & Millichap, Inc.  | 2070 | 67461 |
|  McGrath RentCorp  | 4971 | 603927 |
|  Newmark Group, Inc. - Class A  | 71139 | 1295441 |
|  RMR Group, Inc. - Class A  | 8608 | 145303 |
|  |  | 2112132 |
|  **REITS — 5.9%** | **REITS — 5.9%** | **REITS — 5.9%** |
|  Alexander & Baldwin, Inc.  | 61773 | $1194690 |
|  American Assets Trust, Inc.  | 37460 | 782914 |
|  CareTrust REIT, Inc.  | 16466 | 566595 |
|  Four Corners Property Trust, Inc.  | 12911 | 334266 |
|  Piedmont Realty Trust, Inc. - Class A  | 90248 | 764401 |
|  Ryman Hospitality Properties, Inc.  | 7487 | 739641 |
|  Safehold, Inc.  | 21228 | 349413 |
|  Tanger, Inc.  | 2774 | 94815 |
|  UMH Properties, Inc.  | 16802 | 263623 |
|  Urban Edge Properties  | 58708 | 1214668 |
|  Xenia Hotels & Resorts, Inc.  | 62832 | 887816 |
|  |  | 7192842 |
|  **Retail — 2.3%** | **Retail — 2.3%** | **Retail — 2.3%** |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 4418 | 413215 |
|  Bath & Body Works, Inc.  | 8832 | 257983 |
|  Brinker International, Inc. <sup>(a)</sup>  | 3978 | 620488 |
|  Buckle, Inc.  | 14435 | 816877 |
|  Genesco, Inc. <sup>(a)</sup>  | 9106 | 291210 |
|  Urban Outfitters, Inc. <sup>(a)</sup>  | 4936 | 331107 |
|  |  | 2730880 |
|  **Savings & Loans — 0.7%** | **Savings & Loans — 0.7%** | **Savings & Loans — 0.7%** |
|  Axos Financial, Inc. <sup>(a)</sup>  | 9326 | 850625 |
|  **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
|  Ambarella, Inc. <sup>(a)</sup>  | 13632 | 1124367 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 8874 | 1013322 |
|  MaxLinear, Inc. <sup>(a)</sup>  | 33481 | 526321 |
|  Photronics, Inc. <sup>(a)</sup>  | 2601 | 58965 |
|  SiTime Corp. <sup>(a)</sup>  | 1965 | 474882 |
|  |  | 3197857 |
|  **Software — 4.6%** | **Software — 4.6%** | **Software — 4.6%** |
|  Adeia, Inc.  | 72134 | 1084895 |
|  Alkami Technology, Inc. <sup>(a)</sup>  | 19148 | 490189 |
|  Appfolio, Inc. - Class A <sup>(a)</sup>  | 730 | 202487 |
|  Appian Corp. - Class A <sup>(a)</sup>  | 7584 | 233436 |
|  CommVault Systems, Inc. <sup>(a)</sup>  | 5356 | 999671 |
|  DoubleVerify Holdings, Inc. <sup>(a)</sup>  | 11440 | 186129 |
|  Health Catalyst, Inc. <sup>(a)</sup>  | 27116 | 91923 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 8348 | 233076 |
|  Phreesia, Inc. <sup>(a)</sup>  | 12260 | 388152 |
|  SPS Commerce, Inc. <sup>(a)</sup>  | 3757 | 414397 |
|  Talkspace, Inc. <sup>(a)</sup>  | 182091 | 484362 |
|  Viant Technology, Inc. - Class A <sup>(a)</sup>  | 8816 | 91686 |
|  Workiva, Inc. <sup>(a)</sup>  | 7978 | 656111 |
|  |  | 5556514 |

---

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

**SGI SMALL CAP CORE FUND** 

**Portfolio of Investments (CONcluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
|  A10 Networks, Inc.  | 61686 | $1092459 |
|  Calix, Inc. <sup>(a)</sup>  | 19960 | 1186622 |
|  Credo Technology Group Holding Ltd. <sup>(a)</sup>  | 9047 | 1113279 |
|  Harmonic, Inc. <sup>(a)</sup>  | 51760 | 497931 |
|  Viavi Solutions, Inc. <sup>(a)</sup>  | 36336 | 409870 |
|  |  | 4300161 |
|  **Transportation — 2.6%** | **Transportation — 2.6%** | **Transportation — 2.6%** |
|  ArcBest Corp.  | 15337 | 1131257 |
|  Matson, Inc.  | 9522 | 990764 |
|  Teekay Corp. Ltd.  | 46911 | 384670 |
|  Teekay Tankers Ltd.  | 14044 | 690544 |
|  |  | 3197235 |
|  **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** | **Trucking & Leasing — 0.5%** |
|  Greenbrier Cos., Inc.  | 8784 | 409598 |
|  Willis Lease Finance Corp.  | 1364 | 202799 |
|  |  | 612397 |
| &nbsp;&nbsp;&nbsp; TOTAL COMMON STOCKS (Cost $107,849,370)  |  | 119537580 |
|  **EXCHANGE TRADED FUNDS — 1.1%** | **EXCHANGE TRADED FUNDS — 1.1%** | **EXCHANGE TRADED FUNDS — 1.1%** |
|  iShares Core S&P Small-Cap ETF  | 5529 | 652643 |
|  Vanguard Russell 2000 ETF  | 7029 | 668669 |
| &nbsp;&nbsp;&nbsp; TOTAL EXCHANGE TRADED FUNDS (Cost $1,237,734)  |  | 1321312 |
|  TOTAL INVESTMENTS — 99.9% (Cost $109,087,104)  |  | 120858892 |
|  Other Assets in Excess of Liabilities — 0.1%  |  | 151647 |
|  TOTAL NET ASSETS — 100.0%  |  | $121010539 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> Equity Fund** | **SGI Global <br> Equity Fund** |
| &nbsp;&nbsp; **ASSETS** |  |  |
| &nbsp;&nbsp; Investments, at fair value  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $208,696,894 and $87,564,038, respectively)  | $224505925 | $93845322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $— and $—, respectively) (Note 6)  |  |  |
| &nbsp;&nbsp; Cash and cash equivalents  | 548301 | 274861 |
| &nbsp;&nbsp; Receivables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 324133 | 108543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 133699 | 197145 |
| &nbsp;&nbsp; Prepaid and other expenses  | 26965 | 13964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $225539023 | $94439835 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |
| &nbsp;&nbsp; Payables for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | $116736 | $140472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 139364 | 42458 |
| &nbsp;&nbsp; Other accrued expenses and liabilities  | 149256 | 96703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 405356 | 279633 |
| &nbsp;&nbsp; Net assets  | $225133667 | $94160202 |
| &nbsp;&nbsp; **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value  | $12336 | $2816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | 195022297 | 82637534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 30099034 | 11519852 |
| &nbsp;&nbsp; Net assets  | $225133667 | $94160202 |
| &nbsp;&nbsp; **CLASS I SHARES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class I Shares  | $209675215 | $94160202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 11486112 | 2815648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $18.25 | $33.44 |
| &nbsp;&nbsp; **CLASS A Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class A Shares  | $13930498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 760605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $18.32 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price per share (100/94.75 of $18.32)  | $19.34 |  |
| &nbsp;&nbsp; **CLASS C Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class C Shares  | $1527954 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 89073 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $17.15 |  |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Assets and Liabilities (Concluded)** 

**AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI prudent <br> growth <br> Fund** | **SGI PEAK <br> GROWTH <br> FUND** | **SGI SMALL <br> CAP core <br> FUND** |
| &nbsp;&nbsp; **ASSETS** |  |  |  |
| &nbsp;&nbsp; Investments, at fair value  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,395,340, $12,738,088 and $109,087,104, respectively)  | $8621533 | $14349586 | $120858892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments(cost $37,838,218, $31,148,214 and $—, respectively) (Note 6)  | 40156011 | 34800563 |  |
| &nbsp;&nbsp; Cash and cash equivalents  | 552184 | 906312 | 459718 |
| &nbsp;&nbsp; Receivables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 6289 |  | 88334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 13594 | 10366 | 118199 |
| &nbsp;&nbsp; Prepaid and other expenses  | 17328 | 17200 | 25584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $49366939 | $50084027 | $121550727 |
| &nbsp;&nbsp; **LIABILITIES** |  |  |  |
| &nbsp;&nbsp; Payables for: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | $45976 | $— | $340623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 32569 | 29638 | 95047 |
| &nbsp;&nbsp; Other accrued expenses and liabilities  | 42767 | 45812 | 104518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 121312 | 75450 | 540188 |
| &nbsp;&nbsp; Net assets  | $49245627 | $50008577 | $121010539 |
| &nbsp;&nbsp; **NET ASSETS CONSIST OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Par value  | $4328 | $4031 | $3617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | 46027146 | 44628321 | 102030541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | 3214153 | 5376225 | 18976381 |
| &nbsp;&nbsp; Net assets  | $49245627 | $50008577 | $121010539 |
| &nbsp;&nbsp; **CLASS I SHARES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets applicable to Class I Shares  | $49245627 | $50008577 | $121010539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 4328012 | 4031430 | 3617207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $11.38 | $12.41 | $33.45 |

---

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SGI U.S. <br> Large Cap <br> Equity Fund** | **SGI Global <br> Equity Fund** |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments  | $3515196 | $2085887<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 101782 | 49864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 3616978 | 2135751 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 1586086 | 700274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 227318 | 127707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 107912 | 80917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 70773 | 32478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Officer fees  | 65854 | 28026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees  | 54423 | 27086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Director fees  | 40510 | 19543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A Shares  | 39417 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 25167 | 10346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares  | 16896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax service fees  | 15400 | 15413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 3968 | 2313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped | 58814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 33954 | 16633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursements  | 2346492 | 1060736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursements  | (69657) | (220407) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waivers and reimbursements  | 2276835 | 840329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 1340143 | 1295422 |
| &nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** | &nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** | &nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 23009203 | 7720266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (16709274) | (6576114) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 6299929 | 1144152 |
| &nbsp;&nbsp; **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $7640072 | $2439574 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net of foreign withholding
 taxes of $103,034 for SGI Global Equity Fund.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Statements of Operations (Concluded)** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **SGI Prudent <br> Growth <br> Fund** | **SGI Peak <br> Growth <br> Fund** | **SGI Small <br> Cap Core <br> Fund** |
| &nbsp;&nbsp; **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments  | $312452 | $206378 | $1871228<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends from affiliated investments  | 439233 | 477043 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest  | 25789 | 26467 | 54069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 777474 | 709888 | 1925297 |
| &nbsp;&nbsp; **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 285824 | 289529 | 1113462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 44817 | 46133 | 139767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 26719 | 37909 | 68306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 10179 | 12264 | 48533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Officer fees  | 6198 | 6194 | 35873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees  | 27370 | 26906 | 27088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Director fees  | 5083 | 5371 | 19375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class A Shares  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 11567 | 1546 | 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class C Shares  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax service fees  | 15400 | 15400 | 15400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 2674 | 1511 | 12436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped  | 1373 |  | 9548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 6148 | 5866 | 16298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursements  | 443352 | 448629 | 1518073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursements  | (1373) | (30552) | (76432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waivers and reimbursements  | 441979 | 418077 | 1441641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 335495 | 291811 | 483656 |
| &nbsp;&nbsp; **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM** <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **INVESTMENTS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (58182) | (387264) | 9453421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | 29129 | (131909) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments  | 2413647 | 2800881 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 69713 | 1611498 | (3783409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (715635) | (491426) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 1738672 | 3401780 | 5670012 |
| &nbsp;&nbsp; **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $2074167 | $3693591 | $6153668 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Net of foreign withholding
 taxes of $13,647 for SGI Small Cap Core Fund.

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 <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1340143 | $1769482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 23009203 | 73139764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (16709274) | (12203845) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 7640072 | 62705401 |
| &nbsp;&nbsp; **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  | (39868894) | (14011048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  | (3020404) | (1193012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  | (334919) | (86619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (43224217) | (15290679) |
| &nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (43224217) | (15290679) |

---

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 <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **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  | 68223128 | 113718663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 39704202 | 13978703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (77118822) | (310127753) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | 30808508 | (182430387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 149216 | 610987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 3018068 | 1192151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (6220521) | (17914478) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (3053237) | (16111340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 49206 | 52424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 334919 | 86007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (379966) | (985310) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | 4159 | (846879) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets from capital share transactions  | 27759430 | (199388606) |
| &nbsp;&nbsp; Total increase/(decrease) in net assets  | (7824715) | (151973884) |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 232958382 | 384932266 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $225133667 | $232958382 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3667331 | 5823434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 2264929 | 766779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (4178479) | (16380384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class I Shares  | 1753781 | (9790171) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 7684 | 33263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 171286 | 65363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (318684) | (933980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class A Shares  | (139714) | (835354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2768 | 2891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 20188 | 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (21780) | (53399) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from Class C Shares  | 1176 | (45543) |
| &nbsp;&nbsp; Net increase/(decrease) in shares outstanding  | 1615243 | (10671068) |

---

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

**SGI GLOBAL EQUITY FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1295422 | $1921469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 7720266 | 17759717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (6576114) | 5342595 |
| &nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 2439574 | 25023781 |
| &nbsp;&nbsp; **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (20438366) | (2003073) |
| &nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (20438366) | (2003073) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **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  | 25396306 | 42758330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 20397349 | 2000278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (41821871) | (109889057) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets from capital share transactions  | 3971784 | (65130449) |
| &nbsp;&nbsp; Total increase/(decrease) in net assets  | (14027008) | (42109741) |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 108187210 | 150296951 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $94160202 | $108187210 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 752844 | 1193962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 653552 | 56601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1271091) | (2976690) |
| &nbsp;&nbsp; Net increase/(decrease) in shares outstanding  | 135305 | (1726127) |

---

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

**SGI PRUDENT GROWTH FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $335495 | $96161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (58182) | (129295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | 29129 | 753939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments  | 2413647 | 138238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 69713 | 312778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (715635) | 2597563 |
| &nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 2074167 | 3769384 |
| &nbsp;&nbsp; **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (2383823) | (114358) |
| &nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (2383823) | (114358) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **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  | 30262812 | 8845365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2383823 | 114358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (10020490) | (6902378) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets from capital share transactions  | 22626145 | 2057345 |
| &nbsp;&nbsp; Total increase/(decrease) in net assets  | 22316489 | 5712371 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 26929138 | 21216767 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $49245627 | $26929138 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2740495 | 813262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 220724 | 10579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (890629) | (631006) |
| &nbsp;&nbsp; Net increase/(decrease) in shares outstanding  | 2070590 | 192835 |

---

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

**SGI PEAK GROWTH FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $291811 | $(81980) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (387264) | 93908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (131909) | 368368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions from affiliated investments  | 2800881 | 178437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 1611498 | (8583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments | (491426) | 3709763 |
| &nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 3693591 | 4259913 |
| &nbsp;&nbsp; **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (2367594) | (131475) |
| &nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (2367594) | (131475) |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **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  | 26065279 | 8526607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2367594 | 131475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (7757476) | (4333988) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets from capital share transactions  | 20675397 | 4324094 |
| &nbsp;&nbsp; Total increase/(decrease) in net assets  | 22001394 | 8452532 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 28007183 | 19554651 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $50008577 | $28007183 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 2254290 | 752701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 207866 | 11676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (656580) | (380709) |
| &nbsp;&nbsp; Net increase/(decrease) in shares outstanding  | 1805576 | 383668 |

---

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

**SGI SMALL CAP CORE FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, 2024** |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $483656 | $505302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 9453421 | 5490049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | (3783409) | 13527450 |
| &nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 6153668 | 19522801 |
| &nbsp;&nbsp; **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (2591942) |  |
| &nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (2591942) |  |
| &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:** | &nbsp;&nbsp; **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  | 24491431 | 61310708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 2565364 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (34328125) | (59615025) |
| &nbsp;&nbsp; Net increase/(decrease) in net assets from capital share transactions  | (7271330) | 1695683 |
| &nbsp;&nbsp; Total increase/(decrease) in net assets  | (3709604) | 21218484 |
| &nbsp;&nbsp; **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of Period  | 124720143 | 103501659 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of Period  | $121010539 | $124720143 |
| &nbsp;&nbsp; **SHARES TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I Shares  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 801618 | 2139509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested  | 83372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1131599) | (2038827) |
| &nbsp;&nbsp; Net increase/(decrease) in shares outstanding  | (246609) | 100682 |

---

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** |
|  | **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  | $21.74 | $18.00 | $17.85 | $23.21 | $19.55 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | 0.12 | 0.13 | 0.18 | 0.17 | 0.03 |
|  Net realized and unrealized gain/(loss) on investments <sup>(2)</sup>  | 0.44 | 4.47 | 0.88 | (2.27) | 3.76 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.56 | 4.60 | 1.06 | (2.10) | 3.79 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.11) | (0.17) | (0.20) | (0.04) | (0.08) |
|  Net realized capital gain  | (3.94) | (0.69) | (0.71) | (3.22) | (0.05) |
|  Total dividends and distributions to shareholders  | (4.05) | (0.86) | (0.91) | (3.26) | (0.13) |
|  Net Asset Value, end of Period  | $18.25 | $21.74 | $18.00 | $17.85 | $23.21 |
|  Total investment return/(loss) <sup>(3)</sup>  | 3.30% | 26.51% | 6.02% | (10.71)% | 19.46% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $209675 | $211534 | $351360 | $391548 | $506159 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 0.98% | 0.98% | 0.98% | 0.92% | 0.87% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 0.98% | 1.00% | 0.97% | 0.96% | 0.87% |
|  Ratio of net investment income/(loss) to average net assets  | 0.62% | 0.68% | 0.99% | 0.85% | 0.15% |
|  Portfolio turnover rate<sup>(4)</sup>  | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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** |
|  | **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  | $21.77 | $18.02 | $17.88 | $23.25 | $19.59 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | 0.07 | 0.08 | 0.13 | 0.12 | (0.02) |
|  Net realized and unrealized gain/(loss) on investments <sup>(2)</sup>  | 0.46 | 4.48 | 0.87 | (2.27) | 3.77 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.53 | 4.56 | 1.00 | (2.15) | 3.75 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.04) | (0.12) | (0.15) |  | (0.04) |
|  Net realized capital gain  | (3.94) | (0.69) | (0.71) | (3.22) | (0.05) |
|  Total dividends and distributions to shareholders  | (3.98) | (0.81) | (0.86) | (3.22) | (0.09) |
|  Net Asset Value, end of Period  | $18.32 | $21.77 | $18.02 | $17.88 | $23.25 |
|  Total investment return/(loss) <sup>(3)</sup>  | 3.13% | 26.19% | 5.69% | (10.89)% | 19.20% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $13930 | $19601 | $31276 | $28285 | $29423 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 1.23% | 1.22% | 1.23% | 1.17% | 1.12% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 1.23% | 1.25% | 1.22% | 1.21% | 1.12% |
|  Ratio of net investment income/(loss) to average net assets  | 0.37% | 0.40% | 0.74% | 0.64% | (0.09)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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** |
|  | **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  | $20.74 | $17.22 | $17.12 | $22.54 | $19.11 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | (0.07) | (0.06) |  | (0.03) | (0.17) |
|  Net realized and unrealized gain/(loss) on investments <sup>(2)</sup>  | 0.42 | 4.27 | 0.83 | (2.17) | 3.65 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.35 | 4.21 | 0.83 | (2.20) | 3.48 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  |  |  | (0.02) |  | 0.00 |
|  Net realized capital gain  | (3.94) | (0.69) | (0.71) | (3.22) | (0.05) |
|  Total dividends and distributions to shareholders  | (3.94) | (0.69) | (0.73) | (3.22) | (0.05) |
|  Net Asset Value, end of Period  | $17.15 | $20.74 | $17.22 | $17.12 | $22.54 |
|  Total investment return/(loss) <sup>(3)</sup>  | 2.31% | 25.23% | 4.93% | (11.54)% | 18.25% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $1528 | $1823 | $2297 | $2546 | $2917 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 1.98% | 1.97% | 1.98% | 1.92% | 1.87% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 1.98% | 2.00% | 1.97% | 1.96% | 1.87% |
|  Ratio of net investment income/(loss) to average net assets  | (0.37)% | (0.35)% | (0.01)% | (0.15)% | (0.84)% |
|  Portfolio turnover rate<sup>(4)</sup>  | 171% | 194% | 88% | 133% | 91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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** |
|  | **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  | $40.36 | $34.11 | $33.16 | $38.33 | $32.93 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | 0.45 | 0.52 | 0.45 | 0.45 | 0.38 |
|  Net realized and unrealized gain/(loss) on Investments <sup>(2)</sup>  | 0.21 | 6.18 | 1.62 | (3.77) | 5.24 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.66 | 6.70 | 2.07 | (3.32) | 5.62 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.65) | (0.45) | (0.31) | (0.58) | (0.22) |
|  Net realized capital gain  | (6.93) |  | (0.81) | (1.27) |  |
|  Total dividends and distributions to shareholders  | (7.58) | (0.45) | (1.12) | (1.85) | (0.22) |
|  Net Asset Value, end of period  | $33.44 | $40.36 | $34.11 | $33.16 | $38.33 |
|  Total investment return/(loss) <sup>(3)</sup>  | 2.99% | 19.84% | 6.39% | (9.20)% | 17.15% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $94160 | $108187 | $150297 | $118260 | $112035 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 0.84% | 0.84% | 0.84% | 0.84% | 0.97% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 1.06% | 1.05% | 1.00% | 1.01% | 1.10% |
|  Ratio of net investment income/(loss) to average net assets  | 1.30% | 1.45% | 1.37% | 1.24% | 1.26% |
|  Portfolio turnover rate<sup>(4)</sup>  | 184% | 102% | 96% | 87% | 88% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Total investment return/(loss)
 is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes
 reinvestments of dividends and distributions, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Portfolio turnover is calculated
 for the Fund, as a whole, for the entire period.

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

**SGI PRUDENT GROWTH 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** |
|  | **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  | $11.93 | $10.28 | $9.80 | $11.69 | $10.60 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | 0.10 | 0.06 | 0.03 | 0.02 | (0.07) |
|  Net realized and unrealized gain/(loss) on Investments <sup>(2)</sup>  | 0.32 | 1.64 | 0.46 | (1.26) | 1.16 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.42 | 1.70 | 0.49 | (1.24) | 1.09 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.75) | (0.05) | (0.01) | (0.40) | —<sup>(3)</sup> |
|  Net realized capital gain  | (0.22) |  |  | (0.25) | —<sup>(3)</sup> |
|  Total dividends and distributions to shareholders  | (0.97) | (0.05) | (0.01) | (0.65) |  |
|  Net Asset Value, end of period  | $11.38 | $11.93 | $10.28 | $9.80 | $11.69 |
|  Total investment return/(loss) <sup>(4)</sup>  | 3.95% | 16.62% | 5.04% | (11.26)% | 10.34% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $49246 | $26929 | $21217 | $15527 | $10807 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 1.16%<sup>(5)</sup> | 1.31% | 1.47% | 1.70% | 1.70% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 1.16%<sup>(5)</sup> | 1.31% | 1.37% | 1.61% | 1.75% |
|  Ratio of net investment income/(loss) to average net assets  | 0.88% | 0.52% | 0.26% | 0.23% | (0.67)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 21% | 61% | 61% | 67% | 170% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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;(6) Portfolio turnover is calculated
 for the Fund, as a whole, for the entire period.

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

**SGI PEAK GROWTH 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** |
|  | **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  | $12.58 | $10.61 | $9.99 | $12.63 | $10.94 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(1)</sup>  | 0.09 | (0.03) | (0.06) | (0.03) | (0.14) |
|  Net realized and unrealized gain/(loss) on Investments <sup>(2)</sup>  | 0.75 | 2.07 | 0.68 | (1.27) | 1.83 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.84 | 2.04 | 0.62 | (1.30) | 1.69 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.85) | (0.01) | —<sup>(3)</sup> | (0.75) |  |
|  Net realized capital gain  | (0.16) | (0.06) |  | (0.59) |  |
|  Total dividends and distributions to shareholders  | (1.01) | (0.07) |  | (1.34) |  |
|  Net Asset Value, end of period  | $12.41 | $12.58 | $10.61 | $9.99 | $12.63 |
|  Total investment return/(loss) <sup>(4)</sup>  | 7.36% | 19.25% | 6.22% | (11.64)% | 15.45% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $50009 | $28007 | $19555 | $12988 | $10940 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 1.08%<sup>(5)</sup> | 1.30% | 1.53% | 1.70% | 1.70% |
|  Ratio of expenses to average net assets without waivers and reimbursements  | 1.16%<sup>(5)</sup> | 1.30% | 1.48% | 1.58% | 1.74% |
|  Ratio of net investment income/(loss) to average net assets  | 0.76% | (0.26)% | (0.55)% | (0.29)% | (1.17)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 81% | 44% | 26% | 88% | 178% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The selected per share data
 is calculated based on the average shares outstanding method for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount shown may not
 correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund's shares in relation
 to fluctuating market values for the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Amount represents less than
 $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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;(6) Portfolio turnover is calculated
 for the Fund, as a whole, for the entire period.

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** |
|  | **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>(1)</sup>** |
|  **Per Share Operating Performance:** |  |  |  |  |  |
|  Net Asset Value, Beginning of Period  | $32.28 | $27.50 | $25.53 | $38.64 | $28.16 |
|  **Income/(Loss) from Investment Operations:** |  |  |  |  |  |
|  Net investment income/(loss) <sup>(2)</sup>  | 0.13 | 0.12 | 0.06 | (0.10) | (0.15) |
|  Net realized and unrealized gain/(loss) on Investments <sup>(3)</sup>  | 1.71 | 4.66 | 2.06 | (2.97) | 12.33 |
|  Net increase/(decrease) in net assets resulting from operations  | 1.84 | 4.78 | 2.12 | (3.07) | 12.18 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
|  Net investment income  | (0.20) |  |  |  | (0.07) |
|  Net realized capital gain  | (0.47) |  | (0.15) | (10.04) | (1.63) |
|  Total dividends and distributions to shareholders  | (0.67) |  | (0.15) | (10.04) | (1.70) |
|  Net Asset Value, end of period  | $33.45 | $32.28 | $27.50 | $25.53 | $38.64 |
|  Total investment return/(loss) <sup>(4)</sup>  | 5.87% | 17.38% | 8.37% | (9.93)% | 44.61% |
|  **Supplemental Data:**  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $121011 | $124720 | $103502 | $89836 | $97409 |
|  **Ratios to Average Net Assets:** |  |  |  |  |  |
|  Ratio of expenses to average net assets with waivers and reimbursements  | 1.23% | 1.23% | 1.23% | 1.23% | 1.07% |
|  Ratio of expenses to average net assets without waivers and reimbursements <sup>(5)</sup>  | 1.29% | 1.26% | 1.25% | 1.33% | 1.12% |
|  Ratio of net investment income/(loss) to average net assets  | 0.41% | 0.42% | 0.24% | (0.34)% | (0.37)% |
|  Portfolio turnover rate <sup>(6)</sup>  | 168% | 211% | 197% | 270% | 314% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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;(2) Calculated based on average
 shares outstanding for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(5) During the current fiscal
 period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have
 been as indicated (See Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(6) Portfolio turnover is calculated
 for the Fund, as a whole, for the entire period.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements** 

**AUGUST 31, 2025**

**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 fifty-nine active investment portfolios, including the SGI U.S. Large Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Growth Fund, the SGI Peak Growth 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 Growth Fund and the SGI Peak Growth 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 Growth Fund, the SGI Peak Growth Fund and the SGI Small Cap Core Fund, all 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 Growth Fund and the SGI Small Cap Core Fund is to seek long-term capital appreciation. The investment objective of the SGI Peak Growth 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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").

**INVESTMENT COMPANY SECURITIES** – SGI Prudent Growth Fund and SGI Peak Growth 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, which 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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**AUGUST 31, 2025**

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. 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" 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 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **SGI U.S. Large Cap Equity Fund** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $224505925 | $— | $— | $224505925 |
|  Total Investments  | $224505925 | $— | $— | $224505925 |
|  **SGI Global Equity Fund** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $92374073 | $— | $— | $92374073 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 1471249 |  |  | 1471249 |
|  Total Investments  | $93845322 | $— | $— | $93845322 |
|  **SGI PRUDENT GROWTH Fund** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $25117138 | $— | $— | $25117138 |
| &nbsp;&nbsp;&nbsp; Open-End Funds  | 23660406 |  |  | 23660406 |
|  Total Investments  | $48777544 | $— | $— | $48777544 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **SGI PEAK GROWTH FUND** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $43133501 | $— | $— | $43133501 |
| &nbsp;&nbsp;&nbsp; Open-End Funds  | 6016648 |  |  | 6016648 |
|  Total Investments  | $49150149 | $— | $— | $49150149 |
|  **SGI SMALL CAP core Fund** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $119537580 | $— | $— | $119537580 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | 1321312 |  |  | 1321312 |
|  Total Investments  | $120858892 | $— | $— | $120858892 |

---

Please refer to Portfolio 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 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.

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (Continued)** 

**AUGUST 31, 2025**

**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.

**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 Global Investments, LLC 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, 2025 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 Growth Fund and SGI Peak Growth Fund's expense caps are now taking acquired fund fees into account.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **ADVISORY FEE** | **EXPENSE CAPS** | **EXPENSE CAPS** | **EXPENSE CAPS** |
|  |  | **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 Growth Fund  | 0.75 | 1.95 \* |  |  |
|  SGI Peak Growth 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)** 

**AUGUST 31, 2025**

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  | $1586086 | $(69657) | $58814 | $1575243 |
|  SGI Global Equity Fund  | 700274 | (220407) |  | 479867 |
|  SGI Prudent Growth Fund  | 285824 | (1373) | 1373 | 285824 |
|  SGI Peak Growth Fund  | 289529 | (30552) |  | 258977 |
|  SGI Small Cap Core Fund  | 1113462 | (76432) | 9548 | 1046579 |

---

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** |
|  SGI U.S. Large Cap Equity Fund  | $68309 | $88693 | $69657 |
|  SGI Global Equity Fund  | 210693 | 280270 | 220407 |
|  SGI Prudent Growth Fund  |  |  |  |
|  SGI Peak Growth Fund  |  |  | 30552 |
|  SGI Small Cap Core Fund  | 21348 | 59572 | 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 under 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 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 each Fund's 12b-1 Plan.

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

**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  | $385190564 | $398498828 |
|  SGI Global Equity Fund  | 183697109 | 197072753 |
|  SGI Prudent Growth Fund  | 31038185 | 7839512 |
|  SGI Peak Growth Fund  | 51888125 | 31172398 |
|  SGI Small Cap Core Fund  | 195844615 | 203119881 |

---

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 Growth Fund  | 46609094 | 2543986 | (375536) | 2168450 |
|  SGI Peak Growth 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)** 

**AUGUST 31, 2025**

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 Growth Fund  |  |  |
|  SGI Peak Growth 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 Growth Fund  | 126717 | 927186 | (8200) | 2168450 | 3214153 |
|  SGI Peak Growth 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 Growth Fund  | 2353904 | 29919 | 2383823 |
|  SGI Peak Growth Fund  | 2115941 | 251653 | 2367594 |
|  SGI Small Cap Core Fund  | 1890739 | 701203 | 2591942 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | | **2024** | |
| <br>**FUND** | <br>**Ordinary <br> Income** | **Long-Term <br> Gains** | <br>**TOTAL** |
|  SGI U.S. Large Cap Equity Fund  | $3031713 | $12258966 | $15290679 |
|  SGI Global Equity Fund  | 2003073 |  | 2003073 |
|  SGI Prudent Growth Fund  | 114358 |  | 114358 |
|  SGI Peak Growth Fund  | 14474 | 117001 | 131475 |
|  SGI Small Cap Core Fund  |  |  |  |

---

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

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

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (continued)** 

**AUGUST 31, 2025**

**6. 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, 2024** | **August 31, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| **Issuer Name** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** |
|  **SGI Prudent Growth Fund** |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF | 43460 | $1326834 | 42850 | $1194329 | (1030) | $(31600) |
|  SGI Enhanced Core ETF | 88610 | 2286138 | 196050 | 5036785 | (6200) | (160083) |
|  SGI Enhanced Global Income ETF | 90340 | 2414788 | 84680 | 2251738 | (6350) | (173368) |
|  SGI Global Equity Fund | 59562 | 2403963 | 104897 | 3408778 | (6650) | (233637) |
|  SGI Small Cap Core Fund | 67104 | 2166132 | 70557 | 2124243 | (14962) | (461023) |
|  SGI U.S. Large Cap Core ETF | 68160 | 2401618 | 50270 | 1645025 | (63030) | (2133766) |
|  SGI U.S. Large Cap Equity Fund | 375480 | 8162944 | 476561 | 8554379 | (69629) | (1341700) |
|  | 792716 | $21162417 | 1025865 | $24215277 | (167851) | $(4535177) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2024** | **August 31, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| **Issuer Name** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** | **Share <br> Balance** | **Value** |
|  **SGI Peak Growth Fund** |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF | 89110 | $2720528 | 83390 | $2327305 |  | $— |
|  SGI Enhanced Core ETF | 10750 | 277350 | 177830 | 4571338 |  |  |
|  SGI Enhanced Global Income ETF | 155590 | 4158921 | 85780 | 2248279 | (241370) | (6525378) |
|  SGI Enhanced Nasdaq-100 ETF |  |  | 338320 | 9021701 | (25620) | (723719) |
|  SGI Global Equity Fund | 97995 | 3955071 | 32765 | 1084869 | (130760) | (4091798) |
|  SGI Small Cap Core Fund | 150204 | 4848588 | 68023 | 1971167 | (38357) | (1197732) |
|  SGI U.S. Large Cap Core ETF | 102610 | 3615463 | 183538 | 5975343 | (10870) | (386961) |
|  SGI U.S. Large Cap Equity Fund | 379835 | 8257603 | 103981 | 1886385 | (483816) | (8570425) |
|  | 986094 | $27833524 | 1073627 | $29086387 | (930793) | $(21496013) |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| **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 Growth Fund** |  |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF | $58924 | $77247 | $(61057) | $123 | 85280 | $2428629 | $2265866 |
|  SGI Enhanced Core ETF | 169904 | 103314 | (3202) | (1824) | 278460 | 7157814 | 7099969 |
|  SGI Enhanced Global Income ETF | 94228 | 30093 | 438083 | 2357 | 168670 | 4933598 | 4402639 |
|  SGI Global Equity Fund | 42729 | 452759 | (270615) | (31363) | 157809 | 5277126 | 4999959 |
|  SGI Small Cap Core Fund | 13513 | 32556 | 288593 | (13679) | 122699 | 4104266 | 3397498 |
|  SGI U.S. Large Cap Core ETF | 18475 | 182946 | (126121) | 188808 | 55400 | 1975564 | 1466266 |
|  SGI U.S. Large Cap Equity Fund | 41460 | 1534732 | (981316) | (115293) | 782412 | 14279014 | 14206021 |
|  | $439233 | $2413647 | $(715635) | $29129 | 1650730 | $40156011 | $37838218 |
|  **SGI Peak Growth Fund** |  |  |  |  |  |  |  |
|  SGI Dynamic Tactical ETF | $119571 | $156756 | $(135326) | $— | 172500 | $4912507 | $4614854 |
|  SGI Enhanced Core ETF | 74248 | 34428 | (1239) |  | 188580 | 4847449 | 4841550 |
|  SGI Enhanced Global Income ETF | 42998 | 50888 | (156550) | 274728 |  |  |  |
|  SGI Enhanced Nasdaq-100 ETF | 75300 |  | 884264 | 25299 | 312700 | 9207545 | 8323281 |
|  SGI Global Equity Fund | 67925 | 719733 | (872168) | (75974) |  |  |  |
|  SGI Small Cap Core Fund | 29404 | 70841 | 341560 | 53065 | 179870 | 6016648 | 4818318 |
|  SGI U.S. Large Cap Core ETF | 27070 | 268064 | 604754 | 7815 | 275278 | 9816414 | 8550211 |
|  SGI U.S. Large Cap Equity Fund | 40527 | 1500171 | (1156721) | (416842) |  |  |  |
|  | $477043 | $2800881 | $(491426) | $(131909) | 1128928 | $34800563 | $31148214 |

---

**SUMMIT GLOBAL INVESTMENTS** 

**Notes to Financial Statements (CONCLUDED)** 

**AUGUST 31, 2025**

**7. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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, 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).

**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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Trustees of The RBB Fund, Inc and the Shareholders of the SGI Funds** 

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI Prudent Growth Fund, SGI Peak Growth Fund, and SGI Small Cap Core Fund (the "Funds"), each a series of The RBB Fund, Inc., including the schedules of investments, as of August 31, 2025, the related statements of operations, the statements of changes in net assets, and financial highlights for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations, the changes in their net assets, and their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The statements of changes in net assets for the year ended August 31, 2024 and the financial highlights for each of the four years in the period ended August 31, 2024 have been audited by other auditors whose report dated October 30, 2024, expressed an unqualified opinion on such financial statements.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds' internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

![](fp0094047-2_43.jpg)

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania October 30, 2025** 

**SUMMIT GLOBAL INVESTMENTS** 

**SHAREHOLDER TAX INFORMATION (UNAUDITED)** 

Certain tax information is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the tax character of distributions paid by the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** |  | **Ordinary <br> Income** | **Long-Term <br> Gains** |
|  SGI U.S. Large Cap Equity Fund  | 2025.0 | $34539508 | $8684709 |
|  SGI Global Equity Fund  | 2025.0 | 6262395 | 14175971 |
|  SGI Prudent Growth Fund  | 2025.0 | 2353904 | 29919 |
|  SGI Peak Growth Fund  | 2025.0 | 2115941 | 251653 |
|  SGI Small Cap Core Fund  | 2025.0 | 1890739 | 701203 |

---

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Equity Fund  | 12.74% |
|  SGI Global Equity Fund  | 59.59% |
|  SGI Prudent Growth Fund  | 16.42% |
|  SGI Peak Growth Fund  | 26.42% |
|  SGI Small Cap Core Fund  | 48.92% |

---

The percentage of total ordinary income dividends paid qualifying for corporate dividends received deduction for each Fund is as follows:

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Equity Fund  | 12.55% |
|  SGI Global Equity Fund  | 29.7% |
|  SGI Prudent Growth Fund  | 13.56% |
|  SGI Peak Growth Fund  | 17.47% |
|  SGI Small Cap Core Fund  | 48.58% |

---

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Equity Fund  | 0.0% |
|  SGI Global Equity Fund  | 0.0% |
|  SGI Prudent Growth Fund  | 0.0% |
|  SGI Peak Growth Fund  | 0.0% |
|  SGI Small Cap Core Fund  | 0.0% |

---

**SUMMIT GLOBAL INVESTMENTS** 

**SHAREHOLDER TAX INFORMATION (UNAUDITED) (CONCLUDED)**

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

---

| | |
|:---|:---|
|  SGI U.S. Large Cap Equity Fund  | 96.88% |
|  SGI Global Equity Fund  | 70.27% |
|  SGI Prudent Growth Fund  | 21.27% |
|  SGI Peak Growth Fund  | 4.73% |
|  SGI Small Cap Core Fund  | 59.79% |

---

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**SUMMIT GLOBAL INVESTMENTS** 

**Other Information (Unaudited)**

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

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 renewal of the investment advisory agreements between Summit Global Investments, LLC ("Summit") and the Company (the "Investment Advisory Agreements") on behalf of the SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI Peak Growth Fund, SGI Prudent Growth Fund, and SGI Small Cap Core Fund (each a "Fund" and together the "Funds"), at a meeting of the Board held on May 13-14, 2025 (for this section only, the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreements for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreements, the Board considered information provided by Summit with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreements between the Company and Summit with respect to the Funds, the Directors took into account all the 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 Summit, and discussed the Investment Advisory Agreements with counsel in executive sessions, at which no representatives of Summit were present. Among other things, the Directors considered (i) the nature, extent, and quality of Summit's services provided to the Funds; (ii) descriptions of the experience and qualifications of Summit's personnel providing those services; (iii) Summit's investment philosophies and processes; (iv) Summit's assets under management and client descriptions; (v) Summit's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Summit's current advisory fee arrangement with the Company and other similarly managed clients; (vii) Summit's compliance procedures; (viii) Summit's financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by FUSE Research Network, LLC comparing each 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 each Fund to the performance of its Peer Group and its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Summit. The Directors concluded that Summit had substantial resources to provide services to the Funds and that Summit's services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds' investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2024, as applicable. The Directors considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each Fund as compared to its benchmarks and Peer Groups was acceptable.

The Directors noted that the SGI U.S. Large Cap Equity Fund outperformed its benchmark, the S&P 500<sup>®</sup> Low Volatility Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024. The Directors also noted that the SGI U.S. Large Cap Equity Fund outperformed the median of its Peer Group for the one-year period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024.

The Directors noted that the SGI Global Equity Fund's investment performance outperformed its benchmark, the MSCI ACWI Minimum Volatility (USD) Index, for the three- three-year, five-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-month, one-year, and ten-year periods ended

**SUMMIT GLOBAL INVESTMENTS** 

**Other Information (Unaudited) (CONCLUDED)**

December 31, 2024. The Directors also noted that the SGI Global Equity Fund outperformed the median of its Peer Group for the since-inception period period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, and ten-year periods ended December 31, 2024.

The Directors noted that the SGI Small Cap Core Fund's investment performance outperformed its benchmark, the Russell 2000<sup>®</sup> Index, for the three-year, five-year, ten-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the three-month and one-year periods ended December 31, 2024. The Directors also noted that the SGI Small Cap Core Fund outperformed the median of its Peer Group for the five-year and since-inception periods ended December 31, 2024, equaled the median of its Peer Group for the three-year and ten-year periods, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2024.

Next, the Directors noted that the SGI Peak Growth Fund's investment performance underperformed its benchmark, the S&P 500 Index, for the three-month, one-year, three-year and since-inception periods ended December 31, 2024. The Directors also noted that the SGI Peak Growth Fund underperformed the median of its Peer Group for the three-month, one-year, three-year and since-inception periods ended December 31, 2024.

Finally, the Directors noted that the SGI Prudent Growth Fund's investment performance underperformed its benchmark, the S&P 500 Index, for the three-month, one-year, three-year and since-inception periods ended December 31, 2024. The Directors also noted that the SGI Prudent Growth Fund underperformed the median of its Peer Group for the three-month, one-year, three-year and since-inception periods ended December 31, 2024.

The Board also considered advisory fee rates payable by the Funds under the Investment Advisory Agreements. In this regard, information on the advisory fees paid by each 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 Summit had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 for the Funds to limit total annual operating expenses to agreed upon levels for each Fund.

The Directors noted that the SGI U.S. Large Cap Equity Fund's net advisory fee equaled the median of its Peer Group and ranked in the 3rd quintile of its Peer Group, and its total net expenses was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Global Equity Fund's net advisory fee equaled the median of its Peer Group and ranked in the 3rd quintile of its Peer Group, and its total net expenses was below the median of its Peer Group and ranked in the 3rd quintile of its Peer Group.

The Directors noted that the SGI Small Cap Core Fund's net advisory fee and total net expenses were each above the median of its Peer Group and each ranked in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the SGI Peak Growth Fund ranked below the median and in the 3rd quintile of its Peer Group, and the Fund's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the SGI Prudent Growth Fund ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

After reviewing information relating to Summit's costs, profitability and economies of scale, and after considering the services to be provided by Summit, the Directors concluded that the investment advisory fees to be paid by the Funds to Summit were fair and reasonable and that the Investment Advisory Agreements with respect to each Fund should be approved and continued for an additional one-year period ending August 16, 2026.

**Investment Adviser** 

Summit Global Investments, LLC

620 South Main Street

Bountiful, UT 84010

**Administrator and Transfer Agent** 

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, WI 53201

**Principal Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**Custodian** 

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm** 

Tait, Weller & Baker LLP

Two Liberty Place

50 S 16th St. Suite 2900

Philadelphia, PA 19102-2529

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

**Financial Statements August 31, 2025**

**F/m US Treasury 3 Month Bill ETF \| (Nasdaq: TBIL) (Formerly US Treasury 3 Month Bill ETF)**

**F/m US Treasury 6 Month Bill ETF \| (Nasdaq: XBIL) (Formerly US Treasury 6 Month Bill ETF)**

**F/m US Treasury 12 Month Bill ETF \| (Nasdaq: OBIL) (Formerly US Treasury 12 Month Bill ETF)**

**F/m US Treasury 2 Year Note ETF \| (Nasdaq: UTWO) (Formerly US Treasury 2 Year Note ETF)**

**F/m US Treasury 3 Year Note ETF \| (Nasdaq: UTRE) (Formerly US Treasury 3 Year Note ETF)**

**F/m US Treasury 5 Year Note ETF \| (Nasdaq: UFIV) (Formerly US Treasury 5 Year Note ETF)**

**F/m US Treasury 7 Year Note ETF \| (Nasdaq: USVN) (Formerly US Treasury 7 Year Note ETF)**

**F/m US Treasury 10 Year Note ETF \| (Nasdaq: UTEN) (Formerly US Treasury 10 Year Note ETF)**

**F/m US Treasury 20 Year Bond ETF \| (Nasdaq: UTWY) (Formerly US Treasury 20 Year Bond ETF)**

**F/m US Treasury 30 Year Bond ETF \| (Nasdaq: UTHY) (Formerly US Treasury 30 Year Bond ETF)**

**Each a series of The RBB Fund, Inc.** 

F/m Investments LLC

**F/m US Treasury 3 Month Bill ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **Value** |
|  **U.S. TREASURY BILLS — 100.0%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  4.24%, 09/02/2025 <sup>(a)</sup> | $21435000 | $21425012 |
|  4.12%, 11/28/2025 <sup>(a)(b)</sup> | 5958975000 | 5900720468 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $5,921,007,712) |  | 5922145480 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%**  |
|  Goldman Sachs Square |  |  |
|  Government Fund Institutional Class 4.17%<sup>(c)</sup> | 27609017 | $27609017 |
|  **TOTAL MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $27,609,017)  |  | 27609017 |
|  | **Par** |  |
|  **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.3%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.3%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.3%** |
|  MUFG Securities (Canada) Ltd. 4.41% (OBFR + 0.080%), dated 01/09/2025, matures 09/02/2025, repurchase price $100,049,000, collateral par value $102,708,000 collateralized by corporate bonds, 1.250% - 6.800%, matures 11/24/2025 - 08/15/2035 Total market value $100,392,002<sup>(d)</sup> | $100000000 | $100000000 |
|  MUFG Securities (Canada) Ltd. 4.58% (OBFR + 0.250%), dated 07/01/2025, matures 10/03/2025, repurchase price $100,445,278, collateralized by equities Total market value $100,407,120<sup>(d)</sup> | 100000000 | 100000000 |
|  MUFG Securities (Canada) Ltd. 4.53% (OBFR + 0.200%), dated 07/01/2025, matures 11/03/2025, repurchase price $252,076,250, collateral par value $259,617,000 collateralized by corporate bonds, 2.150% - 7.750%, matures 01/15/2026 - 08/15/2035 Total market value $251,006,932<sup>(d)</sup> | 250000000 | 250000000 |
|  MUFG Securities (Canada) Ltd. 4.55% (OBFR + 0.220%), dated 07/01/2025, matures 11/03/2025, repurchase price $75,625,625, collateralized by equities Total market value $75,303,337<sup>(d)</sup> | 75000000 | 75000000 |
|  MUFG Securities (Canada) Ltd. 4.68% (OBFR + 0.350%), dated 07/01/2025, matures 12/02/2025, repurchase price $151,852,500, collateralized by equities Total market value $150,624,016<sup>(d)</sup> | 150000000 | 150000000 |
|  CF Secured LLC. 4.48% (OBFR + 0.150%), dated 08/28/2025, matures 09/02/2025, repurchase price $400,199,111, collateralized by equities Total market value $400,248,942<sup>(d)</sup> | 400000000 | 400000000 |
|  Bank of America Securities 4.54% (SOFR + 0.200%), dated 01/13/2025, matures 10/03/2025, repurchase price $251,103,472, collateral par value $263,231,180 collateralized by corporate bonds 0.800% - 7.500%, matures 09/01/2025 - 05/01/2054, Total market value $250,000,000<sup>(d)</sup> | 250000000 | 250000000 |

---

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

**F/m US Treasury 3 Month Bill ETF** 

**Schedule of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **Value** |
|  J.P. Morgan Securities LLC 4.61% (OBFR + 0.280%), dated 06/03/2025, matures 11/28/2025, repurchase price $556,409,181, collateral par value $601,735,204 collateralized by collateralized loan obligations, 4.545% - 6.675%, matures 01/21/2031 - 08/19/2041 Total market value $552,253,779<sup>(d)</sup> | $550000000 | $550000000 |
|  J.P. Morgan Securities LLC 4.63% (OBFR + 0.300%), dated 02/20/2025, matures 11/28/2025, repurchase price $758,777,708, collateralized by equities Total market value $753,086,667<sup>(d)</sup> | 750000000 | 750000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $2,625,000,000) |  | $2625000000 |
|  **TOTAL INVESTMENTS — 144.8%** (Cost $8,573,616,729) |  | $8574754497 |
|  Liabilities in Excess of Other Assets — (44.8)%  |  | (2653352854) |
|  **TOTAL NET ASSETS — 100.0%** |  | $5921401643 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $2,607,806,800.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable Rate Security - The
 rate shown is the rate in effect as of August 31, 2025.

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

**F/m US Treasury 6 Month Bill ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY BILLS — 100.0%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  4.24%, 09/02/2025 <sup>(a)</sup> | $2830000 | $2828682 |
|  3.96%, 02/26/2026 <sup>(a)(b)</sup> | 820856000 | 805305830 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $807,946,118) |  | 808134512 |
|  | **UNITS** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.14%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.14%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.14%**  |
|  Goldman Sachs Square |  |  |
| &nbsp;&nbsp;&nbsp; Government Fund Institutional Class 4.17%<sup>(c)</sup>  | 9230476 | $9230476 |
|  **TOTAL MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $9,230,476)  |  | 9230476 |
|  | **Par** |  |
|  **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.9%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.9%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.9%** |
|  MUFG Securities (Canada) Ltd. 4.55% (OBFR + 0.220%) dated 07/01/2025, matures 11/03/2025, repurchase price $100,834,167, collateralized by equities Total market value $100,404,459<sup>(d)</sup> | $100000000 | $100000000 |
|  JP Morgan Securities LLC 4.61% (OBFR + 0.280%) dated 02/25/2025, matures 11/28/2025, repurchase price $151,747,958, collateral par value $160,518,000 collateralized by collateralized loan obligations, 5.385% - 6.987%, matures 07/22/2030 - 10/15/2038 Total market value $150,614,981<sup>(d)</sup> | 150000000 | 150000000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $250,000,000) |  | $250000000 |
|  **TOTAL INVESTMENTS — 132.1%** (Cost $1,067,176,594) |  | $1067364988 |
|  Liabilities in Excess of Other Assets — (32.1)%  |  | (259319151) |
|  **TOTAL NET ASSETS — 100.0%** |  | $808045837 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $254,924,800.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable Rate Security - The
 rate shown is the rate in effect as of August 31, 2025.

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

**F/m US Treasury 12 Month Bill ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY BILLS — 100.0%** | **U.S. TREASURY BILLS — 100.0%** |  |
|  4.24%, 09/02/2025 <sup>(a)</sup> | $35000 | $34983 |
|  3.88%, 08/06/2026 <sup>(a)(b)</sup> | 291870000 | 281772412 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $281,649,891) |  | 281807395 |
|  | **UnitS** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.6%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.6%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.6%**  |
|  Goldman Sachs Square |  |  |
|  Government Fund Institutional Class 4.17%<sup>(c)</sup>  | 7379066 | $7379066 |
|  **TOTAL MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $7,379,066)  |  | 7379066 |
|  | **Par** |  |
|  **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 44.4%** |
|  JP Morgan Securities LLC 4.61% (OBFR + 0.280%) dated 05/05/2025, matures 11/28/2025, repurchase price $126,456,632, collateral par value $147,465,481 collateralized by collateralized loan obligations, 5.218% - 6.473%, matures 10/22/2029 - 04/26/2038 Total market value $125,512,223<sup>(d)</sup> | $125000000 | $125000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $125,000,000) |  | $125000000 |
|  **TOTAL INVESTMENTS — 147.0%** (Cost $414,028,957) |  | $414186461 |
|  Liabilities in Excess of Other Assets — (47.0)%  |  | (132410162) |
|  **TOTAL NET ASSETS — 100.0%** |  | $281776299 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the annualized
 effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $130,241,250.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable Rate Security - The
 rate shown is the rate in effect as of August 31, 2025.

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

**F/m US Treasury 2 Year Note ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.6%** | **U.S. TREASURY SECURITIES — 99.6%** |  |
|  United States Treasury Note/Bond, 3.63%, 08/31/2027<sup>(a)</sup> | $375285000 | $375358298 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $375,358,293) |  | 375358298 |
|  | **UnitS** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.3%**  |
|  Goldman Sachs Square |  |  |
| &nbsp;&nbsp;&nbsp; Government Fund Institutional Class 4.17%<sup>(b)</sup>  | 8996468 | $8996468 |
|  **TOTAL MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,996,468)  |  | 8996468 |
|  | **Par** |  |
|  **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 38.5%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 38.5%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 38.5%** |
|  CF Secured LLC 4.37%, dated 08/26/2025, matures 09/02/2025, repurchase price $145,070,406 collateral par value $151,605,678 collateralized by mortgage backed securities and U.S. treasury bills, 0.000% - 7.000%, matures 10/02/2025 - 04/20/2072 Total market value $145,123,217 | $145000000 | $145000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $145,000,000) |  | $145000000 |
|  **TOTAL INVESTMENTS — 140.6%** (Cost $529,354,761) |  | $529354766 |
|  Other Assets in Excess of Liabilities — (40.6)%  |  | (152789768) |
|  **TOTAL NET ASSETS — 100.0%** |  | $376564998 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $151,020,551.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

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

**F/m US Treasury 3 Year Note ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 3.63%, 08/15/2028 | $9461000 | $9473565 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $9,441,413) |  | 9473565 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $9,441,413) |  | $9473565 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 14817 |
|  **TOTAL NET ASSETS — 100.0%** |  | $9488382 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.7%** | **U.S. TREASURY SECURITIES — 99.7%** |  |
|  United States Treasury Note/Bond, 3.63%, 08/31/2030 | $30160000 | $30071641 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $30,071,641) |  | 30071641 |
|  **TOTAL INVESTMENTS — 99.7%** (Cost $30,071,641) |  | $30071641 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 94404 |
|  **TOTAL NET ASSETS — 100.0%** |  | $30166045 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.6%** | **U.S. TREASURY SECURITIES — 99.6%** |  |
|  United States Treasury Note/Bond, 3.88%, 08/31/2032 | $7300000 | $7278613 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $7,278,613) |  | 7278613 |
|  **TOTAL INVESTMENTS — 99.6%** (Cost $7,278,613) |  | $7278613 |
|  Other Assets in Excess of Liabilities — 0.4%  |  | 27347 |
|  **TOTAL NET ASSETS — 100.0%** |  | $7305960 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 4.25%, 08/15/2035<sup>(a)</sup> | $221520000 | $221969963 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $220,853,401) |  | 221969963 |
|  | **UNITS** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%**  | **MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.3%**  |
|  Goldman Sachs Square |  |  |
| &nbsp;&nbsp;&nbsp; Government Fund Institutional Class 4.17%<sup>(b)</sup>  | 7365161 | $7365161 |
|  **TOTAL MONEY MARKET FUNDS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $7,365,161)  |  | 7365161 |
|  | **Par** |  |
|  **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 42.7%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 42.7%** | **REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 42.7%** |
|  CF Secured LLC 4.37%, dated 08/26/2025, matures 09/015/2025, repurchase price $95,196,043, collateral par value $113,003,916 collateralized by mortgage backed securities and U.S. treasury bills, 0.000% - 7.000%, matures 10/31/2026 - 08/20/2065 Total market value $95,080,789  | $95000000 | $95000000 |
|  **TOTAL REPURCHASE AGREEMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $95,000,000) |  | $95000000 |
|  **TOTAL INVESTMENTS — 145.8%** (Cost $323,218,562) |  | $324335124 |
|  Other Assets in Excess of Liabilities — (45.8)%  |  | (101956776) |
|  **TOTAL NET ASSETS — 100.0%** |  | $222378348 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $100,344,000.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

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

**F/m US Treasury 20 Year Bond ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.3%** | **U.S. TREASURY SECURITIES — 99.3%** |  |
|  United States Treasury Note/Bond, 4.88%, 08/15/2045 | $9450000 | $9461443 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $9,461,443) |  | 9461443 |
|  **TOTAL INVESTMENTS — 99.3%** (Cost $9,461,443) |  | $9461443 |
|  Other Assets in Excess of Liabilities — 0.7%  |  | 64710 |
|  **TOTAL NET ASSETS — 100.0%** |  | $9526153 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 99.8%** | **U.S. TREASURY SECURITIES — 99.8%** |  |
|  United States Treasury Note/Bond, 4.75%, 08/15/2055 | $21813000 | $21230184 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $21,379,824) |  | 21230184 |
|  **TOTAL INVESTMENTS — 99.8%** (Cost $21,379,824) |  | $21230184 |
|  Other Assets in Excess of Liabilities — 0.2%  |  | 45989 |
|  **TOTAL NET ASSETS — 100.0%** |  | $21276173 |

---

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** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Month <br> Bill ETF** | **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  | $5922145480 | $808134512 | $281807395 | $375358298 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements purchased with proceeds from securities lending collateral, at value  | 2625000000 | 250000000 | 125000000 | 145000000 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value  | 27609017 | 9230476 | 7379066 | 8996468 |
| &nbsp;&nbsp;&nbsp; Receivable for cash held from securities on loan  | 7960983 | 894524 | 474434 | 53532 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 7658 | 1060 | 85 | 36237 |
| &nbsp;&nbsp;&nbsp; Securities lending income receivable  | 9029 | 877 | 385 | 643 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 2909 | 13107 | 1953 | 187 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 60507642 |  |  | 376650699 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  | 3013764 |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 223 |  |  | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 8643242941 | 1068274556 | 417677082 | 906096249 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 754479 | 103719 | 35223 | 47797 |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 2660570000 | 260125000 | 132853500 | 154050000 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  | 3012060 | 375433454 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 60516819 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2721841298 | 260228719 | 135900783 | 529531251 |
| &nbsp;&nbsp;&nbsp; NET ASSETS  | $5921401643 | $808045837 | $281776299 | $376564998 |
|  **NET ASSETS CONSISTs OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $118400 | $16100 | $5610 | $7749 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 5912140840 | 807483875 | 282063182 | 382524265 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/ (accumulated losses)  | 9142403 | 545862 | (292493) | (5967016) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $5921401643 | $808045837 | $281776299 | $376564998 |
|  Net assets  | $5921401643 | $808045837 | $281776299 | $376564998 |
|  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)  | 118400000 | 16100000 | 5610000 | 7750000 |
|  Net asset value per share  | $50.01 | $50.19 | $50.23 | $48.59 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Month <br> Bill ETF** | **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** |
|  **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $5921007712 | $807946118 | $281649891 | $375358293 |
| &nbsp;&nbsp;&nbsp; Money market funds, at cost  | $27609017 | $9230476 | $7379066 | $8996468 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements, at cost  | $2625000000 | $250000000 | $125000000 | $145000000 |
|  **LOANED SECURITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | $2607806800 | $254924800 | $130241250 | $151020551 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (CONTINUED)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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  | $9473565 | $30071641 | $7278613 | $221969963 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements purchased with proceeds from securities lending collateral, at value  |  |  |  | 95000000 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value  |  |  |  | 7365161 |
| &nbsp;&nbsp;&nbsp; Receivable for cash held from securities on loan  |  |  |  | 34839 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 15847 | 3134 | 794 | 434921 |
| &nbsp;&nbsp;&nbsp; Securities lending income receivable  |  |  |  | 583 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 147 | 1093 | 689 | 571 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  | 28689164 | 7306965 |  |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 1483575 |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  |  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 9489559 | 60248607 | 14587061 | 324806082 |
|  **LIABILITIES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 1177 | 4881 | 925 | 27734 |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  |  |  | 102400000 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 30077681 | 7280176 |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1177 | 30082562 | 7281101 | 102427734 |
| &nbsp;&nbsp;&nbsp; NET ASSETS  | $9488382 | $30166045 | $7305960 | $222378348 |
|  **NET ASSETS CONSISTs OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001, 0.001, 0.001 and 0.001 per share)  | $190 | $610 | $150 | $5060 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 9577471 | 30397811 | 7390122 | 229625208 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/ (accumulated losses)  | (89279) | (232376) | (84312) | (7251920) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $9488382 | $30166045 | $7305960 | $222378348 |
|  Net assets  | $9488382 | $30166045 | $7305960 | $222378348 |
|  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)  | 190000 | 610000 | 150000 | 5060000 |
|  Net asset value per share  | $49.94 | $49.45 | $48.71 | $43.95 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (CONTINUED)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  **COST:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $9441413 | $30071641 | $7278613 | $220853401 |
| &nbsp;&nbsp;&nbsp; Money market funds, at cost  |  |  |  | $7365161 |
| &nbsp;&nbsp;&nbsp; Repurchase agreements, at cost |  |  |  | $95000000 |
|  **LOANED SECURITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) |  |  |  | $100344000 |

---

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

**F/m US Benchmark Series** 

**Statements of Assets and Liabilities (Concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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  | $9461443 | $21230184 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 21283 | 47869 |
| &nbsp;&nbsp;&nbsp; Securities lending income receivable  |  |  |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 786 | 759 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 9527832 |  |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  |  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 19011344 | 21278812 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 1214 | 2639 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 9483977 |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 9485191 | 2639 |
| &nbsp;&nbsp;&nbsp; NET ASSETS  | $9526153 | $21276173 |
|  **NET ASSETS CONSISTs OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 and 0.001 per share)  | $220 | $520 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 11573108 | 24252304 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(accumulated losses)  | (2047175) | (2976651) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $9526153 | $21276173 |
|  Net assets  | $9526153 | $21276173 |
|  Capital shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 220000 | 520000 |
|  Net asset value per share  | $43.30 | $40.92 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $9461443 | $21379824 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 3 Month <br> Bill ETF** | **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** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $224777480 | $30410773 | $11363251 | $15985180 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 1756828 | 209124 | 49455 | 71441 |
| &nbsp;&nbsp;&nbsp; Other income  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 226534308 | 30619897 | 11412706 | 16056621 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 7650541 | 1054651 | 413135 | 612379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 7650541 | 1054651 | 413135 | 612379 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 218883767 | 29565246 | 10999571 | 15444242 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (208519) | (235501) | (173162) | 2999930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 3255967 | 910296 | 637485 | (180590) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3047448 | 674795 | 464323 | 2819340 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (415583) | 135914 | 60017 | (3182883) |
|  Net change in unrealized appreciation (depreciation)  | (415583) | 135914 | 60017 | (3182883) |
|  Net realized and unrealized gain (loss)  | 2631865 | 810709 | 524340 | (363543) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $221515632 | $30375955 | $11523911 | $15080699 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations (CONTINUED)** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $340488 | $1590818 | $247027 | $7419243 |
| &nbsp;&nbsp;&nbsp; Securities lending income  |  | 8263 |  | 25106 |
| &nbsp;&nbsp;&nbsp; Other income  |  | 5000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 340488 | 1604081 | 247027 | 7444349 |
|  **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 13054 | 60638 | 9188 | 262474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 13054 | 60638 | 9188 | 262474 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 327434 | 1543443 | 237839 | 7181875 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (27837) | (233776) | (61616) | (4916848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 40726 | 670383 | 39971 | 281676 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12889 | 436607 | (21645) | (4635172) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 39018 | 47092 | 14903 | 2008162 |
|  Net change in unrealized appreciation (depreciation)  | 39018 | 47092 | 14903 | 2008162 |
|  Net realized and unrealized gain (loss)  | 51907 | 483699 | (6742) | (2627010) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $379341 | $2027142 | $231097 | $4554865 |

---

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

**F/m US Benchmark Series** 

**Statements of Operations (Concluded)** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **F/m<br> US Treasury <br> 20 Year <br> Bond ETF** | **F/m<br> US Treasury <br> 30 Year <br> Bond ETF** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $716288 | $822866 |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 31981 |  |
| &nbsp;&nbsp;&nbsp; Other income  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 748269 | 822866 |
|  **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 24167 | 26785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 24167 | 26785 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 724102 | 796081 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (1417551) | (1990231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | (216810) | (47569) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (1634361) | (2037800) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 215613 | 20140 |
|  Net change in unrealized appreciation (depreciation)  | 215613 | 20140 |
|  Net realized and unrealized gain (loss)  | (1418748) | (2017660) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(694646) | $(1221579) |

---

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

**F/m US Treasury 3 Month Bill ETF** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $218883767 | $161090214 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 3047448 | (824607) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (415583) | 1563232 |
|  **Net increase (decrease) in net assets from operations** | 221515632 | 161828839 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (219157772) | (155670454) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (219157772) | (155670454) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7025942323 | 12999111483 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (5211405626) | (10677346091) |
|  Net increase (decrease) in net assets from capital transactions  | 1814536697 | 2321765392 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 1816894557 | 2327923777 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $4104507086 | $1776583309 |
|  End of the year  | $5921401643 | $4104507086 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 140600000 | 260270000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (104230000) | (213730000) |
|  Total increase (decrease) in shares outstanding  | 36370000 | 46540000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $29565246 | $27508304 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 674795 | 941637 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 135914 | 32186 |
|  **Net increase (decrease) in net assets from operations**  | 30375955 | 28482127 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (29601073) | (27247652) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (29601073) | (27247652) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 921693203 | 2381621708 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (712916073) | (2095680768) |
|  Net increase (decrease) in net assets from capital transactions  | 208777130 | 285940940 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 209552012 | 287175415 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $598493825 | $311318410 |
|  End of the year  | $808045837 | $598493825 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 18380000 | 47590000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (14210000) | (41870000) |
|  Total increase (decrease) in shares outstanding  | 4170000 | 5720000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $10999571 | $10243044 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 464323 | 807722 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 60017 | 162196 |
|  **Net increase (decrease) in net assets from operations** | 11523911 | 11212962 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (11010251) | (10123493) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (11010251) | (10123493) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 631897943 | 399728007 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (587732886) | (290001787) |
|  Net increase (decrease) in net assets from capital transactions  | 44165057 | 109726220 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 44678717 | 110815689 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $237097582 | $126281893 |
|  End of the year  | $281776299 | $237097582 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 12610000 | 8010000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (11730000) | (5810000) |
|  Total increase (decrease) in shares outstanding  | 880000 | 2200000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $15444242 | $16391887 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 2819340 | 1433311 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3182883) | 2968793 |
|  **Net increase (decrease) in net assets from operations** | 15080699 | 20793991 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (15833836) | (16431423) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (15833836) | (16431423) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 87275224 | 214457600 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (162431255) | (71688277) |
|  Net increase (decrease) in net assets from capital transactions  | (75156031) | 142769323 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | (75909168) | 147131891 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $452474166 | $305342275 |
|  End of the year  | $376564998 | $452474166 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1800000 | 4470000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3370000) | (1490000) |
|  Total increase (decrease) in shares outstanding  | (1570000) | 2980000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $327434 | $236722 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12889 | 68314 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 39018 | (11081) |
|  **Net increase (decrease) in net assets from operations** | 379341 | 293955 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (324357) | (233355) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (324357) | (233355) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 13841609 | 37055893 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (11862756) | (31132512) |
|  Net increase (decrease) in net assets from capital transactions  | 1978853 | 5923381 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 2033837 | 5983981 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $7454545 | $1470564 |
|  End of the year  | $9488382 | $7454545 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 280000 | 750000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (240000) | (630000) |
|  Total increase (decrease) in shares outstanding  | 40000 | 120000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1543443 | $587376 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 436607 | 473103 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 47092 | (54206) |
|  **Net increase (decrease) in net assets from operations** | 2027142 | 1006273 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (1550640) | (563162) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (1550640) | (563162) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 127463867 | 56333058 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (121982766) | (36939589) |
|  Net increase (decrease) in net assets from capital transactions  | 5481101 | 19393469 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 5957603 | 19836580 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $24208442 | $4371862 |
|  End of the year  | $30166045 | $24208442 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2600000 | 1150000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2480000) | (750000) |
|  Total increase (decrease) in shares outstanding  | 120000 | 400000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $237839 | $179598 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (21645) | 171568 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 14903 | (16332) |
|  **Net increase (decrease) in net assets from operations** | 231097 | 334834 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (233511) | (169345) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (233511) | (169345) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 8328684 | 14998698 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (6412004) | (10735308) |
|  Net increase (decrease) in net assets from capital transactions  | 1916680 | 4263390 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 1914266 | 4428879 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $5391694 | $962815 |
|  End of the year  | $7305960 | $5391694 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 170000 | 310000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (130000) | (220000) |
|  Total increase (decrease) in shares outstanding  | 40000 | 90000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $7181875 | $4600011 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (4635172) | 7485606 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 2008162 | (1296293) |
|  **Net increase (decrease) in net assets from operations** | 4554865 | 10789324 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (7176267) | (4342882) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (7176267) | (4342882) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 116105828 | 325251999 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (48080804) | (230817259) |
|  Net increase (decrease) in net assets from capital transactions  | 68025024 | 94434740 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 65403622 | 100881182 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $156974726 | $56093544 |
|  End of the year  | $222378348 | $156974726 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2670000 | 7370000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1100000) | (5140000) |
|  Total increase (decrease) in shares outstanding  | 1570000 | 2230000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $724102 | $607712 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (1634361) | 2343906 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 215613 | (221457) |
|  **Net increase (decrease) in net assets from operations** | (694646) | 2730161 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (724102) | (615765) |
| &nbsp;&nbsp;&nbsp; From return of capital  | (53451) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (777553) | (615765) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 23969122 | 107378565 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (39220340) | (85117835) |
|  Net increase (decrease) in net assets from capital transactions  | (15251218) | 22260730 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | (16723417) | 24375126 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $26249570 | $1874444 |
|  End of the year  | $9526153 | $26249570 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 520000 | 2340000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (860000) | (1820000) |
|  Total increase (decrease) in shares outstanding  | (340000) | 520000 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> YEAR ENDED <br> AUGUST 31, <br> 2024** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $796081 | $584351 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (2037800) | 1612752 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 20140 | (208473) |
|  **Net increase (decrease) in net assets from operations** | (1221579) | 1988630 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (785822) | (582433) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (785822) | (582433) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7434926 | 48337298 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2106020) | (34570894) |
|  Net increase (decrease) in net assets from capital transactions  | 5328906 | 13766404 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 3321505 | 15172601 |
|  **NET ASSETS:** |  |  |
|  Beginning of the year  | $17954668 | $2782067 |
|  End of the year  | $21276173 | $17954668 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 180000 | 1070000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (50000) | (740000) |
|  Total increase (decrease) in shares outstanding  | 130000 | 330000 |

---

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

**F/m US Treasury 3 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> 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  | $50.04 | $50.06 | $49.80 | $49.75 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 2.14 | 2.61 | 2.49 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.03 | — <sup>(d)</sup> | (0.29) | (0.04) |
|  Total from investment operations  | 2.17 | 2.61 | 2.20 | 0.05 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.20) | (2.63) | (1.94) |  |
|  Total distributions  | (2.20) | (2.63) | (1.94) |  |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $50.01 | $50.04 | $50.06 | $49.80 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 4.46% | 5.37% | 4.50% | 0.10% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $5921402 | $4104507 | $1776583 | $38844 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 4.29% | 5.21% | 4.98% | 2.61% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $50.17 | $50.13 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 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  | 2.17 | 2.67 | 1.16 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.15) | (2.63) | (1.03) |
|  Total distributions  | (2.15) | (2.63) | (1.03) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $50.19 | $50.17 | $50.13 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 4.44% | 5.48% | 2.35% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $808046 | $598494 | $311318 |
|  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>  | 4.20% | 5.14% | 5.26% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 0% | 0% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 6, 2023.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $50.13 | $49.91 | $50.07 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 2.00 | 2.47 | 1.96 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.14 | 0.25 | (0.48) |
|  Total from investment operations  | 2.14 | 2.72 | 1.48 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (2.04) | (2.50) | (1.64) |
|  Total distributions  | (2.04) | (2.50) | (1.64) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $50.23 | $50.13 | $49.91 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 4.38% | 5.58% | 3.01% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $281776 | $237098 | $126282 |
|  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>  | 3.99% | 4.94% | 4.93% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 0% | 0% | 0% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was November 14, 2022.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $48.55 | $48.16 | $49.74 | $49.84 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.83 | 2.16 | 2.02 | 0.11 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.07 | 0.43 | (1.84) | (0.21) |
|  Total from investment operations  | 1.90 | 2.59 | 0.18 | (0.10) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.86) | (2.20) | (1.76) |  |
|  Total distributions  | (1.86) | (2.20) | (1.76) |  |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $48.59 | $48.55 | $48.16 | $49.74 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 4.00% | 5.54% | 0.38% | (0.20)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $376565 | $452474 | $305342 | $17907 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 3.78% | 4.49% | 4.15% | 3.54% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 1301% | 1091% | 1048% | 100% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $49.70 | $49.02 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.86 | 2.01 | 0.82 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.24 | 0.76 | (1.15) |
|  Total from investment operations  | 2.10 | 2.77 | (0.33) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.87) | (2.09) | (0.65) |
|  Total distributions  | (1.87) | (2.09) | (0.65) |
|  ETF transaction fees per share  | 0.01 |  |  |
|  Net asset value, end of period  | $49.94 | $49.70 | $49.02 |
|  **TOTAL RETURN**<sup>(d)(e)</sup>  | 4.36% | 5.82% | (0.66)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $9488 | $7455 | $1471 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.76% | 4.09% | 3.86% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 1086% | 905% | 422% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> <sup></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> <sup></sup>Not annualized for periods less than one year.

<sup>(e)</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. 

<sup>(f)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(g)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $49.40 | $48.58 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.86 | 1.98 | 0.79 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.06 | 0.86 | (1.63) |
|  Total from investment operations  | 1.92 | 2.84 | (0.84) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.87) | (2.02) | (0.58) |
|  Total distributions  | (1.87) | (2.02) | (0.58) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |
|  Net asset value, end of period  | $49.45 | $49.40 | $48.58 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 4.00% | 6.06% | (1.69)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $30166 | $24208 | $4372 |
|  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>  | 3.82% | 4.09% | 3.77% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 1037% | 1036% | 548% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $49.02 | $48.14 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.86 | 1.97 | 0.75 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (0.30) | 0.90 | (2.03) |
|  Total from investment operations  | 1.56 | 2.87 | (1.28) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.88) | (1.99) | (0.58) |
|  Total distributions  | (1.88) | (1.99) | (0.58) |
|  ETF transaction fees per share  | 0.01 |  |  |
|  Net asset value, end of period  | $48.71 | $49.02 | $48.14 |
|  **TOTAL RETURN**<sup>(d)(e)</sup>  | 3.34% | 6.15% | (2.58)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $7306 | $5392 | $963 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 3.88% | 4.11% | 3.55% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 1122% | 1064% | 497% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> <sup></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> <sup></sup>Not annualized for periods less than one year.

<sup>(e)</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. 

<sup>(f)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(g)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $44.98 | $44.52 | $48.41 | $49.91 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.79 | 1.79 | 1.55 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (1.02) | 0.42 | (3.88) | (1.59) |
|  Total from investment operations  | 0.77 | 2.21 | (2.33) | (1.50) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.80) | (1.75) | (1.56) |  |
|  Total distributions  | (1.80) | (1.75) | (1.56) |  |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |  |  |
|  Net asset value, end of period  | $43.95 | $44.98 | $44.52 | $48.41 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 1.81% | 5.15% | (4.87)% | (3.00)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
|  Net assets, end of period (in thousands)  | $222378 | $156975 | $56094 | $20334 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 4.10% | 4.08% | 3.40% | 2.77% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 402% | 317% | 289% | 97% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 8, 2022.

<sup>(b)</sup> <sup></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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> <sup></sup>Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(h)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $46.87 | $46.86 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 2.01 | 2.00 | 0.81 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (3.61) | (0.01) | (3.34) |
|  Total from investment operations  | (1.60) | 1.99 | (2.53) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.83) | (1.98) | (0.61) |
| &nbsp;&nbsp;&nbsp; Return of capital  | (0.15) |  |  |
|  Total distributions  | (1.98) | (1.98) | (0.61) |
|  ETF transaction fees per share  | 0.01 |  |  |
|  Net asset value, end of period  | $43.30 | $46.87 | $46.86 |
|  **TOTAL RETURN**<sup>(d)(e)</sup>  | (3.45)% | 4.47% | (5.10)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $9526 | $26250 | $1874 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 4.49% | 4.38% | 3.87% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 353% | 344% | 219% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> <sup></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> <sup></sup>Not annualized for periods less than one year.

<sup>(e)</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. 

<sup>(f)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(g)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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> 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  | $46.04 | $46.37 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup>  | 1.90 | 1.89 | 0.77 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (5.14) | (0.34) | (3.83) |
|  Total from investment operations  | (3.24) | 1.55 | (3.06) |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (1.89) | (1.88) | (0.57) |
|  Total distributions  | (1.89) | (1.88) | (0.57) |
|  ETF transaction fees per share  | 0.01 |  |  |
|  Net asset value, end of period  | $40.92 | $46.04 | $46.37 |
|  **TOTAL RETURN**<sup>(d)(e)</sup>  | (7.16)% | 3.59% | (6.17)% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
|  Net assets, end of period (in thousands)  | $21276 | $17955 | $2782 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.15% | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 4.46% | 4.25% | 3.72% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 390% | 286% | 180% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was March 27, 2023.

<sup>(b)</sup> <sup></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> <sup></sup>Not annualized for periods less than one year.

<sup>(e)</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. 

<sup>(f)</sup> <sup></sup>Annualized for periods less than one year.

<sup>(g)</sup> <sup></sup>Portfolio turnover rate excludes in-kind transactions.

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

**F/m US Benchmark Series** 

**Notes to Financial Statements** 

**August 31, 2025**

**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 fifty-nine active investment portfolios, including the F/m US Treasury 3 Month Bill ETF, 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 July 1, 2025, the name of each Fund was changed to add "F/m" to the beginning of the Fund name to align with the naming convention of the other series of the Company managed by the Adviser.

Prior to June 1, 2025, the investment objective of the F/m US Treasury 3 Month Bill ETF, 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 was to seek investment results that correspond (before fees and expenses) generally to the price and yield of its corresponding benchmark index: the ICE BofA US 3-Month Treasury Bill Index, the ICE BofA US 6-Month Treasury Bill Index, the ICE BofA US 12-Month Treasury Bill Index, the ICE BofA Current 2-Year US Treasury Index, the ICE BofA Current 3-Year US Treasury Index, the ICE BofA Current 5-Year US Treasury Index, the ICE BofA Current 7-Year US Treasury Index, the ICE BofA Current 10-Year US Treasury Index, the ICE BofA Current 20-Year US Treasury Index, the ICE BofA Current 30-Year US Treasury Index, repectively.

Effective June 1, 2025, the investment objective of the the F/m US Treasury 3 Month Bill ETF, 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 is to seek investment results that correspond (before fees and expenses) generally to the price and yield of its corresponding benchmark Index: the Bloomberg US Treasury 3 Month Total Return USD Unhedged Index, the Bloomberg US Treasury 6 Month Total Return USD Unhedged Index, the Bloomberg US Treasury 1 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 2 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 3 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 5 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 7 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 10 Year Total Return USD Unhedged Index, the Bloomberg US Treasury 20 Year Total Return USD Unhedged Index, and the the Bloomberg US Treasury 30 Year Total Return USD Unhedged Index, respectively.

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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 ("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

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

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 ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Bills | $— | $5922145480 | $— | $5922145480 |
|  Money Market Funds Purchased with Proceeds from Securities Lending | 27609017 |  |  | 27609017 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending |  | 2625000000 |  | 2625000000 |
|  Total Investments\* | $27609017 | $8547145480 | $— | $8574754497 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 6 MONTH BILL ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Bills | $— | $808134512 | $— | $808134512 |
|  Money Market Funds Purchased with Proceeds from Securities Lending | 9230476 |  |  | 9230476 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending |  | 250000000 |  | 250000000 |
|  Total Investments\* | $9230476 | $1058134512 | $— | $1067364988 |

---

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 12 MONTH BILL ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Bills | $— | $281807395 | $— | $281807395 |
|  Money Market Funds Purchased with Proceeds from Securities Lending | 7379066 |  |  | 7379066 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending |  | 125000000 |  | 125000000 |
|  Total Investments\* | $7379066 | $406807395 | $— | $414186461 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 2 YEAR NOTE ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $375358298 | $— | $375358298 |
|  Money Market Funds Purchased with Proceeds from Securities Lending | 8996468 |  |  | 8996468 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending |  | 145000000 |  | 145000000 |
|  Total Investments\* | $8996468 | $520358298 | $— | $529354766 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 3 YEAR NOTE ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $9473565 | $— | $9473565 |
|  Total Investments\* | $— | $9473565 | $— | $9473565 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 5 YEAR NOTE ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $30071641 | $— | $30071641 |
|  Total Investments\* | $— | $30071641 | $— | $30071641 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 7 YEAR NOTE ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $7278613 | $— | $7278613 |
|  Total Investments\* | $— | $7278613 | $— | $7278613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 10 YEAR NOTE ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $221969963 | $— | $221969963 |
|  Money Market Funds Purchased with Proceeds from Securities Lending | 7365161 |  |  | 7365161 |
|  Repurchase Agreements Purchased with Proceeds from Securities Lending |  | 95000000 |  | 95000000 |
|  Total Investments\* | $7365161 | $316969963 | $— | $324335124 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 20 YEAR BOND ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $9461443 | $— | $9461443 |
|  Total Investments\* | $— | $9461443 | $— | $9461443 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m US TREASURY 30 YEAR BOND ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  U.S. Treasury Securities | $— | $21230184 | $— | $21230184 |
|  Total Investments\* | $— | $21230184 | $— | $21230184 |

---

\* Please refer to the Schedule of Investments for further details.

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the independent directors and counsel to the independent 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.

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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 POLICIES AND PRACTICES** 

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

**CASH** - 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 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.

**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

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**3. 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 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 each 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 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.

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**4. 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 ETF | $— | $— |
|  F/m US Treasury 6 Month Bill ETF |  |  |
|  F/m US Treasury 12 Month Bill ETF |  |  |
|  F/m US Treasury 2 Year Note ETF | 5318220969 | 5315379028 |
|  F/m US Treasury 3 Year Note ETF | 104570397 | 93703834 |
|  F/m US Treasury 5 Year Note ETF | 480866179 | 407465598 |
|  F/m US Treasury 7 Year Note ETF | 73887408 | 67988746 |
|  F/m US Treasury 10 Year Note ETF | 710014359 | 709834478 |
|  F/m US Treasury 20 Year Bond ETF | 59762772 | 60022193 |
|  F/m US Treasury 30 Year Bond ETF | 70515123 | 70467154 |

---

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 ETF | $— | $— |
|  F/m US Treasury 6 Month Bill ETF |  |  |
|  F/m US Treasury 12 Month Bill ETF |  |  |
|  F/m US Treasury 2 Year Note ETF | 84197835 | 162062713 |
|  F/m US Treasury 3 Year Note ETF | 2944064 | 11834107 |
|  F/m US Treasury 5 Year Note ETF | 53767373 | 121675292 |
|  F/m US Treasury 7 Year Note ETF | 2411424 | 6388176 |
|  F/m US Treasury 10 Year Note ETF | 115432709 | 47674131 |
|  F/m US Treasury 20 Year Bond ETF | 23887062 | 38915751 |
|  F/m US Treasury 30 Year Bond ETF | 7399858 | 2053937 |

---

**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)** 

**August 31, 2025**

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 ETF | $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 ETF | $(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)** 

**August 31, 2025**

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 late-<br> year loss** |
|  F/m US Treasury 3 Month Bill ETF | $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 years ended August 31, 2024 and August 31, 2025 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **RETURN OF <br> Capital** |
|  F/m US Treasury 3 Month Bill ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | $155670454 | $— | $— |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 219157772 |  |  |
|  F/m US Treasury 6 Month Bill ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 27247652 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 29601073 |  |  |
|  F/m US Treasury 12 Month Bill ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 10123493 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 11010251 |  |  |
|  F/m US Treasury 2 Year Note ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 16431423 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 15833836 |  |  |
|  F/m US Treasury 3 Year Note ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 233355 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 324357 |  |  |
|  F/m US Treasury 5 Year Note ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 563162 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 1550640 |  |  |
|  F/m US Treasury 7 Year Note ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 169345 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 233511 |  |  |

---

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** | **RETURN OF <br> Capital** |
|  F/m US Treasury 10 Year Note ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | $4342882 | $— | $— |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 7176267 |  |  |
|  F/m US Treasury 20 Year Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 615765 |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025 | 724102 |  | 53451 |
|  F/m US Treasury 30 Year Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2024 | 582433 |  |  |
| &nbsp;&nbsp;&nbsp; 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 ETF 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 |

---

**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 ETF | $2607806800 | $2660570000 | $1756828 |
|  F/m US Treasury 6 Month Bill ETF | 254924800 | 260125000 | 209124 |
|  F/m US Treasury 12 Month Bill ETF | 130241250 | 132853500 | 49455 |

---

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **MARKET VALUE OF<br> SECURITIES <br> LOANED** | **MARKET VALUE OF <br> COLLATERAL** | **INCOME RECEIVED<br> FROM SECURITIES<br> LENDING** |
|  F/m US Treasury 2 Year Note ETF | $151020551 | $154050000 | $71441 |
|  F/m US Treasury 5 Year Note ETF |  |  | 8263 |
|  F/m US Treasury 10 Year Note ETF | 100344000 | 102400000 | 25106 |
|  F/m US Treasury 20 Year Bond ETF |  |  | 31981 |

---

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 August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** |
| <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 ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Money Market | $27609017 | $— | $— | $— | $27609017 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 500000000 | 1975000000 | 150000000 | 2625000000 |
|  **Total Borrowings** | $**27609017** | $**500000000** | $**1975000000** | $**150000000** | $**2652609017** |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $2652609017 |
|  **F/m US Treasury 6 Month Bill ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Money Market | $9230476 | $— | $— | $— | $9230476 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  |  | 250000000 |  | 250000000 |
|  **Total Borrowings** | $9230476 | $— | $250000000 | $— | $259230476 |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $259230476 |
|  **F/m US Treasury 12 Month Bill ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Money Market | $7379066 | $— | $— | $— | $7379066 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  |  | 125000000 |  | 125000000 |
|  **Total Borrowings** | $7379066 | $— | $125000000 | $— | $132379066 |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $132379066 |
|  **F/m US Treasury 2 Year Note ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Money Market | $8996468 | $— | $— | $— | $8996468 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 145000000 |  |  | 145000000 |
|  **Total Borrowings** | $8996468 | $145000000 | $— | $— | $153996468 |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $153996468 |

---

**F/m US Benchmark Series** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** | **Remaining Contractual Maturity of the Agreements <br> As of August 31, 2025** |
| <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 10 Year Note ETF** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Government Money Market | $7365161 | $— | $— | $— | $7365161 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 95000000 |  |  | 95000000 |
|  **Total Borrowings** | $7365161 | $95000000 | $— | $— | $102365161 |
|  Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $102365161 |

---

<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 ETF | $2607806800 | $— | $2607806800 | $(2607806800) | $— | $— |
|  F/m US Treasury 6 Month Bill ETF | 254924800 |  | 254924800 | (254924800) |  |  |
|  F/m US Treasury 12 Month Bill ETF | 130241250 |  | 130241250 | (130241250) |  |  |
|  F/m US Treasury 2 Year Note ETF | 151020550 |  | 151020550 | (151020551) |  |  |
|  F/m US Treasury 10 Year Note ETF | 100344000 |  | 100344000 | (100344000) |  |  |

---

<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 (continued)** 

**August 31, 2025**

**7. 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 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.

**8. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the investment committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**F/m US Benchmark Series** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

**9. 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 August 31, 2025, 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 ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.17360258 |
|  F/m US Treasury 6 Month Bill ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.17216476 |
|  F/m US Treasury 12 Month Bill ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15734968 |
|  F/m US Treasury 2 Year Note ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15000000 |
|  F/m US Treasury 3 Year Note ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15000000 |
|  F/m US Treasury 5 Year Note ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.14642623 |
|  F/m US Treasury 7 Year Note ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15627793 |
|  F/m US Treasury 10 Year Note ETF  | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15000000 |
|  F/m US Treasury 20 Year Bond ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.16500000 |
|  F/m US Treasury 30 Year Bond ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.15712833 |
|  F/m US Treasury 3 Month Bill ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.16391667 |
|  F/m US Treasury 6 Month Bill ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.15894228 |
|  F/m US Treasury 12 Month Bill ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.15028619 |
|  F/m US Treasury 2 Year Note ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.13497023 |
|  F/m US Treasury 3 Year Note ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.12770220 |
|  F/m US Treasury 5 Year Note ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.13920615 |
|  F/m US Treasury 7 Year Note ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.14672473 |
|  F/m US Treasury 10 Year Note ETF  | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.14574175 |
|  F/m US Treasury 20 Year Bond ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.16116514 |
|  F/m US Treasury 30 Year Bond ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.13725197 |

---

**F/m US Benchmark Series** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The RBB Fund, Inc. comprising the funds listed below (the "Funds") as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br> Operations** | **Statements of <br> Changes in Net Assets** | **Financial <br> Highlights** |
| F/m US Treasury 3 Month Bill ETF (formerly, US Treasury 3 Month Bill ETF) <br> F/m US Treasury 2 Year Note ETF (formerly, US Treasury 2 Year Note ETF) <br> F/m US Treasury 10 year Note ETF (formerly, US Treasury 10 Year Note ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025, 2024 and 2023 and for the period from August 8, 2022 (commencement of operations) through August 31, 2022 |
| F/m US Treasury 12 Month Bill ETF (formerly, US Treasury 12 Month Bill ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024 and for the period <br> from November 14, 2022 (commencement of operations) through August 31, 2023 |
| F/m US Treasury 6 Month Bill ETF (formerly, US Treasury 6 Month Bill ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024 and for the period <br> from March 6, 2023 (commencement of operations) through August 31, 2023 |
| F/m US Treasury 3 Year Note ETF (formerly, US Treasury 3 Year Note ETF) <br> F/m US Treasury 5 Year Note ETF (formerly, US Treasury 5 Year Note ETF) <br> F/m US Treasury 7 Year Note ETF (formerly, US Treasury 7 Year Note ETF) <br> F/m US Treasury 20 Year Bond ETF (formerly, US Treasury 20 Year Bond ETF) <br> F/m US Treasury 30 Year Bond ETF (formerly, US Treasury 30 Year Bond ETF) | For the year ended August 31, 2025 | For the years ended August 31, 2025 and 2024 | For the years ended August 31, 2025 and 2024 and for the period from March 27, 2023 (commencement of operations) through August 31, 2023 |

---

**F/m US Benchmark Series** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Concluded)**

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments LLC since 2021.

![](fp0094047-1_55.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**F/m US BENCHMARK SERIES** 

**SHAREHOLDER TAX INFORMATION** 

**(UNAUDITED)**

Certain tax information regarding the Funds is required to be provided to shareholders based upon the respective Fund's income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the Funds paid ordinary income dividends and return of capital dividends, and did not pay long-term capital gains dividends to their respective shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because each Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by a Fund, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.

**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 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 Funds' website at <u>https://www.fminvest.com/etfs</u>.

**F/m US BENCHMARK SERIES** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

**(UNAUDITED)**

As required by the 1940 Act, the Board of 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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between F/m and the Company on behalf of the F/m US Treasury 3 Month Bill ETF, F/m US Treasury 6 Month Bill ETF, F/m US Treasury 12 Month Bill ETF, F/m US Treasury 2 Year Note ETF, F/m US Treasury 3 Year Note ETF, F/m US Treasury 5 Year Note ETF, F/m US Treasury 7 Year Note ETF, F/m US Treasury 10 Year Note ETF, F/m US Treasury 20 Year Bond ETF, and F/m US Treasury 30 Year Bond ETF (each a "Fund" and collectively the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. 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 renewal and approval of the Investment Advisory Agreement between the Company and F/m with respect to the Funds, the Directors took into account all the 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 F/m and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. Among other things, the Directors considered (i) the nature, extent, and quality of F/m's services provided to the Funds; (ii) descriptions of the experience and qualifications of F/m's personnel providing those services; (iii) F/m's investment philosophies and processes; (iv) F/m's assets under management and client descriptions; (v) F/m's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m's advisory fee arrangement with the Company and other similarly managed clients; (vii) F/m's compliance policies and procedures; (viii) F/m's financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund's management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Fund to the performance of its Peer Group and its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Funds and that F/m's services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds' investment performance was provided for the three-month, one-year, and since inception periods ended December 31, 2024, as applicable. The Directors considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors considered that because each of the Funds was designed to track the performance of its respective index, the relevant consideration was the extent to which such Fund tracked its index before fees and expenses. The Board also noted that the performance of the index did not take into account the expenses incurred when purchasing or selling securities, which expenses would lower the performance of a fund seeking to replicate some or all of the holdings of the index. The Board noted that for the three-month, one-year, and since-inception periods ended December 31, 2024, as applicable, each Fund's performance was in line with its index before fees and expenses.

The Directors noted that the F/m US Treasury 3 Month Bill ETF outperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024, and matched the median of its Peer Group for the one-year period ended December 31, 2024.

**F/m US BENCHMARK SERIES** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT (CONTINUED)** 

**(UNAUDITED)**

The Directors noted that the F/m US Treasury 6 Month Bill ETF outperformed the median of its Peer Group for the one-year period ended December 31, 2024, matched 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 noted that the F/m US Treasury 12 Month Bill ETF outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 2 Year Note ETF underperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 3 Year Note ETF underperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 5 Year Note ETF outperformed the median of its Peer Group for the three-month period ended December 31, 2024, and underperformed the median of its Peer Group for the one-year and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 7 Year Note ETF underperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 10 Year Note ETF matched performance of the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the one-year period ended December 31, 2024.

The Directors noted that the F/m US Treasury 20 Year Bond ETF outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Directors noted that the F/m US Treasury 30 Year Bond ETF outperformed the median of its Peer Group for the three-month period ended December 31, 2024, and underperformed the median of its Peer Group for the one-year and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the advisory fees paid by each Fund and each Fund's total operating expense ratios was compared to similar information for its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 3 Month Bill ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 6 Month Bill ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 12 Month Bill ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 2 Year Note ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 3 Year Note ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

**F/m US BENCHMARK SERIES** 

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT (CONCLUDED)** 

**(UNAUDITED)**

The Directors noted that the net advisory fee of the F/m US Treasury 5 Year Note ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 7 Year Note ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 10 Year Note ETF equaled the median and in the 3rd quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 20 Year Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m US Treasury 30 Year Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Board also took into consideration that the advisory fee for each Fund was a "unitary fee," meaning the Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that F/m continued to be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding F/m's costs, profitability and economies of scale, and after considering F/m's services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one-year 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

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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**

**August 31, 2025**

**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: XFIX)**

**F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF \| (Nasdaq: RBIL)**

**F/m High Yield 100 ETF \| (Nasdaq: ZTOP)**

**Each a series of The RBB Fund, Inc.** 

F/m Investments LLC

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.9%** | **CORPORATE BONDS — 98.9%** | **CORPORATE BONDS — 98.9%** |
|  **Communications — 3.3%** | **Communications — 3.3%** | **Communications — 3.3%** |
|  Alphabet, Inc., 0.80%, 08/15/2027  | $58000 | $54859 |
|  AT&T, Inc., 2.30%, 06/01/2027  | 49000 | 47460 |
|  Comcast Corp., 5.35%, 11/15/2027  | 46000 | 47267 |
|  Cox Communications, Inc., 3.50%, 08/15/2027 <sup>(a)</sup>  | 48000 | 47183 |
|  Expedia Group, Inc., 4.63%, 08/01/2027  | 50000 | 50319 |
|  Meta Platforms, Inc., 3.50%, 08/15/2027  | 48000 | 47716 |
|  Rogers Communications, Inc., 3.20%, 03/15/2027  | 48000 | 47229 |
|  TELUS Corp., 3.70%, 09/15/2027  | 48000 | 47540 |
|  T-Mobile USA, Inc., 3.75%, 04/15/2027  | 47000 | 46704 |
|  Uber Technologies, Inc., 6.25%, 01/15/2028 <sup>(a)</sup>  | 48000 | 48046 |
|  VeriSign, Inc., 4.75%, 07/15/2027  | 49000 | 49001 |
|  Verizon Communications, Inc., 3.00%, 03/22/2027  | 49000 | 48158 |
|  Videotron Ltd., 5.13%, 04/15/2027 <sup>(a)</sup>  | 48000 | 48042 |
|  Walt Disney Co., 2.20%, 01/13/2028  | 56000 | 53959 |
|  |  | 683483 |
|  **Consumer Discretionary — 8.3%** | **Consumer Discretionary — 8.3%** | **Consumer Discretionary — 8.3%** |
|  Amazon.com, Inc., 4.55%, 12/01/2027  | 49000 | 49693 |
|  American Honda Finance Corp., 4.55%, 07/09/2027  | 48000 | 48347 |
|  AutoNation, Inc., 3.80%, 11/15/2027  | 49000 | 48346 |
|  AutoZone, Inc., 3.75%, 06/01/2027  | 48000 | 47655 |
|  BMW US Capital LLC, 4.65%, 03/19/2027 <sup>(a)</sup>  | 47000 | 47367 |
|  BorgWarner, Inc., 2.65%, 07/01/2027  | 50000 | 48641 |
|  Cintas Corp. No 2, 3.70%, 04/01/2027  | 48000 | 47749 |
|  Darden Restaurants, Inc., 4.35%, 10/15/2027  | 47000 | 47222 |
|  DR Horton, Inc., 1.40%, 10/15/2027  | 57000 | 53979 |
|  eBay, Inc., 5.95%, 11/22/2027  | 45000 | 46701 |
|  General Motors Financial Co., Inc., 5.00%, 07/15/2027  | 50000 | 50553 |
|  **Consumer Discretionary — 8.3% (continued)** | **Consumer Discretionary — 8.3% (continued)** | **Consumer Discretionary — 8.3% (continued)** |
|  Harley-Davidson Financial Services, Inc., 3.05%, 02/14/2027 <sup>(a)</sup>  | $49000 | 48104 |
|  Hasbro, Inc., 3.50%, 09/15/2027  | 49000 | 48201 |
|  Home Depot, Inc., 4.88%, 06/25/2027  | 46000 | 46738 |
|  Hyundai Capital America, 4.88%, 06/23/2027 <sup>(a)</sup>  | 50000 | 50427 |
|  Las Vegas Sands Corp., 5.90%, 06/01/2027  | 48000 | 48942 |
|  Lear Corp., 3.80%, 09/15/2027  | 48000 | 47540 |
|  Leggett & Platt, Inc., 3.50%, 11/15/2027  | 48000 | 46897 |
|  Leland Stanford Junior University, 1.29%, 06/01/2027  | 57000 | 54446 |
|  Lennar Corp., 4.75%, 11/29/2027  | 47000 | 47354 |
|  Lowe's Cos., Inc., 3.35%, 04/01/2027  | 49000 | 48436 |
|  Marriott International, Inc., 5.00%, 10/15/2027  | 46000 | 46731 |
|  Masco Corp., 3.50%, 11/15/2027  | 48000 | 47315 |
|  Mattel, Inc., 5.88%, 12/15/2027 <sup>(a)</sup>  | 50000 | 50133 |
|  McDonald's Corp., 3.50%, 07/01/2027  | 49000 | 48564 |
|  Meritage Homes Corp., 5.13%, 06/06/2027  | 47000 | 47277 |
|  NIKE, Inc., 2.75%, 03/27/2027  | 50000 | 49084 |
|  O'Reilly Automotive, Inc., 3.60%, 09/01/2027  | 48000 | 47550 |
|  Royal Caribbean Cruises Ltd., 5.38%, 07/15/2027 <sup>(a)</sup>  | 47000 | 47384 |
|  Snap-on, Inc., 3.25%, 03/01/2027  | 47000 | 46460 |
|  Southwest Airlines Co., 5.13%, 06/15/2027  | 47000 | 47533 |
|  Starbucks Corp., 4.85%, 02/08/2027  | 48000 | 48484 |
|  Tapestry, Inc., 4.13%, 07/15/2027  | 49000 | 48833 |
|  Toll Brothers Finance Corp., 4.88%, 03/15/2027  | 48000 | 48326 |
|  Toyota Motor Corp., 4.19%, 06/30/2027  | 49000 | 49178 |
|  |  | 1696190 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Consumer Staples — 7.9%** | **Consumer Staples — 7.9%** | **Consumer Staples — 7.9%** |
|  Alimentation Couche-Tard, Inc., 3.55%, 07/26/2027 <sup>(a)</sup>  | $48000 | $47463 |
|  BAT Capital Corp., 4.70%, 04/02/2027  | 48000 | 48255 |
|  Bunge Ltd. Finance Corp., 4.90%, 04/21/2027  | 41000 | 41367 |
|  Cargill, Inc., 3.63%, 04/22/2027 <sup>(a)</sup>  | 48000 | 47735 |
|  Church & Dwight Co., Inc., 3.15%, 08/01/2027  | 50000 | 49208 |
|  Clorox Co., 3.10%, 10/01/2027  | 51000 | 50033 |
|  Coca-Cola Co., 1.45%, 06/01/2027  | 53000 | 50921 |
|  Colgate-Palmolive Co., 3.10%, 08/15/2027  | 48000 | 47419 |
|  Conagra Brands, Inc., 1.38%, 11/01/2027  | 64000 | 60016 |
|  Constellation Brands, Inc., 4.35%, 05/09/2027  | 48000 | 48120 |
|  Costco Wholesale Corp., 1.38%, 06/20/2027  | 52000 | 49774 |
|  Dollar General Corp., 4.63%, 11/01/2027  | 47000 | 47332 |
|  Estee Lauder Cos., Inc., 3.15%, 03/15/2027  | 49000 | 48334 |
|  General Mills, Inc., 3.20%, 02/10/2027  | 48000 | 47351 |
|  Heineken NV, 3.50%, 01/29/2028 <sup>(a)</sup>  | 48000 | 47393 |
|  Hormel Foods Corp., 4.80%, 03/30/2027  | 48000 | 48513 |
|  J M Smucker Co., 3.38%, 12/15/2027  | 49000 | 48286 |
|  Kellanova, 3.40%, 11/15/2027  | 48000 | 47344 |
|  Keurig Dr Pepper, Inc., 5.10%, 03/15/2027  | 46000 | 46436 |
|  Kimberly-Clark Corp., 1.05%, 09/15/2027  | 57000 | 53905 |
|  Kraft Heinz Foods Co., 3.88%, 05/15/2027  | 48000 | 47688 |
|  Kroger Co., 3.70%, 08/01/2027  | 50000 | 49641 |
|  Mars, Inc., 4.45%, 03/01/2027 <sup>(a)</sup>  | 48000 | 48289 |
|  McCormick & Co., Inc., 3.40%, 08/15/2027  | 50000 | 49362 |
|  Mondelez International, Inc., 2.63%, 03/17/2027  | 49000 | 47898 |
|  PepsiCo, Inc., 4.40%, 02/07/2027  | 48000 | 48343 |
|  Philip Morris International, Inc., 4.38%, 11/01/2027  | 47000 | 47343 |
|  **Consumer Staples — 7.9% (continued)** | **Consumer Staples — 7.9% (continued)** | **Consumer Staples — 7.9% (continued)** |
|  Procter & Gamble Co., 3.95%, 01/26/2028  | $48000 | $48285 |
|  Smithfield Foods, Inc., 4.25%, 02/01/2027 <sup>(a)</sup>  | 51000 | 50536 |
|  Sysco Corp., 3.25%, 07/15/2027  | 48000 | 47344 |
|  The Campbell's Co., 5.20%, 03/19/2027  | 45000 | 45684 |
|  Tyson Foods, Inc., 3.55%, 06/02/2027  | 48000 | 47494 |
|  Walmart, Inc., 4.10%, 04/28/2027  | 47000 | 47219 |
|  |  | 1600331 |
|  **Energy — 8.7%** | **Energy — 8.7%** | **Energy — 8.7%** |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2027  | 49000 | 48235 |
|  Boardwalk Pipelines LP, 4.45%, 07/15/2027  | 47000 | 47093 |
|  BP Capital Markets America, Inc., 5.02%, 11/17/2027  | 48000 | 48968 |
|  Canadian Natural Resources Ltd., 3.85%, 06/01/2027  | 49000 | 48631 |
|  Cenovus Energy, Inc., 4.25%, 04/15/2027  | 48000 | 47967 |
|  Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027  | 49000 | 49524 |
|  Chevron USA, Inc., 4.41%, 02/26/2027  | 46000 | 46369 |
|  Continental Resources, Inc., 4.38%, 01/15/2028  | 49000 | 48701 |
|  Coterra Energy, Inc., 3.90%, 05/15/2027  | 47000 | 46684 |
|  DCP Midstream Operating LP, 5.63%, 07/15/2027  | 48000 | 49005 |
|  Devon Energy Corp., 5.25%, 10/15/2027  | 50000 | 50070 |
|  Diamondback Energy, Inc., 5.20%, 04/18/2027  | 47000 | 47706 |
|  Enbridge, Inc., 5.25%, 04/05/2027  | 45000 | 45723 |
|  Energy Transfer LP, 5.63%, 05/01/2027 <sup>(a)</sup>  | 47000 | 47004 |
|  Eni USA, Inc., 7.30%, 11/15/2027  | 46000 | 48926 |
|  Enterprise Products Operating LLC, 5.25% to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077  | 48000 | 47496 |
|  EQT Corp., 6.50%, 07/01/2027 <sup>(a)</sup>  | 45000 | 45981 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 8.7% (continued)** | **Energy — 8.7% (continued)** | **Energy — 8.7% (continued)** |
|  Equinor ASA, 3.00%, 04/06/2027  | $48000 | $47355 |
|  Exxon Mobil Corp., 3.29%, 03/19/2027  | 49000 | 48651 |
|  Gray Oak Pipeline LLC, 3.45%, 10/15/2027 <sup>(a)</sup>  | 49000 | 48219 |
|  Helmerich & Payne, Inc., 4.65%, 12/01/2027  | 48000 | 47920 |
|  Hess Corp., 4.30%, 04/01/2027  | 49000 | 49114 |
|  MPLX LP, 4.25%, 12/01/2027  | 49000 | 48995 |
|  NGPL PipeCo LLC, 4.88%, 08/15/2027 <sup>(a)</sup>  | 47000 | 47064 |
|  Northwest Pipeline LLC, 4.00%, 04/01/2027  | 48000 | 47844 |
|  Occidental Petroleum Corp., 5.00%, 08/01/2027  | 49000 | 49484 |
|  ONEOK, Inc., 4.25%, 09/24/2027  | 49000 | 49044 |
|  Phillips 66 Co., 4.95%, 12/01/2027  | 46000 | 46726 |
|  Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027  | 46000 | 46260 |
|  Schlumberger Holdings Corp., 5.00%, 05/29/2027 <sup>(a)</sup>  | 47000 | 47673 |
|  South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027  | 44000 | 44377 |
|  Targa Resources Corp., 5.20%, 07/01/2027  | 46000 | 46758 |
|  TC PipeLines LP, 3.90%, 05/25/2027  | 47000 | 46729 |
|  Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/2027  | 44000 | 45698 |
|  Texas Eastern Transmission LP, 3.50%, 01/15/2028 <sup>(a)</sup>  | 48000 | 47209 |
|  Valero Energy Corp., 2.15%, 09/15/2027  | 51000 | 48915 |
|  Vnom Sub, Inc., 5.38%, 11/01/2027 <sup>(a)</sup>  | 47000 | 46969 |
|  |  | 1765087 |
|  **Financials — 27.8%<sup>(b)</sup>** | **Financials — 27.8%<sup>(b)</sup>** | **Financials — 27.8%<sup>(b)</sup>** |
|  Air Lease Corp., 5.85%, 12/15/2027  | 48000 | 49695 |
|  Aircastle Ltd., 2.85%, 01/26/2028 <sup>(a)</sup>  | 56000 | 53885 |
|  Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2028  | 48000 | 47686 |
|  Ally Financial, Inc., 7.10%, 11/15/2027  | 44000 | 46404 |
|  **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** |
|  American Express Co., 5.04% to 07/26/2027 then SOFR + 0.93%, 07/26/2028  | $46000 | $46743 |
|  American National Group, Inc., 5.00%, 06/15/2027  | 48000 | 48376 |
|  American Tower Corp., 3.65%, 03/15/2027  | 50000 | 49613 |
|  Andrew W Mellon Foundation, 0.95%, 08/01/2027  | 58000 | 54835 |
|  Aon North America, Inc., 5.13%, 03/01/2027  | 46000 | 46630 |
|  Ares Capital Corp., 2.88%, 06/15/2027  | 50000 | 48725 |
|  Arthur J Gallagher & Co., 4.60%, 12/15/2027  | 49000 | 49437 |
|  Athene Global Funding, 5.35%, 07/09/2027 <sup>(a)</sup>  | 47000 | 47777 |
|  AvalonBay Communities, Inc., 3.20%, 01/15/2028  | 50000 | 49043 |
|  Aviation Capital Group LLC, 4.75%, 04/14/2027 <sup>(a)</sup>  | 48000 | 48225 |
|  Avolon Holdings Funding Ltd., 4.95%, 01/15/2028 <sup>(a)</sup>  | 48000 | 48479 |
|  AXIS Specialty Finance PLC, 4.00%, 12/06/2027  | 51000 | 50602 |
|  Bank of America Corp., 4.98% to 01/24/2028 then SOFR + 0.83%, 01/24/2029  | 47000 | 47837 |
|  Bank of Montreal, 5.00% (SOFR + 0.67%), 01/27/2029  | 47000 | 47942 |
|  Bank of New York Mellon Corp., 4.44% to 06/09/2027 then SOFR + 0.68%, 06/09/2028  | 50000 | 50318 |
|  Bank of Nova Scotia, 4.40% to 09/08/2027 then SOFR + 1.00%, 09/08/2028  | 48000 | 48240 |
|  Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027  | 49000 | 47912 |
|  BlackRock Funding, Inc., 4.60%, 07/26/2027  | 48000 | 48602 |
|  Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/2027 <sup>(a)</sup>  | 45000 | 46542 |
|  Blackstone Private Credit Fund, 4.95%, 09/26/2027  | 47000 | 47189 |
|  Blackstone Secured Lending Fund, 5.88%, 11/15/2027  | 46000 | 47073 |
|  Blue Owl Capital Corp., 3.13%, 04/13/2027  | 48000 | 46597 |
|  Blue Owl Credit Income Corp., 7.75%, 09/16/2027  | 45000 | 47238 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** |
|  Boston Properties LP, 6.75%, 12/01/2027  | $44000 | $46298 |
|  Brighthouse Financial Global Funding, 5.55%, 04/09/2027 <sup>(a)</sup>  | 46000 | 46734 |
|  Brixmor Operating Partnership LP, 3.90%, 03/15/2027  | 47000 | 46726 |
|  Brookfield Finance, Inc., 3.90%, 01/25/2028  | 48000 | 47660 |
|  Canadian Imperial Bank of Commerce, 5.24%, 06/28/2027  | 48000 | 48948 |
|  Cantor Fitzgerald LP, 4.50%, 04/14/2027 <sup>(a)</sup>  | 47000 | 46639 |
|  Capital One Financial Corp., 4.93% to 05/10/2027 then SOFR + 2.06%, 05/10/2028  | 48000 | 48484 |
|  Charles Schwab Corp., 2.45%, 03/03/2027  | 49000 | 47893 |
|  CNA Financial Corp., 3.45%, 08/15/2027  | 50000 | 49329 |
|  CNO Global Funding, 4.88%, 12/10/2027 <sup>(a)</sup>  | 47000 | 47637 |
|  Commonwealth Bank of Australia, 2.55%, 03/14/2027 <sup>(a)</sup>  | 49000 | 47982 |
|  Corebridge Global Funding, 4.90%, 01/07/2028 <sup>(a)</sup>  | 47000 | 47840 |
|  Crown Castle, Inc., 5.00%, 01/11/2028  | 48000 | 48652 |
|  Digital Realty Trust LP, 5.55%, 01/15/2028  | 45000 | 46350 |
|  Empower Finance 2020 LP, 1.36%, 09/17/2027 <sup>(a)</sup>  | 58000 | 54695 |
|  EPR Properties, 4.50%, 06/01/2027  | 49000 | 48846 |
|  Equinix, Inc., 1.80%, 07/15/2027  | 54000 | 51733 |
|  Equitable Financial Life Global Funding, 4.60%, 04/01/2027 <sup>(a)</sup>  | 48000 | 48278 |
|  ERP Operating LP, 3.25%, 08/01/2027  | 51000 | 50248 |
|  Essex Portfolio LP, 3.63%, 05/01/2027  | 48000 | 47574 |
|  Extra Space Storage LP, 3.88%, 12/15/2027  | 49000 | 48566 |
|  F&G Global Funding, 5.88%, 06/10/2027 <sup>(a)</sup>  | 45000 | 46168 |
|  Federal Realty OP LP, 3.25%, 07/15/2027  | 48000 | 47166 |
|  Fifth Third Bancorp, 6.36% to 10/27/2027 then SOFR + 2.19%, 10/27/2028  | 45000 | 46998 |
|  **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** |
|  Fiserv, Inc., 5.15%, 03/15/2027  | $46000 | $46582 |
|  FS KKR Capital Corp., 3.25%, 07/15/2027  | 49000 | 47181 |
|  GATX Corp., 5.40%, 03/15/2027  | 47000 | 47670 |
|  Global Payments, Inc., 4.95%, 08/15/2027  | 49000 | 49536 |
|  Goldman Sachs BDC, Inc., 6.38%, 03/11/2027  | 45000 | 46030 |
|  Goldman Sachs Group, Inc., 4.94% (SOFR + 1.32%), 04/23/2028  | 47000 | 47493 |
|  Golub Capital BDC, Inc., 2.05%, 02/15/2027  | 49000 | 47063 |
|  Guardian Life Global Funding, 5.55%, 10/28/2027 <sup>(a)</sup>  | 45000 | 46373 |
|  HAT Holdings I LLC / HAT Holdings II LLC, 8.00%, 06/15/2027 <sup>(a)</sup>  | 45000 | 46676 |
|  Healthcare Realty Holdings LP, 3.75%, 07/01/2027  | 49000 | 48565 |
|  Healthpeak OP LLC, 1.35%, 02/01/2027  | 51000 | 49042 |
|  Highwoods Realty LP, 3.88%, 03/01/2027  | 48000 | 47426 |
|  HPS Corporate Lending Fund, 5.30%, 06/05/2027 <sup>(a)</sup>  | 47000 | 47244 |
|  Intercontinental Exchange, Inc., 4.00%, 09/15/2027  | 47000 | 46929 |
|  Jefferies Financial Group, Inc., 6.45%, 06/08/2027  | 45000 | 46499 |
|  JPMorgan Chase & Co., 4.92% (SOFR + 0.80%), 01/24/2029  | 47000 | 47837 |
|  Kimco Realty OP LLC, 3.80%, 04/01/2027  | 49000 | 48692 |
|  Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 02/01/2027 <sup>(a)</sup>  | 51000 | 50164 |
|  LPL Holdings, Inc., 5.70%, 05/20/2027  | 47000 | 47903 |
|  Macquarie Bank Ltd., 5.27%, 07/02/2027 <sup>(a)</sup>  | 48000 | 49125 |
|  Main Street Capital Corp., 6.50%, 06/04/2027  | 48000 | 49058 |
|  Manulife Financial Corp., 2.48%, 05/19/2027  | 50000 | 48652 |
|  Markel Group, Inc., 3.50%, 11/01/2027  | 49000 | 48248 |
|  Marsh & McLennan Cos., Inc., 4.55%, 11/08/2027  | 47000 | 47546 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** |
|  Mastercard, Inc., 4.10%, 01/15/2028  | $48000 | $48291 |
|  Mercury General Corp., 4.40%, 03/15/2027  | 47000 | 46685 |
|  Mid-America Apartments LP, 3.60%, 06/01/2027  | 48000 | 47655 |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027  | 48000 | 47851 |
|  Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027 <sup>(a)</sup>  | 48000 | 48814 |
|  Neuberger Berman Group LLC / Neuberger Berman Finance Corp., 4.50%, 03/15/2027 <sup>(a)</sup>  | 47000 | 47106 |
|  New Mountain Finance Corp., 6.20%, 10/15/2027  | 46000 | 46796 |
|  New York Life Global Funding, 4.40%, 12/13/2027 <sup>(a)</sup>  | 50000 | 50379 |
|  NNN REIT, Inc., 3.50%, 10/15/2027  | 49000 | 48342 |
|  Northern Trust Corp., 4.00%, 05/10/2027  | 49000 | 49020 |
|  Northwestern Mutual Global Funding, 4.11%, 09/12/2027 <sup>(a)</sup>  | 48000 | 48090 |
|  Omega Healthcare Investors, Inc., 4.75%, 01/15/2028  | 49000 | 49396 |
|  ORIX Corp., 5.00%, 09/13/2027  | 46000 | 46734 |
|  Pacific Life Global Funding II, 1.45%, 01/20/2028 <sup>(a)</sup>  | 64000 | 60274 |
|  PayPal Holdings, Inc., 3.90%, 06/01/2027  | 48000 | 47949 |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 5.88%, 11/15/2027 <sup>(a)</sup>  | 45000 | 46455 |
|  Principal Life Global Funding II, 4.80%, 01/09/2028 <sup>(a)</sup>  | 48000 | 48686 |
|  Progressive Corp., 2.50%, 03/15/2027  | 48000 | 46892 |
|  Prologis LP, 3.38%, 12/15/2027  | 50000 | 49326 |
|  Public Storage Operating Co., 3.09%, 09/15/2027  | 47000 | 46166 |
|  Radian Group, Inc., 4.88%, 03/15/2027  | 48000 | 48076 |
|  Realty Income Corp., 3.95%, 08/15/2027  | 47000 | 46905 |
|  Regency Centers LP, 3.60%, 02/01/2027  | 50000 | 49597 |
|  RenaissanceRe Finance, Inc., 3.45%, 07/01/2027  | 49000 | 48295 |
|  **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** | **Financials — 27.8%<sup>(b)</sup>** **(continued)** |
|  Royal Bank of Canada, 4.72% to 03/27/2027 then SOFR + 0.81%, 03/27/2028  | $47000 | $47391 |
|  Sammons Financial Group Global Funding, 5.05%, 01/10/2028 <sup>(a)</sup>  | 47000 | 47806 |
|  Santander Holdings USA, Inc., 4.40%, 07/13/2027  | 49000 | 49115 |
|  Scentre Group Trust 1 / Scentre Group Trust 2, 3.75%, 03/23/2027 <sup>(a)</sup>  | 48000 | 47618 |
|  Simon Property Group LP, 3.38%, 12/01/2027  | 48000 | 47397 |
|  State Street Corp., 4.54% (SOFR + 0.95%), 04/24/2028  | 49000 | 49371 |
|  Tanger Properties LP, 3.88%, 07/15/2027  | 48000 | 47473 |
|  Toronto-Dominion Bank, 4.98%, 04/05/2027  | 48000 | 48622 |
|  UDR, Inc., 3.50%, 01/15/2028  | 48000 | 47305 |
|  Ventas Realty LP, 3.85%, 04/01/2027  | 49000 | 48733 |
|  VICI Properties LP / VICI Note Co., Inc., 5.75%, 02/01/2027 <sup>(a)</sup>  | 50000 | 50640 |
|  Visa, Inc., 0.75%, 08/15/2027  | 61000 | 57607 |
|  Voya Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR US + 2.08%, 01/23/2048 <sup>(c)</sup>  | 56000 | 54343 |
|  Wells Fargo & Co., 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028  | 45000 | 46025 |
|  Welltower OP LLC, 2.70%, 02/15/2027  | 49000 | 48064 |
|  Westpac Banking Corp., 5.46%, 11/18/2027  | 45000 | 46447 |
|  Weyerhaeuser Co., 6.95%, 10/01/2027  | 44000 | 46377 |
|  Willis North America, Inc., 4.65%, 06/15/2027  | 48000 | 48312 |
|  |  | 5659049 |
|  **Health Care — 9.4%** | **Health Care — 9.4%** | **Health Care — 9.4%** |
|  Abbott Laboratories, 1.15%, 01/30/2028  | 64000 | 60184 |
|  AbbVie, Inc., 4.80%, 03/15/2027  | 46000 | 46476 |
|  Agilent Technologies, Inc., 4.20%, 09/09/2027  | 47000 | 47019 |
|  Amgen, Inc., 2.20%, 02/21/2027  | 50000 | 48671 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Health Care — 9.4% (continued)** | **Health Care — 9.4% (continued)** | **Health Care — 9.4% (continued)** |
|  Astrazeneca Finance LLC, 4.80%, 02/26/2027  | $46000 | $46547 |
|  Baxter International, Inc., 1.92%, 02/01/2027  | 51000 | 49328 |
|  Becton Dickinson & Co., 3.70%, 06/06/2027  | 49000 | 48657 |
|  Bio-Rad Laboratories, Inc., 3.30%, 03/15/2027  | 49000 | 48257 |
|  Bristol-Myers Squibb Co., 4.90%, 02/22/2027  | 47000 | 47584 |
|  Cardinal Health, Inc., 3.41%, 06/15/2027  | 49000 | 48384 |
|  Cencora, Inc., 4.63%, 12/15/2027  | 49000 | 49472 |
|  Centene Corp., 4.25%, 12/15/2027  | 48000 | 46875 |
|  Cigna Group, 3.05%, 10/15/2027  | 49000 | 47968 |
|  CommonSpirit Health, 6.07%, 11/01/2027  | 45000 | 46563 |
|  CSL Finance PLC, 3.85%, 04/27/2027 <sup>(a)</sup>  | 48000 | 47834 |
|  CVS Health Corp., 1.30%, 08/21/2027  | 61000 | 57598 |
|  Elevance Health, Inc., 3.65%, 12/01/2027  | 51000 | 50567 |
|  Eli Lilly & Co., 4.15%, 08/14/2027  | 49000 | 49284 |
|  Gilead Sciences, Inc., 1.20%, 10/01/2027  | 62000 | 58615 |
|  GlaxoSmithKline Capital PLC, 4.32%, 03/12/2027  | 50000 | 50316 |
|  HCA, Inc., 3.13%, 03/15/2027  | 48000 | 47223 |
|  Humana, Inc., 1.35%, 02/03/2027  | 51000 | 48984 |
|  Illumina, Inc., 5.75%, 12/13/2027  | 46000 | 47326 |
|  Johnson & Johnson, 4.50%, 03/01/2027  | 46000 | 46450 |
|  Kaiser Foundation Hospitals, 3.15%, 05/01/2027  | 49000 | 48371 |
|  Laboratory Corp. of America Holdings, 3.60%, 09/01/2027  | 48000 | 47586 |
|  Merck & Co., Inc., 1.70%, 06/10/2027  | 53000 | 51062 |
|  Novartis Capital Corp., 2.00%, 02/14/2027  | 49000 | 47759 |
|  Quest Diagnostics, Inc., 4.60%, 12/15/2027  | 48000 | 48523 |
|  Royalty Pharma PLC, 1.75%, 09/02/2027  | 54000 | 51370 |
|  Smith & Nephew PLC, 5.15%, 03/20/2027  | 47000 | 47655 |
|  **Health Care — 9.4% (continued)** | **Health Care — 9.4% (continued)** | **Health Care — 9.4% (continued)** |
|  Solventum Corp., 5.45%, 02/25/2027  | $45000 | $45863 |
|  SSM Health Care Corp., 3.82%, 06/01/2027  | 48000 | 47754 |
|  Stryker Corp., 4.55%, 02/10/2027  | 48000 | 48392 |
|  Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027  | 46000 | 46773 |
|  UnitedHealth Group, Inc., 4.60%, 04/15/2027  | 47000 | 47380 |
|  Viatris, Inc., 2.30%, 06/22/2027  | 52000 | 49902 |
|  Zimmer Biomet Holdings, Inc., 4.70%, 02/19/2027  | 47000 | 47334 |
|  Zoetis, Inc., 3.00%, 09/12/2027  | 49000 | 48019 |
|  |  | 1909925 |
|  **Industrials — 9.7%** | **Industrials — 9.7%** | **Industrials — 9.7%** |
|  3M Co., 2.88%, 10/15/2027  | 49000 | 47864 |
|  AGCO Corp., 5.45%, 03/21/2027  | 46000 | 46594 |
|  Allegion US Holding Co., Inc., 3.55%, 10/01/2027  | 49000 | 48235 |
|  Amphenol Corp., 5.05%, 04/05/2027  | 46000 | 46697 |
|  Boeing Co., 6.26%, 05/01/2027  | 45000 | 46306 |
|  Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027  | 50000 | 49411 |
|  Carrier Global Corp., 2.49%, 02/15/2027  | 48000 | 46964 |
|  Caterpillar Financial Services Corp., 4.60%, 11/15/2027  | 46000 | 46651 |
|  CNH Industrial Capital LLC, 4.50%, 10/08/2027  | 48000 | 48268 |
|  CNH Industrial NV, 3.85%, 11/15/2027  | 48000 | 47777 |
|  CSX Corp., 3.25%, 06/01/2027  | 49000 | 48338 |
|  Eaton Corp., 3.10%, 09/15/2027  | 49000 | 48185 |
|  Element Fleet Management Corp., 5.64%, 03/13/2027 <sup>(a)</sup>  | 45000 | 45852 |
|  Emerson Electric Co., 1.80%, 10/15/2027  | 52000 | 49807 |
|  General Dynamics Corp., 3.50%, 04/01/2027  | 48000 | 47750 |
|  Hexcel Corp., 4.20%, 02/15/2027 <sup>(d)</sup>  | 48000 | 47685 |
|  Honeywell International, Inc., 4.65%, 07/30/2027  | 48000 | 48583 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Industrials — 9.7% (continued)** | **Industrials — 9.7% (continued)** | **Industrials — 9.7% (continued)** |
|  Howmet Aerospace, Inc., 5.90%, 02/01/2027  | $48000 | $49017 |
|  Hubbell, Inc., 3.15%, 08/15/2027  | 48000 | 47042 |
|  Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027  | 49000 | 48115 |
|  Ingersoll Rand, Inc., 5.20%, 06/15/2027  | 46000 | 46784 |
|  John Deere Capital Corp., 4.65%, 01/07/2028  | 47000 | 47782 |
|  Keysight Technologies, Inc., 4.60%, 04/06/2027  | 47000 | 47215 |
|  Lennox International, Inc., 1.70%, 08/01/2027  | 54000 | 51505 |
|  Lockheed Martin Corp., 5.10%, 11/15/2027  | 45000 | 46093 |
|  Norfolk Southern Corp., 3.15%, 06/01/2027  | 49000 | 48283 |
|  Northrop Grumman Corp., 3.25%, 01/15/2028  | 48000 | 47133 |
|  Otis Worldwide Corp., 2.29%, 04/05/2027  | 49000 | 47703 |
|  PACCAR Financial Corp., 4.25%, 06/23/2027  | 50000 | 50306 |
|  Parker-Hannifin Corp., 4.25%, 09/15/2027  | 48000 | 48169 |
|  Quanta Services, Inc., 4.75%, 08/09/2027  | 47000 | 47509 |
|  Republic Services, Inc., 3.38%, 11/15/2027  | 49000 | 48439 |
|  RTX Corp., 3.50%, 03/15/2027  | 48000 | 47575 |
|  Ryder System, Inc., 5.30%, 03/15/2027  | 47000 | 47668 |
|  Textron, Inc., 3.65%, 03/15/2027  | 48000 | 47495 |
|  Transurban Finance Co. Pty Ltd., 3.38%, 03/22/2027 <sup>(a)</sup>  | 48000 | 47445 |
|  Tyco Electronics Group SA, 3.13%, 08/15/2027  | 49000 | 48123 |
|  Union Pacific Corp., 2.15%, 02/05/2027  | 51000 | 49710 |
|  United Parcel Service, Inc., 3.05%, 11/15/2027  | 49000 | 48166 |
|  Waste Management, Inc., 4.95%, 07/03/2027  | 47000 | 47833 |
|  Xylem, Inc., 1.95%, 01/30/2028  | 60000 | 57313 |
|  |  | 1973390 |
|  **Materials — 6.7%** | **Materials — 6.7%** | **Materials — 6.7%** |
|  Air Products and Chemicals, Inc., 1.85%, 05/15/2027  | 50000 | 48307 |
|  **Materials — 6.7% (continued)** | **Materials — 6.7% (continued)** | **Materials — 6.7% (continued)** |
|  Albemarle Corp., 4.65%, 06/01/2027  | $48000 | $48007 |
|  Amrize Finance US LLC, 4.60%, 04/07/2027 <sup>(a)</sup>  | 47000 | 47240 |
|  ArcelorMittal SA, 6.55%, 11/29/2027  | 45000 | 46947 |
|  Bayport Polymers LLC, 4.74%, 04/14/2027 <sup>(a)</sup>  | 48000 | 48037 |
|  Carlisle Cos., Inc., 3.75%, 12/01/2027  | 49000 | 48543 |
|  Ecolab, Inc., 5.25%, 01/15/2028  | 45000 | 46344 |
|  Freeport-McMoRan, Inc., 5.00%, 09/01/2027  | 48000 | 47976 |
|  Georgia-Pacific LLC, 2.10%, 04/30/2027 <sup>(a)</sup>  | 50000 | 48500 |
|  Glencore Funding LLC, 5.34%, 04/04/2027 <sup>(a)</sup>  | 46000 | 46702 |
|  International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 <sup>(a)</sup>  | 60000 | 56895 |
|  Kinross Gold Corp., 4.50%, 07/15/2027  | 49000 | 49086 |
|  LYB International Finance II BV, 3.50%, 03/02/2027  | 47000 | 46411 |
|  Martin Marietta Materials, Inc., 3.50%, 12/15/2027  | 49000 | 48326 |
|  Mosaic Co., 4.05%, 11/15/2027  | 48000 | 47754 |
|  Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027 <sup>(a)</sup>  | 46647 | 46364 |
|  Nucor Corp., 4.30%, 05/23/2027  | 49000 | 49124 |
|  Nutrien Ltd., 4.50%, 03/12/2027  | 48000 | 48223 |
|  Owens Corning, 5.50%, 06/15/2027  | 46000 | 47017 |
|  Packaging Corp. of America, 3.40%, 12/15/2027  | 50000 | 49095 |
|  Rio Tinto Finance USA PLC, 4.38%, 03/12/2027  | 47000 | 47277 |
|  RPM International, Inc., 3.75%, 03/15/2027  | 47000 | 46613 |
|  Sherwin-Williams Co., 3.45%, 06/01/2027  | 48000 | 47435 |
|  Sonoco Products Co., 2.25%, 02/01/2027  | 49000 | 47586 |
|  Steel Dynamics, Inc., 1.65%, 10/15/2027  | 61000 | 57776 |
|  UPM-Kymmene Oyj, 7.45%, 11/26/2027 <sup>(a)</sup>  | 46000 | 48693 |
|  Vulcan Materials Co., 3.90%, 04/01/2027  | 48000 | 47843 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Materials — 6.7% (continued)** | **Materials — 6.7% (continued)** | **Materials — 6.7% (continued)** |
|  WRKCo, Inc., 3.38%, 09/15/2027  | $49000 | $48339 |
|  |  | 1356460 |
|  **Technology — 8.1%** | **Technology — 8.1%** | **Technology — 8.1%** |
|  Accenture Capital, Inc., 3.90%, 10/04/2027  | 47000 | 47020 |
|  Adobe, Inc., 4.75%, 01/17/2028  | 47000 | 47931 |
|  Analog Devices, Inc., 3.45%, 06/15/2027  | 51000 | 50599 |
|  Apple, Inc., 3.00%, 11/13/2027  | 49000 | 48310 |
|  Applied Materials, Inc., 3.30%, 04/01/2027  | 50000 | 49557 |
|  Arrow Electronics, Inc., 3.88%, 01/12/2028  | 48000 | 47376 |
|  Autodesk, Inc., 3.50%, 06/15/2027  | 49000 | 48448 |
|  Broadcom, Inc., 5.05%, 07/12/2027  | 47000 | 47732 |
|  Cadence Design Systems, Inc., 4.20%, 09/10/2027  | 47000 | 47197 |
|  Cisco Systems, Inc., 4.80%, 02/26/2027  | 46000 | 46576 |
|  Dell International LLC / EMC Corp., 6.10%, 07/15/2027  | 45000 | 46486 |
|  Equifax, Inc., 5.10%, 12/15/2027  | 48000 | 48908 |
|  FactSet Research Systems, Inc., 2.90%, 03/01/2027  | 50000 | 49056 |
|  Flex Ltd., 6.00%, 01/15/2028  | 45000 | 46598 |
|  Hewlett Packard Enterprise Co., 4.40%, 09/25/2027  | 47000 | 47223 |
|  HP, Inc., 4.75%, 01/15/2028  | 48000 | 48627 |
|  Intel Corp., 3.75%, 08/05/2027  | 49000 | 48484 |
|  Intuit, Inc., 1.35%, 07/15/2027  | 53000 | 50582 |
|  Jabil, Inc., 4.25%, 05/15/2027  | 48000 | 48006 |
|  Microsoft Corp., 3.40%, 06/15/2027  | 47000 | 46819 |
|  Moody's Corp., 3.25%, 01/15/2028  | 48000 | 47239 |
|  NetApp, Inc., 2.38%, 06/22/2027  | 50000 | 48382 |
|  Nokia Oyj, 4.38%, 06/12/2027  | 47000 | 46698 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 4.40%, 06/01/2027  | 50000 | 50144 |
|  Open Text Corp., 6.90%, 12/01/2027 <sup>(a)</sup>  | 47000 | 48777 |
|  Oracle Corp., 2.80%, 04/01/2027  | 50000 | 48953 |
|  **Technology — 8.1% (continued)** | **Technology — 8.1% (continued)** | **Technology — 8.1% (continued)** |
|  QUALCOMM, Inc., 3.25%, 05/20/2027  | $49000 | $48508 |
|  Roper Technologies, Inc., 1.40%, 09/15/2027  | 57000 | 54015 |
|  S&P Global, Inc., 2.45%, 03/01/2027  | 49000 | 47855 |
|  Synopsys, Inc., 4.55%, 04/01/2027  | 48000 | 48284 |
|  Take-Two Interactive Software, Inc., 3.70%, 04/14/2027  | 47000 | 46657 |
|  Texas Instruments, Inc., 4.60%, 02/08/2027  | 48000 | 48468 |
|  VMware LLC, 4.65%, 05/15/2027  | 47000 | 47300 |
|  Workday, Inc., 3.50%, 04/01/2027  | 48000 | 47541 |
|  |  | 1640356 |
|  **Utilities — 9.0%** | **Utilities — 9.0%** | **Utilities — 9.0%** |
|  Alliant Energy Finance LLC, 5.40%, 06/06/2027 <sup>(a)</sup>  | 49000 | 49591 |
|  Ameren Corp., 1.95%, 03/15/2027  | 52000 | 50254 |
|  American Electric Power Co., Inc., 5.75%, 11/01/2027  | 45000 | 46409 |
|  American Water Capital Corp., 2.95%, 09/01/2027  | 49000 | 48009 |
|  APA Infrastructure Ltd., 4.25%, 07/15/2027 <sup>(a)</sup>  | 49000 | 48963 |
|  Arizona Public Service Co., 2.95%, 09/15/2027  | 48000 | 46809 |
|  Atmos Energy Corp., 3.00%, 06/15/2027  | 49000 | 48241 |
|  Brooklyn Union Gas Co., 4.63%, 08/05/2027 <sup>(a)</sup>  | 49000 | 49308 |
|  CenterPoint Energy Houston Electric LLC, 3.00%, 02/01/2027  | 50000 | 49223 |
|  CMS Energy Corp., 3.45%, 08/15/2027  | 48000 | 47352 |
|  Consolidated Edison Co. of New York, Inc., 3.13%, 11/15/2027  | 49000 | 48101 |
|  DTE Electric Co., 4.25%, 05/14/2027  | 47000 | 47188 |
|  Duke Energy Progress LLC, 4.35%, 03/06/2027  | 49000 | 49306 |
|  Duquesne Light Holdings, Inc., 3.62%, 08/01/2027 <sup>(a)</sup>  | 50000 | 49030 |
|  Entergy Louisiana LLC, 3.12%, 09/01/2027  | 49000 | 48150 |
|  Essential Utilities, Inc., 4.80%, 08/15/2027  | 49000 | 49521 |

---

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

**F/m 2-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Utilities — 9.0% (continued)** | **Utilities — 9.0% (continued)** | **Utilities — 9.0% (continued)** |
|  Evergy Missouri West, Inc., 5.15%, 12/15/2027 <sup>(a)</sup>  | $46000 | $46838 |
|  Eversource Energy, 4.60%, 07/01/2027  | 48000 | 48309 |
|  Exelon Corp., 2.75%, 03/15/2027  | 51000 | 49959 |
|  FirstEnergy Corp., 3.90%, 07/15/2027 <sup>(d)</sup>  | 48000 | 47650 |
|  Georgia Power Co., 5.00%, 02/23/2027  | 46000 | 46645 |
|  ITC Holdings Corp., 4.95%, 09/22/2027 <sup>(a)</sup>  | 47000 | 47604 |
|  MidAmerican Energy Co., 3.10%, 05/01/2027  | 48000 | 47380 |
|  National Fuel Gas Co., 3.95%, 09/15/2027  | 48000 | 47495 |
|  National Rural Utilities Cooperative Finance Corp., 4.12%, 09/16/2027  | 47000 | 47106 |
|  NextEra Energy Capital Holdings, Inc., 4.63%, 07/15/2027  | 48000 | 48412 |
|  NiSource, Inc., 3.49%, 05/15/2027  | 51000 | 50463 |
|  NRG Energy, Inc., 2.45%, 12/02/2027 <sup>(a)</sup>  | 52000 | 49647 |
|  Oncor Electric Delivery Co. LLC, 4.50%, 03/20/2027 <sup>(a)</sup>  | 46000 | 46316 |
|  Pacific Gas and Electric Co., 5.45%, 06/15/2027  | 48000 | 48720 |
|  Public Service Enterprise Group, Inc., 5.85%, 11/15/2027  | 45000 | 46633 |
|  Rochester Gas and Electric Corp., 3.10%, 06/01/2027 <sup>(a)</sup>  | 49000 | 48261 |
|  Southern California Edison Co., 4.88%, 02/01/2027  | 49000 | 49412 |
|  Southern California Gas Co., 2.95%, 04/15/2027  | 49000 | 48125 |
|  **Utilities — 9.0% (continued)** | **Utilities — 9.0% (continued)** | **Utilities — 9.0% (continued)** |
|  Southwest Gas Corp., 5.80%, 12/01/2027  | $48000 | $49427 |
|  Virginia Electric and Power Co., 3.75%, 05/15/2027  | 49000 | 48755 |
|  WEC Energy Group, Inc., 4.75%, 01/15/2028  | 48000 | 48736 |
|  Xcel Energy, Inc., 1.75%, 03/15/2027  | 49000 | 47233 |
|  |  | 1834581 |
|  **TOTAL CORPORATE BONDS** (Cost $20,030,181)  |  | 20118852 |
|  **TOTAL INVESTMENTS — 98.9%** (Cost $20,030,181)  |  | 20118852 |
|  Other Assets in Excess of Liabilities — 1.1%  |  | 233675 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $20352527 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

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 August 31, 2025, the value of these securities total $3,292,449 or 16.2% 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> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(d)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.7%** | **CORPORATE BONDS — 98.7%** | **CORPORATE BONDS — 98.7%** |
|  **Communications — 3.4%** | **Communications — 3.4%** | **Communications — 3.4%** |
|  AT&T, Inc., 1.65%, 02/01/2028  | $90000 | $84925 |
|  Booking Holdings, Inc., 3.55%, 03/15/2028  | 82000 | 81078 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 2.25%, 01/15/2029  | 93000 | 86526 |
|  Comcast Corp., 4.55%, 01/15/2029  | 81000 | 82157 |
|  Cox Communications, Inc., 5.45%, 09/15/2028 <sup>(a)</sup>  | 81000 | 83612 |
|  Expedia Group, Inc., 3.80%, 02/15/2028  | 83000 | 82200 |
|  Fox Corp., 4.71%, 01/25/2029  | 83000 | 83947 |
|  Interpublic Group of Cos., Inc., 4.65%, 10/01/2028  | 82000 | 82631 |
|  Meta Platforms, Inc., 4.60%, 05/15/2028  | 81000 | 82582 |
|  Netflix, Inc., 5.88%, 11/15/2028  | 79000 | 83436 |
|  Paramount Global, 3.70%, 06/01/2028  | 84000 | 82192 |
|  Sprint Capital Corp., 6.88%, 11/15/2028  | 92000 | 98971 |
|  T-Mobile USA, Inc., 4.85%, 01/15/2029  | 81000 | 82634 |
|  Verizon Communications, Inc., 2.10%, 03/22/2028  | 87000 | 82836 |
|  Vodafone Group PLC, 4.38%, 05/30/2028  | 83000 | 84524 |
|  |  | 1264251 |
|  **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** | **Consumer Discretionary — 7.4%** |
|  Amazon.com, Inc., 1.65%, 05/12/2028  | 85000 | 80326 |
|  Automatic Data Processing, Inc., 1.70%, 05/15/2028  | 85000 | 80444 |
|  AutoNation, Inc., 1.95%, 08/01/2028  | 87000 | 81448 |
|  AutoZone, Inc., 6.25%, 11/01/2028  | 79000 | 83902 |
|  Best Buy Co., Inc., 4.45%, 10/01/2028  | 82000 | 82585 |
|  Block Financial LLC, 2.50%, 07/15/2028  | 85000 | 80487 |
|  BMW US Capital LLC, 4.75%, 03/21/2028 <sup>(a)</sup>  | 83000 | 84318 |
|  Carnival Corp., 4.00%, 08/01/2028 <sup>(a)</sup>  | 87000 | 85446 |
|  Cintas Corp. No 2, 4.20%, 05/01/2028  | 81000 | 81468 |
|  Delta Air Lines, Inc., 4.95%, 07/10/2028  | 81000 | 81996 |
|  **Consumer Discretionary — 7.4% (continued)** | **Consumer Discretionary — 7.4% (continued)** | **Consumer Discretionary — 7.4% (continued)** |
|  ERAC USA Finance LLC, 4.60%, 05/01/2028 <sup>(a)</sup>  | $81000 | $82093 |
|  General Motors Co., 5.35%, 04/15/2028  | 80000 | 81800 |
|  Genuine Parts Co., 6.50%, 11/01/2028  | 93000 | 98927 |
|  Harley-Davidson Financial Services, Inc., 6.50%, 03/10/2028 <sup>(a)</sup>  | 79000 | 82460 |
|  Home Depot, Inc., 1.50%, 09/15/2028  | 90000 | 83890 |
|  Honda Motor Co. Ltd., 4.44%, 07/08/2028  | 83000 | 83519 |
|  Hyatt Hotels Corp., 5.05%, 03/30/2028  | 81000 | 82352 |
|  Hyundai Capital America, 4.90%, 06/23/2028 <sup>(a)</sup>  | 81000 | 82060 |
|  Las Vegas Sands Corp., 5.63%, 06/15/2028  | 82000 | 83952 |
|  LKQ Corp., 5.75%, 06/15/2028  | 81000 | 83711 |
|  Lowe's Cos., Inc., 1.70%, 09/15/2028  | 90000 | 83874 |
|  Marriott International, Inc./MD, 5.55%, 10/15/2028  | 80000 | 83129 |
|  Masco Corp., 1.50%, 02/15/2028  | 88000 | 82354 |
|  McDonald's Corp., 4.80%, 08/14/2028  | 82000 | 83836 |
|  Mohawk Industries, Inc., 5.85%, 09/18/2028  | 80000 | 83597 |
|  O'Reilly Automotive, Inc., 4.35%, 06/01/2028  | 83000 | 83343 |
|  Royal Caribbean Cruises Ltd., 5.50%, 04/01/2028 <sup>(a)</sup>  | 79000 | 80410 |
|  Stanley Black & Decker, Inc., 6.00%, 03/06/2028  | 79000 | 82271 |
|  Starbucks Corp., 4.50%, 05/15/2028  | 82000 | 82856 |
|  TJX Cos., Inc., 1.15%, 05/15/2028  | 87000 | 80919 |
|  Toll Brothers Finance Corp., 4.35%, 02/15/2028  | 82000 | 82193 |
|  Toyota Motor Credit Corp., 4.65%, 01/05/2029  | 81000 | 82491 |
|  UL Solutions, Inc., 6.50%, 10/20/2028 <sup>(a)</sup>  | 80000 | 84627 |
|  |  | 2743084 |
|  **Consumer Staples — 7.4%** |  |  |
|  7-Eleven, Inc., 1.30%, 02/10/2028 <sup>(a)</sup>  | 88000 | 82101 |
|  Altria Group, Inc., 4.88%, 02/04/2028  | 84000 | 85270 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Consumer Staples — 7.4% (continued)** | **Consumer Staples — 7.4% (continued)** | **Consumer Staples — 7.4% (continued)** |
|  Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/2029  | $81000 | $82774 |
|  BAT International Finance PLC, 4.45%, 03/16/2028  | 82000 | 82295 |
|  Cargill, Inc., 4.63%, 02/11/2028 <sup>(a)</sup>  | 81000 | 82154 |
|  Clorox Co., 3.90%, 05/15/2028  | 83000 | 82684 |
|  Coca-Cola Co., 1.50%, 03/05/2028  | 89000 | 84246 |
|  Colgate-Palmolive Co., 4.60%, 03/01/2028  | 82000 | 83564 |
|  Conagra Brands, Inc., 4.85%, 11/01/2028  | 82000 | 82884 |
|  Constellation Brands, Inc., 4.80%, 01/15/2029  | 81000 | 82185 |
|  Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 4.75%, 01/15/2029 <sup>(a)</sup>  | 85000 | 83179 |
|  Dollar General Corp., 5.20%, 07/05/2028  | 81000 | 83038 |
|  Dollar Tree, Inc., 4.20%, 05/15/2028  | 82000 | 81796 |
|  Estee Lauder Cos., Inc., 4.38%, 05/15/2028  | 84000 | 84578 |
|  General Mills, Inc., 5.50%, 10/17/2028  | 80000 | 83159 |
|  Hershey Co., 4.55%, 02/24/2028  | 81000 | 82317 |
|  Hormel Foods Corp., 1.70%, 06/03/2028  | 90000 | 84562 |
|  J M Smucker Co., 5.90%, 11/15/2028  | 80000 | 83980 |
|  Kellanova, 4.30%, 05/15/2028  | 82000 | 82515 |
|  Kenvue, Inc., 5.05%, 03/22/2028  | 82000 | 84074 |
|  Keurig Dr Pepper, Inc., 4.35%, 05/15/2028  | 81000 | 80912 |
|  Kimberly-Clark Corp., 3.95%, 11/01/2028  | 83000 | 83109 |
|  Kraft Heinz Foods Co., 4.63%, 01/30/2029  | 83000 | 83776 |
|  Kroger Co., 4.50%, 01/15/2029  | 81000 | 82001 |
|  Mars, Inc., 4.60%, 03/01/2028 <sup>(a)</sup>  | 80000 | 80997 |
|  Mondelez International, Inc., 4.25%, 05/06/2028  | 81000 | 81262 |
|  PepsiCo, Inc., 4.10%, 01/15/2029  | 83000 | 83194 |
|  **Consumer Staples — 7.4% (continued)** | **Consumer Staples — 7.4% (continued)** | **Consumer Staples — 7.4% (continued)** |
|  Philip Morris International, Inc., 4.13%, 04/28/2028  | $83000 | $83185 |
|  Procter & Gamble Co., 4.35%, 01/29/2029  | 81000 | 82190 |
|  Sysco Corp., 5.75%, 01/17/2029  | 82000 | 85940 |
|  Target Corp., 4.35%, 06/15/2028  | 81000 | 81846 |
|  The Campbell's Co., 4.15%, 03/15/2028  | 81000 | 81000 |
|  Walmart, Inc., 3.90%, 04/15/2028  | 81000 | 81269 |
|  |  | 2734036 |
|  **Energy — 6.9%** | **Energy — 6.9%** | **Energy — 6.9%** |
|  BP Capital Markets America, Inc., 4.23%, 11/06/2028  | 81000 | 81390 |
|  Cheniere Energy, Inc., 4.63%, 10/15/2028  | 82000 | 81936 |
|  Chevron USA, Inc., 4.48%, 02/26/2028  | 80000 | 81272 |
|  Columbia Pipelines Holding Co. LLC, 6.04%, 08/15/2028 <sup>(a)</sup>  | 80000 | 83689 |
|  Devon Energy Corp., 5.88%, 06/15/2028  | 82000 | 82004 |
|  Enbridge, Inc., 4.60%, 06/20/2028  | 81000 | 81865 |
|  Energy Transfer LP, 6.10%, 12/01/2028  | 80000 | 84144 |
|  Enterprise Products Operating LLC, 4.30%, 06/20/2028  | 83000 | 83635 |
|  EOG Resources, Inc., 4.40%, 07/15/2028  | 81000 | 81784 |
|  EQT Corp., 4.50%, 01/15/2029 <sup>(a)</sup>  | 83000 | 82761 |
|  Equinor ASA, 4.25%, 06/02/2028  | 81000 | 81665 |
|  HF Sinclair Corp., 5.00%, 02/01/2028  | 85000 | 85061 |
|  Kinder Morgan, Inc., 4.30%, 03/01/2028  | 82000 | 82312 |
|  Marathon Petroleum Corp., 3.80%, 04/01/2028  | 83000 | 82185 |
|  MPLX LP, 4.00%, 03/15/2028  | 83000 | 82562 |
|  Occidental Petroleum Corp., 6.38%, 09/01/2028  | 80000 | 83477 |
|  ONEOK, Inc., 5.65%, 11/01/2028  | 80000 | 83101 |
|  Ovintiv, Inc., 5.65%, 05/15/2028  | 81000 | 83368 |
|  Patterson-UTI Energy, Inc., 3.95%, 02/01/2028  | 87000 | 84867 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 6.9% (continued)** | **Energy — 6.9% (continued)** | **Energy — 6.9% (continued)** |
|  Phillips 66 Co., 3.75%, 03/01/2028  | $83000 | $82327 |
|  Sabal Trail Transmission LLC, 4.25%, 05/01/2028 <sup>(a)</sup>  | 84000 | 83480 |
|  Sabine Pass Liquefaction LLC, 4.20%, 03/15/2028  | 82000 | 81980 |
|  Schlumberger Holdings Corp., 4.50%, 05/15/2028 <sup>(a)</sup>  | 82000 | 82618 |
|  Shell International Finance BV, 3.88%, 11/13/2028  | 83000 | 82895 |
|  Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.88%, 01/15/2029  | 81000 | 82579 |
|  TotalEnergies Capital SA, 3.88%, 10/11/2028  | 82000 | 81924 |
|  TransCanada PipeLines Ltd., 4.25%, 05/15/2028  | 82000 | 82051 |
|  Valero Energy Corp., 4.35%, 06/01/2028  | 82000 | 82313 |
|  Western Midstream Operating LP, 6.35%, 01/15/2029  | 80000 | 84142 |
|  Williams Cos., Inc., 5.30%, 08/15/2028  | 80000 | 82530 |
|  Woodside Finance Ltd., 4.90%, 05/19/2028  | 82000 | 83047 |
|  |  | 2564964 |
|  **Financials — 31.6%<sup>(b)</sup>** | **Financials — 31.6%<sup>(b)</sup>** | **Financials — 31.6%<sup>(b)</sup>** |
|  Agree LP, 2.00%, 06/15/2028  | 86000 | 81101 |
|  Aircastle Ltd., 6.50%, 07/18/2028 <sup>(a)</sup>  | 81000 | 85172 |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029  | 79000 | 81126 |
|  American Express Co., 4.35% to 07/20/2028 then SOFR + 0.81%, 07/20/2029  | 83000 | 83428 |
|  American Homes 4 Rent LP, 4.25%, 02/15/2028  | 82000 | 81767 |
|  American International Group, Inc., 5.75% (3 mo. LIBOR US + 2.87%), 04/01/2048 <sup>(c)</sup>  | 80000 | 81493 |
|  American Tower Corp., 5.80%, 11/15/2028  | 80000 | 83627 |
|  Ameriprise Financial, Inc., 5.70%, 12/15/2028  | 80000 | 83839 |
|  Aon Corp., 4.50%, 12/15/2028  | 81000 | 81754 |
|  Ares Capital Corp., 2.88%, 06/15/2028  | 88000 | 83994 |
|  Ares Management Corp., 6.38%, 11/10/2028  | 79000 | 83689 |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  Ares Strategic Income Fund, 5.45%, 09/09/2028 <sup>(a)</sup>  | $83000 | $83503 |
|  Assurant, Inc., 4.90%, 03/27/2028  | 80000 | 81102 |
|  Assured Guaranty US Holdings, Inc., 6.13%, 09/15/2028  | 80000 | 84100 |
|  Athene Global Funding, 4.83%, 05/09/2028 <sup>(a)</sup>  | 82000 | 83003 |
|  AvalonBay Communities, Inc., 1.90%, 12/01/2028  | 89000 | 83284 |
|  Aviation Capital Group LLC, 6.75%, 10/25/2028 <sup>(a)</sup>  | 79000 | 84179 |
|  Avolon Holdings Funding Ltd., 6.38%, 05/04/2028 <sup>(a)</sup>  | 80000 | 83672 |
|  Bank of America Corp., 4.62% (SOFR + 1.11%), 05/09/2029  | 82000 | 82925 |
|  Bank of Montreal, 5.72%, 09/25/2028  | 80000 | 83579 |
|  Bank of Nova Scotia, 4.93% to 02/14/2028 then SOFR + 0.89%, 02/14/2029  | 81000 | 82385 |
|  BGC Group, Inc., 8.00%, 05/25/2028  | 78000 | 83394 |
|  Blackstone Holdings Finance Co. LLC, 1.63%, 08/05/2028 <sup>(a)</sup>  | 91000 | 84961 |
|  Blackstone Private Credit Fund, 7.30%, 11/27/2028  | 78000 | 83372 |
|  Blackstone Secured Lending Fund, 5.35%, 04/13/2028  | 81000 | 82177 |
|  Blue Owl Capital Corp., 2.88%, 06/11/2028  | 91000 | 85900 |
|  Blue Owl Credit Income Corp., 7.95%, 06/13/2028  | 78000 | 83467 |
|  Blue Owl Technology Finance Corp., 6.10%, 03/15/2028 <sup>(a)</sup>  | 82000 | 83026 |
|  Boston Properties LP, 4.50%, 12/01/2028  | 83000 | 83051 |
|  Brighthouse Financial Global Funding, 2.00%, 06/28/2028 <sup>(a)</sup>  | 88000 | 81896 |
|  Brixmor Operating Partnership LP, 2.25%, 04/01/2028  | 88000 | 83807 |
|  Brown & Brown, Inc., 4.70%, 06/23/2028  | 81000 | 81776 |
|  Camden Property Trust, 4.10%, 10/15/2028  | 82000 | 82076 |
|  Canadian Imperial Bank of Commerce, 4.86% to 03/31/2028 then SOFR + 1.03%, 03/30/2029  | 80000 | 81170 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  Cantor Fitzgerald LP, 7.20%, 12/12/2028 <sup>(a)</sup>  | $92000 | $98598 |
|  Capital One Financial Corp., 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029  | 81000 | 85015 |
|  Charles Schwab Corp., 6.20% (SOFR + 1.88%), 11/17/2029  | 79000 | 84063 |
|  Cincinnati Financial Corp., 6.92%, 05/15/2028  | 78000 | 83554 |
|  Citigroup, Inc., 4.79% (SOFR + 0.87%), 03/04/2029  | 80000 | 81046 |
|  Citizens Financial Group, Inc., 5.84% to 01/23/2029 then SOFR + 2.01%, 01/23/2030  | 82000 | 85284 |
|  CME Group, Inc., 3.75%, 06/15/2028  | 82000 | 81702 |
|  Comerica, Inc., 5.98% to 01/30/2029 then SOFR + 2.16%, 01/30/2030  | 81000 | 84034 |
|  COPT Defense Properties LP, 2.00%, 01/15/2029  | 95000 | 87724 |
|  Corebridge Global Funding, 5.20%, 01/12/2029 <sup>(a)</sup>  | 81000 | 83277 |
|  Crown Castle, Inc., 4.80%, 09/01/2028  | 80000 | 80951 |
|  CTR Partnership LP / CareTrust Capital Corp., 3.88%, 06/30/2028 <sup>(a)</sup>  | 85000 | 82757 |
|  CubeSmart LP, 2.25%, 12/15/2028  | 87000 | 81865 |
|  Digital Realty Trust LP, 4.45%, 07/15/2028  | 83000 | 83641 |
|  EPR Properties, 4.95%, 04/15/2028  | 81000 | 81440 |
|  Equinix, Inc., 2.00%, 05/15/2028  | 89000 | 84095 |
|  Equitable America Global Funding, 4.65%, 06/09/2028 <sup>(a)</sup>  | 81000 | 81792 |
|  ERP Operating LP, 4.15%, 12/01/2028  | 83000 | 83232 |
|  Essex Portfolio LP, 1.70%, 03/01/2028  | 89000 | 83746 |
|  Extra Space Storage LP, 5.70%, 04/01/2028  | 80000 | 82651 |
|  F&G Global Funding, 2.00%, 09/20/2028 <sup>(a)</sup>  | 91000 | 84408 |
|  Fairfax Financial Holdings Ltd., 4.85%, 04/17/2028  | 80000 | 81100 |
|  Federal Realty OP LP, 5.38%, 05/01/2028  | 82000 | 84310 |
|  Fidelity National Financial, Inc., 4.50%, 08/15/2028  | 85000 | 85216 |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  Fidelity National Information Services, Inc., 1.65%, 03/01/2028  | $86000 | $81023 |
|  Fifth Third Bancorp, 6.34% (SOFR + 2.34%), 07/27/2029  | 81000 | 85497 |
|  First-Citizens Bank & Trust Co., 6.13%, 03/09/2028  | 80000 | 83069 |
|  Fiserv, Inc., 5.38%, 08/21/2028  | 81000 | 83555 |
|  FS KKR Capital Corp., 7.88%, 01/15/2029  | 80000 | 83833 |
|  GATX Corp., 4.55%, 11/07/2028  | 82000 | 82565 |
|  Global Payments, Inc., 4.45%, 06/01/2028  | 83000 | 83200 |
|  Globe Life, Inc., 4.55%, 09/15/2028  | 80000 | 80568 |
|  GLP Capital LP / GLP Financing II, Inc., 5.30%, 01/15/2029  | 81000 | 82469 |
|  Goldman Sachs Group, Inc., 6.48% (SOFR + 1.77%), 10/24/2029  | 93000 | 98966 |
|  Goldman Sachs Private Credit Corp., 5.88%, 05/06/2028 <sup>(a)</sup>  | 80000 | 81256 |
|  Golub Capital BDC, Inc., 7.05%, 12/05/2028  | 80000 | 84531 |
|  Golub Capital Private Credit Fund, 5.45%, 08/15/2028 <sup>(a)</sup>  | 83000 | 83330 |
|  Goodman US Finance Three LLC, 3.70%, 03/15/2028 <sup>(a)</sup>  | 83000 | 81833 |
|  Great-West Lifeco Finance 2018 LP, 4.05%, 05/17/2028 <sup>(a)</sup>  | 83000 | 82436 |
|  Guardian Life Global Funding, 5.74%, 10/02/2028 <sup>(a)</sup>  | 79000 | 82701 |
|  Healthpeak OP LLC, 2.13%, 12/01/2028  | 89000 | 83271 |
|  Highwoods Realty LP, 4.13%, 03/15/2028  | 82000 | 80783 |
|  Horace Mann Educators Corp., 7.25%, 09/15/2028  | 91000 | 97777 |
|  HPS Corporate Lending Fund, 6.75%, 01/30/2029  | 82000 | 85548 |
|  Huntington Bancshares, Inc., 6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029  | 79000 | 83254 |
|  Intercontinental Exchange, Inc., 3.63%, 09/01/2028  | 83000 | 81877 |
|  Invitation Homes Operating Partnership LP, 2.30%, 11/15/2028  | 90000 | 84942 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  Jefferies Financial Group, Inc., 5.88%, 07/21/2028  | $82000 | $85488 |
|  Jones Lang LaSalle, Inc., 6.88%, 12/01/2028  | 78000 | 83808 |
|  JPMorgan Chase & Co., 5.01% to 01/23/2029 then SOFR + 1.31%, 01/23/2030  | 81000 | 82967 |
|  KeyCorp, 4.10%, 04/30/2028  | 83000 | 82866 |
|  Kilroy Realty LP, 4.75%, 12/15/2028  | 83000 | 83219 |
|  Kimco Realty OP LLC, 1.90%, 03/01/2028  | 88000 | 83552 |
|  Lazard Group LLC, 4.50%, 09/19/2028  | 83000 | 83366 |
|  Lincoln Financial Global Funding, 4.63%, 05/28/2028 <sup>(a)</sup>  | 82000 | 82817 |
|  LPL Holdings, Inc., 4.90%, 04/03/2028  | 80000 | 81018 |
|  LXP Industrial Trust, 6.75%, 11/15/2028  | 79000 | 83988 |
|  M&T Bank Corp., 7.41% to 10/30/2028 then SOFR + 2.80%, 10/30/2029  | 88000 | 95813 |
|  Macquarie Airfinance Holdings Ltd., 5.20%, 03/27/2028 <sup>(a)</sup>  | 83000 | 84196 |
|  Macquarie Bank Ltd., 4.33%, 06/12/2028 <sup>(a)</sup>  | 81000 | 81722 |
|  Marex Group PLC, 5.83%, 05/08/2028  | 80000 | 81088 |
|  Mastercard, Inc., 4.55%, 03/15/2028  | 81000 | 82328 |
|  MGIC Investment Corp., 5.25%, 08/15/2028  | 85000 | 85034 |
|  Mid-America Apartments LP, 4.20%, 06/15/2028  | 82000 | 82212 |
|  Morgan Stanley, 4.99% (SOFR + 1.38%), 04/12/2029  | 83000 | 84542 |
|  Mutual of Omaha Cos. Global Funding, 4.51%, 06/09/2028 <sup>(a)</sup>  | 81000 | 81639 |
|  Nasdaq, Inc., 5.35%, 06/28/2028  | 82000 | 84606 |
|  New York Life Global Funding, 4.15%, 07/25/2028 <sup>(a)</sup>  | 83000 | 83267 |
|  NNN REIT, Inc., 4.30%, 10/15/2028  | 81000 | 81105 |
|  Northern Trust Corp., 3.65%, 08/03/2028  | 86000 | 85393 |
|  Northwestern Mutual Global Funding, 4.49%, 03/21/2028 <sup>(a)</sup>  | 80000 | 81007 |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  Nuveen LLC, 4.00%, 11/01/2028 <sup>(a)</sup>  | $83000 | $82821 |
|  Oaktree Strategic Credit Fund, 8.40%, 11/14/2028  | 90000 | 97777 |
|  Pacific Life Global Funding II, 4.45%, 05/01/2028 <sup>(a)</sup>  | 82000 | 83009 |
|  PayPal Holdings, Inc., 4.45%, 03/06/2028  | 80000 | 80901 |
|  Penske Truck Leasing Co. Lp / PTL Finance Corp., 6.05%, 08/01/2028 <sup>(a)</sup>  | 81000 | 84749 |
|  Piedmont Operating Partnership LP, 9.25%, 07/20/2028  | 87000 | 96698 |
|  PNC Financial Services Group, Inc., 5.58% (SOFR + 1.84%), 06/12/2029  | 81000 | 84026 |
|  Prologis LP, 4.88%, 06/15/2028  | 80000 | 81819 |
|  Public Storage Operating Co., 5.13%, 01/15/2029  | 81000 | 83840 |
|  Realty Income Corp., 2.10%, 03/15/2028  | 87000 | 82900 |
|  Regency Centers LP, 4.13%, 03/15/2028  | 82000 | 81852 |
|  Regions Financial Corp., 1.80%, 08/12/2028  | 87000 | 81318 |
|  Rexford Industrial Realty LP, 5.00%, 06/15/2028  | 82000 | 83220 |
|  RGA Global Funding, 6.00%, 11/21/2028 <sup>(a)</sup>  | 80000 | 84071 |
|  Royal Bank of Canada, 4.50% to 08/06/2028 then SOFR + 0.89%, 08/06/2029  | 83000 | 83744 |
|  Santander Holdings USA, Inc., 5.47% (SOFR + 1.61%), 03/20/2029  | 82000 | 83943 |
|  Simon Property Group LP, 1.75%, 02/01/2028  | 89000 | 84458 |
|  Sixth Street Specialty Lending, Inc., 6.95%, 08/14/2028  | 93000 | 98397 |
|  State Street Corp., 4.54%, 02/28/2028  | 83000 | 84178 |
|  Store Capital LLC, 4.50%, 03/15/2028  | 82000 | 81536 |
|  Sun Communities Operating LP, 2.30%, 11/01/2028  | 85000 | 80433 |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029  | 83000 | 83584 |
|  Toronto-Dominion Bank, 4.57%, 06/02/2028  | 82000 | 82952 |
|  Truist Financial Corp., 5.44% to 01/24/2029 then SOFR + 1.62%, 01/24/2030  | 81000 | 83970 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** | **Financials — 31.6%<sup>(b)</sup>** **(continued)** |
|  UDR, Inc., 4.40%, 01/26/2029  | $83000 | $83211 |
|  US Bancorp, 5.38% to 01/23/2029 then SOFR + 1.56%, 01/23/2030  | 81000 | 83793 |
|  Ventas Realty LP, 4.40%, 01/15/2029  | 83000 | 83251 |
|  VICI Properties LP, 4.75%, 04/01/2028  | 80000 | 80870 |
|  WEA Finance LLC, 4.13%, 09/20/2028 <sup>(a)</sup>  | 83000 | 81986 |
|  Wells Fargo & Co., 4.97% (SOFR + 1.37%), 04/23/2029  | 83000 | 84575 |
|  Welltower OP LLC, 2.05%, 01/15/2029  | 89000 | 83227 |
|  Western-Southern Global Funding, 4.50%, 07/16/2028 <sup>(a)</sup>  | 83000 | 83556 |
|  Westpac Banking Corp., 5.54%, 11/17/2028  | 80000 | 83874 |
|  Willis North America, Inc., 4.50%, 09/15/2028  | 81000 | 81707 |
|  |  | 11649867 |
|  **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** |
|  AbbVie, Inc., 4.65%, 03/15/2028  | 81000 | 82336 |
|  Advocate Health & Hospitals Corp., 3.83%, 08/15/2028  | 86000 | 85537 |
|  Amgen, Inc., 5.15%, 03/02/2028  | 81000 | 82892 |
|  Astrazeneca Finance LLC, 4.88%, 03/03/2028  | 82000 | 83847 |
|  Baxter International, Inc., 2.27%, 12/01/2028  | 87000 | 81642 |
|  Becton Dickinson & Co., 4.69%, 02/13/2028  | 83000 | 84146 |
|  Bon Secours Mercy Health, Inc., 4.30%, 07/01/2028  | 82000 | 82222 |
|  Boston Scientific Corp., 4.00%, 03/01/2028  | 82000 | 82192 |
|  Bristol-Myers Squibb Co., 3.90%, 02/20/2028  | 81000 | 80976 |
|  Centene Corp., 2.45%, 07/15/2028  | 91000 | 84069 |
|  CHRISTUS Health, 4.34%, 07/01/2028  | 83000 | 83305 |
|  Cigna Group, 4.38%, 10/15/2028  | 82000 | 82445 |
|  CVS Health Corp., 5.00%, 01/30/2029  | 81000 | 82549 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/2028  | 83000 | 83479 |
|  **Health Care — 7.6% (continued)** | **Health Care — 7.6% (continued)** | **Health Care — 7.6% (continued)** |
|  Elevance Health, Inc., 4.10%, 03/01/2028  | $81000 | $80943 |
|  Eli Lilly & Co., 4.55%, 02/12/2028  | 81000 | 82256 |
|  GlaxoSmithKline Capital, Inc., 3.88%, 05/15/2028  | 85000 | 84971 |
|  HCA, Inc., 5.00%, 03/01/2028  | 82000 | 83484 |
|  Humana, Inc., 5.75%, 12/01/2028  | 80000 | 83382 |
|  Johnson & Johnson, 4.55%, 03/01/2028  | 82000 | 83555 |
|  McKesson Corp., 4.90%, 07/15/2028  | 82000 | 83764 |
|  Medtronic Global Holdings SCA, 4.25%, 03/30/2028  | 82000 | 82622 |
|  Merck & Co., Inc., 4.05%, 05/17/2028  | 82000 | 82435 |
|  Mylan, Inc., 4.55%, 04/15/2028  | 82000 | 81491 |
|  Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2028  | 82000 | 82994 |
|  Revvity, Inc., 1.90%, 09/15/2028  | 89000 | 82802 |
|  Sanofi SA, 3.63%, 06/19/2028  | 84000 | 83553 |
|  SSM Health Care Corp., 4.89%, 06/01/2028  | 83000 | 84462 |
|  Stryker Corp., 4.70%, 02/10/2028  | 82000 | 83216 |
|  Sutter Health, 3.70%, 08/15/2028  | 82000 | 81206 |
|  Thermo Fisher Scientific, Inc., 1.75%, 10/15/2028  | 86000 | 80403 |
|  UnitedHealth Group, Inc., 4.40%, 06/15/2028  | 81000 | 81783 |
|  Zimmer Biomet Holdings, Inc., 5.35%, 12/01/2028  | 82000 | 84915 |
|  Zoetis, Inc., 3.90%, 08/20/2028  | 81000 | 80897 |
|  |  | 2816771 |
|  **Industrials — 11.9%** | **Industrials — 11.9%** | **Industrials — 11.9%** |
|  3M Co., 3.63%, 09/14/2028  | 82000 | 81048 |
|  ABB Finance USA, Inc., 3.80%, 04/03/2028  | 82000 | 82208 |
|  Amphenol Corp., 4.38%, 06/12/2028  | 81000 | 81774 |
|  Boeing Co., 3.25%, 02/01/2028  | 87000 | 84962 |
|  Canadian National Railway Co., 6.90%, 07/15/2028  | 79000 | 85073 |
|  Canadian Pacific Railway Co., 4.00%, 06/01/2028  | 82000 | 81964 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Industrials — 11.9% (continued)** | **Industrials — 11.9% (continued)** | **Industrials — 11.9% (continued)** |
|  Caterpillar Financial Services Corp., 4.40%, 03/03/2028  | $80000 | $80925 |
|  CH Robinson Worldwide, Inc., 4.20%, 04/15/2028  | 82000 | 82096 |
|  CNH Industrial Capital LLC, 4.75%, 03/21/2028  | 80000 | 80894 |
|  CSX Corp., 3.80%, 03/01/2028  | 82000 | 81597 |
|  Cummins, Inc., 4.25%, 05/09/2028  | 82000 | 82661 |
|  Eaton Corp., 4.35%, 05/18/2028  | 83000 | 83797 |
|  Element Fleet Management Corp., 6.32%, 12/04/2028 <sup>(a)</sup>  | 80000 | 84699 |
|  Emerson Electric Co., 2.00%, 12/21/2028  | 87000 | 81871 |
|  FedEx Corp., 3.40%, 02/15/2028 <sup>(a)</sup>  | 83000 | 81388 |
|  General Dynamics Corp., 3.75%, 05/15/2028  | 83000 | 82820 |
|  GFL Environmental, Inc., 3.50%, 09/01/2028 <sup>(a)</sup>  | 84000 | 81361 |
|  HEICO Corp., 5.25%, 08/01/2028  | 83000 | 85305 |
|  Honeywell International, Inc., 4.25%, 01/15/2029  | 83000 | 83530 |
|  Howmet Aerospace, Inc., 3.00%, 01/15/2029  | 87000 | 83683 |
|  Hubbell, Inc., 3.50%, 02/15/2028  | 83000 | 81690 |
|  Huntington Ingalls Industries, Inc., 2.04%, 08/16/2028  | 87000 | 81485 |
|  Ingersoll Rand, Inc., 5.40%, 08/14/2028  | 80000 | 82736 |
|  Jacobs Engineering Group, Inc., 6.35%, 08/18/2028  | 78000 | 82234 |
|  John Deere Capital Corp., 4.25%, 06/05/2028  | 81000 | 81682 |
|  Kennametal, Inc., 4.63%, 06/15/2028  | 81000 | 81580 |
|  Kirby Corp., 4.20%, 03/01/2028  | 81000 | 80762 |
|  L3Harris Technologies, Inc., 4.40%, 06/15/2028  | 82000 | 82464 |
|  Lennox International, Inc., 5.50%, 09/15/2028  | 81000 | 83915 |
|  Lockheed Martin Corp., 4.15%, 08/15/2028  | 83000 | 83436 |
|  MasTec, Inc., 4.50%, 08/15/2028 <sup>(a)</sup>  | 86000 | 85474 |
|  Molex Electronic Technologies LLC, 4.75%, 04/30/2028 <sup>(a)</sup>  | 81000 | 81858 |
|  **Industrials — 11.9% (continued)** | **Industrials — 11.9% (continued)** | **Industrials — 11.9% (continued)** |
|  Nordson Corp., 5.60%, 09/15/2028  | $80000 | $82920 |
|  Norfolk Southern Corp., 3.80%, 08/01/2028  | 85000 | 84591 |
|  nVent Finance Sarl, 4.55%, 04/15/2028  | 81000 | 81113 |
|  Oshkosh Corp., 4.60%, 05/15/2028  | 81000 | 81545 |
|  Otis Worldwide Corp., 5.25%, 08/16/2028  | 81000 | 83516 |
|  PACCAR Financial Corp., 4.55%, 03/03/2028  | 82000 | 83351 |
|  Regal Rexnord Corp., 6.05%, 04/15/2028  | 80000 | 82823 |
|  Republic Services, Inc., 3.95%, 05/15/2028  | 82000 | 81972 |
|  RTX Corp., 5.75%, 01/15/2029  | 80000 | 83977 |
|  Ryder System, Inc., 6.30%, 12/01/2028  | 80000 | 85107 |
|  Textron, Inc., 3.38%, 03/01/2028  | 84000 | 82225 |
|  Timken Co., 4.50%, 12/15/2028  | 81000 | 81560 |
|  Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028  | 83000 | 82681 |
|  Trimble, Inc., 4.90%, 06/15/2028  | 81000 | 82169 |
|  Union Pacific Corp., 3.95%, 09/10/2028  | 82000 | 81968 |
|  Veralto Corp., 5.35%, 09/18/2028  | 81000 | 83644 |
|  Vontier Corp., 2.40%, 04/01/2028  | 88000 | 83639 |
|  Waste Connections, Inc., 4.25%, 12/01/2028  | 81000 | 81589 |
|  Waste Management, Inc., 3.88%, 01/15/2029  | 83000 | 82350 |
|  Westinghouse Air Brake Technologies Corp., 4.70%, 09/15/2028 <sup>(d)</sup>  | 81000 | 82057 |
|  XPO, Inc., 6.25%, 06/01/2028 <sup>(a)</sup>  | 81000 | 82407 |
|  |  | 4380176 |
|  **Materials — 5.4%** | **Materials — 5.4%** | **Materials — 5.4%** |
|  Air Products and Chemicals, Inc., 4.30%, 06/11/2028  | 81000 | 81710 |
|  Amcor Flexibles North America, Inc., 4.80%, 03/17/2028  | 80000 | 80976 |
|  Amrize Finance US LLC, 4.70%, 04/07/2028 <sup>(a)</sup>  | 80000 | 80991 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Materials — 5.4% (continued)** | **Materials — 5.4% (continued)** | **Materials — 5.4% (continued)** |
|  Avery Dennison Corp., 4.88%, 12/06/2028  | $81000 | $82496 |
|  Berry Global, Inc., 5.50%, 04/15/2028  | 81000 | 83543 |
|  BHP Billiton Finance USA Ltd., 5.10%, 09/08/2028  | 81000 | 83424 |
|  Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.70%, 06/01/2028 <sup>(a)</sup>  | 84000 | 83059 |
|  Dow Chemical Co., 4.80%, 11/30/2028  | 82000 | 83123 |
|  DuPont de Nemours, Inc., 4.73%, 11/15/2028  | 83000 | 84654 |
|  Eastman Chemical Co., 4.50%, 12/01/2028  | 81000 | 81423 |
|  Ecolab, Inc., 4.30%, 06/15/2028  | 81000 | 81701 |
|  Freeport-McMoRan, Inc., 4.38%, 08/01/2028  | 85000 | 85000 |
|  Georgia-Pacific LLC, 4.40%, 06/30/2028 <sup>(a)</sup>  | 81000 | 81727 |
|  Glencore Funding LLC, 4.91%, 04/01/2028 <sup>(a)</sup>  | 80000 | 81329 |
|  International Flavors & Fragrances, Inc., 4.45%, 09/26/2028  | 82000 | 82251 |
|  Mosaic Co., 5.38%, 11/15/2028  | 82000 | 84536 |
|  Nucor Corp., 3.95%, 05/01/2028  | 85000 | 84863 |
|  Nutrien Ltd., 4.90%, 03/27/2028  | 83000 | 84419 |
|  PPG Industries, Inc., 3.75%, 03/15/2028  | 83000 | 82302 |
|  Rio Tinto Finance USA PLC, 4.50%, 03/14/2028  | 80000 | 80851 |
|  Sherwin-Williams Co., 4.55%, 03/01/2028  | 81000 | 81834 |
|  Suzano Austria GmbH, 2.50%, 09/15/2028  | 87000 | 81279 |
|  WRKCo, Inc., 3.90%, 06/01/2028  | 86000 | 85364 |
|  Yara International ASA, 4.75%, 06/01/2028 <sup>(a)</sup>  | 82000 | 82607 |
|  |  | 1985462 |
|  **Technology — 7.6%** | **Technology — 7.6%** | **Technology — 7.6%** |
|  Advanced Micro Devices, Inc., 4.32%, 03/24/2028  | 81000 | 81803 |
|  Analog Devices, Inc., 4.25%, 06/15/2028  | 81000 | 81656 |
|  Apple, Inc., 4.00%, 05/12/2028  | 81000 | 81549 |
|  **Technology — 7.6% (continued)** | **Technology — 7.6% (continued)** | **Technology — 7.6% (continued)** |
|  Avnet, Inc., 6.25%, 03/15/2028  | $80000 | $83307 |
|  Booz Allen Hamilton, Inc., 3.88%, 09/01/2028 <sup>(a)</sup>  | 83000 | 81080 |
|  Broadcom, Inc., 4.80%, 04/15/2028  | 81000 | 82471 |
|  CDW LLC / CDW Finance Corp., 3.28%, 12/01/2028  | 87000 | 83627 |
|  Cisco Systems, Inc., 4.55%, 02/24/2028  | 81000 | 82234 |
|  Concentrix Corp., 6.60%, 08/02/2028 <sup>(e)</sup>  | 81000 | 85718 |
|  Dell International LLC / EMC Corp., 4.75%, 04/01/2028  | 80000 | 81130 |
|  DXC Technology Co., 2.38%, 09/15/2028  | 89000 | 83599 |
|  Equifax, Inc., 5.10%, 06/01/2028  | 81000 | 82850 |
|  Gartner, Inc., 4.50%, 07/01/2028 <sup>(a)</sup>  | 84000 | 83009 |
|  Hewlett Packard Enterprise Co., 5.25%, 07/01/2028  | 82000 | 84385 |
|  Intel Corp., 4.88%, 02/10/2028  | 81000 | 82066 |
|  Intuit, Inc., 5.13%, 09/15/2028  | 80000 | 82656 |
|  Kyndryl Holdings, Inc., 2.70%, 10/15/2028  | 88000 | 83667 |
|  Marvell Technology, Inc., 2.45%, 04/15/2028  | 87000 | 83292 |
|  Microchip Technology, Inc., 4.90%, 03/15/2028  | 81000 | 82148 |
|  Micron Technology, Inc., 5.38%, 04/15/2028  | 82000 | 84543 |
|  Motorola Solutions, Inc., 4.60%, 02/23/2028  | 81000 | 81874 |
|  NVIDIA Corp., 1.55%, 06/15/2028  | 90000 | 84810 |
|  NXP BV / NXP Funding LLC, 5.55%, 12/01/2028  | 82000 | 84958 |
|  Oracle Corp., 4.80%, 08/03/2028  | 83000 | 84592 |
|  QUALCOMM, Inc., 1.30%, 05/20/2028  | 90000 | 84168 |
|  Roper Technologies, Inc., 4.20%, 09/15/2028  | 82000 | 82054 |
|  S&P Global, Inc., 4.75%, 08/01/2028  | 84000 | 85684 |
|  Salesforce, Inc., 1.50%, 07/15/2028  | 86000 | 80621 |
|  Synopsys, Inc., 4.65%, 04/01/2028  | 81000 | 82095 |
|  Take-Two Interactive Software, Inc., 4.95%, 03/28/2028  | 82000 | 83557 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Technology — 7.6% (continued)** | **Technology — 7.6% (continued)** | **Technology — 7.6% (continued)** |
|  TD SYNNEX Corp., 2.38%, 08/09/2028  | $89000 | $84350 |
|  Teledyne Technologies, Inc., 2.25%, 04/01/2028  | 87000 | 82880 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028  | 81000 | 82376 |
|  VMware LLC, 1.80%, 08/15/2028  | 87000 | 81369 |
|  |  | 2822178 |
|  **Utilities — 9.5%** | **Utilities — 9.5%** | **Utilities — 9.5%** |
|  AES Corp., 5.45%, 06/01/2028  | 81000 | 82898 |
|  Ameren Corp., 5.00%, 01/15/2029  | 81000 | 82795 |
|  American Electric Power Co., Inc., 5.20%, 01/15/2029  | 81000 | 83528 |
|  American Water Capital Corp., 3.75%, 09/01/2028  | 83000 | 82472 |
|  Ausgrid Finance Pty Ltd., 4.35%, 08/01/2028 <sup>(a)</sup>  | 86000 | 86007 |
|  Berkshire Hathaway Energy Co., 3.25%, 04/15/2028  | 84000 | 82448 |
|  Black Hills Corp., 5.95%, 03/15/2028  | 79000 | 82142 |
|  Capital Power US Holdings, Inc., 5.26%, 06/01/2028 <sup>(a)</sup>  | 80000 | 81375 |
|  CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/2028  | 81000 | 83568 |
|  Consolidated Edison Co. of New York, Inc., 4.00%, 12/01/2028  | 83000 | 83102 |
|  Constellation Energy Generation LLC, 5.60%, 03/01/2028  | 81000 | 83964 |
|  Consumers Energy Co., 4.65%, 03/01/2028  | 83000 | 84152 |
|  Dominion Energy, Inc., 4.60%, 05/15/2028  | 82000 | 82908 |
|  DTE Energy Co., 4.88%, 06/01/2028  | 81000 | 82386 |
|  Duke Energy Corp., 4.85%, 01/05/2029  | 81000 | 82527 |
|  Enel Chile SA, 4.88%, 06/12/2028  | 82000 | 83021 |
|  Evergy Kansas Central, Inc., 4.70%, 03/13/2028  | 80000 | 81000 |
|  Exelon Corp., 5.15%, 03/15/2028  | 81000 | 82859 |
|  FirstEnergy Pennsylvania Electric Co., 5.20%, 04/01/2028 <sup>(a)</sup>  | 82000 | 83915 |
|  **Utilities — 9.5% (continued)** | **Utilities — 9.5% (continued)** | **Utilities — 9.5% (continued)** |
|  Interstate Power and Light Co., 4.10%, 09/26/2028  | $82000 | $82037 |
|  Narragansett Electric Co., 3.92%, 08/01/2028 <sup>(a)</sup>  | 85000 | 84670 |
|  National Fuel Gas Co., 4.75%, 09/01/2028  | 84000 | 84262 |
|  National Grid PLC, 5.60%, 06/12/2028  | 82000 | 84867 |
|  National Rural Utilities Cooperative Finance Corp., 4.75%, 02/07/2028  | 83000 | 84299 |
|  New York State Electric & Gas Corp., 5.65%, 08/15/2028 <sup>(a)</sup>  | 79000 | 82072 |
|  NextEra Energy Capital Holdings, Inc., 4.85%, 02/04/2028  | 83000 | 84366 |
|  NiSource, Inc., 5.25%, 03/30/2028 <sup>(e)</sup>  | 82000 | 84256 |
|  Oklahoma Gas and Electric Co., 3.80%, 08/15/2028  | 82000 | 81562 |
|  Oncor Electric Delivery Co. LLC, 4.30%, 05/15/2028  | 84000 | 84647 |
|  Pacific Gas and Electric Co., 5.00%, 06/04/2028  | 81000 | 82157 |
|  Pinnacle West Capital Corp., 4.90%, 05/15/2028  | 80000 | 81195 |
|  Public Service Co. of New Hampshire, 4.40%, 07/01/2028  | 81000 | 81847 |
|  Public Service Enterprise Group, Inc., 5.88%, 10/15/2028  | 80000 | 83754 |
|  Puget Energy, Inc., 2.38%, 06/15/2028  | 89000 | 84452 |
|  San Diego Gas & Electric Co., 4.95%, 08/15/2028  | 81000 | 83132 |
|  Southern California Edison Co., 5.65%, 10/01/2028  | 80000 | 82829 |
|  Southern Co., 4.85%, 06/15/2028  | 83000 | 84661 |
|  Southwest Gas Corp., 5.45%, 03/23/2028  | 80000 | 82285 |
|  System Energy Resources, Inc., 6.00%, 04/15/2028  | 80000 | 83341 |
|  United Utilities PLC, 6.88%, 08/15/2028  | 89000 | 94994 |
|  WEC Energy Group, Inc., 2.20%, 12/15/2028  | 87000 | 81762 |
|  Xcel Energy, Inc., 4.75%, 03/21/2028  | 80000 | 80988 |
|  |  | 3501502 |
|  **TOTAL CORPORATE BONDS** (Cost $36,142,778)  |  | 36462291 |

---

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

**F/m 3-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONCLUDED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **UNITS** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 0.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(f)</sup>  | 166844 | $166844 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $166,844)  |  | 166844 |
|  **TOTAL INVESTMENTS — 99.2%** (Cost $36,309,622)  |  | 36629135 |
|  Other Assets in Excess of Liabilities — 0.8%  |  | 289916 |
|  **TOTAL NET ASSETS — 100.0%** |  | $36919051 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

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 August 31, 2025, the value of these securities total $5,321,672 or 14.4% 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>(d)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(e)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $163,589. 

<sup>(f)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 98.1%** | **CORPORATE BONDS — 98.1%** | **CORPORATE BONDS — 98.1%** |
|  **Communications — 2.8%** | **Communications — 2.8%** | **Communications — 2.8%** |
|  Alphabet, Inc., 4.50%, 05/15/2035  | $114000 | $113069 |
|  AT&T, Inc., 5.38%, 08/15/2035  | 111000 | 113110 |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 5.85%, 12/01/2035  | 114000 | 114201 |
|  Comcast Corp., 5.30%, 05/15/2035  | 110000 | 112222 |
|  T-Mobile USA, Inc., 5.30%, 05/15/2035  | 113000 | 114117 |
|  Verizon Communications, Inc., 5.25%, 04/02/2035  | 111000 | 112055 |
|  Walt Disney Co., 6.40%, 12/15/2035  | 101000 | 113785 |
|  |  | 792559 |
|  **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** | **Consumer Discretionary — 7.5%** |
|  AutoNation, Inc., 5.89%, 03/15/2035  | 110000 | 112407 |
|  BMW US Capital LLC, 5.20%, 08/11/2035 <sup>(a)</sup>  | 114000 | 113372 |
|  DR Horton, Inc., 5.50%, 10/15/2035  | 109000 | 111637 |
|  General Motors Financial Co., Inc., 6.15%, 07/15/2035  | 110000 | 112987 |
|  Honda Motor Co. Ltd., 5.34%, 07/08/2035  | 113000 | 113604 |
|  J Paul Getty Trust, 4.91%, 04/01/2035  | 111000 | 112975 |
|  Lowe's Cos., Inc., 5.50%, 10/15/2035  | 109000 | 112397 |
|  Magna International, Inc., 5.88%, 06/01/2035  | 109000 | 113401 |
|  Marriott International, Inc., 5.25%, 10/15/2035  | 116000 | 115143 |
|  McDonald's Corp., 5.00%, 02/13/2036  | 114000 | 114089 |
|  Meritage Homes Corp., 5.65%, 03/15/2035 <sup>(b)</sup>  | 111000 | 112029 |
|  Northwestern University, 4.94%, 12/01/2035  | 110000 | 111856 |
|  Paychex, Inc., 5.60%, 04/15/2035  | 109000 | 112817 |
|  RELX Capital, Inc., 5.25%, 03/27/2035  | 109000 | 111351 |
|  Starbucks Corp., 5.40%, 05/15/2035  | 110000 | 112571 |
|  Tapestry, Inc., 5.50%, 03/11/2035  | 109000 | 110181 |
|  Toll Brothers Finance Corp., 5.60%, 06/15/2035  | 112000 | 113708 |
|  **Consumer Discretionary — 7.5% (continued)** | **Consumer Discretionary — 7.5% (continued)** | **Consumer Discretionary — 7.5% (continued)** |
|  Toyota Motor Corp., 5.05%, 06/30/2035  | $112000 | $113111 |
|  Trustees of Columbia University in the City of New York, 4.36%, 10/01/2035  | 117000 | 113491 |
|  |  | 2143127 |
|  **Consumer Staples — 7.6%** | **Consumer Staples — 7.6%** | **Consumer Staples — 7.6%** |
|  Altria Group, Inc., 5.25%, 08/06/2035  | 114000 | 113777 |
|  Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 02/01/2036  | 118000 | 115162 |
|  Archer-Daniels-Midland Co., 5.38%, 09/15/2035  | 107000 | 112126 |
|  BAT Capital Corp., 5.63%, 08/15/2035  | 112000 | 114909 |
|  Bunge Ltd. Finance Corp., 5.15%, 08/04/2035  | 114000 | 114269 |
|  Conagra Brands, Inc., 5.75%, 08/01/2035 <sup>(b)</sup>  | 113000 | 113549 |
|  Flowers Foods, Inc., 5.75%, 03/15/2035  | 109000 | 111020 |
|  J M Smucker Co., 4.25%, 03/15/2035  | 121000 | 112534 |
|  JBS USA Holding Lux Sarl / JBS USA Foods Group Holdings, Inc. / JBS USA Food Co., 5.50%, 01/15/2036 <sup>(a)(b)</sup>  | 114000 | 114376 |
|  Keurig Dr Pepper, Inc., 5.15%, 05/15/2035  | 114000 | 112578 |
|  Kraft Heinz Foods Co., 5.40%, 03/15/2035  | 111000 | 111658 |
|  Mondelez International, Inc., 5.13%, 05/06/2035  | 113000 | 114383 |
|  PepsiCo, Inc., 5.00%, 07/23/2035  | 114000 | 115056 |
|  Philip Morris International, Inc., 4.88%, 04/30/2035  | 114000 | 112927 |
|  Procter & Gamble Co., 4.60%, 05/01/2035  | 112000 | 112843 |
|  Sysco Corp., 5.40%, 03/23/2035  | 110000 | 112223 |
|  Target Corp., 5.25%, 02/15/2036  | 112000 | 114051 |
|  The Campbell's Co., 4.75%, 03/23/2035  | 118000 | 112990 |
|  Walmart, Inc., 4.90%, 04/28/2035  | 111000 | 112738 |
|  |  | 2153169 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Energy — 9.9%** | **Energy — 9.9%** | **Energy — 9.9%** |
|  APA Corp., 6.10%, 02/15/2035 <sup>(a)</sup>  | $112000 | $112118 |
|  Cheniere Energy Partners LP, 5.55%, 10/30/2035 <sup>(a)</sup>  | 112000 | 113029 |
|  Chevron USA, Inc., 4.85%, 10/15/2035  | 116000 | 115509 |
|  CNOOC Petroleum North America ULC, 5.88%, 03/10/2035  | 100000 | 110842 |
|  Colonial Enterprises, Inc., 5.63%, 11/15/2035 <sup>(a)</sup>  | 114000 | 114038 |
|  Diamondback Energy, Inc., 5.55%, 04/01/2035  | 110000 | 111236 |
|  Enbridge, Inc., 5.55%, 06/20/2035  | 111000 | 113044 |
|  Energy Transfer LP, 5.70%, 04/01/2035  | 109000 | 110965 |
|  Enterprise Products Operating LLC, 5.20%, 01/15/2036  | 112000 | 113019 |
|  EOG Resources, Inc., 5.35%, 01/15/2036  | 112000 | 113671 |
|  Equinor ASA, 5.13%, 06/03/2035  | 112000 | 114077 |
|  Florida Gas Transmission Co. LLC, 5.75%, 07/15/2035 <sup>(a)</sup>  | 110000 | 113319 |
|  Gulfstream Natural Gas System LLC, 5.60%, 07/23/2035 <sup>(a)</sup>  | 112000 | 113245 |
|  Halliburton Co., 4.85%, 11/15/2035  | 117000 | 114018 |
|  Kinder Morgan, Inc., 5.85%, 06/01/2035  | 109000 | 113258 |
|  MPLX LP, 5.40%, 09/15/2035  | 116000 | 114517 |
|  ONEOK, Inc., 5.40%, 10/15/2035  | 116000 | 114894 |
|  Phillips 66 Co., 4.95%, 03/15/2035 <sup>(b)</sup>  | 114000 | 111710 |
|  Plains All American Pipeline LP, 5.95%, 06/15/2035  | 110000 | 113309 |
|  Shell Finance US, Inc., 4.13%, 05/11/2035  | 119000 | 113035 |
|  Southern Natural Gas Co. LLC, 5.45%, 08/01/2035 <sup>(a)</sup>  | 114000 | 114648 |
|  Targa Resources Corp., 5.65%, 02/15/2036  | 114000 | 115141 |
|  Viper Energy Partners LLC, 5.70%, 08/01/2035  | 114000 | 114304 |
|  Williams Cos., Inc., 5.30%, 09/30/2035  | 113000 | 113098 |
|  Woodside Finance Ltd., 6.00%, 05/19/2035  | 109000 | 112630 |
|  |  | 2832674 |
|  **Financials — 24.6%** | **Financials — 24.6%** | **Financials — 24.6%** |
|  Agree LP, 5.60%, 06/15/2035  | $110000 | $113162 |
|  Alexandria Real Estate Equities, Inc., 5.50%, 10/01/2035  | 110000 | 111487 |
|  Allstate Corp., 5.55%, 05/09/2035  | 109000 | 113337 |
|  American Express Co., 5.67% to 04/25/2035 then SOFR + 1.79%, 04/25/2036 <sup>(b)</sup>  | 107000 | 111804 |
|  American Homes 4 Rent LP, 5.25%, 03/15/2035  | 113000 | 113451 |
|  American International Group, Inc., 5.45%, 05/07/2035  | 109000 | 112398 |
|  American National Group, Inc., 6.00%, 07/15/2035  | 112000 | 113221 |
|  American Tower Corp., 5.35%, 03/15/2035  | 109000 | 111806 |
|  Ameriprise Financial, Inc., 5.20%, 04/15/2035  | 110000 | 111298 |
|  Apollo Global Management, Inc., 5.15%, 08/12/2035  | 116000 | 115495 |
|  Assurant, Inc., 5.55%, 02/15/2036  | 114000 | 113925 |
|  Athene Global Funding, 5.54%, 08/22/2035 <sup>(a)</sup>  | 114000 | 113455 |
|  AvalonBay Communities, Inc., 5.00%, 08/01/2035  | 114000 | 113518 |
|  Bank of America Corp., 5.46% to 05/09/2035 then SOFR + 1.64%, 05/09/2036  | 109000 | 111963 |
|  Bank of New York Mellon Corp., 5.32% to 06/06/2035 then SOFR + 1.35%, 06/06/2036  | 110000 | 112801 |
|  Brookfield Asset Management Ltd., 5.80%, 04/24/2035  | 110000 | 114002 |
|  Brookfield Finance, Inc., 5.33%, 01/15/2036  | 116000 | 115292 |
|  Brown & Brown, Inc., 5.55%, 06/23/2035  | 111000 | 113141 |
|  CBRE Services, Inc., 5.50%, 06/15/2035  | 111000 | 113203 |
|  Chubb INA Holdings LLC, 4.90%, 08/15/2035  | 114000 | 113357 |
|  Citigroup, Inc., 5.33% to 03/27/2035 then SOFR + 1.47%, 03/27/2036  | 112000 | 113181 |
|  CNA Financial Corp., 5.20%, 08/15/2035  | 116000 | 114832 |
|  CubeSmart LP, 5.13%, 11/01/2035  | 116000 | 114055 |
|  DaVinciRe Holdings Ltd., 5.95%, 04/15/2035 <sup>(a)</sup>  | 110000 | 112363 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Financials — 24.6% (continued)** | **Financials — 24.6% (continued)** | **Financials — 24.6% (continued)** |
|  Enstar Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045 <sup>(a)</sup>  | $107000 | $111512 |
|  Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055  | 110000 | 112288 |
|  Essential Properties LP, 5.40%, 12/01/2035  | 116000 | 114450 |
|  Essex Portfolio LP, 5.38%, 04/01/2035  | 110000 | 112421 |
|  Extra Space Storage LP, 5.40%, 06/15/2035  | 112000 | 113054 |
|  Fairfax Financial Holdings Ltd., 5.75%, 05/20/2035 <sup>(a)</sup>  | 111000 | 113363 |
|  First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040  | 110000 | 110466 |
|  Fiserv, Inc., 5.25%, 08/11/2035  | 114000 | 113551 |
|  GATX Corp., 5.50%, 06/15/2035  | 111000 | 113009 |
|  HA Sustainable Infrastructure Capital, Inc., 6.75%, 07/15/2035  | 113000 | 114148 |
|  Hanover Insurance Group, Inc., 5.50%, 09/01/2035  | 114000 | 114016 |
|  Host Hotels & Resorts LP, 5.50%, 04/15/2035  | 113000 | 112459 |
|  Jefferies Financial Group, Inc., 6.25%, 01/15/2036  | 110000 | 115524 |
|  JPMorgan Chase & Co., 5.58% to 07/23/2035 then SOFR + 1.64%, 07/23/2036  | 111000 | 113221 |
|  Kilroy Realty LP, 5.88%, 10/15/2035  | 114000 | 113462 |
|  Kimco Realty OP LLC, 5.30%, 02/01/2036  | 112000 | 113167 |
|  KKR & Co., Inc., 5.10%, 08/07/2035  | 116000 | 115084 |
|  Lazard Group LLC, 5.63%, 08/01/2035  | 114000 | 114841 |
|  LPL Holdings, Inc., 5.75%, 06/15/2035  | 111000 | 112711 |
|  Marsh & McLennan Cos., Inc., 5.00%, 03/15/2035  | 111000 | 111442 |
|  MetLife, Inc., 6.35% to 03/15/2035 then 5 yr. CMT Rate + 2.08%, 03/15/2055  | 107000 | 111443 |
|  Morgan Stanley, 5.66% to 04/17/2035 then SOFR + 1.76%, 04/17/2036  | 109000 | 113456 |
|  PayPal Holdings, Inc., 5.10%, 04/01/2035  | 110000 | 111226 |
|  **Financials — 24.6% (continued)** | **Financials — 24.6% (continued)** | **Financials — 24.6% (continued)** |
|  PNC Financial Services Group, Inc., 5.37% to 07/21/2035 then SOFR + 1.42%, 07/21/2036  | $112000 | $113816 |
|  Prologis LP, 5.25%, 05/15/2035 <sup>(b)</sup>  | 110000 | 112154 |
|  Public Storage Operating Co., 5.00%, 07/01/2035  | 114000 | 113766 |
|  Realty Income Corp., 5.13%, 04/15/2035  | 112000 | 112803 |
|  Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055 <sup>(b)</sup>  | 109000 | 111028 |
|  RenaissanceRe Holdings Ltd., 5.80%, 04/01/2035  | 107000 | 110944 |
|  Selective Insurance Group, Inc., 5.90%, 04/15/2035  | 109000 | 112463 |
|  Simon Property Group LP, 5.13%, 10/01/2035  | 114000 | 113953 |
|  Synchrony Financial, 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036  | 114000 | 115224 |
|  TPG Operating Group II LP, 5.38%, 01/15/2036  | 116000 | 115455 |
|  Travelers Cos., Inc., 5.05%, 07/24/2035  | 113000 | 113707 |
|  VICI Properties LP, 5.63%, 04/01/2035  | 111000 | 112250 |
|  Visa, Inc., 4.15%, 12/14/2035  | 120000 | 114721 |
|  Wells Fargo & Co., 5.61% to 04/23/2035 then SOFR + 1.74%, 04/23/2036  | 109000 | 113168 |
|  Welltower OP LLC, 5.13%, 07/01/2035  | 113000 | 113653 |
|  |  | 7015966 |
|  **Health Care — 7.9%** | **Health Care — 7.9%** | **Health Care — 7.9%** |
|  AbbVie, Inc., 5.20%, 03/15/2035  | 109000 | 111571 |
|  Bayer US Finance II LLC, 5.50%, 07/30/2035 <sup>(a)</sup>  | 113000 | 113791 |
|  Biogen, Inc., 5.75%, 05/15/2035  | 109000 | 112511 |
|  Boston Scientific Corp., 6.50%, 11/15/2035 <sup>(c)</sup>  | 99000 | 111201 |
|  Cardinal Health, Inc., 5.15%, 09/15/2035  | 116000 | 115187 |
|  CVS Health Corp., 5.45%, 09/15/2035  | 114000 | 114256 |
|  Elevance Health, Inc., 5.85%, 01/15/2036  | 108000 | 113321 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Health Care — 7.9% (continued)** | **Health Care — 7.9% (continued)** | **Health Care — 7.9% (continued)** |
|  Eli Lilly & Co., 4.90%, 10/15/2035  | $114000 | $114640 |
|  GE HealthCare Technologies, Inc., 5.50%, 06/15/2035  | 110000 | 112946 |
|  Gilead Sciences, Inc., 5.10%, 06/15/2035  | 111000 | 112569 |
|  GlaxoSmithKline Capital, Inc., 4.88%, 04/15/2035  | 112000 | 112129 |
|  Humana, Inc., 5.55%, 05/01/2035  | 110000 | 111224 |
|  Johnson & Johnson, 3.55%, 03/01/2036  | 124000 | 112163 |
|  McKesson Corp., 5.25%, 05/30/2035  | 111000 | 113130 |
|  Medtronic, Inc., 4.38%, 03/15/2035  | 115000 | 111862 |
|  Orlando Health Obligated Group, 5.48%, 10/01/2035  | 109000 | 113204 |
|  Sutter Health, 5.54%, 08/15/2035  | 111000 | 115672 |
|  UnitedHealth Group, Inc., 5.30%, 06/15/2035  | 111000 | 113467 |
|  Wyeth LLC, 6.00%, 02/15/2036  | 106000 | 114376 |
|  Zoetis, Inc., 5.00%, 08/17/2035  | 114000 | 113534 |
|  |  | 2262754 |
|  **Industrials — 9.1%** | **Industrials — 9.1%** | **Industrials — 9.1%** |
|  3M Co., 5.15%, 03/15/2035  | 110000 | 111752 |
|  Canadian Pacific Railway Co., 5.20%, 03/30/2035  | 111000 | 113079 |
|  Caterpillar, Inc., 5.20%, 05/15/2035  | 110000 | 112710 |
|  CSX Corp., 5.05%, 06/15/2035  | 112000 | 113061 |
|  Cummins, Inc., 5.30%, 05/09/2035  | 110000 | 112376 |
|  Dover Corp., 5.38%, 10/15/2035  | 109000 | 113300 |
|  Emerson Electric Co., 5.00%, 03/15/2035  | 110000 | 112036 |
|  General Dynamics Corp., 4.95%, 08/15/2035  | 113000 | 114193 |
|  General Electric Co., 4.90%, 01/29/2036  | 114000 | 114498 |
|  Johnson Controls International PLC, 6.00%, 01/15/2036  | 105000 | 113438 |
|  L3Harris Technologies, Inc., 4.85%, 04/27/2035  | 114000 | 112047 |
|  Lockheed Martin Corp., 5.00%, 08/15/2035  | 113000 | 113704 |
|  Norfolk Southern Corp., 5.10%, 05/01/2035  | 111000 | 112254 |
|  **Industrials — 9.1% (continued)** | **Industrials — 9.1% (continued)** | **Industrials — 9.1% (continued)** |
|  Northrop Grumman Corp., 5.25%, 07/15/2035  | $110000 | $112474 |
|  Quanta Services, Inc., 5.10%, 08/09/2035  | 116000 | 114843 |
|  Republic Services, Inc., 5.15%, 03/15/2035  | 109000 | 111277 |
|  RTX Corp., 5.40%, 05/01/2035  | 109000 | 112830 |
|  Textron, Inc., 5.50%, 05/15/2035  | 109000 | 110994 |
|  Tyco Electronics Group SA, 5.00%, 05/09/2035  | 114000 | 113541 |
|  United Parcel Service, Inc., 5.25%, 05/14/2035 <sup>(b)</sup>  | 110000 | 112755 |
|  Waste Connections, Inc., 5.25%, 09/01/2035  | 112000 | 114518 |
|  Waste Management, Inc., 4.95%, 03/15/2035  | 111000 | 111555 |
|  Westinghouse Air Brake Technologies Corp., 5.50%, 05/29/2035  | 110000 | 112863 |
|  |  | 2596098 |
|  **Materials — 6.8%** | **Materials — 6.8%** | **Materials — 6.8%** |
|  Amcor Flexibles North America, Inc., 5.50%, 03/17/2035  | 115000 | 117573 |
|  Amrize Finance US LLC, 5.40%, 04/07/2035 <sup>(a)</sup>  | 110000 | 111610 |
|  Barrick Mining Corp., 6.45%, 10/15/2035  | 103000 | 113063 |
|  Carlisle Cos., Inc., 5.25%, 09/15/2035  | 114000 | 114016 |
|  Dow Chemical Co., 5.35%, 03/15/2035  | 112000 | 110979 |
|  Ecolab, Inc., 5.00%, 09/01/2035  | 114000 | 114787 |
|  Gerdau Trade, Inc., 5.75%, 06/09/2035  | 112000 | 114072 |
|  Glencore Funding LLC, 5.67%, 04/01/2035 <sup>(a)</sup>  | 110000 | 112543 |
|  International Paper Co., 5.00%, 09/15/2035  | 114000 | 113257 |
|  LYB International Finance III LLC, 6.15%, 05/15/2035  | 109000 | 112515 |
|  Newmont Corp., 5.88%, 04/01/2035  | 105000 | 112188 |
|  Nucor Corp., 5.10%, 06/01/2035  | 111000 | 111771 |
|  Nutrien Ltd., 4.13%, 03/15/2035  | 123000 | 112305 |
|  Packaging Corp. of America, 5.20%, 08/15/2035  | 114000 | 114655 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Materials — 6.8% (continued)** | **Materials — 6.8% (continued)** | **Materials — 6.8% (continued)** |
|  Rio Tinto Finance USA PLC, 5.25%, 03/14/2035  | $111000 | $113079 |
|  Sherwin-Williams Co., 5.15%, 08/15/2035  | 114000 | 114831 |
|  Steel Dynamics, Inc., 5.25%, 05/15/2035  | 111000 | 112397 |
|  |  | 1925641 |
|  **Technology — 8.8%** | **Technology — 8.8%** | **Technology — 8.8%** |
|  Apple, Inc., 4.75%, 05/12/2035  | 111000 | 112736 |
|  Applied Materials, Inc., 5.10%, 10/01/2035  | 109000 | 112143 |
|  Autodesk, Inc., 5.30%, 06/15/2035  | 111000 | 112975 |
|  Booz Allen Hamilton, Inc., 5.95%, 04/15/2035  | 109000 | 112175 |
|  Broadcom, Inc., 5.20%, 07/15/2035  | 114000 | 115037 |
|  Dell International LLC / EMC Corp., 5.50%, 04/01/2035 <sup>(b)</sup>  | 110000 | 112056 |
|  Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 <sup>(c)</sup>  | 105000 | 112427 |
|  HP, Inc., 6.10%, 04/25/2035  | 107000 | 111879 |
|  Leidos, Inc., 5.50%, 03/15/2035  | 109000 | 111568 |
|  Marvell Technology, Inc., 5.45%, 07/15/2035 <sup>(b)</sup>  | 112000 | 113904 |
|  Micron Technology, Inc., 6.05%, 11/01/2035  | 107000 | 112421 |
|  Microsoft Corp., 4.20%, 11/03/2035  | 115000 | 113959 |
|  Motorola Solutions, Inc., 5.55%, 08/15/2035  | 110000 | 113440 |
|  MSCI, Inc., 5.25%, 09/01/2035  | 116000 | 115072 |
|  NetApp, Inc., 5.70%, 03/17/2035 <sup>(b)</sup>  | 109000 | 112346 |
|  NXP BV / NXP Funding LLC / NXP USA, Inc., 5.25%, 08/19/2035  | 116000 | 115258 |
|  Oracle Corp., 5.50%, 08/03/2035  | 113000 | 115181 |
|  QUALCOMM, Inc., 5.00%, 05/20/2035  | 112000 | 113130 |
|  Roper Technologies, Inc., 5.10%, 09/15/2035  | 114000 | 113723 |
|  Synopsys, Inc., 5.15%, 04/01/2035  | 111000 | 111963 |
|  Texas Instruments, Inc., 5.10%, 05/23/2035  | 110000 | 112487 |
|  Verisk Analytics, Inc., 5.13%, 02/15/2036  | 116000 | 115237 |
|  |  | 2491117 |
|  **Utilities — 13.1%** | **Utilities — 13.1%** | **Utilities — 13.1%** |
|  Alabama Power Co., 5.10%, 04/02/2035  | $112000 | $113391 |
|  APA Infrastructure Ltd., 5.00%, 03/23/2035 <sup>(a)</sup>  | 114000 | 111728 |
|  Atmos Energy Corp., 5.20%, 08/15/2035  | 112000 | 113495 |
|  Baltimore Gas and Electric Co., 5.45%, 06/01/2035  | 110000 | 113348 |
|  Capital Power US Holdings, Inc., 6.19%, 06/01/2035 <sup>(a)</sup>  | 109000 | 112716 |
|  CenterPoint Energy Houston Electric LLC, 4.95%, 08/15/2035  | 116000 | 115018 |
|  Consolidated Edison Co. of New York, Inc., 5.13%, 03/15/2035  | 110000 | 112539 |
|  Consumers Energy Co., 5.05%, 05/15/2035  | 113000 | 113890 |
|  Dominion Energy, Inc., 0.00% to 02/15/2036 then 5 yr. CMT Rate + 2.01%, 02/15/2056  | 114000 | 113621 |
|  DTE Electric Co., 5.25%, 05/15/2035  | 110000 | 112278 |
|  Duke Energy Ohio, Inc., 5.30%, 06/15/2035  | 111000 | 113398 |
|  El Paso Electric Co., 6.00%, 05/15/2035  | 110000 | 113930 |
|  Electricite de France SA, 4.75%, 10/13/2035 <sup>(a)</sup>  | 115000 | 113125 |
|  Entergy Texas, Inc., 5.25%, 04/15/2035  | 110000 | 111922 |
|  Essential Utilities, Inc., 5.25%, 08/15/2035  | 116000 | 115305 |
|  Evergy Metro, Inc., 5.13%, 08/15/2035  | 114000 | 113932 |
|  Indianapolis Power & Light Co., 5.05%, 08/15/2035 <sup>(a)</sup>  | 114000 | 113508 |
|  Interstate Power and Light Co., 5.60%, 06/29/2035  | 109000 | 112703 |
|  National Fuel Gas Co., 5.95%, 03/15/2035  | 109000 | 112441 |
|  National Grid USA, 5.80%, 04/01/2035  | 110000 | 112982 |
|  New York State Electric & Gas Corp., 5.05%, 08/15/2035 <sup>(a)</sup>  | 116000 | 115104 |
|  NextEra Energy Capital Holdings, Inc., 6.50% to 08/15/2035 then 5 yr. CMT Rate + 1.98%, 08/15/2055  | 109000 | 114166 |
|  NiSource, Inc., 5.35%, 07/15/2035  | 112000 | 113100 |

---

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

**F/m 10-Year Investment Grade Corporate Bond ETF** 

**Schedule of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Utilities — 13.1% (continued)** | **Utilities — 13.1% (continued)** | **Utilities — 13.1% (continued)** |
|  Northwest Natural Holding Co., 7.00% to 09/15/2035 then 5 yr. CMT Rate + 2.70%, 09/15/2055  | $111000 | $112689 |
|  Oncor Electric Delivery Co. LLC, 5.35%, 04/01/2035 <sup>(a)</sup>  | 109000 | 112053 |
|  Pacific Gas and Electric Co., 6.00%, 08/15/2035  | 110000 | 113770 |
|  Public Service Co. of Colorado, 5.15%, 09/15/2035  | 116000 | 115200 |
|  Public Service Co. of Oklahoma, 5.45%, 01/15/2036  | 112000 | 113376 |
|  Public Service Electric and Gas Co., 4.90%, 08/15/2035  | 114000 | 113572 |
|  Puget Energy, Inc., 5.73%, 03/15/2035  | 110000 | 111887 |
|  Southern California Edison Co., 5.63%, 02/01/2036  | 114000 | 114624 |
|  Southern California Gas Co., 5.45%, 06/15/2035  | 110000 | 112847 |
|  Union Electric Co., 5.25%, 04/15/2035  | 111000 | 113371 |
|  |  | 3741029 |
|  **TOTAL CORPORATE BONDS** (Cost $27,661,151)  |  | 27954134 |

---

---

| | | |
|:---|:---|:---|
|  | **UNITS** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.2%** |  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 2042108 | 2042108 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $2,042,108)  |  | 2042108 |
|  | **Par** | **Value** |
|  **U.S. TREASURY BILLS — 0.0%** | **U.S. TREASURY BILLS — 0.0%** | **U.S. TREASURY BILLS — 0.0%** |
|  4.24%, 09/02/2025 <sup>(e)</sup>  | $25000 | $25000 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $24,997)  |  | 25000 |
|  **TOTAL INVESTMENTS — 105.3%** (Cost $29,728,256)  |  | 30021242 |
|  Liabilities in Excess of Other Assets — (5.3)%  |  | (1518507) |
|  **TOTAL NET ASSETS — 100.0%** |  | $28502735 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

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 August 31, 2025, the value of these securities total $2,375,016 or 8.3% of the Fund's net assets. 

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $1,994,778. 

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

<sup>(e)</sup> The rate shown is the annualized effective yield as of August 31, 2025.

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

**F/m Opportunistic Income ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 37.0%** | **CORPORATE BONDS — 37.0%** | **CORPORATE BONDS — 37.0%** |
|  **Consumer Discretionary — 2.7%** | **Consumer Discretionary — 2.7%** | **Consumer Discretionary — 2.7%** |
|  American Airlines 2017-1 Class A Pass Through Trust, Series 2017-1, 4.00%, 02/15/2029  | $141900 | $136696 |
|  Ford Motor Co., 3.25%, 02/12/2032 <sup>(a)</sup>  | 1021000 | 875299 |
|  |  | 1011995 |
|  **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** | **Consumer Staples — 1.3%** |
|  Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 <sup>(a)(b)</sup>  | 500000 | 505897 |
|  **Energy — 8.2%** | **Energy — 8.2%** | **Energy — 8.2%** |
|  Coterra Energy Operating Co., 4.38%, 03/15/2029  | 263000 | 245214 |
|  Expand Energy Corp., 5.38%, 03/15/2030  | 1000000 | 1010087 |
|  Phillips 66 Partners LP  | Phillips 66 Partners LP  | Phillips 66 Partners LP  |
| &nbsp;&nbsp;&nbsp; 3.55%, 10/01/2026  | 28000 | 27432 |
| &nbsp;&nbsp;&nbsp; 3.75%, 03/01/2028 <sup>(a)</sup>  | 608000 | 585282 |
| &nbsp;&nbsp;&nbsp; 3.15%, 12/15/2029  | 370000 | 334905 |
|  Transcanada Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 <sup>(c)</sup>  | 848000 | 848520 |
|  |  | 3051440 |
|  **Financials — 10.4%** | **Financials — 10.4%** | **Financials — 10.4%** |
|  Antares Holdings LP, 6.35%, 10/23/2029 <sup>(b)</sup>  | 1050000 | 1068115 |
|  Bank of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual <sup>(a)</sup>  | 848000 | 821999 |
|  Blackstone Secured Lending Fund, 5.35%, 04/13/2028  | 1000000 | 1014531 |
|  Nationwide Financial Services, Inc., 6.75%, 05/15/2037  | 1000000 | 1001264 |
|  |  | 3905909 |
|  **Health Care — 2.6%** | **Health Care — 2.6%** | **Health Care — 2.6%** |
|  CVS Pass-Through Trust  | CVS Pass-Through Trust  | CVS Pass-Through Trust  |
| &nbsp;&nbsp;&nbsp; 7.51%, 01/10/2032 <sup>(b)</sup>  | 796041 | 851141 |
| &nbsp;&nbsp;&nbsp; 5.77%, 01/10/2033 <sup>(b)</sup>  | 137225 | 139110 |
|  |  | 990251 |
|  **Industrials — 2.4%** | **Industrials — 2.4%** | **Industrials — 2.4%** |
|  Concentrix Corp., 6.85%, 08/02/2033 <sup>(a)</sup>  | 844000 | 887302 |
|  **Information Technology — 2.3%** | **Information Technology — 2.3%** | **Information Technology — 2.3%** |
|  Kyndryl Holdings, Inc., 3.15%, 10/15/2031  | 953000 | 864336 |
|  **Materials — 1.5%** | **Materials — 1.5%** | **Materials — 1.5%** |
|  Celanese US Holdings LLC, 6.83%, 07/15/2029 <sup>(d)</sup>  | $528000 | $549700 |
|  **Technology — 2.6%** | **Technology — 2.6%** | **Technology — 2.6%** |
|  Ricoh USA, Inc., 6.75%, 12/01/2025  | 975000 | 971594 |
|  **Utilities — 3.0%** | **Utilities — 3.0%** | **Utilities — 3.0%** |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052  | 1142000 | 1106778 |
|  **TOTAL CORPORATE BONDS** (Cost $13,592,934)  |  | 13845202 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5%** |
|  Chase Mortgage Finance Corp., A4 Series 2023-1, Class A4, 6.00%, 06/25/2054 <sup>(b)(e)</sup>  | 743774 | 752892 |
|  Citigroup Mortgage Loan Trust, Inc., A3B Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 <sup>(b)(e)</sup>  | 507133 | 517811 |
|  Federal Home Loan Mortgage Corp., CA Series 5534, Class CA, 5.00%, 03/25/2052  | 916516 | 912315 |
|  Government National Mortgage Association, BT Series 2023-131, Class BT, 4.00%, 03/20/2049  | 981265 | 970229 |
|  GS Mortgage Securities Corp. II, C Series 2023-SHIP, Class C, 5.51%, 09/10/2038 <sup>(b)(e)</sup>  | 300000 | 300501 |
|  JP Morgan Mortgage Trust, B3 Series 2019-HYB1, Class B3, 4.99%, 10/25/2049 <sup>(b)(e)</sup>  | 339447 | 341547 |
|  Mastr Seasoned Securities Trust, 1A1 Series 2005-1, Class 1A1, 5.88%, 09/25/2032 <sup>(e)</sup>  | 264315 | 269919 |
|  Provident Funding Mortgage Trust, A3 Series 2025-1, Class A3, 5.50%, 02/25/2055 <sup>(b)(e)</sup>  | 1028462 | 1034279 |
|  RCKT Mortgage Trust, A1 Series 2024-INV1, Class A1, 6.50%, 06/25/2054 <sup>(b)(e)</sup>  | 572082 | 584127 |
|  Sequoia Mortgage Trust, A20 Series 2024-8, Class A20, 5.50%, 09/25/2054 <sup>(b)(e)</sup>  | 1064042 | 1059403 |

---

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

**F/m Opportunistic Income ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 22.5% (continued)** |
|  WaMu Mortgage Pass Through Certificates, 1A1A Series 2005-AR2, Class 1A1A, 5.10% (1 mo. Term SOFR + 0.77%), 01/25/2045  | $779111 | $785285 |
|  WaMu Mortgage Pass Through Certificates, 2A23 Series 2005-AR2, Class 2A23, 5.20% (1 mo. Term SOFR + 0.87%), 01/25/2045  | 398700 | 397042 |
|  WaMu Mortgage Pass Through Certificates, A1A Series 2004-AR13, Class A1A, 5.16% (1 mo. Term SOFR + 0.83%), 11/25/2034  | 305064 | 298112 |
|  Wells Fargo Mortgage Backed Securities Trust, 2A6 Series 2004-K, Class 2A6, 6.42%, 07/25/2034 <sup>(e)</sup>  | 178507 | 182386 |
|  **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $8,301,362)  |  | 8405848 |
|  | **Shares** |  |
|  **EXCHANGE TRADED FUNDS — 15.9%** | **EXCHANGE TRADED FUNDS — 15.9%** | **EXCHANGE TRADED FUNDS — 15.9%** |
|  F/M High Yield 100 ETF<sup>(f)</sup>  | 95540 | 4993398 |
|  F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF<sup>(f)</sup>  | 8828 | 442636 |
|  F/m US Treasury 3 Month Bill ETF<sup>(f)</sup>  | 230 | 11504 |
|  F/m US Treasury 5 Year Note ETF<sup>(f)</sup>  | 10290 | 508920 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,837,741)  |  | 5956458 |
|  **ASSET-BACKED SECURITIES — 11.9%** | **ASSET-BACKED SECURITIES — 11.9%** | **ASSET-BACKED SECURITIES — 11.9%** |
|  ACE Securities Corp., A2A Series 2003-NC1, Class A2A, 5.28% (1 mo. Term SOFR + 0.95%), 07/25/2033  | 234621 | 219690 |
|  Argent Securities, Inc. Asset-Backed Pass-Through Certificates, A2 Series 2004-W10, Class A2, 3.59% (1 mo. Term SOFR + 0.89%), 10/25/2034  | 207609 | 199195 |
|  **ASSET-BACKED SECURITIES — 11.9% (continued)** | **ASSET-BACKED SECURITIES — 11.9% (continued)** | **ASSET-BACKED SECURITIES — 11.9% (continued)** |
|  Flagship Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 <sup>(b)</sup>  | $1015000 | $985488 |
|  Jack in the Box, Inc., A2I Series 2022-1A, Class A2I, 3.45%, 02/26/2052 <sup>(b)</sup>  | 590550 | 571221 |
|  JP Morgan Mortgage Trust, A1 Series 2025-CES2, Class A1, 5.59%, 06/25/2055 <sup>(b)(e)</sup>  | 950799 | 959128 |
|  Long Beach Mortgage Loan Trust, AV1 Series 2003-4, Class AV1, 5.06% (1 mo. Term SOFR + 0.73%), 08/25/2033  | 549948 | 544529 |
|  QTS Issuer ABS I LLC, A2 Series 2025-1A, Class A2, 5.44%, 05/25/2055 <sup>(b)</sup>  | 500000 | 508310 |
|  SBA Depositor LLC, Series 2021-3, 2.59%, 10/15/2031 <sup>(b)</sup>  | 519000 | 458393 |
|  **TOTAL ASSET-BACKED SECURITIES** (Cost $4,378,666)  |  | 4445954 |
|  **MUNICIPAL BONDS — 6.1%** | **MUNICIPAL BONDS — 6.1%** | **MUNICIPAL BONDS — 6.1%** |
|  Alvarado Independent School District/TX, 5.00%, 02/15/2047  | 405000 | 409004 |
|  Crowley Independent School District, 5.00%, 02/01/2048  | 525000 | 532006 |
|  La Vernia Independent School District/TX, 5.00%, 02/15/2050  | 650000 | 656963 |
|  Princeton Independent School District, 5.00%, 02/15/2054  | 685000 | 689820 |
|  **TOTAL MUNICIPAL BONDS** (Cost $2,291,981)  |  | 2287793 |
|  **MORTGAGE-BACKED SECURITIES — 5.0%** | **MORTGAGE-BACKED SECURITIES — 5.0%** | **MORTGAGE-BACKED SECURITIES — 5.0%** |
|  BX Trust, B Series 2024-VLT4, Class B, 6.30% (1 mo. Term SOFR + 1.94%), 07/15/2029 <sup>(b)</sup>  | 500000 | 499844 |
|  Extended Stay America Trust, C Series 2021-ESH, Class C, 6.18% (1 mo. Term SOFR + 1.81%), 07/15/2038 <sup>(b)</sup>  | 884932 | 884655 |
|  Federal Home Loan Mortgage Corp., Pool SD6336, 6.00%, 09/01/2054  | 491688 | 503914 |
|  **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $1,885,511)  |  | 1888413 |

---

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

**F/m Opportunistic Income ETF** 

**Schedule of Investments (CONCLUDED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CONVERTIBLE BONDS — 0.4%** | **CONVERTIBLE BONDS — 0.4%** | **CONVERTIBLE BONDS — 0.4%** |
|  **Financials — 0.4%** | **Financials — 0.4%** | **Financials — 0.4%** |
|  PennyMac Corp., 8.50%, 06/01/2029  | $135000 | $138028 |
|  **TOTAL CONVERTIBLE BONDS** (Cost $132,353)  |  | 138028 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.1%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.1%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.1%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(g)</sup>  | 2661500 | 2661500 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $2,661,500)  |  | 2661500 |
|  | **Par** |  |
|  **U.S. TREASURY BILLS — 0.5%** | **U.S. TREASURY BILLS — 0.5%** | **U.S. TREASURY BILLS — 0.5%** |
|  4.24%, 09/02/2025 <sup>(h)</sup>  | 185000 | 185000 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $184,978)  |  | 185000 |
|  **TOTAL INVESTMENTS — 106.4%** (Cost $39,267,026)  |  | 39814196 |
|  Liabilities in Excess of Other Assets — (6.4)%  |  | (2399995) |
|  **TOTAL NET ASSETS — 100.0%** |  | $37414201 |

---

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

<sup>(a)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $2,601,285. 

<sup>(b)</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 August 31, 2025, the value of these securities total $12,021,862 or 32.1% of the Fund's net assets. 

<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> Step coupon bond. The rate disclosed is as of August 31, 2025.

<sup>(e)</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 August 31, 2025. 

<sup>(f)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

<sup>(h)</sup> The rate shown is the annualized effective yield as of August 31, 2025.

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

**F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 100.0%** | **U.S. TREASURY SECURITIES — 100.0%** | **U.S. TREASURY SECURITIES — 100.0%** |
|  United States Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;&nbsp; 0.13%, 10/15/2025  | $13138852 | $13108020 |
| &nbsp;&nbsp;&nbsp; 0.63%, 01/15/2026  | 8202136 | 8169776 |
| &nbsp;&nbsp;&nbsp; 2.00%, 01/15/2026  | 8153528 | 8161172 |
| &nbsp;&nbsp;&nbsp; 0.13%, 04/15/2026  | 16552936 | 16442368 |
| &nbsp;&nbsp;&nbsp; 0.13%, 07/15/2026  | 19823212 | 19741906 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $65,644,839)  |  | 65623242 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $65,644,839)  |  | 65623242 |
|  Other Assets in Excess of Liabilities — 0.0% <sup>(a)</sup>  |  | 31912 |
|  **TOTAL NET ASSETS — 100.0%** |  | $65655154 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

**F/m High Yield 100 ETF** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 97.3%** | **CORPORATE BONDS — 97.3%** | **CORPORATE BONDS — 97.3%** |
|  **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** | **Aerospace & Defense — 2.0%** |
|  Bombardier, Inc., 8.75%, 11/15/2030 <sup>(a)</sup>  | $165000 | $178123 |
|  TransDigm, Inc., 7.13%, 12/01/2031 <sup>(a)</sup>  | 173000 | 180438 |
|  |  | 358561 |
|  **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 <sup>(a)(b)</sup>  | 175000 | 176018 |
|  **Auto Parts Manufacturing — 2.0%** | **Auto Parts Manufacturing — 2.0%** | **Auto Parts Manufacturing — 2.0%** |
|  Clarios Global LP / Clarios US Finance Co., 6.75%, 02/15/2030 <sup>(a)</sup>  | 175000 | 181374 |
|  Goodyear Tire & Rubber Co., 5.63%, 04/30/2033  | 192000 | 180660 |
|  |  | 362034 |
|  **Automobiles Manufacturing — 1.0%** | **Automobiles Manufacturing — 1.0%** | **Automobiles Manufacturing — 1.0%** |
|  Nissan Motor Co. Ltd., 8.13%, 07/17/2035 <sup>(a)</sup>  | 173000 | 182946 |
|  **Cable & Satellite — 4.7%** | **Cable & Satellite — 4.7%** | **Cable & Satellite — 4.7%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 7.38%, 03/01/2031 <sup>(a)</sup>  | 175000 | 181537 |
|  CSC Holdings LLC, 11.75%, 01/31/2029 <sup>(a)</sup>  | 183000 | 167952 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 10.00%, 02/15/2031 <sup>(a)</sup>  | 175000 | 173695 |
|  DISH Network Corp., 11.75%, 11/15/2027 <sup>(a)</sup>  | 160000 | 169235 |
|  Sirius XM Radio LLC, 5.50%, 07/01/2029 <sup>(a)</sup>  | 175000 | 175062 |
|  |  | 867481 |
|  **Casinos & Gaming — 3.0%** | **Casinos & Gaming — 3.0%** | **Casinos & Gaming — 3.0%** |
|  Caesars Entertainment, Inc., 7.00%, 02/15/2030 <sup>(a)</sup>  | 175000 | 181086 |
|  Melco Resorts Finance Ltd., 7.63%, 04/17/2032 <sup>(a)</sup>  | 175000 | 182240 |
|  MGM Resorts International, 6.50%, 04/15/2032 <sup>(b)</sup>  | 175000 | 179469 |
|  |  | 542795 |
|  **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
|  Celanese US Holdings LLC, 7.05%, 11/15/2030  | 175000 | 181927 |
|  Olympus Water US Holding Corp., 9.75%, 11/15/2028 <sup>(a)</sup>  | 173000 | 181426 |
|  |  | 363353 |
|  **Commercial Finance — 1.0%** | **Commercial Finance — 1.0%** | **Commercial Finance — 1.0%** |
|  FTAI Aviation Investors LLC, 7.88%, 12/01/2030 <sup>(a)</sup>  | $173000 | $184010 |
|  **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
|  CommScope LLC, 9.50%, 12/15/2031 <sup>(a)</sup>  | 173000 | 178954 |
|  **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>  | 175000 | 180465 |
|  Standard Building Solutions, Inc., 6.50%, 08/15/2032 <sup>(a)</sup>  | 175000 | 180685 |
|  |  | 361150 |
|  **Consumer Finance — 4.9%** | **Consumer Finance — 4.9%** | **Consumer Finance — 4.9%** |
|  Freedom Mortgage Corp., 12.25%, 10/01/2030 <sup>(a)</sup>  | 162000 | 179677 |
|  Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032 <sup>(a)</sup>  | 185000 | 192865 |
|  Navient Corp., 11.50%, 03/15/2031  | 143000 | 161661 |
|  PennyMac Financial Services, Inc., 7.88%, 12/15/2029 <sup>(a)</sup>  | 173000 | 183910 |
|  Rocket Cos., Inc., 6.38%, 08/01/2033 <sup>(a)(b)</sup>  | 177000 | 183677 |
|  |  | 901790 |
|  **Consumer Services — 2.0%** | **Consumer Services — 2.0%** | **Consumer Services — 2.0%** |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 <sup>(a)</sup>  | 175000 | 183819 |
|  Service Corp. International/US, 5.75%, 10/15/2032  | 175000 | 176912 |
|  |  | 360731 |
|  **Containers & Packaging — 2.9%** | **Containers & Packaging — 2.9%** | **Containers & Packaging — 2.9%** |
|  Ball Corp., 6.88%, 03/15/2028  | 175000 | 178671 |
|  Clydesdale Acquisition Holdings, Inc., 6.88%, 01/15/2030 <sup>(a)</sup>  | 174000 | 179044 |
|  Mauser Packaging Solutions Holding Co., 7.88%, 04/15/2027 <sup>(a)</sup>  | 175000 | 177265 |
|  |  | 534980 |
|  **Electrical Equipment Manufacturing — 2.0%** | **Electrical Equipment Manufacturing — 2.0%** | **Electrical Equipment Manufacturing — 2.0%** |
|  EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.75%, 07/15/2031 <sup>(a)</sup>  | 175000 | 181138 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup>  | 175000 | 177622 |
|  |  | 358760 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Entertainment Content — 2.0%** | **Entertainment Content — 2.0%** | **Entertainment Content — 2.0%** |
|  Discovery Communications LLC, 6.35%, 06/01/2040  | $238000 | $185104 |
|  Univision Communications, Inc., 9.38%, 08/01/2032 <sup>(a)</sup>  | 175000 | 184429 |
|  |  | 369533 |
|  **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>  | 175000 | 177871 |
|  **Exploration & Production — 3.9%** | **Exploration & Production — 3.9%** | **Exploration & Production — 3.9%** |
|  Civitas Resources, Inc., 9.63%, 06/15/2033 <sup>(a)</sup>  | 175000 | 185155 |
|  Crescent Energy Finance LLC, 9.25%, 02/15/2028 <sup>(a)</sup>  | 167000 | 174405 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 <sup>(a)</sup>  | 175000 | 182875 |
|  Permian Resources Operating LLC, 9.88%, 07/15/2031 <sup>(a)</sup>  | 163000 | 177635 |
|  |  | 720070 |
|  **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>  | 175000 | 173230 |
|  Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 <sup>(a)</sup>  | 170000 | 177893 |
|  |  | 351123 |
|  **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** | **Food & Beverage — 1.0%** |
|  Post Holdings, Inc., 6.25%, 02/15/2032 <sup>(a)</sup>  | 175000 | 179808 |
|  **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>  | 168000 | 177893 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)(b)</sup>  | 175000 | 181148 |
|  IQVIA, Inc., 6.50%, 05/15/2030 <sup>(a)</sup>  | 175000 | 181538 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)</sup>  | 166000 | 182991 |
|  Tenet Healthcare Corp., 6.75%, 05/15/2031  | 175000 | 181859 |
|  |  | 905429 |
|  **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>  | 175000 | 184968 |
|  **Home Improvement — 1.0%** | **Home Improvement — 1.0%** | **Home Improvement — 1.0%** |
|  Whirlpool Corp., 6.13%, 06/15/2030  | $180000 | $182293 |
|  **Industrial Other — 1.9%** | **Industrial Other — 1.9%** | **Industrial Other — 1.9%** |
|  Herc Holdings, Inc., 7.25%, 06/15/2033 <sup>(a)(b)</sup>  | 175000 | 183522 |
|  United Rentals North America, Inc., 3.88%, 11/15/2027  | 175000 | 172151 |
|  |  | 355673 |
|  **Medical Equipment & Devices Manufacturing — 1.0%** | **Medical Equipment & Devices Manufacturing — 1.0%** | **Medical Equipment & Devices Manufacturing — 1.0%** |
|  Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029 <sup>(a)</sup>  | 175000 | 179902 |
|  **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
|  Cleveland-Cliffs, Inc., 7.50%, 09/15/2031 <sup>(a)</sup>  | 175000 | 177475 |
|  Fortescue Treasury Pty Ltd., 6.13%, 04/15/2032 <sup>(a)</sup>  | 175000 | 179480 |
|  Novelis Corp., 6.88%, 01/30/2030 <sup>(a)</sup>  | 175000 | 181586 |
|  |  | 538541 |
|  **Oil & Gas Services & Equipment — 1.0%** | **Oil & Gas Services & Equipment — 1.0%** | **Oil & Gas Services & Equipment — 1.0%** |
|  Transocean, Inc., 8.75%, 02/15/2030 <sup>(a)</sup>  | 168000 | 177805 |
|  **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
|  Bausch Health Cos., Inc., 11.00%, 09/30/2028 <sup>(a)(b)</sup>  | 177000 | 185571 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 <sup>(a)</sup>  | 175000 | 165923 |
|  |  | 351494 |
|  **Pipeline — 5.0%** | **Pipeline — 5.0%** | **Pipeline — 5.0%** |
|  Buckeye Partners LP, 6.88%, 07/01/2029 <sup>(a)</sup>  | 173000 | 179710 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030  | 175000 | 185459 |
|  Venture Global Calcasieu Pass LLC, 6.25%, 01/15/2030 <sup>(a)</sup>  | 175000 | 182263 |
|  Venture Global LNG, Inc., 9.88%, 02/01/2032 <sup>(a)</sup>  | 168000 | 182944 |
|  Venture Global Plaquemines LNG LLC, 7.75%, 05/01/2035 <sup>(a)</sup>  | 166000 | 184878 |
|  |  | 915254 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Power Generation — 2.9%** | **Power Generation — 2.9%** | **Power Generation — 2.9%** |
|  Calpine Corp., 4.50%, 02/15/2028 <sup>(a)</sup>  | $175000 | $173389 |
|  NRG Energy, Inc., 6.25%, 11/01/2034 <sup>(a)</sup>  | 175000 | 179478 |
|  Vistra Operations Co. LLC, 7.75%, 10/15/2031 <sup>(a)</sup>  | 170000 | 180667 |
|  |  | 533534 |
|  **Property & Casualty Insurance — 3.0%** | **Property & Casualty Insurance — 3.0%** | **Property & Casualty Insurance — 3.0%** |
|  Acrisure LLC / Acrisure Finance, Inc., 7.50%, 11/06/2030 <sup>(a)</sup>  | 175000 | 181586 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)</sup>  | 175000 | 181197 |
|  HUB International Ltd., 7.25%, 06/15/2030 <sup>(a)</sup>  | 175000 | 183052 |
|  |  | 545835 |
|  **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>  | 177000 | 184340 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)</sup>  | 168000 | 182862 |
|  |  | 367202 |
|  **Real Estate — 4.8%** | **Real Estate — 4.8%** | **Real Estate — 4.8%** |
|  Iron Mountain, Inc., 7.00%, 02/15/2029 <sup>(a)</sup>  | 175000 | 180413 |
|  MPT Operating Partnership LP / MPT Finance Corp., 8.50%, 02/15/2032 <sup>(a)</sup>  | 173000 | 181271 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup>  | 175000 | 180260 |
|  Service Properties Trust, 8.88%, 06/15/2032  | 175000 | 180482 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 <sup>(a)</sup>  | 156000 | 164141 |
|  |  | 886567 |
|  **Refining & Marketing — 1.0%** | **Refining & Marketing — 1.0%** | **Refining & Marketing — 1.0%** |
|  Sunoco LP, 7.25%, 05/01/2032 <sup>(a)(b)</sup>  | 173000 | 183135 |
|  **Restaurants — 1.9%** | **Restaurants — 1.9%** | **Restaurants — 1.9%** |
|  1011778 BC ULC / New Red Finance, Inc., 6.13%, 06/15/2029 <sup>(a)</sup>  | 175000 | 179247 |
|  **Restaurants — 1.9% (continued)** | **Restaurants — 1.9% (continued)** | **Restaurants — 1.9% (continued)** |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 <sup>(a)</sup>  | $175000 | $174873 |
|  |  | 354120 |
|  **Retail - Consumer Discretionary — 5.0%** | **Retail - Consumer Discretionary — 5.0%** | **Retail - Consumer Discretionary — 5.0%** |
|  Advance Auto Parts, Inc., 7.38%, 08/01/2033 <sup>(a)</sup>  | 181000 | 185479 |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 8.38%, 06/15/2032 <sup>(a)</sup>  | 175000 | 182652 |
|  Bath & Body Works, Inc., 7.50%, 06/15/2029  | 175000 | 179736 |
|  Builders FirstSource, Inc., 6.75%, 05/15/2035 <sup>(a)</sup>  | 175000 | 182746 |
|  Rakuten Group, Inc., 11.25%, 02/15/2027 <sup>(a)</sup>  | 165000 | 178511 |
|  |  | 909124 |
|  **Software & Services — 2.0%** | **Software & Services — 2.0%** | **Software & Services — 2.0%** |
|  Cloud Software Group, Inc., 8.25%, 06/30/2032 <sup>(a)</sup>  | 168000 | 179610 |
|  CoreWeave, Inc., 9.25%, 06/01/2030 <sup>(a)</sup>  | 182000 | 182622 |
|  |  | 362232 |
|  **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>  | 175000 | 178314 |
|  **Travel & Lodging — 2.9%** | **Travel & Lodging — 2.9%** | **Travel & Lodging — 2.9%** |
|  Carnival Corp., 6.13%, 02/15/2033 <sup>(a)</sup>  | 175000 | 179824 |
|  Hilton Domestic Operating Co., Inc., 6.13%, 04/01/2032 <sup>(a)</sup>  | 175000 | 180074 |
|  NCL Corp. Ltd., 8.13%, 01/15/2029 <sup>(a)</sup>  | 168000 | 176738 |
|  |  | 536636 |
|  **Utilities — 2.0%** | **Utilities — 2.0%** | **Utilities — 2.0%** |
|  PG&E Corp., 5.25%, 07/01/2030  | 185000 | 180396 |
|  XPLR Infrastructure Operating Partners LP, 8.63%, 03/15/2033 <sup>(a)</sup>  | 175000 | 185011 |
|  |  | 365407 |
|  **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>  | 173000 | 180778 |

---

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

**F/m High Yield 100 ETF** 

**Schedule of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Wireless Telecommunications Services — 3.9%** | **Wireless Telecommunications Services — 3.9%** | **Wireless Telecommunications Services — 3.9%** |
|  Altice France SA, 8.13%, 02/01/2027 <sup>(a)(c)</sup>  | $188000 | $174891 |
|  EchoStar Corp., 10.75%, 11/30/2029  | 166000 | 178697 |
|  Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 <sup>(a)(b)</sup>  | 175000 | 183296 |
|  Vodafone Group PLC, 7.00% (5 yr. Swap Rate USD + 4.87%), 04/04/2079  | 175000 | 184599 |
|  |  | 721483 |
|  **Wireline Telecommunications Services — 2.0%** | **Wireline Telecommunications Services — 2.0%** | **Wireline Telecommunications Services — 2.0%** |
|  Frontier Florida LLC, 6.86%, 02/01/2028  | 175000 | 181521 |
|  Level 3 Financing, Inc., 10.75%, 12/15/2030 <sup>(a)</sup>  | 155000 | 175386 |
|  |  | 356907 |
|  **TOTAL CORPORATE BONDS** (Cost $17,510,553)  |  | 17804601 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.0%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(d)</sup>  | 1095292 | 1095292 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,095,292)  |  | 1095292 |
|  **TOTAL INVESTMENTS — 103.3%** (Cost $18,605,845)  |  | 18899893 |
|  Liabilities in Excess of Other Assets — (3.3)%  |  | (599285) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $18300608 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<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 August 31, 2025, the value of these securities total $14,753,004 or 80.6% of the Fund's net assets. 

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $1,071,375. 

<sup>(c)</sup> Issuer is currently in default.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**F/M CORPORATE BOND ETFS** 

**Statements of Assets and Liabilities** 

**August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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:** |  |  |  |
|  Investments in unaffiliated securities, at value  | $20118852 | $36629135 | $30021242 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |  |  |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |  | 6933798 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 220337 | 440600 | 430521 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 18542 | 23423 | 10124 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 203 | 847 | 679 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 20357934 | 37094005 | 37396364 |
|  **LIABILITIES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |  | 6846904 |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  |  | 166844 | 2042108 |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 5407 | 8110 | 4617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 5407 | 174954 | 8893629 |
|  **NET ASSETS**  | $20352527 | $36919051 | $28502735 |
|  **NET ASSETS Consists OF:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $400 | $720 | $560 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 20281048 | 36713792 | 28803630 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 71079 | 204539 | (301455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $20352527 | $36919051 | $28502735 |
|  Net assets  | $20352527 | $36919051 | $28502735 |
|  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)  | 400000 | 720000 | 560000 |
|  Net asset value per share  | $50.88 | $51.28 | $50.90 |
|  **COST:** |  |  |  |
|  Investments in unaffiliated securities, at cost  | $20030181 | $36309622 | $29728256 |
|  Investments in affiliated securities, at cost  | $— | $— | $— |
|  **LOANED SECURITIES:** |  |  |  |
|  at value (included in investments)  | $— | $163589 | $1994778 |

---

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

**F/M OPPORTUNISTIC INCOME ETF** 

**Statements of Assets and Liabilities (Continued)** 

**August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m <br> Opportunistic <br> Income ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $31196238 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 5956458 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value  | 2661500 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 252837 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 11852 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 1875 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 7537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 40088297 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 2661500 |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 12596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 2674096 |
|  **NET ASSETS**  | $37414201 |
|  **NET ASSETS Consists OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $720 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 37057841 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 355640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $37414201 |
|  Net assets  | $37414201 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 720000 |
|  Net asset value per share  | $51.96 |
|  **COST:** |  |
|  Investments in unaffiliated securities, at cost  | $30767785 |
|  Investments in affiliated securities, at cost  | $5837741 |
|  Investments purchased with proceeds from securities lending collateral, at cost  | $2661500 |
|  **LOANED SECURITIES:** |  |
|  at value (included in investments)  | $2601285 |

---

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)** 

**August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security (TIPS) <br> ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $65623242 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 1002370 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 45328 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 66671520 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 1001577 |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 14789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1016366 |
|  **NET ASSETS**  | $65655154 |
|  **NET ASSETS Consists OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $1310 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 65497187 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 156657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $65655154 |
|  Net assets  | $65655154 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 1310000 |
|  Net asset value per share  | $50.12 |
|  **COST:** |  |
|  Investments, at cost  | $65644839 |

---

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

**F/M HIGH YIELD 100 ETF** 

**Statements of Assets and Liabilities (CONCLUDED)** 

**August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m High <br> Yield 100 ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $17804601 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  |  |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value  | 1095292 |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  |  |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 321411 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 180035 |
| &nbsp;&nbsp;&nbsp; Security lending income receivable  | 871 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 19402210 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  |  |
| &nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 1095292 |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1101602 |
|  **NET ASSETS**  | $18300608 |
|  **NET ASSETS Consists OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock ($0.001 per share)  | $350 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 17956941 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 343317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $18300608 |
|  Net assets  | $18300608 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 350000 |
|  Net asset value per share  | $52.29 |
|  **COST:** |  |
|  Investments in unaffiliated securities, at cost  | $17510553 |
|  Investments in affiliated securities, at cost  | $— |
|  Investments purchased with proceeds from securities lending collateral, at cost  | $1095202 |
|  **LOANED SECURITIES:** |  |
|  at value (included in investments)  | $1071375 |

---

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

**F/M CORPORATE BOND ETFS** 

**Statements of Operations** 

**For the Year Ended August 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **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 unaffiliated securities  | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | 4683319 | 5321410 | 2621283 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  | (87) | (1307) | (185) |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 4603 | 11142 | 7544 |
| &nbsp;&nbsp;&nbsp; Other income  | 2176 | 3113 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 4690011 | 5334358 | 2628642 |
|  **EXPENSES:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 149638 | 169091 | 73824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 149638 | 169091 | 73824 |
|  **NET INVESTMENT INCOME**  | 4540373 | 5165267 | 2554818 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (25040) | (65297) | (467618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 1100984 | 1941015 | 942993 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1075944 | 1875718 | 475375 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 801 | 17202 | (156567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 801 | 17202 | (156567) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 1076745 | 1892920 | 318808 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $5617118 | $7058187 | $2873626 |

---

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

**F/M OPPORTUNISTIC INCOME ETF** 

**Statements of Operations (Continued)** 

**For the YEAR Ended August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m <br> Opportunistic <br> INCOME ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $15210 |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | 232444 |
| &nbsp;&nbsp;&nbsp; Interest income  | 1847601 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  |  |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 54212 |
| &nbsp;&nbsp;&nbsp; Other income  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 2149467 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 143309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 143309 |
|  **NET INVESTMENT INCOME**  | 2006158 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (311674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 16712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 743281 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 448319 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (966418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 11273 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (955145) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (506826) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $1499332 |

---

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 PERIOD Ended August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m <br> Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security (TIPS) <br> ETF<sup>(** **a** **)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $1716209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1716209 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 89046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 89046 |
|  **NET INVESTMENT INCOME**  | 1627163 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (120895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | (10635) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (131530) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (21597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (21597) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | (153127) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $1474036 |

---

<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 Operations (CONCLUDED)** 

**For the PERIOD Ended August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m High <br> Yield 100 ETF<sup>(** **a** **)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated securities  | $— |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  |  |
| &nbsp;&nbsp;&nbsp; Interest income  | 317119 |
| &nbsp;&nbsp;&nbsp; Less: Interest withholding taxes  |  |
| &nbsp;&nbsp;&nbsp; Securities lending income  | 1833 |
| &nbsp;&nbsp;&nbsp; Other income  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 318952 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 17844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 17844 |
|  **NET INVESTMENT INCOME**  | 301108 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (1291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 67487 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 66196 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 294048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 294048 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 360244 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $661352 |

---

<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 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** |
|  | **Year ended <br> August 31, <br> 2025** | **Period ended <br> August 31, <br> 2024<sup>(a)</sup>** | **Year ended <br> August 31, <br> 2025** | **Period ended <br> August 31, <br> 2024<sup>(** **a)</sup>** |
|  **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $4540373 | $306045 | $5165267 | $535317 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 1075944 | (12190) | 1875718 | (72277) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 801 | 87870 | 17202 | 302311 |
|  Net increase (decrease) in net assets from operations  | 5617118 | 381725 | 7058187 | 765351 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (4582918) | (263500) | (5242121) | (458463) |
| &nbsp;&nbsp;&nbsp; From return of capital  | (462936) |  | (464905) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (5045854) | (263500) | (5707026) | (458463) |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 286862173 | 10007235 | 281797336 | 22070424 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (277214128) |  | (268610692) |  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 7758 |  | 3934 |  |
|  Net increase (decrease) in net assets from capital transactions  | 9655803 | 10007235 | 13190578 | 22070424 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 10227067 | 10125460 | 14541739 | 22377312 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of the period  | 10125460 |  | 22377312 |  |
|  End of the period  | $20352527 | $10125460 | $36919051 | $22377312 |
|  **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 5680000 | 200000 | 5560000 | 440000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (5480000) |  | (5280000) |  |
|  Total increase (decrease) in shares outstanding  | 200000 | 200000 | 280000 | 440000 |

---

<sup>(a)</sup> Inception date of the Fund was January 10, 2024.

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** |
|  | **Year ended <br> August 31, <br> 2025** | **Period ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2554818 | $467205 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 475375 | (179813) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (156567) | 449553 |
|  Net increase (decrease) in net assets from operations  | 2873626 | 736945 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (2625881) | (396142) |
| &nbsp;&nbsp;&nbsp; From return of capital  | (141657) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (2767538) | (396142) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 58874333 | 18028159 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (46873008) | (1973948) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 308 |  |
|  Net increase (decrease) in net assets from capital transactions  | 12001633 | 16054211 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 12107721 | 16395014 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 16395014 |  |
|  End of the period  | $28502735 | $16395014 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1160000 | 360000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (920000) | (40000) |
|  Total increase (decrease) in shares outstanding  | 240000 | 320000 |

---

<sup>(a)</sup> Inception date of the Fund was January 10, 2024.

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** |
|  | **Year ended <br> August 31, <br> 2025** | **Period ended <br> August 31, <br> 2024<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2006158 | $1578127 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 448319 | 142647 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (955145) | 1502315 |
|  Net increase (decrease) in net assets from operations  | 1499332 | 3223089 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (2019189) | (1425564) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (2019189) | (1425564) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 27079632 | 39262915 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (24489956) | (5717343) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 1285 |  |
|  Net increase (decrease) in net assets from capital transactions  | 2590961 | 33545572 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 2071104 | 35343097 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 35343097 |  |
|  End of the period  | $37414201 | $35343097 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 520000 | 780000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (470000) | (110000) |
|  Total increase (decrease) in shares outstanding  | 50000 | 670000 |

---

<sup>(a)</sup> Inception date of the Fund was September 5, 2023.

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 <br> Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security (TIPS) <br> ETF** |
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1627163 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (131530) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (21597) |
|  Net increase (decrease) in net assets from operations  | 1474036 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (1337567) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (1337567) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 93594175 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (28075623) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 133 |
|  Net increase (decrease) in net assets from capital transactions  | 65518685 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 65655154 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $65655154 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1870000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (560000) |
|  Total increase (decrease) in shares outstanding | 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 (Concluded)**

---

| | |
|:---|:---|
|  | **F/m High <br> Yield 100 ETF** |
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $301108 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 66196 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 294048 |
|  Net increase (decrease) in net assets from operations  | 661352 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp; From earnings  | (250548) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (250548) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 23064697 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (5180438) |
| &nbsp;&nbsp;&nbsp; ETF transaction fees  | 5545 |
|  Net increase (decrease) in net assets from capital transactions  | 17889804 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 18300608 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $18300608 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 450000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (100000) |
|  Total increase (decrease) in shares outstanding | 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 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>

---

| | | |
|:---|:---|:---|
|  | **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  | $50.63 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 2.30 | 1.60 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.26 | 0.35 |
|  Total from investment operations  | 2.56 | 1.95 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (2.08) | (1.32) |
|  Return of capital  | (0.23) |  |
|  Total distributions  | (2.31) | (1.32) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $50.88 | $50.63 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 5.21% | 3.96% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $20353 | $10125 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 4.55% | 4.99% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 35% | 110% |

---

<sup>(a)</sup> Inception date of the Fund was January 10, 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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup><br> 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. <br>

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> 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**

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>

---

| | | |
|:---|:---|:---|
|  | **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  | $50.86 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 2.32 | 1.55 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.41 | 0.62 |
|  Total from investment operations  | 2.73 | 2.17 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (2.12) | (1.31) |
|  Return of capital  | (0.19) |  |
|  Total distributions  | (2.31) | (1.31) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $51.28 | $50.86 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 5.53% | 4.41% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $36919 | $22377 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 4.58% | 4.85% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 50% | 86% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was January 10, 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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> 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**

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>

---

| | | |
|:---|:---|:---|
|  | **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  | $51.23 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 2.60 | 1.66 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (0.25) | 0.93 |
|  Total from investment operations  | 2.35 | 2.59 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (2.54) | (1.36) |
|  Return of capital  | (0.14) |  |
|  Total distributions  | (2.68) | (1.36) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |  |
|  Net asset value, end of period  | $50.90 | $51.23 |
|  **TOTAL RETURN<sup>(e)(f)</sup>**  | 4.76% | 5.32% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $28503 | $16395 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.15% | 0.15% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 5.19% | 5.22% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 203% | 131% |

---

<sup>(a)</sup> Inception date of the Fund was January 10, 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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> 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**

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>

---

| | | |
|:---|:---|:---|
|  | **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  | $52.75 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)(c)</sup>  | 2.83 | 2.85 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | (0.75) | 2.45 |
|  Total from investment operations  | 2.08 | 5.30 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (2.86) | (2.55) |
|  Total distributions  | (2.86) | (2.55) |
|  ETF transaction fees per share  | 0.00 <sup>(e)</sup> |  |
|  Net asset value, end of period  | $51.96 | $52.75 |
|  **TOTAL RETURN**<sup>(f)(g)</sup>  | 4.09% | 10.93% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $37414 | $35343 |
|  Ratio of expenses to average net assets<sup>(h)</sup>  | 0.39% | 0.39% |
|  Ratio of net investment income (loss) to average net assets<sup>(h)(i)</sup>  | 5.46% | 5.68% |
|  Portfolio turnover rate<sup>(f)(j)</sup>  | 136% | 92% |

---

<sup>(a)</sup> Inception date of the Fund was September 5, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</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>(d)</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>(e)</sup> Amount represents less than $0.005 per share. 

<sup>(f)</sup> Not 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. 

<sup>(h)</sup> Annualized for periods less than one year.

<sup>(i)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(j)</sup> 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**

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> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 1.17 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | (0.10) |
|  Total from investment operations  | 1.07 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (0.95) |
|  Total distributions  | (0.95) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> |
|  Net asset value, end of period  | $50.12 |
|  **TOTAL RETURN**<sup>(e)(f)</sup>  | 2.16% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $65655 |
|  Ratio of expenses to average net assets<sup>(g)</sup>  | 0.25% |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup>  | 4.57% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 66% |

---

<sup>(a)</sup> Inception date of the Fund was February 24, 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> Amount represents less than $0.005 per share. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</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. 

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> 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**

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> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.15 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 1.29 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.94 |
|  Total from investment operations  | 3.23 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (1.11) |
|  Total distributions  | (1.11) |
|  ETF transaction fees per share  | 0.02 |
|  Net asset value, end of period  | $52.29 |
|  **TOTAL RETURN**<sup>(d)(e)</sup>  | 6.52% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $18301 |
|  Ratio of expenses to average net assets<sup>(f)</sup>  | 0.39% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 6.58% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 4% |

---

<sup>(a)</sup> Inception date of the Fund was April 14, 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><br> 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. <br>

<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 CORPORATE BOND ETFS F/M OPPORTUNISTIC INCOME ETF F/M ULTRASHORT TREASURY INFLATION-PROTECTED SECURITY (TIPS) ETF F/M HIGH YIELD 100 ETF** 

**Notes to Financial Statements** 

**August 31, 2025**

**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 fifty-nine 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, and the F/m High Yield 100 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.

Prior to June 1, 2025, the investment objective of the F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, and the F/m 10-Year Investment Grade Corporate Bond ETF (together, the "F/m Corporate Bond ETFs") was to seek investment results that corresponded (before fees and expenses) generally to the price and yield of their corresponding benchmark indexes: the ICE 2-Year US Target Maturity Corporate Index, the ICE 3-Year US Target Maturity Corporate Index, and the ICE 10-Year US Target Maturity Corporate Index, respectively. Effective June 1, 2025, the F/m Corporate Bond ETFs switched index providers and now have investment objectives 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 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 reporting period for each Fund is August 31, 2025, and the period covered by these Notes to Financial Statements (the "current fiscal period") is the fiscal year ended August 31, 2025 with respect to F/m Corporate Bond ETFs and F/m Opportunistic Income ETF, and the since-inception period ended August 31, 2025 with respect to F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF and F/m High Yield 100 ETF.

**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 ("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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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. 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 <br> CORPORATE BOND ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $20118852 | $— | $20118852 |
|  Total Investments | $— | $20118852 | $— | $20118852 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/M 3-YEAR INVESTMENT GRADE <br> CORPORATE BOND ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $36462291 | $— | $36462291 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 166844 |
|  Total Investments | $— | $36462291 | $— | $36629135 |

---

<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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/M 10-YEAR INVESTMENT GRADE <br> CORPORATE BOND ETF** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $27954134 | $— | $27954134 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2042108 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 25000 |  | 25000 |
|  Total Investments | $— | $27979134 | $— | $30021242 |

---

<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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $13845202 | $— | $13845202 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 8405848 |  | 8405848 |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 5956458 |  |  | 5956458 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 4445954 |  | 4445954 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds |  | 2287793 |  | 2287793 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 1888413 |  | 1888413 |
| &nbsp;&nbsp;&nbsp; Convertible Bonds |  | 138028 |  | 138028 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 2661500 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 185000 |  | 185000 |
|  Total Investments | $5956458 | $31196238 | $— | $39814196 |

---

<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-<br> Protected Security (TIPS) ETF**  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities | $— | $65623242 | $— | $65623242 |
|  Total Investments | $— | $65623242 | $— | $65623242 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m High Yield 100 ETF**  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **Total** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $17804601 | $— | $17804601 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 1095292 |
|  Total Investments | $— | $17804601 | $— | $18899893 |

---

<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. 

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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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 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 independent directors and counsel to the independent 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.

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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 POLICIES AND PRACTICES** 

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

**Cash** - 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 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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**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.

**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.

**3. 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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

of the Company own an indirect, minority interest in the Adviser. Each of the F/m Corporate Bond ETFs compensates 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. The F/m Opportunistic Income ETF pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.39% of the Fund's average daily net assets during the month. The F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.25% of the Fund's average daily net assets during the month. The F/m High Yield 100 ETF pays the Adviser a unitary management fee that is computed and paid monthly at an annual rate of 0.39% of the 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 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 each Fund under any distribution plan adopted, 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.

**4. 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **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**  |
|  Purchases of investment securities | $165657587 | $193291743 | $100718840 |
|  Proceeds from sales of investment securities | 35086206 | 56377026 | 99415347 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **F/m <br> Opportunistic <br> Income ETF** | **F/m Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security** | **F/m High Yield <br> 100 ETF** |
|  Purchases of investment securities | $62967859 | $44430174 | $4347351 |
|  Proceeds from sales of investment securities | 49166234 | 44692730 | 564458 |

---

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **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**  |
|  In-kind purchases of investment securities | $146349100 | $137715887 | $55594652 |
|  Proceeds from in-kind sales of investment securities | 267766406 | 261270042 | 45451064 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **F/m <br> Opportunistic <br> Income ETF** | **F/m Ultrashort <br> Treasury <br> Inflation-<br> Protected <br> Security** | **F/m High Yield <br> 100 ETF** |
|  In-kind purchases of investment securities | $16963105 | $92541347 | $18158398 |
|  Proceeds from in-kind sales of investment securities | 23110030 | 28027093 | 4026899 |

---

**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.

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:

---

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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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:

---

| | | |
|:---|:---|:---|
|  | **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 |

---

As of August 31, 2025, the close of the Funds' fiscal year, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 character of dividends and distributions paid during the fiscal years ended August 31, 2024 and August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &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 |
|  | 2024 | $263500 | $— |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 2025 | $5242121 | $464905 |
|  | 2024 | $458463 | $— |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 2025 | $2625881 | $141657 |
|  | 2024 | $396142 | $— |
|  F/m Opportunistic Income ETF | 2025 | $2019189 | $— |
|  | 2024 | $1425564 |  |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 2025 | $1337567 | $— |
|  | 2024 |  |  |
|  F/m High Yield 100 ETF | 2025 | $250548 | $— |
|  | 2024 |  |  |

---

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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 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 | $— | $— | $4603 |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 163589 | 166844 | 11142 |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 1994778 | 2042108 | 7544 |
|  F/m Opportunistic Income ETF | 2601285 | 2661500 | 54212 |
|  F/m High Yield 100 ETF | 1071375 | 1095292 | 1833 |

---

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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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 <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 AMOUNT<sup>2</sup>** |
|  F/m 3-Year Investment Grade Corporate Bond ETF | $163589 | $— | $163589 | $(163589) | $— | $— |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 1153650 |  | 1994778 | (1994778) |  |  |
|  F/m Opportunistic Income ETF | 2601285 |  | 2601285 | (2601285) |  |  |
|  F/m High Yield 100 ETF | 1071375 |  | 1071375 | (1071375) |  |  |

---

<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. 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 $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

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**8. 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **August 31, 2024** | **August 31, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| <br>**F/m <br> Opportunistic <br> Income ETF** | **Share <br> Balance** | **Fair Value** | **Share <br> Balance** | **Cost** | **Share <br> Balance** | **Proceeds** |
|  F/m 2-Year Investment Grade Corporate Bond ETF |  | $— | 795 | $40036 | 795 | $40091 |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 41200 | 2098209 |  |  | 41200 | 2079718 |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 30000 | 1542600 | 65330 | 3258440 | 95330 | 4726901 |
|  F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF  |  |  | 163896 | 8209864 | 155068 | 7782077 |
|  F/m High Yield 100 ETF |  |  | 113300 | 5777941 | 17760 | 928759 |
|  U.S. Treasury 3 Month Bill ETF |  |  | 259686 | 12966230 | 259456 | 12952104 |
|  U.S. Treasury 6 Month Bill ETF |  |  | 39542 | 1979947 | 39542 | 1980589 |
|  U.S. Treasury 2 Year Note ETF | 2600 | 126269 |  |  | 2600 | 126486 |
|  U.S. Treasury 5 Year Note ETF |  |  | 11890 | 579595 | 1600 | 78520 |
|  U.S. Treasury 10 Year Note ETF | 64060 | 2882700 |  |  | 64060 | 2838113 |
|  | 137860 | 6649778 | 654439 | 32812053 | 677411 | 33533358 |

---

**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** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| <br>**F/m <br> Opportunistic <br> Income ETF** | **Dividend <br> Income** | **Capital Gain<br> Distribution** | **Net Change in <br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized <br> Gain/(Loss)** | **Share <br> Balance** | **fair Value** |
|  F/m 2-Year Investment Grade Corporate Bond ETF | $157 | $— | $— | $55 |  | $— |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 31488 |  | (22343) | 3852 |  |  |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 25798 |  | (35400) | (38739) |  |  |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF  | 44154 |  | 207 | 14641 | 8828 | 442636 |
|  F/m High Yield 100 ETF | 100488 |  | 111272 | 32945 | 95540 | 4993398 |
|  U.S. Treasury 3 Month Bill ETF | 7803 |  | 25 | (2647) | 230 | 11504 |
|  U.S. Treasury 6 Month Bill ETF | 1706 |  |  | 642 |  |  |
|  U.S. Treasury 2 Year Note ETF | 835 |  | (247) | 464 |  |  |
|  U.S. Treasury 5 Year Note ETF | 1528 |  | 7213 | 632 | 10290 | 508920 |
|  U.S. Treasury 10 Year Note ETF | 18487 |  | (49454) | 4867 |  |  |
|  | $232444 | $— | $11273 | $16712 | $114888 | $5956458 |

---

**9. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the investment committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's 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** 

**Notes to Financial Statements (conCLUDED)** 

**August 31, 2025**

**10. 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.

Effective as of September 15, 2025 the Adviser has contractually agreed to lower its unitary management fee for the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (for this section only, the "Fund") to 0.17% of the Fund's average daily net assets. Prior to September 15, 2025, the Fund's unitary management fee was 0.25% of the Fund's average daily net assets.

Subsequent to the end of the current fiscal period, 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 | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.17695648 |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.17994990 |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.21601168 |
|  F/m Opportunistic Income ETF | 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.22289754 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 9/16/2025 | 9/16/2025 | 9/17/2025 | $0.19000000 |
|  F/m High Yield 100 ETF | 9/16/2025 | 9/16/2025 | 9/17/2025 | $0.26500000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Record Date** | **Ex-Date** | **Pay Date** | **Distribution <br> Rate Per Share** |
|  F/m 2-Year Investment Grade Corporate Bond ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.17022450 |
|  F/m 3-Year Investment Grade Corporate Bond ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.17433258 |
|  F/m 10-Year Investment Grade Corporate Bond ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.20967154 |
|  F/m Opportunistic Income ETF | 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.23101065 |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 10/17/2025 | 10/17/2025 | 10/20/2025 | $0.16003885 |
|  F/m High Yield 100 ETF | 10/17/2025 | 10/17/2025 | 10/20/2025 | $0.27000000 |

---

**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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The RBB Fund, Inc. comprising the funds listed below (the "Funds") as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br> Operations**  | **Statements of <br> Changes in Net <br> Assets** | **Financial <br> Highlights** |
| 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 | For the year ended August 31, 2025 | For the year ended August 31, 2025 and for the period from January 10, 2024 (commencement of operations) through <br> August 31, 2024 | For the year ended August 31, 2025 and for the period from January 10, 2024 (commencement of operations) through <br> August 31, 2024 |
| F/m Opportunistic Income ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025 and for the period from September 5, 2023 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and for the period from September 5, 2023 (commencement of operations) through August 31, 2024 |
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | For the period from February 24, 2025 (commencement of operations) through August 31, 2025 | For the period from February 24, 2025 (commencement of operations) through August 31, 2025 | For the period from February 24, 2025 (commencement of operations) through August 31, 2025 |
| F/m High Yield 100 ETF | For the period from April 14, 2025 (commencement of operations) through August 31, 2025 | For the period from April 14, 2025 (commencement of operations) through August 31, 2025 | For the period from April 14, 2025 (commencement of operations) through August 31, 2025 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

**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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Concluded)**

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments LLC since 2021.

![](fp0094047-16_68.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**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** 

**SHAREHOLDER TAX INFORMATION** 

**(UNAUDITED)**

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal year ended August 31, 2025, the Funds paid ordinary income dividends and return of capital dividends, and did not pay long-term capital gains dividends to their respective shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

**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** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**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 AGREEMENTS** 

**F/m Corporate Bond ETFs** 

As required by the 1940 Act, the Board of 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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between F/m and the Company on behalf of the F/m 6-Month Investment Grade Corporate Bond ETF, F/m 9-18 Month Investment Grade Corporate Bond ETF, F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, F/m 5-Year Investment Grade Corporate Bond ETF, F/m 7-Year Investment Grade Corporate Bond ETF, F/m 10-Year Investment Grade Corporate Bond ETF, F/m 15+ Year Investment Grade Corporate Bond ETF, F/m 20-Year Investment Grade Corporate Bond ETF, and F/m 30-Year Investment Grade Corporate Bond ETF (each a "Fund" and collectively the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. 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 renewal of the Investment Advisory Agreement between the Company and F/m with respect to the Funds, the Directors took into account all the 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 F/m and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. Among other things, the Directors considered (i) the nature, extent, and quality of F/m's services provided to the Funds; (ii) descriptions of the experience and qualifications of F/m's personnel providing those services; (iii) F/m's investment philosophies and processes; (iv) F/m's assets under management and client descriptions; (v) F/m's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m's advisory fee arrangement with the Company and other similarly managed clients; (vii) F/m's compliance policies and procedures; (viii) F/m's financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund's management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity ("Peer Group") and comparing the performance of each Fund to the performance of its Peer Group and its benchmark. The Board further noted that performance information was only available for 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 as such Funds had commenced operations in 2024.

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Funds and that F/m's services had been acceptable.

The Directors also considered the investment performance of 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. Information on the Funds' investment performance was provided for the three-month and since inception periods ended December 31, 2024. The Directors considered the Funds' investment performance in light of their respective investment

**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** 

**OTHER INFORMATION** 

**(Continued)**

objectives and investment strategies. The Directors concluded that the investment performance of each of 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 as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors considered that because each of the Funds was designed to track the performance of its respective index, the relevant consideration was the extent to which such Fund tracked its index before fees and expenses. The Board also noted that the performance of the index did not take into account the expenses incurred when purchasing or selling securities, which expenses would lower the performance of a fund seeking to replicate some or all of the holdings of the index. The Board noted that for the three-month and since-inception periods ended December 31, 2024, as applicable, each Fund's performance was in line with its index before fees and expenses.

The Directors noted that the F/m 2-Year Investment Grade Corporate Bond ETF outperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024.

The Directors noted that the F/m 3-Year Investment Grade Corporate Bond ETF underperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2024.

The Directors noted that the F/m 10-Year Investment Grade Corporate Bond ETF matched 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 Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the advisory fees paid by each Fund and the Fund's total operating expense ratios was compared to similar information for its Peer Group.

The Directors noted that the net advisory fee of the F/m 6-Month Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 9-18 Month Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 2-Year Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 3-Year Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 5-Year Investment Grade Corporate Bond ETF equaled the median and was in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 7-Year Investment Grade Corporate Bond ETF equaled the median and was in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 10-Year Investment Grade Corporate Bond ETF equaled the median and was in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 2nd quintile of its Peer Group.

**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** 

**OTHER INFORMATION** 

**(Continued)**

The Directors noted that the net advisory fee of the F/m 15+ Year Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 20-Year Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Directors noted that the net advisory fee of the F/m 30-Year Investment Grade Corporate Bond ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Board also took into consideration that the advisory fee for each Fund was a "unitary fee," meaning the Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that F/m continued to be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding F/m's costs, profitability and economies of scale, and after considering F/m's services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**F/m Opportunistic Income ETF** 

As required by the 1940 Act, the Board of 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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") between F/m and the Company on behalf of the F/m Opportunistic Income ETF (the "Fund"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. 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 renewal of the Investment Advisory Agreement between the Company and F/m 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, the presentations made during the Meeting, 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. Among other things, the Directors considered (i) the nature, extent, and quality of F/m's services provided to the Fund; (ii) descriptions of the experience and qualifications of F/m's personnel providing those services; (iii) F/m's investment philosophies and processes; (iv) F/m's assets under management and client descriptions; (v) F/m's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m's advisory fee arrangement with the Company and other similarly managed clients; (vii) F/m's compliance policies and procedures; (viii) F/m's 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.

**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** 

**OTHER INFORMATION** 

**(Continued)**

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Fund and that F/m's 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, and since inception periods ended December 31, 2024. The Directors considered the Fund's investment performance in light of its investment objective and investment strategies.

The Directors noted that the Fund outperformed its primary benchmark, the Bloomberg US Aggregate Bond Total Return Index, for the three-month, one-year, and since-inception periods ended December 31, 2024. The Directors noted that the Fund outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024. The Directors concluded that the investment performance of the Fund as compared to its benchmark and Peer Group was acceptable.

The Board also considered the advisory fee rates payable by the Fund under the Investment Advisory Agreement. In this regard, information on the advisory fees paid by the Fund and the Fund's total operating expense ratios were compared to similar information for its Peer Group.

The Directors noted that the net advisory fee of the Fund ranked below the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses were below the median and in the 1st quintile of its Peer Group.

The Board also took into consideration that the advisory fee for the Fund was a "unitary fee," meaning the Fund paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that F/m continued to be responsible for compensating the Fund's other service providers and paying other expenses of the Fund out of its own fees and resources.

After reviewing the information regarding F/m's costs, profitability and economies of scale, and after considering F/m's services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

**F/m High Yield 100 ETF** 

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 approval of a new Investment Advisory Agreement (the "Investment Advisory Agreement") by and between F/m and the Company, on behalf of the F/m High Yield 100 ETF (the "Fund"), at a meeting of the Board held on February 5-6, 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, 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 assets under management 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

**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** 

**OTHER INFORMATION** 

**(Concluded)**

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.

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 fee to be paid by the Fund to F/m was 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

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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 August 31, 2025**

**Oakhurst Fixed Income Fund (OHFIX)**

**A series of The RBB Fund, Inc.** 

F/m Investments LLC

**Oakhurst Fixed Income Fund** 

**Schedule of Investments** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **U.S. TREASURY SECURITIES — 29.0%** | **U.S. TREASURY SECURITIES — 29.0%** | **U.S. TREASURY SECURITIES — 29.0%** |
|  **United States Treasury Note/Bond** | **United States Treasury Note/Bond** | **United States Treasury Note/Bond** |
| &nbsp;&nbsp;&nbsp; 3.88%, 07/31/2030  | $1547000 | $1559207 |
| &nbsp;&nbsp;&nbsp; 3.63%, 09/30/2031  | 971000 | 960038 |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2032  | 1801000 | 1810005 |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2032  | 1828000 | 1697077 |
| &nbsp;&nbsp;&nbsp; 4.13%, 11/15/2032  | 3673000 | 3713460 |
| &nbsp;&nbsp;&nbsp; 3.50%, 02/15/2033  | 3504000 | 3395869 |
| &nbsp;&nbsp;&nbsp; 3.88%, 08/15/2033  | 3903000 | 3862293 |
| &nbsp;&nbsp;&nbsp; 4.50%, 11/15/2033  | 3669000 | 3783513 |
| &nbsp;&nbsp;&nbsp; 4.00%, 02/15/2034  | 2000000 | 1988008 |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2034  | 1658000 | 1690350 |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2034  | 736000 | 740772 |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2035  | 494000 | 510827 |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042  | 3430000 | 2722161 |
| &nbsp;&nbsp;&nbsp; 2.50%, 02/15/2045  | 3148000 | 2194254 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $31,612,578)  |  | 30627834 |
|  **CORPORATE BONDS — 26.7%** | **CORPORATE BONDS — 26.7%** | **CORPORATE BONDS — 26.7%** |
|  **Communications — 0.8%** |  |  |
|  AT&T, Inc., 7.13%, 12/15/2031  | 750000 | 847470 |
|  **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** | **Consumer Discretionary — 3.0%** |
|  AutoZone, Inc., 4.75%, 08/01/2032  | 1075000 | 1077218 |
|  Fortune Brands Innovations, Inc., 5.88%, 06/01/2033 <sup>(a)</sup>  | 900000 | 950195 |
|  Marriott International, Inc./MD, 5.10%, 04/15/2032  | 1085000 | 1107285 |
|  |  | 3134698 |
|  **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** | **Consumer Staples — 0.5%** |
|  BAT Capital Corp., 7.08%, 08/02/2053  | 467000 | 519628 |
|  **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
|  Diamondback Energy, Inc., 5.40%, 04/18/2034  | 1134000 | 1146107 |
|  El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 <sup>(b)</sup>  | 823000 | 981246 |
|  Enbridge, Inc., 5.70%, 03/08/2033  | 904000 | 943059 |
|  |  | 3070412 |
|  **Financials — 8.9%** | **Financials — 8.9%** | **Financials — 8.9%** |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032  | 1075000 | 984045 |
|  American Homes 4 Rent LP, 5.50%, 02/01/2034 <sup>(a)</sup>  | 970000 | 996443 |
|  Antares Holdings LP, 7.95%, 08/11/2028 <sup>(c)</sup>  | 800000 | 851360 |
|  Aviation Capital Group LLC, 6.38%, 07/15/2030 <sup>(c)</sup>  | 900000 | 962752 |
|  Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034  | 905000 | 928300 |
|  Crown Castle, Inc., 5.10%, 05/01/2033  | 968000 | 971007 |
|  Fairfax Financial Holdings Ltd., 7.75%, 07/15/2037  | 947000 | 1115334 |
|  FS KKR Capital Corp., 6.88%, 08/15/2029  | 950000 | 970436 |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029  | 750000 | 633210 |
|  Jackson Financial, Inc., 3.13%, 11/23/2031  | 1100000 | 995069 |
|  |  | 9407956 |
|  **Health Care — 2.0%** | **Health Care — 2.0%** | **Health Care — 2.0%** |
|  Bristol-Myers Squibb Co., 5.88%, 11/15/2036  | 1097000 | 1170826 |
|  Quest Diagnostics, Inc., 6.40%, 11/30/2033  | 880000 | 969891 |
|  |  | 2140717 |
|  **Technology — 4.8%** | **Technology — 4.8%** | **Technology — 4.8%** |
|  Applied Materials, Inc., 5.85%, 06/15/2041  | 867000 | 907484 |
|  Broadcom, Inc., 4.90%, 07/15/2032  | 1152000 | 1166015 |
|  Hewlett Packard Enterprise Co., 6.20%, 10/15/2035 <sup>(b)</sup>  | 857000 | 918716 |
|  Kyndryl Holdings, Inc., 6.35%, 02/20/2034 <sup>(a)</sup>  | 1000000 | 1058910 |
|  Leidos Holdings, Inc., 5.95%, 12/01/2040  | 945000 | 963682 |
|  |  | 5014807 |
|  **Utilities — 3.8%** | **Utilities — 3.8%** | **Utilities — 3.8%** |
|  Ameren Corp., 5.38%, 03/15/2035  | 800000 | 813294 |
|  Berkshire Hathaway Energy Co., 6.50%, 09/15/2037  | 858000 | 944774 |
|  DTE Electric Co., 5.25%, 05/15/2035  | 281000 | 286940 |
|  National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032  | 805000 | 955351 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Utilities — 3.8% (continued)** | **Utilities — 3.8% (continued)** | **Utilities — 3.8% (continued)** |
|  Potomac Electric Power Co., 7.90%, 12/15/2038  | $780000 | $1003630 |
|  |  | 4003989 |
|  **TOTAL CORPORATE BONDS** (Cost $27,756,992)  |  | 28139677 |
|  **MORTGAGE-BACKED SECURITIES — 20.9%** | **MORTGAGE-BACKED SECURITIES — 20.9%** | **MORTGAGE-BACKED SECURITIES — 20.9%** |
|  Federal Home Loan Mortgage Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; Pool C91859, 3.50%, 12/01/2035  | 161653 | 157126 |
| &nbsp;&nbsp;&nbsp; Pool SB8257, 5.50%, 09/01/2038  | 701817 | 718233 |
| &nbsp;&nbsp;&nbsp; Pool SD3148, 5.00%, 06/01/2053  | 961280 | 958237 |
| &nbsp;&nbsp;&nbsp; Pool SD3386, 5.50%, 07/01/2053  | 1331589 | 1344682 |
| &nbsp;&nbsp;&nbsp; Pool SD8255, 3.50%, 10/01/2052  | 1762768 | 1596661 |
| &nbsp;&nbsp;&nbsp; Pool SD8489, 4.50%, 12/01/2054  | 967271 | 931621 |
|  Federal National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Pool CA2472, 4.00%, 10/01/2048  | 931724 | 883403 |
| &nbsp;&nbsp;&nbsp; Pool CB4024, 4.50%, 07/01/2052  | 1114065 | 1089736 |
| &nbsp;&nbsp;&nbsp; Pool FA0095, 6.00%, 12/01/2054  | 1237113 | 1272760 |
| &nbsp;&nbsp;&nbsp; Pool FM5329, 2.00%, 01/01/2031  | 319530 | 306214 |
| &nbsp;&nbsp;&nbsp; Pool FS0862, 2.50%, 12/01/2036  | 661600 | 627473 |
| &nbsp;&nbsp;&nbsp; Pool FS3430, 4.00%, 11/01/2052  | 855839 | 814323 |
| &nbsp;&nbsp;&nbsp; Pool FS4239, 5.00%, 03/01/2053  | 1079015 | 1074759 |
| &nbsp;&nbsp;&nbsp; Pool FS4522, 5.00%, 05/01/2053  | 1326732 | 1313044 |
| &nbsp;&nbsp;&nbsp; Pool FS5649, 5.50%, 08/01/2053  | 364942 | 367812 |
| &nbsp;&nbsp;&nbsp; Pool FS5779, 5.50%, 09/01/2053  | 1008159 | 1017079 |
| &nbsp;&nbsp;&nbsp; Pool FS8469, 5.50%, 07/01/2054  | 334198 | 339553 |
| &nbsp;&nbsp;&nbsp; Pool MA0584, 4.50%, 10/01/2040  | 8394 | 8130 |
| &nbsp;&nbsp;&nbsp; Pool MA1201, 3.50%, 10/01/2032  | 61983 | 60892 |
| &nbsp;&nbsp;&nbsp; Pool MA2705, 3.00%, 08/01/2046  | 519523 | 464942 |
| &nbsp;&nbsp;&nbsp; Pool MA3210, 3.50%, 12/01/2047  | 309023 | 284882 |
| &nbsp;&nbsp;&nbsp; Pool MA3356, 3.50%, 05/01/2048  | 1470836 | 1351008 |
| &nbsp;&nbsp;&nbsp; Pool MA4626, 4.00%, 06/01/2052  | 1237466 | 1158199 |
| &nbsp;&nbsp;&nbsp; Pool MA4733, 4.50%, 09/01/2052  | 458799 | 443155 |
| &nbsp;&nbsp;&nbsp; Pool MA5071, 5.00%, 07/01/2053  | 1237665 | 1224748 |
| &nbsp;&nbsp;&nbsp; Pool MA5271, 5.50%, 02/01/2054  | 1297386 | 1307739 |
| &nbsp;&nbsp;&nbsp; Pool MA5495, 4.50%, 10/01/2054  | 1014213 | 976833 |
|  **TOTAL MORTGAGE-BACKED SECURITIES** (Cost $22,015,883)  |  | 22093244 |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9%** |
|  Banc of America Mortgage Securities, Inc., Series 2003-J, Class 2A1, 5.77%, 11/25/2033 <sup>(d)</sup>  | 206433 | 184710 |
|  Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 <sup>(c)(d)</sup>  | 285647 | 261888 |
|  Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034  | 247957 | 254353 |
|  Federal Home Loan Mortgage Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2569, Class LD, 5.50%, 02/15/2033  | 22846 | 23622 |
| &nbsp;&nbsp;&nbsp; Series 3622, Class WA, 5.50%, 09/15/2039  | 110317 | 113948 |
| &nbsp;&nbsp;&nbsp; Series 3793, Class UA, 4.00%, 06/15/2033  | 21038 | 20643 |
| &nbsp;&nbsp;&nbsp; Series 3827, Class HA, 3.50%, 11/15/2025  | 1521 | 1518 |
| &nbsp;&nbsp;&nbsp; Series 3940, Class PD, 2.50%, 02/15/2041  | 49529 | 48575 |
| &nbsp;&nbsp;&nbsp; Series 4077, Class AP, 4.00%, 01/15/2042  | 21340 | 21104 |
| &nbsp;&nbsp;&nbsp; Series 4183, Class PA, 3.50%, 01/15/2043  | 5338 | 5321 |
| &nbsp;&nbsp;&nbsp; Series 4753, Class JA, 3.00%, 12/15/2047  | 842968 | 774900 |
| &nbsp;&nbsp;&nbsp; Series 4760, Class A, 3.00%, 02/15/2048  | 498508 | 480015 |
| &nbsp;&nbsp;&nbsp; Series 4960, Class PD, 2.00%, 10/25/2049  | 592509 | 500164 |
| &nbsp;&nbsp;&nbsp; Series 5145, Class AB, 1.50%, 09/25/2049  | 1056862 | 841714 |
| &nbsp;&nbsp;&nbsp; Series 5206, Class DV, 3.50%, 06/25/2033  | 882279 | 844873 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (CONTINUED)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9% (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.9% (continued)** |
| &nbsp;&nbsp;&nbsp; Series 5227, Class JQ, 4.00%, 04/25/2047  | $820562 | $802481 |
| &nbsp;&nbsp;&nbsp; Series 5252, Class BA, 4.00%, 02/25/2050  | 860952 | 851866 |
| &nbsp;&nbsp;&nbsp; Series 5569, Class BA, 5.00%, 07/25/2052  | 1216996 | 1217123 |
|  Federal National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2005-80, Class BA, 5.00%, 04/25/2029  | 18130 | 18673 |
| &nbsp;&nbsp;&nbsp; Series 2009-96, Class DB, 4.00%, 11/25/2029  | 32193 | 32015 |
| &nbsp;&nbsp;&nbsp; Series 2013-13, Class MA, 4.00%, 01/25/2043  | 188241 | 182464 |
| &nbsp;&nbsp;&nbsp; Series 2016-24, Class HA, 3.00%, 04/25/2044  | 34548 | 33979 |
| &nbsp;&nbsp;&nbsp; Series 2016-49, Class LA, 3.50%, 01/25/2043  | 51997 | 51574 |
| &nbsp;&nbsp;&nbsp; Series 2016-89, Class CG, 3.00%, 04/25/2046  | 90314 | 84230 |
| &nbsp;&nbsp;&nbsp; Series 2017-105, Class N, 3.00%, 01/25/2048  | 1016143 | 913019 |
| &nbsp;&nbsp;&nbsp; Series 2017-22, Class EC, 3.00%, 06/25/2044  | 64568 | 63428 |
| &nbsp;&nbsp;&nbsp; Series 2018-45, Class AB, 3.00%, 06/25/2048  | 176569 | 160469 |
| &nbsp;&nbsp;&nbsp; Series 2019-33, Class N, 3.00%, 03/25/2048  | 203730 | 192776 |
| &nbsp;&nbsp;&nbsp; Series 2022-22, Class EV, 4.00%, 07/25/2033  | 634684 | 619487 |
|  Government National Mortgage Association  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-133, Class HA, 3.50%, 09/20/2050  | 189819 | 173515 |
| &nbsp;&nbsp;&nbsp; Series 2020-134, Class NP, 2.50%, 09/20/2050  | 787917 | 657604 |
| &nbsp;&nbsp;&nbsp; Series 2020-84, Class WA, 3.50%, 06/20/2050  | 143039 | 130875 |
|  GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 <sup>(c)(d)</sup>  | 548407 | 447428 |
|  Harborview Mortgage Loan Trust, Series 2004-4, Class 2A, 5.03% (1 mo. Term SOFR + 0.67%), 06/19/2034  | 50576 | 46082 |
|  JP Morgan Mortgage Trust  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2013-3, Class A3, 3.39%, 07/25/2043 <sup>(c)(d)</sup>  | 38991 | 36828 |
| &nbsp;&nbsp;&nbsp; Series 2017-2, Class A3, 3.50%, 05/25/2047 <sup>(c)(d)</sup>  | 92797 | 84749 |
|  New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 <sup>(c)(d)</sup>  | 146698 | 142317 |
|  Provident Funding Mortgage Trust, Series 2025-1, Class A3, 5.50%, 02/25/2055 <sup>(c)(d)</sup>  | 1308952 | 1317064 |
|  RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 <sup>(c)(d)</sup>  | 1161407 | 1036108 |
|  Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 <sup>(c)(d)</sup>  | 132709 | 129120 |
|  Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 <sup>(c)(d)</sup>  | 909827 | 823511 |
|  **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $15,543,715)  |  | 14626133 |
|  **ASSET-BACKED SECURITIES — 6.9%** | **ASSET-BACKED SECURITIES — 6.9%** | **ASSET-BACKED SECURITIES — 6.9%** |
|  American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032  | 896603 | 832415 |
|  Avis Budget Car Rental LLC, Series 2023-8A, Class A, 6.02%, 02/20/2030 <sup>(c)</sup>  | 1000000 | 1051500 |
|  DB Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 <sup>(c)</sup>  | 1042388 | 976515 |
|  Domino's SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 <sup>(c)</sup>  | 636988 | 602738 |
|  Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 <sup>(c)</sup>  | 280510 | 279035 |
|  QTS Issuer ABS I LLC, Series 2025-1A, Class A2, 5.44%, 05/25/2055 <sup>(c)</sup>  | 1005000 | 1022893 |
|  SBA Depositor LLC  |  |  |
| &nbsp;&nbsp;&nbsp; Series 2020-1-2, 2.33%, 01/15/2028 <sup>(c)</sup>  | 10000 | 9518 |
| &nbsp;&nbsp;&nbsp; Series 2021-3, 2.59%, 10/15/2031 <sup>(c)</sup>  | 1200000 | 1061097 |
|  Union Pacific Railroad Co., 6.18%, 01/02/2031  | 464174 | 485928 |

---

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

**Oakhurst Fixed Income Fund** 

**Schedule of Investments (concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **ASSET-BACKED SECURITIES — 6.9% (continued)** | **ASSET-BACKED SECURITIES — 6.9% (continued)** | **ASSET-BACKED SECURITIES — 6.9% (continued)** |
|  Westlake Automobile Receivables Trust, Series 2025-P1, Class A3, 4.58%, 06/15/2029 <sup>(c)</sup>  | $933000 | $940680 |
|  **TOTAL ASSET-BACKED SECURITIES** (Cost $7,230,913)  |  | 7262319 |
|  **U.S. GOVERNMENT AGENCY ISSUES — 1.8%** | **U.S. GOVERNMENT AGENCY ISSUES — 1.8%** | **U.S. GOVERNMENT AGENCY ISSUES — 1.8%** |
|  Federal Farm Credit Banks Funding Corp, 2.40%, 03/24/2036  | 900000 | 727719 |
|  Tennessee Valley Authority, 4.65%, 06/15/2035  | 1100000 | 1113732 |
|  **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $1,894,540)  |  | 1841451 |
|  | **Units** |  |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.5%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 1.5%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 1537205 | 1537205 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $1,537,205)  |  | 1537205 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
|  **MONEY MARKET FUNDS — 0.0%<sup>(f)</sup>** | **MONEY MARKET FUNDS — 0.0%<sup>(f)</sup>** | **MONEY MARKET FUNDS — 0.0%<sup>(f)</sup>** |
|  Invesco Treasury Portfolio - Institutional Class, 4.16%<sup>(e)</sup>  | 56890 | 56890 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $56,890)  |  | 56890 |
|  **TOTAL INVESTMENTS — 100.7%** (Cost $107,648,716)  |  | 106184753 |
|  Liabilities in Excess of Other Assets — (0.7)%  |  | (723371) |
|  **TOTAL NET ASSETS — 100.0%** |  | $105461382 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security
 is on loan as of August 31, 2025. The fair value of these securities was $1,501,120.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Step coupon bond. The rate
 disclosed is as of August 31, 2025.

&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 August 31, 2025, the value of these securities total $12,037,101 or 11.4% 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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

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

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

**OAKHURST FIXED INCOME FUND** 

**Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments of securities of unaffiliated issuers, at value (cost $106,111,511)<sup>(1)</sup>  | $104647548 |
| &nbsp;&nbsp;&nbsp; Investments purchased with proceeds from securities lending collateral, at value (cost $1,537,205)  | 1537205 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 763770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 339345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  | 257 |
| &nbsp;&nbsp;&nbsp; Prepaid and other expenses  | 5541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 107293666 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed  | 39148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 172204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 23772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Advisor  | 18639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 20541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending collateral  | 1537205 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 20775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1832284 |
| &nbsp;&nbsp;&nbsp; Net assets  | 105461382 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $11896 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 118941128 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(loss)  | (13491642) |
| &nbsp;&nbsp;&nbsp; Net assets  | $105461382 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 11896376 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $8.87 |

---

<sup>(1)</sup> Includes market value of securities on loan of $1,501,120.

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

**OAKHURST FIXED INCOME FUND** 

**Statement of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments  | $34490 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliated investments  | 164480 |
| &nbsp;&nbsp;&nbsp; Interest  | 5831072 |
| &nbsp;&nbsp;&nbsp; Securities lending income, net  | 6693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 6036735 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 661098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 91330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 48997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer fees  | 46239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director fees  | 36111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees  | 28851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax service fees  | 21342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 11769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 11457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 15532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursments  | 972726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursemets  | (186303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waivers and reimbursments  | 786423 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 5250312 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | (2714684) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments in affiliated issuers  | (41402) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on: |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | 2083199 |
|  Net realized and unrealized gain/(loss) from investments  | (672887) |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $4577425 |

---

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

**OAKHURST FIXED INCOME FUND** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $5250312 | $4529656 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  | (2756086) | (2820459) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 2083199 | 7204480 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | 4577425 | 8913677 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (5356475) | (4568696) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets from dividends and distributions to shareholders  | (5356475) | (4568696) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 48702887 | 45762565 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 3259520 | 2866950 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (70519687) | (43584779) |
|  Net increase/(decrease) in net assets from capital share transactions  | (18557280) | 5044736 |
|  Total increase/(decrease) in net assets  | (19336330) | 9389717 |
|  **NET ASSETS:** |  |  |
|  Beginning of year  | 124797712 | 115407995 |
|  End of year  | $105461382 | $124797712 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 5535101 | 5304313 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 370990 | 332675 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (8031685) | (5090417) |
|  Net increase/(decrease) in shares outstanding  | (2125594) | 546571 |

---

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** |
|  | **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  | $8.90 | $8.56 | $8.90 | $10.28 | $10.40 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>(3)</sup>  | 0.35 | 0.34 | 0.27 | 0.19 | 0.15 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) from investments  | (0.02) | 0.35 | (0.33) | (1.26) | —<sup>(2)</sup> |
|  Net increase/(decrease) in net assets resulting from operations  | 0.33 | 0.69 | (0.06) | (1.07) | 0.15 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.36) | (0.35) | (0.28) | (0.22) | (0.21) |
| &nbsp;&nbsp;&nbsp; Net realized gains on investments  |  |  |  | (0.09) | (0.06) |
|  Total distributions  | (0.36) | (0.35) | (0.28) | (0.31) | (0.27) |
|  Net asset value, end of period  | $8.87 | $8.90 | $8.56 | $8.90 | $10.28 |
|  Total investment return/(loss)<sup>(4)</sup>  | 3.86% | 8.21% | (0.62)% | (10.59)% | 1.42% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |
|  Net assets at end of period (000's omitted)  | $105461 | $124798 | $115408 | $119410 | $126210 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements<sup>(5)</sup>  | 0.60% | 0.58% | 0.60% | 0.60% | 0.60% |
|  Ratio of expenses to average net assets without waivers and reimbursements<sup>(5)</sup>  | 0.74% | 0.78% | 0.78% | 0.84% | 0.80% |
|  Ratio of net investment income/(loss) to average net assets with waviers<sup>(6)</sup>  | 3.99% | 3.97% | 3.16% | 1.97% | 1.45% |
|  Portfolio turnover rate  | 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** 

**August 31, 2025**

**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 fifty-nine 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 corresponding 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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"). 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

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded 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.

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 – Unadjusted
 quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;● 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 August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Securities  | $— | $30627834 | $— | $30627834 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds  |  | 28139677 |  | 28139677 |
| &nbsp;&nbsp;&nbsp; Mortgage-Backed Securities  |  | 22093244 |  | 22093244 |
| &nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations  |  | 14626133 |  | 14626133 |
| &nbsp;&nbsp;&nbsp; Asset-Backed Securities  |  | 7262319 |  | 7262319 |
| &nbsp;&nbsp;&nbsp; U.S. Government Agency Issues  |  | 1841451 |  | 1841451 |
| &nbsp;&nbsp;&nbsp; Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup>  |  |  |  | 1537205 |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 56890 |  |  | 56890 |
|  Total Investments  | $56890 | $104590658 | $— | $106184753 |

---

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.

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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 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 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.

**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)** 

**August 31, 2025**

**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. An affiliate of the Adviser, Oakhurst Capital Advisors, LLC (the "Sub-Adviser") served as the investment sub-adviser to the Fund through April 17, 2025. 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. Through April 17, 2025, the Sub-Adviser was paid a fee equal to the annual rate of 0.475% of the Fund's average daily net assets. Compensation of the Sub-Adviser was paid by the Adviser (not the Fund) at the annual rate of the average value of a Fund's daily net assets. The Sub-Adviser's fee was reduced on a pro-rata basis to the extent that the Adviser reduced its advisory fees or reimburses expenses of the Fund.

Effective April 17, 2025, the Sub-Adviser ceased to serve as investment sub-adviser to the Fund. The Fund continues to be advised by the Adviser, and continues to operate under the same principle investment strategies. Barry P. Julien, CFA<sup>®</sup> and John Han, CFA<sup>®</sup> will continue to serve as portfolio managers to 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, 2025 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 expenses) to 0.60% (0.58% until October 30, 2024) of the average daily net assets allocable to the Institutional Class shares of the Fund. During the period from September 1, 2024 through August 31, 2025, the Adviser reduced advisory fees for the Fund by $186,303.

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** | **EXPIRATION** | **EXPIRATION** |
|  | **August 31, <br> 2027** | **August 31, <br> 2028** | **Total** |
|  Oakhurst Fixed Income Fund  | $181008 | $186303 | $367311 |

---

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.

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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.

**3. 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:

---

| | |
|:---|:---|
|  Purchases of investment securities  | $67372270 |
|  Proceeds from sales and maturities of investment securities  | 78429278 |

---

During the current fiscal period, cost of purchases and proceeds from sales and maturities of U.S. government long-term securities were as follows:

---

| | |
|:---|:---|
|  Purchases of U.S. government long-term securities  | $13213239 |
|  Proceeds from sales and maturities of U.S. government securities  | 19492185 |

---

**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 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:

---

| | |
|:---|:---|
|  Tax cost of investments  | $107661310 |
|  Gross unrealized appreciation  | 1600314 |
|  Gross unrealized depreciation  | (3076871) |
|  Net unrealized appreciation/(depreciation) on investments  | (1476557) |
|  Undistributed ordinary income  | 180146 |
|  Accumulated capital and other losses  | (12023027) |
|  Dividend payable  | (172204) |
|  Total distributable earnings/(loss)  | $(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 GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales and dividends payable.

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

The tax character of distributions paid to shareholders during the fiscal years ended August 31, 2025 and August 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Years Ended** | **Ordinary<br> Income** | **Long-Term <br> Capital Gains** | **Total <br> Distributions\*** |
|  August 31, 2025  | $5341298 | $– $| 5341298 |
|  August 31, 2024  | 4548812 | – | 4548812 |

---

\* 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:

---

| | |
|:---|:---|
|  Short-term loss carryforwards  | $(922931) |
|  Long-term loss carryforwards  | (11100796) |
|  Total  | $(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.

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.

**5. 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

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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  | $1501120 | $1537205 | $6693 |

---

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 <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>** |
|  Oakhurst Fixed Income Fund  | $1501120 | $— | $1501120 | $(1501120) | $— | $— |

---

---

| | |
|:---|:---|
| 1  | Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.  |

---

---

| | |
|:---|:---|
| 2  | Net amount represents the net amount receivable from the counterparty in the event of default.  |

---

**6. Risks Associated with Collateralized Mortgage Obligations** 

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 collateralized mortgage obligations ("CMOs"). The Fund's investments in CMOs are subject to prepayment risk, especially when interest rates decline. Prepayment risk is the risk that the principal on CMOs, 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 CMO and cause the Fund to reinvest its assets at a lower prevailing interest rate. CMOs are also subject to extension risk, which is the risk that rising interest rates will increase the effective maturity of CMOs due to the deceleration of prepayments. CMOs 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 CMOs are subject to default risk, prepayment and extension risk and market risk when interest rates rise. As a result of the Fund's policy to concentrate in CMOs, the Fund will be subject to the risks associated with these securities to a greater degree than a fund that does not concentrate in CMOs. As of the end of the current fiscal period, the Fund had 13.9% of the value of its net assets invested in CMOs.

**7. Risks Associated with Rule 144A Securities** 

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

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**8. Transactions with Affiliates** 

The following issuers are affiliated with the Fund; that is, the Adviser had control of 5% or more of the outstanding voting securities during the period from September 1, 2024 through August 31, 2025. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **September 1, 2024** | **September 1, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| <br>**Issuer Name** | **Share <br> Balance** | **Fair<br> VALUE** | **Share <br> Balance** | **COST** | **Share <br> Balance** | **Proceeds** |
| &nbsp;&nbsp;&nbsp; F/m US Treasury 3 Month Bill ETF  |  | $— | 161000 | $8046780 | 161000 | $8043560 |
| &nbsp;&nbsp;&nbsp; F/m 3-Year Investment Grade Corporate Bond ETF  |  |  | 80624 | 4103211 | 80624 | 4108599 |
| &nbsp;&nbsp;&nbsp; F/m 10-Year Investment Grade Corporate Bond ETF  |  |  | 178103 | 8982624 | 178103 | 8939054 |
| &nbsp;&nbsp;&nbsp; Total  |  |  | 419727 | 21132615 | 419727 | 21091213 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| <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** |
| &nbsp;&nbsp;&nbsp; F/m US Treasury 3 Month Bill ETF  | $— | $— | $— | $(3220) |  | $— |
| &nbsp;&nbsp;&nbsp; F/m 3-Year Investment Grade Corporate Bond ETF  | 55053 |  |  | 5388 |  |  |
| &nbsp;&nbsp;&nbsp; F/m 10-Year Investment Grade Corporate Bond ETF  | 109427 |  |  | (43570) |  |  |
| &nbsp;&nbsp;&nbsp; Total  | 164480 |  |  | (41402) |  |  |

---

**9. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**OAKHURST FIXED INCOME FUND** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

**10. 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/<br> PAY DATE** | **Distribution <br> Rate Per Share** |
|  Oakhurst Fixed Income Fund  | 9/29/2025 | 9/30/2025 | $0.30007335 |

---

**OAKHURST FIXED INCOME FUND** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Oakhurst Fixed Income Fund (the "Fund"), a series of The RBB Fund, Inc., as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2017.

![](fp0094047-15_18.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**OAKHURST FIXED INCOME FUND** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

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 renewal of the investment advisory agreement (the "Investment Advisory Agreement") on behalf of the Oakhurst Fixed Income Fund (the "Fund") between F/m and the Company at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. 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 renewal of the Investment Advisory Agreement 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, the presentations made during the Meeting, 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. Among other things, the Directors considered (i) the nature, extent, and quality of services 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 assets under management and client descriptions; (v) F/m's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (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) 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.

As part of their review, the Directors considered the nature, extent, and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Fund, and that F/m's 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 benchmark, the Bloomberg US Aggregate Bond Total Return Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2024. The Board noted that the Fund's total return outperformed the median of its Peer Group for the three-year and ten-year periods ended December 31, 2024, equaled the performance of 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, one-year, and five-year periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the 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 F/m had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025, to limit total annual operating expenses to agreed upon levels for the Fund.

The Directors noted that the Fund's net advisory fee was above the median and ranked in the 5th quintile of its Peer Group and the Fund's total net expenses were above the median and ranked in the 4th quintile of its Peer Group.

**OAKHURST FIXED INCOME FUND** 

**OTHER INFORMATION (CONCLUDED)** 

**(UNAUDITED)**

After reviewing the information regarding F/m's costs, profitability and economies of scale, and after considering F/m's services, the Directors concluded that the advisory fees to be paid by the Fund to F/m were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2026.

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

**Investment Adviser** 

F/m Investments LLC

3050 K Street, Suite 201

Washington, DC 20007

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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 August 31, 2025**

**F/m Investments Large Cap Focused Fund 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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 89.4%** |  |  |
|  **Communication Services — 10.0%** | **Communication Services — 10.0%** |  |
|  Alphabet, Inc. - Class A  | 7601 | $1618329 |
|  Meta Platforms, Inc. - Class A  | 5479 | 4047337 |
|  Netflix, Inc. <sup>(a)</sup>  | 2053 | 2480537 |
|  |  | 8146203 |
|  **Consumer Discretionary — 5.2%** | **Consumer Discretionary — 5.2%** |  |
|  Amazon.com, Inc. <sup>(a)</sup>  | 18516 | 4240164 |
|  **Energy — 2.3%** |  |  |
|  Diamondback Energy, Inc.  | 12552 | 1867236 |
|  **Financials — 5.3%** |  |  |
|  LPL Financial Holdings, Inc.  | 7575 | 2760936 |
|  Mastercard, Inc. Class A - Class A  | 2638 | 1570375 |
|  |  | 4331311 |
|  **Health Care — 2.0%** |  |  |
|  Boston Scientific Corp. <sup>(a)</sup>  | 15391 | 1623751 |
|  **Information Technology — 64.6%<sup>(b)</sup>** | **Information Technology — 64.6%<sup>(b)</sup>** |  |
|  Advanced Micro Devices, Inc. <sup>(a)</sup>  | 10337 | 1681106 |
|  Apple, Inc.  | 40624 | 9430455 |
|  AppLovin Corp. - Class A <sup>(a)</sup>  | 8345 | 3993833 |
|  Astera Labs, Inc. <sup>(a)</sup>  | 19611 | 3573124 |
|  Broadcom, Inc.  | 9090 | 2703275 |
|  CyberArk Software Ltd. <sup>(a)</sup>  | 5737 | 2600353 |
|  First Solar, Inc. <sup>(a)</sup>  | 19747 | 3854417 |
|  Microsoft Corp.  | 6959 | 3526056 |
|  NVIDIA Corp.  | 61093 | 10641179 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 47146 | 7388250 |
|  Palo Alto Networks, Inc. <sup>(a)</sup>  | 8394 | 1599225 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 1874 | 1719320 |
|  |  | 52710593 |
|  **TOTAL COMMON STOCKS** (Cost $51,604,144)  |  | 72919258 |
|  **EXCHANGE TRADED FUNDS — 8.0%** | **EXCHANGE TRADED FUNDS — 8.0%** |  |
|  F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF <sup>(d)</sup>  | 44563 | 2234389 |
|  US Treasury 6 Month Bill ETF <sup>(d)</sup>  | 84674 | 4249788 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $6,483,280)  |  | 6484177 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
|  **MONEY MARKET FUNDS — 2.8%** | **MONEY MARKET FUNDS — 2.8%** |  |
|  First American Treasury Obligations Fund - Class X, 4.20%<sup>(c)</sup>  | 2290458 | $2290458 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $2,290,458)  |  | 2290458 |
|  **TOTAL INVESTMENTS — 100.2%** (Cost $60,377,882)  |  | 81693893 |
|  Liabilities in Excess of Other Assets — (0.2)%  |  | (160537) |
|  **TOTAL NET ASSETS — 100.0%** |  | $81533356 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) As of August 31, 2025, the
 Fund had a significant portion of its assets invested in this sector. See Note 1 in the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents the
 7-day annualized effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Affiliated company as defined
 by the Investment Company Act of 1940, as amended.

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

**F/m Investments Large Cap Focused Fund** 

**Statement of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (cost $53,894,602)  | $75209716 |
| &nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,483,280)  | 6484177 |
| &nbsp;&nbsp;&nbsp; Receivables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 13966 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 2391 |
| &nbsp;&nbsp;&nbsp; Total assets  | 81710250 |
|  **LIABILITIES** |  |
| &nbsp;&nbsp;&nbsp; Payables for: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Investor Class  | 58707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 42287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 22628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 1067 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses and liabilities  | 47338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 176894 |
|  Net assets  | $81533356 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Par value  | $3896 |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 52298912 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 29230548 |
|  Net assets  | $81533356 |
|  **INVESTOR CLASS SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $16998923 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 827630 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $20.54 |
|  **INSTITUTIONAL CLASS SHARES:** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $64534433 |
| &nbsp;&nbsp;&nbsp; Shares outstanding ($0.001 par value, 100,000,000 shares authorized)  | 3068606 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $21.03 |

---

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

**F/m Investments Large Cap Focused Fund** 

**Statement of Operations** 

**FOR THE YEAR ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Dividends from unaffiliated investments  | $234190 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliated investments  | 66303 |
| &nbsp;&nbsp;&nbsp; Interest income  | 232405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 532898 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 492981 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 77930 |
| &nbsp;&nbsp;&nbsp; Administration & accounting fees  | 74440 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 48581 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Investor Class  | 37379 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 20792 |
| &nbsp;&nbsp;&nbsp; Audit and tax fees  | 18042 |
| &nbsp;&nbsp;&nbsp; Registration fees  | 17519 |
| &nbsp;&nbsp;&nbsp; Trustee Fees  | 14090 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 8609 |
| &nbsp;&nbsp;&nbsp; Custody fees  | 1523 |
| &nbsp;&nbsp;&nbsp; Other  | 9824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and/or reimbursements  | 821710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and/or reimbursements  | (151497) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waivers and/or reimbursements  | 670213 |
|  Net investment income/(loss)  | (137315) |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 15242217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | (177) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments  | 3375448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments  | 897 |
|  Net realized and unrealized gain/(loss)  | 18618385 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $18481070 |

---

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> Year ENDED <br> AUGUST 31, <br> 2025** | **For the <br> period Ended <br> august 31, <br> 2024<sup>^</sup>** | **For The <br> Year Ended <br> June 30, <br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $(137315) | $(53250) | $(201433) |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 15242040 | 3473495 | 596468 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 3376345 | (3428005) | 12604124 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | 18481070 | (7760) | 12999159 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  | (1116464) |  |  |
| &nbsp;&nbsp;&nbsp; Investor Class  | (3951698) |  |  |
|  Total distributions to shareholders  | (5068162) |  |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |
|  **INVESTOR CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 755177 | 230302 | 532377 |
| &nbsp;&nbsp;&nbsp; Reinvestments of distributions to shareholders  | 1116464 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1774077) | (338776) | (2089516) |
|  Total Investor Class  | 97564 | (108474) | (1557139) |
|  **INSTITUTIONAL CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 138004 |  | 1360760 |
| &nbsp;&nbsp;&nbsp; Reinvestments of distributions to shareholders  | 3951698 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1610757) | (479382) | (8027363) |
|  Total Institutional Class  | 2478945 | (479382) | (6666603) |
|  Net increase/(decrease) in net assets from capital share transactions  | 2576509 | (587856) | (8223742) |
|  **TOTAL INCREASE/(DECREASE) IN NET ASSETS**  | 15989417 | (595616) | 4775417 |
|  **NET ASSETS:** |  |  |  |
|  Beginning of period  | $65543939 | $66139555 | $61364138 |
|  End of period  | $81533356 | $65543939 | $66139555 |

---

<sup>^</sup> The Fund changed its fiscal year end to August 31 during the period. The period is from July 1, 2024 to August 31, 2024.

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

**F/m Investments Large Cap Focused Fund** 

**STATEMENTS of Changes in Net Assets (Concluded)**

---

| | | | |
|:---|:---|:---|:---|
|  | **FOR THE <br> Year ENDED <br> AUGUST 31, <br> 2025** | **For the <br> period Ended <br> august 31, <br> 2024<sup>^</sup>** | **For The <br> Year Ended <br> June 30, <br> 2024** |
|  **SHARE TRANSACTIONS** |  |  |  |
|  **INVESTOR CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 42728 | 13884 | 36101 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 63981 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (103625) | (20961) | (136708) |
|  Net increase/(decrease) in shares  | 3084 | (7077) | (100607) |
|  **INSTITUTIONAL CLASS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 7147 |  | 93308 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions to shareholders  | 221632 |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (94994) | (28096) | (579145) |
|  Net increase/(decrease) in shares  | 133785 | (28096) | (485837) |

---

<sup>^</sup> The Fund changed its fiscal year end to August 31 during the period. The period is from July 1, 2024 to August 31, 2024.

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> 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>(** **e** **)</sup>** | **For the <br> Year <br> Ended <br> June 30, <br> 2023** | **For the <br> Year <br> Ended <br> June 30, <br> 2022** | **For the <br> Year <br> Ended <br> June 30, <br> 2021** |
|  **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $17.17 | $17.17 | $13.82 | $12.57 | $19.96 | $15.90 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss) <sup>(a)</sup>  | (0.08) | (0.03) | (0.09) | (0.01) | (0.08) | (0.12) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/ (loss) from investments  | 4.80 | 0.03 | 3.44 | 3.04 | (3.07) | 6.59 |
|  Net increase/(decrease) in net assets resulting from operations  | 4.72 |  | 3.35 | 3.03 | (3.15) | 6.47 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized capital gains  | (1.35) |  |  | (1.78) | (4.24) | (2.41) |
|  Total distributions  | (1.35) |  |  | (1.78) | (4.24) | (2.41) |
|  Net asset value, end of period  | $20.54 | $17.17 | $17.17 | $13.82 | $12.57 | $19.96 |
|  Total investments return/(loss) <sup>(b)</sup>  | 28.87% | 0.00 %<sup>(g)</sup> | 24.24% | 28.91% | (21.33)% | 42.64% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $16999 | $14157 | $14279 | $12887 | $9934 | $13643 |
|  Ratio of total expenses to average net assets <sup>(c)(d)</sup>  | 1.36% | 1.24 %<sup>(h)</sup> | 1.44% | 1.39% | 1.39% | 1.41% |
|  Ratio of net expenses to average net assets <sup>(d)</sup>  | 1.15% | 1.15 %<sup>(h)</sup> | 1.15% | 1.15% | 1.15% | 1.15% |
|  Ratio of net investment income/(loss) to average net assets <sup>(f)</sup> | (0.39)% | (0.68)%<sup>(h)</sup> | (0.53)% | (0.11)% | (0.46)% | (0.63)% |
|  Portfolio turnover rate  | 132% | 19 %<sup>(g)</sup> | 59% | 113% | 169% | 195% |

---

---

| | |
|:---|:---|
| <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> 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>(c)</sup> Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

<sup>(d)</sup> <sup></sup>These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests.

<sup>(e)</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>(f)</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>(g)</sup> Not annualized.

<sup>(h)</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> 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** | **For the <br> Year <br> Ended <br> June 30, <br> 2021** |
|  **PER SHARE OPERATING PERFORMANCE** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $17.51 | $17.50 | $14.06 | $12.72 | $20.10 | $15.96 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss) <sup>(a)</sup>  | (0.02) | — <sup>(b)</sup> | (0.03) | 0.02 | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/ (loss) from investments  | 4.89 | 0.01 | 3.47 | 3.10 | (3.12) | 6.60 |
|  Net increase/(decrease) in net assets resulting from operations  | 4.87 | 0.01 | 3.44 | 3.12 | (3.14) | 6.55 |
|  Dividends and distributions to shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized capital gains  | (1.35) |  |  | (1.78) | (4.24) | (2.41) |
|  Total distributions  | (1.35) |  |  | (1.78) | (4.24) | (2.41) |
|  Net asset value, end of period  | $21.03 | $17.51 | $17.50 | $14.06 | $12.72 | $20.10 |
|  Total investments return/(loss) <sup>(c)</sup>  | 29.19% | 0.06 %<sup>(h)</sup> | 24.47% | 29.31% | (21.12)% | 43.00% |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |  |  |  |
|  Net assets, end of period (000's omitted)  | $64534 | $51387 | $51860 | $48477 | $56045 | $75757 |
|  Ratio of total expenses to average net assets <sup>(d)(e)</sup>  | 1.11% | 0.99 %<sup>(i)</sup> | 1.20% | 1.14% | 1.14% | 1.16% |
|  Ratio of net expenses to average net assets <sup>(e)</sup> | 0.90% | 0.90 %<sup>(i)</sup> | 0.90% | 0.90% | 0.90% | 0.90% |
|  Ratio of net investment income/(loss) to average net assets <sup>(g)</sup> | (0.14)% | (0.43)%<sup>(i)</sup> | (0.28)% | 0.16% | (0.21)% | (0.38)% |
|  Portfolio turnover rate  | 132% | 19 %<sup>(h)</sup> | 59% | 113% | 169% | 195% |

---

---

| | |
|:---|:---|
| <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** 

**August 31, 2025**

**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 fifty-nine 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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 Investment Company Act of 1940, as amended, (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

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total** | **Level 1** | **Level 2** | **Level 3** |
|  Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $72919258 | $72919258 | $— | $— |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | 6484177 | 6484177 |  |  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2290458 | 2290458 |  |  |
|  Total Investments | $81693893 | $81693893 | $— | $— |

---

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.

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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** – 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 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 August 31, 2025, the Fund had 64.6% of its net assets invested in the Information Technology 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.

**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)** 

**August 31, 2025**

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, 2025 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** |
| **June 30, <br> 2027** | **AUGUST 31,<br> 2027** | **AUGUST 31,<br> 2028** | **Total** |
| $126934 | $10543 | $151497 | $288974 |

---

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 Fund has adopted a plan of distribution (the "Plan"), pursuant to Rule 12b-1 under the 1940 Act which permits Investor Class shares of the Fund to make payments to securities dealers and other financial organizations (including payments directly to the Adviser, the Distributor, and Ultimus Fund Distributors, LLC) for expenses related to the distribution and servicing of the Fund's Investor Class shares. The annual limitation for payment of expenses pursuant to the Plan is 0.25% of the Fund's average daily net assets allocable to Investor Class shares. 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 $37,379 of distribution fees under the Plan.

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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.

**3. Investment Transactions** 

During the current fiscal period, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $86,322,599 and $85,894,622, 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:

---

| | |
|:---|:---|
|  Tax cost of portfolio investments  | $60384111 |
|  Gross unrealized appreciation  | 21373213 |
|  Gross unrealized depreciation  | (63431) |
|  Net unrealized appreciation  | 21309782 |
|  Undistributed long term gain  | 8033316 |
|  Other accumulated gain/(loss)  | (112550) |
|  Total distributable earnings/(losses)  | 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 GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.

During the fiscal period from July 1, 2024 to August 31, 2024 and the year ended June 30, 2024, the Fund did not pay any distributions to shareholders. The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary Income** | **Long-Term <br> Capital Gains** | **Total <br> Distributions** |
|  F/m Large Cap Focused Fund  | $– $| 5068162 | $5068162 |

---

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

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, 2024** | **September 1, 2024** | **Additions** | **Additions** | **Reductions** | **Reductions** |
| <br>**Issuer Name** | **Share <br> Balance** | **FAIR<br> VALUE** | **Share <br> Balance** | **COST** | **Share <br> Balance** | **Proceeds** |
|  **F/m Investments Large Cap<br> Focused Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; F/m US Treasury 6 Month Bill ETF  |  | $— | 160421 | $8030642 | 75747 | $3792814 |
| &nbsp;&nbsp;&nbsp; F/m Ultrashort Treasury <br> Inflation-Protected <br> Security TIPS ETF  |  |  | 118709 | 5972764 | 74146 | 3727135 |
|  Total  |  |  | 279130 | 14003406 | 149893 | 7519949 |

---

**F/m Investments Large Cap Focused Fund** 

**Notes to Financial Statements (concluded)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| <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 Investments Large Cap <br> Focused Fund** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; F/m US Treasury 6 Month Bill ETF  | $33991 | $— | $9728 | $2232 | 84674 | $4249788 |
| &nbsp;&nbsp;&nbsp; F/m Ultrashort Treasury Inflation-Protected <br> Security TIPS ETF  | 32312 |  | (8831) | (2409) | 44563 | 2234389 |
|  Total  | 66303 |  | 897 | (177) | 129237 | 6484177 |

---

**6. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**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 there were no significant events requiring recognition or disclosure in the financial statements.

**F/m Investments Large Cap Focused Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of F/m Investments Large Cap Focused Fund (the "Fund"), a series of The RBB Fund, Inc., as of August 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for the year ended August 31, 2025, the period from July 1, 2024 through August 31, 2024, and the year ended June 30, 2024, the financial highlights for the year ended August 31, 2025, the period from July 1, 2024 through August 31, 2024, and each of the three years ended June 30, 2024, 2023, and 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations for the year then ended, and the changes in net assets and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the year ended June 30, 2021, were audited by other auditors whose report dated August 27, 2021, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/m Investments LLC since 2021.

![](fp0094047-13_5.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**F/m Investments Large Cap Focused Fund** 

**Approval of Investment Advisory Agreements**

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 renewal of the investment advisory agreement ("Investment Advisory Agreement") between F/m and the Company on behalf of the Fund at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. 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 renewal of the Investment Advisory Agreement, the Directors took into account all the 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 F/m, and discussed the aforementioned Agreement with counsel in executive sessions, at which no representatives of F/m were present. Among other things, the Directors considered (i) the nature, extent, and quality of F/m's services to be provided to the Fund; (ii) descriptions of the experience and qualifications of F/m's personnel providing those services; (iii) F/m's investment philosophies and processes; (iv) F/m's assets under management and client descriptions; (v) F/m's soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m's advisory fee arrangement with the Company and other similarly managed clients; (vii) F/m's compliance policies and procedures; (viii) F/m's 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 respective benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Fund and that F/m's services had been acceptable.

The Directors also considered the investment performance of the Fund, and considered the Fund's investment performance in light of its investment objective and investment strategies. Information on the Fund's investment performance was provided for the three-month, one-year, three-year, five-year, and since inception periods ended December 31, 2024. The Directors noted that the Fund's institutional shares outperformed its primary benchmark, the Russell 1000 Growth Total Return Index, for the three-month period ended December 31, 2024, and underperformed its benchmark for the one-year, three-year, five-year, and since-inception periods ended December 31, 2024. The Directors noted that the Fund outperformed the median of its Peer Group for the three-month, three-year, five-year, and since-inception periods ended December 31, 2024, and underperformed the median of its Peer Group for the one-year period ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the 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 the Fund's net advisory fee was below the median and in the 2nd quintile of its Peer Group, and the Fund's total net expenses were above the median and in the 3rd quintile of its Peer Group. The Directors noted that F/m had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed-upon levels for the Fund.

After reviewing the information regarding F/m's costs, estimated profitability and economies of scale, and after considering F/m's services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved for an additional annual 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

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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** 

**August 31, 2025** 

**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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **Value** |
|  **COMMON STOCKS — 98.7%** |  |  |
|  **Health Care — 98.7%<sup>(a)</sup>** |  |  |
|  **Biotechnology — 54.5%<sup>(a)</sup>** |  |  |
|  89bio, Inc. <sup>(b)</sup>  | 225515 | $2036401 |
|  ACADIA Pharmaceuticals, Inc. <sup>(b)</sup>  | 50159 | 1303632 |
|  Akero Therapeutics, Inc. <sup>(b)</sup>  | 6523 | 304820 |
|  Axsome Therapeutics, Inc. <sup>(b)</sup>  | 11082 | 1344025 |
|  Biohaven Ltd. <sup>(b)</sup>  | 22295 | 343120 |
|  Bridgebio Pharma, Inc. <sup>(b)</sup>  | 48892 | 2530650 |
|  Cogent Biosciences, Inc. <sup>(b)</sup>  | 153795 | 1857844 |
|  Guardant Health, Inc. <sup>(b)</sup>  | 40491 | 2729903 |
|  Insmed, Inc. <sup>(b)</sup>  | 10973 | 1493425 |
|  KalVista Pharmaceuticals, Inc. <sup>(b)</sup>  | 197561 | 2659171 |
|  Korro Bio, Inc. <sup>(b)</sup>  | 54817 | 1265176 |
|  Madrigal Pharmaceuticals, Inc. <sup>(b)</sup>  | 6270 | 2745320 |
|  Mirum Pharmaceuticals, Inc. <sup>(b)</sup>  | 29556 | 2183302 |
|  Nektar Therapeutics <sup>(b)</sup>  | 52699 | 1573592 |
|  Novocure Ltd. <sup>(b)</sup>  | 19015 | 234455 |
|  Savara, Inc. <sup>(b)</sup>  | 325797 | 1068614 |
|  Soleno Therapeutics, Inc. <sup>(b)</sup>  | 55306 | 3742557 |
|  Spyre Therapeutics, Inc. <sup>(b)</sup>  | 54433 | 897600 |
|  Ultragenyx Pharmaceutical, Inc. <sup>(b)</sup>  | 61231 | 1834481 |
|  WaVe Life Sciences Ltd. <sup>(b)</sup>  | 315432 | 3028147 |
|  |  | 35176235 |
|  **Health Care Services — 5.1%** |  |  |
|  RadNet, Inc. <sup>(b)</sup>  | 45645 | 3275485 |
|  **Medical Equipment — 25.0%<sup>(a)</sup>** | **Medical Equipment — 25.0%<sup>(a)</sup>** | **Medical Equipment — 25.0%<sup>(a)</sup>** |
|  Alphatec Holdings, Inc. <sup>(b)</sup>  | 125647 | 1997787 |
|  Ceribell, Inc. <sup>(b)</sup>  | 76899 | 909715 |
|  Globus Medical, Inc. - Class A <sup>(b)</sup>  | 14143 | 866542 |
|  Integer Holdings Corp. <sup>(b)</sup>  | 11112 | 1198652 |
|  LivaNova PLC <sup>(b)</sup>  | 77266 | 4355484 |
|  Merit Medical Systems, Inc. <sup>(b)</sup>  | 29021 | 2627561 |
|  Orthofix Medical, Inc. <sup>(b)</sup>  | 65777 | 985340 |
|  TransMedics Group, Inc. <sup>(b)</sup>  | 28006 | 3219570 |
|  |  | 16160651 |
|  **Medical Supplies — 1.2%** |  |  |
|  ICU Medical, Inc. <sup>(b)</sup>  | 6396 | 816513 |
|  **Health Care — 98.7%<sup>(a)</sup>** **(continued)** | **Health Care — 98.7%<sup>(a)</sup>** **(continued)** | **Health Care — 98.7%<sup>(a)</sup>** **(continued)** |
|  **Pharmaceuticals — 12.9%** |  |  |
|  Collegium Pharmaceutical, Inc. <sup>(b)</sup>  | 53588 | $2079214 |
|  Corcept Therapeutics, Inc. <sup>(b)</sup>  | 29449 | 2053184 |
|  Travere Therapeutics, Inc. <sup>(b)</sup>  | 194431 | 3402543 |
|  United Therapeutics Corp. <sup>(b)</sup>  | 2668 | 813100 |
|  |  | 8348041 |
|  **Total Health Care**  |  | 63776925 |
|  **TOTAL COMMON STOCKS** (Cost $48,473,255)  |  | 63776925 |
|  **EXCHANGE TRADED FUNDS — 1.3%** | **EXCHANGE TRADED FUNDS — 1.3%** | **EXCHANGE TRADED FUNDS — 1.3%** |
|  F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF<sup>(c)</sup>  | 16539 | 829265 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $828,229)  |  | 829265 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $49,301,484)  |  | 64606190 |
|  Liabilities in Excess of Other Assets — (0.0)% <sup>(d)</sup>  |  | (25203) |
|  **TOTAL NET ASSETS — 100.0%** |  | $64580987 |

---

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** 

**August 31, 2025**

---

| | |
|:---|:---|
|  | **F/m Emerald <br> Life Sciences <br> Innovation <br> ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $63776925 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 829265 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 2620 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 64608932 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 27945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 27945 |
|  **NET ASSETS**  | $64580987 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $2317 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 69161893 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (4583223) |
| &nbsp;&nbsp;&nbsp; Total net assets  | $64580987 |
|  Net assets  | $64580987 |
|  Capital shares issued and outstanding (100,000,000 shares authorized, 0.001 par value)  | 2317035 |
|  Net asset value per share  | $27.87 |
|  **COST:** |  |
|  Investments in unaffiliated securities, at cost  | $48473255 |
|  Investments in affiliated securities, at cost  | $828229 |

---

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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Statement of Operations** 

**FOR THE PERIOD ENDED AUGUST 31, 2025**

---

| | |
|:---|:---|
|  | **F/m Emerald <br> Life Sciences <br> Innovation <br> ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated securities  | $19805 |
| &nbsp;&nbsp;&nbsp; Interest income  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 21305 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 351277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 351277 |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (111164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 240113 |
|  **NET INVESTMENT LOSS**  | (218808) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (4472910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions in unaffiliated securities  | 15114093 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 10641431 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (3543736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 1036 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3542700) |
|  Net realized and unrealized gain (loss)  | 7098731 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $6879923 |

---

<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** 

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(218808) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 10641431 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (3542700) |
|  **Net increase (decrease) in net assets from operations**  | 6879923 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 85717522 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (28016458) |
|  Net increase (decrease) in net assets from capital transactions  | 57701064 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 64580987 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $64580987 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3437035 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1120000) |
|  Total increase (decrease) in shares outstanding  | 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 period. This information has been derived from information provided in the financial statements.<br>

---

| | |
|:---|:---|
|  | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment loss<sup>(b)</sup>  | (0.10) |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 2.97 |
|  Total from investment operations  | 2.87 |
|  Net asset value, end of period  | $27.87 |
|  **TOTAL RETURN**<sup>(e)</sup>  | 11.49% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $64581 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)(g)</sup>  | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)(g)</sup>  | 0.54% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(f)</sup>  | (0.49)% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 19% |

---

<sup>(a)</sup> <sup></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 period.

<sup>(c)</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>(d)</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>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds in which the fund invests.

<sup>(h)</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** 

**August 31, 2025**

**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 fifty-nine active investment portfolios, including the F/m Emerald Life Sciences Innovation ETF (the "Fund").

Emerald Mutual Fund Advisers Trust, the Fund's investment sub-adviser (the "Sub-Adviser"), manages separately the Emerald Growth Fund that contributed specific assets to the Fund (the "Contribution"). F/m Investments LLC (the "Adviser") and Emerald Mutual Fund Advisers Trust (the "Sub-Adviser") paid all costs surrounding the Contribution. The Contribution received on October 30, 2024 was tax free, and the cost basis of the assets were carried forward to the Fund for tax and financial reporting purposes. The Contribution resulted in shares totaling 1,997,035 with a Net Asset Value of $25.00. The details of the Contribution are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Net <br> Assets** | **Market Value of <br> Investments** | **Cost of Investments** | **Unrealized <br> Appreciation** |
| $49925875 | $48057763 | $29210357 | $18847406 |

---

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 reporting period for the Fund is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal period since the Fund's inception from October 30, 2024 through August 31, 2025 (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.

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
|  Common Stocks | $63776925 | $63776925 | $— | $— |
|  Exchange Traded Funds | 829265 | 829265 |  |  |
|  Total Investments\* | $64606190 | $64606190 | $— | $— |

---

\* 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 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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

and responsible for administrator fees, custody, the independent directors and counsel to the independent 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 DTC 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 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.

**2. INVESTMENT POLICIES AND PRACTICES** 

The sections below describe some of the different types of investments that may be made by the Fund and the investment practices in which the Fund may engage.

**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 August 31, 2025, the Fund had 98.7% 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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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 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.

**3. 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

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

Emerald Mutual Fund Advisers Trust serves as the investment 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, 2025 and may not be terminated without the approval of the Board.

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.

**4. 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:

---

| | |
|:---|:---|
|  Purchases of investment securities | $37681719 |
|  Sales of investment securities | 9928322 |

---

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Fund were as follows:

---

| | |
|:---|:---|
|  In-kind purchases of investment securities | $7761827 |
|  Proceeds from in-kind sales of investment securities | 26065529 |

---

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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:

---

| | | |
|:---|:---|:---|
| **ORDINARY INCOME** | **LONG-TERM GAINS** | **TOTAL** |
| $— | $— | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **UNDISTRIBUTED <br> ORDINARY INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **NET UNREALZIED <br> APPRECIATION/<br> (DEPRECIATION)** | **CAPITAL LOSS <br> CARRY FORWARD** | **QUALIFIED LATE-<br> YEAR LOSS <br> DEFERRAL** | **Accumulated <br> Other Losses** |
| $— | $— | $15249314 | $(783502) | $(201629) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(18847406)  |

---

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, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL TAX <br> COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  F/m Emerald Life Sciences Innovation ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $49356876  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18887686  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(3638372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $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.

The following permanent differences as of August 31, 2025, primarily attributable to the tax treatment of redemptions in-kind and the disallowance of net operating losses were reclassified among the following accounts:

---

| | | |
|:---|:---|:---|
| **FUND** | **DISTRIBUTABLE <br> EARNINGS/(LOSS)** | **PAID-IN CAPITAL** |
|  F/m Emerald Life Sciences Innovation ETF | $(11463146) | $11463146 |

---

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (Continued)** 

**August 31, 2025**

**6. 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.

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.

**7. 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **October 30, 2024\*** | **October 30, 2024\*** | **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  |  | $— | 55784 | $2798735 | 39245 | $1970325 |
|  F/m US Treasury 3 Month Bill ETF |  |  | 33444 | 1670942 | 33444 | 1671370 |
|  |  |  | 89228 | 4469677 | 72689 | 3641695 |

---

\* Inception date of the Fund is October 30, 2024.

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
| <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  | $11479 | $— | $1036 | $(180) | $16539 | $829265 |
|  F/m US Treasury 3 Month Bill ETF | 8326 |  |  | 428 |  |  |
|  | $19805 | $— | $1036 | $248 | $16539 | $829265 |

---

**8. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**9. 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** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of F/m Emerald Life Sciences Innovation ETF (the "Fund"), a series of The RBB Fund, Inc., as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for the period from October 30, 2024 (commencement of operations) through August 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

<u><u>Basis for Opinion</u></u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments LLC since 2021.

![](fp0094047-20_14.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**SHAREHOLDER TAX INFORMATION** 

**(UNAUDITED)**

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund's income and distributions for the taxable period ended August 31, 2025. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2025. During the fiscal period ended August 31, 2025, the Fund paid ordinary income dividends, and did not pay long-term capital gains dividends to its shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2026.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

**F/M EMERALD LIFE SCIENCES INNOVATION ETF** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**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 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

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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 August 31, 2025**

**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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 99.5%** | **EXCHANGE TRADED FUNDS — 99.5%** | **EXCHANGE TRADED FUNDS — 99.5%** |
|  Invesco BulletShares 2027 High Yield Corporate Bond ETF<sup>(a)</sup>  | 13211 | $300022 |
|  Invesco BulletShares 2030 High Yield Corporate Bond ETF<sup>(a)</sup>  | 26965 | 702977 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,005,817)  |  | 1002999 |
|  **TOTAL INVESTMENTS — 99.5%** (Cost $1,005,817)  |  | 1002999 |
|  Other Assets in Excess of Liabilities — 0.5%  |  | 4670 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $1007669 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 99.5%** | **EXCHANGE TRADED FUNDS — 99.5%** | **EXCHANGE TRADED FUNDS — 99.5%** |
|  Fidelity Total Bond ETF<sup>(a)</sup>  | 76232 | $3497524 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $3,502,098)  |  | 3497524 |
|  **TOTAL INVESTMENTS — 99.5%** (Cost $3,502,098)  |  | 3497524 |
|  Other Assets in Excess of Liabilities — 0.5%  |  | 17759 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $3515283 |

---

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** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **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  | $1002999 | $3497524 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 1009684 |  |
| &nbsp;&nbsp;&nbsp; Receivable for investments sold  | 1008704 | 3510242 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 25 | 23182 |
|  Total assets  | 3021412 | 7030948 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 1007670 | 3515285 |
| &nbsp;&nbsp;&nbsp; Payable for investments purchased  | 1005817 |  |
| &nbsp;&nbsp;&nbsp; Payable to adviser  | 256 | 380 |
|  Total liabilities  | 2013743 | 3515665 |
|  **NET ASSETS**  | $1007669 | $3515283 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Capital stock  | $20 | $35 |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital  | 1010723 | 3520202 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (3074) | (4954) |
|  Total net assets  | $1007669 | $3515283 |
| &nbsp;&nbsp;&nbsp; Net assets  | $1007669 | $3515283 |
| &nbsp;&nbsp;&nbsp; Capital Shares issued and outstanding (100,000,000 and 100,000,000 shares authorized, 0.001 and 0.001 par value)  | 20000 | 35000 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $50.38 | $100.44 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $1005817 | $3502098 |

---

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

**F/m Compoundr ETFS** 

**Statements of Operations** 

**FOR THE PERIOD ENDED AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF<sup>(a)</sup>** | **F/m <br> Compoundr <br> U.S. <br> Aggregate <br> Bond ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |
|  Total investment income  | $— | $— |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 256 | 380 |
|  Total expenses  | 256 | 380 |
|  **NET INVESTMENT LOSS**  | (256) | (380) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions  | 8729 | 11401 |
|  Net realized gain (loss)  | 8729 | 11401 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp; Investments  | (2818) | (4574) |
|  Net change in unrealized appreciation (depreciation)  | (2818) | (4574) |
|  Net realized and unrealized gain (loss)  | 5911 | 6827 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $5655 | $6447 |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was August 11, 2025.

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

**F/m Compoundr ETFS** 

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. <br> Aggregate <br> Bond ETF** |
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>** | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(256) | $(380) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 8729 | 11401 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (2818) | (4574) |
|  Net increase (decrease) in net assets from operations  | 5655 | 6447 |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 2009684 | 7024121 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (1007670) | (3515285) |
|  Net increase (decrease) in net assets from capital transactions  | 1002014 | 3508836 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 1007669 | 3515283 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  |  |  |
|  End of the period  | $1007669 | $3515283 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 40000 | 70000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (20000) | (35000) |
|  Total increase (decrease) in shares outstanding  | 20000 | 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> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)</sup>  | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 0.39 |
|  Total from investment operations  | 0.38 |
|  Net asset value, end of period  | $50.38 |
|  **TOTAL RETURN<sup>(e)</sup>** | 0.77% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $1008 |
|  Ratio of expenses to average net assets<sup>(f)(g)</sup>  | 0.49% |
|  Ratio of net investment income (loss) to average net assets<sup>(c)(f)</sup>  | (0.49)% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 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> 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>(d)</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>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds in which the Fund invests. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(h)</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> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $100.00 |
|  **INVESTMENT OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(b)(c)</sup>  | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 0.46 |
|  Total from investment operations  | 0.44 |
|  Net asset value, end of period  | $100.44 |
|  **TOTAL RETURN**<sup>(e)</sup>  | 0.44% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $3515 |
|  Ratio of expenses to average net assets<sup>(f)(g)</sup>  | 0.39% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | (0.39)% |
|  Portfolio turnover rate<sup>(e)(h)</sup>  | 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> 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>(d)</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>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> 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. 

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

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

**F/m Compoundr ETFS** 

**Notes to Financial Statements** 

**August 31, 2025**

**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 fifty-nine 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 reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal period since the Funds' inception from August 11, 2025 through August 31, 2025 (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 ("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 "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.

**F/m Compoundr ETFS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

&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).

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><u>Investments:</u></u> |  |  |  |  |
|  Exchange Traded Funds | $1002999 | $— | $— | $1002999 |
|  Total Investments | $1002999 | $— | $— | $1002999 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **F/m Compoundr U.S. Aggregate Bond ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
|  Exchange Traded Funds | $3497524 | $— | $— | $3497524 |
|  Total Investments | $3497524 | $— | $— | $3497524 |

---

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 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.

**F/m Compoundr ETFS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**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.

**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** – 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.

**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 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.

**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 independent directors and counsel to the independent 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.

**2. INVESTMENT POLICIES AND PRACTICES** 

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

**F/m Compoundr ETFS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

**Cash** - 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 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 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.

**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

**F/m Compoundr ETFS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

**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.

**3. INVESTMENT ADVISER AND OTHER SERVICES** 

Each Fund pays all of its expenses other than those expressly assumed by the Adviser. Expenses of each Fund are deducted from the Fund's total income before dividends are paid. 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 0.39% 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. 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, brokerage commissions and other trading expenses, taxes, distribution fees and expenses paid by each Fund under any distribution plan adopted, and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of

**F/m Compoundr ETFS** 

**Notes to Financial Statements (continued)** 

**August 31, 2025**

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.

Effective as of October 1, 2025 and through December 31, 2026, 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 0.25% of average daily net assets of each 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 0.25%: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes.

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.

**4. INVESTMENT TRANSACTIONS** 

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:

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. Aggregate <br> Bond ETF** |
|  Purchases of investment securities  | $1008073 | $3505166 |

---

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | **F/m <br> Compoundr <br> High Yield <br> Bond ETF** | **F/m <br> Compoundr <br> U.S. Aggregate <br> Bond ETF** |
|  In-kind purchases of investment securities  | $997719 | $3495773 |
|  Proceeds from in-kind sales of investment securities  | 1008073 | 3510242 |

---

**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 (continued)** 

**August 31, 2025**

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:

---

| | | |
|:---|:---|:---|
| **PERIOD Ended** | **DISTRIBUTABLE <br> EARNINGS/<br> (LOSSES)** | **PAID-IN-CAPITAL** |
|  **F/m Compoundr High Yield Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp; August 31, 2025  | $(8729) | $8729 |
|  **F/m Compoundr U.S. Aggregate Bond ETF** |  |  |
| &nbsp;&nbsp;&nbsp; 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.

**F/m Compoundr ETFS** 

**Notes to Financial Statements (CONCLUDED)** 

**August 31, 2025**

**7. New Accounting Pronouncement** 

The Company has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund 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 Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**8. 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.

**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.

**F/m Compoundr ETFS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of The RBB Fund, Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of F/m Compoundr High Yield Bond ETF and F/m Compoundr U.S. Aggregate Bond ETF (the "Funds"), each a series of The RBB Fund, Inc., as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for the period from August 11, 2025 (commencement of operations) through August 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments LLC since 2021.

![](fp0094047-24_16.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**F/m Compoundr ETFS** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**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** 

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 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 Compoundr High Yield Bond ETF and F/m Compoundr U.S. Aggregate Bond ETF (each a "Fund" and together, the "Funds"), at a Meeting held on July 10, 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 Funds, 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 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 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 assets under management 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 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 F/m. The Directors concluded that F/m had sufficient resources to provide services to the Funds.

The Board also took into consideration that the advisory fee for each Fund was a "unitary fee," meaning a 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 each 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

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

**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

(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>**

This information is included in Item 7(a) of this Form, as part of the Financial Statements.

**<u>Item 9. Proxy Disclosures for 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 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>**

(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.

(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 open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

[(a)(1) Senior Officer Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](fp0094047-14_ex99code.htm)

(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.](fp0094047-14_ex99cert.htm)

(a)(4) Not applicable.

[(a)(5) Change in registrant's independent registered public accounting firm](fp0094047-14_ex9919a5.htm)

[(a)(5)(ii) Auditors' response letters to SEC are attached hereto.](fp0094047-14_ex9919a5ii.htm)

[(a)(5)(iii) Auditors' response letters to SEC are attached hereto.](fp0094047-14_ex9919a5iii.htm)

[(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto.](fp0094047-14_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 | 11/7/2025 |

---

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 | 11/7/2025 |
| By (Signature and Title)\* | /s/ James Shaw |
|  | James Shaw, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date | 11/7/2025 |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**THE RBB FUND, INC. AND THE RBB FUND TRUST**

**(together, the "Fund")**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

Each of the Boards of Directors/Trustees (collectively, the "Board") of the Fund has adopted this Code of Ethics (the "Code") for certain senior officers of the Fund to guide and remind such officers of their responsibilities to the Fund, and shareholders of the series of the Fund. Such officers are expected to act in accordance with the guidance and standards set forth in this Code.

I. Covered Officers and Purpose of the Code

The Code applies to the Fund's President, who is the Fund's principal executive officer; the Chief Financial Officer, who is the Fund's principal financial officer; and any persons performing similar functions on behalf of the Fund (the "Covered Officers," each of whom are set forth in **Exhibit A**) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund<sup>\*</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer is obligated to use his or her best efforts to promote the factors listed above, should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Ethical Handling of Actual and Apparent Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest – General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A "conflict of interest" occurs when a Covered Officer's private interest interferes
with the interests of, or his or her service to, the Fund and its shareholders, including if a Covered Officer, or a member of his or
her

<sup>\*</sup> If a Covered Person becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he or she shall promptly report it to the Audit Committee.

family, receives improper personal benefits as a result of his or her position with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A conflict of interest generally arises if a Covered Officer,
or a member of his or her family, directly or indirectly participates in any investment, interest, association, activity or relationship
that may impair or appear to impair the Covered Officer's objectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Scope

This Code does not, and is not intended to, repeat or replace the following programs and procedures, and such conflicts that fall outside of the parameters of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certain conflicts of interest already are subject to conflicts
of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act
of 1940, as amended (the "Advisers Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's and each investment adviser's compliance
programs and procedures that are designed to prevent, or identify and correct, violations of these provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Types of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Contractual Relationships** 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund, investment advisers, or service providers of which the Covered Officers may also be officers, employees, or affiliated. As a result, this Code recognizes that the Covered Officers may, subject to an investment adviser's fiduciary duties to the Fund, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the service providers), be involved in establishing policies and implementing decisions that will have different effects on the Fund, the investment advisers and the service providers. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment advisers or service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Other Investment Companies** 

In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Conflicts** 

Other conflicts of interest may be covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Personal Interests

The major principle of this Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund or its shareholders. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that this list is not exhaustive.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally
to the detriment of the Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than the benefit the Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions
made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any existing affiliations or other
relationships with the Fund, each investment adviser, the distributors, and the administrator(s), including any related conflict of interest;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report promptly any new affiliations or other relationships
with the Fund, each investment adviser, the distributors, and the administrator(s), including any related conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Reporting of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Disclosures

If certain conflict of interest situations are engaged in by Covered Officers or by members of their family, these conflicts of interest must be promptly discussed with the Audit Committee. These conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public or private
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts in excess of $250.00, in
connection with the management, operations, sale or distribution of a series of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which
the Fund has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate
as to time and place, and not so frequent or extravagant as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship
with, any of the Fund's investment advisers, distributors, administrator(s), other service providers, or any affiliated person
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising
from the Covered Officer's employment, such as compensation or equity ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other interest, relationship or matter that a Covered Person
or the Board determines, in his or her reasonable judgement, warrants disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recommended Disclosures

There are potential conflict of interest situations, which may be engaged in by Covered Officers or by members of their family, that should be discussed with the Audit Committee. A Covered Person should use reasonable judgement to determine if a conflict, other than conflicts listed under section E(1), is material and warrants disclosure to the Audit Committee.

III. Compliance and Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. familiarize himself or herself with the disclosure requirements
generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not knowingly misrepresent, or cause others to misrepresent,
facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors/trustees and auditors, governmental
regulators and self-regulatory organizations and any other organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. to the extent appropriate within his or her area of responsibility,
consult with other officers and employees of the Fund, investment advisers and other service providers with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in
other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. promote compliance with the standards and restrictions imposed
by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclosure

Unless otherwise required by law, this Code shall be disclosed as required by the SEC.

IV. Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon
becoming a Covered Officer), affirm in writing to the Board on the certification attached hereto as **Appendix A** that he or she
has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied
with the requirements of the Code and reported any violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any officers or employees of the Fund,
the Fund's affiliated persons, or the Fund's service providers for reports of potential violations that are made in good
faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chair of the Audit Committee promptly if he or she
knows of any violation of this Code. Failure to do so is itself a violation of this Code.

V. Reporting Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Responsibility\*\*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund's Audit Committee is responsible for applying
this Code to specific situations in which questions are presented under the Code and has the authority to interpret this Code in any
particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund's Audit Committee shall have the resources and
authority appropriate in order to effectively discharge its responsibilities, including the authority to retain and compensation special
counsel and other experts or consultants the Audit Committee deems necessary or appropiate.

\*\* The Audit Committee may delegate its responsibilities and investigation procedures to the Chair of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Investigation Procedures\*\*

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will take all appropriate action to investigate
any potential violations of the Code, including notifying the Chair of the Board of such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Audit Committee believes that
no violation has occurred, the Audit Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Audit Committee believes is a violation
of this Code will be reported to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Board concurs that a violation has occurred, it will
take action which it considers appropriate. Such action may include a review of, and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of each service provider or its governing body; or other actions up to and including
the dismissal of the Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Waivers

Any approvals or waivers, implicit or otherwise, sought by a Covered Person will be considered by the Audit Committee. The Audit Committee will review and recommend for approval by the Board, as appropriate, any waivers; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

A waiver is the approval of a material departure from a provision of this Code. An implicit waiver is the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Audit Committee of the Fund.

\*\* The Audit Committee may delegate its responsibilities and investigation procedures to the Chair of the Audit Committee.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, each investment adviser, distributor, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment advisers' and distributors' codes of ethics under Rule 17j-1 under the 1940 Act (see **Exhibit B** for a list of the investment advisers and distributors of the Fund) are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of disinterested directors/trustees, as that term is defined by the 1940 Act.

VIII. Confidentiality and Recordkeeping

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Audit Committee.

Subject to the confidentiality provisions above, the Fund will maintain and preserve for a period of not less than six (6) years from the date of submission or the date action is taken, the first two

(2) years in an easily accessible place, a copy of the Covered Officer's annual certifications and any information or materials supplied to the Audit Committee that provided the basis for any amendment or waiver to this Code or relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Adopted: July 23, 2003

Revised: September 13, 2005

Revised: June 24, 2021

Revised: May 14, 2025

**Exhibit A**

**Persons Covered by this Code of Ethics:**

---

| | |
|:---|:---|
| Steven Plump | President |
| James G. Shaw | Chief Operating Officer, Chief Financial Officer and Secretary |
| Craig A. Urciuoli | Director of Marketing & Business Development |
| Thomas M. Reynolds | Assistant Treasurer and Assistant Secretary |

---

**Exhibit B**

**List of Advisers (including *sub-advisers*, and *trading advisers*)** 

**Abbey Capital Limited**

*Aspect Capital Limited*

*Crabel Capital Management, LLC*

*Episteme Capital Partners (UK), LLP*

*Graham Capital Management, LP*

*P/E Global, LLC*

*QMS Capital Management LP*

*R.G. Niederhoffer Capital Management, Inc.*

*Revolution Capital Management, LLC, R.G.*

*Systematica Investments Limited*

*Tudor Investment Corporation*

*Welton Investment Partners LLC*

*Winton Capital Management Limited*

**Altair Advisers LLC**

*Aperio Group, LLC*

*Boston Partners Global Investors, Inc.*

*Driehaus Capital Management, LLC*

*Mawer Investment Management Ltd.*

*Pacific Ridge Capital Partners, LLC*

*Pier Capital, LLC*

*River Road Asset Management, LLC*

**Advent Capital Management, LLC**

**Boston Partners Global Investors, Inc.**

**Campbell & Company Investment Adviser LLC**

**Clearbrook, LLC**

*Mitsubishi UFJ Financial Group, Inc.*

*Exchange Traded Concepts, LLC*

 

**First Eagle Investment Management, LLC**

**F/m Investments LLC**

*Emerald Mutual Fund Advisers Trust*

 

**Hill Investment Group Partners, LLC d/b/a Longview Research Partners**

**Matson Money, Inc.**

**Motley Fool Asset Management, LLC**

**Optima Asset Management LLC**

*Anthony Capital Management, LLC*

 

**Penn Capital Management Company, LLC**

**P/E Global LLC**

**Summit Global Investments, LLC**

*SG Trading Solutions*

 

**Torray Investment Partners LLC**

**Twin Oak ETF Company**

*Exchange Traded Concepts, LLC*

 

**Tweedy, Browne Company LLC**

*Exchange Traded Concepts, LLC*

 

**List of Distributors**

Foreside Fund Services, LLC

Quasar Distributors, LLC

Vigilant Distributors, LLC

**<u>Appendix A</u>**

**The RBB Fund, Inc. and The RBB Fund Trust**

**(the "Fund")**

**Certification and Acknowledgment of Receipt of Code of Ethics**

**for Principal Officers and Senior Financial Officers**

I acknowledge and certify that I have received a copy of the Code of Ethics for Principal Officers and Senior Financial Officers of the Fund (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge my commitment to comply with the Code.

**Applicable next year:**

I acknowledge that I complied with the Code for the fiscal year ended.

I acknowledge that I reported all violations of this Code of Ethics for the fiscal year ended of which I am aware.

*(Please submit on a separate piece of paper, exceptions to these acknowledgements.)*

 

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

## 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: | 11/7/2025 | /s/ Steven Plump |
|  |  | Steven Plump, President |
|  |  | (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: | 11/7/2025 | /s/ James Shaw |
|  |  | James Shaw, Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.19

On May 14, 2025, the Board, upon the recommendation of the Abbey Capital Futures Strategy Fund (for this section only, the "Fund") audit committee, dismissed Ernst & Young LLP ("E&Y") as independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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 May 14, 2025, the Board, upon the recommendation of the Abbey Capital Multi Asset Fund (for this section only, the "Fund") audit committee, dismissed Ernst & Young LLP ("E&Y") as independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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 May 14, 2025, the Board, upon the recommendation of the Boston Partners All-Cap Value Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Small Cap Value Fund and WPG Partners Small Cap Value Diversified Fund (for this section only, each, a "Fund" and collectively, the "Funds")audit committee, dismissed Ernst & Young LLP ("E&Y") as independent registered public accounting firm for each Fund and selected Cohen & Company, Ltd. ("Cohen") 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 Cohen 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 May 14, 2025, the Board, upon the recommendation of the Campbell Systematic Marco Fund (for this section only, the "Fund") audit committee, dismissed Ernst & Young LLP ("E&Y") as independent registered public accounting firm for the Fund and selected PricewaterhouseCoopers, LLP ("PwC") as the independent registered public accounting firm for the 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 the 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 PwC 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 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 May 14, 2025, the Board, upon the recommendation of the SGI U.S. Large Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Growth Fund, the SGI Peak Growth Fund and the SGI Small Cap Core Fund (for this section only, each, a "Fund" and collectively, the "Funds") 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, 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 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 collectively, the "Funds"). 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 & Co 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 (1) 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 Fund's 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 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).

## Exhibit 99.19

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| | | |
|:---|:---|:---|
| ![](image_001.jpg) | Ernst & Young LLP<br> 2nd Floor<br> 4236 Main Street<br> Philadelphia, PA 19127 | Tel: +1 610 667 2492<br> Fax: +1 267 331 8907<br> ey.com |

---

November 5, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Ladies and Gentlemen:

We have read Exhibit 19 (a)(5) to Form N-CSR dated August 31, 2025 of The RBB Fund, Inc. and are in agreement with the statements contained in paragraphs 1, 3, 5, 7, 9 and 11 therein. We have no basis to agree or disagree with other statements of the registrant contained therein.

Yours very truly,

 

*/s/* Ernst & Young LLP

Philadelphia, Pennsylvania

A member firm of Ernst & Young Global Limited

## Exhibit 99.19

![](cohen01.jpg)

November 6, 2025

U.S. Securities and Exchange Commission

Office of the Chief Accountant

100 F Street, NE

Washington, DC 20549

Re: The RBB Fund, Inc.

File no. 811-05518

Dear Sir or Madam:

We have read Item 8 and Item 19 of Form N-CSR with respect to SGI Enhanced Market Leaders ETF (formerly Chestnut Street Exchange Fund) only, a series of The RBB Fund, Inc., dated November 6, 2025, and agree with the statements concerning Cohen & Co for the years ended December 31, 2024 and 2023 contained therein.

We hereby consent to the filing of this letter as an exhibit to the foregoing report.

Very truly yours,

![](cohen02.jpg)

COHEN & COMPANY, LTD.

![](cohen03.jpg)

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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 August 31, 2025 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/ James Shaw |
| Steven Plump | James Shaw |
| Principal Executive Officer/ President, | Principal Financial Officer/ Chief Financial |
| The RBB Fund, Inc. | Officer, The RBB Fund, Inc. |

---

Dated: <u>11/7/2025</u>

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.