Abbey Capital Futures Strategy Fund

ABYIX

semi-annual shareholder report

1-844-261-6484

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class I	$88	1.79%

Performance Past Does Not Indicate Future [Text]

1.79%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Average Annual Return [Table Text Block]

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	5 Year	10 Year
Class I	-3.89	4.57	1.90
S&P 500 Total Return Index	18.41	16.85	12.98

Updated Performance Information Location [Text Block]

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

1,129


Net Assets	$2,591,510,211
Number of Holdings	1,129
Portfolio Turnover	0%

https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

Class A

This semi-annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

$ 101

HOW DID THE FUND PERFORM DURING THE PERIOD?

The Fund saw negative performance for the six-month period ended February 28, 2025. The Fund’s Diversified Trend following trading 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. In fixed income, notable losses occurred in Q4 2024 as trends in the sector reversed, with global yields rising alongside better-than-expected economic data and speculation that the trade policies of the incoming US administration may lead to higher inflation.

A lack of clear price trends and frequent price reversals were a feature of energy markets, where performance was also challenging. Trading in metals and agricultural commodities resulted in further losses.

The Fund did capture gains in currencies and equities. The Fund profited from a strong rally in the US Dollar during Q4 2024, when the US currency rose alongside higher US yields and more hawkish expectations for Federal Reserve monetary policy. Within equities, strong uptrends in the Hang Seng in September 2024 and in European indices in early 2025 contributed to positive performance in the sector.


Top Contributors
↑	Currencies
↑	Equity Indices


Top Detractors
↓	Fixed Income
↓	Energy
↓	Agricultural Commodities
↓	Metals

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

$ 2,591,510,211

0.00%


Market Group	Risk Allocation (% of overall Value-at-Risk)
Agricultural Products	6.8%
Currency	21.8%
Energy	8.7%
Equity	36.8%
Fixed Income	16.0%
Metals	10.0%

Abbey Capital Futures Strategy Fund

ABYCX

semi-annual shareholder report

1-844-261-6484

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class C	$137	2.79%

Performance Past Does Not Indicate Future [Text]

2.79%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Average Annual Return [Table Text Block]

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	5 Year	10 Year
Class C (without contingent deferred sales charge)¹	-4.86	3.51	0.89
Class C (with contingent deferred sales charge)¹	-5.80	3.51	0.89
S&P 500 Total Return Index	18.41	16.85	12.98

Updated Performance Information Location [Text Block]

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

1,129

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$2,591,510,211
Number of Holdings	1,129
Portfolio Turnover	0%

https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

Class I

This semi-annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

$ 89

HOW DID THE FUND PERFORM DURING THE PERIOD?

The Fund saw positive performance for the six-month period ended February 28, 2025. The Fund’s Long US Equity strategy was the driver of this positive performance, with partially offsetting losses recorded by the Fund’s Managed Futures strategy.

The Fund’s Long US Equity strategy contributed positively due to its long-only allocation to S&P 500 futures. Despite concerns about the potentially adverse impact of increased trade tariffs, US stocks rallied over the period as market sentiment was supported by interest rate cuts by the Federal Reserve and the possibility of tax cuts and deregulation under the new US administration.

For the Fund’s Managed Futures strategy, losses occurred in fixed income and energy. A lack of clear price trends and several price reversals were a feature of both markets, which proved challenging for the Fund’s underlying sub-advisers to navigate. Performance in metals and agricultural markets was also negative, with partially offsetting gains recorded from trading in equities and currencies.


Top Contributors
↑	Equity Indices
↑	Currencies


Top Detractors
↓	Fixed Income
↓	Energy
↓	Metals
↓	Agricultural Commodities

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

$ 1,148,549,688

0.00%


Market Group	Risk Allocation (% of overall Value-at-Risk)
Agricultural Products	5.5%
Currency	16.9%
Energy	6.6%
Equity	55.1%
Fixed Income	9.0%
Metals	6.9%

Abbey Capital Multi Asset Fund

MAFAX

semi-annual shareholder report

1-844-261-6484

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class A	$102	2.04%

Performance Past Does Not Indicate Future [Text]

2.04%

The Fund’s past performance is not a good predictor of how the Fund will perform in the future.

Average Annual Return [Table Text Block]

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	5 Year	Since Inception of the Fund (04/11/2018)
Class A (without sales charge)¹	0.81	11.07	9.93
Class A (with sales charge)¹	-4.97	9.77	8.98
S&P 500 Total Return Index	18.41	16.85	14.33

Updated Performance Information Location [Text Block]

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

695

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$1,148,549,688
Number of Holdings	695
Portfolio Turnover	0%

https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

Class C

This semi-annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

$ 139

HOW DID THE FUND PERFORM DURING THE PERIOD?

The Fund saw positive performance for the six-month period ended February 28, 2025. The Fund’s Long US Equity strategy was the driver of this positive performance, with partially offsetting losses recorded by the Fund’s Managed Futures strategy.

The Fund’s Long US Equity strategy contributed positively due to its long-only allocation to S&P 500 futures. Despite concerns about the potentially adverse impact of increased trade tariffs, US stocks rallied over the period as market sentiment was supported by interest rate cuts by the Federal Reserve and the possibility of tax cuts and deregulation under the new US administration.

For the Fund’s Managed Futures strategy, losses occurred in fixed income and energy. A lack of clear price trends and several price reversals were a feature of both markets, which proved challenging for the Fund’s underlying sub-advisers to navigate. Performance in metals and agricultural markets was also negative, with partially offsetting gains recorded from trading in equities and currencies.


Top Contributors
↑	Equity Indices
↑	Currencies


Top Detractors
↓	Fixed Income
↓	Energy
↓	Metals
↓	Agricultural Commodities

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

$ 1,148,549,688

0.00%


Market Group	Risk Allocation (% of overall Value-at-Risk)
Agricultural Products	5.5%
Currency	16.9%
Energy	6.6%
Equity	55.1%
Fixed Income	9.0%
Metals	6.9%

Adara Smaller Companies Fund

No Trading Symbol Flag

true

semi-annual shareholder report

1-844-261-6482

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Adara Smaller Companies Fund	$39	0.79%

0.79%

706

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$619,535,365
Number of Holdings	706
Portfolio Turnover	34%

https://rbbfund.com/additional-fund-information/

Aquarius International Fund

This semi-annual shareholder report contains important information about the Aquarius International Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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 1-844-261-6482.

https://rbbfund.com/additional-fund-information/

$ 35

$ 602,824,316

34.00%


Top 10 Holdings	(% of Net Assets)
First American Treasury Obligations Fund - Class X	6.4%
Tencent Holdings Ltd.	2.7%
BAE Systems PLC	1.8%
Aon PLC - Class A	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	1.6%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.6%
AstraZeneca PLC	1.5%
Weir Group PLC	1.3%
Rheinmetall AG	1.2%
RELX PLC	1.1%


Top Sectors	(% of Net Assets)
Financial	23.2%
Consumer, Non-cyclical	16.2%
Industrial	15.1%
Communications	10.3%
Technology	9.9%
Consumer, Cyclical	9.0%
Energy	4.7%
Basic Materials	3.4%
Utilities	1.1%
Cash & Other	7.1%

Boston Partners All-Cap Value Fund

BPAIX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$40	0.80%

0.80%

$ 1,403,867,337

17.00%


Top 10 Holdings	(% of net assets)
JPMorgan Chase & Co.	2.5%
Oracle Corp.	2.2%
Corpay, Inc.	2.2%
Check Point Software Technologies Ltd.	2.2%
Bank of America Corp.	2.1%
Philip Morris International, Inc.	2.1%
Bristol-Myers Squibb Co.	2.1%
CRH PLC	2.1%
Sanofi SA	2.1%
AbbVie, Inc.	2.0%


Top Sectors^†	(% of net assets)
Financials	27.7%
Health Care	18.1%
Information Technology	15.7%
Industrials	14.2%
Consumer Discretionary	6.0%
Consumer Staples	5.6%
Communication Services	3.9%
Energy	3.6%
Materials	2.7%
Cash & Other	2.5%

Boston Partners All-Cap Value Fund

BPAVX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Investor Class	$53	1.05%

1.05%

$ 1,403,867,337

17.00%

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)


Top 10 Holdings	(% of net assets)
JPMorgan Chase & Co.	2.5%
Oracle Corp.	2.2%
Corpay, Inc.	2.2%
Check Point Software Technologies Ltd.	2.2%
Bank of America Corp.	2.1%
Philip Morris International, Inc.	2.1%
Bristol-Myers Squibb Co.	2.1%
CRH PLC	2.1%
Sanofi SA	2.1%
AbbVie, Inc.	2.0%


Top Sectors^†	(% of net assets)
Financials	27.7%
Health Care	18.1%
Information Technology	15.7%
Industrials	14.2%
Consumer Discretionary	6.0%
Consumer Staples	5.6%
Communication Services	3.9%
Energy	3.6%
Materials	2.7%
Cash & Other	2.5%

Boston Partners Small Cap Value Fund II

BPSIX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$50	0.99%

0.99%

$ 558,869,101

32.00%

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)


Top 10 Holdings	(% of net assets)
Federal Agricultural Mortgage Corp. - Class C	1.8%
SLM Corp.	1.5%
Magnite, Inc.	1.4%
Beacon Roofing Supply, Inc.	1.4%
Grand Canyon Education, Inc.	1.4%
Assured Guaranty Ltd.	1.3%
Viper Energy, Inc.	1.3%
FirstCash Holdings, Inc.	1.2%
Preferred Bank	1.2%
Universal Technical Institute, Inc.	1.2%


Top Sectors^†	(% of net assets)
Financials	34.1%
Industrials	20.3%
Consumer Discretionary	15.0%
Information Technology	8.4%
Energy	4.8%
Communication Services	4.1%
Health Care	4.0%
Consumer Staples	3.4%
Materials	2.9%
Cash & Other	3.0%

Boston Partners Small Cap Value Fund II

BPSCX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Investor Class	$62	1.24%

1.24%

$ 558,869,101

32.00%

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)


Top 10 Holdings	(% of net assets)
Federal Agricultural Mortgage Corp. - Class C	1.8%
SLM Corp.	1.5%
Magnite, Inc.	1.4%
Beacon Roofing Supply, Inc.	1.4%
Grand Canyon Education, Inc.	1.4%
Assured Guaranty Ltd.	1.3%
Viper Energy, Inc.	1.3%
FirstCash Holdings, Inc.	1.2%
Preferred Bank	1.2%
Universal Technical Institute, Inc.	1.2%


Top Sectors^†	(% of net assets)
Financials	34.1%
Industrials	20.3%
Consumer Discretionary	15.0%
Information Technology	8.4%
Energy	4.8%
Communication Services	4.1%
Health Care	4.0%
Consumer Staples	3.4%
Materials	2.9%
Cash & Other	3.0%

WPG Partners Select Small Cap Value Fund

WPGSX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional	$52	1.10%

1.10%

$ 160,076,238

87.00%


Top 10 Holdings	(% of net assets)
Kemper Corp.	5.2%
Enovis Corp.	5.1%
BGC Group, Inc. - Class A	5.0%
Webster Financial Corp.	3.8%
Silicon Motion Technology Corp.	3.7%
Tutor Perini Corp.	3.6%
Vimeo, Inc.	3.4%
National Bank Holdings Corp. - Class A	3.1%
Prosperity Bancshares, Inc.	3.0%
Ashland, Inc.	2.8%


Top Sectors^†	(% of net assets)
Financials	21.3%
Industrials	15.9%
Consumer Discretionary	12.0%
Information Technology	11.6%
Materials	9.1%
Health Care	8.7%
Communication Services	6.4%
Real Estate	4.4%
Utilities	2.4%
Cash & Other	8.2%

WPG Partners Small Cap Value Diversified Fund

WPGTX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional	$53	1.10%

1.10%

$ 31,482,950

51.00%

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)


Top 10 Holdings	(% of net assets)
Kemper Corp.	2.6%
Brixmor Property Group, Inc.	2.4%
Webster Financial Corp.	2.3%
Enovis Corp.	2.3%
BGC Group, Inc. - Class A	2.2%
Silicon Motion Technology Corp.	2.1%
Enterprise Financial Services Corp.	2.0%
Getty Realty Corp.	1.9%
Portland General Electric Co.	1.9%
Hanover Insurance Group, Inc.	1.8%


Top Sectors^†	(% of net assets)
Financials	21.9%
Industrials	18.9%
Materials	9.5%
Information Technology	8.4%
Consumer Discretionary	8.1%
Energy	7.8%
Real Estate	6.1%
Utilities	5.3%
Health Care	5.2%
Cash & Other	8.8%

Boston Partners Global Sustainability Fund

BPGSX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$45	0.90%

0.90%

$ 10,457,227

32.00%

WHAT DID THE FUND INVEST IN? (as of February 28, 2025)


Top 10 Holdings	(% of net assets)
Deutsche Telekom AG	2.6%
JPMorgan Chase & Co.	2.6%
Nomad Foods Ltd.	2.4%
Melrose Industries PLC	2.3%
Sumitomo Mitsui Financial Group, Inc.	2.2%
SPIE SA	2.2%
Sandoz Group AG	2.2%
Rheinmetall AG	2.1%
Cie de Saint-Gobain SA	2.1%
Siemens AG	1.9%


Top Sectors^†	(% of net assets)
Financials	24.4%
Industrials	22.0%
Health Care	14.8%
Consumer Staples	11.4%
Communication Services	10.6%
Information Technology	8.4%
Consumer Discretionary	3.5%
Energy	1.9%
Materials	1.3%
Cash & Other	1.7%

Boston Partners Global Equity Fund

BPGIX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$48	0.95%

0.95%

$ 241,870,178

22.00%


Top 10 Holdings	(% of net assets)
CRH PLC	2.9%
Tesco PLC	2.0%
US Foods Holding Corp.	1.9%
Deutsche Telekom AG	1.8%
NatWest Group PLC	1.8%
BNP Paribas SA	1.8%
Cie de Saint-Gobain SA	1.6%
Goldman Sachs Group, Inc.	1.6%
ING Groep NV	1.6%
United Overseas Bank Ltd.	1.5%


Top Sectors^†	(% of net assets)
Financials	28.7%
Industrials	17.9%
Consumer Staples	13.4%
Health Care	10.0%
Energy	5.6%
Consumer Discretionary	5.4%
Information Technology	4.9%
Materials	4.5%
Communication Services	4.3%
Cash & Other	5.3%

Boston Partners Long/Short Equity Fund

BPLSX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$102	2.02%

2.02%

$ 68,519,964

30.00%


Top 10 Holdings	(% of net assets)
BGC Group, Inc. - Class A	2.2%
InterDigital, Inc.	2.0%
Fairfax Financial Holdings Ltd.	2.0%
Alphabet, Inc. - Class A	2.0%
Newmark Group, Inc. - Class A	1.7%
Catalyst Pharmaceuticals, Inc.	1.7%
TeamViewer SE	1.7%
Sterling Infrastructure, Inc.	1.6%
Twilio, Inc. - Class A	1.5%
British American Tobacco PLC	1.5%


Top Sectors^†	(% of net assets)
Financials	19.8%
Information Technology	14.1%
Health Care	10.8%
Industrials	9.2%
Consumer Discretionary	5.4%
Communication Services	4.1%
Real Estate	3.5%
Energy	3.3%
Materials	2.8%
Consumer Staples	2.8%

Boston Partners Long/Short Equity Fund

BPLEX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Investor Class	$114	2.27%

2.27%

$ 68,519,964

30.00%


Top 10 Holdings	(% of net assets)
BGC Group, Inc. - Class A	2.2%
InterDigital, Inc.	2.0%
Fairfax Financial Holdings Ltd.	2.0%
Alphabet, Inc. - Class A	2.0%
Newmark Group, Inc. - Class A	1.7%
Catalyst Pharmaceuticals, Inc.	1.7%
TeamViewer SE	1.7%
Sterling Infrastructure, Inc.	1.6%
Twilio, Inc. - Class A	1.5%
British American Tobacco PLC	1.5%


Top Sectors^†	(% of net assets)
Financials	19.8%
Information Technology	14.1%
Health Care	10.8%
Industrials	9.2%
Consumer Discretionary	5.4%
Communication Services	4.1%
Real Estate	3.5%
Energy	3.3%
Materials	2.8%
Consumer Staples	2.8%

Boston Partners Long/Short Research Fund

BPIRX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$87	1.73%

1.73%

$ 594,987,783

36.00%


Top 10 Holdings	(% of net assets)
Wells Fargo & Co.	1.4%
UnitedHealth Group, Inc.	1.4%
JPMorgan Chase & Co.	1.3%
AbbVie, Inc.	1.2%
Alphabet, Inc. - Class A	1.1%
Frontdoor, Inc.	1.1%
Booking Holdings, Inc.	0.9%
US Foods Holding Corp.	0.9%
Bank of America Corp.	0.9%
Philip Morris International, Inc.	0.8%


Top Sectors^†	(% of net assets)
Financials	17.1%
Industrials	14.7%
Health Care	9.4%
Information Technology	9.0%
Utilities	6.7%
Consumer Staples	4.5%
Consumer Discretionary	3.9%
Materials	3.1%
Real Estate	3.0%
Energy	2.9%

Boston Partners Long/Short Research Fund

BPRRX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Investor Class	$100	1.98%

1.98%

$ 594,987,783

36.00%


Top 10 Holdings	(% of net assets)
Wells Fargo & Co.	1.4%
UnitedHealth Group, Inc.	1.4%
JPMorgan Chase & Co.	1.3%
AbbVie, Inc.	1.2%
Alphabet, Inc. - Class A	1.1%
Frontdoor, Inc.	1.1%
Booking Holdings, Inc.	0.9%
US Foods Holding Corp.	0.9%
Bank of America Corp.	0.9%
Philip Morris International, Inc.	0.8%


Top Sectors^†	(% of net assets)
Financials	17.1%
Industrials	14.7%
Health Care	9.4%
Information Technology	9.0%
Utilities	6.7%
Consumer Staples	4.5%
Consumer Discretionary	3.9%
Materials	3.1%
Real Estate	3.0%
Energy	2.9%

Boston Partners Emerging Markets Dynamic Equity Fund

BELSX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$49	0.99%

0.99%

$ 60,778,025

55.00%


Top 10 Holdings	(% of net assets)
Riyad Bank	2.3%
Emaar Properties PJSC	2.1%
Al Rajhi Bank	2.0%
JD.com, Inc.	1.9%
Hangzhou GreatStar Industrial Co. Ltd. - Class A	1.7%
Sociedad Quimica y Minera de Chile SA	1.7%
Taiwan Semiconductor Manufacturing Co. Ltd.	1.7%
Abu Dhabi Islamic Bank PJSC	1.6%
Suzano SA	1.6%
Grupo Financiero Banorte SAB de CV	1.5%


Top Sectors^†	(% of net assets)
Financials	13.5%
Materials	12.2%
Information Technology	7.7%
Consumer Staples	5.3%
Consumer Discretionary	5.0%
Industrials	4.4%
Communication Services	3.2%
Health Care	2.6%
Real Estate	2.5%
Energy	0.8%

WPG Partners Select Hedged Fund

WPGHX

semi-annual shareholder report

1-888-261-4073

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional	$117	2.43%

2.43%

$ 29,264,206

85.00%


Top 10 Holdings	(% of net assets)
Kemper Corp.	5.3%
Enovis Corp.	5.1%
BGC Group, Inc. - Class A	5.0%
Webster Financial Corp.	3.8%
Silicon Motion Technology Corp.	3.7%
Tutor Perini Corp.	3.6%
Vimeo, Inc.	3.4%
National Bank Holdings Corp. - Class A	3.2%
Prosperity Bancshares, Inc.	3.0%
Ashland, Inc.	2.8%


Top Sectors^†	(% of net assets)
Financials	10.4%
Information Technology	7.3%
Materials	6.2%
Health Care	6.1%
Communication Services	6.1%
Consumer Discretionary	5.1%
Real Estate	3.5%
Utilities	2.4%
Consumer Staples	-0.6%
Industrials	-2.4%

Campbell Systematic Macro Fund

EBSAX

Material Fund Change Notice [Text Block]

semi-annual shareholder report

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

https://www.campbell.com/systematicmacro

Updated Performance Information Location [Text Block]

$ 103

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

152

Material Fund Change [Text Block]

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$1,694,565,761
Number of Holdings	152
Portfolio Turnover (excludes derivatives)	0%

Material Fund Changes:

Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.

Campbell Systematic Macro Fund

EBSCX

Material Fund Change Notice [Text Block]

semi-annual shareholder report

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

https://www.campbell.com/systematicmacro

Updated Performance Information Location [Text Block]

$ 141

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

152

Material Fund Change [Text Block]

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$1,694,565,761
Number of Holdings	152
Portfolio Turnover (excludes derivatives)	0%

Material Fund Changes:

Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.

Campbell Systematic Macro Fund

EBSIX

Material Fund Change Notice [Text Block]

semi-annual shareholder report

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

https://www.campbell.com/systematicmacro

Updated Performance Information Location [Text Block]

$ 90

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

152

Material Fund Change [Text Block]

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$1,694,565,761
Number of Holdings	152
Portfolio Turnover (excludes derivatives)	0%

Material Fund Changes:

Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.

Free Market U.S. Equity Fund

FMUEX

semi-annual shareholder report

1-866-780-0357

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Free Market U.S. Equity Fund	$27	0.54%

0.54%

9

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$4,110,938,978
Number of Holdings	9
Portfolio Turnover	1%

http://funddocs.filepoint.com/matsonmoney/

Institutional Class

This semi-annual shareholder report contains important information about the Free Market International Equity Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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 1-866-780-0357 Ext. 3863.

http://funddocs.filepoint.com/matsonmoney/

$ 27

$ 3,263,909,017

4.00%


Top 10 Holdings	(% of Net Assets)
DFA International Small Cap Value Portfolio	40.4%
DFA International Value Portfolio III	16.1%
DFA International Value Series	14.5%
Dimensional International Small Cap ETF	9.7%
iShares Core MSCI Emerging Markets ETF	5.1%
iShares Core MSCI EAFE ETF	5.0%
Emerging Markets Value Portfolio	4.7%
Emerging Markets Small Cap Portfolio	4.5%
Invesco Government & Agency Portfolio - Class Institutional	0.1%


Top Sectors	(% of Net Assets)
Finance and Insurance	85.5%
Cash & Other	14.5%

Free Market Fixed Income Fund

FMFIX

semi-annual shareholder report

1-866-780-0357

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Free Market Fixed Income Fund	$27	0.54%

0.54%

9

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$2,888,782,075
Number of Holdings	9
Portfolio Turnover	13%

http://funddocs.filepoint.com/matsonmoney/

Institutional Class

This semi-annual shareholder report contains important information about the Matson Money U.S. Equity VI Portfolio (the “Fund”) for the period of September 1, 2024, to February 28, 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 1-866-780-0357 Ext. 3863.

http://funddocs.filepoint.com/matsonmoney/

$ 39

$ 26,376,283

5.00%


Top 10 Holdings	(% of Net Assets)
U.S. Large Cap Value Portfolio III	26.5%
VA U.S. Targeted Value Portfolio	14.9%
U.S. Small Cap Portfolio	14.8%
U.S. Micro Cap Portfolio	14.7%
U.S. Large Company Portfolio	14.1%
U.S. Small Cap Value Portfolio	9.9%
VA U.S. Large Value Portfolio	4.2%
STIT-Government & Agency Portfolio - Class Institutional	0.9%


Top Sectors	(% of Net Assets)
Finance and Insurance	99.1%
Cash & Other	0.9%

Matson Money International Equity VI Portfolio

FMVIX

semi-annual shareholder report

1-866-780-0357

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Matson Money International Equity VI Portfolio	$43	0.86%

0.86%

9

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$20,929,131
Number of Holdings	9
Portfolio Turnover	7%

http://funddocs.filepoint.com/matsonmoney/

Institutional Class

This semi-annual shareholder report contains important information about the Matson Money Fixed Income VI Portfolio (the “Fund”) for the period of September 1, 2024, to February 28, 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 1-866-780-0357 Ext. 3863.

http://funddocs.filepoint.com/matsonmoney/

$ 40

$ 25,309,637

15.00%


Top 10 Holdings	(% of Net Assets)
iShares 1-5 Year Investment Grade Corporate Bond ETF	24.1%
iShares Core International Aggregate Bond ETF	15.1%
DFA Two-Year Global Fixed Income Portfolio	15.0%
DFA One-Year Fixed Income Portfolio	11.4%
VA Global Bond Portfolio	10.0%
DFA Intermediate Government Fixed Income Portfolio	6.1%
iShares 5-10 Year Investment Grade Corporate Bond ETF	6.0%
Dimensional Inflation-Protected Securities ETF	5.1%
DFA Short-Term Government Portfolio	4.0%
VA Short-Term Fixed Income Portfolio	2.0%


Top Sectors	(% of Net Assets)
Finance and Insurance	98.7%
Cash & Other	1.3%

Motley Fool Global Opportunities ETF

TMFG

This semi-annual shareholder report contains important information about the Motley Fool Global Opportunities ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 43

$ 406,594,054

8.00%


Top 10 Holdings	(% of Net Assets)
Amazon.com, Inc.	5.9%
Nintendo Co. Ltd.	5.2%
Mastercard, Inc. - Class A	4.5%
Waste Connections, Inc.	4.5%
Watsco, Inc.	4.2%
Alphabet, Inc. - Class C	4.1%
Costco Wholesale Corp.	4.1%
DexCom, Inc.	3.6%
London Stock Exchange Group PLC	3.4%
Equinix Inc	3.2%


Top Sectors	(% of Net Assets)
Industrials	23.6%
Financials	15.4%
Communication Services	13.8%
Consumer Discretionary	13.4%
Health Care	8.7%
Information Technology	8.3%
Real Estate	7.4%
Consumer Staples	6.7%
Materials	2.1%
Cash & Other	0.6%

Motley Fool Mid-Cap Growth ETF

TMFM

This semi-annual shareholder report contains important information about the Motley Fool Mid-Cap Growth ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 44

$ 188,301,523

9.00%


Top 10 Holdings	(% of Net Assets)
StoneX Group, Inc.	6.3%
Brown & Brown, Inc.	5.6%
HealthEquity, Inc.	4.9%
Broadridge Financial Solutions, Inc.	4.9%
Globus Medical, Inc. - Class A	4.7%
Tyler Technologies, Inc.	4.4%
Toast, Inc. - Class A	4.2%
Axon Enterprise, Inc.	4.2%
SBA Communications Corp.	4.0%
Dexcom Inc	3.8%


Top Sectors	(% of Net Assets)
Industrials	26.1%
Financials	22.0%
Health Care	20.2%
Information Technology	14.8%
Consumer Discretionary	6.8%
Real Estate	5.8%
Materials	2.6%
Consumer Staples	0.7%
Cash & Other	1.0%

Motley Fool 100 Index ETF

TMFC

This semi-annual shareholder report contains important information about the Motley Fool 100 Index ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 26

$ 1,280,679,796

25.00%


Top 10 Holdings	(% of Net Assets)
Apple, Inc.	9.8%
NVIDIA Corp.	8.2%
Microsoft Corp.	7.9%
Amazon.com, Inc.	6.0%
Alphabet, Inc. - Class C	5.6%
Meta Platforms, Inc. - Class A	4.5%
Berkshire Hathaway, Inc. - Class B	4.3%
Eli Lilly & Co.	3.3%
Walmart, Inc.	3.1%
JPMorgan Chase & Co.	2.9%


Top Sectors	(% of Net Assets)
Information Technology	36.4%
Financials	15.7%
Communication Services	14.2%
Consumer Discretionary	12.9%
Health Care	9.9%
Consumer Staples	5.1%
Industrials	3.3%
Real Estate	1.2%
Materials	0.7%
Cash & Other	0.6%

Motley Fool Small-Cap Growth ETF

TMFS

This semi-annual shareholder report contains important information about the Motley Fool Small-Cap Growth ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 43

$ 91,683,043

16.00%


Top 10 Holdings	(% of Net Assets)
Toast, Inc. - Class A	5.2%
StoneX Group, Inc.	4.8%
Goosehead Insurance, Inc. - Class A	4.7%
Globus Medical, Inc. - Class A	4.3%
HealthEquity, Inc.	4.3%
Axon Enterprise, Inc.	4.0%
Alarm.com Holdings, Inc.	4.0%
Q2 Holdings, Inc.	3.6%
Penumbra, Inc.	3.5%
GXO Logistics Inc	3.3%


Top Sectors	(% of Net Assets)
Industrials	25.5%
Health Care	19.7%
Information Technology	19.0%
Financials	18.0%
Consumer Discretionary	5.8%
Energy	3.1%
Consumer Staples	2.6%
Real Estate	2.3%
Cash & Other	4.0%

Motley Fool Capital Efficiency 100 Index ETF

TMFE

This semi-annual shareholder report contains important information about the Motley Fool Capital Efficiency 100 Index ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 26

$ 76,619,369

18.00%


Top 10 Holdings	(% of Net Assets)
Eli Lilly & Co.	5.4%
Visa, Inc. - Class A	5.4%
Meta Platforms, Inc. - Class A	5.2%
Costco Wholesale Corp.	5.2%
Walmart, Inc.	5.1%
Mastercard, Inc. - Class A	5.1%
Netflix, Inc.	4.5%
Apple, Inc.	4.5%
Amazon.com, Inc.	4.4%
UnitedHealth Group, Inc.	4.4%


Top Sectors	(% of Net Assets)
Information Technology	25.1%
Health Care	18.5%
Communication Services	15.0%
Consumer Discretionary	12.2%
Consumer Staples	11.2%
Financials	10.8%
Industrials	4.8%
Materials	2.2%
Cash & Other	0.2%

Motley Fool Next Index ETF

TMFX

This semi-annual shareholder report contains important information about the Motley Fool Next Index ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://fooletfs.com/our-funds

$ 26

$ 32,451,810

10.00%


Top 10 Holdings	(% of Net Assets)
Cloudflare, Inc. - Class A	2.5%
Axon Enterprise, Inc.	2.0%
HubSpot, Inc.	1.8%
Take-Two Interactive Software, Inc.	1.8%
Live Nation Entertainment, Inc.	1.6%
Westinghouse Air Brake Technologies Corp.	1.6%
HEICO Corp.	1.6%
Alnylam Pharmaceuticals, Inc.	1.6%
Carvana Co.	1.5%
Monolithic Power Systems, Inc.	1.5%


Top Sectors	(% of Net Assets)
Information Technology	26.4%
Industrials	20.2%
Consumer Discretionary	15.3%
Health Care	12.4%
Financials	10.5%
Communication Services	7.5%
Consumer Staples	3.6%
Energy	1.5%
Real Estate	1.2%
Cash & Other	1.4%

Optima Strategic Credit Fund

OPTCX

semi-annual shareholder report

1-866-239-2026

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Founders Class Shares	$103	2.05%

2.05%

1

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$27,813,162
Number of Holdings	1
Portfolio Turnover	0%

https://rbbfund.com/additional-fund-information/

SGI US Large Cap Core ETF

NYSE

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
SGI US Large Cap Core ETF	$43	0.85%

0.85%

119

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$94,324,029
Number of Holdings	119
Portfolio Turnover	231%

https://sgiam.com/literature/

SGI Dynamic Tactical ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
SGI Dynamic Tactical ETF	$48	0.95%

0.95%

8

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$68,166,305
Number of Holdings	8
Portfolio Turnover	205%

https://sgiam.com/literature/

Class I

This semi-annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 49

$ 221,618,131

63.00%


Top 10 Holdings	(% of net assets)
Colgate-Palmolive Co.	3.6%
Automatic Data Processing, Inc.	3.4%
Alphabet, Inc.	3.4%
Merck & Co., Inc.	3.2%
Meta Platforms, Inc.	3.1%
CMS Energy Corp.	3.1%
Motorola Solutions, Inc.	2.9%
United Therapeutics Corp.	2.4%
McKesson Corp.	2.4%
Owens Corning	2.3%


Top Sectors	(% of net assets)
Consumer, Non-cyclical	35.7%
Communications	15.7%
Technology	10.7%
Industrial	10.6%
Financial	10.5%
Utilities	7.9%
Consumer, Cyclical	3.0%
Energy	3.0%
Basic Materials	0.9%
Cash & Other	2.0%

SGI U.S. Large Cap Equity Fund

LVOLX

semi-annual shareholder report

1-855-744-8500

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class A	$62	1.23%

1.23%

103

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$221,618,131
Number of Holdings	103
Portfolio Turnover	63%

https://sgiam.com/literature/

Class C

This semi-annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 99

$ 221,618,131

63.00%


Top 10 Holdings	(% of net assets)
Colgate-Palmolive Co.	3.6%
Automatic Data Processing, Inc.	3.4%
Alphabet, Inc.	3.4%
Merck & Co., Inc.	3.2%
Meta Platforms, Inc.	3.1%
CMS Energy Corp.	3.1%
Motorola Solutions, Inc.	2.9%
United Therapeutics Corp.	2.4%
McKesson Corp.	2.4%
Owens Corning	2.3%


Top Sectors	(% of net assets)
Consumer, Non-cyclical	35.7%
Communications	15.7%
Technology	10.7%
Industrial	10.6%
Financial	10.5%
Utilities	7.9%
Consumer, Cyclical	3.0%
Energy	3.0%
Basic Materials	0.9%
Cash & Other	2.0%

SGI Global Equity Fund

SGLIX

semi-annual shareholder report

1-855-744-8500

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class I	$42	0.84%

0.84%

112

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$109,007,087
Number of Holdings	112
Portfolio Turnover	82%

https://sgiam.com/literature/

Class I

This semi-annual shareholder report contains important information about the SGI Small Cap Core Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 60

$ 115,157,393

95.00%


Top 10 Holdings	(% of net assets)
Health Care Select Sector SPDR Fund	1.7%
National Fuel Gas Co.	1.4%
Catalyst Pharmaceuticals Partners, Inc.	1.3%
NMI Holdings, Inc.	1.2%
Mueller Water Products, Inc.	1.2%
Graham Holdings Co.	1.2%
AZZ, Inc.	1.2%
Matson, Inc.	1.2%
Travel + Leisure Co.	1.1%
Skyward Specialty Insurance Group, Inc.	1.1%


Top Sectors	(% of net assets)
Consumer, Non-cyclical	23.5%
Financial	22.9%
Industrial	17.1%
Technology	11.7%
Consumer, Cyclical	7.9%
Communications	3.7%
Energy	3.4%
Utilities	3.1%
Basic Materials	2.6%
Cash & Other	4.1%

SGI Peak Growth Fund

SGPKX

semi-annual shareholder report

1-855-744-8500

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Class I	$59	1.19%

1.19%

9

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$42,370,857
Number of Holdings	9
Portfolio Turnover	43%

https://sgiam.com/literature/

Class I

This semi-annual shareholder report contains important information about the SGI Prudent Growth Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 61

$ 39,632,098

22.00%


Top 10 Holdings	(% of net assets)
SGI U.S. Large Cap Equity Fund	28.8%
SGI Enhanced Core ETF	14.7%
iShares Core U.S. Aggregate Bond ETF	11.6%
SGI Global Equity Fund	10.8%
SGI Enhanced Global Income ETF	10.0%
SGI Small Cap Core Fund	7.9%
SGI Dynamic Tactical ETF	4.9%
SGI U.S. Large Cap Core ETF	3.8%
SPDR Blackstone Senior Loan ETF	1.9%
iShares 7-10 Year Treasury Bond ETF	1.5%


Top Sectors	(% of net assets)
Cash & Other	100.0%

SGI Enhanced Core ETF

USDX

This semi-annual shareholder report contains important information about the SGI Enhanced Core ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 50

$ 275,248,075

0.00%


Top 10 Holdings	(% of net assets)
Vanguard Treasury Money Market Fund	30.9%
Vanguard Federal Money Market Fund	30.9%
PIMCO Government Money Market Fund	8.7%
Fidelity Government Cash Reserves	8.7%
First American Government Obligations Fund	0.7%
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)
Cash & Other	100.0%

SGI Enhanced Global Income ETF

GINX

This semi-annual shareholder report contains important information about the SGI Enhanced Global Income ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 52

$ 83,862,149

374.00%


Top 10 Holdings	(% of net assets)
WisdomTree Emerging Markets High Dividend Fund	3.4%
iShares Emerging Markets Dividend ETF	3.0%
Takeda Pharmaceutical Co. Ltd.	3.0%
Banco Bilbao Vizcaya Argentaria SA	3.0%
Colgate-Palmolive Co.	2.8%
UBS Group AG	2.8%
SPDR S&P Emerging Markets Dividend ETF	2.7%
QUALCOMM, Inc.	2.6%
Home Depot, Inc.	2.4%
Equitable Holdings, Inc.	2.4%


Top Sectors	(% of net assets)
Financial	28.0%
Consumer, Non-cyclical	19.5%
Industrial	11.1%
Energy	6.9%
Communications	5.9%
Consumer, Cyclical	5.5%
Utilities	5.1%
Technology	4.2%
Basic Materials	3.6%
Cash & Other	10.2%

SGI Enhanced Nasdaq-100 ETF

QXQ

This semi-annual shareholder report contains important information about the SGI Enhanced Nasdaq-100 ETF (the “Fund”) for the period of September 1, 2024, to February 28, 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.

https://sgiam.com/literature/

$ 57

$ 30,345,831

0.00%


Top 10 Holdings	(% of net assets)
First American Government Obligations Fund	1.6%
Micro Nasdaq 100 E-Mini Mar25	0.0%
S&P 500 Index	0.0%
Nasdaq 100 Index	-4.3%


Top Sectors	(% of net assets)
Cash & Other	100%

US Treasury 3 Month Bill ETF

TBIL

This semi-annual shareholder report contains important information about the US Treasury 3 Month Bill ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/tbil/. You can also request this information by contacting us at 1-800-617-0004.

https://www.ustreasuryetf.com/etf/tbil/

Updated Performance Information Location [Text Block]

$ 8

Visit https://www.ustreasuryetf.com/etf/tbil/ for more recent performance information.

2

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$4,992,302,261
Number of Holdings	2
Portfolio Turnover	0%

https://www.ustreasuryetf.com/etf/tbil/

US Treasury 6 Month Bill ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 6 Month Bill ETF	$8	0.15%

0.15%

2

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$674,929,558
Number of Holdings	2
Portfolio Turnover	0%

https://www.ustreasuryetf.com/etf/xbil/

US Treasury 12 Month Bill ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 12 Month Bill ETF	$8	0.15%

0.15%

$ 278,709,115

0.00%


Top 10 Holdings	(% of Net Assets)
United States Treasury Bill	100.0%


Top Sectors	(% of Net Assets)
Cash & Other	100.0%

US Treasury 2 Year Note ETF

UTWO

This semi-annual shareholder report contains important information about the US Treasury 2 Year Note ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/utwo/. You can also request this information by contacting us at 1-800-617-0004.

https://www.ustreasuryetf.com/etf/utwo/

Updated Performance Information Location [Text Block]

$ 8

Visit https://www.ustreasuryetf.com/etf/utwo/ for more recent performance information.

2

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$379,902,108
Number of Holdings	2
Portfolio Turnover	701%

https://www.ustreasuryetf.com/etf/utwo/

US Treasury 3 Year Note ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 3 Year Note ETF	$7	0.15%

0.15%

$ 8,402,303

590.00%


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%

US Treasury 5 Year Note ETF

UFIV

This semi-annual shareholder report contains important information about the US Treasury 5 Year Note ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/ufiv/. You can also request this information by contacting us at 1-800-617-0004.

https://www.ustreasuryetf.com/etf/ufiv/

Updated Performance Information Location [Text Block]

$ 7

Visit https://www.ustreasuryetf.com/etf/ufiv/ for more recent performance information.

2

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$47,745,552
Number of Holdings	2
Portfolio Turnover	558%

https://www.ustreasuryetf.com/etf/ufiv/

US Treasury 7 Year Note ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 7 Year Note ETF	$7	0.15%

0.15%

$ 5,287,750

496.00%


Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.5%
United States Treasury Bill	0.4%


Top Sectors	(% of Net Assets)
Government	99.4%
Cash & Other	0.6%

US Treasury 10 Year Note ETF

UTEN

This semi-annual shareholder report contains important information about the US Treasury 10 Year Note ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

Additional Information Email

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/uten/. You can also request this information by contacting us at 1-800-617-0004.

February 28, 2025

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 10 Year Note ETF	$7	0.15%

0.15%

$ 172,424,490

197.00%


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%

US Treasury 20 Year Bond ETF

UTWY

This semi-annual shareholder report contains important information about the US Treasury 20 Year Bond ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/utwy/. You can also request this information by contacting us at 1-800-617-0004.

https://www.ustreasuryetf.com/etf/utwy/

Updated Performance Information Location [Text Block]

$ 7

Visit https://www.ustreasuryetf.com/etf/utwy/ for more recent performance information.

2

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$24,844,769
Number of Holdings	2
Portfolio Turnover	186%

https://www.ustreasuryetf.com/etf/utwy/

US Treasury 30 Year Bond ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
US Treasury 30 Year Bond ETF	$7	0.15%

0.15%

$ 15,731,337

191.00%


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%

F/m 2-Year Investment Grade Corporate Bond ETF

ZTWO

This semi-annual shareholder report contains important information about the F/m 2-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/ztwo/. You can also request this information by contacting us at 1-800-617-0004.

https://www.fminvest.com/etfs/us-credit-series/ztwo/

Updated Performance Information Location [Text Block]

$ 8

Visit https://www.fminvest.com/etfs/us-credit-series/ztwo/ for more recent performance information.

410

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$151,922,165
Number of Holdings	410
Portfolio Turnover	34%

https://www.fminvest.com/etfs/us-credit-series/ztwo/

F/m 3-Year Investment Grade Corporate Bond ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
F/m 3-Year Investment Grade Corporate Bond ETF	$8	0.15%

0.15%

$ 168,550,512

51.00%


Top 10 Holdings	(% of Net Assets)
Procter & Gamble Co.	0.4%
Chevron USA, Inc.	0.4%
Eli Lilly & Co.	0.4%
PACCAR Financial Corp.	0.4%
BMW US Capital LLC	0.4%
Huntington Bancshares, Inc.	0.4%
BAT Capital Corp.	0.4%
Digital Realty Trust LP	0.4%
Hershey Co.	0.4%
7-Eleven, Inc.	0.4%


Top Sectors	(% of Net Assets)
Financials	28.2%
Industrials	11.0%
Utilities	9.9%
Health Care	9.2%
Energy	8.4%
Consumer Staples	8.0%
Consumer Discretionary	7.9%
Technology	7.5%
Materials	4.9%
Cash & Other	5.0%

F/m 10-Year Investment Grade Corporate Bond ETF

ZTEN

This semi-annual shareholder report contains important information about the F/m 10-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/zten/. You can also request this information by contacting us at 1-800-617-0004.

https://www.fminvest.com/etfs/us-credit-series/zten/

Updated Performance Information Location [Text Block]

$ 7

Visit https://www.fminvest.com/etfs/us-credit-series/zten/ for more recent performance information.

234

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$60,786,094
Number of Holdings	234
Portfolio Turnover	86%

https://www.fminvest.com/etfs/us-credit-series/zten/

Institutional Class

This semi-annual shareholder report contains important information about the Oakhurst Fixed Income Fund (the “Fund”) for the period from September 1, 2024, to February 28, 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.

https://www.fminvest.com/mutual-funds/ohfix/

Updated Performance Information Location [Text Block]

$ 29

Visit https://www.fminvest.com/mutual-funds/ohfix/ for more recent performance information.

188

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$137,397,231
Number of Holdings	188
Portfolio Turnover	12%

https://www.fminvest.com/mutual-funds/ohfix/

Institutional Class

This semi-annual shareholder report contains important information about the Oakhurst Short Duration Bond Fund (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohsdx/. You can also request this information by contacting us at 1-800-292-6775.

https://www.fminvest.com/mutual-funds/ohsdx/

Updated Performance Information Location [Text Block]

$ 30

Visit https://www.fminvest.com/mutual-funds/ohsdx/ for more recent performance information.

74

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$14,345,550
Number of Holdings	74
Portfolio Turnover	49%

https://www.fminvest.com/mutual-funds/ohsdx/

Institutional Class

This semi-annual shareholder report contains important information about the Oakhurst Short Duration High Yield Credit Fund (the “Fund”) for the period from September 1, 2024, to February 28, 2025.

You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohshx/. You can also request this information by contacting us at 1-800-292-6775.

https://www.fminvest.com/mutual-funds/ohshx

Updated Performance Information Location [Text Block]

$ 48

Visit https://www.fminvest.com/mutual-funds/ohshx/ for more recent performance information.

109

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$33,465,015
Number of Holdings	109
Portfolio Turnover	63%

https://www.fminvest.com/mutual-funds/ohshx/

F/m Opportunistic Income ETF

NASDAQ

semi-annual shareholder report

1-800-617-0004

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
F/m Opportunistic Income ETF	$19	0.39%

0.39%

$ 35,942,408

140.00%


Top Sectors	(% of Net Assets)
Financials	13.2%
Energy	10.6%
Mortgage Securities	10.6%
Technology	9.8%
Materials	7.7%
Consumer Discretionary	7.6%
Asset Backed Securities	5.3%
Health Care	4.0%
Utilities	3.4%
Cash & Other	27.8%

F/m Investments Large Cap Focused Fund

IAFLX

semi-annual shareholder report

1-888-553-4233

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Institutional Class	$46	0.90%

0.90%

$ 68,233,057

63.00%


Top 10 Holdings	(%) of net assets
First American Treasury Obligations Fund	20.8%
NVIDIA Corp.	7.6%
Meta Platforms, Inc.	5.6%
Palantir Technologies, Inc.	5.4%
Netflix, Inc.	5.4%
Apple, Inc.	4.8%
Amazon.com, Inc.	4.7%
LPL Financial Holdings, Inc.	3.9%
Microsoft Corp.	3.8%
Advanced Micro Devices, Inc.	3.3%


Top Sectors	(%) of net assets
Information Technology	48.6%
Communication Services	15.4%
Financials	6.3%
Consumer Discretionary	4.7%
Consumer Staples	2.5%
Real Estate	2.0%
Cash & Other	20.5%

F/m Investments Large Cap Focused Fund

IAFMX

semi-annual shareholder report

1-888-553-4233

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)


Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Investor Class	$58	1.15%

1.15%

$ 68,233,057

63.00%


Top 10 Holdings	(%) of net assets
First American Treasury Obligations Fund	20.8%
NVIDIA Corp.	7.6%
Meta Platforms, Inc.	5.6%
Palantir Technologies, Inc.	5.4%
Netflix, Inc.	5.4%
Apple, Inc.	4.8%
Amazon.com, Inc.	4.7%
LPL Financial Holdings, Inc.	3.9%
Microsoft Corp.	3.8%
Advanced Micro Devices, Inc.	3.3%


Top Sectors	(%) of net assets
Information Technology	48.6%
Communication Services	15.4%
Financials	6.3%
Consumer Discretionary	4.7%
Consumer Staples	2.5%
Real Estate	2.0%
Cash & Other	20.5%

F/m Emerald Life Sciences Innovation ETF

LFSC

This semi-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 February 28, 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.

https://www.emeraldetfs.com/lfsc/

$ 18

HOW DID THE FUND PERFORM DURING THE PERIOD?

The F/m Emerald Life Sciences Innovation ETF total return for the four months ended February 28, 2025 was -1.81% at NAV, trailing the benchmark Russell 3000 Index Health Care total return of -0.39%.

WHAT FACTORS INFLUENCED PERFORMANCE?

The F/m Emerald Life Sciences Innovation ETF underperformed the Russell 3000 Health Care Index for the period as a result of both stock selection and relative positioning. At the industry level, relative underperformance within the medical services, medical equipment, pharmaceuticals, and healthcare services industries more than offset the positive contribution to return from the Fund’s underweight position within the medical supplies, healthcare management services and healthcare facilities. The Fund’s solid stock selection drove relative outperformance within the biotechnology industry. The biotechnology industry is the Fund’s largest active and relative exposure at an average weight of approximately 50.66% for the period.

The Fund’s exposure to the smaller capitalization stocks within the Russell 3000 Health Care Index was also a headwind to relative performance. The Fund’s exposure to those companies that fall within the second, third, fourth, and fifth quintiles with a market capitalization of $5.44 billion or less, averaged 65.3% of the Fund’s portfolio for the period as compared to the benchmark’s average weight of 6.34%. As a point of reference, the small capitalization Russell 2000 Health Care Index returned -7.16% for the period, underperforming the broader all capitalization Russell 3000 Health Care Index which returned -0.39% for the same period.


Top Contributors
↑	Intra-Cellular Therapies, Inc. (ITCI)
↑	Akero Therapeutics, Inc. (AKRO)
↑	BridgeBio Pharma, Inc. (BBIO)


Top Detractors
↓	Wave Life Sciences Ltd. (WVE)
↓	Keros Therapeutics, Inc. (KROS)
↓	RadNet, Inc. (RDNT)

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

$ 52,704,926

8.00%


Top 10 Holdings	(% of Net Assets)
Insmed, Inc.	6.8%
Bridgebio Pharma, Inc.	6.7%
Blueprint Medicines Corp.	5.9%
RadNet, Inc.	5.9%
Travere Therapeutics, Inc.	5.8%
Merit Medical Systems, Inc.	5.2%
LivaNova PLC	4.7%
WaVe Life Sciences Ltd.	4.7%
Ultragenyx Pharmaceutical, Inc.	4.6%
Soleno Therapeutics, Inc.	4.6%


Top Sectors	(% of Net Assets)
Health Care	98.3%
Cash & Other	1.7%

F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF

RBIL

This semi-annual shareholder report contains important information about the F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (the “Fund”) for the period from February 24, 2025, to February 28, 2025.

You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/rbil/. You can also request this information by contacting us at 1-800-617-0004.

https://www.ustreasuryetf.com/etf/rbil/

Updated Performance Information Location [Text Block]

$ 0

Visit https://www.ustreasuryetf.com/etf/rbil/ for more recent performance information.

4

KEY FUND STATISTICS (as of February 28, 2025)


Net Assets	$50,023,950
Number of Holdings	4
Portfolio Turnover	0%