NPORT-EX 2 largecap.htm NPORT-EX

F/m Investments Large Cap Focused Fund
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 92.8%
  
Shares
    
Value
 
Communication Services - 12.7%
        
Alphabet, Inc. - Class A
    
7,601
    
$
1,305,396
  
Meta Platforms, Inc. - Class A
    
5,683
      
3,679,685
  
Netflix, Inc. (a)
    
3,356
      
4,051,464
  
             
9,036,545
  
                 
Consumer Discretionary - 5.1%
          
Amazon.com, Inc. (a)
    
17,595
      
3,607,151
  
                 
Financials - 6.0%
          
LPL Financial Holdings, Inc.
    
7,117
      
2,755,418
  
Mastercard, Inc. Class A - Class A
    
2,638
      
1,544,813
  
             
4,300,231
  
                 
Health Care - 2.3%
          
Boston Scientific Corp. (a)
    
15,391
      
1,620,057
  
                 
Information Technology - 66.7%
          
Advanced Micro Devices, Inc. (a)
    
22,673
      
2,510,581
  
Apple, Inc.
    
36,471
      
7,325,200
  
AppLovin Corp. - Class A (a)
    
7,914
      
3,110,202
  
Astera Labs, Inc. (a)
    
19,611
      
1,779,110
  
Broadcom, Inc.
    
9,090
      
2,200,416
  
Ciena Corp. (a)
    
19,091
      
1,528,425
  
CyberArk Software Ltd. (a)
    
5,332
      
2,040,983
  
First Solar, Inc. (a)
    
18,550
      
2,932,384
  
HubSpot, Inc. (a)
    
4,260
      
2,512,974
  
Microsoft Corp.
    
6,535
      
3,008,453
  
NVIDIA Corp.
    
56,620
      
7,651,061
  
Palantir Technologies, Inc. - Class A (a)
    
45,506
      
5,996,781
  
Palo Alto Networks, Inc. (a)
    
8,394
      
1,615,173
  
ServiceNow, Inc. (a)
    
1,874
      
1,894,783
  
ServiceTitan, Inc. - Class A (a)
    
12,506
      
1,384,039
  
             
47,490,565
  
TOTAL COMMON STOCKS (Cost $54,520,655)
      
66,054,549
  
                 
EXCHANGE TRADED FUNDS - 5.9%
  
Shares
    
Value
  
F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
    
41,504
      
2,080,595
  
US Treasury 6 Month Bill ETF
    
41,697
      
2,091,313
  
TOTAL EXCHANGE TRADED FUNDS (Cost $4,176,316)
      
4,171,908
  
                 
SHORT-TERM INVESTMENTS - 2.0%
          
Value
 
Money Market Funds - 2.0%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (b)
    
1,457,121
      
1,457,121
  
TOTAL SHORT-TERM INVESTMENTS (Cost $1,457,121)
      
1,457,121
  
                 
TOTAL INVESTMENTS - 100.7% (Cost $60,154,092)
      
71,683,578
  
Liabilities in Excess of Other Assets - (0.7)%
      
(483,144
)
TOTAL NET ASSETS - 100.0%
          
$
71,200,434
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

(a)
Non-income producing security.
(b)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
F/m Investments Large Cap Focused Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
66,054,549
    
$
–
    
$
–
    
$
66,054,549
  
  Exchange Traded Funds
    
4,171,908
      
–
      
–
      
4,171,908
  
  Money Market Funds
    
1,457,121
      
–
      
–
      
1,457,121
  
Total Investments
  
$
71,683,578
    
$
–
    
$
–
    
$
71,683,578
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.