As filed with the Securities and Exchange Commission
on 5/9/2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-05518
Investment Company Act file number
The
RBB FUND, INC.
(Exact name of registrant as specified in charter)
615
East Michigan Street
Milwaukee,
WI 53202
(Address of principal executive offices) (Zip code)
Steven
Plump, President
c/o U.S. Bank Global Fund Services
615 East Michigan Street
Milwaukee, WI 53202
(Name and address
of agent for service)
(609)
731-6256
Registrant's telephone number, including area code
Date of fiscal year end: August 31
Date of reporting period: February 28, 2025
Item 1. Reports to Stockholders.
(a)
| | |
| | Abbey Capital Futures Strategy Fund | |
| Class I | ABYIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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% |
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.
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Top Contributors
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↑
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Currencies
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↑
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Equity Indices
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|
Top Detractors
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↓
|
Fixed Income
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↓
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Energy
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↓
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Agricultural Commodities
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↓
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Metals
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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 and assumes the maximum sales charge. 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.
| Abbey Capital Futures Strategy Fund
|
PAGE 1
|
TSR-SAR-74925K367 |
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
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 |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $2,591,510,211 |
| Number of Holdings | 1,129 |
| Portfolio Turnover | 0% |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/.
| Abbey Capital Futures Strategy Fund
|
PAGE 2
|
TSR-SAR-74925K367 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Abbey Capital Futures Strategy Fund
|
PAGE 3
|
TSR-SAR-74925K367 |
| | |
| | Abbey Capital Futures Strategy Fund | |
| Class A | ABYAX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $101 | 2.04% |
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
|
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 NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
| Abbey Capital Futures Strategy Fund
|
PAGE 1
|
TSR-SAR-74925K375 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | 10 Year |
| Class A (without sales charge) | -4.07 | 4.30 | 1.65 |
| Class A (with sales charge) | -9.59 | 3.08 | 1.04 |
| S&P 500 Total Return Index | 18.41 | 16.85 | 12.98 |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $2,591,510,211 |
| Number of Holdings | 1,129 |
| Portfolio Turnover | 0% |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/.
| Abbey Capital Futures Strategy Fund
|
PAGE 2
|
TSR-SAR-74925K375 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Abbey Capital Futures Strategy Fund
|
PAGE 3
|
TSR-SAR-74925K375 |
| | |
| | Abbey Capital Futures Strategy Fund | |
| Class C | ABYCX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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% |
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
|
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 NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
| Abbey Capital Futures Strategy Fund
|
PAGE 1
|
TSR-SAR-74925K359 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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 |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| 1 |
The inception date of Class C Shares of the Fund was October 6, 2015 and the inception date of the Fund was July 1, 2014. Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio. |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $2,591,510,211 |
| Number of Holdings | 1,129 |
| Portfolio Turnover | 0% |
Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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-SAR-74925K359 |
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-SAR-74925K359 |
| | |
| | Abbey Capital Multi Asset Fund | |
| Class I | MAFIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $89 | 1.79% |
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
|
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 and assumes the maximum sales charge. 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.
| Abbey Capital Multi Asset Fund
|
PAGE 1
|
TSR-SAR-74933W882 |
CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception of Class I Shares
(04/11/2018) |
| Class I | 1.02 | 11.35 | 10.20 |
| S&P 500 Total Return Index | 18.41 | 16.85 | 14.33 |
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 February 28, 2025)
| |
| Net Assets | $1,148,549,688 |
| Number of Holdings | 695 |
| Portfolio Turnover | 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 February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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.
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/.
| Abbey Capital Multi Asset Fund
|
PAGE 2
|
TSR-SAR-74933W882 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Abbey Capital Multi Asset Fund
|
PAGE 3
|
TSR-SAR-74933W882 |
| | |
| | Abbey Capital Multi Asset Fund | |
| Class A | MAFAX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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% |
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
|
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 NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.
| Abbey Capital Multi Asset Fund
|
PAGE 1
|
TSR-SAR-74933W700 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
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 |
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 February 28, 2025)
| |
| Net Assets | $1,148,549,688 |
| Number of Holdings | 695 |
| Portfolio Turnover | 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 February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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-SAR-74933W700 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/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-SAR-74933W700 |
| | |
| | Abbey Capital Multi Asset Fund | |
| Class C | MAFCX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $139 | 2.79% |
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.
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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 NAV 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
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TSR-SAR-74933W809 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| | | |
| | 1 Year | 5 Year | Since Inception of
the Fund (04/11/2018) |
| Class C (without contingent deferred sales charge)1 | 0.01 | 10.25 | 9.11 |
| Class C (with contingent deferred sales charge)1 | -0.95 | 10.25 | 9.11 |
| S&P 500 Total Return Index | 18.41 | 16.85 | 14.33 |
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 February 28, 2025)
| |
| Net Assets | $1,148,549,688 |
| Number of Holdings | 695 |
| Portfolio Turnover | 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 February 28, 2025)
| |
| 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% |
The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of February 28, 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-SAR-74933W809 |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/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-SAR-74933W809 |
| | |
| | Adara Smaller Companies Fund | |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Adara Smaller Companies 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $619,535,365 |
| Number of Holdings | 706 |
| Portfolio Turnover | 34% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| First American Treasury Obligations Fund - Class X | 7.2% |
| Motorcar Parts of America, Inc. | 0.7% |
| CoreCivic, Inc. | 0.7% |
| Northeast Bank | 0.7% |
| Natural Gas Services Group, Inc. | 0.7% |
| White Mountains Insurance Group Ltd. | 0.6% |
| McGrath RentCorp | 0.6% |
| Build-A-Bear Workshop, Inc. | 0.6% |
| Barrett Business Services, Inc. | 0.6% |
| OneSpaWorld Holdings Ltd. | 0.6% |
| |
| Top Sectors | (% of Net Assets) |
| Consumer, Non-cyclical | 23.7% |
| Financial | 20.4% |
| Consumer, Cyclical | 16.1% |
| Industrial | 14.4% |
| Technology | 8.3% |
| Energy | 4.4% |
| Communications | 3.2% |
| Utilities | 1.4% |
| Basic Materials | 1.2% |
| Cash & Other | 6.9% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://rbbfund.com/additional-fund-information/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that 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 1
|
TSR-SAR-74925K342 |
| | |
| | Aquarius International Fund | |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Aquarius International Fund | $35 | 0.70% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $602,824,316 |
| Number of Holdings | 754 |
| Portfolio Turnover | 34% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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 1
|
TSR-SAR-74933W502 |
| | |
| | Boston Partners All-Cap Value Fund | |
| Institutional Class | BPAIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners All-Cap Value 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.bostonpartners.com/fund/bp-all-cap-value-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional Class | $40 | 0.80% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,403,867,337 |
| Number of Holdings | 104 |
| Portfolio Turnover | 17% |
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 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% |
| † |
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. |
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/.
| Boston Partners All-Cap Value Fund
|
PAGE 1
|
TSR-SAR-749255139 |
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 2
|
TSR-SAR-749255139 |
| | |
| | Boston Partners All-Cap Value Fund | |
| Investor Class | BPAVX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners All-Cap Value 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.bostonpartners.com/fund/bp-all-cap-value-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Investor Class | $53 | 1.05% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,403,867,337 |
| Number of Holdings | 104 |
| Portfolio Turnover | 17% |
Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/ for more recent performance information.
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% |
| † |
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. |
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/.
| Boston Partners All-Cap Value Fund
|
PAGE 1
|
TSR-SAR-749255121 |
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 2
|
TSR-SAR-749255121 |
| | |
| | Boston Partners Small Cap Value Fund II | |
| Institutional Class | BPSIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-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 February 28, 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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $558,869,101 |
| Number of Holdings | 163 |
| Portfolio Turnover | 32% |
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 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% |
| † |
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. |
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/.
| Boston Partners Small Cap Value Fund II
|
PAGE 1
|
TSR-SAR-749255345 |
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 2
|
TSR-SAR-749255345 |
| | |
| | Boston Partners Small Cap Value Fund II | |
| Investor Class | BPSCX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-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 February 28, 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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $558,869,101 |
| Number of Holdings | 163 |
| Portfolio Turnover | 32% |
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 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% |
| † |
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. |
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/.
| Boston Partners Small Cap Value Fund II
|
PAGE 1
|
TSR-SAR-749255337 |
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 2
|
TSR-SAR-749255337 |
| | |
| | WPG Partners Select Small Cap Value Fund | |
| Institutional | WPGSX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the WPG Partners Select Small Cap Value Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $160,076,238 |
| Number of Holdings | 46 |
| Portfolio Turnover | 87% |
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 February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| WPG Partners Select Small Cap Value Fund
|
PAGE 1
|
TSR-SAR-74933W676 |
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 2
|
TSR-SAR-74933W676 |
| | |
| | WPG Partners Small Cap Value Diversified Fund | |
| Institutional | WPGTX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the WPG Partners Small Cap Value Diversified Fund (the “Fund”) for the period of September 1, 2024, to February 28, 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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $31,482,950 |
| Number of Holdings | 91 |
| Portfolio Turnover | 51% |
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 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% |
| † |
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. |
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/.
| WPG Partners Small Cap Value Diversified Fund
|
PAGE 1
|
TSR-SAR-74925K706 |
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 2
|
TSR-SAR-74925K706 |
| | |
| | Boston Partners Global Sustainability Fund | |
| Institutional Class | BPGSX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Global Sustainability 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.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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $10,457,227 |
| Number of Holdings | 86 |
| Portfolio Turnover | 32% |
Visit https://www.bostonpartners.com/fund/global-sus-fund/ for more recent performance information.
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% |
| † |
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. |
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/.
| Boston Partners Global Sustainability Fund
|
PAGE 1
|
TSR-SAR-74933W684 |
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 2
|
TSR-SAR-74933W684 |
| | |
| | Boston Partners Global Equity Fund | |
| Institutional Class | BPGIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Global 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://www.bostonpartners.com/fund/bp-global-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional Class | $48 | 0.95% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $241,870,178 |
| Number of Holdings | 103 |
| Portfolio Turnover | 22% |
Visit https://www.bostonpartners.com/fund/bp-global-equity-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Global Equity Fund
|
PAGE 1
|
TSR-SAR-74925K557 |
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 2
|
TSR-SAR-74925K557 |
| | |
| | Boston Partners Long/Short Equity Fund | |
| Institutional Class | BPLSX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Long/Short 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://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional Class | $102 | 2.02% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $68,519,964 |
| Number of Holdings | 199 |
| Portfolio Turnover | 30% |
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 February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Long/Short Equity Fund
|
PAGE 1
|
TSR-SAR-749255261 |
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-SAR-749255261 |
| | |
| | Boston Partners Long/Short Equity Fund | |
| Investor Class | BPLEX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Long/Short 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://www.bostonpartners.com/fund/bp-long-short-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Investor Class | $114 | 2.27% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $68,519,964 |
| Number of Holdings | 199 |
| Portfolio Turnover | 30% |
Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Long/Short Equity Fund
|
PAGE 1
|
TSR-SAR-749255253 |
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-SAR-749255253 |
| | |
| | Boston Partners Long/Short Research Fund | |
| Institutional Class | BPIRX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Research 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.bostonpartners.com/fund/bp-ls-research-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional Class | $87 | 1.73% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $594,987,783 |
| Number of Holdings | 428 |
| Portfolio Turnover | 36% |
Visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Long/Short Research Fund
|
PAGE 1
|
TSR-SAR-74925K581 |
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-SAR-74925K581 |
| | |
| | Boston Partners Long/Short Research Fund | |
| Investor Class | BPRRX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Boston Partners Long/Short Research 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.bostonpartners.com/fund/bp-ls-research-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Investor Class | $100 | 1.98% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $594,987,783 |
| Number of Holdings | 428 |
| Portfolio Turnover | 36% |
Visit https://www.bostonpartners.com/fund/bp-ls-research-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Long/Short Research Fund
|
PAGE 1
|
TSR-SAR-74925K573 |
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-SAR-74925K573 |
| | |
| | Boston Partners Emerging Markets Dynamic Equity Fund | |
| Institutional Class | BELSX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-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 February 28, 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 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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $60,778,025 |
| Number of Holdings | 327 |
| Portfolio Turnover | 55% |
Visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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/.
| Boston Partners Emerging Markets Dynamic Equity Fund
|
PAGE 1
|
TSR-SAR-74925K326 |
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-SAR-74925K326 |
| | |
| | WPG Partners Select Hedged Fund | |
| Institutional | WPGHX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the WPG Partners Select Hedged 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.bostonpartners.com/affiliates/wpg-select-hedged-fund/. You can also request this information by contacting us at 1-888-261-4073.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional | $117 | 2.43% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $29,264,206 |
| Number of Holdings | 103 |
| Portfolio Turnover | 85% |
Visit https://www.bostonpartners.com/affiliates/wpg-select-hedged-fund/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
| † |
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. |
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-hedged-fund/.
| WPG Partners Select Hedged Fund
|
PAGE 1
|
TSR-SAR-74933W247 |
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 Hedged Fund
|
PAGE 2
|
TSR-SAR-74933W247 |
| | |
| | Campbell Systematic Macro Fund | |
| Class A | EBSAX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Campbell Systematic Macro 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.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 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 | $103 | 2.00% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,694,565,761 |
| Number of Holdings | 152 |
| Portfolio Turnover (excludes derivatives) | 0% |
Visit https://www.campbell.com/systematicmacro for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings† | (% of net assets) |
| United States Treasury Bill | 74.3% |
| JPMorgan Liquidity Funds - USD Liquidity LVNAV Fund - Class Institutional | 5.1% |
| NZD/USD FWD 20250319 | 0.7% |
| AUD/USD FWD 20250319 | 0.7% |
| CAD/USD FWD 20250319 | 0.5% |
| EUR/USD FWD 20250319 | 0.2% |
| BRL/USD FWD 20250319 | 0.2% |
| CLP/USD FWD 20250319 | 0.2% |
| LME Zinc Future | 0.2% |
| NOK/USD FWD 20250319 | 0.1% |
| |
| Top Sectors | (% of net assets) |
| U.S. Treasury Bills | 74.3% |
| Cash & Other | 23.8% |
| Futures Contracts | (0.2)% |
| Forwards | 2.1% |
| † |
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
EUR Euro
NOK Norwegian Krone
NZD New Zealand Dollar
USD United States Dollar |
| Campbell Systematic Macro Fund
|
PAGE 1
|
TSR-SAR-74933W841 |
Material Fund Changes:
Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.
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 2
|
TSR-SAR-74933W841 |
| | |
| | Campbell Systematic Macro Fund | |
| Class C | EBSCX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Campbell Systematic Macro 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.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 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 | $141 | 2.75% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,694,565,761 |
| Number of Holdings | 152 |
| Portfolio Turnover (excludes derivatives) | 0% |
Visit https://www.campbell.com/systematicmacro for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings† | (% of net assets) |
| United States Treasury Bill | 74.3% |
| JPMorgan Liquidity Funds - USD Liquidity LVNAV Fund - Class Institutional | 5.1% |
| NZD/USD FWD 20250319 | 0.7% |
| AUD/USD FWD 20250319 | 0.7% |
| CAD/USD FWD 20250319 | 0.5% |
| EUR/USD FWD 20250319 | 0.2% |
| BRL/USD FWD 20250319 | 0.2% |
| CLP/USD FWD 20250319 | 0.2% |
| LME Zinc Future | 0.2% |
| NOK/USD FWD 20250319 | 0.1% |
| |
| Top Sectors | (% of net assets) |
| U.S. Treasury Bills | 74.3% |
| Cash & Other | 23.8% |
| Futures Contracts | (0.2)% |
| Forwards | 2.1% |
| † |
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
EUR Euro
NOK Norwegian Krone
NZD New Zealand Dollar
USD United States Dollar |
| Campbell Systematic Macro Fund
|
PAGE 1
|
TSR-SAR-74933W817 |
Material Fund Changes:
Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.
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 2
|
TSR-SAR-74933W817 |
| | |
| | Campbell Systematic Macro Fund | |
| Class I | EBSIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Campbell Systematic Macro 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.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 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 | $90 | 1.75% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,694,565,761 |
| Number of Holdings | 152 |
| Portfolio Turnover (excludes derivatives) | 0% |
Visit https://www.campbell.com/systematicmacro for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings† | (% of net assets) |
| United States Treasury Bill | 74.3% |
| JPMorgan Liquidity Funds - USD Liquidity LVNAV Fund - Class Institutional | 5.1% |
| NZD/USD FWD 20250319 | 0.7% |
| AUD/USD FWD 20250319 | 0.7% |
| CAD/USD FWD 20250319 | 0.5% |
| EUR/USD FWD 20250319 | 0.2% |
| BRL/USD FWD 20250319 | 0.2% |
| CLP/USD FWD 20250319 | 0.2% |
| LME Zinc Future | 0.2% |
| NOK/USD FWD 20250319 | 0.1% |
| |
| Top Sectors | (% of net assets) |
| U.S. Treasury Bills | 74.3% |
| Cash & Other | 23.8% |
| Futures Contracts | (0.2)% |
| Forwards | 2.1% |
| † |
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
EUR Euro
NOK Norwegian Krone
NZD New Zealand Dollar
USD United States Dollar |
| Campbell Systematic Macro Fund
|
PAGE 1
|
TSR-SAR-74933W833 |
Material Fund Changes:
Effective October 25, 2024, shareholders of the Fund approved a new advisory agreement and a new subsidiary advisory agreement.
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 2
|
TSR-SAR-74933W833 |
| | |
| | Free Market U.S. Equity Fund | |
| FMUEX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Free Market U.S. 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $4,110,938,978 |
| Number of Holdings | 9 |
| Portfolio Turnover | 1% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| U.S. Small Cap Value Portfolio | 24.5% |
| U.S. Large Cap Value Portfolio III | 16.6% |
| U.S. Small Cap Portfolio | 14.7% |
| U.S. Micro Cap Portfolio | 14.7% |
| iShares Core S&P 500 ETF | 9.0% |
| iShares MSCI USA Value Factor ETF | 8.3% |
| U.S. Large Company Portfolio | 6.2% |
| U.S. Large Cap Value Series | 6.0% |
| Invesco Government & Agency Portfolio - Class Institutional | 0.1% |
| |
| Top Sectors | (% of Net Assets) |
| Finance and Insurance | 93.9% |
| Cash & Other | 6.1% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit 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 1
|
TSR-SAR-74925K839 |
| | |
| | Free Market International Equity Fund | |
| FMNEX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Free Market International Equity Fund | $27 | 0.55% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $3,263,909,017 |
| Number of Holdings | 9 |
| Portfolio Turnover | 4% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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 1
|
TSR-SAR-74925K821 |
| | |
| | Free Market Fixed Income Fund | |
| FMFIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Free Market Fixed Income 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $2,888,782,075 |
| Number of Holdings | 9 |
| Portfolio Turnover | 13% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| DFA Two-Year Global Fixed Income Portfolio | 24.9% |
| 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 | 14.4% |
| DFA Intermediate Government Fixed Income Portfolio (a) | 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 (a) | 4.0% |
| Invesco Government & Agency Portfolio - Class Institutional | 0.6% |
| |
| Top Sectors | (% of Net Assets) |
| Finance and Insurance | 99.5% |
| Cash & Other | 0.5% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/.
| Free Market Fixed Income Fund
|
PAGE 1
|
TSR-SAR-74925K813 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 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-SAR-74925K813 |
| | |
| | Matson Money U.S. Equity VI Portfolio | |
| FMVUX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Matson Money U.S. Equity VI Portfolio | $39 | 0.78% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $26,376,283 |
| Number of Holdings | 8 |
| Portfolio Turnover | 5% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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 1
|
TSR-SAR-74925K441 |
| | |
| | Matson Money International Equity VI Portfolio | |
| FMVIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Matson Money International 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $20,929,131 |
| Number of Holdings | 9 |
| Portfolio Turnover | 7% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| DFA International Value Portfolio III | 30.4% |
| DFA International Small Cap Value Portfolio | 28.2% |
| VA International Small Portfolio | 16.9% |
| VA International Value Portfolio | 5.1% |
| iShares Core MSCI Emerging Markets ETF | 5.1% |
| Emerging Markets Value Portfolio | 4.8% |
| Emerging Markets Small Cap Portfolio | 4.7% |
| iShares Core MSCI EAFE ETF | 4.0% |
| STIT-Government & Agency Portfolio - Class Institutional | 0.9% |
| |
| Top Sectors | (% of Net Assets) |
| Finance and Insurance | 99.2% |
| Cash & Other | 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 1
|
TSR-SAR-74925K433 |
| | |
| | Matson Money Fixed Income VI Portfolio | |
| FMVFX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Matson Money Fixed Income VI Portfolio | $40 | 0.80% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $25,309,637 |
| Number of Holdings | 11 |
| Portfolio Turnover | 15% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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/.
| Matson Money Fixed Income VI Portfolio
|
PAGE 1
|
TSR-SAR-74925K425 |
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 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-SAR-74925K425 |
| | |
| | Motley Fool Global Opportunities ETF | |
| TMFG (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool Global Opportunities ETF | $43 | 0.85% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $406,594,054 |
| Number of Holdings | 42 |
| Portfolio Turnover | 8% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool Global Opportunities ETF
|
PAGE 1
|
TSR-SAR-74933W635 |
| | |
| | Motley Fool Mid-Cap Growth ETF | |
| TMFM (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool Mid-Cap Growth ETF | $44 | 0.85% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $188,301,523 |
| Number of Holdings | 36 |
| Portfolio Turnover | 9% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool Mid-Cap Growth ETF
|
PAGE 1
|
TSR-SAR-74933W627 |
| | |
| | Motley Fool 100 Index ETF | |
| TMFC (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool 100 Index ETF | $26 | 0.50% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $1,280,679,796 |
| Number of Holdings | 101 |
| Portfolio Turnover | 25% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool 100 Index ETF
|
PAGE 1
|
TSR-SAR-74933W601 |
| | |
| | Motley Fool Small-Cap Growth ETF | |
| TMFS (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool Small-Cap Growth ETF | $43 | 0.85% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $91,683,043 |
| Number of Holdings | 34 |
| Portfolio Turnover | 16% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool Small-Cap Growth ETF
|
PAGE 1
|
TSR-SAR-74933W874 |
| | |
| | Motley Fool Capital Efficiency 100 Index ETF | |
| TMFE (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool Capital Efficiency 100 Index ETF | $26 | 0.50% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $76,619,369 |
| Number of Holdings | 99 |
| Portfolio Turnover | 18% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool Capital Efficiency 100 Index ETF
|
PAGE 1
|
TSR-SAR-74933W643 |
| | |
| | Motley Fool Next Index ETF | |
| TMFX (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Motley Fool Next Index ETF | $26 | 0.50% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $32,451,810 |
| Number of Holdings | 195 |
| Portfolio Turnover | 10% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Motley Fool Next Index ETF
|
PAGE 1
|
TSR-SAR-74933W650 |
| | |
| | Optima Strategic Credit Fund | |
| Founders Class Shares | OPTCX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the Optima Strategic Credit Fund (the “Fund”) for the period of 09/01/2024, to 02/28/2025. 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 1-866-239-2026.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $27,813,162 |
| Number of Holdings | 1 |
| Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| First American Treasury Obligations Fund - Class X | 80.1% |
| |
| Top Sectors | (% of Net Assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 1-866-239-2026, 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 1
|
TSR-SAR-74933W718 |
| | |
| | SGI US Large Cap Core ETF | |
| SGLC (Principal U.S. Listing Exchange: NYSE) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the SGI US Large Cap 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $94,324,029 |
| Number of Holdings | 119 |
| Portfolio Turnover | 231% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of net assets) |
| NVIDIA Corp. | 5.8% |
| Amazon.com, Inc. | 5.8% |
| Microsoft Corp. | 5.8% |
| Alphabet, Inc. | 5.3% |
| Meta Platforms, Inc. | 4.6% |
| Apple, Inc. | 4.5% |
| Berkshire Hathaway, Inc. | 3.4% |
| QUALCOMM, Inc. | 3.1% |
| Mastercard, Inc. | 3.0% |
| Colgate-Palmolive Co. | 2.4% |
| |
| Top Sectors | (% of net assets) |
| Technology | 27.5% |
| Communications | 22.1% |
| Financial | 16.5% |
| Consumer, Non-cyclical | 14.2% |
| Industrial | 6.5% |
| Consumer, Cyclical | 5.6% |
| Utilities | 2.7% |
| Energy | 2.5% |
| Basic Materials | 1.0% |
| Cash & Other | 1.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI US Large Cap Core ETF
|
PAGE 1
|
TSR-SAR-74933W593 |
| | |
| | SGI Dynamic Tactical ETF | |
| DYTA (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the SGI Dynamic Tactical 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $68,166,305 |
| Number of Holdings | 8 |
| Portfolio Turnover | 205% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of net assets) |
| SGI U.S. Large Cap Core ETF | 29.5% |
| SGI Enhanced Core ETF | 19.7% |
| iShares Core U.S. Aggregate Bond ETF | 16.2% |
| iShares Edge MSCI Min Vol USA ETF | 10.5% |
| Schwab US Dividend Equity ETF | 10.1% |
| SGI Enhanced Nasdaq-100 ETF | 4.9% |
| Vanguard Small-Cap ETF | 4.7% |
| WisdomTree Floating Rate Treasury Fund | 3.9% |
| |
| Top Sectors | (% of net assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI Dynamic Tactical ETF
|
PAGE 1
|
TSR-SAR-74933W577 |
| | |
| | SGI U.S. Large Cap Equity Fund | |
| Class I | SILVX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $49 | 0.98% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $221,618,131 |
| Number of Holdings | 103 |
| Portfolio Turnover | 63% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI U.S. Large Cap Equity Fund
|
PAGE 1
|
TSR-SAR-74925K524 |
| | |
| | SGI U.S. Large Cap Equity Fund | |
| Class A | LVOLX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $221,618,131 |
| Number of Holdings | 103 |
| Portfolio Turnover | 63% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI U.S. Large Cap Equity Fund
|
PAGE 1
|
TSR-SAR-74925K516 |
| | |
| | SGI U.S. Large Cap Equity Fund | |
| Class C | SGICX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $99 | 1.98% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $221,618,131 |
| Number of Holdings | 103 |
| Portfolio Turnover | 63% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI U.S. Large Cap Equity Fund
|
PAGE 1
|
TSR-SAR-74925K284 |
| | |
| | SGI Global Equity Fund | |
| Class I | SGLIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the SGI Global 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $109,007,087 |
| Number of Holdings | 112 |
| Portfolio Turnover | 82% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of net assets) |
| Colgate-Palmolive Co. | 3.2% |
| McKesson Corp. | 3.2% |
| Kroger Co., (The) | 3.1% |
| Takeda Pharmaceutical Co., Ltd. | 3.0% |
| Alphabet, Inc. | 2.8% |
| CMS Energy Corp. | 2.7% |
| Waste Management, Inc. | 2.3% |
| Microsoft Corp. | 2.3% |
| United Therapeutics Corp. | 2.3% |
| ICICI Bank Ltd. | 2.2% |
| |
| Top Sectors | (% of net assets) |
| Consumer, Non-cyclical | 31.5% |
| Financial | 15.2% |
| Communications | 13.7% |
| Technology | 13.3% |
| Utilities | 9.0% |
| Industrial | 8.4% |
| Consumer, Cyclical | 3.7% |
| Energy | 3.1% |
| Basic Materials | 1.3% |
| Cash & Other | 0.8% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI Global Equity Fund
|
PAGE 1
|
TSR-SAR-74925K417 |
| | |
| | SGI Small Cap Core Fund | |
| Class I | BOGIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $60 | 1.23% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $115,157,393 |
| Number of Holdings | 195 |
| Portfolio Turnover | 95% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI Small Cap Core Fund
|
PAGE 1
|
TSR-SAR-749255188 |
| | |
| | SGI Peak Growth Fund | |
| Class I | SGPKX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the SGI Peak 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $42,370,857 |
| Number of Holdings | 9 |
| Portfolio Turnover | 43% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of net assets) |
| SGI Enhanced Nasdaq-100 ETF | 19.8% |
| SGI U.S. Large Cap Core ETF | 19.7% |
| SGI Enhanced Global Income ETF | 15.5% |
| Vanguard Growth ETF | 13.5% |
| SGI Small Cap Core Fund | 9.6% |
| SGI Dynamic Tactical ETF | 9.4% |
| iShares S&P 500 Value ETF | 5.2% |
| Schwab US Dividend Equity ETF | 5.1% |
| SGI Enhanced Core ETF | 1.0% |
| |
| Top Sectors | (% of net assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, 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 1
|
TSR-SAR-74933W783 |
| | |
| | SGI Prudent Growth Fund | |
| Class I | SGPGX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $61 | 1.22% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $39,632,098 |
| Number of Holdings | 12 |
| Portfolio Turnover | 22% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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 Prudent Growth Fund
|
PAGE 1
|
TSR-SAR-74933W775 |
| | |
| | SGI Enhanced Core ETF | |
| USDX (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| SGI Enhanced Core ETF | $50 | 0.98% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $275,248,075 |
| Number of Holdings | 17 |
| Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI Enhanced Core ETF
|
PAGE 1
|
TSR-SAR-74933W254 |
| | |
| | SGI Enhanced Global Income ETF | |
| GINX (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| SGI Enhanced Global Income ETF | $52 | 1.01% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $83,862,149 |
| Number of Holdings | 112 |
| Portfolio Turnover | 374% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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 Global Income ETF
|
PAGE 1
|
TSR-SAR-74933W262 |
| | |
| | SGI Enhanced Nasdaq-100 ETF | |
| QXQ (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| SGI Enhanced Nasdaq-100 ETF | $57 | 1.10% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $30,345,831 |
| Number of Holdings | 7 |
| Portfolio Turnover | 0% |
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| SGI Enhanced Nasdaq-100 ETF
|
PAGE 1
|
TSR-SAR-74933W239 |
| | |
| | US Treasury 3 Month Bill ETF | |
| TBIL (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 Month Bill ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $4,992,302,261 |
| Number of Holdings | 2 |
| Portfolio Turnover | 0% |
Visit https://www.ustreasuryetf.com/etf/tbil/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Bill | 100.0% |
| |
| Top Sectors | (% of Net Assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 3 Month Bill ETF
|
PAGE 1
|
TSR-SAR-74933W452 |
| | |
| | US Treasury 6 Month Bill ETF | |
| XBIL (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the US Treasury 6 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/xbil/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| US Treasury 6 Month Bill ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $674,929,558 |
| Number of Holdings | 2 |
| Portfolio Turnover | 0% |
Visit https://www.ustreasuryetf.com/etf/xbil/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Bill | 100.0% |
| |
| Top Sectors | (% of Net Assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 6 Month Bill ETF
|
PAGE 1
|
TSR-SAR-74933W460 |
| | |
| | US Treasury 12 Month Bill ETF | |
| OBIL (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the US Treasury 12 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/obil/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| US Treasury 12 Month Bill ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $278,709,115 |
| Number of Holdings | 1 |
| Portfolio Turnover | 0% |
Visit https://www.ustreasuryetf.com/etf/obil/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Bill | 100.0% |
| |
| Top Sectors | (% of Net Assets) |
| Cash & Other | 100.0% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 12 Month Bill ETF
|
PAGE 1
|
TSR-SAR-74933W478 |
| | |
| | US Treasury 2 Year Note ETF | |
| UTWO (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 2 Year Note ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $379,902,108 |
| Number of Holdings | 2 |
| Portfolio Turnover | 701% |
Visit https://www.ustreasuryetf.com/etf/utwo/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Note/Bond | 99.7% |
| United States Treasury Bill | 0.3% |
| |
| Top Sectors | (% of Net Assets) |
| Government | 99.7% |
| Cash & Other | 0.3% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 2 Year Note ETF
|
PAGE 1
|
TSR-SAR-74933W486 |
| | |
| | US Treasury 3 Year Note ETF | |
| UTRE (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the US Treasury 3 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/utre/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| US Treasury 3 Year Note ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $8,402,303 |
| Number of Holdings | 1 |
| Portfolio Turnover | 590% |
Visit https://www.ustreasuryetf.com/etf/utre/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 3 Year Note ETF
|
PAGE 1
|
TSR-SAR-74933W494 |
| | |
| | US Treasury 5 Year Note ETF | |
| UFIV (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 5 Year Note ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $47,745,552 |
| Number of Holdings | 2 |
| Portfolio Turnover | 558% |
Visit https://www.ustreasuryetf.com/etf/ufiv/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Note/Bond | 99.6% |
| United States Treasury Bill | 0.3% |
| |
| Top Sectors | (% of Net Assets) |
| Government | 99.6% |
| Cash & Other | 0.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 5 Year Note ETF
|
PAGE 1
|
TSR-SAR-74933W510 |
| | |
| | US Treasury 7 Year Note ETF | |
| USVN (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the US Treasury 7 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/usvn/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| US Treasury 7 Year Note ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $5,287,750 |
| Number of Holdings | 2 |
| Portfolio Turnover | 496% |
Visit https://www.ustreasuryetf.com/etf/usvn/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 7 Year Note ETF
|
PAGE 1
|
TSR-SAR-74933W528 |
| | |
| | US Treasury 10 Year Note ETF | |
| UTEN (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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. 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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $172,424,490 |
| Number of Holdings | 1 |
| Portfolio Turnover | 197% |
Visit https://www.ustreasuryetf.com/etf/uten/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 10 Year Note ETF
|
PAGE 1
|
TSR-SAR-74933W536 |
| | |
| | US Treasury 20 Year Bond ETF | |
| UTWY (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 20 Year Bond ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $24,844,769 |
| Number of Holdings | 2 |
| Portfolio Turnover | 186% |
Visit https://www.ustreasuryetf.com/etf/utwy/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Note/Bond | 99.6% |
| United States Treasury Bill | 0.2% |
| |
| Top Sectors | (% of Net Assets) |
| Government | 99.6% |
| Cash & Other | 0.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 20 Year Bond ETF
|
PAGE 1
|
TSR-SAR-74933W544 |
| | |
| | US Treasury 30 Year Bond ETF | |
| UTHY (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the US Treasury 30 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/uthy/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| US Treasury 30 Year Bond ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $15,731,337 |
| Number of Holdings | 1 |
| Portfolio Turnover | 191% |
Visit https://www.ustreasuryetf.com/etf/uthy/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/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.
| US Treasury 30 Year Bond ETF
|
PAGE 1
|
TSR-SAR-74933W551 |
| | |
| | F/m 2-Year Investment Grade Corporate Bond ETF | |
| ZTWO (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| F/m 2-Year Investment Grade Corporate Bond ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $151,922,165 |
| Number of Holdings | 410 |
| Portfolio Turnover | 34% |
Visit https://www.fminvest.com/etfs/us-credit-series/ztwo/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| Hexcel Corp. | 0.2% |
| Healthpeak OP LLC | 0.2% |
| Humana, Inc. | 0.2% |
| Amgen, Inc. | 0.2% |
| Novartis Capital Corp. | 0.2% |
| Procter & Gamble Co. | 0.2% |
| Baxter International, Inc. | 0.2% |
| Micron Technology, Inc. | 0.2% |
| Philip Morris International, Inc. | 0.2% |
| Edison International | 0.2% |
| |
| Top Sectors | (% of Net Assets) |
| Financials | 30.7% |
| Industrials | 9.4% |
| Health Care | 8.4% |
| Utilities | 8.2% |
| Consumer Discretionary | 8.2% |
| Energy | 8.2% |
| Technology | 7.7% |
| Consumer Staples | 7.7% |
| Materials | 6.0% |
| Cash & Other | 5.5% |
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/us-credit-series/ztwo/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m 2-Year Investment Grade Corporate Bond ETF
|
PAGE 1
|
TSR-SAR-74933W429 |
| | |
| | F/m 3-Year Investment Grade Corporate Bond ETF | |
| ZTRE (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the F/m 3-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from September 1, 2024, to February 28, 2025. You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/ztre/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| F/m 3-Year Investment Grade Corporate Bond ETF | $8 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $168,550,512 |
| Number of Holdings | 460 |
| Portfolio Turnover | 51% |
Visit https://www.fminvest.com/etfs/us-credit-series/ztre/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
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/us-credit-series/ztre/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m 3-Year Investment Grade Corporate Bond ETF
|
PAGE 1
|
TSR-SAR-74933W395 |
| | |
| | F/m 10-Year Investment Grade Corporate Bond ETF | |
| ZTEN (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| F/m 10-Year Investment Grade Corporate Bond ETF | $7 | 0.15% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $60,786,094 |
| Number of Holdings | 234 |
| Portfolio Turnover | 86% |
Visit https://www.fminvest.com/etfs/us-credit-series/zten/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| ORIX Corp. | 0.4% |
| Eli Lilly & Co. | 0.4% |
| RenaissanceRe Holdings Ltd. | 0.4% |
| Union Pacific Corp. | 0.4% |
| Expedia Group, Inc. | 0.4% |
| PulteGroup, Inc. | 0.4% |
| Embraer Netherlands Finance BV | 0.4% |
| BHP Billiton Finance USA Ltd. | 0.4% |
| Hershey Co. | 0.4% |
| President and Fellows of Harvard College | 0.4% |
| |
| Top Sectors | (% of Net Assets) |
| Financials | 28.9% |
| Energy | 13.0% |
| Utilities | 10.0% |
| Health Care | 9.7% |
| Consumer Staples | 8.4% |
| Industrials | 8.0% |
| Technology | 5.5% |
| Consumer Discretionary | 5.5% |
| Communications | 4.6% |
| Cash & Other | 6.4% |
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/us-credit-series/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 1
|
TSR-SAR-74933W411 |
| | |
| | Oakhurst Fixed Income Fund | |
| Institutional Class | OHFIX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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 | $29 | 0.58% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $137,397,231 |
| Number of Holdings | 188 |
| Portfolio Turnover | 12% |
Visit https://www.fminvest.com/mutual-funds/ohfix/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (%) of net assets |
| United States Treasury Note/Bond | 29.6% |
| Federal National Mortgage Association | 12.2% |
| Federal Home Loan Mortgage Corp. | 8.1% |
| Government National Mortgage Association | 4.8% |
| Federal Farm Credit Banks Funding Corp | 1.8% |
| Sequoia Mortgage Trust | 1.7% |
| F/m 10-Year Investment Grade Corporate Bond ETF | 1.1% |
| Verizon Master Trust | 1.1% |
| Invesco Treasury Portfolio | 1.0% |
| F/m 3-Year Investment Grade Corporate Bond ETF | 0.9% |
| |
| Top Sectors | (%) of net assets |
| Mortgage Securities | 32.6% |
| Government | 32.2% |
| Financials | 11.1% |
| Consumer Discretionary | 4.3% |
| Asset Backed Securities | 4.0% |
| Technology | 3.6% |
| Health Care | 2.5% |
| Utilities | 2.2% |
| Energy | 2.1% |
| Cash & Other | 5.4% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohfix/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| Oakhurst Fixed Income Fund
|
PAGE 1
|
TSR-SAR-74933W320 |
| | |
| | Oakhurst Short Duration Bond Fund | |
| Institutional Class | OHSDX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| Institutional Class | $30 | 0.60% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $14,345,550 |
| Number of Holdings | 74 |
| Portfolio Turnover | 49% |
Visit https://www.fminvest.com/mutual-funds/ohsdx/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (%) of net assets |
| United States Treasury Note/Bond | 17.8% |
| Federal Home Loan Mortgage Corp. | 13.5% |
| Federal National Mortgage Association | 8.3% |
| F/m 3-Year Investment Grade Corporate Bond ETF | 5.1% |
| F/m 2-Year Investment Grade Corporate Bond ETF | 5.1% |
| Government National Mortgage Association | 2.5% |
| F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF | 2.4% |
| Carvana Auto Receivables Trust | 2.0% |
| Mastr Seasoned Securities Trust | 1.9% |
| DB Master Finance Parent LLC | 1.8% |
| |
| Top Sectors | (%) of net assets |
| Mortgage Securities | 31.1% |
| Government | 17.8% |
| Financials | 14.6% |
| Asset Backed Securities | 10.1% |
| Communications | 2.1% |
| Consumer Discretionary | 2.0% |
| Health Care | 2.0% |
| Technology | 1.4% |
| Industrials | 1.4% |
| Cash & Other | 17.5% |
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/mutual-funds/ohsdx/.
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 Short Duration Bond Fund
|
PAGE 1
|
TSR-SAR-74933W312 |
| | |
| | Oakhurst Short Duration High Yield Credit Fund | |
| Institutional Class | OHSHX |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $33,465,015 |
| Number of Holdings | 109 |
| Portfolio Turnover | 63% |
Visit https://www.fminvest.com/mutual-funds/ohshx/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (%) of net assets |
| First Citizens BancShares, Inc./NC | 2.1% |
| Phinia Holdings Jersey Ltd. | 2.0% |
| Invesco Treasury Portfolio | 2.0% |
| Mercer International, Inc. | 1.9% |
| Chemours Co. | 1.8% |
| AmeriGas Partners LP / AmeriGas Finance Corp. | 1.8% |
| PetSmart, Inc. / PetSmart Finance Corp. | 1.7% |
| Compass Minerals International, Inc. | 1.7% |
| Rakuten Group, Inc. | 1.6% |
| Cloud Software Group, Inc. | 1.6% |
| |
| Top Sectors | (%) of net assets |
| Consumer Discretionary | 27.3% |
| Financials | 17.6% |
| Materials | 12.1% |
| Energy | 10.2% |
| Communications | 10.1% |
| Health Care | 5.0% |
| Consumer Staples | 3.8% |
| Utilities | 3.4% |
| Technology | 3.2% |
| Cash & Other | 7.3% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohshx/.
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 Short Duration High Yield Credit Fund
|
PAGE 1
|
TSR-SAR-74933W296 |
| | |
| | F/m Opportunistic Income ETF | |
| XFIX (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the F/m Opportunistic Income 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/xfix/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment* |
| F/m Opportunistic Income ETF | $19 | 0.39% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $35,942,408 |
| Number of Holdings | 61 |
| Portfolio Turnover | 140% |
Visit https://www.fminvest.com/etfs/xfix/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 16.9% |
| Celanese US Holdings LLC | 4.5% |
| Dell, Inc. | 4.4% |
| Transcanada Trust | 4.4% |
| Viatris, Inc. | 3.4% |
| Sempra | 3.0% |
| Antares Holdings LP | 3.0% |
| Occidental Petroleum Corp. | 2.9% |
| Concentrix Corp. | 2.9% |
| Leidos Inc. | 2.9% |
| |
| Top Sectors | (% of Net Assets) |
| 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% |
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/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 1
|
TSR-SAR-74933W445 |
| | |
| | F/m Investments Large Cap Focused Fund | |
| Institutional Class | IAFLX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from September 1, 2024, to February 28, 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 1-888-553-4233.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $68,233,057 |
| Number of Holdings | 25 |
| Portfolio Turnover | 63% |
Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-553-4233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m Investments Large Cap Focused Fund
|
PAGE 1
|
TSR-SAR-74933W288 |
| | |
| | F/m Investments Large Cap Focused Fund | |
| Investor Class | IAFMX |
| Semi-Annual Shareholder Report | February 28, 2025 |
This semi-annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from September 1, 2024, to February 28, 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 1-888-553-4233.
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% |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $68,233,057 |
| Number of Holdings | 25 |
| Portfolio Turnover | 63% |
Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-553-4233, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m Investments Large Cap Focused Fund
|
PAGE 1
|
TSR-SAR-74933W270 |
| | |
| | F/m Emerald Life Sciences Innovation ETF | |
| LFSC (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE PERIOD FROM OCTOBER 30, 2024 TO FEBRUARY 28, 2025?** (based on a hypothetical $10,000 investment)
| | |
| Fund Name | Costs of a $10,000 investment** | Costs paid as a percentage of a $10,000 investment* |
| F/m Emerald Life Sciences Innovation ETF | $18 | 0.54% |
| ** |
Inception date of the Fund was October 30, 2024. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher. |
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)
|
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 management fees and other expenses, were deducted.
| F/m Emerald Life Sciences Innovation ETF
|
PAGE 1
|
TSR-SAR-74933W221 |
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
ANNUAL AVERAGE TOTAL RETURN (%)
| |
| | Since Inception
(10/30/2024) |
| F/m Emerald Life Sciences Innovation ETF NAV | -1.81 |
| Russell 3000 Total Return | 2.74 |
| Russell 3000 Index Heath Care Total Return | -0.39 |
Visit https://www.emeraldetfs.com/lfsc/ for more recent performance information.
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $52,704,926 |
| Number of Holdings | 31 |
| Portfolio Turnover | 8% |
Visit https://www.emeraldetfs.com/lfsc/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| 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% |
For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.emeraldetfs.com/lfsc/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m Emerald Life Sciences Innovation ETF
|
PAGE 2
|
TSR-SAR-74933W221 |
| | |
| | F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | |
| RBIL (Principal U.S. Listing Exchange: NASDAQ) |
| Semi-Annual Shareholder Report | February 28, 2025 |
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.
WHAT WERE THE FUND COSTS FOR THE PERIOD FROM FEBRUARY 24, 2025 TO FEBRUARY 28, 2025**? (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 | $0 | 0.25% |
| ** |
Inception date of the Fund was February 24, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher. |
KEY FUND STATISTICS (as of February 28, 2025)
| |
| Net Assets | $50,023,950 |
| Number of Holdings | 4 |
| Portfolio Turnover | 0% |
Visit https://www.ustreasuryetf.com/etf/rbil/ for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of February 28, 2025)
| |
| Top 10 Holdings | (% of Net Assets) |
| United States Treasury Inflation Indexed Bonds | 99.9% |
| |
| Top Sectors | (% of Net Assets) |
| Government | 99.9% |
| Cash & Other | 0.1% |
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/rbil/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
|
PAGE 1
|
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iso4217:USD
xbrli:pure
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee
Financial Expert.
Not applicable for semi-annual reports.
Item
4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item
5. Audit Committee of Listed Registrants.
Not applicable.
Item
6. Investments.
|
(a) |
The registrant’s Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form. |
Item 7. Financial Statements
and Financial Highlights for Open-End Management Investment Companies.
Abbey
Capital Futures Strategy Fund
of
THE
RBB FUND, INC.
Semi-Annual
Financial Statements
February
28, 2025
(Unaudited)
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments
February
28, 2025 (Unaudited)
| |
|
Par
|
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 78.4% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 78.4% |
|
|
|
|
|
|
|
|
|
4.64%,
03/06/2025 (a) |
|
$ |
10,999,000 |
|
|
$ |
10,995,137 |
|
|
4.64%,
03/13/2025 (a) |
|
|
54,370,000 |
|
|
|
54,305,888 |
|
|
4.38%,
03/20/2025 (a) |
|
|
111,389,000 |
|
|
|
111,167,289 |
|
|
4.30%,
03/27/2025 (a) |
|
|
86,151,000 |
|
|
|
85,908,916 |
|
|
4.30%,
04/03/2025 (a) |
|
|
90,262,000 |
|
|
|
89,932,599 |
|
|
4.38%,
04/10/2025 (a) |
|
|
159,708,000 |
|
|
|
158,995,073 |
|
|
4.39%,
04/17/2025 (a) |
|
|
217,802,000 |
|
|
|
216,651,666 |
|
|
4.39%,
04/24/2025 (a) |
|
|
41,901,000 |
|
|
|
41,645,701 |
|
|
4.40%,
05/01/2025 (a) |
|
|
98,725,000 |
|
|
|
98,040,589 |
|
|
4.36%,
05/08/2025 (a) |
|
|
43,896,000 |
|
|
|
43,557,397 |
|
|
4.39%,
05/15/2025 (a) |
|
|
12,204,000 |
|
|
|
12,100,248 |
|
|
4.40%,
05/22/2025 (a) |
|
|
112,839,000 |
|
|
|
111,787,247 |
|
|
4.37%,
05/29/2025 (a) |
|
|
74,371,000 |
|
|
|
73,616,584 |
|
|
4.31%,
06/05/2025 (a) |
|
|
31,252,000 |
|
|
|
30,910,698 |
|
|
4.25%,
06/12/2025 (a) |
|
|
27,634,000 |
|
|
|
27,309,542 |
|
|
4.23%,
06/20/2025 (a) |
|
|
150,209,000 |
|
|
|
148,305,664 |
|
|
4.21%,
07/03/2025 (a) |
|
|
27,690,000 |
|
|
|
27,298,530 |
|
|
4.25%,
07/10/2025 (a) |
|
|
87,352,000 |
|
|
|
86,045,177 |
|
|
4.25%,
07/17/2025 (a) |
|
|
102,250,000 |
|
|
|
100,636,808 |
|
|
4.22%,
07/24/2025 (a) |
|
|
31,626,000 |
|
|
|
31,103,492 |
|
|
4.24%,
07/31/2025 (a) |
|
|
38,661,000 |
|
|
|
37,990,191 |
|
|
4.27%,
08/07/2025 (a) |
|
|
64,621,000 |
|
|
|
63,448,984 |
|
|
4.30%,
08/14/2025 (a) |
|
|
70,049,000 |
|
|
|
68,725,402 |
|
|
4.30%,
08/21/2025 (a) |
|
|
184,755,000 |
|
|
|
181,117,405 |
|
|
4.26%,
08/28/2025 (a) |
|
|
123,806,000 |
|
|
|
121,268,631 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $2,032,224,704) |
|
|
|
|
|
|
2,032,864,858 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 78.4% (Cost $2,032,224,704) |
|
|
|
|
|
|
2,032,864,858 |
|
| |
|
|
|
|
|
|
|
|
|
Other
Assets in Excess of Liabilities —
21.6% |
|
|
|
|
|
|
558,645,353 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
2,591,510,211 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the consolidated financial statements.
1
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
Futures
contracts outstanding as of February 28, 2025 were as follows:
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
10
Year U.S. Ultra Treasury Notes |
|
|
52 |
|
|
|
06/18/2025 |
|
|
$ |
5,941,000 |
|
|
$ |
7,744 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
1,726 |
|
|
|
09/16/2025 |
|
|
|
290,634,301 |
|
|
|
300,164 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
232 |
|
|
|
12/16/2025 |
|
|
|
39,119,682 |
|
|
|
74,166 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
148 |
|
|
|
03/17/2026 |
|
|
|
24,976,119 |
|
|
|
51,719 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
125 |
|
|
|
06/16/2026 |
|
|
|
21,099,015 |
|
|
|
45,101 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
79 |
|
|
|
09/15/2026 |
|
|
|
13,334,577 |
|
|
|
26,698 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
43 |
|
|
|
12/15/2026 |
|
|
|
7,256,947 |
|
|
|
13,772 |
|
|
3
Month Euribor |
|
|
48 |
|
|
|
06/16/2025 |
|
|
|
12,183,736 |
|
|
|
(506 |
) |
|
3
Month Euribor |
|
|
601 |
|
|
|
09/15/2025 |
|
|
|
152,760,947 |
|
|
|
114,732 |
|
|
3
Month Euribor |
|
|
3,135 |
|
|
|
12/15/2025 |
|
|
|
797,376,334 |
|
|
|
(106,446 |
) |
|
3
Month Euribor |
|
|
206 |
|
|
|
03/16/2026 |
|
|
|
52,403,396 |
|
|
|
23,509 |
|
|
3
Month Euribor |
|
|
606 |
|
|
|
06/15/2026 |
|
|
|
154,141,848 |
|
|
|
4,642 |
|
|
3
Month Euribor |
|
|
311 |
|
|
|
09/14/2026 |
|
|
|
79,085,636 |
|
|
|
144,154 |
|
|
3
Month Euribor |
|
|
567 |
|
|
|
12/14/2026 |
|
|
|
144,133,601 |
|
|
|
76,336 |
|
|
3
Month Euribor |
|
|
253 |
|
|
|
03/15/2027 |
|
|
|
64,287,337 |
|
|
|
13,693 |
|
|
3
Month Euribor |
|
|
149 |
|
|
|
06/14/2027 |
|
|
|
37,847,397 |
|
|
|
22,381 |
|
|
3
Month Euribor |
|
|
241 |
|
|
|
09/13/2027 |
|
|
|
61,194,385 |
|
|
|
30,835 |
|
|
3
Month Euribor |
|
|
489 |
|
|
|
12/13/2027 |
|
|
|
124,128,155 |
|
|
|
73,886 |
|
|
3
Month Euribor |
|
|
69 |
|
|
|
03/13/2028 |
|
|
|
17,509,647 |
|
|
|
(11,930 |
) |
|
3
Month New Zealand Treasury Bill |
|
|
77 |
|
|
|
06/11/2025 |
|
|
|
42,741,076 |
|
|
|
6,230 |
|
|
3
Month New Zealand Treasury Bill |
|
|
57 |
|
|
|
09/10/2025 |
|
|
|
31,648,786 |
|
|
|
3,354 |
|
|
3
Month Swiss Average Overnight Rate |
|
|
11 |
|
|
|
09/16/2025 |
|
|
|
3,042,984 |
|
|
|
2,063 |
|
|
3
Month Swiss Average Overnight Rate |
|
|
50 |
|
|
|
12/16/2025 |
|
|
|
13,837,283 |
|
|
|
(8,818 |
) |
|
3
Month Swiss Average Overnight Rate |
|
|
21 |
|
|
|
03/17/2026 |
|
|
|
5,811,950 |
|
|
|
(6,216 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
317 |
|
|
|
03/17/2026 |
|
|
|
76,329,638 |
|
|
|
227,525 |
|
|
3-Month
Secured Overnight Financing Rate |
|
|
166 |
|
|
|
12/14/2027 |
|
|
|
40,006,000 |
|
|
|
65,641 |
|
|
Arabica
Coffee |
|
|
253 |
|
|
|
05/19/2025 |
|
|
|
35,393,119 |
|
|
|
(737,115 |
) |
|
Arabica
Coffee |
|
|
48 |
|
|
|
07/21/2025 |
|
|
|
6,565,500 |
|
|
|
177,131 |
|
|
Arabica
Coffee |
|
|
21 |
|
|
|
09/18/2025 |
|
|
|
2,803,500 |
|
|
|
(194,794 |
) |
|
ASX
SPI 200 Index |
|
|
552 |
|
|
|
03/20/2025 |
|
|
|
69,633,656 |
|
|
|
(1,939,998 |
) |
|
Australian
Government 10 Year Bonds |
|
|
252 |
|
|
|
03/17/2025 |
|
|
|
17,751,562 |
|
|
|
58,636 |
|
|
Australian
Government 3 Year Bonds |
|
|
296 |
|
|
|
03/17/2025 |
|
|
|
19,534,508 |
|
|
|
51,470 |
|
|
Australian
90 Day Bank Bills |
|
|
3,526 |
|
|
|
06/12/2025 |
|
|
|
2,167,207,305 |
|
|
|
155,430 |
|
|
Australian
90 Day Bank Bills |
|
|
108 |
|
|
|
09/11/2025 |
|
|
|
66,409,908 |
|
|
|
4,402 |
|
|
Australian
90 Day Bank Bills |
|
|
101 |
|
|
|
12/11/2025 |
|
|
|
62,117,705 |
|
|
|
8,446 |
|
|
Australian
90 Day Bank Bills |
|
|
31 |
|
|
|
03/12/2026 |
|
|
|
19,067,228 |
|
|
|
1,443 |
|
|
Australian
90 Day Bank Bills |
|
|
23 |
|
|
|
06/11/2026 |
|
|
|
14,146,653 |
|
|
|
1,698 |
|
|
Australian
90 Day Bank Bills |
|
|
11 |
|
|
|
09/10/2026 |
|
|
|
6,765,625 |
|
|
|
1,217 |
|
|
Brent
Crude Oil |
|
|
90 |
|
|
|
03/31/2025 |
|
|
|
6,552,900 |
|
|
|
(220,170 |
) |
|
Brent
Crude Oil |
|
|
2 |
|
|
|
04/30/2025 |
|
|
|
144,560 |
|
|
|
(4,690 |
) |
|
British
Pound/US Dollar Cross Currency Rate |
|
|
360 |
|
|
|
03/17/2025 |
|
|
|
28,287,000 |
|
|
|
(27,554 |
) |
|
CAC40
10 Euro Index |
|
|
1,187 |
|
|
|
03/21/2025 |
|
|
|
100,046,422 |
|
|
|
(790,142 |
) |
|
Canadian
10 Year Government Bonds |
|
|
728 |
|
|
|
06/19/2025 |
|
|
|
62,783,867 |
|
|
|
814,944 |
|
|
Canadian
5 Year Bonds |
|
|
682 |
|
|
|
06/19/2025 |
|
|
|
54,649,566 |
|
|
|
406,725 |
|
|
Canadian
Canola Oil |
|
|
327 |
|
|
|
05/14/2025 |
|
|
|
2,943,283 |
|
|
|
(91,037 |
) |
|
Canadian
Canola Oil |
|
|
48 |
|
|
|
07/14/2025 |
|
|
|
436,686 |
|
|
|
(10,318 |
) |
|
Canadian
Dollar/US Dollar Cross Currency Rate |
|
|
6 |
|
|
|
03/18/2025 |
|
|
|
415,230 |
|
|
|
(7,033 |
) |
|
Consumer
Discretionary Select Sector Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
436,680 |
|
|
|
(7,930 |
) |
|
Copper |
|
|
160 |
|
|
|
05/28/2025 |
|
|
|
18,192,000 |
|
|
|
(439,008 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
2
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Copper |
|
|
8 |
|
|
|
07/29/2025 |
|
|
$ |
918,300 |
|
|
$ |
(8,813 |
) |
|
Corn
No. 2 Yellow |
|
|
1,879 |
|
|
|
05/14/2025 |
|
|
|
44,109,525 |
|
|
|
(3,176,129 |
) |
|
Corn
No. 2 Yellow |
|
|
471 |
|
|
|
07/14/2025 |
|
|
|
11,203,913 |
|
|
|
(615,250 |
) |
|
Corn
No. 2 Yellow |
|
|
10 |
|
|
|
09/12/2025 |
|
|
|
225,125 |
|
|
|
(12,425 |
) |
|
Cotton
No.2 |
|
|
239 |
|
|
|
05/07/2025 |
|
|
|
7,797,375 |
|
|
|
(397,175 |
) |
|
Crude
Oil |
|
|
208 |
|
|
|
03/20/2025 |
|
|
|
14,510,080 |
|
|
|
(445,950 |
) |
|
Crude
Oil |
|
|
2 |
|
|
|
04/22/2025 |
|
|
|
138,680 |
|
|
|
(4,830 |
) |
|
Crude
Oil |
|
|
1 |
|
|
|
05/20/2025 |
|
|
|
68,870 |
|
|
|
(3,100 |
) |
|
Crude
Palm Oil |
|
|
16 |
|
|
|
04/15/2025 |
|
|
|
416,359 |
|
|
|
3,104 |
|
|
Crude
Palm Oil |
|
|
168 |
|
|
|
05/15/2025 |
|
|
|
4,286,118 |
|
|
|
39,938 |
|
|
Crude
Palm Oil |
|
|
72 |
|
|
|
06/13/2025 |
|
|
|
1,796,975 |
|
|
|
6,454 |
|
|
Crude
Palm Oil |
|
|
19 |
|
|
|
07/15/2025 |
|
|
|
464,515 |
|
|
|
(622 |
) |
|
Crude
Soybean Oil |
|
|
560 |
|
|
|
05/14/2025 |
|
|
|
14,824,320 |
|
|
|
(878,946 |
) |
|
Crude
Soybean Oil |
|
|
85 |
|
|
|
07/14/2025 |
|
|
|
2,270,010 |
|
|
|
(103,914 |
) |
|
Crude
Soybean Oil |
|
|
92 |
|
|
|
12/12/2025 |
|
|
|
2,437,080 |
|
|
|
(85,776 |
) |
|
DAX
Index |
|
|
4 |
|
|
|
03/21/2025 |
|
|
|
467,474 |
|
|
|
9,850 |
|
|
Dollar
Index |
|
|
296 |
|
|
|
03/17/2025 |
|
|
|
31,837,168 |
|
|
|
294,948 |
|
|
Dow
Jones Industrial Average Index |
|
|
311 |
|
|
|
03/21/2025 |
|
|
|
68,247,395 |
|
|
|
(892,628 |
) |
|
Dow
Jones U.S. Micro-Cap Total Stock Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
65,834 |
|
|
|
684 |
|
|
E-mini
Consumer Staples Select Sector |
|
|
5 |
|
|
|
03/21/2025 |
|
|
|
419,400 |
|
|
|
14,350 |
|
|
Emini
S&P 500 ESG Index |
|
|
7 |
|
|
|
03/21/2025 |
|
|
|
1,818,460 |
|
|
|
(53,710 |
) |
|
Euro
BUXL 30 Year Bonds |
|
|
2 |
|
|
|
03/06/2025 |
|
|
|
269,297 |
|
|
|
(241 |
) |
|
Euro
STOXX 50 Dividend Index |
|
|
23 |
|
|
|
12/19/2025 |
|
|
|
395,108 |
|
|
|
14,907 |
|
|
Euro
STOXX 50 Index |
|
|
10 |
|
|
|
03/21/2025 |
|
|
|
492,640 |
|
|
|
8,683 |
|
|
Euro
STOXX 50 Quanto Index |
|
|
1,620 |
|
|
|
03/21/2025 |
|
|
|
91,688,918 |
|
|
|
3,175,747 |
|
|
Euro
STOXX Banks Index |
|
|
341 |
|
|
|
03/21/2025 |
|
|
|
3,242,010 |
|
|
|
650,838 |
|
|
Euro/Japanese
Yen Cross Currency Rate |
|
|
46 |
|
|
|
03/17/2025 |
|
|
|
5,956,073 |
|
|
|
(190,097 |
) |
|
Euro-BOBL |
|
|
320 |
|
|
|
03/06/2025 |
|
|
|
39,137,335 |
|
|
|
99,482 |
|
|
Euro-BOBL |
|
|
102 |
|
|
|
06/06/2025 |
|
|
|
12,581,894 |
|
|
|
(1,411 |
) |
|
Euro-BTP
Italian Government Bonds |
|
|
620 |
|
|
|
03/06/2025 |
|
|
|
77,558,688 |
|
|
|
(100,202 |
) |
|
Euro-BTP
Italian Government Bonds |
|
|
209 |
|
|
|
06/06/2025 |
|
|
|
26,075,405 |
|
|
|
(9,896 |
) |
|
Euro-Bund |
|
|
89 |
|
|
|
03/06/2025 |
|
|
|
12,296,715 |
|
|
|
11,017 |
|
|
Euro-Schatz |
|
|
964 |
|
|
|
03/06/2025 |
|
|
|
106,931,109 |
|
|
|
(10,111 |
) |
|
Euro-Schatz |
|
|
485 |
|
|
|
06/06/2025 |
|
|
|
53,858,702 |
|
|
|
(3,335 |
) |
|
European
Rapeseed |
|
|
314 |
|
|
|
04/30/2025 |
|
|
|
8,676,620 |
|
|
|
(36,385 |
) |
|
European
Rapeseed |
|
|
59 |
|
|
|
07/31/2025 |
|
|
|
1,525,509 |
|
|
|
28,035 |
|
|
Feeder
Cattle |
|
|
116 |
|
|
|
04/17/2025 |
|
|
|
15,834,000 |
|
|
|
331,725 |
|
|
Feeder
Cattle |
|
|
29 |
|
|
|
05/22/2025 |
|
|
|
3,931,312 |
|
|
|
46,500 |
|
|
Feeder
Cattle |
|
|
6 |
|
|
|
08/28/2025 |
|
|
|
822,150 |
|
|
|
5,300 |
|
|
Financial
Select Sector Index |
|
|
5 |
|
|
|
03/21/2025 |
|
|
|
805,088 |
|
|
|
23,573 |
|
|
French
Government Bonds |
|
|
1,107 |
|
|
|
03/06/2025 |
|
|
|
143,038,745 |
|
|
|
1,356,926 |
|
|
FTSE
100 Index |
|
|
2,553 |
|
|
|
03/21/2025 |
|
|
|
282,298,253 |
|
|
|
6,908,204 |
|
|
FTSE
Bursa Malaysia KLCI Index |
|
|
29 |
|
|
|
03/28/2025 |
|
|
|
501,042 |
|
|
|
(6,997 |
) |
|
FTSE
China A50 Index |
|
|
1,203 |
|
|
|
03/28/2025 |
|
|
|
15,902,457 |
|
|
|
(22,587 |
) |
|
FTSE
MIB Index |
|
|
33 |
|
|
|
03/21/2025 |
|
|
|
1,325,457 |
|
|
|
151,012 |
|
|
FTSE/JSE
Top 40 Index |
|
|
498 |
|
|
|
03/20/2025 |
|
|
|
21,043,228 |
|
|
|
(376,090 |
) |
|
FTSE/MIB
Index |
|
|
273 |
|
|
|
03/21/2025 |
|
|
|
54,825,709 |
|
|
|
3,903,441 |
|
|
German
Stock Index |
|
|
246 |
|
|
|
03/21/2025 |
|
|
|
143,748,172 |
|
|
|
10,511,801 |
|
|
Gold |
|
|
630 |
|
|
|
04/28/2025 |
|
|
|
179,455,500 |
|
|
|
2,120,943 |
|
|
Gold |
|
|
22 |
|
|
|
06/26/2025 |
|
|
|
6,327,420 |
|
|
|
122,430 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
3
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Hang
Seng China Enterprises Index |
|
|
353 |
|
|
|
03/28/2025 |
|
|
$ |
19,179,528 |
|
|
$ |
(273,002 |
) |
|
Hang
Seng Index |
|
|
416 |
|
|
|
03/28/2025 |
|
|
|
61,426,068 |
|
|
|
(470,217 |
) |
|
Hang
Seng Mini Index |
|
|
53 |
|
|
|
03/28/2025 |
|
|
|
1,565,183 |
|
|
|
(25,700 |
) |
|
Hang
Seng TECH Index |
|
|
94 |
|
|
|
03/28/2025 |
|
|
|
3,371,021 |
|
|
|
(83,007 |
) |
|
Hard
Red Winter Wheat |
|
|
49 |
|
|
|
05/14/2025 |
|
|
|
1,403,850 |
|
|
|
(126,188 |
) |
|
Hard
Red Winter Wheat |
|
|
12 |
|
|
|
07/14/2025 |
|
|
|
351,600 |
|
|
|
(28,150 |
) |
|
IBEX
35 Composite Index |
|
|
13 |
|
|
|
03/21/2025 |
|
|
|
179,956 |
|
|
|
4,169 |
|
|
IBEX
35 Index |
|
|
55 |
|
|
|
03/21/2025 |
|
|
|
7,613,528 |
|
|
|
105,294 |
|
|
ICE
3 Month SONIA Rate |
|
|
23 |
|
|
|
12/16/2025 |
|
|
|
6,946,464 |
|
|
|
(2,862 |
) |
|
ICE
3 Month SONIA Rate |
|
|
989 |
|
|
|
03/17/2026 |
|
|
|
299,008,969 |
|
|
|
(56,275 |
) |
|
ICE
3 Month SONIA Rate |
|
|
51 |
|
|
|
06/16/2026 |
|
|
|
15,425,482 |
|
|
|
(802 |
) |
|
ICE
3 Month SONIA Rate |
|
|
219 |
|
|
|
09/15/2026 |
|
|
|
66,252,610 |
|
|
|
(7,249 |
) |
|
ICE
3 Month SONIA Rate |
|
|
7 |
|
|
|
12/15/2026 |
|
|
|
2,117,773 |
|
|
|
236 |
|
|
ICE
European Climate Exchange Emissions |
|
|
34 |
|
|
|
12/15/2025 |
|
|
|
2,504,175 |
|
|
|
(356,570 |
) |
|
ICE
European Climate Exchange Emissions |
|
|
9 |
|
|
|
12/14/2026 |
|
|
|
681,356 |
|
|
|
(84,742 |
) |
|
Industrial
Select Sector Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
275,160 |
|
|
|
(4,740 |
) |
|
Japanese
Yen/US Dollar Cross Currency Rate |
|
|
521 |
|
|
|
03/17/2025 |
|
|
|
43,330,919 |
|
|
|
144,990 |
|
|
JPNK400
Index |
|
|
3 |
|
|
|
03/13/2025 |
|
|
|
48,198 |
|
|
|
(1,405 |
) |
|
Lean
Hogs |
|
|
45 |
|
|
|
04/14/2025 |
|
|
|
1,506,150 |
|
|
|
(164,810 |
) |
|
Lean
Hogs |
|
|
278 |
|
|
|
06/13/2025 |
|
|
|
10,566,780 |
|
|
|
(804,280 |
) |
|
Lean
Hogs |
|
|
95 |
|
|
|
07/15/2025 |
|
|
|
3,676,500 |
|
|
|
(227,900 |
) |
|
Live
Cattle |
|
|
360 |
|
|
|
04/30/2025 |
|
|
|
27,741,600 |
|
|
|
(798,340 |
) |
|
Live
Cattle |
|
|
514 |
|
|
|
06/30/2025 |
|
|
|
38,812,140 |
|
|
|
(730,220 |
) |
|
Live
Cattle |
|
|
186 |
|
|
|
08/29/2025 |
|
|
|
13,981,620 |
|
|
|
(188,190 |
) |
|
Live
Cattle |
|
|
23 |
|
|
|
10/31/2025 |
|
|
|
1,749,380 |
|
|
|
(18,170 |
) |
|
LME
Aluminum Forward |
|
|
3 |
|
|
|
03/03/2025 |
|
|
|
196,580 |
|
|
|
(1,458 |
) |
|
LME
Aluminum Forward |
|
|
5 |
|
|
|
03/03/2025 |
|
|
|
331,109 |
|
|
|
5,894 |
|
|
LME
Aluminum Forward |
|
|
2 |
|
|
|
03/04/2025 |
|
|
|
131,053 |
|
|
|
1,278 |
|
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
03/04/2025 |
|
|
|
65,526 |
|
|
|
1,495 |
|
|
LME
Aluminum Forward |
|
|
3 |
|
|
|
03/06/2025 |
|
|
|
196,568 |
|
|
|
1,830 |
|
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
03/11/2025 |
|
|
|
65,521 |
|
|
|
309 |
|
|
LME
Aluminum Forward |
|
|
2 |
|
|
|
03/13/2025 |
|
|
|
131,042 |
|
|
|
2,842 |
|
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
03/14/2025 |
|
|
|
65,521 |
|
|
|
1,459 |
|
|
LME
Aluminum Forward |
|
|
73 |
|
|
|
03/17/2025 |
|
|
|
4,783,033 |
|
|
|
136,104 |
|
|
LME
Aluminum Forward |
|
|
5 |
|
|
|
03/20/2025 |
|
|
|
327,048 |
|
|
|
7,110 |
|
|
LME
Aluminum Forward |
|
|
3 |
|
|
|
03/25/2025 |
|
|
|
196,090 |
|
|
|
4,203 |
|
|
LME
Aluminum Forward |
|
|
13 |
|
|
|
03/27/2025 |
|
|
|
849,329 |
|
|
|
17,428 |
|
|
LME
Aluminum Forward |
|
|
3 |
|
|
|
03/31/2025 |
|
|
|
195,907 |
|
|
|
144 |
|
|
LME
Aluminum Forward |
|
|
9 |
|
|
|
04/03/2025 |
|
|
|
587,608 |
|
|
|
245 |
|
|
LME
Aluminum Forward |
|
|
4 |
|
|
|
04/04/2025 |
|
|
|
261,084 |
|
|
|
109 |
|
|
LME
Aluminum Forward |
|
|
7 |
|
|
|
04/07/2025 |
|
|
|
456,766 |
|
|
|
191 |
|
|
LME
Aluminum Forward |
|
|
5 |
|
|
|
04/08/2025 |
|
|
|
326,230 |
|
|
|
2,530 |
|
|
LME
Aluminum Forward |
|
|
7 |
|
|
|
04/10/2025 |
|
|
|
456,809 |
|
|
|
5,597 |
|
|
LME
Aluminum Forward |
|
|
4 |
|
|
|
04/11/2025 |
|
|
|
261,047 |
|
|
|
3,647 |
|
|
LME
Aluminum Forward |
|
|
115 |
|
|
|
04/14/2025 |
|
|
|
7,505,446 |
|
|
|
(110,796 |
) |
|
LME
Aluminum Forward |
|
|
4 |
|
|
|
04/15/2025 |
|
|
|
260,900 |
|
|
|
(6,025 |
) |
|
LME
Aluminum Forward |
|
|
19 |
|
|
|
04/16/2025 |
|
|
|
1,238,515 |
|
|
|
(24,473 |
) |
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
04/17/2025 |
|
|
|
65,160 |
|
|
|
(290 |
) |
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
04/22/2025 |
|
|
|
65,135 |
|
|
|
(990 |
) |
|
LME
Aluminum Forward |
|
|
5 |
|
|
|
04/24/2025 |
|
|
|
325,550 |
|
|
|
175 |
|
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
04/25/2025 |
|
|
|
65,113 |
|
|
|
213 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
4
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Aluminum Forward |
|
|
2 |
|
|
|
04/28/2025 |
|
|
$ |
130,233 |
|
|
$ |
(1,106 |
) |
|
LME
Aluminum Forward |
|
|
4 |
|
|
|
05/01/2025 |
|
|
|
260,490 |
|
|
|
(2,745 |
) |
|
LME
Aluminum Forward |
|
|
2 |
|
|
|
05/08/2025 |
|
|
|
130,245 |
|
|
|
(2,515 |
) |
|
LME
Aluminum Forward |
|
|
1 |
|
|
|
05/12/2025 |
|
|
|
65,131 |
|
|
|
(1,254 |
) |
|
LME
Aluminum Forward |
|
|
152 |
|
|
|
05/19/2025 |
|
|
|
9,906,220 |
|
|
|
(175,489 |
) |
|
LME
Aluminum Forward |
|
|
35 |
|
|
|
05/21/2025 |
|
|
|
2,278,500 |
|
|
|
(76,948 |
) |
|
LME
Copper Forward |
|
|
1 |
|
|
|
03/03/2025 |
|
|
|
234,533 |
|
|
|
12,522 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
03/10/2025 |
|
|
|
233,789 |
|
|
|
7,795 |
|
|
LME
Copper Forward |
|
|
37 |
|
|
|
03/17/2025 |
|
|
|
8,657,131 |
|
|
|
262,428 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
03/18/2025 |
|
|
|
233,920 |
|
|
|
11,420 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
03/25/2025 |
|
|
|
233,892 |
|
|
|
7,504 |
|
|
LME
Copper Forward |
|
|
11 |
|
|
|
03/27/2025 |
|
|
|
2,570,950 |
|
|
|
82,063 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
04/01/2025 |
|
|
|
233,782 |
|
|
|
7,225 |
|
|
LME
Copper Forward |
|
|
6 |
|
|
|
04/03/2025 |
|
|
|
1,403,162 |
|
|
|
50,512 |
|
|
LME
Copper Forward |
|
|
2 |
|
|
|
04/04/2025 |
|
|
|
467,721 |
|
|
|
19,071 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
04/07/2025 |
|
|
|
233,860 |
|
|
|
7,023 |
|
|
LME
Copper Forward |
|
|
3 |
|
|
|
04/08/2025 |
|
|
|
701,581 |
|
|
|
19,531 |
|
|
LME
Copper Forward |
|
|
3 |
|
|
|
04/10/2025 |
|
|
|
701,581 |
|
|
|
19,031 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
04/11/2025 |
|
|
|
233,860 |
|
|
|
5,185 |
|
|
LME
Copper Forward |
|
|
39 |
|
|
|
04/14/2025 |
|
|
|
9,120,550 |
|
|
|
72,355 |
|
|
LME
Copper Forward |
|
|
1 |
|
|
|
04/15/2025 |
|
|
|
233,679 |
|
|
|
3,592 |
|
|
LME
Copper Forward |
|
|
2 |
|
|
|
04/16/2025 |
|
|
|
467,233 |
|
|
|
5,771 |
|
|
LME
Copper Forward |
|
|
2 |
|
|
|
04/24/2025 |
|
|
|
467,049 |
|
|
|
(689 |
) |
|
LME
Copper Forward |
|
|
1 |
|
|
|
04/25/2025 |
|
|
|
233,556 |
|
|
|
(5,082 |
) |
|
LME
Copper Forward |
|
|
3 |
|
|
|
05/02/2025 |
|
|
|
701,412 |
|
|
|
(9,313 |
) |
|
LME
Copper Forward |
|
|
2 |
|
|
|
05/12/2025 |
|
|
|
467,912 |
|
|
|
(13,251 |
) |
|
LME
Copper Forward |
|
|
3 |
|
|
|
05/14/2025 |
|
|
|
702,092 |
|
|
|
(7,445 |
) |
|
LME
Copper Forward |
|
|
6 |
|
|
|
05/15/2025 |
|
|
|
1,404,635 |
|
|
|
(15,965 |
) |
|
LME
Copper Forward |
|
|
4 |
|
|
|
05/16/2025 |
|
|
|
936,323 |
|
|
|
(18,985 |
) |
|
LME
Copper Forward |
|
|
24 |
|
|
|
05/19/2025 |
|
|
|
5,617,338 |
|
|
|
(92,716 |
) |
|
LME
Copper Forward |
|
|
1 |
|
|
|
05/22/2025 |
|
|
|
233,921 |
|
|
|
(3,491 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
03/03/2025 |
|
|
|
183,226 |
|
|
|
(7,784 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
03/03/2025 |
|
|
|
93,948 |
|
|
|
(2,382 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
03/04/2025 |
|
|
|
183,250 |
|
|
|
(9,800 |
) |
|
LME
Lead Forward |
|
|
3 |
|
|
|
03/10/2025 |
|
|
|
275,092 |
|
|
|
(16,028 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
03/11/2025 |
|
|
|
183,418 |
|
|
|
(8,552 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
03/13/2025 |
|
|
|
91,757 |
|
|
|
(334 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
03/14/2025 |
|
|
|
91,769 |
|
|
|
(1,321 |
) |
|
LME
Lead Forward |
|
|
53 |
|
|
|
03/17/2025 |
|
|
|
4,864,408 |
|
|
|
(18,716 |
) |
|
LME
Lead Forward |
|
|
3 |
|
|
|
03/20/2025 |
|
|
|
275,537 |
|
|
|
(2,442 |
) |
|
LME
Lead Forward |
|
|
18 |
|
|
|
03/27/2025 |
|
|
|
1,654,840 |
|
|
|
(7,294 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
03/31/2025 |
|
|
|
183,923 |
|
|
|
(3,661 |
) |
|
LME
Lead Forward |
|
|
3 |
|
|
|
04/01/2025 |
|
|
|
275,924 |
|
|
|
1,160 |
|
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/03/2025 |
|
|
|
184,057 |
|
|
|
7 |
|
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/04/2025 |
|
|
|
184,084 |
|
|
|
(888 |
) |
|
LME
Lead Forward |
|
|
4 |
|
|
|
04/07/2025 |
|
|
|
368,223 |
|
|
|
(3,003 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/08/2025 |
|
|
|
184,138 |
|
|
|
(2,972 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/10/2025 |
|
|
|
184,186 |
|
|
|
(6,164 |
) |
|
LME
Lead Forward |
|
|
3 |
|
|
|
04/11/2025 |
|
|
|
276,298 |
|
|
|
(9,182 |
) |
|
LME
Lead Forward |
|
|
57 |
|
|
|
04/14/2025 |
|
|
|
5,249,656 |
|
|
|
(24,746 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/15/2025 |
|
|
|
184,231 |
|
|
|
(8,069 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
5
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Lead Forward |
|
|
7 |
|
|
|
04/16/2025 |
|
|
$ |
645,388 |
|
|
$ |
(26,072 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
04/17/2025 |
|
|
|
92,215 |
|
|
|
(500 |
) |
|
LME
Lead Forward |
|
|
4 |
|
|
|
04/22/2025 |
|
|
|
368,925 |
|
|
|
(1,996 |
) |
|
LME
Lead Forward |
|
|
5 |
|
|
|
04/24/2025 |
|
|
|
461,487 |
|
|
|
(2,483 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/25/2025 |
|
|
|
184,623 |
|
|
|
(996 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
04/28/2025 |
|
|
|
184,652 |
|
|
|
(999 |
) |
|
LME
Lead Forward |
|
|
3 |
|
|
|
04/30/2025 |
|
|
|
277,064 |
|
|
|
(181 |
) |
|
LME
Lead Forward |
|
|
4 |
|
|
|
05/01/2025 |
|
|
|
369,649 |
|
|
|
(4,249 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
05/02/2025 |
|
|
|
92,427 |
|
|
|
(2,133 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
05/07/2025 |
|
|
|
184,889 |
|
|
|
(3,151 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
05/19/2025 |
|
|
|
185,129 |
|
|
|
(4,927 |
) |
|
LME
Lead Forward |
|
|
1 |
|
|
|
05/22/2025 |
|
|
|
92,581 |
|
|
|
(659 |
) |
|
LME
Nickel Forward |
|
|
4 |
|
|
|
03/03/2025 |
|
|
|
196,752 |
|
|
|
(12,711 |
) |
|
LME
Nickel Forward |
|
|
10 |
|
|
|
03/03/2025 |
|
|
|
497,315 |
|
|
|
(9,035 |
) |
|
LME
Nickel Forward |
|
|
5 |
|
|
|
03/04/2025 |
|
|
|
245,878 |
|
|
|
(14,685 |
) |
|
LME
Nickel Forward |
|
|
6 |
|
|
|
03/04/2025 |
|
|
|
295,203 |
|
|
|
(19,347 |
) |
|
LME
Nickel Forward |
|
|
10 |
|
|
|
03/06/2025 |
|
|
|
492,442 |
|
|
|
(25,533 |
) |
|
LME
Nickel Forward |
|
|
4 |
|
|
|
03/07/2025 |
|
|
|
197,031 |
|
|
|
3,637 |
|
|
LME
Nickel Forward |
|
|
3 |
|
|
|
03/10/2025 |
|
|
|
147,815 |
|
|
|
2,746 |
|
|
LME
Nickel Forward |
|
|
6 |
|
|
|
03/11/2025 |
|
|
|
295,710 |
|
|
|
5,498 |
|
|
LME
Nickel Forward |
|
|
10 |
|
|
|
03/13/2025 |
|
|
|
493,243 |
|
|
|
9,039 |
|
|
LME
Nickel Forward |
|
|
5 |
|
|
|
03/14/2025 |
|
|
|
246,660 |
|
|
|
4,583 |
|
|
LME
Nickel Forward |
|
|
62 |
|
|
|
03/17/2025 |
|
|
|
3,059,049 |
|
|
|
35,482 |
|
|
LME
Nickel Forward |
|
|
5 |
|
|
|
03/18/2025 |
|
|
|
246,713 |
|
|
|
4,239 |
|
|
LME
Nickel Forward |
|
|
10 |
|
|
|
03/20/2025 |
|
|
|
493,550 |
|
|
|
6,925 |
|
|
LME
Nickel Forward |
|
|
1 |
|
|
|
03/25/2025 |
|
|
|
49,371 |
|
|
|
684 |
|
|
LME
Nickel Forward |
|
|
3 |
|
|
|
04/03/2025 |
|
|
|
148,397 |
|
|
|
697 |
|
|
LME
Nickel Forward |
|
|
4 |
|
|
|
04/04/2025 |
|
|
|
197,901 |
|
|
|
3,932 |
|
|
LME
Nickel Forward |
|
|
2 |
|
|
|
04/07/2025 |
|
|
|
99,001 |
|
|
|
(272 |
) |
|
LME
Nickel Forward |
|
|
7 |
|
|
|
04/08/2025 |
|
|
|
346,677 |
|
|
|
1,137 |
|
|
LME
Nickel Forward |
|
|
1 |
|
|
|
04/10/2025 |
|
|
|
49,600 |
|
|
|
525 |
|
|
LME
Nickel Forward |
|
|
1 |
|
|
|
04/11/2025 |
|
|
|
49,619 |
|
|
|
1,144 |
|
|
LME
Nickel Forward |
|
|
62 |
|
|
|
04/14/2025 |
|
|
|
3,078,316 |
|
|
|
9,403 |
|
|
LME
Nickel Forward |
|
|
12 |
|
|
|
04/22/2025 |
|
|
|
595,494 |
|
|
|
1,119 |
|
|
LME
Nickel Forward |
|
|
19 |
|
|
|
04/24/2025 |
|
|
|
943,421 |
|
|
|
(418 |
) |
|
LME
Nickel Forward |
|
|
1 |
|
|
|
04/25/2025 |
|
|
|
49,661 |
|
|
|
186 |
|
|
LME
Nickel Forward |
|
|
4 |
|
|
|
05/01/2025 |
|
|
|
198,849 |
|
|
|
(920 |
) |
|
LME
Nickel Forward |
|
|
3 |
|
|
|
05/02/2025 |
|
|
|
149,155 |
|
|
|
(1,570 |
) |
|
LME
Nickel Forward |
|
|
3 |
|
|
|
05/07/2025 |
|
|
|
149,194 |
|
|
|
82 |
|
|
LME
Nickel Forward |
|
|
11 |
|
|
|
05/08/2025 |
|
|
|
547,258 |
|
|
|
2,521 |
|
|
LME
Nickel Forward |
|
|
2 |
|
|
|
05/09/2025 |
|
|
|
99,514 |
|
|
|
177 |
|
|
LME
Nickel Forward |
|
|
6 |
|
|
|
05/12/2025 |
|
|
|
298,609 |
|
|
|
(16 |
) |
|
LME
Nickel Forward |
|
|
2 |
|
|
|
05/14/2025 |
|
|
|
99,580 |
|
|
|
(358 |
) |
|
LME
Nickel Forward |
|
|
6 |
|
|
|
05/15/2025 |
|
|
|
298,938 |
|
|
|
901 |
|
|
LME
Nickel Forward |
|
|
4 |
|
|
|
05/21/2025 |
|
|
|
199,029 |
|
|
|
(1,183 |
) |
|
LME
Nickel Forward |
|
|
2 |
|
|
|
05/22/2025 |
|
|
|
99,625 |
|
|
|
(150 |
) |
|
LME
Tin Forward |
|
|
1 |
|
|
|
03/13/2025 |
|
|
|
155,835 |
|
|
|
5,583 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
03/18/2025 |
|
|
|
155,865 |
|
|
|
5,615 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
03/20/2025 |
|
|
|
155,886 |
|
|
|
5,573 |
|
|
LME
Tin Forward |
|
|
3 |
|
|
|
03/27/2025 |
|
|
|
468,025 |
|
|
|
16,730 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/03/2025 |
|
|
|
156,160 |
|
|
|
7,310 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
6
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/04/2025 |
|
|
$ |
156,160 |
|
|
$ |
7,010 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/07/2025 |
|
|
|
156,160 |
|
|
|
6,610 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/08/2025 |
|
|
|
156,160 |
|
|
|
5,810 |
|
|
LME
Tin Forward |
|
|
3 |
|
|
|
04/10/2025 |
|
|
|
468,480 |
|
|
|
22,180 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/15/2025 |
|
|
|
156,173 |
|
|
|
7,923 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/16/2025 |
|
|
|
156,235 |
|
|
|
5,085 |
|
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/17/2025 |
|
|
|
156,198 |
|
|
|
(5,758 |
) |
|
LME
Tin Forward |
|
|
1 |
|
|
|
04/24/2025 |
|
|
|
156,160 |
|
|
|
(12,001 |
) |
|
LME
Tin Forward |
|
|
1 |
|
|
|
05/16/2025 |
|
|
|
156,550 |
|
|
|
(10,475 |
) |
|
LME
Tin Forward |
|
|
3 |
|
|
|
05/21/2025 |
|
|
|
469,565 |
|
|
|
(34,795 |
) |
|
LME
Zinc Forward |
|
|
6 |
|
|
|
03/03/2025 |
|
|
|
416,664 |
|
|
|
(45,399 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
03/03/2025 |
|
|
|
138,178 |
|
|
|
(10,491 |
) |
|
LME
Zinc Forward |
|
|
5 |
|
|
|
03/04/2025 |
|
|
|
345,541 |
|
|
|
(34,691 |
) |
|
LME
Zinc Forward |
|
|
5 |
|
|
|
03/06/2025 |
|
|
|
345,816 |
|
|
|
(44,246 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
03/07/2025 |
|
|
|
138,341 |
|
|
|
(17,909 |
) |
|
LME
Zinc Forward |
|
|
3 |
|
|
|
03/10/2025 |
|
|
|
207,533 |
|
|
|
(22,227 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
03/11/2025 |
|
|
|
69,185 |
|
|
|
(7,940 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
03/14/2025 |
|
|
|
69,221 |
|
|
|
(1,666 |
) |
|
LME
Zinc Forward |
|
|
93 |
|
|
|
03/17/2025 |
|
|
|
6,438,250 |
|
|
|
(467,514 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
03/18/2025 |
|
|
|
69,240 |
|
|
|
(1,398 |
) |
|
LME
Zinc Forward |
|
|
9 |
|
|
|
03/20/2025 |
|
|
|
623,578 |
|
|
|
(35,746 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
03/25/2025 |
|
|
|
69,321 |
|
|
|
(5,129 |
) |
|
LME
Zinc Forward |
|
|
7 |
|
|
|
03/27/2025 |
|
|
|
485,559 |
|
|
|
(46,088 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
03/31/2025 |
|
|
|
69,388 |
|
|
|
(466 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
04/01/2025 |
|
|
|
69,407 |
|
|
|
379 |
|
|
LME
Zinc Forward |
|
|
1 |
|
|
|
04/03/2025 |
|
|
|
69,481 |
|
|
|
(3,343 |
) |
|
LME
Zinc Forward |
|
|
9 |
|
|
|
04/04/2025 |
|
|
|
625,502 |
|
|
|
(3,687 |
) |
|
LME
Zinc Forward |
|
|
4 |
|
|
|
04/07/2025 |
|
|
|
278,076 |
|
|
|
(11,175 |
) |
|
LME
Zinc Forward |
|
|
3 |
|
|
|
04/08/2025 |
|
|
|
208,570 |
|
|
|
(2,524 |
) |
|
LME
Zinc Forward |
|
|
7 |
|
|
|
04/10/2025 |
|
|
|
486,778 |
|
|
|
(8,685 |
) |
|
LME
Zinc Forward |
|
|
4 |
|
|
|
04/11/2025 |
|
|
|
278,176 |
|
|
|
(6,058 |
) |
|
LME
Zinc Forward |
|
|
151 |
|
|
|
04/14/2025 |
|
|
|
10,501,144 |
|
|
|
(209,891 |
) |
|
LME
Zinc Forward |
|
|
3 |
|
|
|
04/15/2025 |
|
|
|
208,618 |
|
|
|
(6,396 |
) |
|
LME
Zinc Forward |
|
|
3 |
|
|
|
04/16/2025 |
|
|
|
208,604 |
|
|
|
(12,759 |
) |
|
LME
Zinc Forward |
|
|
1 |
|
|
|
04/22/2025 |
|
|
|
69,525 |
|
|
|
(3,400 |
) |
|
LME
Zinc Forward |
|
|
6 |
|
|
|
04/24/2025 |
|
|
|
417,264 |
|
|
|
(16,736 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
04/25/2025 |
|
|
|
139,106 |
|
|
|
337 |
|
|
LME
Zinc Forward |
|
|
2 |
|
|
|
04/30/2025 |
|
|
|
139,162 |
|
|
|
(887 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
05/01/2025 |
|
|
|
139,263 |
|
|
|
(1,404 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
05/15/2025 |
|
|
|
139,622 |
|
|
|
(4,216 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
05/16/2025 |
|
|
|
139,642 |
|
|
|
(6,146 |
) |
|
LME
Zinc Forward |
|
|
2 |
|
|
|
05/19/2025 |
|
|
|
139,661 |
|
|
|
(5,639 |
) |
|
LME
Zinc Forward |
|
|
3 |
|
|
|
05/21/2025 |
|
|
|
209,449 |
|
|
|
(4,734 |
) |
|
London
Cocoa |
|
|
62 |
|
|
|
05/14/2025 |
|
|
|
5,725,981 |
|
|
|
(896,035 |
) |
|
London
Cocoa |
|
|
28 |
|
|
|
07/16/2025 |
|
|
|
2,552,819 |
|
|
|
(334,424 |
) |
|
London
Cocoa |
|
|
2 |
|
|
|
09/15/2025 |
|
|
|
173,011 |
|
|
|
(25,020 |
) |
|
London
Metals - Aluminum(a) |
|
|
1,435 |
|
|
|
03/17/2025 |
|
|
|
94,022,635 |
|
|
|
28,898 |
|
|
London
Metals - Aluminum(a) |
|
|
48 |
|
|
|
04/14/2025 |
|
|
|
3,132,708 |
|
|
|
20,158 |
|
|
London
Metals - Aluminum(a) |
|
|
58 |
|
|
|
05/19/2025 |
|
|
|
3,780,005 |
|
|
|
(87,786 |
) |
|
London
Metals - Aluminum(a) |
|
|
510 |
|
|
|
06/16/2025 |
|
|
|
33,259,013 |
|
|
|
(598,467 |
) |
|
London
Metals - Copper(a) |
|
|
450 |
|
|
|
03/17/2025 |
|
|
|
105,289,425 |
|
|
|
2,279,848 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
7
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
London
Metals - Copper(a) |
|
|
5 |
|
|
|
04/14/2025 |
|
|
$ |
1,169,301 |
|
|
$ |
(12,561 |
) |
|
London
Metals - Copper(a) |
|
|
64 |
|
|
|
06/16/2025 |
|
|
|
14,986,272 |
|
|
|
(201,818 |
) |
|
London
Metals - Lead(a) |
|
|
696 |
|
|
|
03/17/2025 |
|
|
|
34,340,292 |
|
|
|
(206,773 |
) |
|
London
Metals - Lead(a) |
|
|
60 |
|
|
|
04/14/2025 |
|
|
|
2,979,015 |
|
|
|
14,848 |
|
|
London
Metals - Lead(a) |
|
|
3 |
|
|
|
05/19/2025 |
|
|
|
149,534 |
|
|
|
(428 |
) |
|
London
Metals - Lead(a) |
|
|
5 |
|
|
|
06/16/2025 |
|
|
|
249,701 |
|
|
|
(1,588 |
) |
|
London
Metals - Nickel(a) |
|
|
274 |
|
|
|
03/17/2025 |
|
|
|
25,148,071 |
|
|
|
(187,671 |
) |
|
London
Metals - Nickel(a) |
|
|
5 |
|
|
|
06/16/2025 |
|
|
|
464,613 |
|
|
|
(7,293 |
) |
|
London
Metals - Tin(a) |
|
|
4 |
|
|
|
03/17/2025 |
|
|
|
623,460 |
|
|
|
24,274 |
|
|
London
Metals - Tin(a) |
|
|
1 |
|
|
|
06/16/2025 |
|
|
|
156,740 |
|
|
|
(3,214 |
) |
|
London
Metals - Zinc(a) |
|
|
431 |
|
|
|
03/17/2025 |
|
|
|
29,837,483 |
|
|
|
(2,097,221 |
) |
|
London
Metals - Zinc(a) |
|
|
12 |
|
|
|
04/14/2025 |
|
|
|
834,528 |
|
|
|
(30,672 |
) |
|
London
Metals - Zinc(a) |
|
|
74 |
|
|
|
06/16/2025 |
|
|
|
5,177,503 |
|
|
|
(118,200 |
) |
|
Long
Gilt |
|
|
851 |
|
|
|
06/26/2025 |
|
|
|
100,013,749 |
|
|
|
241,868 |
|
|
Low
Sulphur Gas Oil |
|
|
74 |
|
|
|
04/10/2025 |
|
|
|
5,013,500 |
|
|
|
(164,475 |
) |
|
Low
Sulphur Gas Oil |
|
|
9 |
|
|
|
05/12/2025 |
|
|
|
602,325 |
|
|
|
(20,275 |
) |
|
Low
Sulphur Gas Oil |
|
|
4 |
|
|
|
06/12/2025 |
|
|
|
265,400 |
|
|
|
(7,975 |
) |
|
Lumber |
|
|
6 |
|
|
|
05/15/2025 |
|
|
|
110,798 |
|
|
|
1,999 |
|
|
Maize |
|
|
1 |
|
|
|
06/05/2025 |
|
|
|
11,268 |
|
|
|
(272 |
) |
|
Micro
Gold |
|
|
29 |
|
|
|
04/28/2025 |
|
|
|
826,065 |
|
|
|
12,677 |
|
|
Milling
Wheat No. 2 |
|
|
2 |
|
|
|
09/10/2025 |
|
|
|
23,885 |
|
|
|
(558 |
) |
|
Mini-Hang
Seng Index |
|
|
45 |
|
|
|
03/28/2025 |
|
|
|
488,996 |
|
|
|
(9,123 |
) |
|
MSCI
China A 50 Index |
|
|
7 |
|
|
|
03/21/2025 |
|
|
|
370,615 |
|
|
|
(4,215 |
) |
|
MSCI
EAFE Index |
|
|
76 |
|
|
|
03/21/2025 |
|
|
|
9,232,480 |
|
|
|
131,855 |
|
|
MSCI
Emerging Markets Index |
|
|
270 |
|
|
|
03/21/2025 |
|
|
|
14,802,750 |
|
|
|
(360,311 |
) |
|
MSCI
Singapore Index |
|
|
657 |
|
|
|
03/27/2025 |
|
|
|
19,270,768 |
|
|
|
(7,793 |
) |
|
Nasdaq
100 Index |
|
|
160 |
|
|
|
03/21/2025 |
|
|
|
66,942,400 |
|
|
|
(2,801,498 |
) |
|
NASDAQ
100 Micro Index |
|
|
6 |
|
|
|
03/21/2025 |
|
|
|
251,034 |
|
|
|
(9,044 |
) |
|
Natural
Gas |
|
|
22 |
|
|
|
03/26/2025 |
|
|
|
210,870 |
|
|
|
(17,368 |
) |
|
Natural
Gas |
|
|
653 |
|
|
|
03/27/2025 |
|
|
|
25,036,020 |
|
|
|
(984,180 |
) |
|
Natural
Gas |
|
|
65 |
|
|
|
03/28/2025 |
|
|
|
2,151,657 |
|
|
|
(481,430 |
) |
|
Natural
Gas |
|
|
374 |
|
|
|
04/28/2025 |
|
|
|
14,571,040 |
|
|
|
210,940 |
|
|
Natural
Gas |
|
|
5 |
|
|
|
04/29/2025 |
|
|
|
171,265 |
|
|
|
(9,180 |
) |
|
Natural
Gas |
|
|
136 |
|
|
|
05/28/2025 |
|
|
|
5,499,840 |
|
|
|
(2,630 |
) |
|
Natural
Gas |
|
|
67 |
|
|
|
06/26/2025 |
|
|
|
2,820,030 |
|
|
|
172,440 |
|
|
Natural
Gas |
|
|
38 |
|
|
|
09/26/2025 |
|
|
|
1,620,320 |
|
|
|
252,070 |
|
|
Nikkei
225 OSE Index |
|
|
54 |
|
|
|
03/13/2025 |
|
|
|
13,312,120 |
|
|
|
(696,649 |
) |
|
Nikkei
225 SGX Index |
|
|
153 |
|
|
|
03/13/2025 |
|
|
|
18,871,541 |
|
|
|
(1,028,156 |
) |
|
NY
Harbor ULSD |
|
|
239 |
|
|
|
03/31/2025 |
|
|
|
23,237,970 |
|
|
|
(694,698 |
) |
|
NY
Harbor ULSD |
|
|
38 |
|
|
|
04/30/2025 |
|
|
|
3,608,556 |
|
|
|
(150,494 |
) |
|
NY
Harbor ULSD |
|
|
16 |
|
|
|
05/30/2025 |
|
|
|
1,494,998 |
|
|
|
(56,570 |
) |
|
NY
Harbor ULSD |
|
|
2 |
|
|
|
06/30/2025 |
|
|
|
185,934 |
|
|
|
(8,967 |
) |
|
NY
Harbor ULSD |
|
|
3 |
|
|
|
11/28/2025 |
|
|
|
279,707 |
|
|
|
(10,441 |
) |
|
NYSE
FANG+ Index |
|
|
4 |
|
|
|
03/21/2025 |
|
|
|
258,448 |
|
|
|
(17,044 |
) |
|
OMXS30
ESG Index |
|
|
14 |
|
|
|
03/21/2025 |
|
|
|
346,389 |
|
|
|
(3,372 |
) |
|
OMXS30
Index |
|
|
2,682 |
|
|
|
03/21/2025 |
|
|
|
67,933,654 |
|
|
|
(595,118 |
) |
|
Platinum |
|
|
59 |
|
|
|
04/28/2025 |
|
|
|
2,766,805 |
|
|
|
(203,115 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
68 |
|
|
|
03/31/2025 |
|
|
|
6,346,889 |
|
|
|
(293,882 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
7 |
|
|
|
04/30/2025 |
|
|
|
654,620 |
|
|
|
(19,366 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
22 |
|
|
|
05/30/2025 |
|
|
|
2,048,231 |
|
|
|
(67,347 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
19 |
|
|
|
06/30/2025 |
|
|
|
1,749,854 |
|
|
|
(62,168 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
8
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Robusta
Coffee |
|
|
187 |
|
|
|
05/23/2025 |
|
|
$ |
9,967,100 |
|
|
$ |
21,640 |
|
|
Robusta
Coffee |
|
|
67 |
|
|
|
07/25/2025 |
|
|
|
3,544,300 |
|
|
|
110,060 |
|
|
Russell
2000 Index |
|
|
202 |
|
|
|
03/21/2025 |
|
|
|
21,869,530 |
|
|
|
(826,858 |
) |
|
S&P
500 E-mini Index |
|
|
225 |
|
|
|
03/21/2025 |
|
|
|
67,086,563 |
|
|
|
(1,657,820 |
) |
|
S&P
500 Micro E-mini Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
29,816 |
|
|
|
65 |
|
|
S&P
Mid Cap 400 Index |
|
|
18 |
|
|
|
03/21/2025 |
|
|
|
5,579,460 |
|
|
|
(229,130 |
) |
|
S&P
Real Estate Select Sector Stock Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
158,813 |
|
|
|
1,775 |
|
|
S&P/Toronto
Stock Exchange 60 Index |
|
|
541 |
|
|
|
03/20/2025 |
|
|
|
114,515,874 |
|
|
|
1,810,932 |
|
|
SGX
FTSE Taiwan Index |
|
|
215 |
|
|
|
03/28/2025 |
|
|
|
16,079,850 |
|
|
|
(697,831 |
) |
|
SGX
Technically Specified Rubber 20 |
|
|
5 |
|
|
|
03/28/2025 |
|
|
|
51,000 |
|
|
|
590 |
|
|
SGX
TSI Iron Ore |
|
|
392 |
|
|
|
04/30/2025 |
|
|
|
4,015,648 |
|
|
|
(120,327 |
) |
|
SGX
TSI Iron Ore |
|
|
57 |
|
|
|
05/30/2025 |
|
|
|
579,975 |
|
|
|
(18,415 |
) |
|
SGX
TSI Iron Ore |
|
|
36 |
|
|
|
06/30/2025 |
|
|
|
363,852 |
|
|
|
(10,163 |
) |
|
Short-term
Euro-BTP |
|
|
1,820 |
|
|
|
03/06/2025 |
|
|
|
203,260,615 |
|
|
|
(42,978 |
) |
|
Short-term
Euro-BTP |
|
|
452 |
|
|
|
06/06/2025 |
|
|
|
50,409,776 |
|
|
|
2,832 |
|
|
Silver |
|
|
288 |
|
|
|
05/28/2025 |
|
|
|
45,354,240 |
|
|
|
(2,268,549 |
) |
|
Silver |
|
|
10 |
|
|
|
07/29/2025 |
|
|
|
1,590,150 |
|
|
|
(78,020 |
) |
|
South
African Rand/US Dollar Cross Currency Rate |
|
|
4 |
|
|
|
03/17/2025 |
|
|
|
106,800 |
|
|
|
(525 |
) |
|
Soybean
Meal |
|
|
353 |
|
|
|
05/14/2025 |
|
|
|
10,597,060 |
|
|
|
(70,360 |
) |
|
Soybeans |
|
|
898 |
|
|
|
05/14/2025 |
|
|
|
46,056,175 |
|
|
|
(1,172,888 |
) |
|
STOXX
600 Bank Spread Index |
|
|
19 |
|
|
|
03/21/2025 |
|
|
|
256,227 |
|
|
|
48,282 |
|
|
STOXX
600 Utilities Index |
|
|
17 |
|
|
|
03/21/2025 |
|
|
|
351,114 |
|
|
|
10,140 |
|
|
STOXX
Euro ESG-X Index |
|
|
95 |
|
|
|
03/21/2025 |
|
|
|
2,026,162 |
|
|
|
64,295 |
|
|
STOXX
Europe 600 Index |
|
|
293 |
|
|
|
03/21/2025 |
|
|
|
8,454,232 |
|
|
|
627,386 |
|
|
STOXX
Europe 600 Insurance Index |
|
|
6 |
|
|
|
03/21/2025 |
|
|
|
141,475 |
|
|
|
12,516 |
|
|
Sugar
#11 |
|
|
490 |
|
|
|
04/30/2025 |
|
|
|
10,163,776 |
|
|
|
(463,940 |
) |
|
Sugar
#11 |
|
|
58 |
|
|
|
06/30/2025 |
|
|
|
1,177,075 |
|
|
|
(71,030 |
) |
|
Sugar
#11 |
|
|
32 |
|
|
|
09/30/2025 |
|
|
|
653,005 |
|
|
|
(33,029 |
) |
|
Sugar
#11 |
|
|
15 |
|
|
|
02/27/2026 |
|
|
|
312,312 |
|
|
|
(15,926 |
) |
|
Swiss
Government Bonds |
|
|
2 |
|
|
|
03/06/2025 |
|
|
|
329,276 |
|
|
|
2,337 |
|
|
Technology
Select Sector Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
455,200 |
|
|
|
(25,460 |
) |
|
Tokyo
Price Index |
|
|
29 |
|
|
|
03/13/2025 |
|
|
|
515,521 |
|
|
|
(17,861 |
) |
|
TOPIX
Index |
|
|
176 |
|
|
|
03/13/2025 |
|
|
|
31,286,810 |
|
|
|
(949,706 |
) |
|
Two
Year Canadian Government Bonds |
|
|
987 |
|
|
|
06/19/2025 |
|
|
|
72,141,223 |
|
|
|
180,715 |
|
|
U.S.
Treasury 10 Year Notes |
|
|
422 |
|
|
|
06/18/2025 |
|
|
|
46,881,563 |
|
|
|
357,234 |
|
|
U.S.
Treasury 2 Year Notes |
|
|
1,251 |
|
|
|
06/30/2025 |
|
|
|
258,917,906 |
|
|
|
388,851 |
|
|
U.S.
Treasury 5 Year Note |
|
|
676 |
|
|
|
06/30/2025 |
|
|
|
72,965,750 |
|
|
|
305,383 |
|
|
U.S.
Treasury Long Bonds |
|
|
172 |
|
|
|
06/18/2025 |
|
|
|
20,312,125 |
|
|
|
89,016 |
|
|
UK
Natural Gas |
|
|
30 |
|
|
|
03/28/2025 |
|
|
|
1,186,785 |
|
|
|
(208,213 |
) |
|
UK
Natural Gas |
|
|
10 |
|
|
|
04/29/2025 |
|
|
|
408,898 |
|
|
|
(31,235 |
) |
|
US
Cocoa |
|
|
103 |
|
|
|
05/14/2025 |
|
|
|
9,397,720 |
|
|
|
(1,322,312 |
) |
|
US
Cocoa |
|
|
30 |
|
|
|
07/16/2025 |
|
|
|
2,697,300 |
|
|
|
(409,140 |
) |
|
US
Dollar/Chinese Renminbi Cross Currency Rate |
|
|
5 |
|
|
|
03/17/2025 |
|
|
|
499,143 |
|
|
|
1,730 |
|
|
US
Dollar/Norwegian Krone Cross Currency Rate |
|
|
9 |
|
|
|
03/17/2025 |
|
|
|
900,599 |
|
|
|
13,316 |
|
|
Utilities
Select Sector Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
239,880 |
|
|
|
2,470 |
|
|
Wheat |
|
|
261 |
|
|
|
05/14/2025 |
|
|
|
7,252,538 |
|
|
|
(777,625 |
) |
|
White
Sugar |
|
|
44 |
|
|
|
04/15/2025 |
|
|
|
1,171,720 |
|
|
|
(44,970 |
) |
|
White
Sugar |
|
|
14 |
|
|
|
07/16/2025 |
|
|
|
360,080 |
|
|
|
(15,090 |
) |
|
XAV
Health Care Select Sector Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
452,010 |
|
|
|
5,780 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,088,469 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
9
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
1
Month Secured Overnight Financing Rate |
|
|
(30) |
|
|
|
07/31/2025 |
|
|
$ |
11,992,834 |
|
|
$ |
(14,001 |
) |
|
10
Year Japanese Government Bonds |
|
|
(19) |
|
|
|
03/12/2025 |
|
|
|
1,763,749 |
|
|
|
21,098 |
|
|
10
Year U.S. Ultra Treasury Notes |
|
|
(178) |
|
|
|
06/18/2025 |
|
|
|
20,336,500 |
|
|
|
(298,680 |
) |
|
3
Month Euribor |
|
|
(631) |
|
|
|
12/15/2025 |
|
|
|
160,492,653 |
|
|
|
(186,594 |
) |
|
3
Month Euribor |
|
|
(629) |
|
|
|
06/15/2026 |
|
|
|
159,992,116 |
|
|
|
(283,704 |
) |
|
30
Day Federal Funds Rate |
|
|
(2) |
|
|
|
10/31/2025 |
|
|
|
801,647 |
|
|
|
2,834 |
|
|
30
Day Federal Funds Rate |
|
|
(2) |
|
|
|
02/27/2026 |
|
|
|
803,398 |
|
|
|
(3,125 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(161) |
|
|
|
09/16/2025 |
|
|
|
38,621,888 |
|
|
|
(39,475 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(550) |
|
|
|
12/16/2025 |
|
|
|
132,240,625 |
|
|
|
(284,675 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(712) |
|
|
|
03/17/2026 |
|
|
|
171,440,700 |
|
|
|
(692,938 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(156) |
|
|
|
06/16/2026 |
|
|
|
37,594,050 |
|
|
|
(128,550 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(587) |
|
|
|
09/15/2026 |
|
|
|
141,518,363 |
|
|
|
(601,963 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(620) |
|
|
|
12/15/2026 |
|
|
|
149,489,750 |
|
|
|
(478,088 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(173) |
|
|
|
03/16/2027 |
|
|
|
41,710,300 |
|
|
|
(164,588 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(166) |
|
|
|
06/15/2027 |
|
|
|
40,018,450 |
|
|
|
(159,413 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(168) |
|
|
|
09/14/2027 |
|
|
|
40,494,300 |
|
|
|
(163,363 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(124) |
|
|
|
12/14/2027 |
|
|
|
29,884,000 |
|
|
|
(114,550 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(110) |
|
|
|
03/14/2028 |
|
|
|
26,504,500 |
|
|
|
(107,750 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(76) |
|
|
|
06/20/2028 |
|
|
|
18,307,450 |
|
|
|
(74,600 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(20) |
|
|
|
09/19/2028 |
|
|
|
4,816,500 |
|
|
|
(21,013 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(21) |
|
|
|
12/19/2028 |
|
|
|
5,056,275 |
|
|
|
(22,663 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(21) |
|
|
|
03/20/2029 |
|
|
|
5,054,962 |
|
|
|
(21,625 |
) |
|
Arabica
Coffee |
|
|
(80) |
|
|
|
05/19/2025 |
|
|
|
11,191,500 |
|
|
|
440,138 |
|
|
ASX
SPI 200 Index |
|
|
(278) |
|
|
|
03/20/2025 |
|
|
|
35,069,124 |
|
|
|
1,078,385 |
|
|
AUD/USD
Cross Currency Rate |
|
|
(2,077) |
|
|
|
03/17/2025 |
|
|
|
128,742,845 |
|
|
|
2,472,184 |
|
|
Australian
Government 10 Year Bonds |
|
|
(1,336) |
|
|
|
03/17/2025 |
|
|
|
94,111,452 |
|
|
|
(723,928 |
) |
|
Australian
Government 3 Year Bonds |
|
|
(2,999) |
|
|
|
03/17/2025 |
|
|
|
197,918,882 |
|
|
|
(524,781 |
) |
|
Australian
90 Day Bank Bills |
|
|
(141) |
|
|
|
03/13/2025 |
|
|
|
86,612,936 |
|
|
|
(10,645 |
) |
|
Australian
90 Day Bank Bills |
|
|
(78) |
|
|
|
06/12/2025 |
|
|
|
47,941,625 |
|
|
|
(8,855 |
) |
|
Australian
90 Day Bank Bills |
|
|
(301) |
|
|
|
09/11/2025 |
|
|
|
185,086,875 |
|
|
|
(57,755 |
) |
|
Australian
90 Day Bank Bills |
|
|
(3) |
|
|
|
12/11/2025 |
|
|
|
1,845,080 |
|
|
|
(1,217 |
) |
|
Australian
90 Day Bank Bills |
|
|
(3) |
|
|
|
03/12/2026 |
|
|
|
1,845,216 |
|
|
|
(811 |
) |
|
BIST
30 Index |
|
|
(790) |
|
|
|
04/30/2025 |
|
|
|
2,441,796 |
|
|
|
(50,451 |
) |
|
Brazilian
Real/US Dollar Cross Currency Rate |
|
|
(3) |
|
|
|
03/31/2025 |
|
|
|
50,520 |
|
|
|
1,035 |
|
|
Brent
Crude Oil |
|
|
(125) |
|
|
|
03/31/2025 |
|
|
|
9,101,250 |
|
|
|
49,982 |
|
|
Brent
Crude Oil |
|
|
(8) |
|
|
|
04/30/2025 |
|
|
|
578,240 |
|
|
|
10 |
|
|
Brent
Crude Oil |
|
|
(11) |
|
|
|
05/30/2025 |
|
|
|
789,690 |
|
|
|
1,410 |
|
|
Brent
Crude Oil |
|
|
(14) |
|
|
|
10/31/2025 |
|
|
|
976,080 |
|
|
|
6,620 |
|
|
Brent
Crude Oil Last Day Financial |
|
|
(1) |
|
|
|
03/31/2025 |
|
|
|
72,810 |
|
|
|
20 |
|
|
British
Pound/US Dollar Cross Currency Rate |
|
|
(258) |
|
|
|
03/17/2025 |
|
|
|
20,272,350 |
|
|
|
(223,080 |
) |
|
CAC40
10 Euro Index |
|
|
(86) |
|
|
|
03/21/2025 |
|
|
|
7,248,519 |
|
|
|
4,927 |
|
|
Canadian
10 Year Government Bonds |
|
|
(1,665) |
|
|
|
06/19/2025 |
|
|
|
143,592,224 |
|
|
|
(1,015,213 |
) |
|
Canadian
Dollar/US Dollar Cross Currency Rate |
|
|
(1,440) |
|
|
|
03/18/2025 |
|
|
|
99,655,200 |
|
|
|
1,203,801 |
|
|
Class
III Milk |
|
|
(15) |
|
|
|
04/29/2025 |
|
|
|
548,100 |
|
|
|
15,100 |
|
|
Copper |
|
|
(334) |
|
|
|
05/28/2025 |
|
|
|
37,975,800 |
|
|
|
323,138 |
|
|
Corn
No. 2 Yellow |
|
|
(226) |
|
|
|
12/12/2025 |
|
|
|
5,141,500 |
|
|
|
(124,513 |
) |
|
Cotton
No.2 |
|
|
(1,603) |
|
|
|
05/07/2025 |
|
|
|
52,297,875 |
|
|
|
2,236,212 |
|
|
Cotton
No.2 |
|
|
(76) |
|
|
|
07/09/2025 |
|
|
|
2,522,820 |
|
|
|
128,300 |
|
|
Crude
Oil |
|
|
(178) |
|
|
|
03/20/2025 |
|
|
|
12,417,280 |
|
|
|
(35,383 |
) |
|
Crude
Oil |
|
|
(7) |
|
|
|
04/22/2025 |
|
|
|
485,380 |
|
|
|
(580 |
) |
|
Crude
Oil |
|
|
(45) |
|
|
|
05/20/2025 |
|
|
|
3,099,150 |
|
|
|
37,830 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
10
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Crude
Oil |
|
|
(5) |
|
|
|
06/20/2025 |
|
|
$ |
341,900 |
|
|
$ |
(320 |
) |
|
Crude
Oil |
|
|
(13) |
|
|
|
11/20/2025 |
|
|
|
858,780 |
|
|
|
11,810 |
|
|
Crude
Soybean Oil |
|
|
(325) |
|
|
|
05/14/2025 |
|
|
|
8,603,400 |
|
|
|
302,568 |
|
|
Dow
Jones Industrial Average Index |
|
|
(62) |
|
|
|
03/21/2025 |
|
|
|
13,605,590 |
|
|
|
(6,983 |
) |
|
E-mini
Materials Sector |
|
|
(4) |
|
|
|
03/21/2025 |
|
|
|
377,120 |
|
|
|
(17,910 |
) |
|
Euro
BUXL 30 Year Bonds |
|
|
(221) |
|
|
|
03/06/2025 |
|
|
|
29,757,363 |
|
|
|
(486,727 |
) |
|
Euro
Half Dollars |
|
|
(3) |
|
|
|
03/17/2025 |
|
|
|
194,531 |
|
|
|
538 |
|
|
Euro
STOXX 50 Quanto Index |
|
|
(64) |
|
|
|
03/21/2025 |
|
|
|
3,622,278 |
|
|
|
(24,845 |
) |
|
Euro/Pound
Sterling Cross Currency Rate |
|
|
(3) |
|
|
|
03/17/2025 |
|
|
|
389,279 |
|
|
|
4,253 |
|
|
Euro/US
Dollar Cross Currency Rate |
|
|
(2,409) |
|
|
|
03/17/2025 |
|
|
|
312,417,187 |
|
|
|
3,710,375 |
|
|
Euro-BOBL |
|
|
(1,734) |
|
|
|
03/06/2025 |
|
|
|
212,075,436 |
|
|
|
(1,784,869 |
) |
|
Euro-BOBL |
|
|
(190) |
|
|
|
06/06/2025 |
|
|
|
23,436,861 |
|
|
|
(8,123 |
) |
|
Euro-BTP
Italian Government Bonds |
|
|
(853) |
|
|
|
03/06/2025 |
|
|
|
106,705,744 |
|
|
|
(708,234 |
) |
|
Euro-Bund |
|
|
(2,992) |
|
|
|
03/06/2025 |
|
|
|
413,390,678 |
|
|
|
(2,344,357 |
) |
|
Euro-Bund |
|
|
(198) |
|
|
|
06/06/2025 |
|
|
|
27,173,933 |
|
|
|
(8,091 |
) |
|
EURO-BUXL
30Y BND Jun25 |
|
|
(41) |
|
|
|
06/06/2025 |
|
|
|
5,508,688 |
|
|
|
(1,971 |
) |
|
Euro-Schatz |
|
|
(3,933) |
|
|
|
03/06/2025 |
|
|
|
436,265,615 |
|
|
|
(1,180,019 |
) |
|
Euro-Schatz |
|
|
(427) |
|
|
|
06/06/2025 |
|
|
|
47,417,867 |
|
|
|
(6,914 |
) |
|
French
Government Bonds |
|
|
(512) |
|
|
|
03/06/2025 |
|
|
|
66,157,035 |
|
|
|
(1,236,538 |
) |
|
Frozen
Concentrated Orange Juice |
|
|
(10) |
|
|
|
05/09/2025 |
|
|
|
451,800 |
|
|
|
21,555 |
|
|
FTSE
China A50 Index |
|
|
(423) |
|
|
|
03/28/2025 |
|
|
|
5,591,637 |
|
|
|
16,951 |
|
|
FTSE/MIB
Index |
|
|
(21) |
|
|
|
03/21/2025 |
|
|
|
4,217,362 |
|
|
|
(60,135 |
) |
|
German
Stock Index |
|
|
(21) |
|
|
|
03/21/2025 |
|
|
|
12,271,185 |
|
|
|
1,608 |
|
|
Hang
Seng China Enterprises Index |
|
|
(55) |
|
|
|
03/28/2025 |
|
|
|
2,988,312 |
|
|
|
27,336 |
|
|
Hang
Seng Index |
|
|
(66) |
|
|
|
03/28/2025 |
|
|
|
9,745,482 |
|
|
|
77,092 |
|
|
Hard
Red Winter Wheat |
|
|
(27) |
|
|
|
05/14/2025 |
|
|
|
773,550 |
|
|
|
6,600 |
|
|
Hard
Red Winter Wheat |
|
|
(104) |
|
|
|
07/14/2025 |
|
|
|
3,047,200 |
|
|
|
140,625 |
|
|
ICE
3 Month SONIA Rate |
|
|
(59) |
|
|
|
09/16/2025 |
|
|
|
17,786,721 |
|
|
|
(1,148 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(152) |
|
|
|
12/16/2025 |
|
|
|
45,907,067 |
|
|
|
(71,716 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(21) |
|
|
|
03/17/2026 |
|
|
|
6,349,028 |
|
|
|
(18,428 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(24) |
|
|
|
06/16/2026 |
|
|
|
7,259,051 |
|
|
|
(20,535 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(105) |
|
|
|
09/15/2026 |
|
|
|
31,764,950 |
|
|
|
(85,663 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(291) |
|
|
|
12/15/2026 |
|
|
|
88,038,866 |
|
|
|
(150,743 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(40) |
|
|
|
03/16/2027 |
|
|
|
12,102,191 |
|
|
|
(28,334 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(51) |
|
|
|
06/15/2027 |
|
|
|
15,430,294 |
|
|
|
(32,045 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(196) |
|
|
|
09/14/2027 |
|
|
|
59,300,737 |
|
|
|
(17,469 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(112) |
|
|
|
12/14/2027 |
|
|
|
33,887,897 |
|
|
|
(56,008 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(16) |
|
|
|
03/14/2028 |
|
|
|
4,841,128 |
|
|
|
(11,290 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(10) |
|
|
|
06/20/2028 |
|
|
|
3,025,548 |
|
|
|
(3,601 |
) |
|
ICE
European Climate Exchange Emissions |
|
|
(9) |
|
|
|
12/15/2025 |
|
|
|
662,870 |
|
|
|
8,703 |
|
|
ICE
RTD MONTH COA Apr25 |
|
|
(2) |
|
|
|
04/25/2025 |
|
|
|
185,300 |
|
|
|
24,950 |
|
|
ICE
RTD MONTH COA Apr26 |
|
|
(1) |
|
|
|
04/24/2026 |
|
|
|
100,800 |
|
|
|
6,200 |
|
|
ICE
RTD MONTH COA Aug26 |
|
|
(1) |
|
|
|
08/28/2026 |
|
|
|
102,250 |
|
|
|
4,750 |
|
|
ICE
RTD MONTH COA Dec26 |
|
|
(1) |
|
|
|
12/24/2026 |
|
|
|
103,350 |
|
|
|
3,650 |
|
|
ICE
RTD MONTH COA Feb26 |
|
|
(1) |
|
|
|
02/27/2026 |
|
|
|
101,000 |
|
|
|
6,000 |
|
|
ICE
RTD MONTH COA Jan26 |
|
|
(1) |
|
|
|
01/30/2026 |
|
|
|
100,250 |
|
|
|
6,750 |
|
|
ICE
RTD MONTH COA Jul26 |
|
|
(1) |
|
|
|
07/31/2026 |
|
|
|
101,650 |
|
|
|
5,350 |
|
|
ICE
RTD MONTH COA Jun25 |
|
|
(2) |
|
|
|
06/27/2025 |
|
|
|
185,400 |
|
|
|
24,850 |
|
|
ICE
RTD MONTH COA Jun26 |
|
|
(1) |
|
|
|
06/26/2026 |
|
|
|
100,900 |
|
|
|
6,100 |
|
|
ICE
RTD MONTH COA Mar26 |
|
|
(1) |
|
|
|
03/27/2026 |
|
|
|
100,900 |
|
|
|
6,100 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
11
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
ICE
RTD MONTH COA May25 |
|
|
(2) |
|
|
|
05/30/2025 |
|
|
$ |
184,800 |
|
|
$ |
25,450 |
|
|
ICE
RTD MONTH COA May26 |
|
|
(1) |
|
|
|
05/29/2026 |
|
|
|
100,550 |
|
|
|
6,450 |
|
|
ICE
RTD MONTH COA Nov26 |
|
|
(1) |
|
|
|
11/27/2026 |
|
|
|
103,850 |
|
|
|
3,150 |
|
|
ICE
RTD MONTH COA Oct26 |
|
|
(1) |
|
|
|
10/30/2026 |
|
|
|
103,550 |
|
|
|
3,450 |
|
|
ICE
RTD MONTH COA Sep26 |
|
|
(1) |
|
|
|
09/25/2026 |
|
|
|
102,700 |
|
|
|
4,300 |
|
|
Indian
Rupee/US Dollar Cross Currency Rate |
|
|
(6) |
|
|
|
03/26/2025 |
|
|
|
137,016 |
|
|
|
1,212 |
|
|
Indian
Rupee/US Dollar SGX Cross Currency Rate |
|
|
(2) |
|
|
|
03/26/2025 |
|
|
|
114,110 |
|
|
|
965 |
|
|
Japanese
10 Year Government Bonds |
|
|
(475) |
|
|
|
03/13/2025 |
|
|
|
441,031,986 |
|
|
|
5,596,259 |
|
|
Japanese
Yen/US Dollar Cross Currency Rate |
|
|
(928) |
|
|
|
03/17/2025 |
|
|
|
77,180,600 |
|
|
|
(391,545 |
) |
|
Lean
Hogs |
|
|
(63) |
|
|
|
04/14/2025 |
|
|
|
2,108,610 |
|
|
|
50,310 |
|
|
Light
Sweet Crude Oil |
|
|
(7) |
|
|
|
03/19/2025 |
|
|
|
244,160 |
|
|
|
(910 |
) |
|
Live
Cattle |
|
|
(41) |
|
|
|
04/30/2025 |
|
|
|
3,159,460 |
|
|
|
6,870 |
|
|
LME
Aluminum Forward |
|
|
(3) |
|
|
|
03/03/2025 |
|
|
|
196,580 |
|
|
|
(1,881 |
) |
|
LME
Aluminum Forward |
|
|
(5) |
|
|
|
03/03/2025 |
|
|
|
331,109 |
|
|
|
(7,121 |
) |
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
03/04/2025 |
|
|
|
65,526 |
|
|
|
(89 |
) |
|
LME
Aluminum Forward |
|
|
(2) |
|
|
|
03/04/2025 |
|
|
|
131,053 |
|
|
|
(1,684 |
) |
|
LME
Aluminum Forward |
|
|
(3) |
|
|
|
03/06/2025 |
|
|
|
196,568 |
|
|
|
(1,756 |
) |
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
03/11/2025 |
|
|
|
65,521 |
|
|
|
(1,465 |
) |
|
LME
Aluminum Forward |
|
|
(2) |
|
|
|
03/13/2025 |
|
|
|
131,042 |
|
|
|
(4,367 |
) |
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
03/14/2025 |
|
|
|
65,521 |
|
|
|
(2,271 |
) |
|
LME
Aluminum Forward |
|
|
(73) |
|
|
|
03/17/2025 |
|
|
|
4,783,033 |
|
|
|
(189,659 |
) |
|
LME
Aluminum Forward |
|
|
(5) |
|
|
|
03/20/2025 |
|
|
|
327,048 |
|
|
|
(8,323 |
) |
|
LME
Aluminum Forward |
|
|
(3) |
|
|
|
03/25/2025 |
|
|
|
196,090 |
|
|
|
(5,615 |
) |
|
LME
Aluminum Forward |
|
|
(13) |
|
|
|
03/27/2025 |
|
|
|
849,329 |
|
|
|
(1,267 |
) |
|
LME
Aluminum Forward |
|
|
(3) |
|
|
|
03/31/2025 |
|
|
|
195,907 |
|
|
|
(3,769 |
) |
|
LME
Aluminum Forward |
|
|
(9) |
|
|
|
04/03/2025 |
|
|
|
587,608 |
|
|
|
(22,295 |
) |
|
LME
Aluminum Forward |
|
|
(4) |
|
|
|
04/04/2025 |
|
|
|
261,084 |
|
|
|
(11,159 |
) |
|
LME
Aluminum Forward |
|
|
(7) |
|
|
|
04/07/2025 |
|
|
|
456,766 |
|
|
|
(14,753 |
) |
|
LME
Aluminum Forward |
|
|
(5) |
|
|
|
04/08/2025 |
|
|
|
326,230 |
|
|
|
8,742 |
|
|
LME
Aluminum Forward |
|
|
(7) |
|
|
|
04/10/2025 |
|
|
|
456,809 |
|
|
|
13,664 |
|
|
LME
Aluminum Forward |
|
|
(4) |
|
|
|
04/11/2025 |
|
|
|
261,047 |
|
|
|
5,716 |
|
|
LME
Aluminum Forward |
|
|
(115) |
|
|
|
04/14/2025 |
|
|
|
7,505,446 |
|
|
|
76,706 |
|
|
LME
Aluminum Forward |
|
|
(4) |
|
|
|
04/15/2025 |
|
|
|
260,900 |
|
|
|
7,021 |
|
|
LME
Aluminum Forward |
|
|
(19) |
|
|
|
04/16/2025 |
|
|
|
1,238,515 |
|
|
|
17,611 |
|
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
04/17/2025 |
|
|
|
65,160 |
|
|
|
(111 |
) |
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
04/22/2025 |
|
|
|
65,135 |
|
|
|
(97 |
) |
|
LME
Aluminum Forward |
|
|
(5) |
|
|
|
04/24/2025 |
|
|
|
325,550 |
|
|
|
4,289 |
|
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
04/25/2025 |
|
|
|
65,113 |
|
|
|
1,973 |
|
|
LME
Aluminum Forward |
|
|
(2) |
|
|
|
04/28/2025 |
|
|
|
130,233 |
|
|
|
2,496 |
|
|
LME
Aluminum Forward |
|
|
(2) |
|
|
|
05/01/2025 |
|
|
|
130,245 |
|
|
|
405 |
|
|
LME
Aluminum Forward |
|
|
(2) |
|
|
|
05/08/2025 |
|
|
|
130,245 |
|
|
|
1,693 |
|
|
LME
Aluminum Forward |
|
|
(1) |
|
|
|
05/12/2025 |
|
|
|
65,131 |
|
|
|
1,094 |
|
|
LME
Aluminum Forward |
|
|
(4) |
|
|
|
05/19/2025 |
|
|
|
260,690 |
|
|
|
1,901 |
|
|
LME
Copper Forward |
|
|
(1) |
|
|
|
03/03/2025 |
|
|
|
234,533 |
|
|
|
(10,133 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
03/10/2025 |
|
|
|
233,789 |
|
|
|
(5,614 |
) |
|
LME
Copper Forward |
|
|
(37) |
|
|
|
03/17/2025 |
|
|
|
8,657,131 |
|
|
|
(341,572 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
03/18/2025 |
|
|
|
233,920 |
|
|
|
(11,486 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
03/25/2025 |
|
|
|
233,892 |
|
|
|
(10,042 |
) |
|
LME
Copper Forward |
|
|
(11) |
|
|
|
03/27/2025 |
|
|
|
2,570,950 |
|
|
|
(105,811 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
04/01/2025 |
|
|
|
233,782 |
|
|
|
(13,257 |
) |
|
LME
Copper Forward |
|
|
(6) |
|
|
|
04/03/2025 |
|
|
|
1,403,162 |
|
|
|
(43,149 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
12
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Copper Forward |
|
|
(2) |
|
|
|
04/04/2025 |
|
|
$ |
467,721 |
|
|
$ |
(14,333 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
04/07/2025 |
|
|
|
233,860 |
|
|
|
(7,073 |
) |
|
LME
Copper Forward |
|
|
(3) |
|
|
|
04/08/2025 |
|
|
|
701,581 |
|
|
|
14,836 |
|
|
LME
Copper Forward |
|
|
(3) |
|
|
|
04/10/2025 |
|
|
|
701,581 |
|
|
|
3,005 |
|
|
LME
Copper Forward |
|
|
(1) |
|
|
|
04/11/2025 |
|
|
|
233,860 |
|
|
|
4,973 |
|
|
LME
Copper Forward |
|
|
(39) |
|
|
|
04/14/2025 |
|
|
|
9,120,550 |
|
|
|
(233,663 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
04/15/2025 |
|
|
|
233,679 |
|
|
|
(6,635 |
) |
|
LME
Copper Forward |
|
|
(2) |
|
|
|
04/16/2025 |
|
|
|
467,233 |
|
|
|
(12,771 |
) |
|
LME
Copper Forward |
|
|
(2) |
|
|
|
04/24/2025 |
|
|
|
467,049 |
|
|
|
(12,624 |
) |
|
LME
Copper Forward |
|
|
(1) |
|
|
|
04/25/2025 |
|
|
|
233,556 |
|
|
|
(8,069 |
) |
|
LME
Copper Forward |
|
|
(2) |
|
|
|
05/02/2025 |
|
|
|
467,608 |
|
|
|
8,904 |
|
|
LME
Copper Forward |
|
|
(1) |
|
|
|
05/15/2025 |
|
|
|
234,106 |
|
|
|
2,557 |
|
|
LME
Copper Forward |
|
|
(14) |
|
|
|
05/19/2025 |
|
|
|
3,276,781 |
|
|
|
(1,971 |
) |
|
LME
Lead Forward |
|
|
(1) |
|
|
|
03/03/2025 |
|
|
|
93,948 |
|
|
|
(1,832 |
) |
|
LME
Lead Forward |
|
|
(2) |
|
|
|
03/03/2025 |
|
|
|
183,226 |
|
|
|
1,079 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
03/04/2025 |
|
|
|
183,250 |
|
|
|
1,091 |
|
|
LME
Lead Forward |
|
|
(3) |
|
|
|
03/10/2025 |
|
|
|
275,092 |
|
|
|
1,744 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
03/11/2025 |
|
|
|
183,418 |
|
|
|
1,160 |
|
|
LME
Lead Forward |
|
|
(1) |
|
|
|
03/13/2025 |
|
|
|
91,757 |
|
|
|
2,713 |
|
|
LME
Lead Forward |
|
|
(1) |
|
|
|
03/14/2025 |
|
|
|
91,769 |
|
|
|
563 |
|
|
LME
Lead Forward |
|
|
(53) |
|
|
|
03/17/2025 |
|
|
|
4,864,408 |
|
|
|
70,185 |
|
|
LME
Lead Forward |
|
|
(3) |
|
|
|
03/20/2025 |
|
|
|
275,537 |
|
|
|
2,749 |
|
|
LME
Lead Forward |
|
|
(18) |
|
|
|
03/27/2025 |
|
|
|
1,654,840 |
|
|
|
(1,039 |
) |
|
LME
Lead Forward |
|
|
(2) |
|
|
|
03/31/2025 |
|
|
|
183,923 |
|
|
|
(420 |
) |
|
LME
Lead Forward |
|
|
(3) |
|
|
|
04/01/2025 |
|
|
|
275,924 |
|
|
|
830 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/03/2025 |
|
|
|
184,057 |
|
|
|
(367 |
) |
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/04/2025 |
|
|
|
184,084 |
|
|
|
590 |
|
|
LME
Lead Forward |
|
|
(4) |
|
|
|
04/07/2025 |
|
|
|
368,223 |
|
|
|
1,191 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/08/2025 |
|
|
|
184,138 |
|
|
|
602 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/10/2025 |
|
|
|
184,186 |
|
|
|
77 |
|
|
LME
Lead Forward |
|
|
(3) |
|
|
|
04/11/2025 |
|
|
|
276,298 |
|
|
|
431 |
|
|
LME
Lead Forward |
|
|
(57) |
|
|
|
04/14/2025 |
|
|
|
5,249,656 |
|
|
|
19,149 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/15/2025 |
|
|
|
184,231 |
|
|
|
1,007 |
|
|
LME
Lead Forward |
|
|
(7) |
|
|
|
04/16/2025 |
|
|
|
645,388 |
|
|
|
1,469 |
|
|
LME
Lead Forward |
|
|
(1) |
|
|
|
04/17/2025 |
|
|
|
92,215 |
|
|
|
1,805 |
|
|
LME
Lead Forward |
|
|
(4) |
|
|
|
04/22/2025 |
|
|
|
368,925 |
|
|
|
5,541 |
|
|
LME
Lead Forward |
|
|
(5) |
|
|
|
04/24/2025 |
|
|
|
461,487 |
|
|
|
3,885 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/25/2025 |
|
|
|
184,623 |
|
|
|
747 |
|
|
LME
Lead Forward |
|
|
(2) |
|
|
|
04/28/2025 |
|
|
|
184,652 |
|
|
|
148 |
|
|
LME
Lead Forward |
|
|
(6) |
|
|
|
04/30/2025 |
|
|
|
554,129 |
|
|
|
(10,769 |
) |
|
LME
Lead Forward |
|
|
(5) |
|
|
|
05/01/2025 |
|
|
|
462,061 |
|
|
|
(4,861 |
) |
|
LME
Lead Forward |
|
|
(1) |
|
|
|
05/02/2025 |
|
|
|
92,427 |
|
|
|
68 |
|
|
LME
Lead Forward |
|
|
(1) |
|
|
|
05/08/2025 |
|
|
|
92,481 |
|
|
|
(321 |
) |
|
LME
Lead Forward |
|
|
(54) |
|
|
|
05/19/2025 |
|
|
|
4,998,484 |
|
|
|
18,698 |
|
|
LME
Lead Forward |
|
|
(14) |
|
|
|
05/21/2025 |
|
|
|
1,295,965 |
|
|
|
5,752 |
|
|
LME
Lead Forward |
|
|
(1) |
|
|
|
05/22/2025 |
|
|
|
92,581 |
|
|
|
(391 |
) |
|
LME
Nickel Forward |
|
|
(4) |
|
|
|
03/03/2025 |
|
|
|
196,752 |
|
|
|
(3,670 |
) |
|
LME
Nickel Forward |
|
|
(10) |
|
|
|
03/03/2025 |
|
|
|
497,315 |
|
|
|
(14,502 |
) |
|
LME
Nickel Forward |
|
|
(6) |
|
|
|
03/04/2025 |
|
|
|
295,203 |
|
|
|
(5,253 |
) |
|
LME
Nickel Forward |
|
|
(5) |
|
|
|
03/04/2025 |
|
|
|
245,878 |
|
|
|
(4,550 |
) |
|
LME
Nickel Forward |
|
|
(10) |
|
|
|
03/06/2025 |
|
|
|
492,442 |
|
|
|
(8,568 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
13
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Nickel Forward |
|
|
(4) |
|
|
|
03/07/2025 |
|
|
$ |
197,031 |
|
|
$ |
(156 |
) |
|
LME
Nickel Forward |
|
|
(3) |
|
|
|
03/10/2025 |
|
|
|
147,814 |
|
|
|
(2,277 |
) |
|
LME
Nickel Forward |
|
|
(6) |
|
|
|
03/11/2025 |
|
|
|
295,710 |
|
|
|
(191 |
) |
|
LME
Nickel Forward |
|
|
(10) |
|
|
|
03/13/2025 |
|
|
|
493,243 |
|
|
|
1,595 |
|
|
LME
Nickel Forward |
|
|
(5) |
|
|
|
03/14/2025 |
|
|
|
246,660 |
|
|
|
128 |
|
|
LME
Nickel Forward |
|
|
(62) |
|
|
|
03/17/2025 |
|
|
|
3,059,049 |
|
|
|
(14,883 |
) |
|
LME
Nickel Forward |
|
|
(5) |
|
|
|
03/18/2025 |
|
|
|
246,713 |
|
|
|
(300 |
) |
|
LME
Nickel Forward |
|
|
(10) |
|
|
|
03/20/2025 |
|
|
|
493,550 |
|
|
|
4,563 |
|
|
LME
Nickel Forward |
|
|
(1) |
|
|
|
03/25/2025 |
|
|
|
49,371 |
|
|
|
(596 |
) |
|
LME
Nickel Forward |
|
|
(3) |
|
|
|
04/03/2025 |
|
|
|
148,397 |
|
|
|
(2,109 |
) |
|
LME
Nickel Forward |
|
|
(4) |
|
|
|
04/04/2025 |
|
|
|
197,901 |
|
|
|
(3,264 |
) |
|
LME
Nickel Forward |
|
|
(2) |
|
|
|
04/07/2025 |
|
|
|
99,001 |
|
|
|
(2,563 |
) |
|
LME
Nickel Forward |
|
|
(7) |
|
|
|
04/08/2025 |
|
|
|
346,677 |
|
|
|
(4,933 |
) |
|
LME
Nickel Forward |
|
|
(1) |
|
|
|
04/10/2025 |
|
|
|
49,600 |
|
|
|
(1,009 |
) |
|
LME
Nickel Forward |
|
|
(1) |
|
|
|
04/11/2025 |
|
|
|
49,619 |
|
|
|
(1,019 |
) |
|
LME
Nickel Forward |
|
|
(62) |
|
|
|
04/14/2025 |
|
|
|
3,078,316 |
|
|
|
(50,297 |
) |
|
LME
Nickel Forward |
|
|
(12) |
|
|
|
04/22/2025 |
|
|
|
595,494 |
|
|
|
(11,694 |
) |
|
LME
Nickel Forward |
|
|
(19) |
|
|
|
04/24/2025 |
|
|
|
943,421 |
|
|
|
(18,996 |
) |
|
LME
Nickel Forward |
|
|
(1) |
|
|
|
04/25/2025 |
|
|
|
49,661 |
|
|
|
(461 |
) |
|
LME
Nickel Forward |
|
|
(2) |
|
|
|
05/01/2025 |
|
|
|
99,424 |
|
|
|
(99 |
) |
|
LME
Nickel Forward |
|
|
(8) |
|
|
|
05/08/2025 |
|
|
|
398,006 |
|
|
|
(1,206 |
) |
|
LME
Nickel Forward |
|
|
(2) |
|
|
|
05/09/2025 |
|
|
|
99,514 |
|
|
|
(289 |
) |
|
LME
Nickel Forward |
|
|
(6) |
|
|
|
05/12/2025 |
|
|
|
298,609 |
|
|
|
(897 |
) |
|
LME
Nickel Forward |
|
|
(2) |
|
|
|
05/14/2025 |
|
|
|
99,580 |
|
|
|
(330 |
) |
|
LME
Nickel Forward |
|
|
(10) |
|
|
|
05/15/2025 |
|
|
|
498,230 |
|
|
|
(2,049 |
) |
|
LME
Nickel Forward |
|
|
(3) |
|
|
|
05/16/2025 |
|
|
|
149,501 |
|
|
|
(495 |
) |
|
LME
Nickel Forward |
|
|
(65) |
|
|
|
05/19/2025 |
|
|
|
3,239,909 |
|
|
|
(3,244 |
) |
|
LME
Nickel Forward |
|
|
(7) |
|
|
|
05/21/2025 |
|
|
|
348,301 |
|
|
|
2,042 |
|
|
LME
Tin Forward |
|
|
(1) |
|
|
|
03/13/2025 |
|
|
|
155,835 |
|
|
|
(9,660 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
03/18/2025 |
|
|
|
155,865 |
|
|
|
(10,675 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
03/20/2025 |
|
|
|
155,886 |
|
|
|
(11,786 |
) |
|
LME
Tin Forward |
|
|
(3) |
|
|
|
03/27/2025 |
|
|
|
468,025 |
|
|
|
(36,325 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/03/2025 |
|
|
|
156,160 |
|
|
|
12,200 |
|
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/04/2025 |
|
|
|
156,160 |
|
|
|
(5,616 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/07/2025 |
|
|
|
156,160 |
|
|
|
(5,628 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/08/2025 |
|
|
|
156,160 |
|
|
|
12,146 |
|
|
LME
Tin Forward |
|
|
(3) |
|
|
|
04/10/2025 |
|
|
|
468,480 |
|
|
|
941 |
|
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/15/2025 |
|
|
|
156,173 |
|
|
|
(5,668 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/16/2025 |
|
|
|
156,235 |
|
|
|
(5,705 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/17/2025 |
|
|
|
156,198 |
|
|
|
(6,548 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
04/24/2025 |
|
|
|
156,160 |
|
|
|
(8,760 |
) |
|
LME
Tin Forward |
|
|
(1) |
|
|
|
05/16/2025 |
|
|
|
156,550 |
|
|
|
5,570 |
|
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
03/03/2025 |
|
|
|
138,178 |
|
|
|
8,392 |
|
|
LME
Zinc Forward |
|
|
(6) |
|
|
|
03/03/2025 |
|
|
|
416,664 |
|
|
|
18,086 |
|
|
LME
Zinc Forward |
|
|
(5) |
|
|
|
03/04/2025 |
|
|
|
345,541 |
|
|
|
(1,786 |
) |
|
LME
Zinc Forward |
|
|
(5) |
|
|
|
03/06/2025 |
|
|
|
345,816 |
|
|
|
18,176 |
|
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
03/07/2025 |
|
|
|
138,341 |
|
|
|
(725 |
) |
|
LME
Zinc Forward |
|
|
(3) |
|
|
|
03/10/2025 |
|
|
|
207,533 |
|
|
|
13,050 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
03/11/2025 |
|
|
|
69,185 |
|
|
|
5,250 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
03/14/2025 |
|
|
|
69,221 |
|
|
|
5,335 |
|
|
LME
Zinc Forward |
|
|
(93) |
|
|
|
03/17/2025 |
|
|
|
6,438,250 |
|
|
|
262,495 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
14
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
03/18/2025 |
|
|
$ |
69,240 |
|
|
$ |
5,023 |
|
|
LME
Zinc Forward |
|
|
(9) |
|
|
|
03/20/2025 |
|
|
|
623,578 |
|
|
|
43,673 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
03/25/2025 |
|
|
|
69,321 |
|
|
|
6,354 |
|
|
LME
Zinc Forward |
|
|
(7) |
|
|
|
03/27/2025 |
|
|
|
485,559 |
|
|
|
(2,434 |
) |
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
03/31/2025 |
|
|
|
69,388 |
|
|
|
4,575 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
04/01/2025 |
|
|
|
69,407 |
|
|
|
2,969 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
04/03/2025 |
|
|
|
69,481 |
|
|
|
3,731 |
|
|
LME
Zinc Forward |
|
|
(9) |
|
|
|
04/04/2025 |
|
|
|
625,502 |
|
|
|
11,310 |
|
|
LME
Zinc Forward |
|
|
(4) |
|
|
|
04/07/2025 |
|
|
|
278,076 |
|
|
|
6,537 |
|
|
LME
Zinc Forward |
|
|
(3) |
|
|
|
04/08/2025 |
|
|
|
208,570 |
|
|
|
7,993 |
|
|
LME
Zinc Forward |
|
|
(7) |
|
|
|
04/10/2025 |
|
|
|
486,778 |
|
|
|
15,372 |
|
|
LME
Zinc Forward |
|
|
(4) |
|
|
|
04/11/2025 |
|
|
|
278,176 |
|
|
|
4,374 |
|
|
LME
Zinc Forward |
|
|
(151) |
|
|
|
04/14/2025 |
|
|
|
10,501,144 |
|
|
|
193,398 |
|
|
LME
Zinc Forward |
|
|
(3) |
|
|
|
04/15/2025 |
|
|
|
208,618 |
|
|
|
10,370 |
|
|
LME
Zinc Forward |
|
|
(3) |
|
|
|
04/16/2025 |
|
|
|
208,604 |
|
|
|
710 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
04/22/2025 |
|
|
|
69,525 |
|
|
|
1,588 |
|
|
LME
Zinc Forward |
|
|
(6) |
|
|
|
04/24/2025 |
|
|
|
417,264 |
|
|
|
4,723 |
|
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
04/25/2025 |
|
|
|
139,106 |
|
|
|
(1,119 |
) |
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
04/30/2025 |
|
|
|
139,162 |
|
|
|
(1,487 |
) |
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
05/01/2025 |
|
|
|
139,263 |
|
|
|
1,225 |
|
|
LME
Zinc Forward |
|
|
(1) |
|
|
|
05/14/2025 |
|
|
|
69,770 |
|
|
|
1,517 |
|
|
LME
Zinc Forward |
|
|
(106) |
|
|
|
05/19/2025 |
|
|
|
7,402,059 |
|
|
|
118,203 |
|
|
LME
Zinc Forward |
|
|
(19) |
|
|
|
05/21/2025 |
|
|
|
1,326,509 |
|
|
|
62,140 |
|
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
05/22/2025 |
|
|
|
139,632 |
|
|
|
1,518 |
|
|
LME
Zinc Forward |
|
|
(2) |
|
|
|
05/28/2025 |
|
|
|
139,650 |
|
|
|
500 |
|
|
London
Metals - Aluminum(a) |
|
|
(1,435) |
|
|
|
03/17/2025 |
|
|
|
94,022,635 |
|
|
|
(833,277 |
) |
|
London
Metals - Aluminum(a) |
|
|
(18) |
|
|
|
04/14/2025 |
|
|
|
1,174,766 |
|
|
|
15,433 |
|
|
London
Metals - Aluminum(a) |
|
|
(56) |
|
|
|
06/16/2025 |
|
|
|
3,651,970 |
|
|
|
42,421 |
|
|
London
Metals - Copper(a) |
|
|
(450) |
|
|
|
03/17/2025 |
|
|
|
105,289,425 |
|
|
|
(2,860,731 |
) |
|
London
Metals - Copper(a) |
|
|
(78) |
|
|
|
06/16/2025 |
|
|
|
18,264,519 |
|
|
|
67,169 |
|
|
London
Metals - Lead(a) |
|
|
(696) |
|
|
|
03/17/2025 |
|
|
|
34,340,292 |
|
|
|
601,011 |
|
|
London
Metals - Lead(a) |
|
|
(137) |
|
|
|
04/14/2025 |
|
|
|
6,802,084 |
|
|
|
(75,339 |
) |
|
London
Metals - Lead(a) |
|
|
(62) |
|
|
|
05/19/2025 |
|
|
|
3,090,375 |
|
|
|
(4,141 |
) |
|
London
Metals - Lead(a) |
|
|
(381) |
|
|
|
06/16/2025 |
|
|
|
19,027,235 |
|
|
|
(73,331 |
) |
|
London
Metals - Nickel(a) |
|
|
(274) |
|
|
|
03/17/2025 |
|
|
|
25,148,071 |
|
|
|
988,943 |
|
|
London
Metals - Nickel(a) |
|
|
(49) |
|
|
|
04/14/2025 |
|
|
|
4,512,862 |
|
|
|
37,361 |
|
|
London
Metals - Nickel(a) |
|
|
(177) |
|
|
|
06/16/2025 |
|
|
|
16,447,289 |
|
|
|
(59,523 |
) |
|
London
Metals - Tin(a) |
|
|
(4) |
|
|
|
03/17/2025 |
|
|
|
623,460 |
|
|
|
(44,975 |
) |
|
London
Metals - Zinc(a) |
|
|
(431) |
|
|
|
03/17/2025 |
|
|
|
29,837,483 |
|
|
|
1,312,309 |
|
|
London
Metals - Zinc(a) |
|
|
(107) |
|
|
|
06/16/2025 |
|
|
|
7,486,389 |
|
|
|
78,870 |
|
|
Long
Gilt |
|
|
(1,527) |
|
|
|
06/26/2025 |
|
|
|
179,460,628 |
|
|
|
(1,590,883 |
) |
|
Low
Sulphur Gas Oil |
|
|
(62) |
|
|
|
04/10/2025 |
|
|
|
4,200,500 |
|
|
|
10,353 |
|
|
Low
Sulphur Gas Oil |
|
|
(6) |
|
|
|
05/12/2025 |
|
|
|
401,550 |
|
|
|
8,125 |
|
|
Low
Sulphur Gas Oil |
|
|
(3) |
|
|
|
06/12/2025 |
|
|
|
199,050 |
|
|
|
650 |
|
|
Low
Sulphur Gas Oil |
|
|
(7) |
|
|
|
07/10/2025 |
|
|
|
462,350 |
|
|
|
500 |
|
|
Mexican
Peso/US Dollar Cross Currency Rate |
|
|
(789) |
|
|
|
03/17/2025 |
|
|
|
19,125,360 |
|
|
|
75,270 |
|
|
Micro
EUR/USD |
|
|
(14) |
|
|
|
03/17/2025 |
|
|
|
181,562 |
|
|
|
2,045 |
|
|
Milling
Wheat No. 2 |
|
|
(322) |
|
|
|
05/12/2025 |
|
|
|
3,824,625 |
|
|
|
80,966 |
|
|
Milling
Wheat No. 2 |
|
|
(14) |
|
|
|
09/10/2025 |
|
|
|
167,196 |
|
|
|
921 |
|
|
Nasdaq
100 Index |
|
|
(46) |
|
|
|
03/21/2025 |
|
|
|
19,245,940 |
|
|
|
183,770 |
|
|
Natural
Gas |
|
|
(63) |
|
|
|
03/27/2025 |
|
|
|
2,415,420 |
|
|
|
(167,360 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
15
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
New
Zealand Dollar/US Dollar Cross Currency Rate |
|
|
(652) |
|
|
|
03/17/2025 |
|
|
$ |
36,443,540 |
|
|
$ |
1,037,704 |
|
|
Nifty
50 Index |
|
|
(422) |
|
|
|
03/27/2025 |
|
|
|
18,795,880 |
|
|
|
368,435 |
|
|
Nikkei
225 CME Index |
|
|
(1) |
|
|
|
03/13/2025 |
|
|
|
188,025 |
|
|
|
(1,700 |
) |
|
Nikkei
225 Mini Index |
|
|
(75) |
|
|
|
03/13/2025 |
|
|
|
1,848,906 |
|
|
|
20,311 |
|
|
Nikkei
225 OSE Index |
|
|
(49) |
|
|
|
03/13/2025 |
|
|
|
12,079,516 |
|
|
|
333,278 |
|
|
Nikkei
225 SGX Index |
|
|
(452) |
|
|
|
03/13/2025 |
|
|
|
55,751,221 |
|
|
|
641,078 |
|
|
Nikkei
225 Yen Index |
|
|
(70) |
|
|
|
03/13/2025 |
|
|
|
8,739,828 |
|
|
|
113,817 |
|
|
NY
Harbor ULSD |
|
|
(40) |
|
|
|
03/31/2025 |
|
|
|
3,889,200 |
|
|
|
12,503 |
|
|
NY
Harbor ULSD |
|
|
(4) |
|
|
|
04/30/2025 |
|
|
|
379,848 |
|
|
|
1,205 |
|
|
NY
Harbor ULSD |
|
|
(3) |
|
|
|
05/30/2025 |
|
|
|
280,312 |
|
|
|
1,113 |
|
|
Oats |
|
|
(3) |
|
|
|
05/14/2025 |
|
|
|
55,350 |
|
|
|
(2,863 |
) |
|
OMXS30
Index |
|
|
(302) |
|
|
|
03/21/2025 |
|
|
|
7,649,502 |
|
|
|
25,699 |
|
|
Palladium |
|
|
(48) |
|
|
|
06/26/2025 |
|
|
|
4,377,120 |
|
|
|
163,140 |
|
|
Phelix
DE Base Yearly |
|
|
(1) |
|
|
|
12/29/2025 |
|
|
|
768,507 |
|
|
|
545 |
|
|
Platinum |
|
|
(35) |
|
|
|
04/28/2025 |
|
|
|
1,641,325 |
|
|
|
42,430 |
|
|
Red
Spring Wheat |
|
|
(89) |
|
|
|
05/14/2025 |
|
|
|
2,659,988 |
|
|
|
95,100 |
|
|
Red
Spring Wheat |
|
|
(28) |
|
|
|
07/14/2025 |
|
|
|
855,400 |
|
|
|
46,625 |
|
|
Reformulated
Gasoline Blendstock |
|
|
(209) |
|
|
|
03/31/2025 |
|
|
|
19,507,349 |
|
|
|
(14,270 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
(1) |
|
|
|
04/30/2025 |
|
|
|
93,517 |
|
|
|
(143 |
) |
|
Rough
Rice |
|
|
(48) |
|
|
|
05/14/2025 |
|
|
|
1,296,480 |
|
|
|
45,680 |
|
|
Russell
2000 Index |
|
|
(201) |
|
|
|
03/21/2025 |
|
|
|
21,761,265 |
|
|
|
90,993 |
|
|
S&P
500 Index |
|
|
(318) |
|
|
|
03/21/2025 |
|
|
|
94,815,675 |
|
|
|
648,434 |
|
|
S&P
Mid Cap 400 Index |
|
|
(9) |
|
|
|
03/21/2025 |
|
|
|
2,789,730 |
|
|
|
(1,780 |
) |
|
SGX
FTSE Taiwan Index |
|
|
(191) |
|
|
|
03/28/2025 |
|
|
|
14,284,890 |
|
|
|
138,490 |
|
|
SGX
TSI Iron Ore |
|
|
(17) |
|
|
|
04/30/2025 |
|
|
|
174,148 |
|
|
|
1,297 |
|
|
Silver |
|
|
(30) |
|
|
|
05/28/2025 |
|
|
|
4,724,400 |
|
|
|
59,985 |
|
|
Soybean
Meal |
|
|
(1,152) |
|
|
|
05/14/2025 |
|
|
|
34,583,040 |
|
|
|
638,662 |
|
|
Soybean
Meal |
|
|
(152) |
|
|
|
07/14/2025 |
|
|
|
4,674,000 |
|
|
|
86,190 |
|
|
Soybeans |
|
|
(531) |
|
|
|
05/14/2025 |
|
|
|
27,233,662 |
|
|
|
720,247 |
|
|
Soybeans |
|
|
(526) |
|
|
|
07/14/2025 |
|
|
|
27,352,000 |
|
|
|
292,238 |
|
|
Soybeans |
|
|
(84) |
|
|
|
11/14/2025 |
|
|
|
4,323,900 |
|
|
|
68,813 |
|
|
Sugar
#11 |
|
|
(317) |
|
|
|
04/30/2025 |
|
|
|
6,575,341 |
|
|
|
(19,898 |
) |
|
Sugar
#11 |
|
|
(33) |
|
|
|
06/30/2025 |
|
|
|
669,715 |
|
|
|
(30,856 |
) |
|
Swiss
Franc/US Dollar Cross Currency Rate |
|
|
(274) |
|
|
|
03/17/2025 |
|
|
|
37,971,263 |
|
|
|
366,560 |
|
|
TOPIX
Index |
|
|
(27) |
|
|
|
03/13/2025 |
|
|
|
4,799,681 |
|
|
|
38,795 |
|
|
Turkish
Dollar |
|
|
(396) |
|
|
|
03/28/2025 |
|
|
|
405,825 |
|
|
|
755 |
|
|
U.S.
Treasury 10 Year Notes |
|
|
(972) |
|
|
|
06/18/2025 |
|
|
|
107,983,125 |
|
|
|
(974,368 |
) |
|
U.S.
Treasury 2 Year Notes |
|
|
(1,393) |
|
|
|
06/30/2025 |
|
|
|
288,307,469 |
|
|
|
(904,609 |
) |
|
U.S.
Treasury 5 Year Note |
|
|
(1,469) |
|
|
|
06/30/2025 |
|
|
|
158,560,188 |
|
|
|
(1,102,788 |
) |
|
U.S.
Treasury Long Bonds |
|
|
(497) |
|
|
|
06/18/2025 |
|
|
|
58,692,594 |
|
|
|
(735,335 |
) |
|
U.S.
Treasury Ultra Bonds |
|
|
(238) |
|
|
|
06/18/2025 |
|
|
|
29,541,750 |
|
|
|
(502,680 |
) |
|
US
3 Year Notes |
|
|
(19) |
|
|
|
06/30/2025 |
|
|
|
4,004,695 |
|
|
|
(25,531 |
) |
|
US
Cocoa |
|
|
(4) |
|
|
|
05/14/2025 |
|
|
|
364,960 |
|
|
|
(14,180 |
) |
|
US
Dollar/Swedish Krona Cross Currency Rate |
|
|
(4) |
|
|
|
03/17/2025 |
|
|
|
399,786 |
|
|
|
(2,726 |
) |
|
Wheat |
|
|
(760) |
|
|
|
05/14/2025 |
|
|
|
21,118,500 |
|
|
|
934,684 |
|
|
Wheat |
|
|
(319) |
|
|
|
07/14/2025 |
|
|
|
9,079,537 |
|
|
|
92,300 |
|
|
Wheat |
|
|
(2) |
|
|
|
12/12/2025 |
|
|
|
60,450 |
|
|
|
38 |
|
|
White
Sugar |
|
|
(36) |
|
|
|
04/15/2025 |
|
|
|
958,680 |
|
|
|
(47,725 |
) |
|
White
Sugar |
|
|
(40) |
|
|
|
07/16/2025 |
|
|
|
1,028,800 |
|
|
|
(45,320 |
) |
|
White
Sugar |
|
|
(6) |
|
|
|
09/15/2025 |
|
|
|
151,710 |
|
|
|
8,150 |
|
|
WTI
Light Sweet Crude Oil |
|
|
(1) |
|
|
|
07/21/2025 |
|
|
|
67,860 |
|
|
|
(110 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
16
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
WTI
Light Sweet Crude Oil |
|
|
(5) |
|
|
|
03/19/2025 |
|
|
$ |
348,800 |
|
|
$ |
(980 |
) |
|
WTI
Light Sweet Crude Oil |
|
|
(3) |
|
|
|
04/21/2025 |
|
|
|
208,020 |
|
|
|
410 |
|
|
WTI
Light Sweet Crude Oil |
|
|
(1) |
|
|
|
05/19/2025 |
|
|
|
68,870 |
|
|
|
410 |
|
|
WTI
Light Sweet Crude Oil |
|
|
(1) |
|
|
|
06/18/2025 |
|
|
|
68,380 |
|
|
|
(470 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,035,377 |
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
946,908 |
|
|
(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 consolidated financial statements.
17
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
Forward
foreign currency contracts outstanding as of February 28, 2025 were as follows:
|
Settlement
Date |
Currency
Purchased |
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/03/2025 |
AUD |
|
|
7,800,000 |
|
|
|
|
|
CAD |
|
|
7,054,195 |
|
|
|
|
|
Bank
of America |
|
$ |
(36,473 |
) |
|
03/04/2025 |
AUD |
|
|
13,800,000 |
|
|
|
|
|
CAD |
|
|
12,397,537 |
|
|
|
|
|
Bank
of America |
|
|
(7,467 |
) |
|
03/31/2025 |
AUD |
|
|
40,200,000 |
|
|
|
|
|
CAD |
|
|
36,278,711 |
|
|
|
|
|
Bank
of America |
|
|
(161,145 |
) |
|
03/04/2025 |
AUD |
|
|
1,256,634 |
|
|
|
|
|
EUR |
|
|
750,000 |
|
|
|
|
|
Bank
of America |
|
|
1,612 |
|
|
03/31/2025 |
AUD |
|
|
56,000,000 |
|
|
|
|
|
NZD |
|
|
62,256,921 |
|
|
|
|
|
Bank
of America |
|
|
(104,296 |
) |
|
03/03/2025 |
AUD |
|
|
96,637,036 |
|
|
|
|
|
USD |
|
|
60,164,567 |
|
|
|
|
|
Bank
of America |
|
|
(199,799 |
) |
|
03/04/2025 |
AUD |
|
|
700,000 |
|
|
|
|
|
USD |
|
|
434,815 |
|
|
|
|
|
Bank
of America |
|
|
(451 |
) |
|
03/19/2025 |
AUD |
|
|
90,068,000 |
|
|
|
|
|
USD |
|
|
56,921,120 |
|
|
|
|
|
Bank
of America |
|
|
(1,025,517 |
) |
|
03/31/2025 |
AUD |
|
|
100,000 |
|
|
|
|
|
USD |
|
|
63,670 |
|
|
|
|
|
Bank
of America |
|
|
(1,604 |
) |
|
04/10/2025 |
AUD |
|
|
19,246,000 |
|
|
|
|
|
USD |
|
|
12,230,173 |
|
|
|
|
|
Bank
of America |
|
|
(284,249 |
) |
|
03/06/2025 |
BRL |
|
|
103,376,975 |
|
|
|
|
|
USD |
|
|
17,931,090 |
|
|
|
|
|
Bank
of America |
|
|
(394,898 |
) |
|
04/02/2025 |
BRL |
|
|
3,784,024 |
|
|
|
|
|
USD |
|
|
650,000 |
|
|
|
|
|
Bank
of America |
|
|
(12,246 |
) |
|
03/03/2025 |
CAD |
|
|
7,002,447 |
|
|
|
|
|
AUD |
|
|
7,800,000 |
|
|
|
|
|
Bank
of America |
|
|
700 |
|
|
03/31/2025 |
CAD |
|
|
10,196,588 |
|
|
|
|
|
AUD |
|
|
11,400,000 |
|
|
|
|
|
Bank
of America |
|
|
(17,571 |
) |
|
03/03/2025 |
CAD |
|
|
1,126,646 |
|
|
|
|
|
EUR |
|
|
750,000 |
|
|
|
|
|
Bank
of America |
|
|
719 |
|
|
03/31/2025 |
CAD |
|
|
4,645,778 |
|
|
|
|
|
EUR |
|
|
3,125,000 |
|
|
|
|
|
Bank
of America |
|
|
(31,293 |
) |
|
03/03/2025 |
CAD |
|
|
1,800,000 |
|
|
|
|
|
JPY |
|
|
187,390,612 |
|
|
|
|
|
Bank
of America |
|
|
(927 |
) |
|
03/03/2025 |
CAD |
|
|
2,597,285 |
|
|
|
|
|
USD |
|
|
1,799,443 |
|
|
|
|
|
Bank
of America |
|
|
(3,967 |
) |
|
03/19/2025 |
CAD |
|
|
41,795,086 |
|
|
|
|
|
USD |
|
|
29,352,581 |
|
|
|
|
|
Bank
of America |
|
|
(439,147 |
) |
|
03/31/2025 |
CAD |
|
|
4,700,000 |
|
|
|
|
|
USD |
|
|
3,293,246 |
|
|
|
|
|
Bank
of America |
|
|
(40,005 |
) |
|
04/10/2025 |
CAD |
|
|
71,499,000 |
|
|
|
|
|
USD |
|
|
50,256,032 |
|
|
|
|
|
Bank
of America |
|
|
(741,617 |
) |
|
03/19/2025 |
CHF |
|
|
4,598,632 |
|
|
|
|
|
EUR |
|
|
4,900,000 |
|
|
|
|
|
Bank
of America |
|
|
16,378 |
|
|
03/31/2025 |
CHF |
|
|
15,339,966 |
|
|
|
|
|
EUR |
|
|
16,250,000 |
|
|
|
|
|
Bank
of America |
|
|
167,355 |
|
|
03/31/2025 |
CHF |
|
|
5,000,000 |
|
|
|
|
|
JPY |
|
|
848,322,300 |
|
|
|
|
|
Bank
of America |
|
|
(98,119 |
) |
|
03/03/2025 |
CHF |
|
|
55,714,728 |
|
|
|
|
|
USD |
|
|
61,832,957 |
|
|
|
|
|
Bank
of America |
|
|
(109,225 |
) |
|
03/19/2025 |
CHF |
|
|
31,533,581 |
|
|
|
|
|
USD |
|
|
35,294,243 |
|
|
|
|
|
Bank
of America |
|
|
(292,980 |
) |
|
03/31/2025 |
CHF |
|
|
3,375,000 |
|
|
|
|
|
USD |
|
|
3,762,005 |
|
|
|
|
|
Bank
of America |
|
|
(10,386 |
) |
|
03/03/2025 |
CLP |
|
|
296,150,490 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
Bank
of America |
|
|
8,505 |
|
|
03/04/2025 |
CLP |
|
|
283,961,660 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
Bank
of America |
|
|
(4,197 |
) |
|
03/05/2025 |
CLP |
|
|
196,879,660 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
5,086 |
|
|
03/13/2025 |
CLP |
|
|
382,758,770 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
Bank
of America |
|
|
(1,342 |
) |
|
03/19/2025 |
CLP |
|
|
7,611,190,547 |
|
|
|
|
|
USD |
|
|
8,000,000 |
|
|
|
|
|
Bank
of America |
|
|
(73,502 |
) |
|
03/31/2025 |
CLP |
|
|
188,695,660 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
(3,529 |
) |
|
04/04/2025 |
CLP |
|
|
190,097,660 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
(2,082 |
) |
|
03/19/2025 |
CNH |
|
|
36,238,666 |
|
|
|
|
|
USD |
|
|
5,000,000 |
|
|
|
|
|
Bank
of America |
|
|
(26,291 |
) |
|
03/03/2025 |
COP |
|
|
416,572,000 |
|
|
|
|
|
USD |
|
|
101,525 |
|
|
|
|
|
Bank
of America |
|
|
(1,279 |
) |
|
03/04/2025 |
COP |
|
|
1,259,251,541 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
Bank
of America |
|
|
2,993 |
|
|
03/06/2025 |
COP |
|
|
1,666,013,264 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
Bank
of America |
|
|
758 |
|
|
03/07/2025 |
COP |
|
|
420,278,316 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
Bank
of America |
|
|
1,084 |
|
|
03/10/2025 |
COP |
|
|
1,666,969,902 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
Bank
of America |
|
|
766 |
|
|
03/12/2025 |
COP |
|
|
413,615,300 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
Bank
of America |
|
|
(588 |
) |
|
03/13/2025 |
COP |
|
|
413,712,500 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
Bank
of America |
|
|
(579 |
) |
|
03/18/2025 |
COP |
|
|
420,029,316 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
Bank
of America |
|
|
869 |
|
|
03/19/2025 |
COP |
|
|
34,621,873,893 |
|
|
|
|
|
USD |
|
|
8,300,000 |
|
|
|
|
|
Bank
of America |
|
|
13,208 |
|
|
03/19/2025 |
CZK |
|
|
124,356,434 |
|
|
|
|
|
EUR |
|
|
4,950,000 |
|
|
|
|
|
Bank
of America |
|
|
4,097 |
|
|
03/03/2025 |
CZK |
|
|
2,407,048 |
|
|
|
|
|
USD |
|
|
100,964 |
|
|
|
|
|
Bank
of America |
|
|
(1,429 |
) |
|
03/31/2025 |
CZK |
|
|
4,801,532 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
(1,338 |
) |
|
03/31/2025 |
EUR |
|
|
10,250,000 |
|
|
|
|
|
AUD |
|
|
17,055,312 |
|
|
|
|
|
Bank
of America |
|
|
64,752 |
|
|
03/03/2025 |
EUR |
|
|
750,000 |
|
|
|
|
|
CAD |
|
|
1,127,658 |
|
|
|
|
|
Bank
of America |
|
|
(1,418 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
18
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
Currency
Purchased |
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/04/2025 |
EUR |
|
|
750,000 |
|
|
|
|
|
CAD |
|
|
1,126,747 |
|
|
|
|
|
Bank
of America |
|
$ |
(786 |
) |
|
03/31/2025 |
EUR |
|
|
18,125,000 |
|
|
|
|
|
CAD |
|
|
27,016,597 |
|
|
|
|
|
Bank
of America |
|
|
132,294 |
|
|
03/19/2025 |
EUR |
|
|
2,950,000 |
|
|
|
|
|
CHF |
|
|
2,783,439 |
|
|
|
|
|
Bank
of America |
|
|
(26,371 |
) |
|
03/03/2025 |
EUR |
|
|
200,000 |
|
|
|
|
|
GBP |
|
|
165,124 |
|
|
|
|
|
Bank
of America |
|
|
(209 |
) |
|
03/19/2025 |
EUR |
|
|
1,000,000 |
|
|
|
|
|
GBP |
|
|
830,192 |
|
|
|
|
|
Bank
of America |
|
|
(5,893 |
) |
|
03/19/2025 |
EUR |
|
|
700,000 |
|
|
|
|
|
HUF |
|
|
284,182,425 |
|
|
|
|
|
Bank
of America |
|
|
(3,991 |
) |
|
03/31/2025 |
EUR |
|
|
3,000,000 |
|
|
|
|
|
HUF |
|
|
1,209,801,172 |
|
|
|
|
|
Bank
of America |
|
|
7,867 |
|
|
03/03/2025 |
EUR |
|
|
1,000,000 |
|
|
|
|
|
JPY |
|
|
156,361,203 |
|
|
|
|
|
Bank
of America |
|
|
(1,559 |
) |
|
03/19/2025 |
EUR |
|
|
2,400,000 |
|
|
|
|
|
JPY |
|
|
382,330,721 |
|
|
|
|
|
Bank
of America |
|
|
(53,400 |
) |
|
03/19/2025 |
EUR |
|
|
7,350,000 |
|
|
|
|
|
NOK |
|
|
85,991,573 |
|
|
|
|
|
Bank
of America |
|
|
(2,770 |
) |
|
03/31/2025 |
EUR |
|
|
11,375,000 |
|
|
|
|
|
NOK |
|
|
133,775,972 |
|
|
|
|
|
Bank
of America |
|
|
(58,314 |
) |
|
03/04/2025 |
EUR |
|
|
400,000 |
|
|
|
|
|
PLN |
|
|
1,678,972 |
|
|
|
|
|
Bank
of America |
|
|
19 |
|
|
03/31/2025 |
EUR |
|
|
1,300,000 |
|
|
|
|
|
PLN |
|
|
5,423,946 |
|
|
|
|
|
Bank
of America |
|
|
11,495 |
|
|
03/03/2025 |
EUR |
|
|
1,125,000 |
|
|
|
|
|
SEK |
|
|
12,584,585 |
|
|
|
|
|
Bank
of America |
|
|
(1,835 |
) |
|
03/03/2025 |
EUR |
|
|
169,288,334 |
|
|
|
|
|
USD |
|
|
176,142,240 |
|
|
|
|
|
Bank
of America |
|
|
(506,688 |
) |
|
03/04/2025 |
EUR |
|
|
1,100,000 |
|
|
|
|
|
USD |
|
|
1,145,246 |
|
|
|
|
|
Bank
of America |
|
|
(3,952 |
) |
|
03/19/2025 |
EUR |
|
|
97,784,000 |
|
|
|
|
|
USD |
|
|
102,318,147 |
|
|
|
|
|
Bank
of America |
|
|
(783,318 |
) |
|
03/31/2025 |
EUR |
|
|
375,000 |
|
|
|
|
|
USD |
|
|
392,740 |
|
|
|
|
|
Bank
of America |
|
|
(3,100 |
) |
|
04/10/2025 |
EUR |
|
|
37,485,000 |
|
|
|
|
|
USD |
|
|
39,287,904 |
|
|
|
|
|
Bank
of America |
|
|
(317,663 |
) |
|
03/04/2025 |
GBP |
|
|
125,000 |
|
|
|
|
|
AUD |
|
|
253,169 |
|
|
|
|
|
Bank
of America |
|
|
139 |
|
|
03/31/2025 |
GBP |
|
|
12,750,000 |
|
|
|
|
|
AUD |
|
|
25,378,193 |
|
|
|
|
|
Bank
of America |
|
|
286,047 |
|
|
03/31/2025 |
GBP |
|
|
2,750,000 |
|
|
|
|
|
CHF |
|
|
3,104,320 |
|
|
|
|
|
Bank
of America |
|
|
8,243 |
|
|
03/03/2025 |
GBP |
|
|
20,126,319 |
|
|
|
|
|
EUR |
|
|
24,353,476 |
|
|
|
|
|
Bank
of America |
|
|
50,051 |
|
|
03/04/2025 |
GBP |
|
|
330,347 |
|
|
|
|
|
EUR |
|
|
400,000 |
|
|
|
|
|
Bank
of America |
|
|
522 |
|
|
03/19/2025 |
GBP |
|
|
48,361,158 |
|
|
|
|
|
EUR |
|
|
58,050,000 |
|
|
|
|
|
Bank
of America |
|
|
554,113 |
|
|
03/31/2025 |
GBP |
|
|
19,550,907 |
|
|
|
|
|
EUR |
|
|
23,400,000 |
|
|
|
|
|
Bank
of America |
|
|
277,772 |
|
|
03/03/2025 |
GBP |
|
|
500,000 |
|
|
|
|
|
JPY |
|
|
94,701,617 |
|
|
|
|
|
Bank
of America |
|
|
(368 |
) |
|
03/31/2025 |
GBP |
|
|
4,750,000 |
|
|
|
|
|
JPY |
|
|
910,356,975 |
|
|
|
|
|
Bank
of America |
|
|
(95,084 |
) |
|
03/03/2025 |
GBP |
|
|
68,258,307 |
|
|
|
|
|
USD |
|
|
86,512,793 |
|
|
|
|
|
Bank
of America |
|
|
(651,590 |
) |
|
03/04/2025 |
GBP |
|
|
84,469,502 |
|
|
|
|
|
USD |
|
|
106,472,031 |
|
|
|
|
|
Bank
of America |
|
|
(219,176 |
) |
|
03/19/2025 |
GBP |
|
|
44,801,000 |
|
|
|
|
|
USD |
|
|
56,361,903 |
|
|
|
|
|
Bank
of America |
|
|
(9,214 |
) |
|
03/31/2025 |
GBP |
|
|
4,375,000 |
|
|
|
|
|
USD |
|
|
5,520,667 |
|
|
|
|
|
Bank
of America |
|
|
(17,748 |
) |
|
04/10/2025 |
GBP |
|
|
94,123,000 |
|
|
|
|
|
USD |
|
|
118,822,915 |
|
|
|
|
|
Bank
of America |
|
|
(438,040 |
) |
|
03/19/2025 |
HUF |
|
|
3,195,281,672 |
|
|
|
|
|
EUR |
|
|
7,900,000 |
|
|
|
|
|
Bank
of America |
|
|
14,389 |
|
|
03/31/2025 |
HUF |
|
|
202,055,271 |
|
|
|
|
|
EUR |
|
|
500,000 |
|
|
|
|
|
Bank
of America |
|
|
(227 |
) |
|
04/10/2025 |
HUF |
|
|
2,579,500,000 |
|
|
|
|
|
USD |
|
|
6,708,556 |
|
|
|
|
|
Bank
of America |
|
|
(82,664 |
) |
|
03/19/2025 |
IDR |
|
|
52,230,486,669 |
|
|
|
|
|
USD |
|
|
3,200,000 |
|
|
|
|
|
Bank
of America |
|
|
(51,959 |
) |
|
03/19/2025 |
ILS |
|
|
14,080,442 |
|
|
|
|
|
USD |
|
|
3,950,000 |
|
|
|
|
|
Bank
of America |
|
|
(46,560 |
) |
|
03/31/2025 |
ILS |
|
|
22,496,971 |
|
|
|
|
|
USD |
|
|
6,300,000 |
|
|
|
|
|
Bank
of America |
|
|
(61,977 |
) |
|
03/03/2025 |
INR |
|
|
921,449,036 |
|
|
|
|
|
USD |
|
|
10,600,000 |
|
|
|
|
|
Bank
of America |
|
|
(71,926 |
) |
|
03/04/2025 |
INR |
|
|
432,270,482 |
|
|
|
|
|
USD |
|
|
4,965,709 |
|
|
|
|
|
Bank
of America |
|
|
(27,138 |
) |
|
03/12/2025 |
INR |
|
|
2,429,596,762 |
|
|
|
|
|
USD |
|
|
27,839,622 |
|
|
|
|
|
Bank
of America |
|
|
(98,596 |
) |
|
03/13/2025 |
INR |
|
|
1,380,258,537 |
|
|
|
|
|
USD |
|
|
15,858,055 |
|
|
|
|
|
Bank
of America |
|
|
(99,499 |
) |
|
03/17/2025 |
INR |
|
|
600,787,417 |
|
|
|
|
|
USD |
|
|
6,896,020 |
|
|
|
|
|
Bank
of America |
|
|
(38,809 |
) |
|
03/18/2025 |
INR |
|
|
627,255,517 |
|
|
|
|
|
USD |
|
|
7,198,054 |
|
|
|
|
|
Bank
of America |
|
|
(39,277 |
) |
|
03/19/2025 |
INR |
|
|
391,662,923 |
|
|
|
|
|
USD |
|
|
4,500,000 |
|
|
|
|
|
Bank
of America |
|
|
(30,340 |
) |
|
03/31/2025 |
JPY |
|
|
1,097,335,060 |
|
|
|
|
|
AUD |
|
|
11,400,000 |
|
|
|
|
|
Bank
of America |
|
|
240,898 |
|
|
03/03/2025 |
JPY |
|
|
187,749,295 |
|
|
|
|
|
CAD |
|
|
1,800,000 |
|
|
|
|
|
Bank
of America |
|
|
3,311 |
|
|
03/04/2025 |
JPY |
|
|
208,477,524 |
|
|
|
|
|
CAD |
|
|
2,000,000 |
|
|
|
|
|
Bank
of America |
|
|
2,894 |
|
|
03/31/2025 |
JPY |
|
|
734,273,150 |
|
|
|
|
|
CAD |
|
|
7,000,000 |
|
|
|
|
|
Bank
of America |
|
|
50,414 |
|
|
03/04/2025 |
JPY |
|
|
41,700,476 |
|
|
|
|
|
CHF |
|
|
250,000 |
|
|
|
|
|
Bank
of America |
|
|
145 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
19
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
Currency
Purchased |
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/31/2025 |
JPY |
|
|
800,526,420 |
|
|
|
|
|
CHF |
|
|
4,750,000 |
|
|
|
|
|
Bank
of America |
|
$ |
57,344 |
|
|
03/03/2025 |
JPY |
|
|
177,236,693 |
|
|
|
|
|
EUR |
|
|
1,134,264 |
|
|
|
|
|
Bank
of America |
|
|
982 |
|
|
03/04/2025 |
JPY |
|
|
172,317,303 |
|
|
|
|
|
EUR |
|
|
1,100,000 |
|
|
|
|
|
Bank
of America |
|
|
3,918 |
|
|
03/19/2025 |
JPY |
|
|
2,405,866,621 |
|
|
|
|
|
EUR |
|
|
15,350,000 |
|
|
|
|
|
Bank
of America |
|
|
78,844 |
|
|
03/31/2025 |
JPY |
|
|
203,869,007 |
|
|
|
|
|
EUR |
|
|
1,300,000 |
|
|
|
|
|
Bank
of America |
|
|
8,516 |
|
|
03/03/2025 |
JPY |
|
|
94,728,635 |
|
|
|
|
|
GBP |
|
|
500,000 |
|
|
|
|
|
Bank
of America |
|
|
548 |
|
|
03/04/2025 |
JPY |
|
|
94,593,866 |
|
|
|
|
|
GBP |
|
|
500,000 |
|
|
|
|
|
Bank
of America |
|
|
(276 |
) |
|
03/31/2025 |
JPY |
|
|
450,219,647 |
|
|
|
|
|
GBP |
|
|
2,375,000 |
|
|
|
|
|
Bank
of America |
|
|
14,480 |
|
|
03/31/2025 |
JPY |
|
|
1,229,229,508 |
|
|
|
|
|
NZD |
|
|
14,200,000 |
|
|
|
|
|
Bank
of America |
|
|
244,419 |
|
|
03/03/2025 |
JPY |
|
|
6,322,931,223 |
|
|
|
|
|
USD |
|
|
42,344,974 |
|
|
|
|
|
Bank
of America |
|
|
(327,807 |
) |
|
03/04/2025 |
JPY |
|
|
6,224,696,327 |
|
|
|
|
|
USD |
|
|
41,661,513 |
|
|
|
|
|
Bank
of America |
|
|
(292,506 |
) |
|
03/19/2025 |
JPY |
|
|
12,196,562,478 |
|
|
|
|
|
USD |
|
|
80,594,739 |
|
|
|
|
|
Bank
of America |
|
|
606,856 |
|
|
03/31/2025 |
JPY |
|
|
187,500,000 |
|
|
|
|
|
USD |
|
|
1,250,836 |
|
|
|
|
|
Bank
of America |
|
|
(705 |
) |
|
04/10/2025 |
JPY |
|
|
2,279,100,000 |
|
|
|
|
|
USD |
|
|
15,281,079 |
|
|
|
|
|
Bank
of America |
|
|
(66,572 |
) |
|
03/04/2025 |
KRW |
|
|
145,216,237 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
Bank
of America |
|
|
(713 |
) |
|
03/05/2025 |
KRW |
|
|
22,381,963,000 |
|
|
|
|
|
USD |
|
|
15,415,426 |
|
|
|
|
|
Bank
of America |
|
|
(111,669 |
) |
|
03/13/2025 |
KRW |
|
|
21,599,219,875 |
|
|
|
|
|
USD |
|
|
15,000,000 |
|
|
|
|
|
Bank
of America |
|
|
(224,723 |
) |
|
03/18/2025 |
KRW |
|
|
286,568,000 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
(3,912 |
) |
|
03/19/2025 |
KRW |
|
|
7,349,394,505 |
|
|
|
|
|
USD |
|
|
5,100,000 |
|
|
|
|
|
Bank
of America |
|
|
(70,775 |
) |
|
03/21/2025 |
KRW |
|
|
21,789,482,001 |
|
|
|
|
|
USD |
|
|
15,200,000 |
|
|
|
|
|
Bank
of America |
|
|
(287,617 |
) |
|
03/19/2025 |
MXN |
|
|
337,642,723 |
|
|
|
|
|
USD |
|
|
16,458,268 |
|
|
|
|
|
Bank
of America |
|
|
(77,858 |
) |
|
04/10/2025 |
MXN |
|
|
64,190,000 |
|
|
|
|
|
USD |
|
|
3,142,825 |
|
|
|
|
|
Bank
of America |
|
|
(38,727 |
) |
|
03/19/2025 |
NOK |
|
|
383,549,628 |
|
|
|
|
|
EUR |
|
|
33,050,000 |
|
|
|
|
|
Bank
of America |
|
|
(264,547 |
) |
|
03/03/2025 |
NOK |
|
|
2,643,788 |
|
|
|
|
|
USD |
|
|
234,468 |
|
|
|
|
|
Bank
of America |
|
|
258 |
|
|
03/04/2025 |
NOK |
|
|
4,496,118 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
Bank
of America |
|
|
(819 |
) |
|
03/19/2025 |
NOK |
|
|
209,767,867 |
|
|
|
|
|
USD |
|
|
18,740,914 |
|
|
|
|
|
Bank
of America |
|
|
(116,814 |
) |
|
04/10/2025 |
NOK |
|
|
10,000 |
|
|
|
|
|
USD |
|
|
897 |
|
|
|
|
|
Bank
of America |
|
|
(9 |
) |
|
03/03/2025 |
NZD |
|
|
1,700,000 |
|
|
|
|
|
USD |
|
|
954,240 |
|
|
|
|
|
Bank
of America |
|
|
(2,787 |
) |
|
03/04/2025 |
NZD |
|
|
300,000 |
|
|
|
|
|
USD |
|
|
168,087 |
|
|
|
|
|
Bank
of America |
|
|
(181 |
) |
|
03/19/2025 |
NZD |
|
|
39,045,000 |
|
|
|
|
|
USD |
|
|
22,370,750 |
|
|
|
|
|
Bank
of America |
|
|
(512,103 |
) |
|
03/19/2025 |
PEN |
|
|
19,376,570 |
|
|
|
|
|
USD |
|
|
5,200,000 |
|
|
|
|
|
Bank
of America |
|
|
57,012 |
|
|
03/19/2025 |
PHP |
|
|
224,212,028 |
|
|
|
|
|
USD |
|
|
3,850,000 |
|
|
|
|
|
Bank
of America |
|
|
14,207 |
|
|
03/19/2025 |
PLN |
|
|
52,687,503 |
|
|
|
|
|
EUR |
|
|
12,550,000 |
|
|
|
|
|
Bank
of America |
|
|
(15,953 |
) |
|
03/31/2025 |
PLN |
|
|
15,466,688 |
|
|
|
|
|
EUR |
|
|
3,700,000 |
|
|
|
|
|
Bank
of America |
|
|
(25,480 |
) |
|
03/03/2025 |
PLN |
|
|
1,999,133 |
|
|
|
|
|
USD |
|
|
507,265 |
|
|
|
|
|
Bank
of America |
|
|
(13,115 |
) |
|
03/04/2025 |
PLN |
|
|
1,994,395 |
|
|
|
|
|
USD |
|
|
500,000 |
|
|
|
|
|
Bank
of America |
|
|
(7,039 |
) |
|
03/31/2025 |
PLN |
|
|
41,626,473 |
|
|
|
|
|
USD |
|
|
10,500,000 |
|
|
|
|
|
Bank
of America |
|
|
(221,765 |
) |
|
04/10/2025 |
PLN |
|
|
49,490,000 |
|
|
|
|
|
USD |
|
|
12,423,176 |
|
|
|
|
|
Bank
of America |
|
|
(208,122 |
) |
|
03/03/2025 |
SEK |
|
|
12,574,975 |
|
|
|
|
|
EUR |
|
|
1,125,000 |
|
|
|
|
|
Bank
of America |
|
|
943 |
|
|
03/04/2025 |
SEK |
|
|
12,577,813 |
|
|
|
|
|
EUR |
|
|
1,125,000 |
|
|
|
|
|
Bank
of America |
|
|
1,226 |
|
|
03/19/2025 |
SEK |
|
|
267,157,927 |
|
|
|
|
|
EUR |
|
|
23,800,000 |
|
|
|
|
|
Bank
of America |
|
|
129,364 |
|
|
03/31/2025 |
SEK |
|
|
218,578,603 |
|
|
|
|
|
EUR |
|
|
19,500,000 |
|
|
|
|
|
Bank
of America |
|
|
79,442 |
|
|
03/31/2025 |
SEK |
|
|
131,134,731 |
|
|
|
|
|
NOK |
|
|
136,500,000 |
|
|
|
|
|
Bank
of America |
|
|
84,027 |
|
|
03/03/2025 |
SEK |
|
|
8,422,770 |
|
|
|
|
|
USD |
|
|
789,865 |
|
|
|
|
|
Bank
of America |
|
|
(7,451 |
) |
|
03/04/2025 |
SEK |
|
|
14,730,556 |
|
|
|
|
|
USD |
|
|
1,371,431 |
|
|
|
|
|
Bank
of America |
|
|
(2,986 |
) |
|
03/19/2025 |
SEK |
|
|
221,172,592 |
|
|
|
|
|
USD |
|
|
20,691,693 |
|
|
|
|
|
Bank
of America |
|
|
(125,453 |
) |
|
03/31/2025 |
SEK |
|
|
26,664,267 |
|
|
|
|
|
USD |
|
|
2,500,000 |
|
|
|
|
|
Bank
of America |
|
|
(18,646 |
) |
|
03/03/2025 |
SGD |
|
|
13,749,512 |
|
|
|
|
|
USD |
|
|
10,254,811 |
|
|
|
|
|
Bank
of America |
|
|
(79,427 |
) |
|
03/19/2025 |
SGD |
|
|
1,738,153 |
|
|
|
|
|
USD |
|
|
1,300,000 |
|
|
|
|
|
Bank
of America |
|
|
(12,638 |
) |
|
03/28/2025 |
SGD |
|
|
17,078,828 |
|
|
|
|
|
USD |
|
|
12,700,000 |
|
|
|
|
|
Bank
of America |
|
|
(44,790 |
) |
|
03/19/2025 |
THB |
|
|
192,783,848 |
|
|
|
|
|
USD |
|
|
5,700,000 |
|
|
|
|
|
Bank
of America |
|
|
(50,991 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
20
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
Currency
Purchased |
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/05/2025 |
TWD |
|
|
219,642,722 |
|
|
|
|
|
USD |
|
|
6,700,000 |
|
|
|
|
|
Bank
of America |
|
$ |
(3,401 |
) |
|
03/06/2025 |
TWD |
|
|
6,551,700 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
(232 |
) |
|
03/18/2025 |
TWD |
|
|
9,828,600 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
Bank
of America |
|
|
21 |
|
|
03/19/2025 |
TWD |
|
|
59,230,463 |
|
|
|
|
|
USD |
|
|
1,800,000 |
|
|
|
|
|
Bank
of America |
|
|
8,199 |
|
|
03/24/2025 |
TWD |
|
|
16,363,804 |
|
|
|
|
|
USD |
|
|
500,000 |
|
|
|
|
|
Bank
of America |
|
|
(206 |
) |
|
04/07/2025 |
TWD |
|
|
6,557,073 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
Bank
of America |
|
|
507 |
|
|
03/03/2025 |
USD |
|
|
60,961,765 |
|
|
|
|
|
AUD |
|
|
96,637,036 |
|
|
|
|
|
Bank
of America |
|
|
996,997 |
|
|
03/04/2025 |
USD |
|
|
61,593,166 |
|
|
|
|
|
AUD |
|
|
98,937,036 |
|
|
|
|
|
Bank
of America |
|
|
200,750 |
|
|
03/19/2025 |
USD |
|
|
106,133,293 |
|
|
|
|
|
AUD |
|
|
168,501,000 |
|
|
|
|
|
Bank
of America |
|
|
1,562,690 |
|
|
03/31/2025 |
USD |
|
|
9,421,840 |
|
|
|
|
|
AUD |
|
|
15,000,000 |
|
|
|
|
|
Bank
of America |
|
|
112,058 |
|
|
03/06/2025 |
USD |
|
|
17,500,000 |
|
|
|
|
|
BRL |
|
|
103,421,186 |
|
|
|
|
|
Bank
of America |
|
|
(43,691 |
) |
|
04/02/2025 |
USD |
|
|
5,550,000 |
|
|
|
|
|
BRL |
|
|
32,091,621 |
|
|
|
|
|
Bank
of America |
|
|
141,324 |
|
|
03/03/2025 |
USD |
|
|
26,464,758 |
|
|
|
|
|
CAD |
|
|
38,202,837 |
|
|
|
|
|
Bank
of America |
|
|
55,526 |
|
|
03/19/2025 |
USD |
|
|
130,841,295 |
|
|
|
|
|
CAD |
|
|
186,102,176 |
|
|
|
|
|
Bank
of America |
|
|
2,097,621 |
|
|
03/31/2025 |
USD |
|
|
18,242,948 |
|
|
|
|
|
CAD |
|
|
25,800,000 |
|
|
|
|
|
Bank
of America |
|
|
384,731 |
|
|
04/10/2025 |
USD |
|
|
50,498,723 |
|
|
|
|
|
CAD |
|
|
71,499,000 |
|
|
|
|
|
Bank
of America |
|
|
984,308 |
|
|
03/03/2025 |
USD |
|
|
62,086,684 |
|
|
|
|
|
CHF |
|
|
55,714,728 |
|
|
|
|
|
Bank
of America |
|
|
362,953 |
|
|
03/04/2025 |
USD |
|
|
62,343,467 |
|
|
|
|
|
CHF |
|
|
56,167,422 |
|
|
|
|
|
Bank
of America |
|
|
111,249 |
|
|
03/19/2025 |
USD |
|
|
88,135,162 |
|
|
|
|
|
CHF |
|
|
78,501,832 |
|
|
|
|
|
Bank
of America |
|
|
1,000,647 |
|
|
03/31/2025 |
USD |
|
|
16,040,213 |
|
|
|
|
|
CHF |
|
|
14,500,000 |
|
|
|
|
|
Bank
of America |
|
|
(77,856 |
) |
|
04/10/2025 |
USD |
|
|
88,767,401 |
|
|
|
|
|
CHF |
|
|
79,589,000 |
|
|
|
|
|
Bank
of America |
|
|
189,154 |
|
|
03/03/2025 |
USD |
|
|
305,314 |
|
|
|
|
|
CLP |
|
|
296,150,490 |
|
|
|
|
|
Bank
of America |
|
|
(3,190 |
) |
|
03/04/2025 |
USD |
|
|
300,000 |
|
|
|
|
|
CLP |
|
|
294,667,790 |
|
|
|
|
|
Bank
of America |
|
|
(6,955 |
) |
|
03/05/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
197,511,000 |
|
|
|
|
|
Bank
of America |
|
|
(5,744 |
) |
|
03/13/2025 |
USD |
|
|
400,000 |
|
|
|
|
|
CLP |
|
|
383,908,000 |
|
|
|
|
|
Bank
of America |
|
|
145 |
|
|
03/19/2025 |
USD |
|
|
8,200,000 |
|
|
|
|
|
CLP |
|
|
7,939,908,701 |
|
|
|
|
|
Bank
of America |
|
|
(68,834 |
) |
|
03/20/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
189,908,000 |
|
|
|
|
|
Bank
of America |
|
|
2,228 |
|
|
03/31/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
190,654,200 |
|
|
|
|
|
Bank
of America |
|
|
1,490 |
|
|
03/19/2025 |
USD |
|
|
19,450,000 |
|
|
|
|
|
CNH |
|
|
141,937,351 |
|
|
|
|
|
Bank
of America |
|
|
(30,714 |
) |
|
03/31/2025 |
USD |
|
|
15,700,000 |
|
|
|
|
|
CNH |
|
|
114,313,270 |
|
|
|
|
|
Bank
of America |
|
|
(1,718 |
) |
|
03/03/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
416,572,000 |
|
|
|
|
|
Bank
of America |
|
|
(246 |
) |
|
03/04/2025 |
USD |
|
|
300,000 |
|
|
|
|
|
COP |
|
|
1,236,572,468 |
|
|
|
|
|
Bank
of America |
|
|
2,464 |
|
|
03/06/2025 |
USD |
|
|
400,000 |
|
|
|
|
|
COP |
|
|
1,661,080,800 |
|
|
|
|
|
Bank
of America |
|
|
429 |
|
|
03/07/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
410,139,000 |
|
|
|
|
|
Bank
of America |
|
|
1,355 |
|
|
03/10/2025 |
USD |
|
|
400,000 |
|
|
|
|
|
COP |
|
|
1,641,360,000 |
|
|
|
|
|
Bank
of America |
|
|
5,391 |
|
|
03/12/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
414,605,684 |
|
|
|
|
|
Bank
of America |
|
|
350 |
|
|
03/13/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
417,964,684 |
|
|
|
|
|
Bank
of America |
|
|
(443 |
) |
|
03/19/2025 |
USD |
|
|
4,450,000 |
|
|
|
|
|
COP |
|
|
19,733,747,620 |
|
|
|
|
|
Bank
of America |
|
|
(288,355 |
) |
|
03/03/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
CZK |
|
|
2,407,049 |
|
|
|
|
|
Bank
of America |
|
|
465 |
|
|
03/31/2025 |
USD |
|
|
700,000 |
|
|
|
|
|
CZK |
|
|
16,761,074 |
|
|
|
|
|
Bank
of America |
|
|
6,514 |
|
|
03/03/2025 |
USD |
|
|
151,887,970 |
|
|
|
|
|
EUR |
|
|
145,000,594 |
|
|
|
|
|
Bank
of America |
|
|
1,450,792 |
|
|
03/04/2025 |
USD |
|
|
179,874,706 |
|
|
|
|
|
EUR |
|
|
172,875,744 |
|
|
|
|
|
Bank
of America |
|
|
509,264 |
|
|
03/19/2025 |
USD |
|
|
165,361,397 |
|
|
|
|
|
EUR |
|
|
158,498,000 |
|
|
|
|
|
Bank
of America |
|
|
783,681 |
|
|
03/31/2025 |
USD |
|
|
14,228,127 |
|
|
|
|
|
EUR |
|
|
13,625,000 |
|
|
|
|
|
Bank
of America |
|
|
71,197 |
|
|
04/10/2025 |
USD |
|
|
545,904 |
|
|
|
|
|
EUR |
|
|
520,000 |
|
|
|
|
|
Bank
of America |
|
|
5,301 |
|
|
03/03/2025 |
USD |
|
|
111,196,175 |
|
|
|
|
|
GBP |
|
|
88,219,502 |
|
|
|
|
|
Bank
of America |
|
|
226,055 |
|
|
03/04/2025 |
USD |
|
|
222,298 |
|
|
|
|
|
GBP |
|
|
176,221 |
|
|
|
|
|
Bank
of America |
|
|
633 |
|
|
03/19/2025 |
USD |
|
|
72,068,550 |
|
|
|
|
|
GBP |
|
|
57,844,000 |
|
|
|
|
|
Bank
of America |
|
|
(690,204 |
) |
|
03/31/2025 |
USD |
|
|
13,344,049 |
|
|
|
|
|
GBP |
|
|
10,687,500 |
|
|
|
|
|
Bank
of America |
|
|
(98,795 |
) |
|
03/31/2025 |
USD |
|
|
10,400,000 |
|
|
|
|
|
HUF |
|
|
4,018,065,050 |
|
|
|
|
|
Bank
of America |
|
|
73,353 |
|
|
03/19/2025 |
USD |
|
|
5,650,000 |
|
|
|
|
|
IDR |
|
|
92,370,601,315 |
|
|
|
|
|
Bank
of America |
|
|
82,630 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
21
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
Currency
Purchased |
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/19/2025 |
USD |
|
|
850,000 |
|
|
|
|
|
ILS |
|
|
3,046,112 |
|
|
|
|
|
Bank
of America |
|
$ |
5,544 |
|
|
03/03/2025 |
USD |
|
|
10,620,705 |
|
|
|
|
|
INR |
|
|
921,449,036 |
|
|
|
|
|
Bank
of America |
|
|
92,631 |
|
|
03/04/2025 |
USD |
|
|
4,979,607 |
|
|
|
|
|
INR |
|
|
432,270,482 |
|
|
|
|
|
Bank
of America |
|
|
41,036 |
|
|
03/12/2025 |
USD |
|
|
27,839,622 |
|
|
|
|
|
INR |
|
|
2,444,330,783 |
|
|
|
|
|
Bank
of America |
|
|
(69,637 |
) |
|
03/13/2025 |
USD |
|
|
15,858,055 |
|
|
|
|
|
INR |
|
|
1,380,302,203 |
|
|
|
|
|
Bank
of America |
|
|
99,000 |
|
|
03/17/2025 |
USD |
|
|
6,896,020 |
|
|
|
|
|
INR |
|
|
601,766,560 |
|
|
|
|
|
Bank
of America |
|
|
27,634 |
|
|
03/18/2025 |
USD |
|
|
7,198,054 |
|
|
|
|
|
INR |
|
|
627,958,603 |
|
|
|
|
|
Bank
of America |
|
|
31,253 |
|
|
03/19/2025 |
USD |
|
|
12,150,000 |
|
|
|
|
|
INR |
|
|
1,057,176,087 |
|
|
|
|
|
Bank
of America |
|
|
85,500 |
|
|
03/20/2025 |
USD |
|
|
6,100,000 |
|
|
|
|
|
INR |
|
|
531,155,902 |
|
|
|
|
|
Bank
of America |
|
|
38,897 |
|
|
03/21/2025 |
USD |
|
|
8,300,000 |
|
|
|
|
|
INR |
|
|
723,425,912 |
|
|
|
|
|
Bank
of America |
|
|
45,488 |
|
|
03/24/2025 |
USD |
|
|
1,600,000 |
|
|
|
|
|
INR |
|
|
138,993,894 |
|
|
|
|
|
Bank
of America |
|
|
14,391 |
|
|
03/25/2025 |
USD |
|
|
1,400,000 |
|
|
|
|
|
INR |
|
|
121,673,007 |
|
|
|
|
|
Bank
of America |
|
|
12,087 |
|
|
04/03/2025 |
USD |
|
|
17,300,000 |
|
|
|
|
|
INR |
|
|
1,512,864,586 |
|
|
|
|
|
Bank
of America |
|
|
54,743 |
|
|
03/03/2025 |
USD |
|
|
42,449,256 |
|
|
|
|
|
JPY |
|
|
6,344,192,411 |
|
|
|
|
|
Bank
of America |
|
|
290,804 |
|
|
03/04/2025 |
USD |
|
|
1,901,409 |
|
|
|
|
|
JPY |
|
|
286,451,578 |
|
|
|
|
|
Bank
of America |
|
|
(2,333 |
) |
|
03/19/2025 |
USD |
|
|
91,985,586 |
|
|
|
|
|
JPY |
|
|
14,033,018,356 |
|
|
|
|
|
Bank
of America |
|
|
(1,442,662 |
) |
|
03/31/2025 |
USD |
|
|
7,168,750 |
|
|
|
|
|
JPY |
|
|
1,100,000,000 |
|
|
|
|
|
Bank
of America |
|
|
(165,351 |
) |
|
04/10/2025 |
USD |
|
|
104,088,576 |
|
|
|
|
|
JPY |
|
|
15,646,300,000 |
|
|
|
|
|
Bank
of America |
|
|
(360,876 |
) |
|
03/04/2025 |
USD |
|
|
101,277 |
|
|
|
|
|
KRW |
|
|
145,216,237 |
|
|
|
|
|
Bank
of America |
|
|
1,990 |
|
|
03/05/2025 |
USD |
|
|
15,400,000 |
|
|
|
|
|
KRW |
|
|
22,381,963,000 |
|
|
|
|
|
Bank
of America |
|
|
96,243 |
|
|
03/13/2025 |
USD |
|
|
15,000,000 |
|
|
|
|
|
KRW |
|
|
21,767,235,550 |
|
|
|
|
|
Bank
of America |
|
|
109,789 |
|
|
03/18/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
KRW |
|
|
288,618,474 |
|
|
|
|
|
Bank
of America |
|
|
2,509 |
|
|
03/19/2025 |
USD |
|
|
14,000,000 |
|
|
|
|
|
KRW |
|
|
20,467,455,847 |
|
|
|
|
|
Bank
of America |
|
|
(5,976 |
) |
|
03/21/2025 |
USD |
|
|
15,200,000 |
|
|
|
|
|
KRW |
|
|
21,877,443,800 |
|
|
|
|
|
Bank
of America |
|
|
227,417 |
|
|
03/31/2025 |
USD |
|
|
15,100,000 |
|
|
|
|
|
KRW |
|
|
21,635,129,000 |
|
|
|
|
|
Bank
of America |
|
|
284,716 |
|
|
03/19/2025 |
USD |
|
|
26,986,771 |
|
|
|
|
|
MXN |
|
|
555,789,992 |
|
|
|
|
|
Bank
of America |
|
|
23,158 |
|
|
03/31/2025 |
USD |
|
|
6,915,187 |
|
|
|
|
|
MXN |
|
|
143,000,000 |
|
|
|
|
|
Bank
of America |
|
|
(9,749 |
) |
|
03/03/2025 |
USD |
|
|
236,677 |
|
|
|
|
|
NOK |
|
|
2,643,788 |
|
|
|
|
|
Bank
of America |
|
|
1,952 |
|
|
03/04/2025 |
USD |
|
|
1,059,417 |
|
|
|
|
|
NOK |
|
|
11,940,577 |
|
|
|
|
|
Bank
of America |
|
|
(710 |
) |
|
03/19/2025 |
USD |
|
|
36,778,678 |
|
|
|
|
|
NOK |
|
|
412,606,339 |
|
|
|
|
|
Bank
of America |
|
|
145,701 |
|
|
03/31/2025 |
USD |
|
|
12,800,000 |
|
|
|
|
|
NOK |
|
|
144,019,749 |
|
|
|
|
|
Bank
of America |
|
|
13,096 |
|
|
03/03/2025 |
USD |
|
|
964,679 |
|
|
|
|
|
NZD |
|
|
1,700,000 |
|
|
|
|
|
Bank
of America |
|
|
13,226 |
|
|
03/04/2025 |
USD |
|
|
2,577,773 |
|
|
|
|
|
NZD |
|
|
4,600,000 |
|
|
|
|
|
Bank
of America |
|
|
3,209 |
|
|
03/19/2025 |
USD |
|
|
74,970,164 |
|
|
|
|
|
NZD |
|
|
131,646,000 |
|
|
|
|
|
Bank
of America |
|
|
1,270,496 |
|
|
03/31/2025 |
USD |
|
|
9,029,255 |
|
|
|
|
|
NZD |
|
|
16,000,000 |
|
|
|
|
|
Bank
of America |
|
|
70,041 |
|
|
04/10/2025 |
USD |
|
|
2,845,275 |
|
|
|
|
|
NZD |
|
|
4,966,000 |
|
|
|
|
|
Bank
of America |
|
|
63,951 |
|
|
03/19/2025 |
USD |
|
|
2,500,000 |
|
|
|
|
|
PEN |
|
|
9,408,845 |
|
|
|
|
|
Bank
of America |
|
|
(52,692 |
) |
|
03/19/2025 |
USD |
|
|
4,100,000 |
|
|
|
|
|
PHP |
|
|
240,683,046 |
|
|
|
|
|
Bank
of America |
|
|
(48,078 |
) |
|
03/03/2025 |
USD |
|
|
500,000 |
|
|
|
|
|
PLN |
|
|
1,999,133 |
|
|
|
|
|
Bank
of America |
|
|
5,850 |
|
|
03/31/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
PLN |
|
|
397,907 |
|
|
|
|
|
Bank
of America |
|
|
1,750 |
|
|
03/03/2025 |
USD |
|
|
782,136 |
|
|
|
|
|
SEK |
|
|
8,413,160 |
|
|
|
|
|
Bank
of America |
|
|
615 |
|
|
03/19/2025 |
USD |
|
|
23,336,027 |
|
|
|
|
|
SEK |
|
|
254,109,227 |
|
|
|
|
|
Bank
of America |
|
|
(292,902 |
) |
|
03/31/2025 |
USD |
|
|
14,000,000 |
|
|
|
|
|
SEK |
|
|
151,482,075 |
|
|
|
|
|
Bank
of America |
|
|
(96,791 |
) |
|
03/03/2025 |
USD |
|
|
10,200,000 |
|
|
|
|
|
SGD |
|
|
13,749,512 |
|
|
|
|
|
Bank
of America |
|
|
24,616 |
|
|
03/19/2025 |
USD |
|
|
2,100,000 |
|
|
|
|
|
SGD |
|
|
2,835,655 |
|
|
|
|
|
Bank
of America |
|
|
(227 |
) |
|
03/28/2025 |
USD |
|
|
28,800,000 |
|
|
|
|
|
SGD |
|
|
38,859,850 |
|
|
|
|
|
Bank
of America |
|
|
5,309 |
|
|
03/19/2025 |
USD |
|
|
1,100,000 |
|
|
|
|
|
THB |
|
|
37,443,306 |
|
|
|
|
|
Bank
of America |
|
|
2,825 |
|
|
03/28/2025 |
USD |
|
|
8,600,000 |
|
|
|
|
|
TRY |
|
|
323,136,082 |
|
|
|
|
|
Bank
of America |
|
|
(30,306 |
) |
|
03/05/2025 |
USD |
|
|
6,700,000 |
|
|
|
|
|
TWD |
|
|
221,597,140 |
|
|
|
|
|
Bank
of America |
|
|
(56,187 |
) |
|
03/06/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
TWD |
|
|
6,607,600 |
|
|
|
|
|
Bank
of America |
|
|
(1,473 |
) |
|
03/18/2025 |
USD |
|
|
300,000 |
|
|
|
|
|
TWD |
|
|
9,824,484 |
|
|
|
|
|
Bank
of America |
|
|
105 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
22
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/19/2025 |
|
|
USD |
|
|
|
7,200,000 |
|
|
|
|
|
|
|
TWD |
|
|
|
238,108,913 |
|
|
|
|
|
Bank
of America |
|
$ |
(69,036 |
) |
|
03/24/2025 |
|
|
USD |
|
|
|
6,600,000 |
|
|
|
|
|
|
|
TWD |
|
|
|
216,185,300 |
|
|
|
|
|
Bank
of America |
|
|
(2,872 |
) |
|
03/19/2025 |
|
|
USD |
|
|
|
150,000 |
|
|
|
|
|
|
|
ZAR |
|
|
|
2,776,665 |
|
|
|
|
|
Bank
of America |
|
|
1,831 |
|
|
03/31/2025 |
|
|
USD |
|
|
|
6,800,000 |
|
|
|
|
|
|
|
ZAR |
|
|
|
126,202,805 |
|
|
|
|
|
Bank
of America |
|
|
72,496 |
|
|
03/19/2025 |
|
|
ZAR |
|
|
|
41,576,503 |
|
|
|
|
|
|
|
USD |
|
|
|
2,250,000 |
|
|
|
|
|
Bank
of America |
|
|
(31,393 |
) |
|
04/10/2025 |
|
|
ZAR |
|
|
|
622,070,000 |
|
|
|
|
|
|
|
USD |
|
|
|
33,605,076 |
|
|
|
|
|
Bank
of America |
|
|
(472,605 |
) |
|
03/03/2025 |
|
|
AUD |
|
|
|
6,745,347 |
|
|
|
|
|
|
|
USD |
|
|
|
4,252,392 |
|
|
|
|
|
UBS
AG |
|
|
(66,801 |
) |
|
03/04/2025 |
|
|
AUD |
|
|
|
1,939,018 |
|
|
|
|
|
|
|
USD |
|
|
|
1,204,711 |
|
|
|
|
|
UBS
AG |
|
|
(1,512 |
) |
|
03/19/2025 |
|
|
AUD |
|
|
|
61,750,206 |
|
|
|
|
|
|
|
USD |
|
|
|
38,835,521 |
|
|
|
|
|
UBS
AG |
|
|
(513,753 |
) |
|
03/06/2025 |
|
|
BRL |
|
|
|
24,390,738 |
|
|
|
|
|
|
|
USD |
|
|
|
4,200,000 |
|
|
|
|
|
UBS
AG |
|
|
(62,515 |
) |
|
04/02/2025 |
|
|
BRL |
|
|
|
3,463,168 |
|
|
|
|
|
|
|
USD |
|
|
|
600,000 |
|
|
|
|
|
UBS
AG |
|
|
(16,323 |
) |
|
03/03/2025 |
|
|
CAD |
|
|
|
13,461,643 |
|
|
|
|
|
|
|
USD |
|
|
|
9,321,095 |
|
|
|
|
|
UBS
AG |
|
|
(15,198 |
) |
|
03/19/2025 |
|
|
CAD |
|
|
|
132,954,941 |
|
|
|
|
|
|
|
USD |
|
|
|
92,972,994 |
|
|
|
|
|
UBS
AG |
|
|
(996,060 |
) |
|
03/28/2025 |
|
|
CLP |
|
|
|
283,165,000 |
|
|
|
|
|
|
|
USD |
|
|
|
300,000 |
|
|
|
|
|
UBS
AG |
|
|
(5,152 |
) |
|
03/03/2025 |
|
|
CNH |
|
|
|
500,000 |
|
|
|
|
|
|
|
USD |
|
|
|
68,757 |
|
|
|
|
|
UBS
AG |
|
|
(205 |
) |
|
03/19/2025 |
|
|
CNH |
|
|
|
98,500,000 |
|
|
|
|
|
|
|
USD |
|
|
|
13,502,764 |
|
|
|
|
|
UBS
AG |
|
|
16,231 |
|
|
03/03/2025 |
|
|
EUR |
|
|
|
256,465 |
|
|
|
|
|
|
|
NOK |
|
|
|
3,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(270 |
) |
|
03/04/2025 |
|
|
EUR |
|
|
|
255,805 |
|
|
|
|
|
|
|
NOK |
|
|
|
3,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(943 |
) |
|
03/19/2025 |
|
|
EUR |
|
|
|
6,092,226 |
|
|
|
|
|
|
|
NOK |
|
|
|
72,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(66,558 |
) |
|
03/19/2025 |
|
|
EUR |
|
|
|
3,033,589 |
|
|
|
|
|
|
|
PLN |
|
|
|
13,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(61,450 |
) |
|
03/03/2025 |
|
|
EUR |
|
|
|
357,708 |
|
|
|
|
|
|
|
SEK |
|
|
|
4,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(451 |
) |
|
03/04/2025 |
|
|
EUR |
|
|
|
446,855 |
|
|
|
|
|
|
|
SEK |
|
|
|
5,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(862 |
) |
|
03/19/2025 |
|
|
EUR |
|
|
|
9,037,468 |
|
|
|
|
|
|
|
SEK |
|
|
|
104,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(286,548 |
) |
|
03/03/2025 |
|
|
EUR |
|
|
|
465,100 |
|
|
|
|
|
|
|
USD |
|
|
|
487,929 |
|
|
|
|
|
UBS
AG |
|
|
(5,390 |
) |
|
03/04/2025 |
|
|
EUR |
|
|
|
70,959 |
|
|
|
|
|
|
|
USD |
|
|
|
73,777 |
|
|
|
|
|
UBS
AG |
|
|
(154 |
) |
|
03/19/2025 |
|
|
EUR |
|
|
|
128,170,853 |
|
|
|
|
|
|
|
USD |
|
|
|
134,014,722 |
|
|
|
|
|
UBS
AG |
|
|
(927,452 |
) |
|
03/03/2025 |
|
|
GBP |
|
|
|
466,127 |
|
|
|
|
|
|
|
USD |
|
|
|
590,124 |
|
|
|
|
|
UBS
AG |
|
|
(3,789 |
) |
|
03/04/2025 |
|
|
GBP |
|
|
|
10,482,952 |
|
|
|
|
|
|
|
USD |
|
|
|
13,213,656 |
|
|
|
|
|
UBS
AG |
|
|
(27,316 |
) |
|
03/19/2025 |
|
|
GBP |
|
|
|
47,260,744 |
|
|
|
|
|
|
|
USD |
|
|
|
58,836,222 |
|
|
|
|
|
UBS
AG |
|
|
610,442 |
|
|
03/28/2025 |
|
|
INR |
|
|
|
8,696,800 |
|
|
|
|
|
|
|
USD |
|
|
|
100,000 |
|
|
|
|
|
UBS
AG |
|
|
(819 |
) |
|
03/03/2025 |
|
|
JPY |
|
|
|
154,317,710 |
|
|
|
|
|
|
|
USD |
|
|
|
1,036,458 |
|
|
|
|
|
UBS
AG |
|
|
(10,985 |
) |
|
03/04/2025 |
|
|
JPY |
|
|
|
870,060,093 |
|
|
|
|
|
|
|
USD |
|
|
|
5,817,008 |
|
|
|
|
|
UBS
AG |
|
|
(34,635 |
) |
|
03/19/2025 |
|
|
JPY |
|
|
|
17,340,181,607 |
|
|
|
|
|
|
|
USD |
|
|
|
113,376,722 |
|
|
|
|
|
UBS
AG |
|
|
2,069,774 |
|
|
03/28/2025 |
|
|
KRW |
|
|
|
288,491,700 |
|
|
|
|
|
|
|
USD |
|
|
|
200,000 |
|
|
|
|
|
UBS
AG |
|
|
(2,480 |
) |
|
03/03/2025 |
|
|
NOK |
|
|
|
3,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
256,434 |
|
|
|
|
|
UBS
AG |
|
|
302 |
|
|
03/04/2025 |
|
|
NOK |
|
|
|
3,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
255,793 |
|
|
|
|
|
UBS
AG |
|
|
956 |
|
|
03/19/2025 |
|
|
NOK |
|
|
|
71,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
6,075,254 |
|
|
|
|
|
UBS
AG |
|
|
(4,603 |
) |
|
03/03/2025 |
|
|
NOK |
|
|
|
19,752,743 |
|
|
|
|
|
|
|
USD |
|
|
|
1,769,334 |
|
|
|
|
|
UBS
AG |
|
|
(15,613 |
) |
|
03/04/2025 |
|
|
NOK |
|
|
|
146,331,937 |
|
|
|
|
|
|
|
USD |
|
|
|
12,970,510 |
|
|
|
|
|
UBS
AG |
|
|
21,357 |
|
|
03/19/2025 |
|
|
NOK |
|
|
|
1,486,714,758 |
|
|
|
|
|
|
|
USD |
|
|
|
131,827,660 |
|
|
|
|
|
UBS
AG |
|
|
169,311 |
|
|
03/03/2025 |
|
|
NZD |
|
|
|
1,677,253 |
|
|
|
|
|
|
|
USD |
|
|
|
955,944 |
|
|
|
|
|
UBS
AG |
|
|
(17,222 |
) |
|
03/04/2025 |
|
|
NZD |
|
|
|
536,836 |
|
|
|
|
|
|
|
USD |
|
|
|
302,357 |
|
|
|
|
|
UBS
AG |
|
|
(1,896 |
) |
|
03/19/2025 |
|
|
NZD |
|
|
|
46,133,447 |
|
|
|
|
|
|
|
USD |
|
|
|
26,119,109 |
|
|
|
|
|
UBS
AG |
|
|
(292,121 |
) |
|
03/28/2025 |
|
|
PHP |
|
|
|
23,186,100 |
|
|
|
|
|
|
|
USD |
|
|
|
400,000 |
|
|
|
|
|
UBS
AG |
|
|
(494 |
) |
|
03/19/2025 |
|
|
PLN |
|
|
|
54,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
12,614,181 |
|
|
|
|
|
UBS
AG |
|
|
241,632 |
|
|
03/03/2025 |
|
|
SEK |
|
|
|
4,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
357,742 |
|
|
|
|
|
UBS
AG |
|
|
416 |
|
|
03/04/2025 |
|
|
SEK |
|
|
|
5,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
446,713 |
|
|
|
|
|
UBS
AG |
|
|
1,010 |
|
|
03/19/2025 |
|
|
SEK |
|
|
|
211,000,000 |
|
|
|
|
|
|
|
EUR |
|
|
|
18,641,301 |
|
|
|
|
|
UBS
AG |
|
|
263,968 |
|
|
03/03/2025 |
|
|
SEK |
|
|
|
3,123,338 |
|
|
|
|
|
|
|
USD |
|
|
|
293,041 |
|
|
|
|
|
UBS
AG |
|
|
(2,906 |
) |
|
03/04/2025 |
|
|
SEK |
|
|
|
52,023,861 |
|
|
|
|
|
|
|
USD |
|
|
|
4,835,203 |
|
|
|
|
|
UBS
AG |
|
|
(2,271 |
) |
|
03/19/2025 |
|
|
SEK |
|
|
|
320,422,778 |
|
|
|
|
|
|
|
USD |
|
|
|
29,263,656 |
|
|
|
|
|
UBS
AG |
|
|
531,590 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
23
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
03/19/2025 |
|
|
TRY |
|
|
|
42,000,000 |
|
|
|
|
|
|
|
USD |
|
|
|
1,095,337 |
|
|
|
|
|
UBS
AG |
|
$ |
35,658 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
4,255,302 |
|
|
|
|
|
|
|
AUD |
|
|
|
6,745,347 |
|
|
|
|
|
UBS
AG |
|
|
69,711 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
1,209,075 |
|
|
|
|
|
|
|
AUD |
|
|
|
1,939,018 |
|
|
|
|
|
UBS
AG |
|
|
5,875 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
89,415,139 |
|
|
|
|
|
|
|
AUD |
|
|
|
141,585,658 |
|
|
|
|
|
UBS
AG |
|
|
1,548,019 |
|
|
03/06/2025 |
|
|
USD |
|
|
|
4,200,000 |
|
|
|
|
|
|
|
BRL |
|
|
|
24,908,348 |
|
|
|
|
|
UBS
AG |
|
|
(25,289 |
) |
|
03/03/2025 |
|
|
USD |
|
|
|
9,319,202 |
|
|
|
|
|
|
|
CAD |
|
|
|
13,461,643 |
|
|
|
|
|
UBS
AG |
|
|
13,305 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
87,832,910 |
|
|
|
|
|
|
|
CAD |
|
|
|
125,523,282 |
|
|
|
|
|
UBS
AG |
|
|
997,125 |
|
|
03/28/2025 |
|
|
USD |
|
|
|
100,000 |
|
|
|
|
|
|
|
CLP |
|
|
|
94,313,000 |
|
|
|
|
|
UBS
AG |
|
|
1,796 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
68,754 |
|
|
|
|
|
|
|
CNH |
|
|
|
500,000 |
|
|
|
|
|
UBS
AG |
|
|
202 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
20,367,035 |
|
|
|
|
|
|
|
CNH |
|
|
|
147,500,000 |
|
|
|
|
|
UBS
AG |
|
|
122,855 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
487,782 |
|
|
|
|
|
|
|
EUR |
|
|
|
464,957 |
|
|
|
|
|
UBS
AG |
|
|
5,392 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
73,791 |
|
|
|
|
|
|
|
EUR |
|
|
|
70,957 |
|
|
|
|
|
UBS
AG |
|
|
170 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
65,314,175 |
|
|
|
|
|
|
|
EUR |
|
|
|
62,786,756 |
|
|
|
|
|
UBS
AG |
|
|
119,025 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
590,252 |
|
|
|
|
|
|
|
GBP |
|
|
|
466,127 |
|
|
|
|
|
UBS
AG |
|
|
3,917 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
13,212,187 |
|
|
|
|
|
|
|
GBP |
|
|
|
10,482,952 |
|
|
|
|
|
UBS
AG |
|
|
25,847 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
91,714,679 |
|
|
|
|
|
|
|
GBP |
|
|
|
73,071,155 |
|
|
|
|
|
UBS
AG |
|
|
(197,467 |
) |
|
03/27/2025 |
|
|
USD |
|
|
|
2,200,000 |
|
|
|
|
|
|
|
IDR |
|
|
|
36,031,343,000 |
|
|
|
|
|
UBS
AG |
|
|
28,941 |
|
|
03/28/2025 |
|
|
USD |
|
|
|
6,800,000 |
|
|
|
|
|
|
|
INR |
|
|
|
593,956,540 |
|
|
|
|
|
UBS
AG |
|
|
26,301 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
1,033,414 |
|
|
|
|
|
|
|
JPY |
|
|
|
154,317,710 |
|
|
|
|
|
UBS
AG |
|
|
7,941 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
5,812,758 |
|
|
|
|
|
|
|
JPY |
|
|
|
870,060,093 |
|
|
|
|
|
UBS
AG |
|
|
30,384 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
52,932,569 |
|
|
|
|
|
|
|
JPY |
|
|
|
8,141,092,597 |
|
|
|
|
|
UBS
AG |
|
|
(1,268,744 |
) |
|
03/28/2025 |
|
|
USD |
|
|
|
9,200,000 |
|
|
|
|
|
|
|
KRW |
|
|
|
13,220,909,900 |
|
|
|
|
|
UBS
AG |
|
|
148,119 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
1,769,666 |
|
|
|
|
|
|
|
NOK |
|
|
|
19,752,743 |
|
|
|
|
|
UBS
AG |
|
|
15,946 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
12,971,762 |
|
|
|
|
|
|
|
NOK |
|
|
|
146,331,937 |
|
|
|
|
|
UBS
AG |
|
|
(20,105 |
) |
|
03/19/2025 |
|
|
USD |
|
|
|
87,327,189 |
|
|
|
|
|
|
|
NOK |
|
|
|
985,401,039 |
|
|
|
|
|
UBS
AG |
|
|
(160,980 |
) |
|
03/03/2025 |
|
|
USD |
|
|
|
955,947 |
|
|
|
|
|
|
|
NZD |
|
|
|
1,677,253 |
|
|
|
|
|
UBS
AG |
|
|
17,225 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
302,067 |
|
|
|
|
|
|
|
NZD |
|
|
|
536,836 |
|
|
|
|
|
UBS
AG |
|
|
1,606 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
28,785,603 |
|
|
|
|
|
|
|
NZD |
|
|
|
50,315,515 |
|
|
|
|
|
UBS
AG |
|
|
617,358 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
293,347 |
|
|
|
|
|
|
|
SEK |
|
|
|
3,123,338 |
|
|
|
|
|
UBS
AG |
|
|
3,212 |
|
|
03/04/2025 |
|
|
USD |
|
|
|
4,832,532 |
|
|
|
|
|
|
|
SEK |
|
|
|
52,023,861 |
|
|
|
|
|
UBS
AG |
|
|
(400 |
) |
|
03/19/2025 |
|
|
USD |
|
|
|
29,037,758 |
|
|
|
|
|
|
|
SEK |
|
|
|
316,542,010 |
|
|
|
|
|
UBS
AG |
|
|
(396,626 |
) |
|
03/19/2025 |
|
|
USD |
|
|
|
276,107 |
|
|
|
|
|
|
|
TRY |
|
|
|
10,500,000 |
|
|
|
|
|
UBS
AG |
|
|
(6,642 |
) |
|
03/28/2025 |
|
|
USD |
|
|
|
2,400,000 |
|
|
|
|
|
|
|
TWD |
|
|
|
78,491,739 |
|
|
|
|
|
UBS
AG |
|
|
1,746 |
|
|
03/03/2025 |
|
|
USD |
|
|
|
54,286 |
|
|
|
|
|
|
|
ZAR |
|
|
|
1,000,000 |
|
|
|
|
|
UBS
AG |
|
|
852 |
|
|
03/19/2025 |
|
|
USD |
|
|
|
2,822,145 |
|
|
|
|
|
|
|
ZAR |
|
|
|
53,000,000 |
|
|
|
|
|
UBS
AG |
|
|
(6,042 |
) |
|
03/03/2025 |
|
|
ZAR |
|
|
|
1,000,000 |
|
|
|
|
|
|
|
USD |
|
|
|
54,251 |
|
|
|
|
|
UBS
AG |
|
|
(817 |
) |
|
03/19/2025 |
|
|
ZAR |
|
|
|
70,000,000 |
|
|
|
|
|
|
|
USD |
|
|
|
3,869,047 |
|
|
|
|
|
UBS
AG |
|
|
(133,705 |
) |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,391,792 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
24
Abbey
Capital Futures Strategy Fund
Consolidated
Portfolio of Investments (Concluded)
February
28, 2025 (Unaudited)
|
AUD |
Australian
Dollar |
|
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
Shekel |
|
USD |
United
States Dollar |
|
INR |
Indian
Rupee |
|
ZAR |
South
African Rand |
|
JPY |
Japanese
Yen |
|
|
|
The
accompanying notes are an integral part of the consolidated financial statements.
25
Abbey
Capital Futures Strategy Fund
Consolidated
Statement of Assets And Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Investments,
at value (cost $2,032,224,704) |
|
$ |
2,032,864,858 |
|
|
Cash
equivalents |
|
|
151,872,938 |
|
|
Foreign
currency deposits with broker for futures contracts (cost $16,225,702) |
|
|
16,197,178 |
|
|
Deposit
with brokers: |
|
|
|
|
|
Forward
foreign currency contracts: |
|
|
50,424,731 |
|
|
Futures
contracts |
|
|
336,331,453 |
|
|
Receivables
for: |
|
|
|
|
|
Capital
shares sold |
|
|
3,336,262 |
|
|
Interest
receivable |
|
|
486,120 |
|
|
Unrealized
appreciation on forward foreign currency contracts |
|
|
25,801,769 |
|
|
Unrealized
appreciation on futures contracts |
|
|
71,518,505 |
|
|
Prepaid
expenses and other assets |
|
|
123,947 |
|
|
Total
assets |
|
|
2,688,957,761 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Advisory
fees |
|
|
3,471,746 |
|
|
Capital
shares redeemed |
|
|
1,480,201 |
|
|
Unrealized
depreciation on forward foreign currency contracts |
|
|
21,409,977 |
|
|
Unrealized
depreciation on futures contracts |
|
|
70,571,597 |
|
|
Other
accrued expenses and liabilities |
|
|
514,029 |
|
|
Total
liabilities |
|
|
97,447,550 |
|
|
Net
assets |
|
$ |
2,591,510,211 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
238,616 |
|
|
Paid-in
capital |
|
|
3,126,179,915 |
|
|
Total
distributable earnings/(losses) |
|
|
(534,908,320 |
) |
|
Net
assets |
|
$ |
2,591,510,211 |
|
| |
|
|
|
|
|
CLASS
A SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
22,596,670 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,090,063 |
|
|
Net
asset value and redemption price per share |
|
$ |
10.81 |
|
|
Maximum
offering price per share (100/94.25 of $10.81) |
|
$ |
11.47 |
|
| |
|
|
|
|
|
CLASS
I SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
2,561,177,319 |
|
|
Shares
outstanding ($0.001 par value, 500,000,000 shares authorized) |
|
|
235,779,609 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
10.86 |
|
| |
|
|
|
|
|
CLASS
C SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
7,736,222 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
746,768 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
10.36 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
26
Abbey
Capital Futures Strategy Fund
Consolidated
Statement of Operations
For
the Six Months Ended February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
|
|
$ |
58,130,838 |
|
|
Total
investment income |
|
|
58,130,838 |
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
23,375,812 |
|
|
Administration
and accounting services fees |
|
|
254,318 |
|
|
Transfer
agent fees |
|
|
169,350 |
|
|
Directors
fees |
|
|
167,041 |
|
|
Officers
fees |
|
|
96,494 |
|
|
Printing
and shareholder reporting fees |
|
|
70,140 |
|
|
Registration
and filing fees |
|
|
65,915 |
|
|
Legal
fees |
|
|
62,632 |
|
|
Audit
and tax service fees |
|
|
39,543 |
|
|
Distribution
fees (Class A Shares) |
|
|
26,211 |
|
|
Distribution
fees (Class C Shares) |
|
|
30,815 |
|
|
Custodian
fees |
|
|
30,349 |
|
|
Other
expenses |
|
|
104,117 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
24,492,737 |
|
|
Less:
waivers and/or reimbursements |
|
|
(757,824 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
23,734,913 |
|
|
Net
investment income/(loss) |
|
|
34,395,925 |
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
Investments
|
|
|
517,901 |
|
|
Futures
contracts |
|
|
(57,917,584 |
) |
|
Foreign
currency transactions |
|
|
(3,013,988 |
) |
|
Forward
foreign currency contracts |
|
|
(426,901 |
) |
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
Investments
|
|
|
(369,291 |
) |
|
Futures
contracts |
|
|
(12,256,695 |
) |
|
Foreign
currency translations |
|
|
23,928 |
|
|
Forward
foreign currency contracts |
|
|
15,853,956 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(57,588,674 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(23,192,749 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
27
Abbey
Capital Futures Strategy Fund
Consolidated
Statements of Changes in Net Assets
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
34,395,925 |
|
|
$ |
84,973,306 |
|
|
Net
realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts |
|
|
(60,840,572 |
) |
|
|
(107,267,222 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency
contracts |
|
|
3,251,898 |
|
|
|
(12,036,702 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(23,192,749 |
) |
|
|
(34,330,618 |
) |
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
From
distributable earnings: |
|
|
|
|
|
|
|
|
|
Class
A |
|
|
(356,826 |
) |
|
|
(304,919 |
) |
|
Class
I |
|
|
(54,735,728 |
) |
|
|
(49,555,318 |
) |
|
Class
C |
|
|
(72,722 |
) |
|
|
(82,852 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(55,165,276 |
) |
|
|
(49,943,089 |
) |
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
12,555,245 |
|
|
|
16,588,082 |
|
|
Proceeds
from reinvestment of distributions |
|
|
278,439 |
|
|
|
244,603 |
|
|
Shares
redeemed |
|
|
(11,658,861 |
) |
|
|
(79,497,741 |
) |
|
Total
from Class A Shares |
|
|
1,174,823 |
|
|
|
(62,665,056 |
) |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
667,571,288 |
|
|
|
1,078,371,905 |
|
|
Proceeds
from reinvestment of distributions |
|
|
35,065,728 |
|
|
|
31,007,633 |
|
|
Shares
redeemed |
|
|
(746,611,668 |
) |
|
|
(992,150,907 |
) |
|
Total
from Class I Shares |
|
|
(43,974,652 |
) |
|
|
117,228,631 |
|
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
1,130,355 |
|
|
|
2,171,689 |
|
|
Proceeds
from reinvestment of distributions |
|
|
51,424 |
|
|
|
55,448 |
|
|
Shares
redeemed |
|
|
(2,086,383 |
) |
|
|
(2,545,271 |
) |
|
Total
from Class C Shares |
|
|
(904,604 |
) |
|
|
(318,134 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(43,704,433 |
) |
|
|
54,245,441 |
|
|
Total
increase/(decrease) in net assets |
|
|
(122,062,458 |
) |
|
|
(30,028,266 |
) |
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
2,713,572,669 |
|
|
|
2,743,600,935 |
|
|
End
of period |
|
$ |
2,591,510,211 |
|
|
$ |
2,713,572,669 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
28
Abbey
Capital Futures Strategy Fund
Consolidated
Statements of Changes in Net Assets (Concluded)
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,140,980 |
|
|
|
1,436,355 |
|
|
Shares
reinvested |
|
|
25,734 |
|
|
|
22,196 |
|
|
Shares
redeemed |
|
|
(1,060,993 |
) |
|
|
(6,823,094 |
) |
|
Total
Class A Shares |
|
|
105,721 |
|
|
|
(5,364,543 |
) |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
60,318,888 |
|
|
|
93,772,671 |
|
|
Shares
reinvested |
|
|
3,225,918 |
|
|
|
2,795,999 |
|
|
Shares
redeemed |
|
|
(67,545,327 |
) |
|
|
(85,795,101 |
) |
|
Total
Class I Shares |
|
|
(4,000,521 |
) |
|
|
10,773,569 |
|
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
106,559 |
|
|
|
196,858 |
|
|
Shares
reinvested |
|
|
4,949 |
|
|
|
5,241 |
|
|
Shares
redeemed |
|
|
(198,543 |
) |
|
|
(232,682 |
) |
|
Total
Class C Shares |
|
|
(87,035 |
) |
|
|
(30,583 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(3,981,835 |
) |
|
|
5,378,443 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
29
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. |
| |
|
Class
A Shares |
|
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
Net
asset value, beginning of period |
|
$ |
11.10 |
|
|
$ |
11.40 |
|
|
$ |
13.56 |
|
|
$ |
11.95 |
|
|
$ |
11.28 |
|
|
$ |
12.45 |
|
|
Net
investment income/(loss)(1) |
|
|
0.13 |
|
|
|
0.33 |
|
|
|
0.22 |
|
|
|
(0.19 |
) |
|
|
(0.24 |
) |
|
|
(0.11 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.24 |
) |
|
|
(0.52 |
) |
|
|
(0.60 |
) |
|
|
2.20 |
|
|
|
1.07 |
|
|
|
(0.14 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.11 |
) |
|
|
(0.19 |
) |
|
|
(0.38 |
) |
|
|
2.01 |
|
|
|
0.83 |
|
|
|
(0.25 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.18 |
) |
|
|
(0.11 |
) |
|
|
(1.11 |
) |
|
|
(0.27 |
) |
|
|
(0.16 |
) |
|
|
(0.64 |
) |
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
(0.67 |
) |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(0.28 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.18 |
) |
|
|
(0.11 |
) |
|
|
(1.78 |
) |
|
|
(0.40 |
) |
|
|
(0.16 |
) |
|
|
(0.92 |
) |
|
Net
asset value, end of period |
|
$ |
10.81 |
|
|
$ |
11.10 |
|
|
$ |
11.40 |
|
|
$ |
13.56 |
|
|
$ |
11.95 |
|
|
$ |
11.28 |
|
|
Total
investment return/(loss)(2) |
|
|
(0.96 |
)%(5) |
|
|
(1.67 |
)% |
|
|
(3.05 |
)% |
|
|
17.40 |
% |
|
|
7.42 |
% |
|
|
(1.64 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
22,597 |
|
|
$ |
22,031 |
|
|
$ |
83,783 |
|
|
$ |
113,480 |
|
|
$ |
21,395 |
|
|
$ |
14,469 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3) |
|
|
2.04 |
%(6) |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3) |
|
|
2.04 |
%(6) |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3) |
|
|
2.10 |
%(6) |
|
|
2.10 |
% |
|
|
2.11 |
% |
|
|
2.10 |
% |
|
|
2.14 |
% |
|
|
2.15 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.36 |
%(6) |
|
|
2.85 |
% |
|
|
1.80 |
% |
|
|
(1.47 |
)% |
|
|
(2.03 |
)% |
|
|
(0.98 |
)% |
|
Portfolio
turnover rate(4) |
|
|
0 |
%(5) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(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. Total return does not reflect any applicable sales charge. |
|
(3) |
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. |
|
(4) |
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 consolidated financial statements.
30
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. |
| |
|
Class
I Shares |
|
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
Net
asset value, beginning of period |
|
$ |
11.19 |
|
|
$ |
11.57 |
|
|
$ |
13.72 |
|
|
$ |
12.07 |
|
|
$ |
11.38 |
|
|
$ |
12.55 |
|
|
Net
investment income/(loss)(1) |
|
|
0.14 |
|
|
|
0.36 |
|
|
|
0.25 |
|
|
|
(0.15 |
) |
|
|
(0.21 |
) |
|
|
(0.09 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.24 |
) |
|
|
(0.51 |
) |
|
|
(0.61 |
) |
|
|
2.22 |
|
|
|
1.08 |
|
|
|
(0.14 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.10 |
) |
|
|
(0.15 |
) |
|
|
(0.36 |
) |
|
|
2.07 |
|
|
|
0.87 |
|
|
|
(0.23 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.23 |
) |
|
|
(0.23 |
) |
|
|
(1.12 |
) |
|
|
(0.29 |
) |
|
|
(0.18 |
) |
|
|
(0.66 |
) |
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
(0.67 |
) |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(0.28 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.23 |
) |
|
|
(0.23 |
) |
|
|
(1.79 |
) |
|
|
(0.42 |
) |
|
|
(0.18 |
) |
|
|
(0.94 |
) |
|
Net
asset value, end of period |
|
$ |
10.86 |
|
|
$ |
11.19 |
|
|
$ |
11.57 |
|
|
$ |
13.72 |
|
|
$ |
12.07 |
|
|
$ |
11.38 |
|
|
Total
investment return/(loss)(2) |
|
|
(0.88 |
)%(5) |
|
|
(1.32 |
)% |
|
|
(2.83 |
)% |
|
|
17.72 |
% |
|
|
7.74 |
% |
|
|
(1.39 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
2,561,177 |
|
|
$ |
2,682,705 |
|
|
$ |
2,650,349 |
|
|
$ |
2,564,701 |
|
|
$ |
1,132,714 |
|
|
$ |
883,997 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3) |
|
|
1.79 |
%(6) |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3) |
|
|
1.79 |
%(6) |
|
|
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)(3) |
|
|
1.85 |
%(6) |
|
|
1.85 |
% |
|
|
1.86 |
% |
|
|
1.85 |
% |
|
|
1.89 |
% |
|
|
1.90 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.61 |
%(6) |
|
|
3.10 |
% |
|
|
2.05 |
% |
|
|
(1.22 |
)% |
|
|
(1.78 |
)% |
|
|
(0.73 |
)% |
|
Portfolio
turnover rate(4) |
|
|
0 |
%(5) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(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. |
|
(3) |
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. |
|
(4) |
Portfolio turnover rate
excludes derivatives and is calculated for the Fund, as a whole, for the entire period. |
The
accompanying notes are an integral part of the consolidated financial statements.
31
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. |
| |
|
Class
C Shares |
|
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
Net
asset value, beginning of period |
|
$ |
10.60 |
|
|
$ |
10.95 |
|
|
$ |
13.12 |
|
|
$ |
11.60 |
|
|
$ |
10.98 |
|
|
$ |
12.11 |
|
|
Net
investment income/(loss)(1) |
|
|
0.08 |
|
|
|
0.23 |
|
|
|
0.12 |
|
|
|
(0.27 |
) |
|
|
(0.32 |
) |
|
|
(0.19 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.22 |
) |
|
|
(0.48 |
) |
|
|
(0.57 |
) |
|
|
2.13 |
|
|
|
1.05 |
|
|
|
(0.14 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.14 |
) |
|
|
(0.25 |
) |
|
|
(0.45 |
) |
|
|
1.86 |
|
|
|
0.73 |
|
|
|
(0.33 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
|
|
(1.05 |
) |
|
|
(0.21 |
) |
|
|
(0.11 |
) |
|
|
(0.52 |
) |
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
(0.67 |
) |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(0.28 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.10 |
) |
|
|
(0.10 |
) |
|
|
(1.72 |
) |
|
|
(0.34 |
) |
|
|
(0.11 |
) |
|
|
(0.80 |
) |
|
Net
asset value, end of period |
|
$ |
10.36 |
|
|
$ |
10.60 |
|
|
$ |
10.95 |
|
|
$ |
13.12 |
|
|
$ |
11.60 |
|
|
$ |
10.98 |
|
|
Total
investment return/(loss)(2) |
|
|
(1.45 |
)%(5) |
|
|
(2.29 |
)% |
|
|
(3.77 |
)% |
|
|
16.48 |
% |
|
|
6.72 |
% |
|
|
(2.40 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
7,736 |
|
|
$ |
8,837 |
|
|
$ |
9,469 |
|
|
$ |
9,078 |
|
|
$ |
5,524 |
|
|
$ |
5,151 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3) |
|
|
2.79 |
%(6) |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3) |
|
|
2.79 |
%(6) |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3) |
|
|
2.85 |
%(6) |
|
|
2.85 |
% |
|
|
2.86 |
% |
|
|
2.85 |
% |
|
|
2.89 |
% |
|
|
2.90 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.61 |
%(6) |
|
|
2.10 |
% |
|
|
1.05 |
% |
|
|
(2.22 |
)% |
|
|
(2.78 |
)% |
|
|
(1.73 |
)% |
|
Portfolio
turnover rate(4) |
|
|
0 |
%(5) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(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. |
|
(3) |
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. |
|
(4) |
Portfolio turnover rate
excludes derivatives and is calculated for the Fund, as a whole, for the entire period. |
The
accompanying notes are an integral part of the consolidated financial statements.
32
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Consolidated Financial Statements
is the six months ended February 28, 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
$536,552,341, which represented 20.70% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the
Onshore Subsidiary were $726,041,641, which represented 28.02% 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
33
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 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:
|
|
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Short-Term
Investments |
|
$ |
2,032,864,858 |
|
|
$ |
2,032,864,858 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
18,690,533 |
|
|
|
18,690,533 |
|
|
|
— |
|
|
|
— |
|
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
32,007,447 |
|
|
|
32,007,447 |
|
|
|
— |
|
|
|
— |
|
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
25,801,769 |
|
|
|
— |
|
|
|
25,801,769 |
|
|
|
— |
|
|
Futures
Contracts |
|
|
9,331,681 |
|
|
|
9,331,681 |
|
|
|
— |
|
|
|
— |
|
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
11,488,844 |
|
|
|
11,488,844 |
|
|
|
— |
|
|
|
— |
|
|
Total
Assets |
|
$ |
2,130,185,132 |
|
|
$ |
2,104,383,363 |
|
|
$ |
25,801,769 |
|
|
$ |
— |
|
34
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
|
|
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
$ |
(34,007,246 |
) |
|
$ |
(34,007,246 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(15,048,933 |
) |
|
|
(15,048,933 |
) |
|
|
— |
|
|
|
— |
|
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
(21,409,977 |
) |
|
|
— |
|
|
|
(21,409,977 |
) |
|
|
— |
|
|
Futures
Contracts |
|
|
(842,560 |
) |
|
|
(842,560 |
) |
|
|
— |
|
|
|
— |
|
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(20,672,858 |
) |
|
|
(20,672,858 |
) |
|
|
— |
|
|
|
— |
|
|
Total
Liabilities |
|
$ |
(91,981,574 |
) |
|
$ |
(70,571,597 |
) |
|
$ |
(21,409,977 |
) |
|
$ |
— |
|
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.
35
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following tables list the fair values and location on the Consolidated Statement of Assets and Liabilities of the Fund’s derivative
holdings as of the end of the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.
|
Derivative
Type |
|
Consolidated
Statement
of Assets and
Liabilities
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Asset
Derivatives |
|
Forward
Contracts (a) |
|
|
Unrealized appreciation on forward foreign currency contracts |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,801,769 |
|
|
$ |
— |
|
|
$ |
25,801,769 |
|
|
Futures
Contracts (a) |
|
|
Unrealized appreciation on futures contracts |
|
|
|
32,007,447 |
|
|
|
11,488,844 |
|
|
|
9,331,681 |
|
|
|
18,690,533 |
|
|
|
71,518,505 |
|
|
Total
Value- Assets |
|
|
|
|
|
$ |
32,007,447 |
|
|
$ |
11,488,844 |
|
|
$ |
35,133,450 |
|
|
$ |
18,690,533 |
|
|
$ |
97,320,274 |
|
|
Liability
Derivatives |
|
Forward
Contracts (a) |
|
|
Unrealized depreciation on forward foreign currency contracts |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(21,409,977 |
) |
|
$ |
— |
|
|
$ |
(21,409,977 |
) |
|
Futures
Contracts (a) |
|
|
Unrealized depreciation on futures contracts |
|
|
|
(15,048,933 |
) |
|
|
(20,672,858 |
) |
|
|
(842,560 |
) |
|
|
(34,007,246 |
) |
|
|
(70,571,597 |
) |
|
Total
Value- Liabilities |
|
$ |
(15,048,933 |
) |
|
$ |
(20,672,858 |
) |
|
$ |
(22,252,537 |
) |
|
$ |
(34,007,246 |
) |
|
$ |
(91,981,574 |
) |
|
(a) |
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
Statement of
Operations
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Realized
Gain/(Loss) |
|
Futures
Contracts |
|
|
Net realized gain/(loss) from futures contracts |
|
|
$ |
39,495,369 |
|
|
$ |
(72,527,591 |
) |
|
$ |
9,020,263 |
|
|
$ |
(33,905,625 |
) |
|
$ |
(57,917,584 |
) |
|
Forward
Contracts |
|
|
Net realized gain/(loss) from forward foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
(426,901 |
) |
|
|
— |
|
|
|
(426,901 |
) |
|
Total
Realized Gain/(Loss) |
|
$ |
39,495,369 |
|
|
$ |
(72,527,591 |
) |
|
$ |
8,593,362 |
|
|
$ |
(33,905,625 |
) |
|
$ |
(58,344,485 |
) |
36
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets
resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract
type.
|
Derivative
Type |
|
Consolidated
Statement of
Operations
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Change
in Unrealized Appreciation/(Depreciation) |
|
Futures
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on futures
contracts |
|
|
$ |
981,281 |
|
|
$ |
(4,930,586 |
) |
|
$ |
15,553,818 |
|
|
$ |
(23,861,208 |
) |
|
$ |
(12,256,695 |
) |
|
Forward
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on forward
foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
15,853,956 |
|
|
|
— |
|
|
|
15,853,956 |
|
|
Total
Change in Unrealized Appreciation/(Depreciation) |
|
$ |
981,281 |
|
|
$ |
(4,930,586 |
) |
|
$ |
31,407,774 |
|
|
$ |
(23,861,208 |
) |
|
$ |
3,597,261 |
|
During
the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:
|
Long
Futures
Notional
Amount |
Short
Futures
Notional
Amount |
Forward
Foreign
Currency
Contracts — Payable
(Value at Trade Date) |
Forward
Foreign
Currency
Contracts —
Receivable
(Value at Trade Date) |
|
$7,603,093,081 |
$(7,658,427,294) |
$(5,241,098,815) |
$5,241,290,576 |
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.
37
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements)
and collateral received and pledged in connection with the master netting agreements (or similar arrangements).
| |
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of
Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of
Assets and Liabilities |
|
|
|
|
|
|
Description |
|
Gross
Amount
Presented
in the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Received |
|
|
Net
Amount(1) |
|
|
|
|
|
|
Gross
Amount
Presented
in the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Pledged(2) |
|
|
Net
Amount(3) |
|
| |
|
Assets |
|
|
|
|
|
|
Liabilities |
|
|
Forward
Foreign Currency Contracts |
|
$ |
25,801,769 |
|
|
$ |
(21,409,977 |
) |
|
$ |
— |
|
|
$ |
4,391,792 |
|
|
|
|
|
|
$ |
21,409,977 |
|
|
$ |
(21,409,977 |
) |
|
$ |
— |
|
|
$ |
— |
|
| |
(1) |
Net amount represents the
net amount receivable from the counterparty in the event of default. |
| |
(2) |
Actual collateral pledged
may be more than the amount shown. |
| |
(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 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.
38
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 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
39
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 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
40
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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. The Fund considers investments in the U.S Bank Money Market Deposit Account,
a U.S. dollar-denominated deposit account offered through U.S. Bank, N.A., to be a cash equivalent. The Fund is exposed to the credit
risk of U.S. Bank, N.A. through the holding of this cash equivalent. This cash equivalent is presented on the Consolidated Statement of
Assets and Liabilities as “Cash equivalents” and was classified as Level 1 assets as of February 28, 2025. As of February
28, 2025, this balance was $151,872,938.
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 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
41
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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. The Adviser may discontinue these arrangements at any time
after December 31, 2025.
|
Advisory
Fee |
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 |
|
August
31,
2025 |
August
31,
2026 |
August
31,
2027 |
August
31,
2028 |
Total |
|
$644,286 |
$1,932,272 |
$1,582,258 |
$757,825 |
$4,916,641 |
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.
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.
42
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
As
of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund
were as follows(a):
|
Federal
Tax
Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$2,922,564,836 |
$881,722 |
$(473,955,846) |
$(473,074,124) |
|
(a) |
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. |
43
Abbey
Capital Futures Strategy Fund
Notes
To Consolidated Financial Statements (Concluded)
February
28, 2025 (Unaudited)
Distributions
to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations,
which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character
of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying 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, 2024, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the
following accounts:
|
Distributable
Earnings/(Loss) |
Paid-In
Capital |
|
$66,500,806 |
$(66,500,806) |
As
of August 31, 2024, the components of distributable earnings/(deficits) on a tax basis were as follows:
|
Undistributed
Ordinary
Income |
Undistributed
Long-Term
Capital Gains |
Net
Unrealized
Appreciation/
(Depreciation) |
Capital
Loss
Carryforwards |
Qualified
Late-Year
Losses |
Other
Temporary
Differences |
|
$39,501,995 |
$— |
$(393,727,591) |
$(102,324,698) |
$— |
$— |
The
differences between the book and tax basis components of distributable earnings/(deficits) relate principally to the timing of recognition
of income and gains of the Cayman Subsidiary for federal income tax purposes.
The
tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:
| |
Ordinary
Income |
Long-Term
Gains |
Total |
| |
$49,943,089 |
$— |
$49,943,089 |
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,
2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.
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, 2024, the Fund had $36,927,094 of unlimited short-term and $65,397,604
of unlimited long-term capital loss carryforwards to offset future capital gains.
6.
Subsequent Events
Management
has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined
that there were no significant events requiring recognition or disclosure in the consolidated financial statements.
44
Abbey
Capital Futures Strategy Fund
Other
Information
(Unaudited)
Proxy
Voting
Policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (844) 261-6484 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s
website at http://www.sec.gov.
45
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee,
WI 53212
Independent
Registered Public Accounting Firm
Ernst & Young LLP
One Commerce
Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
Legal
Counsel
Faegre Drinker
Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
Abbey
Capital Multi Asset Fund
of
THE
RBB FUND, INC.
Semi-Annual
Financial Statements
February
28, 2025
(Unaudited)
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments
February
28, 2025 (Unaudited)
| |
|
Par
|
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 76.2% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 76.2% |
|
|
|
|
|
|
|
|
|
4.67%,
03/06/2025 (a) |
|
$ |
26,396,000 |
|
|
$ |
26,386,728 |
|
|
4.62%,
03/13/2025 (a) |
|
|
42,574,000 |
|
|
|
42,523,798 |
|
|
4.39%,
03/20/2025 (a) |
|
|
38,128,000 |
|
|
|
38,052,109 |
|
|
4.30%,
03/27/2025 (a) |
|
|
49,546,000 |
|
|
|
49,406,776 |
|
|
4.30%,
04/03/2025 (a) |
|
|
14,989,000 |
|
|
|
14,934,299 |
|
|
4.37%,
04/10/2025 (a) |
|
|
50,845,000 |
|
|
|
50,618,031 |
|
|
4.39%,
04/17/2025 (a) |
|
|
114,062,000 |
|
|
|
113,459,575 |
|
|
4.38%,
04/24/2025 (a) |
|
|
28,729,000 |
|
|
|
28,553,957 |
|
|
4.39%,
05/01/2025 (a) |
|
|
23,144,000 |
|
|
|
22,983,554 |
|
|
4.36%,
05/08/2025 (a) |
|
|
36,486,000 |
|
|
|
36,204,556 |
|
|
4.38%,
05/15/2025 (a) |
|
|
42,955,000 |
|
|
|
42,589,820 |
|
|
4.40%,
05/22/2025 (a) |
|
|
62,958,000 |
|
|
|
62,371,179 |
|
|
4.38%,
05/29/2025 (a) |
|
|
17,451,000 |
|
|
|
17,273,978 |
|
|
4.29%,
06/05/2025 (a) |
|
|
39,536,000 |
|
|
|
39,104,229 |
|
|
4.25%,
06/12/2025 (a) |
|
|
18,508,000 |
|
|
|
18,290,693 |
|
|
4.21%,
06/20/2025 (a) |
|
|
54,853,000 |
|
|
|
54,157,944 |
|
|
4.22%,
07/03/2025 (a) |
|
|
50,615,000 |
|
|
|
49,899,425 |
|
|
4.24%,
07/10/2025 (a) |
|
|
27,794,000 |
|
|
|
27,378,190 |
|
|
4.25%,
07/17/2025 (a) |
|
|
36,762,000 |
|
|
|
36,182,008 |
|
|
4.22%,
07/24/2025 (a) |
|
|
11,684,000 |
|
|
|
11,490,963 |
|
|
4.24%,
07/31/2025 (a) |
|
|
6,813,000 |
|
|
|
6,694,787 |
|
|
4.28%,
08/07/2025 (a) |
|
|
24,229,000 |
|
|
|
23,789,564 |
|
|
4.29%,
08/14/2025 (a) |
|
|
16,226,000 |
|
|
|
15,919,405 |
|
|
4.29%,
08/21/2025 (a) |
|
|
46,094,000 |
|
|
|
45,186,467 |
|
|
4.23%,
08/28/2025 (a) |
|
|
2,147,000 |
|
|
|
2,102,998 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $875,292,703) |
|
|
|
|
|
|
875,555,033 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 76.2% (Cost $875,292,703) |
|
|
|
|
|
|
875,555,033 |
|
| |
|
|
|
|
|
|
|
|
|
Other
Assets in Excess of Liabilities — 23.8% |
|
|
|
|
|
|
272,994,655 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,148,549,688 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the consolidated financial statements.
1
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
Futures
contracts outstanding as of February 28, 2025 were as follows:
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
271 |
|
|
|
09/16/2025 |
|
|
$ |
45,632,616 |
|
|
$ |
88,172 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
134 |
|
|
|
12/16/2025 |
|
|
|
22,594,989 |
|
|
|
43,883 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
86 |
|
|
|
03/17/2026 |
|
|
|
14,513,150 |
|
|
|
30,240 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
72 |
|
|
|
06/16/2026 |
|
|
|
12,153,033 |
|
|
|
27,631 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
46 |
|
|
|
09/15/2026 |
|
|
|
7,764,437 |
|
|
|
15,120 |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
25 |
|
|
|
12/15/2026 |
|
|
|
4,219,155 |
|
|
|
7,828 |
|
|
3
Month Euribor |
|
|
28 |
|
|
|
06/16/2025 |
|
|
|
7,107,180 |
|
|
|
(220 |
) |
|
3
Month Euribor |
|
|
366 |
|
|
|
09/15/2025 |
|
|
|
93,029,129 |
|
|
|
51,427 |
|
|
3
Month Euribor |
|
|
328 |
|
|
|
12/15/2025 |
|
|
|
83,425,658 |
|
|
|
7,741 |
|
|
3
Month Euribor |
|
|
120 |
|
|
|
03/16/2026 |
|
|
|
30,526,250 |
|
|
|
13,589 |
|
|
3
Month Euribor |
|
|
356 |
|
|
|
06/15/2026 |
|
|
|
90,551,977 |
|
|
|
15,962 |
|
|
3
Month Euribor |
|
|
168 |
|
|
|
09/14/2026 |
|
|
|
42,721,501 |
|
|
|
73,198 |
|
|
3
Month Euribor |
|
|
325 |
|
|
|
12/14/2026 |
|
|
|
82,616,262 |
|
|
|
53,515 |
|
|
3
Month Euribor |
|
|
144 |
|
|
|
03/15/2027 |
|
|
|
36,590,421 |
|
|
|
10,438 |
|
|
3
Month Euribor |
|
|
86 |
|
|
|
06/14/2027 |
|
|
|
21,844,807 |
|
|
|
12,967 |
|
|
3
Month Euribor |
|
|
135 |
|
|
|
09/13/2027 |
|
|
|
34,279,012 |
|
|
|
14,886 |
|
|
3
Month Euribor |
|
|
278 |
|
|
|
12/13/2027 |
|
|
|
70,567,744 |
|
|
|
52,905 |
|
|
3
Month Euribor |
|
|
44 |
|
|
|
03/13/2028 |
|
|
|
11,165,572 |
|
|
|
(5,187 |
) |
|
3
Month New Zealand Treasury Bill |
|
|
44 |
|
|
|
06/11/2025 |
|
|
|
24,423,472 |
|
|
|
4,112 |
|
|
3
Month New Zealand Treasury Bill |
|
|
33 |
|
|
|
09/10/2025 |
|
|
|
18,322,982 |
|
|
|
2,390 |
|
|
3
Month Swiss Average Overnight Rate |
|
|
6 |
|
|
|
09/16/2025 |
|
|
|
1,659,810 |
|
|
|
332 |
|
|
3
Month Swiss Average Overnight Rate |
|
|
5 |
|
|
|
12/16/2025 |
|
|
|
1,383,728 |
|
|
|
249 |
|
|
3-Month
Secured Overnight Financing Rate |
|
|
30 |
|
|
|
12/14/2027 |
|
|
|
7,230,000 |
|
|
|
30,225 |
|
|
Arabica
Coffee |
|
|
101 |
|
|
|
05/19/2025 |
|
|
|
14,129,269 |
|
|
|
292,523 |
|
|
Arabica
Coffee |
|
|
28 |
|
|
|
07/21/2025 |
|
|
|
3,829,875 |
|
|
|
107,119 |
|
|
Arabica
Coffee |
|
|
12 |
|
|
|
09/18/2025 |
|
|
|
1,602,000 |
|
|
|
(104,006 |
) |
|
ASX
SPI 200 Index |
|
|
227 |
|
|
|
03/20/2025 |
|
|
|
28,635,580 |
|
|
|
(876,722 |
) |
|
Australian
Government 10 Year Bonds |
|
|
182 |
|
|
|
03/17/2025 |
|
|
|
12,820,573 |
|
|
|
54,626 |
|
|
Australian
Government 3 Year Bonds |
|
|
109 |
|
|
|
03/17/2025 |
|
|
|
7,193,451 |
|
|
|
7,225 |
|
|
Australian
90 Day Bank Bills |
|
|
143 |
|
|
|
06/12/2025 |
|
|
|
87,892,979 |
|
|
|
(2,193 |
) |
|
Australian
90 Day Bank Bills |
|
|
65 |
|
|
|
09/11/2025 |
|
|
|
39,968,926 |
|
|
|
1,893 |
|
|
Australian
90 Day Bank Bills |
|
|
61 |
|
|
|
12/11/2025 |
|
|
|
37,516,634 |
|
|
|
4,554 |
|
|
Australian
90 Day Bank Bills |
|
|
18 |
|
|
|
03/12/2026 |
|
|
|
11,071,294 |
|
|
|
827 |
|
|
Australian
90 Day Bank Bills |
|
|
13 |
|
|
|
06/11/2026 |
|
|
|
7,995,934 |
|
|
|
962 |
|
|
Australian
90 Day Bank Bills |
|
|
7 |
|
|
|
09/10/2026 |
|
|
|
4,305,398 |
|
|
|
646 |
|
|
Brent
Crude Oil |
|
|
23 |
|
|
|
03/31/2025 |
|
|
|
1,674,630 |
|
|
|
(48,280 |
) |
|
Brent
Crude Oil |
|
|
1 |
|
|
|
04/30/2025 |
|
|
|
72,280 |
|
|
|
(2,540 |
) |
|
Brent
Crude Oil Last Day Financial |
|
|
4 |
|
|
|
03/31/2025 |
|
|
|
291,240 |
|
|
|
(11,300 |
) |
|
British
Pound/US Dollar Cross Currency Rate |
|
|
151 |
|
|
|
03/17/2025 |
|
|
|
11,864,825 |
|
|
|
20,088 |
|
|
CAC40
10 Euro Index |
|
|
685 |
|
|
|
03/21/2025 |
|
|
|
57,735,298 |
|
|
|
(455,534 |
) |
|
Canadian
10 Year Government Bonds |
|
|
429 |
|
|
|
06/19/2025 |
|
|
|
36,997,636 |
|
|
|
479,095 |
|
|
Canadian
5 Year Bonds |
|
|
395 |
|
|
|
06/19/2025 |
|
|
|
31,651,875 |
|
|
|
235,010 |
|
|
Canadian
Canola Oil |
|
|
197 |
|
|
|
05/14/2025 |
|
|
|
1,773,170 |
|
|
|
(55,125 |
) |
|
Canadian
Canola Oil |
|
|
24 |
|
|
|
07/14/2025 |
|
|
|
218,343 |
|
|
|
(5,325 |
) |
|
Copper |
|
|
95 |
|
|
|
05/28/2025 |
|
|
|
10,801,500 |
|
|
|
(257,113 |
) |
|
Copper |
|
|
7 |
|
|
|
07/29/2025 |
|
|
|
803,512 |
|
|
|
(4,925 |
) |
|
Corn
No. 2 Yellow |
|
|
805 |
|
|
|
05/14/2025 |
|
|
|
18,897,375 |
|
|
|
(1,382,512 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
2
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Corn
No. 2 Yellow |
|
|
269 |
|
|
|
07/14/2025 |
|
|
$ |
6,398,837 |
|
|
$ |
(316,600 |
) |
|
Corn
No. 2 Yellow |
|
|
3 |
|
|
|
09/12/2025 |
|
|
|
67,537 |
|
|
|
(2,963 |
) |
|
Crude
Oil |
|
|
16 |
|
|
|
03/20/2025 |
|
|
|
1,116,160 |
|
|
|
(28,580 |
) |
|
Crude
Oil |
|
|
1 |
|
|
|
04/22/2025 |
|
|
|
69,340 |
|
|
|
(1,740 |
) |
|
Crude
Oil |
|
|
1 |
|
|
|
05/20/2025 |
|
|
|
68,870 |
|
|
|
(1,900 |
) |
|
Crude
Palm Oil |
|
|
10 |
|
|
|
04/15/2025 |
|
|
|
260,224 |
|
|
|
2,241 |
|
|
Crude
Palm Oil |
|
|
100 |
|
|
|
05/15/2025 |
|
|
|
2,551,260 |
|
|
|
19,451 |
|
|
Crude
Palm Oil |
|
|
42 |
|
|
|
06/13/2025 |
|
|
|
1,048,235 |
|
|
|
7,350 |
|
|
Crude
Palm Oil |
|
|
13 |
|
|
|
07/15/2025 |
|
|
|
317,826 |
|
|
|
1,473 |
|
|
Crude
Soybean Oil |
|
|
229 |
|
|
|
05/14/2025 |
|
|
|
6,062,088 |
|
|
|
(354,474 |
) |
|
Crude
Soybean Oil |
|
|
52 |
|
|
|
07/14/2025 |
|
|
|
1,388,712 |
|
|
|
(64,980 |
) |
|
Crude
Soybean Oil |
|
|
58 |
|
|
|
12/12/2025 |
|
|
|
1,536,420 |
|
|
|
(54,864 |
) |
|
DAX
Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
233,737 |
|
|
|
(913 |
) |
|
Dollar
Index |
|
|
169 |
|
|
|
03/17/2025 |
|
|
|
18,177,302 |
|
|
|
123,062 |
|
|
Dow
Jones Industrial Average Index |
|
|
180 |
|
|
|
03/21/2025 |
|
|
|
39,500,100 |
|
|
|
(405,835 |
) |
|
Dow
Jones U.S. Micro-Cap Total Stock Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
21,945 |
|
|
|
(328 |
) |
|
E-mini
Consumer Staples Select Sector |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
251,640 |
|
|
|
8,910 |
|
|
Emini
S&P 500 ESG Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
519,560 |
|
|
|
(17,465 |
) |
|
Euro
STOXX 50 Dividend Index |
|
|
11 |
|
|
|
12/19/2025 |
|
|
|
188,965 |
|
|
|
7,417 |
|
|
Euro
STOXX 50 Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
98,528 |
|
|
|
3,724 |
|
|
Euro
STOXX 50 Quanto Index |
|
|
815 |
|
|
|
03/21/2025 |
|
|
|
46,127,449 |
|
|
|
1,715,547 |
|
|
Euro
STOXX Banks Index |
|
|
205 |
|
|
|
03/21/2025 |
|
|
|
1,949,009 |
|
|
|
389,764 |
|
|
Euro/Japanese
Yen Cross Currency Rate |
|
|
25 |
|
|
|
03/17/2025 |
|
|
|
3,236,996 |
|
|
|
(121,168 |
) |
|
Euro-BOBL |
|
|
201 |
|
|
|
03/06/2025 |
|
|
|
24,583,139 |
|
|
|
58,548 |
|
|
Euro-BOBL |
|
|
59 |
|
|
|
06/06/2025 |
|
|
|
7,277,762 |
|
|
|
(840 |
) |
|
Euro-BTP
Italian Government Bonds |
|
|
329 |
|
|
|
03/06/2025 |
|
|
|
41,156,143 |
|
|
|
(1,805 |
) |
|
Euro-BTP
Italian Government Bonds |
|
|
121 |
|
|
|
06/06/2025 |
|
|
|
15,096,287 |
|
|
|
(5,602 |
) |
|
Euro-Bund |
|
|
65 |
|
|
|
03/06/2025 |
|
|
|
8,980,747 |
|
|
|
16,328 |
|
|
Euro-Schatz |
|
|
257 |
|
|
|
03/06/2025 |
|
|
|
28,507,568 |
|
|
|
19,450 |
|
|
Euro-Schatz |
|
|
281 |
|
|
|
06/06/2025 |
|
|
|
31,204,732 |
|
|
|
(1,914 |
) |
|
European
Rapeseed |
|
|
181 |
|
|
|
04/30/2025 |
|
|
|
5,001,491 |
|
|
|
(19,723 |
) |
|
European
Rapeseed |
|
|
34 |
|
|
|
07/31/2025 |
|
|
|
879,107 |
|
|
|
14,510 |
|
|
Feeder
Cattle |
|
|
72 |
|
|
|
04/17/2025 |
|
|
|
9,828,000 |
|
|
|
207,863 |
|
|
Feeder
Cattle |
|
|
17 |
|
|
|
05/22/2025 |
|
|
|
2,304,563 |
|
|
|
33,500 |
|
|
Feeder
Cattle |
|
|
4 |
|
|
|
08/28/2025 |
|
|
|
548,100 |
|
|
|
(950 |
) |
|
FTSE
100 Index |
|
|
1,219 |
|
|
|
03/21/2025 |
|
|
|
134,791,058 |
|
|
|
3,372,583 |
|
|
FTSE
Bursa Malaysia KLCI Index |
|
|
16 |
|
|
|
03/28/2025 |
|
|
|
276,437 |
|
|
|
(3,815 |
) |
|
FTSE
China A50 Index |
|
|
702 |
|
|
|
03/28/2025 |
|
|
|
9,279,738 |
|
|
|
(13,201 |
) |
|
FTSE
MIB Index |
|
|
19 |
|
|
|
03/21/2025 |
|
|
|
763,142 |
|
|
|
85,263 |
|
|
FTSE/JSE
Top 40 Index |
|
|
293 |
|
|
|
03/20/2025 |
|
|
|
12,380,855 |
|
|
|
(215,776 |
) |
|
FTSE/MIB
Index |
|
|
157 |
|
|
|
03/21/2025 |
|
|
|
31,529,803 |
|
|
|
2,276,415 |
|
|
German
Stock Index |
|
|
86 |
|
|
|
03/21/2025 |
|
|
|
50,253,426 |
|
|
|
3,715,949 |
|
|
Gold |
|
|
297 |
|
|
|
04/28/2025 |
|
|
|
84,600,450 |
|
|
|
1,291,870 |
|
|
Gold |
|
|
15 |
|
|
|
06/26/2025 |
|
|
|
4,314,150 |
|
|
|
93,990 |
|
|
Hang
Seng China Enterprises Index |
|
|
198 |
|
|
|
03/28/2025 |
|
|
|
10,757,922 |
|
|
|
(143,319 |
) |
|
Hang
Seng Index |
|
|
251 |
|
|
|
03/28/2025 |
|
|
|
37,062,363 |
|
|
|
(292,707 |
) |
|
Hang
Seng Mini Index |
|
|
31 |
|
|
|
03/28/2025 |
|
|
|
915,485 |
|
|
|
(15,253 |
) |
|
Hang
Seng TECH Index |
|
|
53 |
|
|
|
03/28/2025 |
|
|
|
1,900,682 |
|
|
|
(44,676 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
3
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Hard
Red Winter Wheat |
|
|
34 |
|
|
|
05/14/2025 |
|
|
$ |
974,100 |
|
|
$ |
(88,050 |
) |
|
Hard
Red Winter Wheat |
|
|
9 |
|
|
|
07/14/2025 |
|
|
|
263,700 |
|
|
|
(20,987 |
) |
|
IBEX
35 Composite Index |
|
|
8 |
|
|
|
03/21/2025 |
|
|
|
110,742 |
|
|
|
2,517 |
|
|
IBEX
35 Index |
|
|
39 |
|
|
|
03/21/2025 |
|
|
|
5,398,684 |
|
|
|
74,443 |
|
|
ICE
3 Month SONIA Rate |
|
|
13 |
|
|
|
12/16/2025 |
|
|
|
3,926,262 |
|
|
|
(1,588 |
) |
|
ICE
3 Month SONIA Rate |
|
|
163 |
|
|
|
03/17/2026 |
|
|
|
49,280,548 |
|
|
|
(15,393 |
) |
|
ICE
3 Month SONIA Rate |
|
|
30 |
|
|
|
06/16/2026 |
|
|
|
9,073,813 |
|
|
|
(802 |
) |
|
ICE
3 Month SONIA Rate |
|
|
126 |
|
|
|
09/15/2026 |
|
|
|
38,117,940 |
|
|
|
(4,198 |
) |
|
ICE
3 Month SONIA Rate |
|
|
4 |
|
|
|
12/15/2026 |
|
|
|
1,210,156 |
|
|
|
79 |
|
|
ICE
European Climate Exchange Emissions |
|
|
19 |
|
|
|
12/15/2025 |
|
|
|
1,399,392 |
|
|
|
(196,797 |
) |
|
ICE
European Climate Exchange Emissions |
|
|
4 |
|
|
|
12/14/2026 |
|
|
|
302,825 |
|
|
|
(18,517 |
) |
|
Industrial
Select Sector Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
412,740 |
|
|
|
(1,260 |
) |
|
Lean
Hogs |
|
|
25 |
|
|
|
04/14/2025 |
|
|
|
836,750 |
|
|
|
(92,240 |
) |
|
Lean
Hogs |
|
|
156 |
|
|
|
06/13/2025 |
|
|
|
5,929,560 |
|
|
|
(451,940 |
) |
|
Lean
Hogs |
|
|
54 |
|
|
|
07/15/2025 |
|
|
|
2,089,800 |
|
|
|
(126,280 |
) |
|
Live
Cattle |
|
|
147 |
|
|
|
04/30/2025 |
|
|
|
11,327,820 |
|
|
|
(262,770 |
) |
|
Live
Cattle |
|
|
296 |
|
|
|
06/30/2025 |
|
|
|
22,350,960 |
|
|
|
(425,280 |
) |
|
Live
Cattle |
|
|
108 |
|
|
|
08/29/2025 |
|
|
|
8,118,360 |
|
|
|
(105,110 |
) |
|
Live
Cattle |
|
|
17 |
|
|
|
10/31/2025 |
|
|
|
1,293,020 |
|
|
|
(11,990 |
) |
|
LME
Aluminum Forward |
|
|
33 |
|
|
|
03/17/2025 |
|
|
|
2,162,193 |
|
|
|
61,860 |
|
|
LME
Aluminum Forward |
|
|
60 |
|
|
|
04/14/2025 |
|
|
|
3,915,885 |
|
|
|
(61,825 |
) |
|
LME
Aluminum Forward |
|
|
88 |
|
|
|
05/19/2025 |
|
|
|
5,735,180 |
|
|
|
(102,327 |
) |
|
LME
Copper Forward |
|
|
22 |
|
|
|
03/17/2025 |
|
|
|
5,147,483 |
|
|
|
163,696 |
|
|
LME
Copper Forward |
|
|
25 |
|
|
|
04/14/2025 |
|
|
|
5,846,506 |
|
|
|
53,993 |
|
|
LME
Copper Forward |
|
|
13 |
|
|
|
05/19/2025 |
|
|
|
3,042,725 |
|
|
|
(50,537 |
) |
|
LME
Lead Forward |
|
|
32 |
|
|
|
03/17/2025 |
|
|
|
2,937,001 |
|
|
|
(10,901 |
) |
|
LME
Lead Forward |
|
|
32 |
|
|
|
04/14/2025 |
|
|
|
2,947,175 |
|
|
|
(9,625 |
) |
|
LME
Lead Forward |
|
|
2 |
|
|
|
05/19/2025 |
|
|
|
185,129 |
|
|
|
(4,924 |
) |
|
LME
Nickel Forward |
|
|
35 |
|
|
|
03/17/2025 |
|
|
|
1,726,883 |
|
|
|
20,733 |
|
|
LME
Nickel Forward |
|
|
36 |
|
|
|
04/14/2025 |
|
|
|
1,787,409 |
|
|
|
5,409 |
|
|
LME
Zinc Forward |
|
|
50 |
|
|
|
03/17/2025 |
|
|
|
3,461,425 |
|
|
|
(253,766 |
) |
|
LME
Zinc Forward |
|
|
83 |
|
|
|
04/14/2025 |
|
|
|
5,772,152 |
|
|
|
(112,768 |
) |
|
London
Cocoa |
|
|
35 |
|
|
|
05/14/2025 |
|
|
|
3,232,408 |
|
|
|
(532,668 |
) |
|
London
Cocoa |
|
|
15 |
|
|
|
07/16/2025 |
|
|
|
1,367,582 |
|
|
|
(171,778 |
) |
|
London
Cocoa |
|
|
1 |
|
|
|
09/15/2025 |
|
|
|
86,505 |
|
|
|
(8,893 |
) |
|
London
Metals - Aluminum(a) |
|
|
878 |
|
|
|
03/17/2025 |
|
|
|
57,527,438 |
|
|
|
39,704 |
|
|
London
Metals - Aluminum(a) |
|
|
293 |
|
|
|
06/16/2025 |
|
|
|
19,107,629 |
|
|
|
(353,784 |
) |
|
London
Metals - Copper(a) |
|
|
275 |
|
|
|
03/17/2025 |
|
|
|
64,343,537 |
|
|
|
1,503,153 |
|
|
London
Metals - Copper(a) |
|
|
37 |
|
|
|
06/16/2025 |
|
|
|
8,663,939 |
|
|
|
(112,378 |
) |
|
London
Metals - Lead(a) |
|
|
318 |
|
|
|
03/17/2025 |
|
|
|
15,689,961 |
|
|
|
(117,689 |
) |
|
London
Metals - Lead(a) |
|
|
3 |
|
|
|
06/16/2025 |
|
|
|
149,821 |
|
|
|
(925 |
) |
|
London
Metals - Nickel(a) |
|
|
137 |
|
|
|
03/17/2025 |
|
|
|
12,574,035 |
|
|
|
(97,789 |
) |
|
London
Metals - Nickel(a) |
|
|
4 |
|
|
|
06/16/2025 |
|
|
|
371,690 |
|
|
|
(3,804 |
) |
|
London
Metals - Tin(a) |
|
|
1 |
|
|
|
06/16/2025 |
|
|
|
156,740 |
|
|
|
(7,714 |
) |
|
London
Metals - Zinc(a) |
|
|
218 |
|
|
|
03/17/2025 |
|
|
|
15,091,813 |
|
|
|
(1,060,917 |
) |
|
London
Metals - Zinc(a) |
|
|
44 |
|
|
|
06/16/2025 |
|
|
|
3,078,515 |
|
|
|
(72,767 |
) |
|
Long
Gilt |
|
|
48 |
|
|
|
06/26/2025 |
|
|
|
5,641,199 |
|
|
|
5,019 |
|
|
Low
Sulphur Gas Oil |
|
|
23 |
|
|
|
04/10/2025 |
|
|
|
1,558,250 |
|
|
|
(68,775 |
) |
|
Low
Sulphur Gas Oil |
|
|
7 |
|
|
|
05/12/2025 |
|
|
|
468,475 |
|
|
|
(15,200 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
4
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Lumber |
|
|
6 |
|
|
|
05/15/2025 |
|
|
$ |
110,797 |
|
|
$ |
2,855 |
|
|
Micro
Gold |
|
|
16 |
|
|
|
04/28/2025 |
|
|
|
455,760 |
|
|
|
7,792 |
|
|
Milling
Wheat No. 2 |
|
|
2 |
|
|
|
09/10/2025 |
|
|
|
23,885 |
|
|
|
(519 |
) |
|
Mini-Hang
Seng Index |
|
|
27 |
|
|
|
03/28/2025 |
|
|
|
293,398 |
|
|
|
(5,632 |
) |
|
MSCI
China A 50 Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
52,945 |
|
|
|
(740 |
) |
|
MSCI
EAFE Index |
|
|
44 |
|
|
|
03/21/2025 |
|
|
|
5,345,120 |
|
|
|
75,455 |
|
|
MSCI
Emerging Markets Index |
|
|
123 |
|
|
|
03/21/2025 |
|
|
|
6,743,475 |
|
|
|
(145,335 |
) |
|
MSCI
Singapore Index |
|
|
297 |
|
|
|
03/27/2025 |
|
|
|
8,711,443 |
|
|
|
(6,856 |
) |
|
Nasdaq
100 Index |
|
|
68 |
|
|
|
03/21/2025 |
|
|
|
28,450,520 |
|
|
|
(1,485,849 |
) |
|
Natural
Gas |
|
|
15 |
|
|
|
03/26/2025 |
|
|
|
143,775 |
|
|
|
(12,163 |
) |
|
Natural
Gas |
|
|
273 |
|
|
|
03/27/2025 |
|
|
|
10,466,820 |
|
|
|
(288,250 |
) |
|
Natural
Gas |
|
|
40 |
|
|
|
03/28/2025 |
|
|
|
1,324,097 |
|
|
|
(278,219 |
) |
|
Natural
Gas |
|
|
221 |
|
|
|
04/28/2025 |
|
|
|
8,610,160 |
|
|
|
119,590 |
|
|
Natural
Gas |
|
|
5 |
|
|
|
04/29/2025 |
|
|
|
171,265 |
|
|
|
(14,255 |
) |
|
Natural
Gas |
|
|
82 |
|
|
|
05/28/2025 |
|
|
|
3,316,080 |
|
|
|
(6,990 |
) |
|
Natural
Gas |
|
|
39 |
|
|
|
06/26/2025 |
|
|
|
1,641,510 |
|
|
|
101,020 |
|
|
Natural
Gas |
|
|
19 |
|
|
|
09/26/2025 |
|
|
|
810,160 |
|
|
|
129,150 |
|
|
Nikkei
225 OSE Index |
|
|
86 |
|
|
|
03/13/2025 |
|
|
|
10,607,533 |
|
|
|
(598,090 |
) |
|
Nikkei
225 SGX Index |
|
|
16 |
|
|
|
03/13/2025 |
|
|
|
3,944,332 |
|
|
|
(237,752 |
) |
|
NY
Harbor ULSD |
|
|
123 |
|
|
|
03/31/2025 |
|
|
|
11,959,290 |
|
|
|
(329,858 |
) |
|
NY
Harbor ULSD |
|
|
20 |
|
|
|
04/30/2025 |
|
|
|
1,899,240 |
|
|
|
(66,696 |
) |
|
NY
Harbor ULSD |
|
|
12 |
|
|
|
05/30/2025 |
|
|
|
1,121,249 |
|
|
|
(45,532 |
) |
|
NY
Harbor ULSD |
|
|
2 |
|
|
|
06/30/2025 |
|
|
|
185,934 |
|
|
|
(7,711 |
) |
|
NY
Harbor ULSD |
|
|
3 |
|
|
|
11/28/2025 |
|
|
|
279,707 |
|
|
|
(11,731 |
) |
|
NYSE
FANG+ Index |
|
|
3 |
|
|
|
03/21/2025 |
|
|
|
193,836 |
|
|
|
(11,970 |
) |
|
Oats |
|
|
1 |
|
|
|
05/14/2025 |
|
|
|
18,450 |
|
|
|
(213 |
) |
|
OMXS30
ESG Index |
|
|
8 |
|
|
|
03/21/2025 |
|
|
|
197,936 |
|
|
|
(1,678 |
) |
|
OMXS30
Index |
|
|
1,535 |
|
|
|
03/21/2025 |
|
|
|
38,880,746 |
|
|
|
(343,366 |
) |
|
Platinum |
|
|
22 |
|
|
|
04/28/2025 |
|
|
|
1,031,690 |
|
|
|
(109,275 |
) |
|
Red
Spring Wheat |
|
|
1 |
|
|
|
05/14/2025 |
|
|
|
29,887 |
|
|
|
(550 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
13 |
|
|
|
03/31/2025 |
|
|
|
1,213,376 |
|
|
|
(55,238 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
5 |
|
|
|
04/30/2025 |
|
|
|
467,586 |
|
|
|
(8,362 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
10 |
|
|
|
05/30/2025 |
|
|
|
931,014 |
|
|
|
(32,592 |
) |
|
Reformulated
Gasoline Blendstock |
|
|
10 |
|
|
|
06/30/2025 |
|
|
|
920,976 |
|
|
|
(28,304 |
) |
|
Robusta
Coffee |
|
|
106 |
|
|
|
05/23/2025 |
|
|
|
5,649,800 |
|
|
|
67,710 |
|
|
Robusta
Coffee |
|
|
38 |
|
|
|
07/25/2025 |
|
|
|
2,010,200 |
|
|
|
66,450 |
|
|
Russell
2000 Index |
|
|
21 |
|
|
|
03/21/2025 |
|
|
|
2,273,565 |
|
|
|
(161,235 |
) |
|
S&P
500 E-mini Index |
|
|
2,091 |
|
|
|
03/21/2025 |
|
|
|
623,457,788 |
|
|
|
(16,086,465 |
) |
|
S&P
500 Micro E-mini Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
29,816 |
|
|
|
(255 |
) |
|
S&P
Mid Cap 400 Index |
|
|
8 |
|
|
|
03/21/2025 |
|
|
|
2,479,760 |
|
|
|
(93,750 |
) |
|
S&P
Real Estate Select Sector Stock Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
52,937 |
|
|
|
400 |
|
|
S&P/Toronto
Stock Exchange 60 Index |
|
|
182 |
|
|
|
03/20/2025 |
|
|
|
38,524,749 |
|
|
|
544,073 |
|
|
SGX
FTSE Taiwan Index |
|
|
123 |
|
|
|
03/28/2025 |
|
|
|
9,199,170 |
|
|
|
(402,080 |
) |
|
SGX
TSI Iron Ore |
|
|
232 |
|
|
|
04/30/2025 |
|
|
|
2,376,608 |
|
|
|
(70,027 |
) |
|
SGX
TSI Iron Ore |
|
|
32 |
|
|
|
05/30/2025 |
|
|
|
325,600 |
|
|
|
(9,805 |
) |
|
SGX
TSI Iron Ore |
|
|
21 |
|
|
|
06/30/2025 |
|
|
|
212,247 |
|
|
|
(6,058 |
) |
|
Short-term
Euro-BTP |
|
|
1,074 |
|
|
|
03/06/2025 |
|
|
|
119,946,099 |
|
|
|
10,716 |
|
|
Short-term
Euro-BTP |
|
|
263 |
|
|
|
06/06/2025 |
|
|
|
29,331,352 |
|
|
|
1,629 |
|
|
Silver |
|
|
127 |
|
|
|
05/28/2025 |
|
|
|
19,999,960 |
|
|
|
(1,095,785 |
) |
|
Silver |
|
|
3 |
|
|
|
07/29/2025 |
|
|
|
477,045 |
|
|
|
(21,510 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
5
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
South
African Rand/US Dollar Cross Currency Rate |
|
|
3 |
|
|
|
03/17/2025 |
|
|
$ |
80,100 |
|
|
$ |
(600 |
) |
|
Soybeans |
|
|
68 |
|
|
|
05/14/2025 |
|
|
|
3,487,550 |
|
|
|
(108,900 |
) |
|
STOXX
600 Bank Spread Index |
|
|
13 |
|
|
|
03/21/2025 |
|
|
|
175,313 |
|
|
|
32,084 |
|
|
STOXX
600 Utilities Index |
|
|
11 |
|
|
|
03/21/2025 |
|
|
|
227,191 |
|
|
|
6,312 |
|
|
STOXX
Euro ESG-X Index |
|
|
55 |
|
|
|
03/21/2025 |
|
|
|
1,173,041 |
|
|
|
37,283 |
|
|
STOXX
Europe 600 Index |
|
|
181 |
|
|
|
03/21/2025 |
|
|
|
5,222,580 |
|
|
|
382,584 |
|
|
STOXX
Europe 600 Insurance Index |
|
|
4 |
|
|
|
03/21/2025 |
|
|
|
94,316 |
|
|
|
7,796 |
|
|
Sugar
#11 |
|
|
213 |
|
|
|
04/30/2025 |
|
|
|
4,418,131 |
|
|
|
(244,905 |
) |
|
Sugar
#11 |
|
|
37 |
|
|
|
06/30/2025 |
|
|
|
750,893 |
|
|
|
(45,237 |
) |
|
Sugar
#11 |
|
|
20 |
|
|
|
09/30/2025 |
|
|
|
408,128 |
|
|
|
(21,661 |
) |
|
Sugar
#11 |
|
|
12 |
|
|
|
02/27/2026 |
|
|
|
249,850 |
|
|
|
(12,611 |
) |
|
Swiss
Franc/US Dollar Cross Currency Rate |
|
|
1 |
|
|
|
03/17/2025 |
|
|
|
138,581 |
|
|
|
(669 |
) |
|
Swiss
Government Bonds |
|
|
1 |
|
|
|
03/06/2025 |
|
|
|
164,638 |
|
|
|
233 |
|
|
Tokyo
Price Index |
|
|
13 |
|
|
|
03/13/2025 |
|
|
|
231,096 |
|
|
|
(9,157 |
) |
|
TOPIX
Index |
|
|
76 |
|
|
|
03/13/2025 |
|
|
|
13,510,214 |
|
|
|
(408,775 |
) |
|
Two
Year Canadian Government Bonds |
|
|
573 |
|
|
|
06/19/2025 |
|
|
|
41,881,379 |
|
|
|
104,783 |
|
|
U.S.
Treasury 10 Year Notes |
|
|
140 |
|
|
|
06/18/2025 |
|
|
|
15,553,125 |
|
|
|
55,906 |
|
|
U.S.
Treasury 2 Year Notes |
|
|
824 |
|
|
|
06/30/2025 |
|
|
|
170,542,250 |
|
|
|
280,773 |
|
|
U.S.
Treasury 5 Year Note |
|
|
483 |
|
|
|
06/30/2025 |
|
|
|
52,133,812 |
|
|
|
186,976 |
|
|
U.S.
Treasury Long Bonds |
|
|
120 |
|
|
|
06/18/2025 |
|
|
|
14,171,250 |
|
|
|
53,469 |
|
|
UK
Natural Gas |
|
|
10 |
|
|
|
03/28/2025 |
|
|
|
395,595 |
|
|
|
(81,908 |
) |
|
UK
Natural Gas |
|
|
25 |
|
|
|
04/29/2025 |
|
|
|
1,022,246 |
|
|
|
(87,251 |
) |
|
US
Cocoa |
|
|
37 |
|
|
|
05/14/2025 |
|
|
|
3,375,880 |
|
|
|
(582,639 |
) |
|
US
Cocoa |
|
|
18 |
|
|
|
07/16/2025 |
|
|
|
1,618,380 |
|
|
|
(231,230 |
) |
|
US
Dollar/Chinese Renminbi Cross Currency Rate |
|
|
2 |
|
|
|
03/17/2025 |
|
|
|
199,657 |
|
|
|
1,252 |
|
|
US
Dollar/Chinese SGX Cross Currency Rate |
|
|
3 |
|
|
|
03/17/2025 |
|
|
|
299,745 |
|
|
|
932 |
|
|
Utilities
Select Sector Index |
|
|
2 |
|
|
|
03/21/2025 |
|
|
|
159,920 |
|
|
|
3,090 |
|
|
Wheat |
|
|
132 |
|
|
|
05/14/2025 |
|
|
|
3,667,950 |
|
|
|
(404,312 |
) |
|
Wheat |
|
|
4 |
|
|
|
09/12/2025 |
|
|
|
116,900 |
|
|
|
(10,850 |
) |
|
White
Maize |
|
|
2 |
|
|
|
07/24/2025 |
|
|
|
48,028 |
|
|
|
1,241 |
|
|
White
Sugar |
|
|
22 |
|
|
|
04/15/2025 |
|
|
|
585,860 |
|
|
|
(21,755 |
) |
|
White
Sugar |
|
|
8 |
|
|
|
07/16/2025 |
|
|
|
205,760 |
|
|
|
(9,600 |
) |
|
XAV
Health Care Select Sector Index |
|
|
1 |
|
|
|
03/21/2025 |
|
|
|
150,670 |
|
|
|
2,560 |
|
|
Yellow
Maize |
|
|
1 |
|
|
|
07/24/2025 |
|
|
|
22,833 |
|
|
|
336 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(15,318,443 |
) |
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
|
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
1
Month Secured Overnight Financing Rate |
|
|
(22) |
|
|
|
07/31/2025 |
|
|
$ |
8,794,745 |
|
|
$ |
(10,209 |
) |
|
10
Year Japanese Government Bonds |
|
|
(21) |
|
|
|
03/12/2025 |
|
|
|
1,949,407 |
|
|
|
14,515 |
|
|
10
Year U.S. Ultra Treasury Notes |
|
|
(114) |
|
|
|
06/18/2025 |
|
|
|
13,024,500 |
|
|
|
(191,383 |
) |
|
3
Month Euribor |
|
|
(364) |
|
|
|
12/15/2025 |
|
|
|
92,582,133 |
|
|
|
(106,459 |
) |
|
3
Month Euribor |
|
|
(362) |
|
|
|
06/15/2026 |
|
|
|
92,078,134 |
|
|
|
(169,945 |
) |
|
30
Day Federal Funds Rate |
|
|
(1) |
|
|
|
02/27/2026 |
|
|
|
401,699 |
|
|
|
(1,271 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(93) |
|
|
|
09/16/2025 |
|
|
|
22,309,537 |
|
|
|
(22,900 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(313) |
|
|
|
12/16/2025 |
|
|
|
75,256,938 |
|
|
|
(168,113 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
6
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
|
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
3-Month
Secured Overnight Financing Rate |
|
|
(428) |
|
|
|
03/17/2026 |
|
|
$ |
103,057,050 |
|
|
$ |
(421,313 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(90) |
|
|
|
06/16/2026 |
|
|
|
21,688,875 |
|
|
|
(79,325 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(344) |
|
|
|
09/15/2026 |
|
|
|
82,934,100 |
|
|
|
(359,562 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(352) |
|
|
|
12/15/2026 |
|
|
|
84,871,600 |
|
|
|
(278,863 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(99) |
|
|
|
03/16/2027 |
|
|
|
23,868,900 |
|
|
|
(100,688 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(96) |
|
|
|
06/15/2027 |
|
|
|
23,143,200 |
|
|
|
(100,988 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(97) |
|
|
|
09/14/2027 |
|
|
|
23,380,637 |
|
|
|
(104,075 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(70) |
|
|
|
12/14/2027 |
|
|
|
16,870,000 |
|
|
|
(72,838 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(63) |
|
|
|
03/14/2028 |
|
|
|
15,179,850 |
|
|
|
(68,625 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(44) |
|
|
|
06/20/2028 |
|
|
|
10,599,050 |
|
|
|
(44,038 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(12) |
|
|
|
09/19/2028 |
|
|
|
2,889,900 |
|
|
|
(12,700 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(12) |
|
|
|
12/19/2028 |
|
|
|
2,889,300 |
|
|
|
(13,225 |
) |
|
3-Month
Secured Overnight Financing Rate |
|
|
(12) |
|
|
|
03/20/2029 |
|
|
|
2,888,550 |
|
|
|
(12,263 |
) |
|
AUD/USD
Cross Currency Rate |
|
|
(700) |
|
|
|
03/17/2025 |
|
|
|
43,389,500 |
|
|
|
581,415 |
|
|
Australian
Government 10 Year Bonds |
|
|
(755) |
|
|
|
03/17/2025 |
|
|
|
53,184,241 |
|
|
|
(648,024 |
) |
|
Australian
Government 3 Year Bonds |
|
|
(1,746) |
|
|
|
03/17/2025 |
|
|
|
115,227,199 |
|
|
|
(447,209 |
) |
|
Australian
90 Day Bank Bills |
|
|
(82) |
|
|
|
03/13/2025 |
|
|
|
50,370,644 |
|
|
|
(5,787 |
) |
|
Australian
90 Day Bank Bills |
|
|
(45) |
|
|
|
06/12/2025 |
|
|
|
27,658,630 |
|
|
|
(5,433 |
) |
|
Australian
90 Day Bank Bills |
|
|
(171) |
|
|
|
09/11/2025 |
|
|
|
105,149,022 |
|
|
|
(32,956 |
) |
|
Australian
90 Day Bank Bills |
|
|
(2) |
|
|
|
03/12/2026 |
|
|
|
1,230,144 |
|
|
|
(571 |
) |
|
Brazilian
Real/US Dollar Cross Currency Rate |
|
|
(3) |
|
|
|
03/31/2025 |
|
|
|
50,520 |
|
|
|
1,035 |
|
|
Brent
Crude Oil |
|
|
(72) |
|
|
|
03/31/2025 |
|
|
|
5,242,320 |
|
|
|
25,200 |
|
|
Brent
Crude Oil |
|
|
(4) |
|
|
|
04/30/2025 |
|
|
|
289,120 |
|
|
|
(80 |
) |
|
Brent
Crude Oil |
|
|
(7) |
|
|
|
05/30/2025 |
|
|
|
502,530 |
|
|
|
1,680 |
|
|
Brent
Crude Oil |
|
|
(9) |
|
|
|
10/31/2025 |
|
|
|
627,480 |
|
|
|
3,220 |
|
|
British
Pound/US Dollar Cross Currency Rate |
|
|
(140) |
|
|
|
03/17/2025 |
|
|
|
11,000,500 |
|
|
|
(129,725 |
) |
|
CAC40
10 Euro Index |
|
|
(31) |
|
|
|
03/21/2025 |
|
|
|
2,612,838 |
|
|
|
(6,509 |
) |
|
Canadian
Dollar/US Dollar Cross Currency Rate |
|
|
(732) |
|
|
|
03/18/2025 |
|
|
|
50,658,060 |
|
|
|
580,107 |
|
|
Class
III Milk |
|
|
(9) |
|
|
|
04/29/2025 |
|
|
|
328,860 |
|
|
|
8,080 |
|
|
Corn
No. 2 Yellow |
|
|
(133) |
|
|
|
12/12/2025 |
|
|
|
3,025,750 |
|
|
|
(73,150 |
) |
|
Cotton
No.2 |
|
|
(681) |
|
|
|
05/07/2025 |
|
|
|
22,217,625 |
|
|
|
937,291 |
|
|
Cotton
No.2 |
|
|
(44) |
|
|
|
07/09/2025 |
|
|
|
1,460,580 |
|
|
|
76,305 |
|
|
Crude
Oil |
|
|
(93) |
|
|
|
03/20/2025 |
|
|
|
6,487,680 |
|
|
|
(16,742 |
) |
|
Crude
Oil |
|
|
(3) |
|
|
|
04/22/2025 |
|
|
|
208,020 |
|
|
|
(560 |
) |
|
Crude
Oil |
|
|
(28) |
|
|
|
05/20/2025 |
|
|
|
1,928,360 |
|
|
|
22,070 |
|
|
Crude
Oil |
|
|
(6) |
|
|
|
06/20/2025 |
|
|
|
410,280 |
|
|
|
(1,600 |
) |
|
Crude
Oil |
|
|
(13) |
|
|
|
11/20/2025 |
|
|
|
858,780 |
|
|
|
14,460 |
|
|
Crude
Soybean Oil |
|
|
(88) |
|
|
|
05/14/2025 |
|
|
|
2,329,536 |
|
|
|
19,590 |
|
|
Dow
Jones Industrial Average Index |
|
|
(6) |
|
|
|
03/21/2025 |
|
|
|
1,316,670 |
|
|
|
(12,220 |
) |
|
E-mini
Materials Sector |
|
|
(1) |
|
|
|
03/21/2025 |
|
|
|
94,280 |
|
|
|
(5,220 |
) |
|
Euro
BUXL 30 Year Bonds |
|
|
(130) |
|
|
|
03/06/2025 |
|
|
|
17,504,331 |
|
|
|
(286,248 |
) |
|
Euro
Half Dollars |
|
|
(4) |
|
|
|
03/17/2025 |
|
|
|
259,375 |
|
|
|
2,844 |
|
|
Euro/Pound
Sterling Cross Currency Rate |
|
|
(1) |
|
|
|
03/17/2025 |
|
|
|
129,760 |
|
|
|
833 |
|
|
Euro/US
Dollar Cross Currency Rate |
|
|
(660) |
|
|
|
03/17/2025 |
|
|
|
85,593,750 |
|
|
|
895,905 |
|
|
Euro-BOBL |
|
|
(988) |
|
|
|
03/06/2025 |
|
|
|
120,836,523 |
|
|
|
(1,023,945 |
) |
|
Euro-BOBL |
|
|
(113) |
|
|
|
06/06/2025 |
|
|
|
13,938,765 |
|
|
|
(4,627 |
) |
|
Euro-Bund |
|
|
(710) |
|
|
|
03/06/2025 |
|
|
|
98,097,387 |
|
|
|
(934,854 |
) |
|
Euro-Bund |
|
|
(116) |
|
|
|
06/06/2025 |
|
|
|
15,920,082 |
|
|
|
(4,347 |
) |
|
EURO-BUXL
30Y BND Jun25 |
|
|
(23) |
|
|
|
06/06/2025 |
|
|
|
3,090,240 |
|
|
|
(1,037 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
7
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
|
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
Euro-Schatz |
|
|
(2,284) |
|
|
|
03/06/2025 |
|
|
$ |
253,351,300 |
|
|
$ |
(687,927 |
) |
|
Euro-Schatz |
|
|
(253) |
|
|
|
06/06/2025 |
|
|
|
28,095,364 |
|
|
|
(3,890 |
) |
|
French
Government Bonds |
|
|
(309) |
|
|
|
03/06/2025 |
|
|
|
39,926,804 |
|
|
|
(783,099 |
) |
|
Frozen
Concentrated Orange Juice |
|
|
(9) |
|
|
|
05/09/2025 |
|
|
|
406,620 |
|
|
|
34,890 |
|
|
FTSE
China A50 Index |
|
|
(201) |
|
|
|
03/28/2025 |
|
|
|
2,657,019 |
|
|
|
19,886 |
|
|
German
Stock Index |
|
|
(1) |
|
|
|
03/21/2025 |
|
|
|
584,342 |
|
|
|
(2,023 |
) |
|
Hard
Red Winter Wheat |
|
|
(16) |
|
|
|
05/14/2025 |
|
|
|
458,400 |
|
|
|
6,563 |
|
|
Hard
Red Winter Wheat |
|
|
(62) |
|
|
|
07/14/2025 |
|
|
|
1,816,600 |
|
|
|
85,350 |
|
|
ICE
3 Month SONIA Rate |
|
|
(34) |
|
|
|
09/16/2025 |
|
|
|
10,249,975 |
|
|
|
(2,091 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(86) |
|
|
|
12/16/2025 |
|
|
|
25,973,735 |
|
|
|
(59,624 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(12) |
|
|
|
03/17/2026 |
|
|
|
3,628,016 |
|
|
|
(10,519 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(14) |
|
|
|
06/16/2026 |
|
|
|
4,234,446 |
|
|
|
(12,799 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(62) |
|
|
|
09/15/2026 |
|
|
|
18,756,447 |
|
|
|
(50,190 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(166) |
|
|
|
12/15/2026 |
|
|
|
50,221,484 |
|
|
|
(104,908 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(23) |
|
|
|
03/16/2027 |
|
|
|
6,958,760 |
|
|
|
(15,881 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(30) |
|
|
|
06/15/2027 |
|
|
|
9,076,643 |
|
|
|
(18,633 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(114) |
|
|
|
09/14/2027 |
|
|
|
34,491,245 |
|
|
|
(35,237 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(64) |
|
|
|
12/14/2027 |
|
|
|
19,364,512 |
|
|
|
(38,554 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(9) |
|
|
|
03/14/2028 |
|
|
|
2,723,135 |
|
|
|
(6,006 |
) |
|
ICE
3 Month SONIA Rate |
|
|
(6) |
|
|
|
06/20/2028 |
|
|
|
1,815,329 |
|
|
|
(1,667 |
) |
|
ICE
European Climate Exchange Emissions |
|
|
(7) |
|
|
|
12/15/2025 |
|
|
|
515,566 |
|
|
|
7,614 |
|
|
Indian
Rupee/US Dollar Cross Currency Rate |
|
|
(4) |
|
|
|
03/26/2025 |
|
|
|
228,220 |
|
|
|
1,625 |
|
|
Indian
Rupee/US Dollar SGX Cross Currency Rate |
|
|
(6) |
|
|
|
03/26/2025 |
|
|
|
137,016 |
|
|
|
1,212 |
|
|
Japanese
10 Year Government Bonds |
|
|
(273) |
|
|
|
03/13/2025 |
|
|
|
253,477,331 |
|
|
|
3,319,815 |
|
|
Japanese
Yen/US Dollar Cross Currency Rate |
|
|
(563) |
|
|
|
03/17/2025 |
|
|
|
46,824,006 |
|
|
|
(311,888 |
) |
|
Lean
Hogs |
|
|
(46) |
|
|
|
04/14/2025 |
|
|
|
1,539,620 |
|
|
|
35,770 |
|
|
Light
Sweet Crude Oil |
|
|
(1) |
|
|
|
03/19/2025 |
|
|
|
34,880 |
|
|
|
(193 |
) |
|
Live
Cattle |
|
|
(29) |
|
|
|
04/30/2025 |
|
|
|
2,234,740 |
|
|
|
5,030 |
|
|
LME
Aluminum Forward |
|
|
(33) |
|
|
|
03/17/2025 |
|
|
|
2,162,193 |
|
|
|
(84,974 |
) |
|
LME
Aluminum Forward |
|
|
(60) |
|
|
|
04/14/2025 |
|
|
|
3,915,885 |
|
|
|
37,195 |
|
|
LME
Aluminum Forward |
|
|
(3) |
|
|
|
05/19/2025 |
|
|
|
195,518 |
|
|
|
1,521 |
|
|
LME
Copper Forward |
|
|
(22) |
|
|
|
03/17/2025 |
|
|
|
5,147,483 |
|
|
|
(218,043 |
) |
|
LME
Copper Forward |
|
|
(25) |
|
|
|
04/14/2025 |
|
|
|
5,846,506 |
|
|
|
(157,402 |
) |
|
LME
Copper Forward |
|
|
(9) |
|
|
|
05/19/2025 |
|
|
|
2,106,502 |
|
|
|
552 |
|
|
LME
Lead Forward |
|
|
(32) |
|
|
|
03/17/2025 |
|
|
|
2,937,001 |
|
|
|
22,901 |
|
|
LME
Lead Forward |
|
|
(32) |
|
|
|
04/14/2025 |
|
|
|
2,947,175 |
|
|
|
10,759 |
|
|
LME
Lead Forward |
|
|
(32) |
|
|
|
05/19/2025 |
|
|
|
2,962,065 |
|
|
|
11,080 |
|
|
LME
Nickel Forward |
|
|
(35) |
|
|
|
03/17/2025 |
|
|
|
1,726,883 |
|
|
|
(6,647 |
) |
|
LME
Nickel Forward |
|
|
(36) |
|
|
|
04/14/2025 |
|
|
|
1,787,409 |
|
|
|
(28,650 |
) |
|
LME
Nickel Forward |
|
|
(36) |
|
|
|
05/19/2025 |
|
|
|
1,794,411 |
|
|
|
(1,521 |
) |
|
LME
Zinc Forward |
|
|
(50) |
|
|
|
03/17/2025 |
|
|
|
3,461,425 |
|
|
|
138,556 |
|
|
LME
Zinc Forward |
|
|
(83) |
|
|
|
04/14/2025 |
|
|
|
5,772,152 |
|
|
|
103,642 |
|
|
LME
Zinc Forward |
|
|
(62) |
|
|
|
05/19/2025 |
|
|
|
4,329,506 |
|
|
|
67,790 |
|
|
London
Metals - Aluminum(a) |
|
|
(878) |
|
|
|
03/17/2025 |
|
|
|
57,527,438 |
|
|
|
(505,655 |
) |
|
London
Metals - Aluminum(a) |
|
|
(33) |
|
|
|
06/16/2025 |
|
|
|
2,152,054 |
|
|
|
25,099 |
|
|
London
Metals - Copper(a) |
|
|
(275) |
|
|
|
03/17/2025 |
|
|
|
64,343,537 |
|
|
|
(1,742,781 |
) |
|
London
Metals - Copper(a) |
|
|
(46) |
|
|
|
06/16/2025 |
|
|
|
10,771,383 |
|
|
|
38,053 |
|
|
London
Metals - Lead(a) |
|
|
(318) |
|
|
|
03/17/2025 |
|
|
|
15,689,961 |
|
|
|
224,794 |
|
|
London
Metals - Lead(a) |
|
|
(218) |
|
|
|
06/16/2025 |
|
|
|
10,886,974 |
|
|
|
(45,384 |
) |
|
London
Metals - Nickel(a) |
|
|
(137) |
|
|
|
03/17/2025 |
|
|
|
12,574,035 |
|
|
|
493,734 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
8
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
|
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
London
Metals - Nickel(a) |
|
|
(103) |
|
|
|
06/16/2025 |
|
|
$ |
9,571,022 |
|
|
$ |
(35,293 |
) |
|
London
Metals - Zinc(a) |
|
|
(218) |
|
|
|
03/17/2025 |
|
|
|
15,091,813 |
|
|
|
606,381 |
|
|
London
Metals - Zinc(a) |
|
|
(62) |
|
|
|
06/16/2025 |
|
|
|
4,337,907 |
|
|
|
48,185 |
|
|
Long
Gilt |
|
|
(557) |
|
|
|
06/26/2025 |
|
|
|
65,461,408 |
|
|
|
(650,696 |
) |
|
Low
Sulphur Gas Oil |
|
|
(35) |
|
|
|
04/10/2025 |
|
|
|
2,371,250 |
|
|
|
2,575 |
|
|
Low
Sulphur Gas Oil |
|
|
(4) |
|
|
|
05/12/2025 |
|
|
|
267,700 |
|
|
|
5,550 |
|
|
Low
Sulphur Gas Oil |
|
|
(2) |
|
|
|
06/12/2025 |
|
|
|
132,700 |
|
|
|
175 |
|
|
Low
Sulphur Gas Oil |
|
|
(6) |
|
|
|
07/10/2025 |
|
|
|
396,300 |
|
|
|
8,725 |
|
|
Maize |
|
|
(1) |
|
|
|
06/05/2025 |
|
|
|
11,268 |
|
|
|
272 |
|
|
Mexican
Peso/US Dollar Cross Currency Rate |
|
|
(182) |
|
|
|
03/17/2025 |
|
|
|
4,411,680 |
|
|
|
13,790 |
|
|
Micro
EUR/USD |
|
|
(4) |
|
|
|
03/17/2025 |
|
|
|
51,875 |
|
|
|
198 |
|
|
Milling
Wheat No. 2 |
|
|
(191) |
|
|
|
05/12/2025 |
|
|
|
2,268,644 |
|
|
|
51,582 |
|
|
Milling
Wheat No. 2 |
|
|
(8) |
|
|
|
09/10/2025 |
|
|
|
95,540 |
|
|
|
363 |
|
|
Nasdaq
100 Index |
|
|
(33) |
|
|
|
03/21/2025 |
|
|
|
13,806,870 |
|
|
|
155,985 |
|
|
New
Zealand Dollar/US Dollar Cross Currency Rate |
|
|
(359) |
|
|
|
03/17/2025 |
|
|
|
20,066,305 |
|
|
|
545,875 |
|
|
Nifty
50 Index |
|
|
(246) |
|
|
|
03/27/2025 |
|
|
|
10,956,840 |
|
|
|
213,390 |
|
|
Nikkei
225 CME Index |
|
|
(2) |
|
|
|
03/13/2025 |
|
|
|
376,050 |
|
|
|
(2,500 |
) |
|
Nikkei
225 Mini Index |
|
|
(44) |
|
|
|
03/13/2025 |
|
|
|
1,084,691 |
|
|
|
11,545 |
|
|
Nikkei
225 OSE Index |
|
|
(28) |
|
|
|
03/13/2025 |
|
|
|
6,902,581 |
|
|
|
175,109 |
|
|
Nikkei
225 SGX Index |
|
|
(260) |
|
|
|
03/13/2025 |
|
|
|
32,069,286 |
|
|
|
359,817 |
|
|
Nikkei
225 Yen Index |
|
|
(2) |
|
|
|
03/13/2025 |
|
|
|
249,709 |
|
|
|
3,571 |
|
|
NY
Harbor ULSD |
|
|
(27) |
|
|
|
03/31/2025 |
|
|
|
2,625,210 |
|
|
|
4,948 |
|
|
NY
Harbor ULSD |
|
|
(2) |
|
|
|
04/30/2025 |
|
|
|
189,924 |
|
|
|
1,172 |
|
|
NY
Harbor ULSD |
|
|
(2) |
|
|
|
05/30/2025 |
|
|
|
186,875 |
|
|
|
512 |
|
|
Palladium |
|
|
(30) |
|
|
|
06/26/2025 |
|
|
|
2,735,700 |
|
|
|
87,540 |
|
|
Platinum |
|
|
(21) |
|
|
|
04/28/2025 |
|
|
|
984,795 |
|
|
|
16,365 |
|
|
PLATINUM
(OSE) Dec25 |
|
|
(1) |
|
|
|
12/23/2025 |
|
|
|
14,973 |
|
|
|
47 |
|
|
Red
Spring Wheat |
|
|
(35) |
|
|
|
05/14/2025 |
|
|
|
1,046,062 |
|
|
|
27,338 |
|
|
Red
Spring Wheat |
|
|
(16) |
|
|
|
07/14/2025 |
|
|
|
488,800 |
|
|
|
26,888 |
|
|
Reformulated
Gasoline Blendstock |
|
|
(123) |
|
|
|
03/31/2025 |
|
|
|
11,480,402 |
|
|
|
(32,964 |
) |
|
Rough
Rice |
|
|
(25) |
|
|
|
05/14/2025 |
|
|
|
675,250 |
|
|
|
25,430 |
|
|
Russell
2000 Index |
|
|
(89) |
|
|
|
03/21/2025 |
|
|
|
9,635,585 |
|
|
|
64,420 |
|
|
Russell
2000 Mini Index |
|
|
(1) |
|
|
|
03/21/2025 |
|
|
|
10,826 |
|
|
|
(42 |
) |
|
S&P
500 Index |
|
|
(18) |
|
|
|
03/21/2025 |
|
|
|
5,366,925 |
|
|
|
(1,450 |
) |
|
S&P
Mid Cap 400 Index |
|
|
(5) |
|
|
|
03/21/2025 |
|
|
|
1,549,850 |
|
|
|
(930 |
) |
|
SET50
Index |
|
|
(193) |
|
|
|
03/28/2025 |
|
|
|
859,146 |
|
|
|
37,044 |
|
|
SGX
FTSE Taiwan Index |
|
|
(138) |
|
|
|
03/28/2025 |
|
|
|
10,321,020 |
|
|
|
97,090 |
|
|
SGX
TSI Iron Ore |
|
|
(12) |
|
|
|
04/30/2025 |
|
|
|
122,928 |
|
|
|
852 |
|
|
Silver |
|
|
(22) |
|
|
|
05/28/2025 |
|
|
|
3,464,560 |
|
|
|
40,240 |
|
|
Soybean
Meal |
|
|
(560) |
|
|
|
05/14/2025 |
|
|
|
16,811,200 |
|
|
|
301,968 |
|
|
Soybean
Meal |
|
|
(89) |
|
|
|
07/14/2025 |
|
|
|
2,736,750 |
|
|
|
47,910 |
|
|
Soybeans |
|
|
(251) |
|
|
|
05/14/2025 |
|
|
|
12,873,162 |
|
|
|
333,263 |
|
|
Soybeans |
|
|
(301) |
|
|
|
07/14/2025 |
|
|
|
15,652,000 |
|
|
|
173,750 |
|
|
Soybeans |
|
|
(51) |
|
|
|
11/14/2025 |
|
|
|
2,625,225 |
|
|
|
46,850 |
|
|
Sugar
#11 |
|
|
(151) |
|
|
|
04/30/2025 |
|
|
|
3,132,102 |
|
|
|
(64,539 |
) |
|
Sugar
#11 |
|
|
(19) |
|
|
|
06/30/2025 |
|
|
|
385,594 |
|
|
|
(20,014 |
) |
|
Swiss
Franc/US Dollar Cross Currency Rate |
|
|
(137) |
|
|
|
03/17/2025 |
|
|
|
18,985,631 |
|
|
|
215,988 |
|
|
TOPIX
Index |
|
|
(16) |
|
|
|
03/13/2025 |
|
|
|
2,844,255 |
|
|
|
24,546 |
|
|
U.S.
Treasury 10 Year Notes |
|
|
(513) |
|
|
|
06/18/2025 |
|
|
|
56,991,094 |
|
|
|
(542,437 |
) |
|
U.S.
Treasury 2 Year Notes |
|
|
(716) |
|
|
|
06/30/2025 |
|
|
|
148,189,625 |
|
|
|
(462,515 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
9
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
|
|
|
Value/
Unrealized
Appreciation
(Depreciation) |
|
|
U.S.
Treasury 5 Year Note |
|
|
(766) |
|
|
|
06/30/2025 |
|
|
$ |
82,680,125 |
|
|
$ |
(582,180 |
) |
|
U.S.
Treasury Long Bonds |
|
|
(214) |
|
|
|
06/18/2025 |
|
|
|
25,272,063 |
|
|
|
(335,599 |
) |
|
U.S.
Treasury Ultra Bonds |
|
|
(141) |
|
|
|
06/18/2025 |
|
|
|
17,501,625 |
|
|
|
(304,812 |
) |
|
US
3 Year Notes |
|
|
(11) |
|
|
|
06/30/2025 |
|
|
|
2,318,508 |
|
|
|
(15,055 |
) |
|
US
Cocoa |
|
|
(3) |
|
|
|
05/14/2025 |
|
|
|
273,720 |
|
|
|
(7,830 |
) |
|
Wheat |
|
|
(285) |
|
|
|
05/14/2025 |
|
|
|
7,919,437 |
|
|
|
253,509 |
|
|
Wheat |
|
|
(181) |
|
|
|
07/14/2025 |
|
|
|
5,151,713 |
|
|
|
(22,513 |
) |
|
Wheat |
|
|
(5) |
|
|
|
12/12/2025 |
|
|
|
151,125 |
|
|
|
(525 |
) |
|
White
Maize |
|
|
(4) |
|
|
|
07/24/2025 |
|
|
|
96,056 |
|
|
|
(2,096 |
) |
|
White
Sugar |
|
|
(20) |
|
|
|
04/15/2025 |
|
|
|
532,600 |
|
|
|
(31,555 |
) |
|
White
Sugar |
|
|
(21) |
|
|
|
07/16/2025 |
|
|
|
540,120 |
|
|
|
(19,930 |
) |
|
White
Sugar |
|
|
(4) |
|
|
|
09/15/2025 |
|
|
|
101,140 |
|
|
|
5,290 |
|
|
WTI
Light Sweet Crude Oil |
|
|
(1) |
|
|
|
07/21/2025 |
|
|
|
67,860 |
|
|
|
(110 |
) |
|
WTI
Light Sweet Crude Oil |
|
|
(3) |
|
|
|
03/19/2025 |
|
|
|
209,280 |
|
|
|
(1,330 |
) |
|
WTI
Light Sweet Crude Oil |
|
|
(1) |
|
|
|
05/19/2025 |
|
|
|
68,870 |
|
|
|
(80 |
) |
|
WTI
Light Sweet Crude Oil |
|
|
(2) |
|
|
|
06/18/2025 |
|
|
|
136,760 |
|
|
|
(940 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,139,719 |
) |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(17,458,162 |
) |
|
(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 consolidated financial statements.
10
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
Forward
foreign currency contracts outstanding as of February 28, 2025 were as follows:
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/03/2025 |
AUD |
|
|
4,600,000 |
|
|
|
|
|
CAD |
|
|
4,160,819 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
(21,961 |
) |
|
03/04/2025 |
AUD |
|
|
8,400,000 |
|
|
|
|
|
CAD |
|
|
7,546,670 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(4,783 |
) |
|
03/31/2025 |
AUD |
|
|
24,400,000 |
|
|
|
|
|
CAD |
|
|
22,011,812 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(92,201 |
) |
|
03/04/2025 |
AUD |
|
|
837,570 |
|
|
|
|
|
EUR |
|
|
500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
959 |
|
|
03/31/2025 |
AUD |
|
|
33,600,000 |
|
|
|
|
|
NZD |
|
|
37,338,897 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(54,036 |
) |
|
03/03/2025 |
AUD |
|
|
55,737,638 |
|
|
|
|
|
USD |
|
|
34,700,817 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(114,755 |
) |
|
03/04/2025 |
AUD |
|
|
500,000 |
|
|
|
|
|
USD |
|
|
310,577 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(317 |
) |
|
03/19/2025 |
AUD |
|
|
49,022,000 |
|
|
|
|
|
USD |
|
|
30,976,025 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(553,297 |
) |
|
03/31/2025 |
AUD |
|
|
100,000 |
|
|
|
|
|
USD |
|
|
63,730 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,664 |
) |
|
03/06/2025 |
BRL |
|
|
89,912,103 |
|
|
|
|
|
USD |
|
|
15,536,638 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(284,539 |
) |
|
04/02/2025 |
BRL |
|
|
3,755,967 |
|
|
|
|
|
USD |
|
|
650,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(16,975 |
) |
|
03/03/2025 |
CAD |
|
|
4,127,902 |
|
|
|
|
|
AUD |
|
|
4,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(794 |
) |
|
03/31/2025 |
CAD |
|
|
5,725,779 |
|
|
|
|
|
AUD |
|
|
6,400,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(8,910 |
) |
|
03/03/2025 |
CAD |
|
|
750,513 |
|
|
|
|
|
EUR |
|
|
500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
75 |
|
|
03/31/2025 |
CAD |
|
|
3,158,456 |
|
|
|
|
|
EUR |
|
|
2,125,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(21,745 |
) |
|
03/03/2025 |
CAD |
|
|
1,200,000 |
|
|
|
|
|
JPY |
|
|
125,150,155 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,101 |
) |
|
03/03/2025 |
CAD |
|
|
1,587,223 |
|
|
|
|
|
USD |
|
|
1,099,623 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,392 |
) |
|
03/19/2025 |
CAD |
|
|
17,276,002 |
|
|
|
|
|
USD |
|
|
12,100,139 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(148,769 |
) |
|
03/31/2025 |
CAD |
|
|
2,800,000 |
|
|
|
|
|
USD |
|
|
1,963,164 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(25,063 |
) |
|
03/19/2025 |
CHF |
|
|
2,674,603 |
|
|
|
|
|
EUR |
|
|
2,850,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
9,402 |
|
|
03/31/2025 |
CHF |
|
|
8,836,555 |
|
|
|
|
|
EUR |
|
|
9,375,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
81,628 |
|
|
03/04/2025 |
CHF |
|
|
250,000 |
|
|
|
|
|
JPY |
|
|
41,727,324 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(323 |
) |
|
03/31/2025 |
CHF |
|
|
3,000,000 |
|
|
|
|
|
JPY |
|
|
508,720,050 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(57,049 |
) |
|
03/03/2025 |
CHF |
|
|
32,086,123 |
|
|
|
|
|
USD |
|
|
35,609,612 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(62,903 |
) |
|
03/19/2025 |
CHF |
|
|
15,034,191 |
|
|
|
|
|
USD |
|
|
16,761,284 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(73,814 |
) |
|
03/31/2025 |
CHF |
|
|
1,750,000 |
|
|
|
|
|
USD |
|
|
1,948,920 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,635 |
) |
|
03/03/2025 |
CLP |
|
|
98,714,830 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,833 |
|
|
03/04/2025 |
CLP |
|
|
379,975,320 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(4,180 |
) |
|
03/05/2025 |
CLP |
|
|
95,030,870 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,008 |
) |
|
03/11/2025 |
CLP |
|
|
189,542,100 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,578 |
) |
|
03/13/2025 |
CLP |
|
|
477,038,360 |
|
|
|
|
|
USD |
|
|
500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,146 |
) |
|
03/19/2025 |
CLP |
|
|
4,423,999,380 |
|
|
|
|
|
USD |
|
|
4,650,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(42,728 |
) |
|
03/25/2025 |
CLP |
|
|
188,469,660 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,744 |
) |
|
03/28/2025 |
CLP |
|
|
188,154,000 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(4,083 |
) |
|
03/31/2025 |
CLP |
|
|
188,951,120 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,263 |
) |
|
04/04/2025 |
CLP |
|
|
190,097,660 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,082 |
) |
|
03/03/2025 |
CNH |
|
|
500,000 |
|
|
|
|
|
USD |
|
|
68,757 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(205 |
) |
|
03/19/2025 |
CNH |
|
|
68,155,818 |
|
|
|
|
|
USD |
|
|
9,360,397 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(6,101 |
) |
|
03/03/2025 |
COP |
|
|
416,571,000 |
|
|
|
|
|
USD |
|
|
101,491 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,245 |
) |
|
03/06/2025 |
COP |
|
|
1,249,325,776 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
524 |
|
|
03/07/2025 |
COP |
|
|
420,278,316 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,084 |
|
|
03/10/2025 |
COP |
|
|
416,703,716 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
182 |
|
|
03/12/2025 |
COP |
|
|
818,754,632 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,213 |
) |
|
03/18/2025 |
COP |
|
|
419,344,841 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
705 |
|
|
03/19/2025 |
COP |
|
|
20,020,557,363 |
|
|
|
|
|
USD |
|
|
4,800,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
7,223 |
|
|
03/25/2025 |
COP |
|
|
408,284,316 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,047 |
) |
|
03/19/2025 |
CZK |
|
|
71,599,159 |
|
|
|
|
|
EUR |
|
|
2,850,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,359 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
11
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/04/2025 |
CZK |
|
|
2,407,236 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
(455 |
) |
|
03/31/2025 |
CZK |
|
|
2,396,538 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(844 |
) |
|
03/31/2025 |
EUR |
|
|
6,125,000 |
|
|
|
|
|
AUD |
|
|
10,199,332 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
33,888 |
|
|
03/03/2025 |
EUR |
|
|
500,000 |
|
|
|
|
|
CAD |
|
|
751,648 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(860 |
) |
|
03/04/2025 |
EUR |
|
|
500,000 |
|
|
|
|
|
CAD |
|
|
750,968 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(388 |
) |
|
03/31/2025 |
EUR |
|
|
11,500,000 |
|
|
|
|
|
CAD |
|
|
17,152,268 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
76,529 |
|
|
03/19/2025 |
EUR |
|
|
1,700,000 |
|
|
|
|
|
CHF |
|
|
1,604,121 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(15,314 |
) |
|
03/03/2025 |
EUR |
|
|
200,000 |
|
|
|
|
|
GBP |
|
|
165,070 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(141 |
) |
|
03/04/2025 |
EUR |
|
|
600,000 |
|
|
|
|
|
GBP |
|
|
495,754 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,077 |
) |
|
03/19/2025 |
EUR |
|
|
600,000 |
|
|
|
|
|
GBP |
|
|
497,927 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,300 |
) |
|
03/19/2025 |
EUR |
|
|
400,000 |
|
|
|
|
|
HUF |
|
|
162,389,957 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,281 |
) |
|
03/31/2025 |
EUR |
|
|
1,800,000 |
|
|
|
|
|
HUF |
|
|
726,048,422 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
4,289 |
|
|
03/03/2025 |
EUR |
|
|
700,000 |
|
|
|
|
|
JPY |
|
|
109,555,360 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,772 |
) |
|
03/19/2025 |
EUR |
|
|
1,400,000 |
|
|
|
|
|
JPY |
|
|
223,025,166 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(31,143 |
) |
|
03/03/2025 |
EUR |
|
|
170,977 |
|
|
|
|
|
NOK |
|
|
2,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(180 |
) |
|
03/04/2025 |
EUR |
|
|
85,268 |
|
|
|
|
|
NOK |
|
|
1,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(314 |
) |
|
03/19/2025 |
EUR |
|
|
7,852,492 |
|
|
|
|
|
NOK |
|
|
92,307,992 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(41,802 |
) |
|
03/31/2025 |
EUR |
|
|
7,000,000 |
|
|
|
|
|
NOK |
|
|
82,282,368 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(32,218 |
) |
|
03/04/2025 |
EUR |
|
|
200,000 |
|
|
|
|
|
PLN |
|
|
839,468 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
14 |
|
|
03/19/2025 |
EUR |
|
|
1,401,895 |
|
|
|
|
|
PLN |
|
|
6,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(26,517 |
) |
|
03/31/2025 |
EUR |
|
|
500,000 |
|
|
|
|
|
PLN |
|
|
2,088,189 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
3,914 |
|
|
03/03/2025 |
EUR |
|
|
1,018,281 |
|
|
|
|
|
SEK |
|
|
11,372,752 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
15 |
|
|
03/04/2025 |
EUR |
|
|
178,742 |
|
|
|
|
|
SEK |
|
|
2,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(345 |
) |
|
03/19/2025 |
EUR |
|
|
4,866,323 |
|
|
|
|
|
SEK |
|
|
56,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(154,301 |
) |
|
03/03/2025 |
EUR |
|
|
97,417,285 |
|
|
|
|
|
USD |
|
|
101,360,589 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(290,785 |
) |
|
03/04/2025 |
EUR |
|
|
600,000 |
|
|
|
|
|
USD |
|
|
624,697 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,174 |
) |
|
03/19/2025 |
EUR |
|
|
52,845,000 |
|
|
|
|
|
USD |
|
|
55,267,858 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(395,813 |
) |
|
03/31/2025 |
EUR |
|
|
375,000 |
|
|
|
|
|
USD |
|
|
391,787 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,147 |
) |
|
03/31/2025 |
GBP |
|
|
7,250,000 |
|
|
|
|
|
AUD |
|
|
14,444,415 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
154,165 |
|
|
03/31/2025 |
GBP |
|
|
1,625,000 |
|
|
|
|
|
CHF |
|
|
1,832,740 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
6,684 |
|
|
03/03/2025 |
GBP |
|
|
11,660,784 |
|
|
|
|
|
EUR |
|
|
14,109,992 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
28,917 |
|
|
03/04/2025 |
GBP |
|
|
660,764 |
|
|
|
|
|
EUR |
|
|
800,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,133 |
|
|
03/19/2025 |
GBP |
|
|
27,991,665 |
|
|
|
|
|
EUR |
|
|
33,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
320,321 |
|
|
03/31/2025 |
GBP |
|
|
11,439,429 |
|
|
|
|
|
EUR |
|
|
13,700,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
153,769 |
|
|
03/03/2025 |
GBP |
|
|
250,000 |
|
|
|
|
|
JPY |
|
|
47,427,784 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(696 |
) |
|
03/31/2025 |
GBP |
|
|
3,000,000 |
|
|
|
|
|
JPY |
|
|
573,749,610 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(51,968 |
) |
|
03/03/2025 |
GBP |
|
|
39,355,199 |
|
|
|
|
|
USD |
|
|
49,879,064 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(374,691 |
) |
|
03/04/2025 |
GBP |
|
|
48,688,412 |
|
|
|
|
|
USD |
|
|
61,370,683 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(126,297 |
) |
|
03/19/2025 |
GBP |
|
|
25,749,000 |
|
|
|
|
|
USD |
|
|
32,393,406 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(5,169 |
) |
|
03/31/2025 |
GBP |
|
|
2,500,000 |
|
|
|
|
|
USD |
|
|
3,154,279 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(9,755 |
) |
|
03/19/2025 |
HUF |
|
|
1,860,593,983 |
|
|
|
|
|
EUR |
|
|
4,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
8,507 |
|
|
03/31/2025 |
HUF |
|
|
80,999,815 |
|
|
|
|
|
EUR |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
366 |
|
|
03/19/2025 |
IDR |
|
|
30,991,195,276 |
|
|
|
|
|
USD |
|
|
1,900,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(32,095 |
) |
|
03/19/2025 |
ILS |
|
|
8,199,089 |
|
|
|
|
|
USD |
|
|
2,300,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(27,013 |
) |
|
03/31/2025 |
ILS |
|
|
12,480,840 |
|
|
|
|
|
USD |
|
|
3,500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(39,278 |
) |
|
03/04/2025 |
INR |
|
|
715,726,050 |
|
|
|
|
|
USD |
|
|
8,222,565 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(45,592 |
) |
|
03/06/2025 |
INR |
|
|
65,284,257 |
|
|
|
|
|
USD |
|
|
752,548 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(6,803 |
) |
|
03/12/2025 |
INR |
|
|
227,026,094 |
|
|
|
|
|
USD |
|
|
2,601,302 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(9,128 |
) |
|
03/13/2025 |
INR |
|
|
798,697,203 |
|
|
|
|
|
USD |
|
|
9,176,239 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(57,429 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
12
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/17/2025 |
INR |
|
|
286,888,682 |
|
|
|
|
|
USD |
|
|
3,291,138 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
(16,675 |
) |
|
03/18/2025 |
INR |
|
|
345,146,425 |
|
|
|
|
|
USD |
|
|
3,961,359 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(22,253 |
) |
|
03/19/2025 |
INR |
|
|
221,939,545 |
|
|
|
|
|
USD |
|
|
2,550,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(17,225 |
) |
|
03/28/2025 |
INR |
|
|
8,688,040 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(918 |
) |
|
03/31/2025 |
JPY |
|
|
614,413,476 |
|
|
|
|
|
AUD |
|
|
6,400,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
124,345 |
|
|
03/03/2025 |
JPY |
|
|
125,147,416 |
|
|
|
|
|
CAD |
|
|
1,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,082 |
|
|
03/04/2025 |
JPY |
|
|
104,210,805 |
|
|
|
|
|
CAD |
|
|
1,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,261 |
|
|
03/31/2025 |
JPY |
|
|
440,382,328 |
|
|
|
|
|
CAD |
|
|
4,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
29,038 |
|
|
03/31/2025 |
JPY |
|
|
631,358,493 |
|
|
|
|
|
CHF |
|
|
3,750,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
41,031 |
|
|
03/03/2025 |
JPY |
|
|
121,467,618 |
|
|
|
|
|
EUR |
|
|
777,322 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
711 |
|
|
03/04/2025 |
JPY |
|
|
109,661,398 |
|
|
|
|
|
EUR |
|
|
700,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,526 |
|
|
03/19/2025 |
JPY |
|
|
1,394,955,875 |
|
|
|
|
|
EUR |
|
|
8,900,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
45,870 |
|
|
03/31/2025 |
JPY |
|
|
157,063,058 |
|
|
|
|
|
EUR |
|
|
1,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
8,156 |
|
|
03/03/2025 |
JPY |
|
|
47,371,666 |
|
|
|
|
|
GBP |
|
|
250,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
323 |
|
|
03/04/2025 |
JPY |
|
|
47,323,666 |
|
|
|
|
|
GBP |
|
|
250,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
40 |
|
|
03/31/2025 |
JPY |
|
|
236,840,339 |
|
|
|
|
|
GBP |
|
|
1,250,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
6,838 |
|
|
03/04/2025 |
JPY |
|
|
16,758,168 |
|
|
|
|
|
NZD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(564 |
) |
|
03/31/2025 |
JPY |
|
|
691,178,268 |
|
|
|
|
|
NZD |
|
|
8,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
128,731 |
|
|
03/03/2025 |
JPY |
|
|
3,644,653,303 |
|
|
|
|
|
USD |
|
|
24,408,333 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(188,869 |
) |
|
03/04/2025 |
JPY |
|
|
3,582,068,382 |
|
|
|
|
|
USD |
|
|
23,974,251 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(168,011 |
) |
|
03/19/2025 |
JPY |
|
|
6,975,867,166 |
|
|
|
|
|
USD |
|
|
46,097,373 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
346,167 |
|
|
03/31/2025 |
JPY |
|
|
112,500,000 |
|
|
|
|
|
USD |
|
|
749,564 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
515 |
|
|
03/05/2025 |
KRW |
|
|
13,259,673,000 |
|
|
|
|
|
USD |
|
|
9,130,490 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(64,136 |
) |
|
03/13/2025 |
KRW |
|
|
12,813,753,922 |
|
|
|
|
|
USD |
|
|
8,900,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(134,555 |
) |
|
03/18/2025 |
KRW |
|
|
286,617,626 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,878 |
) |
|
03/19/2025 |
KRW |
|
|
4,394,281,350 |
|
|
|
|
|
USD |
|
|
3,050,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(42,973 |
) |
|
03/21/2025 |
KRW |
|
|
13,476,569,738 |
|
|
|
|
|
USD |
|
|
9,400,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(176,845 |
) |
|
03/28/2025 |
KRW |
|
|
288,491,700 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,480 |
) |
|
03/19/2025 |
MXN |
|
|
164,325,117 |
|
|
|
|
|
USD |
|
|
8,008,296 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(36,222 |
) |
|
03/03/2025 |
NOK |
|
|
2,000,000 |
|
|
|
|
|
EUR |
|
|
170,956 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
201 |
|
|
03/04/2025 |
NOK |
|
|
1,000,000 |
|
|
|
|
|
EUR |
|
|
85,264 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
319 |
|
|
03/19/2025 |
NOK |
|
|
264,237,905 |
|
|
|
|
|
EUR |
|
|
22,743,068 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(155,270 |
) |
|
03/03/2025 |
NOK |
|
|
1,358,229 |
|
|
|
|
|
USD |
|
|
120,456 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
132 |
|
|
03/04/2025 |
NOK |
|
|
3,372,164 |
|
|
|
|
|
USD |
|
|
300,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(607 |
) |
|
03/19/2025 |
NOK |
|
|
120,213,271 |
|
|
|
|
|
USD |
|
|
10,740,146 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(67,091 |
) |
|
03/03/2025 |
NZD |
|
|
900,000 |
|
|
|
|
|
USD |
|
|
505,136 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,425 |
) |
|
03/04/2025 |
NZD |
|
|
100,000 |
|
|
|
|
|
USD |
|
|
56,031 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(62 |
) |
|
03/19/2025 |
NZD |
|
|
19,708,000 |
|
|
|
|
|
USD |
|
|
11,281,553 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(248,381 |
) |
|
03/19/2025 |
PEN |
|
|
10,992,148 |
|
|
|
|
|
USD |
|
|
2,950,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
32,254 |
|
|
03/19/2025 |
PHP |
|
|
128,095,431 |
|
|
|
|
|
USD |
|
|
2,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
7,675 |
|
|
03/28/2025 |
PHP |
|
|
11,590,500 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(291 |
) |
|
03/19/2025 |
PLN |
|
|
59,937,004 |
|
|
|
|
|
EUR |
|
|
14,143,552 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
120,221 |
|
|
03/31/2025 |
PLN |
|
|
8,364,341 |
|
|
|
|
|
EUR |
|
|
2,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(12,793 |
) |
|
03/03/2025 |
PLN |
|
|
799,013 |
|
|
|
|
|
USD |
|
|
202,619 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(5,117 |
) |
|
03/04/2025 |
PLN |
|
|
1,595,466 |
|
|
|
|
|
USD |
|
|
400,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(5,644 |
) |
|
03/31/2025 |
PLN |
|
|
26,159,217 |
|
|
|
|
|
USD |
|
|
6,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(140,875 |
) |
|
03/03/2025 |
SEK |
|
|
11,383,485 |
|
|
|
|
|
EUR |
|
|
1,018,306 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
956 |
|
|
03/04/2025 |
SEK |
|
|
10,384,463 |
|
|
|
|
|
EUR |
|
|
928,685 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,152 |
|
|
03/19/2025 |
SEK |
|
|
271,905,820 |
|
|
|
|
|
EUR |
|
|
24,140,016 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
217,799 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
13
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/31/2025 |
SEK |
|
|
131,659,570 |
|
|
|
|
|
EUR |
|
|
11,750,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
43,397 |
|
|
03/31/2025 |
SEK |
|
|
82,562,924 |
|
|
|
|
|
NOK |
|
|
86,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
47,658 |
|
|
03/03/2025 |
SEK |
|
|
3,117,520 |
|
|
|
|
|
USD |
|
|
292,355 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,761 |
) |
|
03/04/2025 |
SEK |
|
|
9,485,201 |
|
|
|
|
|
USD |
|
|
882,660 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,500 |
) |
|
03/19/2025 |
SEK |
|
|
125,970,670 |
|
|
|
|
|
USD |
|
|
11,787,745 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(74,074 |
) |
|
03/31/2025 |
SEK |
|
|
12,793,738 |
|
|
|
|
|
USD |
|
|
1,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(9,426 |
) |
|
03/03/2025 |
SGD |
|
|
7,953,798 |
|
|
|
|
|
USD |
|
|
5,932,682 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(46,440 |
) |
|
03/19/2025 |
SGD |
|
|
1,002,511 |
|
|
|
|
|
USD |
|
|
750,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(7,491 |
) |
|
03/28/2025 |
SGD |
|
|
9,683,120 |
|
|
|
|
|
USD |
|
|
7,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(24,922 |
) |
|
03/19/2025 |
THB |
|
|
113,303,035 |
|
|
|
|
|
USD |
|
|
3,350,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(29,961 |
) |
|
03/19/2025 |
TRY |
|
|
22,000,000 |
|
|
|
|
|
USD |
|
|
573,344 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
19,082 |
|
|
03/05/2025 |
TWD |
|
|
117,973,800 |
|
|
|
|
|
USD |
|
|
3,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,144 |
) |
|
03/06/2025 |
TWD |
|
|
3,275,750 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(119 |
) |
|
03/18/2025 |
TWD |
|
|
3,275,541 |
|
|
|
|
|
USD |
|
|
100,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(13 |
) |
|
03/19/2025 |
TWD |
|
|
34,553,145 |
|
|
|
|
|
USD |
|
|
1,050,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
4,845 |
|
|
03/24/2025 |
TWD |
|
|
6,540,803 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(227 |
) |
|
04/07/2025 |
TWD |
|
|
6,551,697 |
|
|
|
|
|
USD |
|
|
200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
342 |
|
|
03/03/2025 |
USD |
|
|
35,160,561 |
|
|
|
|
|
AUD |
|
|
55,737,638 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
574,498 |
|
|
03/04/2025 |
USD |
|
|
35,508,444 |
|
|
|
|
|
AUD |
|
|
57,037,638 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
115,445 |
|
|
03/19/2025 |
USD |
|
|
59,698,771 |
|
|
|
|
|
AUD |
|
|
94,861,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
828,664 |
|
|
03/31/2025 |
USD |
|
|
5,774,904 |
|
|
|
|
|
AUD |
|
|
9,200,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
64,905 |
|
|
03/06/2025 |
USD |
|
|
15,235,315 |
|
|
|
|
|
BRL |
|
|
89,923,312 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(18,685 |
) |
|
04/02/2025 |
USD |
|
|
3,100,000 |
|
|
|
|
|
BRL |
|
|
17,917,541 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
80,203 |
|
|
03/03/2025 |
USD |
|
|
15,304,439 |
|
|
|
|
|
CAD |
|
|
22,092,468 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
32,141 |
|
|
03/19/2025 |
USD |
|
|
71,450,055 |
|
|
|
|
|
CAD |
|
|
101,757,077 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,055,500 |
|
|
03/31/2025 |
USD |
|
|
10,819,324 |
|
|
|
|
|
CAD |
|
|
15,300,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
228,986 |
|
|
03/03/2025 |
USD |
|
|
35,755,734 |
|
|
|
|
|
CHF |
|
|
32,086,123 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
209,025 |
|
|
03/04/2025 |
USD |
|
|
35,903,615 |
|
|
|
|
|
CHF |
|
|
32,346,829 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
64,068 |
|
|
03/19/2025 |
USD |
|
|
47,739,607 |
|
|
|
|
|
CHF |
|
|
42,608,525 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
445,511 |
|
|
03/31/2025 |
USD |
|
|
9,279,169 |
|
|
|
|
|
CHF |
|
|
8,375,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(30,406 |
) |
|
03/03/2025 |
USD |
|
|
100,129 |
|
|
|
|
|
CLP |
|
|
98,714,830 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,704 |
) |
|
03/04/2025 |
USD |
|
|
400,000 |
|
|
|
|
|
CLP |
|
|
392,616,680 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(8,988 |
) |
|
03/05/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
CLP |
|
|
98,704,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,818 |
) |
|
03/11/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
191,904,980 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
116 |
|
|
03/13/2025 |
USD |
|
|
500,000 |
|
|
|
|
|
CLP |
|
|
479,335,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
754 |
|
|
03/19/2025 |
USD |
|
|
4,600,000 |
|
|
|
|
|
CLP |
|
|
4,469,306,480 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(54,456 |
) |
|
03/20/2025 |
USD |
|
|
400,000 |
|
|
|
|
|
CLP |
|
|
380,004,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
4,261 |
|
|
03/21/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
CLP |
|
|
95,036,500 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,030 |
|
|
03/25/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
189,565,600 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,602 |
|
|
03/28/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
CLP |
|
|
94,313,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,796 |
|
|
03/31/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
190,615,200 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,530 |
|
|
04/03/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
CLP |
|
|
190,349,280 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,817 |
|
|
03/03/2025 |
USD |
|
|
68,754 |
|
|
|
|
|
CNH |
|
|
500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
202 |
|
|
03/19/2025 |
USD |
|
|
21,627,662 |
|
|
|
|
|
CNH |
|
|
157,234,276 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
47,465 |
|
|
03/31/2025 |
USD |
|
|
9,400,000 |
|
|
|
|
|
CNH |
|
|
68,433,814 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
142 |
|
|
03/03/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
416,571,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(246 |
) |
|
03/06/2025 |
USD |
|
|
300,000 |
|
|
|
|
|
COP |
|
|
1,240,874,600 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,509 |
|
|
03/07/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
409,411,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,530 |
|
|
03/10/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
409,493,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,551 |
|
|
03/12/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
COP |
|
|
829,211,368 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
700 |
|
|
03/18/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
COP |
|
|
410,045,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,529 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
14
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/19/2025 |
USD |
|
|
2,700,000 |
|
|
|
|
|
COP |
|
|
11,951,424,720 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
(169,708 |
) |
|
03/31/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
COP |
|
|
820,586,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
3,291 |
|
|
03/31/2025 |
USD |
|
|
300,000 |
|
|
|
|
|
CZK |
|
|
7,166,145 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
3,502 |
|
|
03/03/2025 |
USD |
|
|
87,392,837 |
|
|
|
|
|
EUR |
|
|
83,429,971 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
834,781 |
|
|
03/04/2025 |
USD |
|
|
103,554,526 |
|
|
|
|
|
EUR |
|
|
99,525,214 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
293,169 |
|
|
03/19/2025 |
USD |
|
|
92,088,622 |
|
|
|
|
|
EUR |
|
|
88,333,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
367,317 |
|
|
03/31/2025 |
USD |
|
|
9,011,975 |
|
|
|
|
|
EUR |
|
|
8,625,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
50,249 |
|
|
03/03/2025 |
USD |
|
|
64,095,532 |
|
|
|
|
|
GBP |
|
|
50,850,912 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
130,856 |
|
|
03/04/2025 |
USD |
|
|
128,021 |
|
|
|
|
|
GBP |
|
|
101,485 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
364 |
|
|
03/19/2025 |
USD |
|
|
41,614,023 |
|
|
|
|
|
GBP |
|
|
33,408,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(408,044 |
) |
|
03/31/2025 |
USD |
|
|
7,732,539 |
|
|
|
|
|
GBP |
|
|
6,187,500 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(50,160 |
) |
|
03/31/2025 |
USD |
|
|
6,500,000 |
|
|
|
|
|
HUF |
|
|
2,510,164,640 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
48,740 |
|
|
03/19/2025 |
USD |
|
|
3,350,000 |
|
|
|
|
|
IDR |
|
|
54,780,317,776 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
48,275 |
|
|
03/27/2025 |
USD |
|
|
1,300,000 |
|
|
|
|
|
IDR |
|
|
21,288,472,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
17,269 |
|
|
03/19/2025 |
USD |
|
|
500,000 |
|
|
|
|
|
ILS |
|
|
1,791,316 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
3,404 |
|
|
03/04/2025 |
USD |
|
|
8,244,357 |
|
|
|
|
|
INR |
|
|
715,726,050 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
67,384 |
|
|
03/06/2025 |
USD |
|
|
752,548 |
|
|
|
|
|
INR |
|
|
65,695,032 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
2,111 |
|
|
03/12/2025 |
USD |
|
|
2,601,302 |
|
|
|
|
|
INR |
|
|
228,403,940 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(6,604 |
) |
|
03/13/2025 |
USD |
|
|
9,176,239 |
|
|
|
|
|
INR |
|
|
799,013,945 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
53,813 |
|
|
03/17/2025 |
USD |
|
|
3,291,138 |
|
|
|
|
|
INR |
|
|
286,705,183 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
18,770 |
|
|
03/18/2025 |
USD |
|
|
3,961,359 |
|
|
|
|
|
INR |
|
|
345,098,493 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
22,800 |
|
|
03/19/2025 |
USD |
|
|
7,000,000 |
|
|
|
|
|
INR |
|
|
609,153,164 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
48,340 |
|
|
03/20/2025 |
USD |
|
|
3,700,000 |
|
|
|
|
|
INR |
|
|
322,145,283 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
23,950 |
|
|
03/21/2025 |
USD |
|
|
12,146,150 |
|
|
|
|
|
INR |
|
|
1,058,794,144 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
64,983 |
|
|
03/24/2025 |
USD |
|
|
1,752,548 |
|
|
|
|
|
INR |
|
|
152,215,922 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
16,105 |
|
|
03/25/2025 |
USD |
|
|
800,000 |
|
|
|
|
|
INR |
|
|
69,505,036 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
7,162 |
|
|
03/28/2025 |
USD |
|
|
3,900,000 |
|
|
|
|
|
INR |
|
|
340,687,170 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
14,678 |
|
|
04/03/2025 |
USD |
|
|
2,601,302 |
|
|
|
|
|
INR |
|
|
227,479,126 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
8,250 |
|
|
03/03/2025 |
USD |
|
|
24,464,470 |
|
|
|
|
|
JPY |
|
|
3,656,506,704 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
166,237 |
|
|
03/04/2025 |
USD |
|
|
1,100,881 |
|
|
|
|
|
JPY |
|
|
165,884,846 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(1,581 |
) |
|
03/19/2025 |
USD |
|
|
52,681,728 |
|
|
|
|
|
JPY |
|
|
8,042,315,548 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(861,953 |
) |
|
03/31/2025 |
USD |
|
|
4,327,587 |
|
|
|
|
|
JPY |
|
|
662,500,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(89,542 |
) |
|
03/05/2025 |
USD |
|
|
9,100,000 |
|
|
|
|
|
KRW |
|
|
13,259,673,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
33,645 |
|
|
03/13/2025 |
USD |
|
|
8,900,000 |
|
|
|
|
|
KRW |
|
|
12,918,617,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
62,822 |
|
|
03/18/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
KRW |
|
|
289,389,863 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,981 |
|
|
03/19/2025 |
USD |
|
|
8,200,000 |
|
|
|
|
|
KRW |
|
|
11,995,262,826 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(8,414 |
) |
|
03/21/2025 |
USD |
|
|
9,400,000 |
|
|
|
|
|
KRW |
|
|
13,526,189,915 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
142,885 |
|
|
03/28/2025 |
USD |
|
|
5,300,000 |
|
|
|
|
|
KRW |
|
|
7,616,265,680 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
85,417 |
|
|
03/31/2025 |
USD |
|
|
9,400,000 |
|
|
|
|
|
KRW |
|
|
13,469,918,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
176,082 |
|
|
03/19/2025 |
USD |
|
|
14,164,074 |
|
|
|
|
|
MXN |
|
|
291,861,026 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
4,720 |
|
|
03/31/2025 |
USD |
|
|
4,111,043 |
|
|
|
|
|
MXN |
|
|
85,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(5,178 |
) |
|
03/03/2025 |
USD |
|
|
121,572 |
|
|
|
|
|
NOK |
|
|
1,358,229 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
984 |
|
|
03/04/2025 |
USD |
|
|
691,986 |
|
|
|
|
|
NOK |
|
|
7,801,499 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(659 |
) |
|
03/19/2025 |
USD |
|
|
21,146,318 |
|
|
|
|
|
NOK |
|
|
237,235,304 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
83,541 |
|
|
03/31/2025 |
USD |
|
|
7,700,000 |
|
|
|
|
|
NOK |
|
|
86,588,662 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
12,159 |
|
|
03/03/2025 |
USD |
|
|
510,827 |
|
|
|
|
|
NZD |
|
|
900,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
7,116 |
|
|
03/04/2025 |
USD |
|
|
1,457,016 |
|
|
|
|
|
NZD |
|
|
2,600,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,828 |
|
|
03/19/2025 |
USD |
|
|
41,931,620 |
|
|
|
|
|
NZD |
|
|
73,713,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
664,710 |
|
|
03/31/2025 |
USD |
|
|
5,480,817 |
|
|
|
|
|
NZD |
|
|
9,700,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
49,294 |
|
|
03/19/2025 |
USD |
|
|
1,400,000 |
|
|
|
|
|
PEN |
|
|
5,271,404 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(30,172 |
) |
|
03/19/2025 |
USD |
|
|
2,350,000 |
|
|
|
|
|
PHP |
|
|
138,023,358 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(28,779 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
15
Abbey
Capital Multi Asset Fund
Consolidated
Portfolio of Investments (Concluded)
February
28, 2025 (Unaudited)
|
Settlement
Date |
|
Currency
Purchased |
|
|
|
|
|
Currency
Sold |
|
|
|
|
|
Counterparty |
|
|
Unrealized
Appreciation
(Depreciation) |
|
|
03/03/2025 |
USD |
|
|
200,000 |
|
|
|
|
|
PLN |
|
|
799,013 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
$ |
2,498 |
|
|
03/31/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
PLN |
|
|
399,777 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,289 |
|
|
03/03/2025 |
USD |
|
|
291,222 |
|
|
|
|
|
SEK |
|
|
3,128,253 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
630 |
|
|
03/19/2025 |
USD |
|
|
13,423,718 |
|
|
|
|
|
SEK |
|
|
146,159,846 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(167,290 |
) |
|
03/31/2025 |
USD |
|
|
8,300,000 |
|
|
|
|
|
SEK |
|
|
89,734,296 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(50,596 |
) |
|
03/03/2025 |
USD |
|
|
5,900,000 |
|
|
|
|
|
SGD |
|
|
7,953,798 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
13,759 |
|
|
03/19/2025 |
USD |
|
|
1,200,000 |
|
|
|
|
|
SGD |
|
|
1,620,653 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(336 |
) |
|
03/28/2025 |
USD |
|
|
16,800,000 |
|
|
|
|
|
SGD |
|
|
22,664,510 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
5,865 |
|
|
03/19/2025 |
USD |
|
|
650,000 |
|
|
|
|
|
THB |
|
|
22,122,453 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,761 |
|
|
03/19/2025 |
USD |
|
|
105,584 |
|
|
|
|
|
TRY |
|
|
4,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,130 |
) |
|
03/28/2025 |
USD |
|
|
5,900,000 |
|
|
|
|
|
TRY |
|
|
221,146,514 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(6,372 |
) |
|
03/05/2025 |
USD |
|
|
3,600,000 |
|
|
|
|
|
TWD |
|
|
119,130,830 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(32,132 |
) |
|
03/06/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
TWD |
|
|
3,303,800 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(736 |
) |
|
03/18/2025 |
USD |
|
|
100,000 |
|
|
|
|
|
TWD |
|
|
3,275,350 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
19 |
|
|
03/19/2025 |
USD |
|
|
4,200,000 |
|
|
|
|
|
TWD |
|
|
139,034,572 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(44,475 |
) |
|
03/24/2025 |
USD |
|
|
3,600,000 |
|
|
|
|
|
TWD |
|
|
117,941,400 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(2,243 |
) |
|
03/28/2025 |
USD |
|
|
1,400,000 |
|
|
|
|
|
TWD |
|
|
45,782,097 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
1,164 |
|
|
03/04/2025 |
USD |
|
|
54,032 |
|
|
|
|
|
ZAR |
|
|
1,000,000 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
602 |
|
|
03/19/2025 |
USD |
|
|
1,588,945 |
|
|
|
|
|
ZAR |
|
|
29,851,075 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(3,969 |
) |
|
03/31/2025 |
USD |
|
|
3,800,000 |
|
|
|
|
|
ZAR |
|
|
70,498,800 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
41,914 |
|
|
03/04/2025 |
ZAR |
|
|
1,000,000 |
|
|
|
|
|
USD |
|
|
54,029 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(599 |
) |
|
03/19/2025 |
ZAR |
|
|
62,015,145 |
|
|
|
|
|
USD |
|
|
3,399,186 |
|
|
|
|
|
|
|
SG Americas Securities LLC |
|
|
|
(89,932 |
) |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,298,238 |
|
|
AUD |
Australian
Dollar |
|
NOK
|
Norwegian
Krone |
|
BRL |
Brazilian
Real |
|
NZD
|
New
Zealand Dollar |
|
CAD |
Canadian
Dollar |
|
PEN |
Peruvian
Sol |
|
CHF |
Swiss
Franc |
|
PHP |
Philippine
Peso |
|
CLP
|
Chilean
Peso |
|
PLN
|
Polish
Zloty |
|
CNH |
Chinese
Offshore Renminbi |
|
SEK |
Swedish
Krona |
|
COP |
Colombian
Peso |
|
SGD
|
Singapore
Dollar |
|
CZK |
Czech
Republic Koruna |
|
THB |
Thai
Baht |
|
EUR |
Euro |
|
TRY |
Turkish
Lira |
|
GBP
|
British
Pound |
|
TWD
|
New
Taiwan Dollar |
|
HUF
|
Hungarian
Forint |
|
USD |
United
States Dollar |
|
IDR |
Indonesian
Rupiah |
|
ZAR |
South
African Rand |
|
ILS |
Israeli
Shekel |
|
|
|
|
INR |
Indian
Rupee |
|
|
|
|
JPY
|
Japanese
Yen |
|
|
|
|
KRW |
South
Korean Won |
|
|
|
|
MXN
|
Mexican
Peso |
|
|
|
The
accompanying notes are an integral part of the consolidated financial statements.
16
Abbey
Capital Multi Asset Fund
Consolidated
Statement of Assets And Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Investments,
at value (cost $875,292,703) |
|
$ |
875,555,033 |
|
|
Cash
equivalents |
|
|
76,569,889 |
|
|
Foreign
currency deposits with broker for futures contracts (cost $3,717,877) |
|
|
3,672,535 |
|
|
Deposit
with brokers: |
|
|
|
|
|
Forward
foreign currency contracts |
|
|
39,369 |
|
|
Futures
contracts |
|
|
231,237,097 |
|
|
Receivables
for: |
|
|
|
|
|
Capital
shares sold |
|
|
2,467,782 |
|
|
Interest
receivable |
|
|
203,915 |
|
|
Unrealized
appreciation on forward foreign currency contracts |
|
|
9,613,117 |
|
|
Unrealized
appreciation on futures contracts |
|
|
31,355,671 |
|
|
Prepaid
expenses and other assets |
|
|
138,959 |
|
|
Total
assets |
|
$ |
1,230,853,367 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Due
to broker |
|
|
23,097,772 |
|
|
Advisory
fees |
|
|
1,538,088 |
|
|
Capital
shares redeemed |
|
|
1,276,240 |
|
|
Unrealized
depreciation on forward foreign currency contracts |
|
|
7,314,879 |
|
|
Unrealized
depreciation on futures contracts |
|
|
48,813,833 |
|
|
Other
accrued expenses and liabilities |
|
|
262,867 |
|
|
Total
liabilities |
|
|
82,303,679 |
|
|
Net
assets |
|
$ |
1,148,549,688 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
100,005 |
|
|
Paid-in
capital |
|
|
1,163,698,322 |
|
|
Total
distributable earnings/(losses) |
|
|
(15,248,639 |
) |
|
Net
assets |
|
$ |
1,148,549,688 |
|
| |
|
|
|
|
|
CLASS
A SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
9,057,866 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
792,732 |
|
|
Net
asset value and redemption price per share |
|
$ |
11.43 |
|
|
Maximum
offering price per share (100/94.25 of 11.43) |
|
$ |
12.13 |
|
| |
|
|
|
|
|
CLASS
I SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
1,121,347,365 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
97,588,139 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
11.49 |
|
| |
|
|
|
|
|
CLASS
C SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
18,144,457 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
1,624,287 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
11.17 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
17
Abbey
Capital Multi Asset Fund
Consolidated
Statement of Operations
For
the Six Months Ended February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
|
|
$ |
25,018,309 |
|
|
Total
investment income |
|
|
25,018,309 |
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
9,685,887 |
|
|
Administration
and accounting services fees |
|
|
138,979 |
|
|
Registration
and filing fees |
|
|
88,734 |
|
|
Distribution
fees (Class A Shares) |
|
|
10,214 |
|
|
Distribution
fees (Class C Shares) |
|
|
61,723 |
|
|
Transfer
agent fees |
|
|
58,751 |
|
|
Legal
fees |
|
|
42,998 |
|
|
Director
fees |
|
|
37,618 |
|
|
Audit
and tax service fees |
|
|
30,458 |
|
|
Printing
and shareholder reporting fees |
|
|
24,949 |
|
|
Officer
fees |
|
|
19,024 |
|
|
Custodian
fees |
|
|
17,522 |
|
|
Other
expenses |
|
|
57,092 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
10,273,949 |
|
|
Less:
waivers and/or reimbursements |
|
|
(374,464 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
9,899,485 |
|
|
Net
investment income/(loss) |
|
|
15,118,824 |
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
Investments
|
|
|
81,938 |
|
|
Futures
contracts |
|
|
22,445,917 |
|
|
Foreign
currency transactions |
|
|
(1,273,830 |
) |
|
Forward
foreign currency contracts |
|
|
658,108 |
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
Investments
|
|
|
(131,234 |
) |
|
Futures
contracts |
|
|
(33,495,802 |
) |
|
Foreign
currency translations |
|
|
(31,353 |
) |
|
Forward
foreign currency contracts |
|
|
6,729,856 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(5,016,400 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
10,102,424 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
18
Abbey
Capital Multi Asset Fund
Consolidated
Statements of Changes in Net Assets
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
15,118,824 |
|
|
$ |
24,238,809 |
|
|
Net
realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts |
|
|
21,912,133 |
|
|
|
(2,085,272 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign
currency contracts |
|
|
(26,928,533 |
) |
|
|
5,798,365 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
10,102,424 |
|
|
|
27,951,902 |
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
From
distributable earnings: |
|
|
|
|
|
|
|
|
|
Class
A |
|
$ |
(378,388 |
) |
|
$ |
(80,502 |
) |
|
Class
I |
|
|
(47,046,224 |
) |
|
|
(21,476,557 |
) |
|
Class
C |
|
|
(705,624 |
) |
|
|
(194,878 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(48,130,236 |
) |
|
|
(21,751,937 |
) |
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
4,880,123 |
|
|
|
8,280,971 |
|
|
Proceeds
from reinvestment of distributions |
|
|
325,284 |
|
|
|
58,480 |
|
|
Shares
redeemed |
|
|
(2,476,737 |
) |
|
|
(3,272,101 |
) |
|
Total
from Class A Shares |
|
|
2,728,670 |
|
|
|
5,067,350 |
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
356,761,216 |
|
|
|
732,653,887 |
|
|
Proceeds
from reinvestment of distributions |
|
|
32,239,748 |
|
|
|
12,529,698 |
|
|
Shares
redeemed |
|
|
(230,945,173 |
) |
|
|
(248,071,786 |
) |
|
Total
from Class I Shares |
|
|
158,055,791 |
|
|
|
497,111,799 |
|
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
4,577,831 |
|
|
|
10,903,723 |
|
|
Proceeds
from reinvestment of distributions |
|
|
557,289 |
|
|
|
122,506 |
|
|
Shares
redeemed |
|
|
(1,016,202 |
) |
|
|
(1,745,933 |
) |
|
Total
from Class C Shares |
|
|
4,118,918 |
|
|
|
9,280,296 |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
164,903,379 |
|
|
|
511,459,445 |
|
|
Total
increase/(decrease) in net assets |
|
|
126,875,567 |
|
|
|
517,659,410 |
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
1,021,674,121 |
|
|
|
504,014,711 |
|
|
End
of period |
|
$ |
1,148,549,688 |
|
|
$ |
1,021,674,121 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
19
Abbey
Capital Multi Asset Fund
Consolidated
Statements of Changes in Net Assets (Concluded)
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
410,278 |
|
|
|
691,208 |
|
|
Shares
reinvested |
|
|
27,778 |
|
|
|
5,390 |
|
|
Shares
redeemed |
|
|
(209,955 |
) |
|
|
(276,345 |
) |
|
Total
Class A Shares |
|
|
228,101 |
|
|
|
420,253 |
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
30,003,410 |
|
|
|
61,322,625 |
|
|
Shares
reinvested |
|
|
2,739,146 |
|
|
|
1,151,627 |
|
|
Shares
redeemed |
|
|
(19,421,547 |
) |
|
|
(21,252,768 |
) |
|
Total
Class I Shares |
|
|
13,321,009 |
|
|
|
41,221,484 |
|
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
395,899 |
|
|
|
914,951 |
|
|
Shares
reinvested |
|
|
48,587 |
|
|
|
11,460 |
|
|
Shares
redeemed |
|
|
(88,018 |
) |
|
|
(151,257 |
) |
|
Total
Class C Shares |
|
|
356,468 |
|
|
|
775,154 |
|
|
Net
increase/(decrease) in shares outstanding |
|
|
13,905,578 |
|
|
|
42,416,891 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
20
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. |
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
The
Period
February 16,
2022 to
august 31,
2022(1) |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
11.82 |
|
|
$ |
11.51 |
|
|
$ |
11.94 |
|
|
$ |
11.21 |
|
|
Net
investment income/(loss)(2) |
|
|
0.13 |
|
|
|
0.34 |
|
|
|
0.23 |
|
|
|
(0.06 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.01 |
|
|
|
0.38 |
|
|
|
(0.21 |
) |
|
|
0.79 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.14 |
|
|
|
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 |
|
$ |
11.43 |
|
|
$ |
11.82 |
|
|
$ |
11.51 |
|
|
$ |
11.94 |
|
|
Total
investment return/(loss)(3) |
|
|
0.98 |
%(4) |
|
|
6.61 |
% |
|
|
0.24 |
% |
|
|
6.51 |
%(4) |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
9,058 |
|
|
$ |
6,672 |
|
|
$ |
1,661 |
|
|
$ |
808 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6) |
|
|
2.04 |
%(5) |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
%(5) |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6) |
|
|
2.04 |
%(5) |
|
|
2.04 |
% |
|
|
2.04 |
% |
|
|
2.04 |
%(5) |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6) |
|
|
2.11 |
%(5) |
|
|
2.12 |
% |
|
|
2.16 |
% |
|
|
2.23 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.24 |
%(5) |
|
|
2.88 |
% |
|
|
1.99 |
% |
|
|
(0.87 |
)%(5) |
|
Portfolio
turnover rate(7) |
|
|
0 |
%(4) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(4) |
|
(1) |
Inception date of Class
A Shares of the Fund was February 16, 2022. |
|
(2) |
Calculated based on average
shares outstanding for the period. |
|
(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 return does not reflect any applicable sales charge. |
|
(6) |
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. |
|
(7) |
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 consolidated financial statements.
21
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. |
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
11.87 |
|
|
$ |
11.54 |
|
|
$ |
11.96 |
|
|
$ |
11.98 |
|
|
$ |
11.07 |
|
|
$ |
10.94 |
|
|
Net
investment income/(loss)(1) |
|
|
0.15 |
|
|
|
0.38 |
|
|
|
0.26 |
|
|
|
(0.13 |
) |
|
|
(0.21 |
) |
|
|
(0.08 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.01 |
|
|
|
0.37 |
|
|
|
(0.23 |
) |
|
|
1.29 |
|
|
|
2.21 |
|
|
|
1.38 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.16 |
|
|
|
0.75 |
|
|
|
0.03 |
|
|
|
1.16 |
|
|
|
2.00 |
|
|
|
1.30 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.19 |
) |
|
|
(0.11 |
) |
|
|
(0.42 |
) |
|
|
(0.34 |
) |
|
|
(0.17 |
) |
|
|
(0.96 |
) |
|
Net
realized capital gains |
|
|
(0.35 |
) |
|
|
(0.31 |
) |
|
|
(0.03 |
) |
|
|
(0.84 |
) |
|
|
(0.92 |
) |
|
|
(0.21 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.54 |
) |
|
|
(0.42 |
) |
|
|
(0.45 |
) |
|
|
(1.18 |
) |
|
|
(1.09 |
) |
|
|
(1.17 |
) |
|
Net
asset value, end of period |
|
$ |
11.49 |
|
|
$ |
11.87 |
|
|
$ |
11.54 |
|
|
$ |
11.96 |
|
|
$ |
11.98 |
|
|
$ |
11.07 |
|
|
Total
investment return/(loss)(2) |
|
|
1.11 |
%(5) |
|
|
6.88 |
% |
|
|
0.38 |
% |
|
|
10.40 |
% |
|
|
19.72 |
% |
|
|
13.97 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
1,121,347 |
|
|
$ |
1,000,319 |
|
|
$ |
496,775 |
|
|
$ |
341,815 |
|
|
$ |
94,948 |
|
|
$ |
37,572 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3) |
|
|
1.79 |
%(6) |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
|
1.79 |
% |
|
|
1.84 |
% |
|
|
1.79 |
% |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3) |
|
|
1.79 |
%(6) |
|
|
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)(3) |
|
|
1.86 |
%(6) |
|
|
1.87 |
% |
|
|
1.91 |
% |
|
|
1.98 |
% |
|
|
2.28 |
% |
|
|
2.45 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.49 |
%(6) |
|
|
3.13 |
% |
|
|
2.24 |
% |
|
|
(1.12 |
)% |
|
|
(1.80 |
)% |
|
|
(0.76 |
)% |
|
Portfolio
turnover rate(4) |
|
|
0 |
%(5) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(2) |
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. |
|
(3) |
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. |
|
(4) |
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 consolidated financial statements.
22
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. |
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
The
Period
November 8,
2021
To August 31,
2022(1) |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
11.59 |
|
|
$ |
11.32 |
|
|
$ |
11.85 |
|
|
$ |
12.51 |
|
|
Net
investment income/(loss)(2) |
|
|
0.09 |
|
|
|
0.26 |
|
|
|
0.14 |
|
|
|
(0.18 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
— |
|
|
|
0.38 |
|
|
|
(0.22 |
) |
|
|
0.70 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.09 |
|
|
|
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 |
|
$ |
11.17 |
|
|
$ |
11.59 |
|
|
$ |
11.32 |
|
|
$ |
11.85 |
|
|
Total
investment return/(loss)(3) |
|
|
0.53 |
%(4) |
|
|
5.93 |
% |
|
|
(0.63 |
)% |
|
|
4.84 |
%(4) |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
18,144 |
|
|
$ |
14,684 |
|
|
$ |
5,578 |
|
|
$ |
624 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6) |
|
|
2.79 |
%(5) |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
%(5) |
|
Ratio
of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6) |
|
|
2.79 |
%(5) |
|
|
2.79 |
% |
|
|
2.79 |
% |
|
|
2.79 |
%(5) |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6) |
|
|
2.86 |
%(5) |
|
|
2.87 |
% |
|
|
2.91 |
% |
|
|
2.98 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.49 |
%(5) |
|
|
2.13 |
% |
|
|
1.24 |
% |
|
|
(1.88 |
)%(5) |
|
Portfolio
turnover rate(7) |
|
|
0 |
%(4) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(4) |
|
(1) |
Inception date of Class
C Shares of the Fund was November 8, 2021. |
|
(2) |
Calculated based on average
shares outstanding for the period. |
|
(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. |
|
(6) |
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. |
|
(7) |
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 consolidated financial statements.
23
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Consolidated Financial Statements
is the six months ended February 28, 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
$261,857,812, which represented 22.80% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the
Onshore Subsidiary were $183,926,936, which represented 16.01% 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
24
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
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:
|
|
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Short-Term
Investments |
|
$ |
875,555,033 |
|
|
$ |
875,555,033 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
8,993,051 |
|
|
|
8,993,051 |
|
|
|
— |
|
|
|
— |
|
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
13,906,572 |
|
|
|
13,906,572 |
|
|
|
— |
|
|
|
— |
|
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
9,613,117 |
|
|
|
— |
|
|
|
9,613,117 |
|
|
|
— |
|
|
Futures
Contracts |
|
|
2,986,161 |
|
|
|
2,986,161 |
|
|
|
— |
|
|
|
— |
|
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
5,469,887 |
|
|
|
5,469,887 |
|
|
|
— |
|
|
|
— |
|
|
Total
Assets |
|
$ |
916,523,821 |
|
|
$ |
906,910,704 |
|
|
$ |
9,613,117 |
|
|
$ |
— |
|
25
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
|
|
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
$ |
(15,235,221 |
) |
|
$ |
(15,235,221 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(22,516,679 |
) |
|
|
(22,516,679 |
) |
|
|
— |
|
|
|
— |
|
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
(7,314,879 |
) |
|
|
— |
|
|
|
(7,314,879 |
) |
|
|
— |
|
|
Futures
Contracts |
|
|
(564,050 |
) |
|
|
(564,050 |
) |
|
|
— |
|
|
|
— |
|
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(10,497,883 |
) |
|
|
(10,497,883 |
) |
|
|
— |
|
|
|
— |
|
|
Total
Liabilities |
|
$ |
(56,128,712 |
) |
|
$ |
(48,813,833 |
) |
|
$ |
(7,314,879 |
) |
|
$ |
— |
|
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.
26
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following tables list the fair values of the Fund’s derivative holdings and location on the Consolidated Statement of Assets and
Liabilities as of the end of the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.
|
Derivative
Type |
|
Consolidated
Statement
of Assets and
Liabilities
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Asset
Derivatives |
|
Forward
Contracts (a) |
|
|
Unrealized appreciation on forward foreign currency contracts |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,613,117 |
|
|
$ |
— |
|
|
$ |
9,613,117 |
|
|
Futures
Contracts (a) |
|
|
Unrealized appreciation on futures contracts |
|
|
|
13,906,572 |
|
|
|
5,469,887 |
|
|
|
2,986,161 |
|
|
|
8,993,051 |
|
|
|
31,355,671 |
|
|
Total
Value- Assets |
|
|
|
|
|
$ |
13,906,572 |
|
|
$ |
5,469,887 |
|
|
$ |
12,599,278 |
|
|
$ |
8,993,051 |
|
|
$ |
40,968,788 |
|
|
Liability
Derivatives |
|
Forward
Contracts (a) |
|
|
Unrealized depreciation on forward foreign currency contracts |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(7,314,879 |
) |
|
$ |
— |
|
|
$ |
(7,314,879 |
) |
|
Futures
Contracts (a) |
|
|
Unrealized depreciation on futures contracts |
|
|
|
(22,516,679 |
) |
|
|
(10,497,883 |
) |
|
|
(564,050 |
) |
|
|
(15,235,221 |
) |
|
|
(48,813,833 |
) |
|
Total
Value- Liabilities |
|
$ |
(22,516,679 |
) |
|
$ |
(10,497,883 |
) |
|
$ |
(7,878,929 |
) |
|
$ |
(15,235,221 |
) |
|
$ |
(56,128,712 |
) |
|
(a) |
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
Statement of
Operations
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Realized
Gain/(Loss) |
|
Futures
Contracts |
|
|
Net realized gain/(loss) from Futures Contracts |
|
|
$ |
56,989,881 |
|
|
$ |
(25,738,052 |
) |
|
$ |
5,812,899 |
|
|
$ |
(14,618,811 |
) |
|
$ |
22,445,917 |
|
|
Forward
Contracts |
|
|
Net realized gain/(loss) from Forward Foreign Currency Contracts |
|
|
|
— |
|
|
|
— |
|
|
|
658,108 |
|
|
|
— |
|
|
|
658,108 |
|
|
Total
Realized Gain/(Loss) |
|
$ |
56,989,881 |
|
|
$ |
(25,738,052 |
) |
|
$ |
6,471,007 |
|
|
$ |
(14,618,811 |
) |
|
$ |
23,104,025 |
|
27
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets
resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract
type.
|
Derivative
Type |
|
Consolidated
Statement of
Operations
Location |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Commodity
Contracts |
|
|
Total |
|
|
Change
in Unrealized Appreciation/(Depreciation) |
|
Futures
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on futures
contracts |
|
|
$ |
(25,633,758 |
) |
|
$ |
(2,004,231 |
) |
|
$ |
3,250,553 |
|
|
$ |
(9,108,366 |
) |
|
$ |
(33,495,802 |
) |
|
Forward
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on forward
foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
6,729,856 |
|
|
|
— |
|
|
|
6,729,856 |
|
|
Total
Change in Unrealized Appreciation/(Depreciation) |
|
$ |
(25,633,758 |
) |
|
$ |
(2,004,231 |
) |
|
$ |
9,980,409 |
|
|
$ |
(9,108,366 |
) |
|
$ |
(26,765,946 |
) |
During
the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:
|
Long
Futures
Notional
Amount |
Short
Futures
Notional
Amount |
Forward
Foreign
Currency
Contracts — Payable
(Value at Trade Date) |
Forward
Foreign
Currency
Contracts —
Receivable
(Value at Trade Date) |
|
$2,966,029,447 |
$(2,875,666,764) |
$(1,613,453,589) |
$1,613,381,548 |
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.
28
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements)
and collateral received and pledged in connection with the master netting agreements (or similar arrangements).
| |
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of
Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of
Assets and Liabilities |
|
|
|
|
|
|
Description |
|
Gross
Amount
Presented
in the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Received |
|
|
Net
Amount(1) |
|
|
|
|
|
|
Gross
Amount
Presented
in the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Pledged(2) |
|
|
Net
Amount(3) |
|
| |
|
Assets |
|
|
|
|
|
|
Liabilities |
|
|
Forward
Foreign Currency Contracts |
|
$ |
9,613,117 |
|
|
$ |
(7,314,879 |
) |
|
$ |
— |
|
|
$ |
2,298,238 |
|
|
|
|
|
|
$ |
7,314,879 |
|
|
$ |
(7,314,879 |
) |
|
$ |
— |
|
|
$ |
— |
|
| |
(1) |
Net amount represents the
net amount receivable from the counterparty in the event of default. |
| |
(2) |
Actual collateral pledged
may be more than the amount shown. |
| |
(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 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.
29
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 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
30
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
can
be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or
subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called
principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered
into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy
or other failure or refusal to perform by the counterparty.
Counterparty
Risk — The derivative contracts entered into by the Fund, the Cayman
Subsidiary, Onshore Subsidiary or the SPC may be privately negotiated in the over-the-counter market. These contracts also involve exposure
to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes
the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute
over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer
a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund
to decrease.
Credit
Risk — Credit risk refers to the possibility that the issuer of
the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when
due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect
the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered
investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not
lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.
Futures
Contracts — The Fund uses futures contracts in the normal course
of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating
cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration
of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other
acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to
the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by
the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference
between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market
risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.
Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets
and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to potentially unlimited
risk of loss.
Forward
Foreign Currency Contracts — In the normal course of pursuing its
investment objectives, the Fund is subject to foreign investment and currency risk. The Fund uses forward foreign currency contracts (“forward
contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging
or risk management, or to otherwise help achieve the Fund’s investment objective. These contracts are marked-to-market daily at
the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract
is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon
entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements
in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty
credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent
if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover
the Fund’s exposure to the counterparty.
Cash
and Cash Equivalents — Cash and cash equivalents are valued at
cost plus accrued interest, which approximates market value. The Fund considers investments in the U.S Bank Money Market Deposit Account,
a U.S. dollar-denominated deposit account offered through U.S. Bank, N.A. to be a cash equivalent. The Fund is exposed
31
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
to
the credit risk of U.S. Bank, N.A. through the holding of this cash equivalent. This cash equivalent is presented on the Consolidated
Statement of Assets and Liabilities as “Cash equivalents” and was classified as Level 1 assets as of February 28, 2025. As
of February 28, 2025, this balance was $76,569,889.
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. The Adviser may discontinue these arrangements at any time
after December 31, 2025.
|
Advisory
Fee |
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 |
|
August
31,
2025 |
August
31,
2026 |
August
31,
2027 |
August
31,
2028 |
Total |
|
$169,020 |
$495,671 |
$647,218 |
$374,464 |
$1,686,373 |
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.
32
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for
the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain
minimum and out of pocket expenses.
Fund
Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled
to receive a monthly fee, subject to certain minimum and out of pocket expenses.
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly
fee, subject to certain minimum and out of pocket expenses.
Quasar
Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as
the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the 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.
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.
33
Abbey
Capital Multi Asset Fund
Notes
To Consolidated Financial Statements (Concluded)
February
28, 2025 (Unaudited)
As
of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund
were as follows(a):
|
Federal
Tax
Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$946,169,111 |
$1,028,765 |
$(49,994,982) |
$(48,966,217) |
|
(a) |
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, 2024, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the
following accounts:
|
Distributable
Earnings/(Loss) |
Paid-In
Capital |
|
$21,656,471 |
$(21,656,471) |
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
Undistributed
Ordinary
Income |
Undistributed
Long-Term
Capital Gains |
Net
Unrealized
Appreciation/
(Depreciation) |
Capital
Loss
Carryforwards |
Qualified
Late-Year
Losses |
Other
Temporary
Differences |
|
$31,857,582 |
$16,271,710 |
$(25,350,120) |
$— |
$— |
$— |
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 was as follows:
| |
Ordinary
Income |
Long-Term
Gains |
Total |
|
|
$13,460,205 |
$8,291,732 |
$21,751,937 |
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, 2024, the Fund had no unlimited short-term or long-term capital loss
carryforwards to offset future capital gains.
6.
Subsequent Events
Management
has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined
that there were no significant events requiring recognition or disclosure in the consolidated financial statements.
34
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee,
WI 53212
Independent
Registered Public Accounting Firm
Ernst & Young LLP
One Commerce
Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
Legal
Counsel
Faegre Drinker
Biddle & Reath LLP.
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
ADARA
SMALLER COMPANIES FUND
of
The
RBB Fund, Inc.
FINANCIAL
STATEMENTS
February
28, 2025
(Unaudited)
This
report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded
or accompanied by a current prospectus for the Fund.
ADARA
SMALLER COMPANIES FUND
Schedule of Investments
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 93.1% |
|
Aerospace/Defense
— 0.8% |
|
AAR
Corp. (a) |
|
|
11,755 |
|
|
$ |
764,310 |
|
|
Aerovironment,
Inc. (a) |
|
|
1,433 |
|
|
|
214,406 |
|
|
Curtiss-Wright
Corp. |
|
|
2,004 |
|
|
|
644,607 |
|
|
Hexcel
Corp. |
|
|
17,775 |
|
|
|
1,126,402 |
|
|
Karman
Holdings, Inc. (a) |
|
|
10,882 |
|
|
|
343,218 |
|
|
Kratos
Defense & Security Solutions, Inc. (a) |
|
|
44,621 |
|
|
|
1,177,548 |
|
|
Mercury
Systems, Inc. (a) |
|
|
2,290 |
|
|
|
101,699 |
|
|
Moog,
Inc. - Class A |
|
|
1,762 |
|
|
|
300,403 |
|
|
National
Presto Industries, Inc. |
|
|
615 |
|
|
|
62,570 |
|
| |
|
|
|
|
|
|
4,735,163 |
|
|
Agriculture
— 1.2% |
|
Alico,
Inc. |
|
|
121,300 |
|
|
|
3,562,581 |
|
|
Darling
Ingredients, Inc. (a) |
|
|
8,943 |
|
|
|
322,753 |
|
|
Dole
PLC |
|
|
130,824 |
|
|
|
1,913,955 |
|
|
Fresh
Del Monte Produce, Inc. |
|
|
6,955 |
|
|
|
212,058 |
|
|
Universal
Corp. |
|
|
2,940 |
|
|
|
157,613 |
|
|
Vital
Farms, Inc. (a) |
|
|
37,808 |
|
|
|
1,251,823 |
|
| |
|
|
|
|
|
|
7,420,783 |
|
|
Airlines
— 0.5% |
|
Frontier
Group Holdings, Inc. (a) |
|
|
96,895 |
|
|
|
697,644 |
|
|
JetBlue
Airways Corp. (a) |
|
|
8,531 |
|
|
|
55,622 |
|
|
SkyWest,
Inc. (a) |
|
|
8,137 |
|
|
|
804,831 |
|
|
Sun
Country Airlines Holdings, Inc. (a) |
|
|
105,209 |
|
|
|
1,694,917 |
|
| |
|
|
|
|
|
|
3,253,014 |
|
|
Apparel
— 1.0% |
|
Canada
Goose Holdings, Inc. (a) |
|
|
86,557 |
|
|
|
884,613 |
|
|
Capri
Holdings, Ltd. (a) |
|
|
5,836 |
|
|
|
128,275 |
|
|
Crocs,
Inc. (a) |
|
|
1,693 |
|
|
|
168,572 |
|
|
Hanesbrands,
Inc. (a) |
|
|
26,344 |
|
|
|
158,854 |
|
|
Kontoor
Brands, Inc. |
|
|
4,168 |
|
|
|
271,087 |
|
|
Lakeland
Industries, Inc. |
|
|
108,880 |
|
|
|
2,569,568 |
|
|
Levi
Strauss & Co. - Class A |
|
|
60,455 |
|
|
|
1,086,376 |
|
|
Skechers
USA, Inc. - Class A (a) |
|
|
3,666 |
|
|
|
223,589 |
|
|
VF
Corp. |
|
|
7,775 |
|
|
|
193,831 |
|
|
Wolverine
World Wide, Inc. |
|
|
54,092 |
|
|
|
800,021 |
|
| |
|
|
|
|
|
|
6,484,786 |
|
|
Auto
Manufacturers — 0.3% |
|
REV
Group, Inc. |
|
|
56,125 |
|
|
|
1,711,813 |
|
|
Wabash
National Corp. |
|
|
9,020 |
|
|
|
105,624 |
|
| |
|
|
|
|
|
|
1,817,437 |
|
|
Auto
Parts & Equipment — 1.9% |
|
Cooper-Standard
Holdings, Inc. (a) |
|
|
110,800 |
|
|
|
1,677,512 |
|
|
Dorman
Products, Inc. (a) |
|
|
1,368 |
|
|
|
179,837 |
|
|
Gentherm,
Inc. (a) |
|
|
2,951 |
|
|
|
97,619 |
|
|
Miller
Industries, Inc. |
|
|
31,050 |
|
|
|
1,798,416 |
|
|
Motorcar
Parts of America, Inc. (a) |
|
|
425,390 |
|
|
|
4,594,212 |
|
|
Strattec
Security Corp. (a) |
|
|
72,130 |
|
|
|
3,587,025 |
|
| |
|
|
|
|
|
|
11,934,621 |
|
| |
|
Shares |
|
|
Value |
|
|
Banks
— 9.0% |
|
Ameris
Bancorp |
|
|
2,245 |
|
|
$ |
144,982 |
|
|
Bankwell
Financial Group, Inc. |
|
|
71,520 |
|
|
|
2,266,469 |
|
|
Banner
Corp. |
|
|
1,733 |
|
|
|
119,542 |
|
|
Cadence
Bank |
|
|
22,282 |
|
|
|
738,871 |
|
|
Capital
Bancorp, Inc. |
|
|
90,010 |
|
|
|
2,746,205 |
|
|
Central
Pacific Financial Corp. |
|
|
3,784 |
|
|
|
109,887 |
|
|
City
Holding Co. |
|
|
4,208 |
|
|
|
500,710 |
|
|
Coastal
Financial Corp./WA (a) |
|
|
12,752 |
|
|
|
1,259,005 |
|
|
Colony
Bankcorp, Inc. |
|
|
161,947 |
|
|
|
2,732,046 |
|
|
Community
Financial System, Inc. |
|
|
1,997 |
|
|
|
126,390 |
|
|
ConnectOne
Bancorp, Inc. |
|
|
5,049 |
|
|
|
128,901 |
|
|
Customers
Bancorp, Inc. (a) |
|
|
13,377 |
|
|
|
722,358 |
|
|
Dime
Community Bancshares, Inc. |
|
|
1,047 |
|
|
|
32,457 |
|
|
Eastern
Bankshares, Inc. |
|
|
5,441 |
|
|
|
97,339 |
|
|
Esquire
Financial Holdings, Inc. |
|
|
21,215 |
|
|
|
1,636,101 |
|
|
First
BanCorp |
|
|
38,999 |
|
|
|
759,311 |
|
|
First
Business Financial Services, Inc. |
|
|
59,879 |
|
|
|
3,181,970 |
|
|
First
Commonwealth Financial Corp. |
|
|
18,699 |
|
|
|
307,412 |
|
|
First
Financial Bancorp |
|
|
24,036 |
|
|
|
658,827 |
|
|
First
Financial Bankshares, Inc. |
|
|
13,162 |
|
|
|
495,681 |
|
|
First
Hawaiian, Inc. |
|
|
13,502 |
|
|
|
363,339 |
|
|
First
Interstate BancSystem, Inc. - Class A |
|
|
7,996 |
|
|
|
245,477 |
|
|
First
Merchants Corp. |
|
|
2,329 |
|
|
|
102,010 |
|
|
Five
Star Bancorp |
|
|
59,830 |
|
|
|
1,822,422 |
|
|
Glacier
Bancorp, Inc. |
|
|
32,951 |
|
|
|
1,609,327 |
|
|
Heritage
Commerce Corp. |
|
|
7,938 |
|
|
|
84,222 |
|
|
Hope
Bancorp, Inc. |
|
|
27,648 |
|
|
|
301,916 |
|
|
Horizon
Bancorp, Inc. |
|
|
158,977 |
|
|
|
2,708,968 |
|
|
Independent
Bank Corp. |
|
|
1,193 |
|
|
|
81,792 |
|
|
Kearny
Financial Corp. |
|
|
10,015 |
|
|
|
70,005 |
|
|
Metropolitan
Bank Holding Corp. (a) |
|
|
59,616 |
|
|
|
3,602,595 |
|
|
NBT
Bancorp, Inc. |
|
|
1,326 |
|
|
|
63,317 |
|
|
Northeast
Bank |
|
|
42,470 |
|
|
|
4,264,837 |
|
|
OFG
Bancorp |
|
|
7,960 |
|
|
|
338,220 |
|
|
Old
National Bancorp |
|
|
10,450 |
|
|
|
248,187 |
|
|
Orrstown
Financial Services, Inc. |
|
|
33,876 |
|
|
|
1,134,846 |
|
|
Park
National Corp. |
|
|
737 |
|
|
|
122,666 |
|
|
Parke
Bancorp, Inc. |
|
|
124,601 |
|
|
|
2,488,282 |
|
|
Pathward
Financial, Inc. |
|
|
17,952 |
|
|
|
1,391,460 |
|
|
Peapack-Gladstone
Financial Corp. |
|
|
2,621 |
|
|
|
84,816 |
|
|
Pinnacle
Financial Partners, Inc. |
|
|
9,918 |
|
|
|
1,133,231 |
|
|
Preferred
Bank |
|
|
1,275 |
|
|
|
113,156 |
|
|
Premier
Financial Corp. |
|
|
6,412 |
|
|
|
179,792 |
|
|
S&T
Bancorp, Inc. |
|
|
8,702 |
|
|
|
349,994 |
|
|
Sandy
Spring Bancorp, Inc. |
|
|
21,902 |
|
|
|
700,207 |
|
|
Seacoast
Banking Corp. of Florida |
|
|
57,307 |
|
|
|
1,620,642 |
|
The
accompanying notes are an integral part of the financial statements.
1
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Banks
— (Continued) |
|
Southside
Bancshares, Inc. |
|
|
4,513 |
|
|
$ |
138,775 |
|
|
Stellar
Bancorp, Inc. |
|
|
2,051 |
|
|
|
59,664 |
|
|
Stock
Yards Bancorp, Inc. |
|
|
1,084 |
|
|
|
78,980 |
|
|
TriCo
Bancshares |
|
|
3,184 |
|
|
|
139,204 |
|
|
UMB
Financial Corp. |
|
|
4,909 |
|
|
|
541,610 |
|
|
United
Community Banks, Inc. |
|
|
12,730 |
|
|
|
410,288 |
|
|
Unity
Bancorp, Inc. |
|
|
63,780 |
|
|
|
3,028,912 |
|
|
USCB
Financial Holdings, Inc. |
|
|
145,370 |
|
|
|
2,831,808 |
|
|
Veritex
Holdings, Inc. |
|
|
11,815 |
|
|
|
311,207 |
|
|
VersaBank
|
|
|
188,590 |
|
|
|
2,355,489 |
|
|
Walker
& Dunlop, Inc. |
|
|
1,925 |
|
|
|
164,915 |
|
|
Washington
Trust Bancorp, Inc. |
|
|
7,081 |
|
|
|
227,442 |
|
|
WesBanco,
Inc. |
|
|
6,869 |
|
|
|
240,896 |
|
|
West
Bancorporation, Inc. |
|
|
67,650 |
|
|
|
1,530,243 |
|
| |
|
|
|
|
|
|
56,049,623 |
|
|
Beverages
— 0.5% |
|
Coca-Cola
Consolidated, Inc. |
|
|
279 |
|
|
|
395,377 |
|
|
National
Beverage Corp. |
|
|
2,518 |
|
|
|
100,292 |
|
|
Vita
Coco Co., Inc. (a) |
|
|
85,371 |
|
|
|
2,769,435 |
|
| |
|
|
|
|
|
|
3,265,104 |
|
|
Biotechnology
— 5.1% |
|
ADMA
Biologics, Inc. (a) |
|
|
86,993 |
|
|
|
1,425,815 |
|
|
Anavex
Life Sciences Corp. (a) |
|
|
55,343 |
|
|
|
437,763 |
|
|
ANI
Pharmaceuticals, Inc. (a) |
|
|
5,276 |
|
|
|
326,532 |
|
|
Apogee
Therapeutics, Inc. (a) |
|
|
30,652 |
|
|
|
963,699 |
|
|
Arcellx,
Inc. (a) |
|
|
8,163 |
|
|
|
529,126 |
|
|
Arcutis
Biotherapeutics, Inc. (a) |
|
|
79,198 |
|
|
|
1,084,221 |
|
|
Arrowhead
Pharmaceuticals, Inc. (a) |
|
|
5,489 |
|
|
|
103,797 |
|
|
Astria
Therapeutics, Inc. (a) |
|
|
104,011 |
|
|
|
669,831 |
|
|
Capricor
Therapeutics, Inc. (a) |
|
|
31,635 |
|
|
|
486,546 |
|
|
Crinetics
Pharmaceuticals, Inc. (a) |
|
|
101,457 |
|
|
|
3,630,131 |
|
|
Cytokinetics,
Inc. (a) |
|
|
5,803 |
|
|
|
266,938 |
|
|
Denali
Therapeutics, Inc. (a) |
|
|
40,849 |
|
|
|
676,459 |
|
|
Dynavax
Technologies Corp. (a) |
|
|
4,014 |
|
|
|
55,353 |
|
|
Edgewise
Therapeutics, Inc. (a) |
|
|
38,157 |
|
|
|
998,569 |
|
|
Guardant
Health, Inc. (a) |
|
|
14,501 |
|
|
|
617,017 |
|
|
Immunome,
Inc. (a) |
|
|
45,647 |
|
|
|
429,082 |
|
|
Kiniksa
Pharmaceuticals International PLC (a) |
|
|
44,373 |
|
|
|
899,884 |
|
|
Korro
Bio, Inc. (a) |
|
|
7,282 |
|
|
|
182,560 |
|
|
Ligand
Pharmaceuticals, Inc. (a) |
|
|
12,743 |
|
|
|
1,557,577 |
|
|
Maravai
LifeSciences Holdings, Inc. - Class A (a) |
|
|
123,480 |
|
|
|
397,606 |
|
|
MBX
Biosciences, Inc. (a) |
|
|
49,656 |
|
|
|
476,698 |
|
|
Mind
Medicine MindMed, Inc. (a) |
|
|
124,213 |
|
|
|
834,711 |
|
|
Nurix
Therapeutics, Inc. (a) |
|
|
52,098 |
|
|
|
804,914 |
|
|
Nuvalent,
Inc. - Class A (a) |
|
|
14,020 |
|
|
|
1,051,220 |
|
|
Olema
Pharmaceuticals, Inc. (a) |
|
|
99,283 |
|
|
|
433,867 |
|
|
OmniAb
Operations, Inc. (a)(b) |
|
|
370 |
|
|
|
0 |
|
|
OmniAb
Operations, Inc. (a)(b) |
|
|
370 |
|
|
|
0 |
|
|
Organogenesis
Holdings, Inc. (a) |
|
|
104,554 |
|
|
|
649,280 |
|
| |
|
Shares |
|
|
Value |
|
|
Biotechnology
— (Continued) |
|
Phathom
Pharmaceuticals, Inc. (a) |
|
|
9,491 |
|
|
$ |
52,390 |
|
|
Praxis
Precision Medicines, Inc. (a) |
|
|
11,973 |
|
|
|
462,158 |
|
|
Roivant
Sciences Ltd. (a) |
|
|
52,597 |
|
|
|
564,892 |
|
|
Sage
Therapeutics, Inc. (a) |
|
|
11,577 |
|
|
|
84,512 |
|
|
Scholar
Rock Holding Corp. (a) |
|
|
37,319 |
|
|
|
1,448,724 |
|
|
Septerna,
Inc. (a) |
|
|
37,761 |
|
|
|
244,314 |
|
|
Structure
Therapeutics, Inc. - ADR (a) |
|
|
53,073 |
|
|
|
1,260,484 |
|
|
Terns
Pharmaceuticals, Inc. (a) |
|
|
67,373 |
|
|
|
248,606 |
|
|
TG
Therapeutics, Inc. (a) |
|
|
1,873 |
|
|
|
56,358 |
|
|
Travere
Therapeutics, Inc. (a) |
|
|
76,434 |
|
|
|
1,635,688 |
|
|
Veracyte,
Inc. (a) |
|
|
31,911 |
|
|
|
1,109,226 |
|
|
Vericel
Corp. (a) |
|
|
1,632 |
|
|
|
83,705 |
|
|
Viridian
Therapeutics, Inc. (a) |
|
|
62,163 |
|
|
|
965,391 |
|
|
WaVe
Life Sciences Ltd. (a) |
|
|
115,024 |
|
|
|
1,215,804 |
|
|
Xenon
Pharmaceuticals, Inc. (a) |
|
|
56,050 |
|
|
|
2,074,971 |
|
| |
|
|
|
|
|
|
31,496,419 |
|
|
Building
Materials — 1.3% |
|
AAON,
Inc. |
|
|
6,180 |
|
|
|
474,624 |
|
|
American
Woodmark Corp. (a) |
|
|
1,043 |
|
|
|
64,749 |
|
|
Apogee
Enterprises, Inc. |
|
|
7,722 |
|
|
|
370,193 |
|
|
Armstrong
World Industries, Inc. |
|
|
10,255 |
|
|
|
1,575,783 |
|
|
Aspen
Aerogels, Inc. (a) |
|
|
8,183 |
|
|
|
62,273 |
|
|
AZEK
Co., Inc. (a) |
|
|
12,156 |
|
|
|
569,508 |
|
|
Boise
Cascade Co. |
|
|
3,571 |
|
|
|
370,170 |
|
|
Gauzy
Ltd. (a) |
|
|
19,459 |
|
|
|
209,184 |
|
|
Gibraltar
Industries, Inc. (a) |
|
|
4,141 |
|
|
|
272,105 |
|
|
Knife
River Corp. (a) |
|
|
20,924 |
|
|
|
2,002,008 |
|
|
Simpson
Manufacturing Co., Inc. |
|
|
2,069 |
|
|
|
340,144 |
|
|
SPX
Technologies, Inc. (a) |
|
|
4,521 |
|
|
|
658,484 |
|
|
UFP
Industries, Inc. |
|
|
8,103 |
|
|
|
867,021 |
|
| |
|
|
|
|
|
|
7,836,246 |
|
|
Chemicals
— 0.3% |
|
AdvanSix,
Inc. |
|
|
3,917 |
|
|
|
109,363 |
|
|
Balchem
Corp. |
|
|
1,142 |
|
|
|
198,742 |
|
|
Chemours
Co. |
|
|
9,276 |
|
|
|
138,676 |
|
|
Codexis,
Inc. (a) |
|
|
159,106 |
|
|
|
483,682 |
|
|
Innospec,
Inc. |
|
|
1,121 |
|
|
|
115,923 |
|
|
Koppers
Holdings, Inc. |
|
|
7,974 |
|
|
|
232,123 |
|
|
Perimeter
Solutions, Inc. (a) |
|
|
31,536 |
|
|
|
333,651 |
|
|
Rogers
Corp. (a) |
|
|
1,868 |
|
|
|
149,328 |
|
|
Sensient
Technologies Corp. |
|
|
1,928 |
|
|
|
133,803 |
|
|
Stepan
Co. |
|
|
2,701 |
|
|
|
166,814 |
|
| |
|
|
|
|
|
|
2,062,105 |
|
|
Coal
— 0.2% |
|
Warrior
Met Coal, Inc. |
|
|
26,933 |
|
|
|
1,296,555 |
|
| |
|
|
|
|
|
|
|
|
|
Commercial
Services — 8.1% |
|
Acacia
Research Corp. (a) |
|
|
347,370 |
|
|
|
1,458,954 |
|
|
Adtalem
Global Education, Inc. (a) |
|
|
13,941 |
|
|
|
1,426,304 |
|
|
Alight,
Inc. - Class A |
|
|
199,372 |
|
|
|
1,361,711 |
|
|
American
Public Education, Inc. (a) |
|
|
40,250 |
|
|
|
851,690 |
|
The
accompanying notes are an integral part of the financial statements.
2
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Commercial
Services — (Continued) |
|
AMN
Healthcare Services, Inc. (a) |
|
|
20,347 |
|
|
$ |
515,186 |
|
|
Arlo
Technologies, Inc. (a) |
|
|
109,264 |
|
|
|
1,571,216 |
|
|
Barrett
Business Services, Inc. |
|
|
93,096 |
|
|
|
3,747,114 |
|
|
BGSF,
Inc. |
|
|
163,080 |
|
|
|
799,092 |
|
|
BrightView
Holdings, Inc. (a) |
|
|
134,423 |
|
|
|
1,803,957 |
|
|
Brink’s
Co. |
|
|
4,054 |
|
|
|
381,238 |
|
|
CoreCivic,
Inc. (a) |
|
|
231,877 |
|
|
|
4,350,013 |
|
|
CPI
Card Group, Inc. (a) |
|
|
55,969 |
|
|
|
1,872,723 |
|
|
Cross
Country Healthcare, Inc. (a) |
|
|
6,965 |
|
|
|
119,519 |
|
|
Deluxe
Corp. |
|
|
4,893 |
|
|
|
80,539 |
|
|
Dun
& Bradstreet Holdings, Inc. |
|
|
73,911 |
|
|
|
670,373 |
|
|
EVERTEC,
Inc. |
|
|
46,427 |
|
|
|
1,733,584 |
|
|
Forrester
Research, Inc. (a) |
|
|
74,710 |
|
|
|
827,787 |
|
|
GEO
Group, Inc. (a) |
|
|
93,916 |
|
|
|
2,569,542 |
|
|
GXO
Logistics, Inc. (a) |
|
|
65,590 |
|
|
|
2,585,558 |
|
|
Heidrick
& Struggles International, Inc. |
|
|
2,031 |
|
|
|
83,251 |
|
|
Herc
Holdings, Inc. |
|
|
5,924 |
|
|
|
849,976 |
|
|
Insperity,
Inc. |
|
|
20,467 |
|
|
|
1,800,482 |
|
|
Kelly
Services, Inc. - Class A |
|
|
25,815 |
|
|
|
347,728 |
|
|
Legalzoom.com,
Inc. (a) |
|
|
90,958 |
|
|
|
924,133 |
|
|
Lincoln
Educational Services Corp. (a) |
|
|
129,060 |
|
|
|
2,368,251 |
|
|
MarketAxess
Holdings, Inc. |
|
|
1,203 |
|
|
|
231,926 |
|
|
Matthews
International Corp. - Class A |
|
|
5,499 |
|
|
|
137,035 |
|
|
Mister
Car Wash, Inc. (a) |
|
|
40,571 |
|
|
|
344,448 |
|
|
Payoneer
Global, Inc. (a) |
|
|
169,162 |
|
|
|
1,446,335 |
|
|
Perdoceo
Education Corp. |
|
|
10,039 |
|
|
|
256,998 |
|
|
Progyny,
Inc. (a) |
|
|
56,479 |
|
|
|
1,272,472 |
|
|
RCM
Technologies, Inc. (a) |
|
|
53,140 |
|
|
|
993,718 |
|
|
Rent-A-Center,
Inc. |
|
|
3,409 |
|
|
|
88,020 |
|
|
Repay
Holdings Corp. (a) |
|
|
159,056 |
|
|
|
1,146,794 |
|
|
Sezzle,
Inc. (a) |
|
|
3,957 |
|
|
|
1,183,578 |
|
|
Shift4
Payments, Inc. - Class A (a) |
|
|
9,439 |
|
|
|
932,101 |
|
|
Strategic
Education, Inc. |
|
|
1,789 |
|
|
|
144,068 |
|
|
Stride,
Inc. (a) |
|
|
16,210 |
|
|
|
2,217,528 |
|
|
Target
Hospitality Corp. (a) |
|
|
33,323 |
|
|
|
186,942 |
|
|
Universal
Technical Institute, Inc. (a) |
|
|
117,075 |
|
|
|
3,306,198 |
|
|
WillScot
Holdings Corp. (a) |
|
|
37,233 |
|
|
|
1,226,827 |
|
| |
|
|
|
|
|
|
50,214,909 |
|
|
Computers
— 1.6% |
|
ASGN,
Inc. (a) |
|
|
2,386 |
|
|
|
160,769 |
|
|
CACI
International, Inc. - Class A (a) |
|
|
1,145 |
|
|
|
383,403 |
|
|
Cantaloupe,
Inc. (a) |
|
|
9,881 |
|
|
|
97,031 |
|
|
Corsair
Gaming, Inc. (a) |
|
|
63,479 |
|
|
|
745,243 |
|
|
DXC
Technology Co. (a) |
|
|
8,205 |
|
|
|
150,726 |
|
|
ExlService
Holdings, Inc. (a) |
|
|
17,714 |
|
|
|
858,243 |
|
|
Globant
S.A. (a) |
|
|
4,833 |
|
|
|
727,511 |
|
|
Grid
Dynamics Holdings, Inc. (a) |
|
|
78,216 |
|
|
|
1,472,025 |
|
|
Insight
Enterprises, Inc. (a) |
|
|
2,176 |
|
|
|
334,843 |
|
| |
|
Shares |
|
|
Value |
|
|
Computers
— (Continued) |
|
MAXIMUS,
Inc. |
|
|
1,205 |
|
|
$ |
78,566 |
|
|
NCR
Voyix Corp. (a) |
|
|
49,502 |
|
|
|
558,383 |
|
|
One
Stop Systems, Inc. (a) |
|
|
184,188 |
|
|
|
578,350 |
|
|
Rimini
Street, Inc. (a) |
|
|
509,290 |
|
|
|
1,807,980 |
|
|
Science
Applications International Corp. |
|
|
1,681 |
|
|
|
166,066 |
|
|
Varonis
Systems, Inc. (a) |
|
|
25,049 |
|
|
|
1,076,356 |
|
|
WNS
Holdings Ltd. (a) |
|
|
16,747 |
|
|
|
952,402 |
|
| |
|
|
|
|
|
|
10,147,897 |
|
|
Cosmetics/Personal
Care — 0.5% |
|
Edgewell
Personal Care Co. |
|
|
3,064 |
|
|
|
96,424 |
|
|
elf
Beauty, Inc. (a) |
|
|
15,105 |
|
|
|
1,061,126 |
|
|
Interparfums,
Inc. |
|
|
11,882 |
|
|
|
1,650,647 |
|
|
Prestige
Brands Holdings, Inc. (a) |
|
|
3,474 |
|
|
|
294,422 |
|
| |
|
|
|
|
|
|
3,102,619 |
|
|
Distribution/Wholesale
— 1.0% |
|
G-III
Apparel Group Ltd. (a) |
|
|
19,012 |
|
|
|
514,655 |
|
|
MRC
Global, Inc. (a) |
|
|
7,000 |
|
|
|
85,190 |
|
|
OPENLANE,
Inc. (a) |
|
|
124,684 |
|
|
|
2,780,453 |
|
|
Pool
Corp. |
|
|
2,106 |
|
|
|
730,782 |
|
|
VSE
Corp. |
|
|
14,993 |
|
|
|
1,776,671 |
|
|
WESCO
International, Inc. |
|
|
371 |
|
|
|
66,954 |
|
| |
|
|
|
|
|
|
5,954,705 |
|
|
Diversified
Financial Services — 1.7% |
|
Dave,
Inc. (a) |
|
|
7,577 |
|
|
|
762,701 |
|
|
Encore
Capital Group, Inc. (a) |
|
|
3,458 |
|
|
|
130,419 |
|
|
Enova
International, Inc. (a) |
|
|
3,612 |
|
|
|
373,264 |
|
|
FTAI
Aviation Ltd. |
|
|
5,655 |
|
|
|
727,855 |
|
|
Houlihan
Lokey, Inc. |
|
|
5,795 |
|
|
|
1,004,563 |
|
|
Interactive
Brokers Group, Inc. - Class A |
|
|
3,063 |
|
|
|
626,077 |
|
|
LendingClub
Corp. (a) |
|
|
119,711 |
|
|
|
1,531,104 |
|
|
Moelis
& Co., Class A - Class A |
|
|
14,384 |
|
|
|
1,016,086 |
|
|
Perella
Weinberg Partners |
|
|
46,596 |
|
|
|
1,076,834 |
|
|
Radian
Group, Inc. |
|
|
35,274 |
|
|
|
1,160,867 |
|
|
Silvercrest
Asset Management Group, Inc. - Class A |
|
|
87,776 |
|
|
|
1,591,379 |
|
|
Virtus
Investment Partners, Inc. |
|
|
807 |
|
|
|
151,530 |
|
|
World
Acceptance Corp. (a) |
|
|
2,155 |
|
|
|
290,580 |
|
| |
|
|
|
|
|
|
10,443,259 |
|
|
Electric
— 1.0% |
|
Hawaiian
Electric Industries, Inc. (a) |
|
|
39,161 |
|
|
|
428,813 |
|
|
Northwestern
Energy Group, Inc. |
|
|
38,213 |
|
|
|
2,137,253 |
|
|
Portland
General Electric Co. |
|
|
2,203 |
|
|
|
98,760 |
|
|
Talen
Energy Corp. (a) |
|
|
6,044 |
|
|
|
1,256,850 |
|
|
TXNM
Energy, Inc. |
|
|
39,284 |
|
|
|
2,052,589 |
|
|
Unitil
Corp. |
|
|
2,272 |
|
|
|
127,459 |
|
| |
|
|
|
|
|
|
6,101,724 |
|
|
Electrical
Components & Equipment — 0.4% |
|
American
Superconductor Corp. (a) |
|
|
60,832 |
|
|
|
1,381,495 |
|
The
accompanying notes are an integral part of the financial statements.
3
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Electrical
Components & Equipment — (Continued) |
|
Energizer
Holdings, Inc. |
|
|
8,315 |
|
|
$ |
255,520 |
|
|
Littelfuse,
Inc. |
|
|
1,079 |
|
|
|
250,447 |
|
|
Powell
Industries, Inc. |
|
|
2,650 |
|
|
|
449,731 |
|
| |
|
|
|
|
|
|
2,337,193 |
|
|
Electronics
— 2.5% |
|
Atkore
International Group, Inc. |
|
|
17,681 |
|
|
|
1,087,381 |
|
|
Atmus
Filtration Technologies, Inc. |
|
|
28,872 |
|
|
|
1,149,106 |
|
|
Badger
Meter, Inc. |
|
|
2,217 |
|
|
|
466,302 |
|
|
Benchmark
Electronics, Inc. |
|
|
4,446 |
|
|
|
177,662 |
|
|
Brady
Corp. - Class A |
|
|
2,928 |
|
|
|
212,192 |
|
|
Coherent
Corp. (a) |
|
|
3,416 |
|
|
|
256,849 |
|
|
Comtech
Telecommunications Corp. (a) |
|
|
196,850 |
|
|
|
334,645 |
|
|
Enovix
Corp. (a) |
|
|
46,428 |
|
|
|
414,138 |
|
|
ESCO
Technologies, Inc. |
|
|
1,920 |
|
|
|
316,569 |
|
|
FARO
Technologies, Inc. (a) |
|
|
53,251 |
|
|
|
1,701,902 |
|
|
Itron,
Inc. (a) |
|
|
4,655 |
|
|
|
506,883 |
|
|
Ituran
Location and Control Ltd. |
|
|
20,252 |
|
|
|
848,154 |
|
|
Kimball
Electronics, Inc. (a) |
|
|
137,070 |
|
|
|
2,470,001 |
|
|
Knowles
Corp. (a) |
|
|
7,352 |
|
|
|
121,970 |
|
|
Mirion
Technologies, Inc. (a) |
|
|
100,877 |
|
|
|
1,566,620 |
|
|
NEXTracker,
Inc. - Class A (a) |
|
|
12,240 |
|
|
|
538,805 |
|
|
OSI
Systems, Inc. (a) |
|
|
1,136 |
|
|
|
234,254 |
|
|
Plexus
Corp. (a) |
|
|
2,641 |
|
|
|
351,042 |
|
|
Sanmina
Corp. (a) |
|
|
6,648 |
|
|
|
544,604 |
|
|
SYNNEX
Corp. |
|
|
830 |
|
|
|
114,117 |
|
|
TTM
Technologies, Inc. (a) |
|
|
8,548 |
|
|
|
206,092 |
|
|
Vontier
Corp. |
|
|
55,758 |
|
|
|
2,082,561 |
|
| |
|
|
|
|
|
|
15,701,849 |
|
|
Energy-Alternate
Sources — 0.2% |
|
Eos
Energy Enterprises, Inc. (a) |
|
|
257,819 |
|
|
|
1,126,669 |
|
|
REX
American Resources Corp. (a) |
|
|
2,520 |
|
|
|
97,322 |
|
| |
|
|
|
|
|
|
1,223,991 |
|
|
Engineering
& Construction — 2.3% |
|
Bowman
Consulting Group Ltd. (a) |
|
|
104,350 |
|
|
|
2,160,045 |
|
|
Comfort
Systems USA, Inc. |
|
|
4,006 |
|
|
|
1,455,500 |
|
|
Construction
Partners, Inc. - Class A (a) |
|
|
24,067 |
|
|
|
1,746,302 |
|
|
EMCOR
Group, Inc. |
|
|
4,741 |
|
|
|
1,938,642 |
|
|
Exponent,
Inc. |
|
|
13,699 |
|
|
|
1,159,757 |
|
|
Latham
Group, Inc. (a) |
|
|
106,042 |
|
|
|
626,708 |
|
|
Limbach
Holdings, Inc. (a) |
|
|
4,829 |
|
|
|
400,807 |
|
|
Mistras
Group, Inc. (a) |
|
|
107,610 |
|
|
|
1,058,882 |
|
|
MYR
Group, Inc. (a) |
|
|
5,139 |
|
|
|
630,658 |
|
|
Primoris
Services Corp. |
|
|
16,068 |
|
|
|
1,152,718 |
|
|
Shimmick
Corp. (a) |
|
|
186,970 |
|
|
|
387,028 |
|
|
Sterling
Construction Co., Inc. (a) |
|
|
3,921 |
|
|
|
498,791 |
|
|
TopBuild
Corp. (a) |
|
|
2,707 |
|
|
|
829,398 |
|
| |
|
|
|
|
|
|
14,045,236 |
|
| |
|
Shares |
|
|
Value |
|
|
Entertainment
— 1.6% |
|
Atlanta
Braves Holdings, Inc. - Class A (a) |
|
|
1,183 |
|
|
$ |
52,206 |
|
|
Cinemark
Holdings, Inc. (a) |
|
|
7,468 |
|
|
|
191,255 |
|
|
Genius
Sports Ltd. (a) |
|
|
208,740 |
|
|
|
1,811,863 |
|
|
IMAX
Corp., (Canada) (a) |
|
|
24,943 |
|
|
|
638,541 |
|
|
Monarch
Casino & Resort, Inc. |
|
|
3,215 |
|
|
|
294,430 |
|
|
Pursuit
Attractions and Hospitality, Inc. (a) |
|
|
56,607 |
|
|
|
2,247,298 |
|
|
Rush
Street Interactive, Inc. (a) |
|
|
180,116 |
|
|
|
2,100,153 |
|
|
Scientific
Games Corp. (a) |
|
|
6,167 |
|
|
|
687,497 |
|
|
United
Parks & Resorts, Inc. (a) |
|
|
40,334 |
|
|
|
2,036,867 |
|
| |
|
|
|
|
|
|
10,060,110 |
|
|
Environmental
Control — 0.3% |
|
CECO
Environmental Corp. (a) |
|
|
42,316 |
|
|
|
1,052,822 |
|
|
PureCycle
Technologies, Inc. (a) |
|
|
15,408 |
|
|
|
158,703 |
|
|
Tetra
Tech, Inc. |
|
|
15,990 |
|
|
|
466,748 |
|
| |
|
|
|
|
|
|
1,678,273 |
|
|
Food
— 0.9% |
|
B&G
Foods, Inc. |
|
|
38,541 |
|
|
|
257,454 |
|
|
Calavo
Growers, Inc. |
|
|
2,628 |
|
|
|
60,234 |
|
|
Hain
Celestial Group, Inc. (a) |
|
|
41,259 |
|
|
|
147,707 |
|
|
Ingles
Markets, Inc. - Class A |
|
|
26,982 |
|
|
|
1,657,774 |
|
|
J&J
Snack Foods Corp. |
|
|
578 |
|
|
|
75,972 |
|
|
Natural
Grocers by Vitamin Cottage, Inc. |
|
|
11,751 |
|
|
|
522,215 |
|
|
Nomad
Foods Ltd. |
|
|
90,610 |
|
|
|
1,712,529 |
|
|
SpartanNash
Co. |
|
|
4,482 |
|
|
|
90,492 |
|
|
TreeHouse
Foods, Inc. (a) |
|
|
5,284 |
|
|
|
166,340 |
|
|
United
Natural Foods, Inc. (a) |
|
|
19,944 |
|
|
|
634,020 |
|
|
Utz
Brands, Inc. |
|
|
3,999 |
|
|
|
54,466 |
|
|
Weis
Markets, Inc. |
|
|
1,995 |
|
|
|
147,590 |
|
| |
|
|
|
|
|
|
5,526,793 |
|
|
Gas
— 0.4% |
|
Northwest
Natural Holding, Co. |
|
|
10,869 |
|
|
|
444,325 |
|
|
Southwest
Gas Holdings, Inc. |
|
|
24,526 |
|
|
|
1,840,676 |
|
| |
|
|
|
|
|
|
2,285,001 |
|
|
Hand/Machine
Tools — 0.4% |
|
Franklin
Electric Co., Inc. |
|
|
1,896 |
|
|
|
193,676 |
|
|
Hurco
Cos., Inc. |
|
|
72,650 |
|
|
|
1,297,529 |
|
|
MSA
Safety, Inc. |
|
|
5,342 |
|
|
|
874,486 |
|
| |
|
|
|
|
|
|
2,365,691 |
|
|
Healthcare-Products
— 4.3% |
|
ABIOMED
Inc. (a)(b) |
|
|
1,453 |
|
|
|
0 |
|
|
Adaptive
Biotechnologies Corp. (a) |
|
|
211,664 |
|
|
|
1,748,345 |
|
|
Albireo
Pharma Inc. (a)(b) |
|
|
1,908 |
|
|
|
0 |
|
|
Alphatec
Holdings, Inc. (a) |
|
|
74,211 |
|
|
|
929,864 |
|
|
AngioDynamics,
Inc. (a) |
|
|
41,140 |
|
|
|
382,191 |
|
|
Avanos
Medical, Inc. (a) |
|
|
9,821 |
|
|
|
147,806 |
|
|
AxoGen,
Inc. (a) |
|
|
84,941 |
|
|
|
1,699,669 |
|
|
Beta
Bionics, Inc. (a) |
|
|
35,512 |
|
|
|
744,687 |
|
The
accompanying notes are an integral part of the financial statements.
4
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Healthcare-Products
— (Continued) |
|
Bioventus,
Inc. - Class A (a) |
|
|
80,947 |
|
|
$ |
820,803 |
|
|
Brooks
Automation, Inc. (a) |
|
|
2,595 |
|
|
|
113,194 |
|
|
CareDx,
Inc. (a) |
|
|
36,994 |
|
|
|
819,417 |
|
|
Ceribell,
Inc. (a) |
|
|
20,247 |
|
|
|
470,540 |
|
|
CryoLife,
Inc. (a) |
|
|
3,328 |
|
|
|
84,564 |
|
|
Embecta
Corp. |
|
|
91,863 |
|
|
|
1,240,151 |
|
|
Enovis
Corp. (a) |
|
|
36,173 |
|
|
|
1,398,086 |
|
|
Glaukos
Corp. (a) |
|
|
2,161 |
|
|
|
259,363 |
|
|
Haemonetics
Corp. (a) |
|
|
31,555 |
|
|
|
2,066,852 |
|
|
ICU
Medical, Inc. (a) |
|
|
1,637 |
|
|
|
239,542 |
|
|
Inmode
Ltd. (a) |
|
|
29,787 |
|
|
|
557,613 |
|
|
Inspire
Medical Systems, Inc. (a) |
|
|
292 |
|
|
|
54,192 |
|
|
Integra
LifeSciences Holdings Corp. (a) |
|
|
12,523 |
|
|
|
290,659 |
|
|
Lantheus
Holdings, Inc. (a) |
|
|
10,912 |
|
|
|
1,023,764 |
|
|
LeMaitre
Vascular, Inc. |
|
|
18,890 |
|
|
|
1,735,046 |
|
|
Masimo
Corp. (a) |
|
|
2,530 |
|
|
|
477,588 |
|
|
Merit
Medical Systems, Inc. (a) |
|
|
3,088 |
|
|
|
315,100 |
|
|
NeuroPace,
Inc. (a) |
|
|
27,559 |
|
|
|
356,889 |
|
|
Omnicell,
Inc. (a) |
|
|
10,302 |
|
|
|
392,094 |
|
|
Patterson
Cos., Inc. |
|
|
23,537 |
|
|
|
732,942 |
|
|
PROCEPT
BioRobotics Corp. (a) |
|
|
9,349 |
|
|
|
601,515 |
|
|
Quanterix
Corp. (a) |
|
|
105,311 |
|
|
|
799,310 |
|
|
Repligen
Corp. (a) |
|
|
9,591 |
|
|
|
1,527,463 |
|
|
Semler
Scientific, Inc. (a) |
|
|
13,542 |
|
|
|
581,223 |
|
|
SI-BONE,
Inc. (a) |
|
|
60,909 |
|
|
|
1,103,671 |
|
|
Stevanato
Group SpA |
|
|
48,390 |
|
|
|
901,990 |
|
|
Surmodics,
Inc. (a) |
|
|
2,311 |
|
|
|
75,939 |
|
|
Tandem
Diabetes Care, Inc. (a) |
|
|
8,594 |
|
|
|
190,271 |
|
|
TransMedics
Group, Inc. (a) |
|
|
11,460 |
|
|
|
874,627 |
|
|
Treace
Medical Concepts, Inc. (a) |
|
|
20,791 |
|
|
|
185,872 |
|
|
West
Pharmaceutical Services, Inc. |
|
|
2,836 |
|
|
|
658,916 |
|
| |
|
|
|
|
|
|
26,601,758 |
|
|
Healthcare-Services
— 1.4% |
|
Addus
HomeCare Corp. (a) |
|
|
7,276 |
|
|
|
696,822 |
|
|
Amedisys,
Inc. (a) |
|
|
2,182 |
|
|
|
200,744 |
|
|
Ardent
Health Partners, Inc. (a) |
|
|
57,563 |
|
|
|
843,874 |
|
|
Chemed
Corp. |
|
|
621 |
|
|
|
373,097 |
|
|
CorVel
Corp. (a) |
|
|
1,296 |
|
|
|
142,910 |
|
|
Ensign
Group, Inc. |
|
|
2,982 |
|
|
|
385,125 |
|
|
GeneDx
Holdings Corp. (a) |
|
|
23,501 |
|
|
|
2,417,078 |
|
|
HealthEquity,
Inc. (a) |
|
|
12,229 |
|
|
|
1,342,255 |
|
|
MEDNAX,
Inc. (a) |
|
|
54,613 |
|
|
|
806,634 |
|
|
National
HealthCare Corp. |
|
|
3,006 |
|
|
|
280,069 |
|
|
RadNet,
Inc. (a) |
|
|
19,360 |
|
|
|
1,073,899 |
|
|
Surgery
Partners, Inc. (a) |
|
|
13,552 |
|
|
|
326,332 |
|
|
Teladoc,
Inc. (a) |
|
|
6,186 |
|
|
|
59,138 |
|
|
US
Physical Therapy, Inc. |
|
|
1,232 |
|
|
|
99,817 |
|
| |
|
|
|
|
|
|
9,047,794 |
|
|
Home
Builders — 1.0% |
|
Cavco
Industries, Inc. (a) |
|
|
624 |
|
|
|
327,307 |
|
|
Century
Communities, Inc. |
|
|
9,495 |
|
|
|
659,238 |
|
| |
|
Shares |
|
|
Value |
|
|
Home
Builders — (Continued) |
|
Champion
Homes, Inc. (a) |
|
|
12,690 |
|
|
$ |
1,300,725 |
|
|
Installed
Building Products, Inc. |
|
|
7,924 |
|
|
|
1,358,173 |
|
|
LCI
Industries |
|
|
2,012 |
|
|
|
208,886 |
|
|
LGI
Homes, Inc. (a) |
|
|
21,938 |
|
|
|
1,610,907 |
|
|
M/I
Homes, Inc. (a) |
|
|
5,874 |
|
|
|
688,022 |
|
|
Winnebago
Industries, Inc. |
|
|
5,231 |
|
|
|
211,385 |
|
| |
|
|
|
|
|
|
6,364,643 |
|
|
Home
Furnishings — 1.0% |
|
|
|
|
|
|
|
|
|
Ethan
Allen Interiors, Inc. |
|
|
3,342 |
|
|
|
95,247 |
|
|
Hamilton
Beach Brands Holding Co. - Class A |
|
|
130,360 |
|
|
|
2,540,716 |
|
|
Leggett
& Platt, Inc. |
|
|
25,122 |
|
|
|
230,369 |
|
|
Sleep
Number Corp. (a) |
|
|
167,720 |
|
|
|
2,359,821 |
|
|
Universal
Electronics, Inc. (a) |
|
|
111,770 |
|
|
|
870,688 |
|
| |
|
|
|
|
|
|
6,096,841 |
|
|
Household
Products/Wares — 0.1% |
|
Central
Garden & Pet Co. (a) |
|
|
1,215 |
|
|
|
42,877 |
|
|
Central
Garden & Pet Co. - Class A (a) |
|
|
303 |
|
|
|
9,538 |
|
|
Helen
of Troy Ltd. (a) |
|
|
1,735 |
|
|
|
95,477 |
|
|
Quanex
Building Products Corp. |
|
|
1,957 |
|
|
|
37,751 |
|
|
WD-40
Co. |
|
|
1,574 |
|
|
|
375,588 |
|
| |
|
|
|
|
|
|
561,231 |
|
|
Housewares
— 0.2% |
|
Lifetime
Brands, Inc. |
|
|
212,930 |
|
|
|
1,062,521 |
|
| |
|
|
|
|
|
|
|
|
|
Insurance
— 4.2% |
|
Ambac
Financial Group, Inc. (a) |
|
|
15,970 |
|
|
|
155,069 |
|
|
Assured
Guaranty Ltd. |
|
|
19,747 |
|
|
|
1,724,505 |
|
|
Axis
Capital Holdings Ltd. |
|
|
32,772 |
|
|
|
3,174,951 |
|
|
Bowhead
Specialty Holdings, Inc. (a) |
|
|
22,551 |
|
|
|
758,390 |
|
|
Employers
Holdings, Inc. |
|
|
3,627 |
|
|
|
187,879 |
|
|
Enstar
Group Ltd. (a) |
|
|
665 |
|
|
|
221,312 |
|
|
Genworth
Financial, Inc. - Class A (a) |
|
|
386,192 |
|
|
|
2,684,034 |
|
|
HCI
Group, Inc. |
|
|
19,689 |
|
|
|
2,592,254 |
|
|
Heritage
Insurance Holdings, Inc. (a) |
|
|
309,347 |
|
|
|
3,634,827 |
|
|
NMI
Holdings, Inc. - Class A (a) |
|
|
9,565 |
|
|
|
348,549 |
|
|
Palomar
Holdings, Inc. (a) |
|
|
14,811 |
|
|
|
1,905,583 |
|
|
RLI
Corp. |
|
|
2,956 |
|
|
|
224,922 |
|
|
Root,
Inc./OH (a) |
|
|
11,076 |
|
|
|
1,497,143 |
|
|
Safety
Insurance Group, Inc. |
|
|
1,593 |
|
|
|
121,291 |
|
|
Selective
Insurance Group, Inc. |
|
|
3,866 |
|
|
|
332,650 |
|
|
Skyward
Specialty Insurance Group, Inc. (a) |
|
|
28,503 |
|
|
|
1,482,726 |
|
|
Stewart
Information Services Corp. |
|
|
2,200 |
|
|
|
156,640 |
|
|
TWFG,
Inc. (a) |
|
|
27,578 |
|
|
|
833,959 |
|
|
White
Mountains Insurance Group Ltd. |
|
|
2,104 |
|
|
|
3,891,348 |
|
| |
|
|
|
|
|
|
25,928,032 |
|
The
accompanying notes are an integral part of the financial statements.
5
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Internet
— 2.5% |
|
Bandwidth,
Inc. - Class A (a) |
|
|
3,584 |
|
|
$ |
57,237 |
|
|
DHI
Group, Inc. (a) |
|
|
1,240,400 |
|
|
|
3,001,768 |
|
|
ePlus,
Inc. (a) |
|
|
24,711 |
|
|
|
1,590,894 |
|
|
Fiverr
International Ltd. (a) |
|
|
36,718 |
|
|
|
987,347 |
|
|
Gambling.com
Group Ltd. (a) |
|
|
54,338 |
|
|
|
772,686 |
|
|
HealthStream,
Inc. |
|
|
2,700 |
|
|
|
91,179 |
|
|
Hims
& Hers Health, Inc. (a) |
|
|
2,713 |
|
|
|
122,329 |
|
|
IAC,
Inc. (a) |
|
|
1,313 |
|
|
|
60,687 |
|
|
Magnite,
Inc. (a) |
|
|
92,303 |
|
|
|
1,455,618 |
|
|
Maplebear,
Inc. (a) |
|
|
10,927 |
|
|
|
448,990 |
|
|
Q2
Holdings, Inc. (a) |
|
|
11,713 |
|
|
|
1,023,365 |
|
|
QuinStreet,
Inc. (a) |
|
|
111,400 |
|
|
|
2,181,212 |
|
|
RealReal,
Inc. (a) |
|
|
131,063 |
|
|
|
893,850 |
|
|
Revolve
Group, Inc. (a) |
|
|
31,348 |
|
|
|
832,603 |
|
|
TripAdvisor,
Inc. (a) |
|
|
77,819 |
|
|
|
1,151,721 |
|
|
Vivid
Seats, Inc. - Class A (a) |
|
|
14,376 |
|
|
|
59,517 |
|
|
Yelp,
Inc. (a) |
|
|
27,842 |
|
|
|
955,259 |
|
| |
|
|
|
|
|
|
15,686,262 |
|
|
Investment
Companies — 0.4% |
|
Cannae
Holdings, Inc. |
|
|
99,907 |
|
|
|
2,002,136 |
|
|
Cipher
Mining, Inc. (a) |
|
|
98,954 |
|
|
|
403,733 |
|
|
HA
Sustainable Infrastructure Capital, Inc. |
|
|
2,522 |
|
|
|
72,457 |
|
| |
|
|
|
|
|
|
2,478,326 |
|
|
Iron/Steel
— 0.5% |
|
ATI,
Inc. (a) |
|
|
7,199 |
|
|
|
418,694 |
|
|
Carpenter
Technology Corp. |
|
|
11,908 |
|
|
|
2,465,789 |
|
| |
|
|
|
|
|
|
2,884,483 |
|
|
Leisure
Time — 0.7% |
|
Lindblad
Expeditions Holdings, Inc. (a) |
|
|
46,069 |
|
|
|
514,591 |
|
|
OneSpaWorld
Holdings Ltd. |
|
|
194,288 |
|
|
|
3,707,015 |
|
| |
|
|
|
|
|
|
4,221,606 |
|
|
Lodging
— 0.1% |
|
Boyd
Gaming Corp. |
|
|
4,776 |
|
|
|
364,218 |
|
|
Marcus
Corp. |
|
|
4,068 |
|
|
|
74,607 |
|
| |
|
|
|
|
|
|
438,825 |
|
|
Machinery-Construction
& Mining — 0.6% |
|
Argan,
Inc. |
|
|
10,144 |
|
|
|
1,322,473 |
|
|
Bloom
Energy Corp. - Class A (a) |
|
|
39,707 |
|
|
|
953,762 |
|
|
BWX
Technologies, Inc. |
|
|
14,772 |
|
|
|
1,535,845 |
|
| |
|
|
|
|
|
|
3,812,080 |
|
|
Machinery-Diversified
— 1.8% |
|
Albany
International Corp. - Class A |
|
|
1,126 |
|
|
|
86,218 |
|
|
Applied
Industrial Technologies, Inc. |
|
|
5,788 |
|
|
|
1,450,357 |
|
|
Chart
Industries, Inc. (a) |
|
|
6,686 |
|
|
|
1,274,017 |
|
|
Flowserve
Corp. |
|
|
24,548 |
|
|
|
1,351,122 |
|
|
Kornit
Digital Ltd. (a) |
|
|
34,233 |
|
|
|
847,609 |
|
|
Lindsay
Corp. |
|
|
7,416 |
|
|
|
979,802 |
|
| |
|
Shares |
|
|
Value |
|
|
Machinery-Diversified
— (Continued) |
|
Mueller
Water Products, Inc. - Class A |
|
|
68,820 |
|
|
$ |
1,772,803 |
|
|
Tennant
Co. |
|
|
9,322 |
|
|
|
806,913 |
|
|
Toro
Co. |
|
|
5,348 |
|
|
|
428,963 |
|
|
Twin
Disc, Inc. |
|
|
225,745 |
|
|
|
1,945,922 |
|
| |
|
|
|
|
|
|
10,943,726 |
|
|
Media
— 0.0%(c) |
|
Gray
Media, Inc. |
|
|
15,415 |
|
|
|
57,960 |
|
|
Scholastic
Corp. |
|
|
2,556 |
|
|
|
55,951 |
|
|
Sinclair,
Inc. |
|
|
17,962 |
|
|
|
260,808 |
|
| |
|
|
|
|
|
|
374,719 |
|
|
Metal
Fabricate/Hardware — 1.3% |
|
AZZ,
Inc. |
|
|
11,323 |
|
|
|
1,088,254 |
|
|
Janus
International Group, Inc. (a) |
|
|
129,571 |
|
|
|
1,048,229 |
|
|
Mueller
Industries, Inc. |
|
|
11,950 |
|
|
|
958,151 |
|
|
NN,
Inc. (a) |
|
|
176,710 |
|
|
|
538,965 |
|
|
Northwest
Pipe Co. (a) |
|
|
75,410 |
|
|
|
3,323,319 |
|
|
Standex
International Corp. |
|
|
1,485 |
|
|
|
276,180 |
|
|
Xometry,
Inc. - Class A (a) |
|
|
27,990 |
|
|
|
764,687 |
|
| |
|
|
|
|
|
|
7,997,785 |
|
|
Mining
— 0.4% |
|
Centrus
Energy Corp. - Class A (a) |
|
|
11,251 |
|
|
|
1,020,803 |
|
|
Century
Aluminum Co. (a) |
|
|
18,637 |
|
|
|
353,171 |
|
|
Uranium
Energy Corp. (a) |
|
|
160,633 |
|
|
|
899,545 |
|
| |
|
|
|
|
|
|
2,273,519 |
|
|
Miscellaneous
Manufacturing — 1.5% |
|
Axon
Enterprise, Inc. (a) |
|
|
5,340 |
|
|
|
2,821,923 |
|
|
Byrna
Technologies, Inc. (a) |
|
|
32,574 |
|
|
|
838,129 |
|
|
Core
Molding Technologies, Inc. (a) |
|
|
61,350 |
|
|
|
842,335 |
|
|
Enpro,
Inc. |
|
|
4,961 |
|
|
|
903,299 |
|
|
Fabrinet
(a) |
|
|
5,918 |
|
|
|
1,183,896 |
|
|
Federal
Signal Corp. |
|
|
9,443 |
|
|
|
767,527 |
|
|
JBT
Marel Corp. |
|
|
2,493 |
|
|
|
329,076 |
|
|
Materion
Corp. |
|
|
2,877 |
|
|
|
262,843 |
|
|
Myers
Industries, Inc. |
|
|
2,441 |
|
|
|
26,753 |
|
|
Park
Aerospace Corp. |
|
|
92,759 |
|
|
|
1,282,857 |
|
|
Sturm
Ruger & Co., Inc. |
|
|
1,372 |
|
|
|
54,139 |
|
| |
|
|
|
|
|
|
9,312,777 |
|
|
Office
Furnishings — 0.0%(c) |
|
Interface,
Inc. |
|
|
11,644 |
|
|
|
235,558 |
|
| |
|
|
|
|
|
|
|
|
|
Office-Business
Equipment — 0.0%(c) |
|
Pitney
Bowes, Inc. |
|
|
13,705 |
|
|
|
148,425 |
|
| |
|
|
|
|
|
|
|
|
|
Oil
& Gas — 1.8% |
|
BKV
Corp. (a) |
|
|
30,711 |
|
|
|
620,055 |
|
|
Delek
US Holdings, Inc. |
|
|
71,647 |
|
|
|
1,167,846 |
|
|
Evolution
Petroleum Corp. |
|
|
97,583 |
|
|
|
491,818 |
|
The
accompanying notes are an integral part of the financial statements.
6
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Oil
& Gas — (Continued) |
|
Expand
Energy Corp. |
|
|
9,762 |
|
|
$ |
965,267 |
|
|
Gulfport
Energy Corp. (a) |
|
|
10,110 |
|
|
|
1,716,678 |
|
|
Helmerich
& Payne, Inc. |
|
|
4,567 |
|
|
|
121,071 |
|
|
Landbridge
Co. LLC - Class A |
|
|
14,177 |
|
|
|
980,765 |
|
|
Patterson-UTI
Energy, Inc. |
|
|
112,890 |
|
|
|
938,116 |
|
|
PBF
Energy, Inc. - Class A |
|
|
5,245 |
|
|
|
112,400 |
|
|
Range
Resources Corp. |
|
|
29,237 |
|
|
|
1,085,278 |
|
|
Sable
Offshore Corp. (a) |
|
|
35,225 |
|
|
|
999,333 |
|
|
SM
Energy Co. |
|
|
50,967 |
|
|
|
1,667,131 |
|
|
Talos
Energy, Inc. (a) |
|
|
23,929 |
|
|
|
215,361 |
|
| |
|
|
|
|
|
|
11,081,119 |
|
|
Oil
& Gas Services — 2.1% |
|
Aris
Water Solutions, Inc. - Class A |
|
|
29,091 |
|
|
|
915,203 |
|
|
DMC
Global, Inc. (a) |
|
|
215,930 |
|
|
|
1,831,086 |
|
|
DNOW,
Inc. (a) |
|
|
49,547 |
|
|
|
791,761 |
|
|
Helix
Energy Solutions Group, Inc. (a) |
|
|
41,891 |
|
|
|
361,100 |
|
|
Kodiak
Gas Services, Inc. |
|
|
54,402 |
|
|
|
2,339,286 |
|
|
Natural
Gas Services Group, Inc. (a) |
|
|
162,000 |
|
|
|
4,165,020 |
|
|
Oceaneering
International, Inc. (a) |
|
|
35,309 |
|
|
|
779,976 |
|
|
Solaris
Energy Infrastructure, Inc. |
|
|
47,911 |
|
|
|
1,636,161 |
|
| |
|
|
|
|
|
|
12,819,593 |
|
|
Packaging
& Containers — 0.2% |
|
Clearwater
Paper Corp. (a) |
|
|
2,737 |
|
|
|
71,573 |
|
|
Ranpak
Holdings Corp. (a) |
|
|
61,877 |
|
|
|
413,957 |
|
|
TriMas
Corp. |
|
|
49,490 |
|
|
|
1,014,050 |
|
| |
|
|
|
|
|
|
1,499,580 |
|
|
Pharmaceuticals
— 1.6% |
|
AdaptHealth
Corp. (a) |
|
|
5,440 |
|
|
|
61,907 |
|
|
Alkermes
PLC (a) |
|
|
1,579 |
|
|
|
54,207 |
|
|
Amphastar
Pharmaceuticals, Inc. (a) |
|
|
6,771 |
|
|
|
192,500 |
|
|
Centessa
Pharmaceuticals PLC - ADR (a) |
|
|
91,526 |
|
|
|
1,423,229 |
|
|
Collegium
Pharmaceutic |
|
|
2,619 |
|
|
|
76,082 |
|
|
Corcept
Therapeutics, Inc. (a) |
|
|
3,332 |
|
|
|
201,853 |
|
|
Guardian
Pharmacy Services, Inc. - Class A (a) |
|
|
29,247 |
|
|
|
584,940 |
|
|
Herbalife
Ltd. (a) |
|
|
8,458 |
|
|
|
70,201 |
|
|
Lifevantage
Corp. |
|
|
33,291 |
|
|
|
571,606 |
|
|
Madrigal
Pharmaceuticals, Inc. (a) |
|
|
334 |
|
|
|
113,984 |
|
|
MERUS
NV (a) |
|
|
19,386 |
|
|
|
912,887 |
|
|
Organon
& Co. |
|
|
15,373 |
|
|
|
229,211 |
|
|
Pacira
BioSciences, Inc. (a) |
|
|
12,980 |
|
|
|
312,169 |
|
|
Protagonist
Therapeutics, Inc. (a) |
|
|
17,015 |
|
|
|
639,594 |
|
|
Rhythm
Pharmaceuticals, Inc. (a) |
|
|
43,492 |
|
|
|
2,388,146 |
|
|
Sionna
Therapeutics, Inc. (a) |
|
|
17,844 |
|
|
|
245,712 |
|
|
Spyre
Therapeutics, Inc. (a) |
|
|
37,836 |
|
|
|
745,369 |
|
|
Synergy
CHC Corp. (a) |
|
|
151,020 |
|
|
|
579,917 |
|
|
Vaxcyte,
Inc. (a) |
|
|
5,035 |
|
|
|
367,656 |
|
| |
|
|
|
|
|
|
9,771,170 |
|
| |
|
Shares |
|
|
Value |
|
|
Pipelines
— 0.1% |
|
Golar
LNG Ltd. |
|
|
24,280 |
|
|
$ |
930,895 |
|
| |
|
|
|
|
|
|
|
|
|
Private
Equity — 0.4% |
|
P10,
Inc. - Class A |
|
|
204,366 |
|
|
|
2,609,754 |
|
| |
|
|
|
|
|
|
|
|
|
Real
Estate — 0.8% |
|
Howard
Hughes Holdings, Inc. (a) |
|
|
14,760 |
|
|
|
1,168,992 |
|
|
Kennedy-Wilson
Holdings, Inc. |
|
|
11,158 |
|
|
|
108,344 |
|
|
Marcus
& Millichap, Inc. |
|
|
2,121 |
|
|
|
81,616 |
|
|
McGrath
RentCorp |
|
|
31,732 |
|
|
|
3,871,304 |
|
| |
|
|
|
|
|
|
5,230,256 |
|
|
REITS
— 2.6% |
|
Agree
Realty Corp. |
|
|
1,641 |
|
|
|
121,106 |
|
|
Alexander
& Baldwin, Inc. |
|
|
4,543 |
|
|
|
82,274 |
|
|
Alexander’s,
Inc. |
|
|
308 |
|
|
|
66,017 |
|
|
Alpine
Income Property Trust, Inc. |
|
|
113,104 |
|
|
|
1,875,264 |
|
|
American
Assets Trust, Inc. |
|
|
14,803 |
|
|
|
332,475 |
|
|
Apollo
Commercial Real Estate Finance, Inc. |
|
|
44,054 |
|
|
|
446,267 |
|
|
ARMOUR
Residential REIT, Inc. |
|
|
11,306 |
|
|
|
215,379 |
|
|
Blackstone
Mortgage Trust, Inc. - Class A |
|
|
8,998 |
|
|
|
186,978 |
|
|
CareTrust
REIT, Inc. |
|
|
7,113 |
|
|
|
184,013 |
|
|
Centerspace
|
|
|
2,329 |
|
|
|
154,156 |
|
|
Chatham
Lodging Trust |
|
|
17,141 |
|
|
|
138,499 |
|
|
DiamondRock
Hospitality Co. |
|
|
13,130 |
|
|
|
108,060 |
|
|
Easterly
Government Properties, Inc. |
|
|
10,408 |
|
|
|
117,298 |
|
|
EastGroup
Properties, Inc. |
|
|
2,590 |
|
|
|
473,581 |
|
|
Getty
Realty Corp. |
|
|
5,173 |
|
|
|
162,432 |
|
|
Gladstone
Commercial Corp. |
|
|
10,245 |
|
|
|
166,276 |
|
|
Gladstone
Land Corp. |
|
|
13,084 |
|
|
|
149,943 |
|
|
Global
Medical REIT, Inc. |
|
|
234,590 |
|
|
|
2,064,392 |
|
|
Global
Net Lease, Inc. |
|
|
54,256 |
|
|
|
434,048 |
|
|
Highwoods
Properties, Inc. |
|
|
6,502 |
|
|
|
189,403 |
|
|
Invesco
Mortgage Capital, Inc. |
|
|
31,587 |
|
|
|
277,650 |
|
|
JBG
SMITH Properties |
|
|
7,937 |
|
|
|
121,754 |
|
|
Kite
Realty Group Trust |
|
|
7,450 |
|
|
|
170,828 |
|
|
KKR
Real Estate Finance Trust, Inc. |
|
|
8,788 |
|
|
|
97,459 |
|
|
Lexington
Realty Trust |
|
|
12,112 |
|
|
|
108,524 |
|
|
LTC
Properties, Inc. |
|
|
3,746 |
|
|
|
130,698 |
|
|
Mack-Cali
Realty Corp. |
|
|
5,029 |
|
|
|
85,141 |
|
|
Medical
Properties Trust, Inc. |
|
|
59,340 |
|
|
|
350,106 |
|
|
NETSTREIT
Corp. |
|
|
3,764 |
|
|
|
56,309 |
|
|
New
York Mortgage Trust, Inc. |
|
|
27,372 |
|
|
|
191,878 |
|
|
NexPoint
Residential Trust, Inc. |
|
|
2,074 |
|
|
|
88,249 |
|
|
Office
Properties Income Trust |
|
|
717,710 |
|
|
|
654,480 |
|
|
Outfront
Media, Inc. |
|
|
50,226 |
|
|
|
934,204 |
|
|
PennyMac
Mortgage Investment Trust |
|
|
24,404 |
|
|
|
357,519 |
|
The
accompanying notes are an integral part of the financial statements.
7
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Continued)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
REITS
— (Continued) |
|
Piedmont
Office Realty Trust, Inc. - Class A |
|
|
69,495 |
|
|
$ |
527,467 |
|
|
PotlatchDeltic
Corp. |
|
|
1,462 |
|
|
|
67,881 |
|
|
Ready
Capital Corp. |
|
|
6,588 |
|
|
|
45,655 |
|
|
Redwood
Trust, Inc. |
|
|
77,920 |
|
|
|
520,506 |
|
|
Regency
Centers Corp. |
|
|
2,758 |
|
|
|
211,539 |
|
|
RLJ
Lodging Trust |
|
|
6,261 |
|
|
|
57,977 |
|
|
Safehold,
Inc. |
|
|
10,122 |
|
|
|
188,876 |
|
|
Saul
Centers, Inc. |
|
|
3,903 |
|
|
|
146,167 |
|
|
Service
Properties Trust |
|
|
22,877 |
|
|
|
68,173 |
|
|
Sunrise
Realty Trust, Inc. |
|
|
77,200 |
|
|
|
940,296 |
|
|
Tanger,
Inc. |
|
|
33,410 |
|
|
|
1,184,384 |
|
|
TPG
RE Finance Trust, Inc. |
|
|
8,617 |
|
|
|
74,365 |
|
|
Two
Harbors Investment Corp. |
|
|
16,566 |
|
|
|
234,906 |
|
|
Uniti
Group, Inc. |
|
|
49,540 |
|
|
|
284,360 |
|
|
Universal
Health Realty Income Trust |
|
|
1,866 |
|
|
|
74,491 |
|
|
Whitestone
REIT |
|
|
14,111 |
|
|
|
192,192 |
|
| |
|
|
|
|
|
|
16,111,895 |
|
|
Retail
— 5.7% |
|
Abercrombie
& Fitch Co. - Class A (a) |
|
|
2,464 |
|
|
|
253,767 |
|
|
Advance
Auto Parts, Inc. |
|
|
15,057 |
|
|
|
555,603 |
|
|
America’s
Car-Mart, Inc./TX (a) |
|
|
1,410 |
|
|
|
59,023 |
|
|
Asbury
Automotive Group, Inc. (a) |
|
|
5,805 |
|
|
|
1,558,062 |
|
|
Bath
& Body Works, Inc. |
|
|
6,054 |
|
|
|
219,336 |
|
|
Beacon
Roofing Supply, Inc. (a) |
|
|
11,681 |
|
|
|
1,348,221 |
|
|
BJ’s
Restaurants, Inc. (a) |
|
|
7,047 |
|
|
|
268,702 |
|
|
Bloomin’
Brands, Inc. |
|
|
20,453 |
|
|
|
191,849 |
|
|
BlueLinx
Holdings, Inc. (a) |
|
|
13,760 |
|
|
|
1,092,131 |
|
|
Boot
Barn Holdings, Inc. (a) |
|
|
9,681 |
|
|
|
1,185,245 |
|
|
Buckle,
Inc. |
|
|
2,951 |
|
|
|
118,188 |
|
|
Build-A-Bear
Workshop, Inc. |
|
|
93,770 |
|
|
|
3,837,068 |
|
|
Casey’s
General Stores, Inc. |
|
|
1,888 |
|
|
|
782,029 |
|
|
Destination
XL Group, Inc. (a) |
|
|
485,480 |
|
|
|
1,111,749 |
|
|
Dutch
Bros, Inc. - Class A (a) |
|
|
20,379 |
|
|
|
1,613,202 |
|
|
FirstCash
Holdings, Inc. |
|
|
2,930 |
|
|
|
328,980 |
|
|
Five
Below, Inc. (a) |
|
|
3,696 |
|
|
|
321,145 |
|
|
GMS,
Inc. (a) |
|
|
19,292 |
|
|
|
1,535,836 |
|
|
Group
1 Automotive, Inc. |
|
|
2,270 |
|
|
|
1,043,247 |
|
|
Guess?,
Inc. |
|
|
12,246 |
|
|
|
124,419 |
|
|
Kura
Sushi USA, Inc. - Class A (a) |
|
|
8,231 |
|
|
|
511,968 |
|
|
Lithia
Motors, Inc. |
|
|
382 |
|
|
|
131,576 |
|
|
MSC
Industrial Direct Co., Inc. - Class A |
|
|
9,537 |
|
|
|
766,393 |
|
|
Murphy
USA, Inc. |
|
|
5,937 |
|
|
|
2,785,878 |
|
|
Nu
Skin Enterprises, Inc. - Class A |
|
|
16,318 |
|
|
|
129,239 |
|
|
Ollie’s
Bargain Outlet Holdings, Inc. (a) |
|
|
13,055 |
|
|
|
1,351,323 |
|
|
Papa
John’s International, Inc. |
|
|
38,853 |
|
|
|
1,761,984 |
|
|
Portillo’s,
Inc. - Class A (a) |
|
|
31,142 |
|
|
|
435,054 |
|
|
PriceSmart,
Inc. |
|
|
23,643 |
|
|
|
2,113,448 |
|
| |
|
Shares |
|
|
Value |
|
|
Retail
— (Continued) |
|
Red
Robin Gourmet Burgers, Inc. (a) |
|
|
444,560 |
|
|
$ |
2,502,873 |
|
|
RH
(a) |
|
|
2,399 |
|
|
|
772,646 |
|
|
Shoe
Carnival, Inc. |
|
|
6,304 |
|
|
|
139,571 |
|
|
Signet
Jewelers Ltd. |
|
|
5,100 |
|
|
|
266,832 |
|
|
Sweetgreen,
Inc. - Class A (a) |
|
|
40,785 |
|
|
|
928,267 |
|
|
Texas
Roadhouse, Inc. |
|
|
2,804 |
|
|
|
516,188 |
|
|
Tilly’s,
Inc. - Class A (a) |
|
|
201,850 |
|
|
|
767,030 |
|
|
Warby
Parker, Inc. - Class A (a) |
|
|
69,747 |
|
|
|
1,724,843 |
|
|
Zumiez,
Inc. (a) |
|
|
3,290 |
|
|
|
46,915 |
|
| |
|
|
|
|
|
|
35,199,830 |
|
|
Savings
& Loans — 1.3% |
|
Axos
Financial, Inc. (a) |
|
|
3,461 |
|
|
|
231,195 |
|
|
Banc
of California, Inc. |
|
|
1,873 |
|
|
|
27,852 |
|
|
Berkshire
Hills Bancorp, Inc. |
|
|
17,583 |
|
|
|
500,940 |
|
|
Flushing
Financial Corp. |
|
|
4,361 |
|
|
|
62,493 |
|
|
FS
Bancorp, Inc. |
|
|
88,474 |
|
|
|
3,486,760 |
|
|
Home
Bancorp, Inc. |
|
|
34,650 |
|
|
|
1,628,550 |
|
|
Northfield
Bancorp, Inc. |
|
|
9,880 |
|
|
|
116,386 |
|
|
Northwest
Bancshares, Inc. |
|
|
5,826 |
|
|
|
73,524 |
|
|
OceanFirst
Financial Corp. |
|
|
11,427 |
|
|
|
205,800 |
|
|
Pacific
Premier Bancorp, Inc. |
|
|
8,033 |
|
|
|
191,908 |
|
|
Provident
Financial Services, Inc. |
|
|
15,571 |
|
|
|
284,171 |
|
|
Riverview
Bancorp, Inc. |
|
|
304,220 |
|
|
|
1,572,818 |
|
| |
|
|
|
|
|
|
8,382,397 |
|
|
Semiconductors
— 2.0% |
|
Advanced
Energy Industries, Inc. |
|
|
2,466 |
|
|
|
284,009 |
|
|
Aehr
Test Systems (a) |
|
|
42,173 |
|
|
|
406,548 |
|
|
Allegro
MicroSystems, Inc. (a) |
|
|
47,551 |
|
|
|
1,060,387 |
|
|
Amtech
Systems, Inc. (a) |
|
|
247,540 |
|
|
|
1,222,848 |
|
|
AXT,
Inc. (a) |
|
|
742,790 |
|
|
|
1,188,464 |
|
|
CEVA,
Inc. (a) |
|
|
2,534 |
|
|
|
86,815 |
|
|
Cirrus
Logic, Inc. (a) |
|
|
3,525 |
|
|
|
367,340 |
|
|
FormFactor,
Inc. (a) |
|
|
7,775 |
|
|
|
258,907 |
|
|
inTEST
Corp. (a) |
|
|
223,130 |
|
|
|
1,863,136 |
|
|
Kulicke
& Soffa Industries, Inc. |
|
|
6,419 |
|
|
|
245,655 |
|
|
Lattice
Semiconductor Corp. (a) |
|
|
17,385 |
|
|
|
1,083,781 |
|
|
MKS
Instruments, Inc. |
|
|
1,371 |
|
|
|
125,885 |
|
|
Monolithic
Power Systems, Inc. |
|
|
1,952 |
|
|
|
1,192,692 |
|
|
Onto
Innovation, Inc. (a) |
|
|
9,436 |
|
|
|
1,374,448 |
|
|
Photronics,
Inc. (a) |
|
|
7,595 |
|
|
|
158,280 |
|
|
Power
Integrations, Inc. |
|
|
6,328 |
|
|
|
384,742 |
|
|
Semtech
Corp. (a) |
|
|
911 |
|
|
|
34,791 |
|
|
SiTime
Corp. (a) |
|
|
5,661 |
|
|
|
878,304 |
|
|
Veeco
Instruments, Inc. (a) |
|
|
3,472 |
|
|
|
77,217 |
|
| |
|
|
|
|
|
|
12,294,249 |
|
|
Software
— 4.8% |
|
ACI
Worldwide, Inc. (a) |
|
|
14,273 |
|
|
|
818,556 |
|
|
ACV
Auctions, Inc. - Class A (a) |
|
|
137,078 |
|
|
|
2,201,473 |
|
|
Agilysys,
Inc. (a) |
|
|
6,744 |
|
|
|
546,196 |
|
|
Alkami
Technology, Inc. (a) |
|
|
57,397 |
|
|
|
1,770,123 |
|
|
Asure
Software, Inc. (a) |
|
|
265,320 |
|
|
|
2,783,207 |
|
|
AvePoint,
Inc. (a) |
|
|
81,406 |
|
|
|
1,216,206 |
|
The
accompanying notes are an integral part of the financial statements.
8
ADARA
SMALLER COMPANIES FUND
Schedule of Investments (Concluded)
as
of February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Software
— (Continued) |
|
BILL
Holdings, Inc. (a) |
|
|
19,372 |
|
|
$ |
1,069,334 |
|
|
Blackbaud,
Inc. (a) |
|
|
799 |
|
|
|
52,814 |
|
|
BlackLine,
Inc. (a) |
|
|
20,262 |
|
|
|
978,655 |
|
|
Clearwater
Analytics Holdings, Inc. - Class A (a) |
|
|
24,696 |
|
|
|
768,046 |
|
|
Cogent
Communications Holdings, Inc. |
|
|
1,297 |
|
|
|
94,772 |
|
|
Concentrix
Corp. |
|
|
830 |
|
|
|
37,483 |
|
|
Confluent,
Inc. - Class A (a) |
|
|
33,234 |
|
|
|
1,054,847 |
|
|
CSG
Systems International, Inc. |
|
|
2,939 |
|
|
|
188,978 |
|
|
Five9,
Inc. (a) |
|
|
11,765 |
|
|
|
425,893 |
|
|
Freshworks,
Inc. - Class A (a) |
|
|
62,860 |
|
|
|
1,072,392 |
|
|
Genasys,
Inc. (a) |
|
|
344,910 |
|
|
|
934,706 |
|
|
Gitlab,
Inc. - Class A (a) |
|
|
17,398 |
|
|
|
1,047,533 |
|
|
Innodata,
Inc. (a) |
|
|
41,109 |
|
|
|
2,167,266 |
|
|
JFrog
Ltd. (a) |
|
|
37,735 |
|
|
|
1,386,761 |
|
|
LiveRamp
Holdings, Inc. (a) |
|
|
5,117 |
|
|
|
152,896 |
|
|
Olo,
Inc. - Class A (a) |
|
|
91,167 |
|
|
|
628,141 |
|
|
Porch
Group, Inc. (a) |
|
|
172,792 |
|
|
|
1,207,816 |
|
|
Privia
Health Group, Inc. (a) |
|
|
54,315 |
|
|
|
1,356,245 |
|
|
Procore
Technologies, Inc. (a) |
|
|
11,327 |
|
|
|
866,176 |
|
|
Progress
Software Corp. |
|
|
5,306 |
|
|
|
289,920 |
|
|
SEMrush
Holdings, Inc. - Class A (a) |
|
|
69,605 |
|
|
|
765,655 |
|
|
Smith
Micro Software, Inc. (a) |
|
|
224,280 |
|
|
|
291,564 |
|
|
SoundHound
AI, Inc. - Class A (a) |
|
|
72,274 |
|
|
|
782,005 |
|
|
SPS
Commerce, Inc. (a) |
|
|
800 |
|
|
|
106,560 |
|
|
Take-Two
Interactive Software, Inc. (a) |
|
|
3,504 |
|
|
|
742,778 |
|
|
Vertex,
Inc. - Class A (a) |
|
|
29,721 |
|
|
|
959,691 |
|
|
Weave
Communications, Inc. (a) |
|
|
61,835 |
|
|
|
779,121 |
|
| |
|
|
|
|
|
|
29,543,809 |
|
|
Telecommunications
— 0.7% |
|
Aviat
Networks, Inc. (a) |
|
|
55,720 |
|
|
|
1,166,220 |
|
|
EchoStar
Corp. - Class A (a) |
|
|
2,493 |
|
|
|
77,856 |
|
|
IDT
Corp. - Class B |
|
|
3,111 |
|
|
|
151,070 |
|
|
InterDigital,
Inc. |
|
|
869 |
|
|
|
185,653 |
|
|
Iridium
Communications, Inc. |
|
|
9,628 |
|
|
|
303,860 |
|
|
Lumen
Technologies, Inc. (a) |
|
|
62,082 |
|
|
|
293,027 |
|
|
NetGear,
Inc. (a) |
|
|
7,443 |
|
|
|
195,751 |
|
|
Powerfleet,
Inc. NJ (a) |
|
|
84,197 |
|
|
|
593,589 |
|
|
Telephone
& Data Systems, Inc. |
|
|
10,347 |
|
|
|
373,527 |
|
|
United
States Cellular Corp. (a) |
|
|
8,331 |
|
|
|
546,347 |
|
|
Viavi
Solutions, Inc. (a) |
|
|
23,640 |
|
|
|
264,295 |
|
| |
|
|
|
|
|
|
4,151,195 |
|
|
Textiles
— 0.6% |
|
UniFirst
Corp. |
|
|
16,579 |
|
|
|
3,563,159 |
|
| |
|
|
|
|
|
|
|
|
|
Toys/Games/Hobbies
— 0.5% |
|
Funko,
Inc. - Class A (a) |
|
|
7,565 |
|
|
|
93,201 |
|
|
JAKKS
Pacific, Inc. |
|
|
108,750 |
|
|
|
2,944,950 |
|
| |
|
|
|
|
|
|
3,038,151 |
|
| |
|
Shares |
|
|
Value |
|
|
Transportation
— 0.8% |
|
ArcBest
Corp. |
|
|
7,779 |
|
|
$ |
612,752 |
|
|
Hub
Group, Inc. - Class A |
|
|
24,360 |
|
|
|
1,001,196 |
|
|
Knight-Swift
Transportation Holdings, Inc. |
|
|
1,873 |
|
|
|
94,474 |
|
|
Marten
Transport Ltd. |
|
|
7,327 |
|
|
|
107,853 |
|
|
PAMT
CORP (a) |
|
|
61,736 |
|
|
|
803,185 |
|
|
RXO,
Inc. (a) |
|
|
24,857 |
|
|
|
508,823 |
|
|
Saia,
Inc. (a) |
|
|
4,008 |
|
|
|
1,641,036 |
|
|
Scorpio
Tankers, Inc. |
|
|
4,242 |
|
|
|
169,044 |
|
| |
|
|
|
|
|
|
4,938,363 |
|
|
Trucking
& Leasing — 0.1% |
|
Greenbrier
Cos., Inc. |
|
|
8,436 |
|
|
|
474,103 |
|
| |
|
|
|
|
|
|
|
|
|
Water
— 0.0%(c) |
|
American
States Water Co. |
|
|
1,758 |
|
|
|
134,557 |
|
|
California
Water Service Group |
|
|
1,969 |
|
|
|
89,492 |
|
| |
|
|
|
|
|
|
224,049 |
|
|
TOTAL
COMMON STOCKS (Cost $417,541,102) |
|
|
|
|
|
|
577,175,584 |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 7.2% |
|
Money
Market Funds — 7.2% |
|
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.28% (d) |
|
|
44,470,041 |
|
|
|
44,470,041 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $44,470,041) |
|
|
|
|
|
|
44,470,041 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.3% (Cost $462,011,143) |
|
|
|
|
|
|
621,645,625 |
|
|
Liabilities
in Excess of Other Assets — (0.3)% |
|
|
|
|
|
|
(2,110,260 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
619,535,365 |
|
Percentages
are stated as a percent of net assets.
|
ADR |
American Depositary Receipt
|
|
AMBAC |
American Municipal Bond
Assurance Corporation |
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
REIT |
Real Estate Investment Trust
|
|
(a) |
Non-income producing security.
|
|
(b) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2025. |
|
(c) |
Represents less than 0.05%
of net assets. |
|
(d) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
9
ADARA
SMALLER COMPANIES FUND
STATEMENT of Assets and Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Investments,
at value (cost $417,541,102) |
|
$ |
577,175,584 |
|
|
Short-term
investments, at value (cost $44,470,041) |
|
|
44,470,041 |
|
|
Receivables
for: |
|
|
|
|
|
Investments
sold |
|
|
1,610,171 |
|
|
Dividends
|
|
|
316,974 |
|
|
Capital
shares sold |
|
|
372,972 |
|
|
Prepaid
expenses and other assets |
|
|
171,091 |
|
|
Total
assets |
|
|
624,116,833 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Investments
purchased |
|
|
3,926,399 |
|
|
Capital
shares redeemed |
|
|
70,984 |
|
|
Sub-advisory
fees |
|
|
536,694 |
|
|
Other
accrued expenses and liabilities |
|
|
47,391 |
|
|
Total
liabilities |
|
|
4,581,468 |
|
|
Net
assets |
|
$ |
619,535,365 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
35,549 |
|
|
Paid-in
capital |
|
|
432,469,796 |
|
|
Total
distributable earnings/(loss) |
|
|
187,030,020 |
|
|
Net
assets |
|
$ |
619,535,365 |
|
| |
|
|
|
|
|
CAPITAL
SHARES: |
|
|
|
|
|
Net
Assets |
|
|
619,535,365 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
35,548,753 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
17.43 |
|
The
accompanying notes are an integral part of the financial statements.
10
ADARA
SMALLER COMPANIES FUND
Statement of Operations
FOR
THE Six Months ENDED February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Dividends
(net of foreign withholdings taxes of $7,706) |
|
$ |
2,578,476 |
|
|
Interest
income |
|
|
860,642 |
|
|
Total
investment income |
|
|
3,439,118 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Sub-advisory
fees |
|
|
2,200,801 |
|
|
Administration
and accounting services fees |
|
|
72,023 |
|
|
Director
fees |
|
|
41,873 |
|
|
Investment
management fees |
|
|
37,863 |
|
|
Custodian
fees |
|
|
26,165 |
|
|
Officer
fees |
|
|
25,377 |
|
|
Legal
fees |
|
|
19,087 |
|
|
Transfer
agent fees |
|
|
17,962 |
|
|
Audit
fees and tax services |
|
|
17,780 |
|
|
Registration
and filing fees |
|
|
12,654 |
|
|
Printing
and shareholder reporting fees |
|
|
2,996 |
|
|
Other
expenses |
|
|
22,144 |
|
|
Total
expenses |
|
|
2,496,725 |
|
|
Net
investment income/(loss) |
|
|
942,393 |
|
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
38,972,153 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(30,400,160 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
8,571,993 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
9,514,386 |
|
The
accompanying notes are an integral part of the financial statements.
11
ADARA
SMALLER COMPANIES FUND
Statements of Changes in Net Assets
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
942,393 |
|
|
$ |
2,820,270 |
|
|
Net
realized gain/(loss) from investments |
|
|
38,972,153 |
|
|
|
16,172,948 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(30,400,160 |
) |
|
|
64,513,342 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
9,514,386 |
|
|
|
83,506,560 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(20,686,719 |
) |
|
|
(3,000,495 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(20,686,719 |
) |
|
|
(3,000,495 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
23,274,861 |
|
|
|
59,868,759 |
|
|
Reinvestment
of distributions |
|
|
18,720,450 |
|
|
|
2,676,590 |
|
|
Shares
redeemed |
|
|
(15,183,418 |
) |
|
|
(21,595,709 |
) |
|
Net
increase/(decrease) in net assets resulting from capital share transactions |
|
|
26,811,893 |
|
|
|
40,949,640 |
|
|
Total
increase/(decrease) in net assets |
|
|
15,639,560 |
|
|
|
121,455,705 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
603,895,805 |
|
|
|
482,440,100 |
|
|
End
of period |
|
$ |
619,535,365 |
|
|
$ |
603,895,805 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,279,431 |
|
|
|
3,700,174 |
|
|
Shares
reinvested |
|
|
975,532 |
|
|
|
178,202 |
|
|
Shares
redeemed |
|
|
(815,931 |
) |
|
|
(1,393,206 |
) |
|
Net
increase/(decrease) in shares |
|
|
1,439,032 |
|
|
|
2,485,170 |
|
The
accompanying notes are an integral part of the financial statements.
12
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. |
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
17.70 |
|
|
$ |
15.26 |
|
|
$ |
14.39 |
|
|
$ |
21.47 |
|
|
$ |
13.73 |
|
|
$ |
12.89 |
|
|
Net
investment income/(loss)(1) |
|
|
0.03 |
|
|
|
0.07 |
|
|
|
0.07 |
|
|
|
0.02 |
|
|
|
(0.03 |
) |
|
|
(0.01 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.10 |
) |
|
|
2.46 |
|
|
|
0.85 |
|
|
|
(2.88 |
) |
|
|
7.99 |
|
|
|
1.33 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.07 |
) |
|
|
2.53 |
|
|
|
0.92 |
|
|
|
(2.86 |
) |
|
|
7.96 |
|
|
|
1.32 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.20 |
) |
|
|
(0.09 |
) |
|
|
(0.05 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4.22 |
) |
|
|
(0.22 |
) |
|
|
(0.48 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.20 |
) |
|
|
(0.09 |
) |
|
|
(0.05 |
) |
|
|
(4.22 |
) |
|
|
(0.22 |
) |
|
|
(0.48 |
) |
|
Net
asset value, end of period |
|
$ |
17.43 |
|
|
$ |
17.70 |
|
|
$ |
15.26 |
|
|
$ |
14.39 |
|
|
$ |
21.47 |
|
|
$ |
13.73 |
|
|
Total
investment return/(loss)(2) |
|
|
1.58 |
%(3) |
|
|
16.72 |
% |
|
|
6.40 |
% |
|
|
(16.93 |
)% |
|
|
58.41 |
% |
|
|
10.47 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
619,535 |
|
|
$ |
603,896 |
|
|
$ |
482,440 |
|
|
$ |
441,478 |
|
|
$ |
536,177 |
|
|
$ |
361,442 |
|
|
Ratio
of expenses to average net assets |
|
|
0.79 |
%(4) |
|
|
0.80 |
% |
|
|
0.82 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.90 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.30 |
%(4) |
|
|
0.43 |
% |
|
|
0.50 |
% |
|
|
0.10 |
% |
|
|
(0.18 |
)% |
|
|
(0.08 |
)% |
|
Portfolio
turnover rate |
|
|
34 |
%(3) |
|
|
58 |
% |
|
|
56 |
% |
|
|
56 |
% |
|
|
75 |
% |
|
|
101 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(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.
13
ADARA
SMALLER COMPANIES FUND
NOTES TO FINANCIAL STATEMENTS
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the Adara Smaller
Companies Fund (the “Fund”), which commenced investment operations on October 21, 2014.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 Adviser, as Valuation Designee, 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.
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.
14
ADARA
SMALLER COMPANIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
February
28, 2025 (Unaudited)
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$ |
577,175,584 |
|
|
$ |
— |
|
|
$ |
— |
(a) |
|
$ |
577,175,584 |
|
|
Money Market Funds |
|
|
44,470,041 |
|
|
|
— |
|
|
|
— |
|
|
|
44,470,041 |
|
|
Total
Investments |
|
$ |
621,645,625 |
|
|
$ |
— |
|
|
$ |
— |
(a) |
|
$ |
621,645,625 |
|
|
(a) |
Amount is less than $0.50.
|
|
|
Refer to the Schedule of
Investments for further disaggregation of investment categories. |
Due
to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value
of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly
from the values that would have been used had a ready market existed for such investments and may differ materially from the values the
Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid
than publicly traded securities.
For
fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires
the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable
to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers
in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when
the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The
amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period
that was meaningful in relation to its net assets as of the end of the reporting period.
During
the current fiscal period, the Fund had no significant Level 3 transfers.
REITS
— The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders
based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits
resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs
in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a
return of capital.
USE
OF ESTIMATES — The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates and those differences could be significant.
INVESTMENT
TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security
transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including
amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions
received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as
a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and
losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of
the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred
on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in
proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are
15
ADARA
SMALLER COMPANIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
February
28, 2025 (Unaudited)
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 (“Altair” or the “Adviser”) 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-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser
has an investment team that 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 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.
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 $37,863.
This amount is included in Investment management fees on the Statement of Operations.
U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for
the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain
minimum and out of pocket expenses.
Fund
Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled
to receive a monthly fee, subject to certain minimum and out of pocket expenses.
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly
fee, subject to certain minimum and out of pocket expenses.
16
ADARA
SMALLER COMPANIES FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
February
28, 2025 (Unaudited)
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 |
|
$212,347,520 |
$199,653,004 |
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, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund
were as follows:
|
FEDERAL
TAX COST |
UNREALIZED
APPRECIATION |
UNREALIZED
(DEPRECIATION) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$419,504,658 |
$208,035,895 |
$(22,223,468) |
$185,812,427 |
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.
17
ADARA
SMALLER COMPANIES FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
February
28, 2025 (Unaudited)
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
UNDISTRIBUTED
ORDINARY
INCOME |
UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS |
CAPITAL
LOSS
CARRYFORWARDS |
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
QUALIFIED
LATE-YEAR
LOSSES |
|
$4,347,162 |
$8,042,764 |
$— |
$185,812,427 |
$— |
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, 2024 was as follows:
| |
|
|
|
|
ORDINARY
INCOME |
|
|
LONG-TERM
GAINS |
|
|
TOTAL |
|
| |
|
2024 |
|
|
$ |
3,000,495 |
|
|
$ |
— |
|
|
$ |
3,000,495 |
|
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,
2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.
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, 2024, the Fund had short-term capital loss carryforwards of $0.
6.
SUBSEQUENT EVENTS
Management
has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined
that there were no subsequent events.
18
ADARA
SMALLER COMPANIES FUND
Other Information (Unaudited)
Proxy
Voting
Policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (844) 261-6482 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
19
Investment
Adviser
Altair Advisers, LLC
303 West Madison Street, Suite 600
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
3 Canal Plaza, Suite 100
Portland, ME 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
AQUARIUS
INTERNATIONAL FUND
of
The
RBB Fund, Inc.
FINANCIAL
STATEMENTS
February
28, 2025
(Unaudited)
This
report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded
or accompanied by a current prospectus for the Fund.
AQUARIUS
INTERNATIONAL FUND
SCHEDULE HOLDINGS SUMMARY TABLE
FEBRUARY
28, 2025 (UNAUDITED)
The
following table presents a summary by country of the schedule holdings of the Fund:
|
Country |
|
%
of Net
Assets |
|
|
Value |
|
|
United
Kingdom |
|
|
16.5 |
% |
|
$ |
99,645,359 |
|
|
Japan
|
|
|
10.9 |
|
|
|
65,964,369 |
|
|
China
|
|
|
7.1 |
|
|
|
42,804,541 |
|
|
France
|
|
|
6.9 |
|
|
|
41,730,501 |
|
|
Netherlands
|
|
|
4.9 |
|
|
|
29,404,131 |
|
|
Taiwan
|
|
|
4.3 |
|
|
|
25,751,050 |
|
|
Germany
|
|
|
4.2 |
|
|
|
25,204,637 |
|
|
South
Korea |
|
|
3.8 |
|
|
|
22,943,145 |
|
|
Canada
|
|
|
3.8 |
|
|
|
22,707,207 |
|
|
Italy
|
|
|
3.7 |
|
|
|
22,069,902 |
|
|
Switzerland
|
|
|
3.4 |
|
|
|
20,408,107 |
|
|
India
|
|
|
2.9 |
|
|
|
17,395,388 |
|
|
Ireland
|
|
|
2.9 |
|
|
|
17,356,054 |
|
|
Finland
|
|
|
2.1 |
|
|
|
12,590,897 |
|
|
Spain
|
|
|
1.7 |
|
|
|
10,190,738 |
|
|
Bermuda
|
|
|
1.5 |
|
|
|
9,027,531 |
|
|
Hong
Kong |
|
|
1.2 |
|
|
|
7,448,960 |
|
|
Singapore
|
|
|
1.1 |
|
|
|
6,632,547 |
|
|
Norway
|
|
|
1.0 |
|
|
|
6,223,894 |
|
|
Brazil
|
|
|
1.0 |
|
|
|
5,768,323 |
|
|
Denmark
|
|
|
0.9 |
|
|
|
5,591,630 |
|
|
Australia
|
|
|
0.6 |
|
|
|
3,818,063 |
|
|
South
Africa |
|
|
0.6 |
|
|
|
3,672,738 |
|
|
United
Arab Emirates |
|
|
0.5 |
|
|
|
3,116,471 |
|
|
Mexico
|
|
|
0.5 |
|
|
|
2,918,204 |
|
|
Belgium
|
|
|
0.4 |
|
|
|
2,514,217 |
|
|
Turkey
|
|
|
0.3 |
|
|
|
2,003,029 |
|
|
Saudi
Arabia |
|
|
0.3 |
|
|
|
1,891,543 |
|
|
Austria
|
|
|
0.3 |
|
|
|
1,860,429 |
|
|
Sweden
|
|
|
0.3 |
|
|
|
1,537,621 |
|
|
Israel
|
|
|
0.3 |
|
|
|
1,467,817 |
|
|
Greece
|
|
|
0.2 |
|
|
|
1,397,930 |
|
|
Uruguay
|
|
|
0.2 |
|
|
|
1,383,459 |
|
|
Peru
|
|
|
0.2 |
|
|
|
1,248,745 |
|
|
Kazakhstan
|
|
|
0.2 |
|
|
|
1,238,551 |
|
|
Hungary
|
|
|
0.2 |
|
|
|
986,163 |
|
|
Poland
|
|
|
0.1 |
|
|
|
820,314 |
|
|
Philippines
|
|
|
0.1 |
|
|
|
546,879 |
|
|
Malaysia
|
|
|
0.1 |
|
|
|
546,007 |
|
|
Indonesia
|
|
|
0.1 |
|
|
|
480,385 |
|
|
Thailand
|
|
|
0.1 |
|
|
|
463,306 |
|
|
Argentina
|
|
|
0.1 |
|
|
|
426,747 |
|
|
Chile
|
|
|
0.1 |
|
|
|
327,416 |
|
|
New
Zealand |
|
|
0.0 |
|
|
|
193,759 |
|
|
Colombia
|
|
|
0.0 |
|
|
|
58,992 |
|
|
Portugal
|
|
|
0.0 |
|
|
|
56,002 |
|
|
Luxembourg
|
|
|
0.0 |
|
|
|
39,443 |
|
|
Russia
|
|
|
0.0 |
|
|
|
20 |
|
|
Cyprus
|
|
|
— |
|
|
|
0 |
|
|
United
States |
|
|
7.7 |
|
|
|
46,606,111 |
|
|
Other
Assets in Excess of Liabilities |
|
|
0.7 |
|
|
|
4,345,044 |
|
| |
|
|
100.0 |
% |
|
$ |
602,824,316 |
|
Schedule
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
1
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 92.9% |
|
|
|
|
|
|
|
|
|
Argentina
— 0.1% |
|
|
|
|
|
|
|
|
|
Grupo
Financiero Galicia SA - ADR |
|
|
7,458 |
|
|
$ |
426,747 |
|
| |
|
|
|
|
|
|
|
|
|
Australia
— 0.6% |
|
|
|
|
|
|
|
|
|
ANZ
Group Holdings Ltd. |
|
|
10,017 |
|
|
|
186,203 |
|
|
Bendigo
& Adelaide Bank Ltd. |
|
|
12,614 |
|
|
|
84,277 |
|
|
BHP
Group Ltd. - ADR |
|
|
5,580 |
|
|
|
270,518 |
|
|
BlueScope
Steel Ltd. |
|
|
6,357 |
|
|
|
96,042 |
|
|
Cochlear
Ltd. |
|
|
376 |
|
|
|
60,708 |
|
|
Coles
Group Ltd. |
|
|
4,059 |
|
|
|
50,443 |
|
|
Commonwealth
Bank Of Australia |
|
|
5,604 |
|
|
|
549,116 |
|
|
Computershare
Ltd. |
|
|
2,023 |
|
|
|
51,894 |
|
|
CSL
Ltd. - ADR |
|
|
3,938 |
|
|
|
320,396 |
|
|
CSL
Ltd. |
|
|
628 |
|
|
|
102,360 |
|
|
Endeavour
Group Ltd. |
|
|
2,137 |
|
|
|
5,548 |
|
|
Fortescue
Ltd. |
|
|
5,658 |
|
|
|
58,061 |
|
|
Goodman
Group |
|
|
6,677 |
|
|
|
130,712 |
|
|
GPT
Group |
|
|
9,864 |
|
|
|
28,357 |
|
|
Lottery
Corp. Ltd. |
|
|
8,950 |
|
|
|
26,494 |
|
|
Macquarie
Group Ltd. |
|
|
1,021 |
|
|
|
144,976 |
|
|
Macquarie
Group, Ltd. - ADR |
|
|
1,203 |
|
|
|
169,010 |
|
|
Mirvac
Group |
|
|
19,373 |
|
|
|
25,013 |
|
|
National
Australia Bank Ltd. |
|
|
7,689 |
|
|
|
169,580 |
|
|
National
Australia Bank Ltd. - ADR |
|
|
11,208 |
|
|
|
123,064 |
|
|
Orica
Ltd. |
|
|
5,536 |
|
|
|
56,793 |
|
|
REA
Group Ltd. |
|
|
633 |
|
|
|
94,611 |
|
|
Santos
Ltd. |
|
|
19,946 |
|
|
|
81,465 |
|
|
Scentre
Group |
|
|
14,492 |
|
|
|
30,452 |
|
|
SEEK
Ltd. |
|
|
4,272 |
|
|
|
64,218 |
|
|
Sonic
Healthcare Ltd. - ADR |
|
|
1,106 |
|
|
|
18,813 |
|
|
South32
Ltd. |
|
|
44,192 |
|
|
|
97,408 |
|
|
Stockland
|
|
|
11,630 |
|
|
|
36,916 |
|
|
Suncorp
Group Ltd. |
|
|
15,828 |
|
|
|
198,867 |
|
|
Wesfarmers
Ltd. |
|
|
4,523 |
|
|
|
209,764 |
|
|
Woodside
Energy Group Ltd. |
|
|
10,374 |
|
|
|
162,446 |
|
|
Woolworths
Group Ltd. |
|
|
6,070 |
|
|
|
113,538 |
|
| |
|
|
|
|
|
|
3,818,063 |
|
|
Austria
— 0.3% |
|
|
|
|
|
|
|
|
|
ANDRITZ
AG |
|
|
18,342 |
|
|
|
1,083,903 |
|
|
Erste
Group Bank AG |
|
|
8,373 |
|
|
|
562,419 |
|
|
OMV
AG |
|
|
4,843 |
|
|
|
214,107 |
|
| |
|
|
|
|
|
|
1,860,429 |
|
|
Belgium
— 0.4% |
|
|
|
|
|
|
|
|
|
Ageas
SA NV |
|
|
2,481 |
|
|
|
135,837 |
|
|
Anheuser-Busch
InBev SA/NV - ADR |
|
|
2,087 |
|
|
|
124,886 |
|
|
Azelis
Group NV |
|
|
97,656 |
|
|
|
1,850,802 |
|
|
Elia
Group SA/NV |
|
|
1,009 |
|
|
|
66,504 |
|
|
KBC
Group NV |
|
|
799 |
|
|
|
69,300 |
|
|
Syensqo
SA |
|
|
373 |
|
|
|
27,340 |
|
| |
|
Shares |
|
|
Value |
|
|
Belgium
— (Continued) |
|
UCB
SA |
|
|
810 |
|
|
$ |
153,058 |
|
|
Warehouses
De Pauw CVA |
|
|
3,980 |
|
|
|
86,490 |
|
| |
|
|
|
|
|
|
2,514,217 |
|
|
Bermuda
— 1.5% |
|
|
|
|
|
|
|
|
|
Everest
Group Ltd. |
|
|
7,249 |
|
|
|
2,560,492 |
|
|
Hiscox
Ltd. |
|
|
347,717 |
|
|
|
5,187,456 |
|
|
RenaissanceRe
Holdings Ltd. |
|
|
5,385 |
|
|
|
1,279,583 |
|
| |
|
|
|
|
|
|
9,027,531 |
|
|
Brazil
— 1.0% |
|
|
|
|
|
|
|
|
|
B3
SA - Brasil Bolsa Balcao |
|
|
307,900 |
|
|
|
545,969 |
|
|
Banco
do Brasil SA - ADR |
|
|
22,592 |
|
|
|
107,199 |
|
|
Centrais
Eletricas Brasileiras SA - ADR |
|
|
6,734 |
|
|
|
43,906 |
|
|
Cia
de Saneamento Basico do Estado de Sao Paulo SABESP |
|
|
67,300 |
|
|
|
1,085,689 |
|
|
Cia
de Saneamento Basico do Estado de Sao Paulo SABESP - ADR |
|
|
10,993 |
|
|
|
177,097 |
|
|
Cia
Siderurgica Nacional SA - ADR |
|
|
41,580 |
|
|
|
59,459 |
|
|
Direcional
Engenharia SA |
|
|
68,338 |
|
|
|
341,478 |
|
|
Embraer
SA, SP ADR - ADR (a) |
|
|
14,969 |
|
|
|
713,273 |
|
|
Itau
Unibanco Holdings, SP ADR - ADR |
|
|
159,195 |
|
|
|
873,981 |
|
|
Localiza
Rent a Car SA - ADR |
|
|
4,006 |
|
|
|
18,267 |
|
|
NU
Holdings Ltd. - Class A (a) |
|
|
7,430 |
|
|
|
79,872 |
|
|
Petroleo
Brasileiro SA - ADR |
|
|
57,740 |
|
|
|
770,829 |
|
|
Santos
Brasil Participacoes SA |
|
|
131,000 |
|
|
|
297,260 |
|
|
Suzano
Papel e Celulose SA - ADR |
|
|
6,573 |
|
|
|
63,167 |
|
|
Telefonica
Brasil SA |
|
|
31,600 |
|
|
|
258,644 |
|
|
Telefonica
Brasil SA - ADR |
|
|
13,700 |
|
|
|
111,929 |
|
|
Ultrapar
Participacoes SA - ADR |
|
|
8,959 |
|
|
|
25,623 |
|
|
Vale
SA - ADR |
|
|
12,347 |
|
|
|
116,432 |
|
|
XP,
Inc. - Class A |
|
|
5,530 |
|
|
|
78,249 |
|
| |
|
|
|
|
|
|
5,768,323 |
|
|
Canada
— 3.8% |
|
|
|
|
|
|
|
|
|
Agnico
Eagle Mines Ltd. |
|
|
1,485 |
|
|
|
142,976 |
|
|
Alamos
Gold, Inc. - Class A |
|
|
27,801 |
|
|
|
635,531 |
|
|
Alimentation
Couche-Tard, Inc. |
|
|
3,668 |
|
|
|
182,367 |
|
|
Allied
Gold Corp. (a) |
|
|
330,965 |
|
|
|
1,077,481 |
|
|
Bank
Montreal |
|
|
2,295 |
|
|
|
235,972 |
|
|
Bank
of Nova Scotia |
|
|
4,424 |
|
|
|
219,563 |
|
|
Barrick
Gold Corp. |
|
|
6,196 |
|
|
|
109,979 |
|
|
Brookfield
Renewable Corp. |
|
|
1,556 |
|
|
|
43,335 |
|
|
CAE,
Inc. (a) |
|
|
1,578 |
|
|
|
38,345 |
|
|
Cameco
Corp. |
|
|
11,235 |
|
|
|
494,789 |
|
|
Canadian
Imperial Bank of Commerce |
|
|
2,809 |
|
|
|
170,169 |
|
|
Canadian
National Railway Co. |
|
|
3,433 |
|
|
|
347,969 |
|
|
Canadian
Natural Resources Ltd. |
|
|
10,051 |
|
|
|
284,142 |
|
|
Canadian
Pacific Kansas City Ltd. |
|
|
2,958 |
|
|
|
230,487 |
|
The
accompanying notes are an integral part of the financial statements.
2
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
As
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
Canada
— (Continued) |
|
Cenovus
Energy, Inc. |
|
|
220,103 |
|
|
$ |
3,044,245 |
|
|
CGI,
Inc. |
|
|
1,307 |
|
|
|
135,431 |
|
|
Enbridge,
Inc. |
|
|
9,521 |
|
|
|
406,832 |
|
|
FirstService
Corp. |
|
|
531 |
|
|
|
93,684 |
|
|
Fortis,
Inc. |
|
|
6,019 |
|
|
|
264,114 |
|
|
Franco-Nevada
Corp. |
|
|
1,038 |
|
|
|
148,372 |
|
|
GFL
Environmental, Inc. |
|
|
2,147 |
|
|
|
96,959 |
|
|
Gildan
Activewear, Inc. |
|
|
5,757 |
|
|
|
311,051 |
|
|
Hammond
Power Solutions, Inc. |
|
|
7,099 |
|
|
|
419,586 |
|
|
Imperial
Oil Ltd. |
|
|
2,792 |
|
|
|
189,409 |
|
|
Kinross
Gold Corp. |
|
|
132,581 |
|
|
|
1,420,429 |
|
|
Magna
International, Inc. |
|
|
3,010 |
|
|
|
109,654 |
|
|
Manulife
Financial Corp. |
|
|
6,860 |
|
|
|
213,758 |
|
|
MEG
Energy Corp. |
|
|
213,219 |
|
|
|
3,318,951 |
|
|
Nutrien
Ltd. |
|
|
1,768 |
|
|
|
92,572 |
|
|
Restaurant
Brands International, Inc. |
|
|
3,260 |
|
|
|
212,715 |
|
|
Rogers
Communications, Inc. - Class B |
|
|
3,757 |
|
|
|
104,294 |
|
|
Royal
Bank Canada |
|
|
4,914 |
|
|
|
580,687 |
|
|
Sandstorm
Gold Ltd. |
|
|
278,956 |
|
|
|
1,708,346 |
|
|
Shopify,
Inc. - Class A (a) |
|
|
3,403 |
|
|
|
381,136 |
|
|
South
Bow Corp. |
|
|
584 |
|
|
|
15,552 |
|
|
Sun
Life Financial, Inc. |
|
|
2,753 |
|
|
|
152,929 |
|
|
TC
Energy Corp. |
|
|
5,100 |
|
|
|
228,174 |
|
|
Teck
Resources Ltd. - Class B |
|
|
8,215 |
|
|
|
331,311 |
|
|
Teck
Resources Ltd. - Class B |
|
|
90,901 |
|
|
|
3,658,031 |
|
|
Thomson
Reuters Corp. |
|
|
1,367 |
|
|
|
244,447 |
|
|
Toronto-Dominion
Bank |
|
|
6,165 |
|
|
|
369,345 |
|
|
West
Fraser Timber Co. Ltd. |
|
|
446 |
|
|
|
35,466 |
|
|
Wheaton
Precious Metals Corp. |
|
|
2,998 |
|
|
|
206,622 |
|
| |
|
|
|
|
|
|
22,707,207 |
|
|
Chile
— 0.1% |
|
|
|
|
|
|
|
|
|
Antofagasta
PLC |
|
|
8,790 |
|
|
|
193,735 |
|
|
Cia
Cervecerias Unidas SA - ADR |
|
|
4,167 |
|
|
|
58,130 |
|
|
Sociedad
Quimica y Minera de Chile SA SP ADR - ADR |
|
|
1,969 |
|
|
|
75,551 |
|
| |
|
|
|
|
|
|
327,416 |
|
|
China
— 7.1% |
|
|
|
|
|
|
|
|
|
AAC
Technologies Holdings, Inc. |
|
|
32,000 |
|
|
|
185,663 |
|
|
Akeso,
Inc. (a)(b) |
|
|
5,000 |
|
|
|
47,171 |
|
|
Alibaba
Group Holding Ltd. - ADR |
|
|
5,738 |
|
|
|
760,342 |
|
|
Alibaba
Group Holding Ltd. |
|
|
296,500 |
|
|
|
4,902,537 |
|
|
ANTA
Sports Products Ltd. |
|
|
5,561 |
|
|
|
62,406 |
|
|
Autohome,
Inc. - ADR |
|
|
1,485 |
|
|
|
42,679 |
|
|
Baidu,
Inc., SP ADR - ADR (a) |
|
|
461 |
|
|
|
39,853 |
|
|
Bilibili,
Inc. - ADR (a) |
|
|
4,363 |
|
|
|
88,743 |
|
|
BYD
Co. Ltd. - Class H |
|
|
4,000 |
|
|
|
191,683 |
|
|
BYD
Electronic International Co. Ltd. |
|
|
23,500 |
|
|
|
152,194 |
|
|
China
Conch Environment Protection Holdings Ltd. |
|
|
21,500 |
|
|
|
1,638 |
|
| |
|
Shares |
|
|
Value |
|
|
China
— (Continued) |
|
China
Merchants Bank Co. Ltd. - Class H |
|
|
266,563 |
|
|
$ |
1,564,795 |
|
|
China
Pacific Insurance Group Co. Ltd. - Class H |
|
|
40,400 |
|
|
|
119,855 |
|
|
China
Shenhua Energy Co. Ltd. - Class H |
|
|
39,000 |
|
|
|
148,796 |
|
|
Contemporary
Amperex Technology Co. Ltd. - Class A |
|
|
22,300 |
|
|
|
813,510 |
|
|
DiDi
Global, Inc. - ADR (a) |
|
|
156,168 |
|
|
|
779,278 |
|
|
ENN
Energy Holdings Ltd. |
|
|
4,400 |
|
|
|
29,312 |
|
|
Fuyao
Glass Industry Group Co. Ltd. - Class A |
|
|
62,600 |
|
|
|
483,963 |
|
|
H
World Group Ltd. - ADR |
|
|
1,879 |
|
|
|
67,437 |
|
|
Haitian
International Holdings Ltd. |
|
|
31,000 |
|
|
|
82,824 |
|
|
Industrial
& Commercial Bank of China Ltd. - Class H |
|
|
2,127,000 |
|
|
|
1,506,283 |
|
|
iQIYI,
Inc. - ADR (a) |
|
|
12,194 |
|
|
|
25,364 |
|
|
JD.com,
Inc. - ADR |
|
|
5,286 |
|
|
|
221,483 |
|
|
JD.com,
Inc. - Class A |
|
|
40,700 |
|
|
|
851,081 |
|
|
KE
Holdings, Inc. - ADR |
|
|
43,682 |
|
|
|
972,798 |
|
|
Lenovo
Group Ltd. |
|
|
32,000 |
|
|
|
47,973 |
|
|
Li
Auto, Inc. - ADR (a) |
|
|
3,672 |
|
|
|
112,841 |
|
|
Luxshare
Precision Industry Co. Ltd. - Class A |
|
|
132,300 |
|
|
|
790,608 |
|
|
Meituan
- ADR (a) |
|
|
6,915 |
|
|
|
289,324 |
|
|
Meituan
- Class B (a)(b) |
|
|
58,000 |
|
|
|
1,210,985 |
|
|
NetEase,
Inc. - ADR |
|
|
12,960 |
|
|
|
1,292,371 |
|
|
NetEase,
Inc. |
|
|
51,400 |
|
|
|
1,023,344 |
|
|
New
China Life Insurance Co. Ltd. - Class H |
|
|
45,800 |
|
|
|
154,984 |
|
|
New
Oriental Education & Technology Group, Inc. - ADR |
|
|
2,260 |
|
|
|
108,661 |
|
|
PICC
Property & Casualty Co. Ltd. - Class H |
|
|
48,000 |
|
|
|
78,647 |
|
|
Ping
An Healthcare and Technology Co. Ltd. (b) |
|
|
68,000 |
|
|
|
68,936 |
|
|
Ping
An Insurance Group Co. of China Ltd. - Class H |
|
|
24,500 |
|
|
|
145,218 |
|
|
RLX
Technology, Inc. - ADR |
|
|
23,295 |
|
|
|
58,005 |
|
|
Shanghai
Pharmaceuticals Holding Co. Ltd. - Class H |
|
|
39,800 |
|
|
|
60,286 |
|
|
Shenzhen
Inovance Technology Co. Ltd. - Class A |
|
|
61,600 |
|
|
|
613,525 |
|
|
Sieyuan
Electric Co. Ltd. - Class A |
|
|
35,500 |
|
|
|
356,615 |
|
|
Sinopharm
Group Co. Ltd. - Class H |
|
|
36,400 |
|
|
|
91,720 |
|
|
Sunac
Services Holdings Ltd. (b) |
|
|
619 |
|
|
|
132 |
|
|
Sunny
Optical Technology Group Co. Ltd. |
|
|
4,600 |
|
|
|
51,516 |
|
|
TAL
Education Group - ADR (a) |
|
|
7,594 |
|
|
|
98,114 |
|
|
Tencent
Holdings Ltd. - ADR |
|
|
20,042 |
|
|
|
1,234,788 |
|
|
Tencent
Holdings Ltd. |
|
|
267,230 |
|
|
|
16,447,078 |
|
The
accompanying notes are an integral part of the financial statements.
3
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
China
— (Continued) |
|
Tencent
Music Entertainment Group, ADR - ADR |
|
|
160,322 |
|
|
$ |
1,954,325 |
|
|
Vipshop
Holdings, Ltd., ADR - ADR |
|
|
2,641 |
|
|
|
41,516 |
|
|
Weichai
Power Co. Ltd. - Class H |
|
|
24,000 |
|
|
|
47,265 |
|
|
Wuxi
Biologics Cayman, Inc. (a)(b) |
|
|
186,000 |
|
|
|
539,165 |
|
|
Xiaomi
Corp. - ADR (a) |
|
|
5,965 |
|
|
|
200,066 |
|
|
XPeng,
Inc. - ADR (a) |
|
|
2,396 |
|
|
|
51,490 |
|
|
Yum
China Holdings, Inc. |
|
|
21,903 |
|
|
|
1,082,227 |
|
|
Zhejiang
Sanhua Intelligent Controls Co. Ltd. - Class A |
|
|
77,000 |
|
|
|
322,549 |
|
|
Zijin
Mining Group Co. Ltd. - Class H |
|
|
24,000 |
|
|
|
45,339 |
|
|
ZTO
Express Cayman, Inc. - ADR |
|
|
2,230 |
|
|
|
43,240 |
|
| |
|
|
|
|
|
|
42,804,541 |
|
|
Colombia
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
Bancolombia
SA - ADR |
|
|
1,414 |
|
|
|
58,992 |
|
| |
|
|
|
|
|
|
|
|
|
Cyprus
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
TCS
Group Holding PLC - GDR (a)(d) |
|
|
3,732 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
Denmark
— 0.9% |
|
|
|
|
|
|
|
|
|
AP
Moller - Maersk AS - Class B |
|
|
28 |
|
|
|
49,261 |
|
|
Carlsberg
A/S - Class B |
|
|
1,277 |
|
|
|
159,945 |
|
|
Coloplast
AS - Class B |
|
|
687 |
|
|
|
73,162 |
|
|
DSV
AS - ADR |
|
|
826 |
|
|
|
82,980 |
|
|
DSV
AS |
|
|
208 |
|
|
|
41,806 |
|
|
Genmab
AS (a) |
|
|
5,142 |
|
|
|
1,158,852 |
|
|
Novo
Nordisk AS - ADR |
|
|
12,898 |
|
|
|
1,169,204 |
|
|
Novo
Nordisk AS |
|
|
29,515 |
|
|
|
2,677,500 |
|
|
Novonesis
(Novozymes) B |
|
|
1,601 |
|
|
|
96,899 |
|
|
Orsted
A/S (a)(b) |
|
|
1,074 |
|
|
|
47,093 |
|
|
Vestas
Wind Systems AS (a) |
|
|
2,480 |
|
|
|
34,928 |
|
| |
|
|
|
|
|
|
5,591,630 |
|
|
Finland
— 2.1% |
|
|
|
|
|
|
|
|
|
Elisa
OYJ |
|
|
1,595 |
|
|
|
73,364 |
|
|
Fortum
Oyj |
|
|
2,493 |
|
|
|
39,076 |
|
|
Kone
Oyj - Class B |
|
|
74,412 |
|
|
|
4,200,221 |
|
|
Mandatum
Oyj |
|
|
2,616 |
|
|
|
14,810 |
|
|
Nordea
Bank Abp |
|
|
274,786 |
|
|
|
3,613,132 |
|
|
Nordea
Bank Abp |
|
|
93 |
|
|
|
1,224 |
|
|
Orion
Oyj - Class B |
|
|
672 |
|
|
|
37,821 |
|
|
Sampo
Oyj |
|
|
514,240 |
|
|
|
4,515,396 |
|
|
UPM-Kymmene
Corp. |
|
|
3,299 |
|
|
|
95,853 |
|
| |
|
|
|
|
|
|
12,590,897 |
|
|
France
— 6.9% |
|
|
|
|
|
|
|
|
|
Air
Liquide SA |
|
|
18,636 |
|
|
|
3,419,733 |
|
|
Air
Liquide SA - ADR |
|
|
2,142 |
|
|
|
78,569 |
|
|
Airbus
Group SE |
|
|
1,782 |
|
|
|
308,792 |
|
|
Alten
SA |
|
|
9,787 |
|
|
|
899,633 |
|
| |
|
Shares |
|
|
Value |
|
|
France
— (Continued) |
|
AXA
SA |
|
|
3,534 |
|
|
$ |
138,174 |
|
|
BioMerieux
|
|
|
307 |
|
|
|
36,711 |
|
|
BNP
Paribas SA |
|
|
31,074 |
|
|
|
2,354,872 |
|
|
Bouygues
SA |
|
|
2,565 |
|
|
|
87,842 |
|
|
Bureau
Veritas SA |
|
|
49,271 |
|
|
|
1,481,756 |
|
|
Canal+
SA (a) |
|
|
3,398 |
|
|
|
7,437 |
|
|
Capgemini
SE |
|
|
22,646 |
|
|
|
3,516,616 |
|
|
Cie
de Saint-Gobain SA |
|
|
1,210 |
|
|
|
121,089 |
|
|
Cie
Generale des Etablissements Michelin SCA |
|
|
1,852 |
|
|
|
65,823 |
|
|
Danone
SA |
|
|
3,796 |
|
|
|
270,910 |
|
|
Dassault
Aviation SA |
|
|
263 |
|
|
|
67,373 |
|
|
Dassault
Systemes SE - ADR |
|
|
2,450 |
|
|
|
95,673 |
|
|
Dassault
Systemes SE |
|
|
2,375 |
|
|
|
94,180 |
|
|
Edenred
SE |
|
|
50,898 |
|
|
|
1,620,072 |
|
|
Eiffage
SA |
|
|
24,296 |
|
|
|
2,440,534 |
|
|
Engie
SA - ADR |
|
|
8,968 |
|
|
|
160,796 |
|
|
Essilor
International Cie Generale d’Opitque SA |
|
|
771 |
|
|
|
230,860 |
|
|
EssilorLuxottica
SA - ADR |
|
|
144 |
|
|
|
21,347 |
|
|
Eurazeo
SA |
|
|
19,481 |
|
|
|
1,543,027 |
|
|
Getlink
SE |
|
|
1,582 |
|
|
|
26,239 |
|
|
Havas
NV (a) |
|
|
3,398 |
|
|
|
4,900 |
|
|
Hermes
International SCA |
|
|
80 |
|
|
|
228,356 |
|
|
Ipsen
SA |
|
|
10,229 |
|
|
|
1,186,387 |
|
|
Kering
SA |
|
|
270 |
|
|
|
75,651 |
|
|
Legrand
SA |
|
|
1,347 |
|
|
|
148,509 |
|
|
L’Oreal
SA - ADR |
|
|
3,400 |
|
|
|
248,404 |
|
|
L’Oreal
SA |
|
|
148 |
|
|
|
54,415 |
|
|
Louis
Hachette Group (a) |
|
|
3,398 |
|
|
|
5,018 |
|
|
LVMH
Moet Hennessy Louis Vuitton SE - ADR |
|
|
2,310 |
|
|
|
331,901 |
|
|
LVMH
Moet Hennessy Louis Vuitton SE |
|
|
4,990 |
|
|
|
3,605,592 |
|
|
Orange
SA |
|
|
4,154 |
|
|
|
49,778 |
|
|
Publicis
Groupe SA |
|
|
2,188 |
|
|
|
217,289 |
|
|
Renault
SA |
|
|
806 |
|
|
|
41,883 |
|
|
Rexel
SA |
|
|
28,560 |
|
|
|
776,084 |
|
|
Safran
SA |
|
|
1,096 |
|
|
|
286,973 |
|
|
Sanofi
SA |
|
|
16,344 |
|
|
|
1,785,709 |
|
|
Sanofi
SA - ADR |
|
|
7,424 |
|
|
|
404,385 |
|
|
Sartorius
Stedim Biotech |
|
|
191 |
|
|
|
39,759 |
|
|
Schneider
Electric SE |
|
|
4,288 |
|
|
|
1,053,501 |
|
|
Schneider
Electric SE - ADR |
|
|
4,025 |
|
|
|
194,206 |
|
|
Societe
Generale SA |
|
|
2,392 |
|
|
|
97,983 |
|
|
SPIE
SA |
|
|
62,947 |
|
|
|
2,242,376 |
|
|
Teleperformance
SE |
|
|
396 |
|
|
|
38,128 |
|
|
Thales
SA |
|
|
22,730 |
|
|
|
4,576,963 |
|
|
TotalEnergies
SE - ADR |
|
|
8,970 |
|
|
|
540,263 |
|
|
Unibail-Rodamco-Westfield
|
|
|
938 |
|
|
|
79,464 |
|
|
Vallourec
SACA (a) |
|
|
206,334 |
|
|
|
4,038,112 |
|
|
Vinci
SA - ADR |
|
|
1,124 |
|
|
|
32,236 |
|
|
Vinci
SA |
|
|
2,155 |
|
|
|
247,929 |
|
The
accompanying notes are an integral part of the financial statements.
4
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
France
— (Continued) |
|
Vivendi
SE |
|
|
3,398 |
|
|
$ |
10,289 |
|
| |
|
|
|
|
|
|
41,730,501 |
|
|
Germany
— 4.2% |
|
|
|
|
|
|
|
|
|
Adidas
AG |
|
|
430 |
|
|
|
109,913 |
|
|
Allianz
SE |
|
|
644 |
|
|
|
220,552 |
|
|
Allianz
SE - ADR |
|
|
4,740 |
|
|
|
162,108 |
|
|
BASF
SE |
|
|
2,932 |
|
|
|
149,499 |
|
|
Bayer
AG |
|
|
2,559 |
|
|
|
60,473 |
|
|
Bayerische
Motoren Werke AG - ADR (a) |
|
|
3,309 |
|
|
|
94,571 |
|
|
Bayerische
Motoren Werke AG |
|
|
509 |
|
|
|
44,251 |
|
|
Beiersdorf
AG |
|
|
742 |
|
|
|
101,835 |
|
|
Commerzbank
AG |
|
|
18,102 |
|
|
|
389,113 |
|
|
Continental
AG |
|
|
523 |
|
|
|
37,522 |
|
|
Daimler
AG |
|
|
3,623 |
|
|
|
225,319 |
|
|
Daimler
Truck Holding AG |
|
|
1,811 |
|
|
|
79,515 |
|
|
Delivery
Hero SE (a)(b) |
|
|
1,653 |
|
|
|
47,257 |
|
|
Deutsche
Bank AG |
|
|
8,776 |
|
|
|
188,596 |
|
|
Deutsche
Boerse AG |
|
|
25,001 |
|
|
|
6,520,858 |
|
|
Deutsche
Boerse AG - ADR |
|
|
2,810 |
|
|
|
73,088 |
|
|
Deutsche
Post AG - ADR |
|
|
1,603 |
|
|
|
62,645 |
|
|
Deutsche
Telekom AG - ADR |
|
|
5,690 |
|
|
|
205,864 |
|
|
Deutsche
Telekom AG |
|
|
4,552 |
|
|
|
164,270 |
|
|
Dr
Ing hc F Porsche AG - ADR |
|
|
6,640 |
|
|
|
38,446 |
|
|
E.ON
SE |
|
|
4,732 |
|
|
|
60,355 |
|
|
Evonik
Industries AG |
|
|
91,396 |
|
|
|
1,816,210 |
|
|
Fresenius
Medical Care AG |
|
|
918 |
|
|
|
44,521 |
|
|
Hannover
Rueck SE |
|
|
421 |
|
|
|
111,952 |
|
|
Henkel
AG & Co. KGaA |
|
|
1,426 |
|
|
|
108,863 |
|
|
Infineon
Technologies AG |
|
|
56,284 |
|
|
|
2,087,759 |
|
|
KION
Group AG |
|
|
1,235 |
|
|
|
49,881 |
|
|
Knorr-Bremse
AG |
|
|
679 |
|
|
|
58,898 |
|
|
Merck
KGaA |
|
|
587 |
|
|
|
83,357 |
|
|
MTU
Aero Engines AG - ADR |
|
|
562 |
|
|
|
97,569 |
|
|
Muenchener
Rueckversicherungs-Gesellschaft AG |
|
|
383 |
|
|
|
217,065 |
|
|
Rheinmetall
AG |
|
|
6,979 |
|
|
|
7,370,659 |
|
|
RWE
AG |
|
|
3,207 |
|
|
|
100,869 |
|
|
SAP
SE - ADR |
|
|
3,821 |
|
|
|
1,050,775 |
|
|
Schaeffler
AG (a) |
|
|
1,003 |
|
|
|
5,017 |
|
|
Siemens
AG |
|
|
10,943 |
|
|
|
2,510,640 |
|
|
Siemens
Energy AG (a) |
|
|
1,652 |
|
|
|
95,001 |
|
|
Symrise
AG |
|
|
1,031 |
|
|
|
103,738 |
|
|
TeamViewer
SE - ADR (a) |
|
|
4,442 |
|
|
|
27,563 |
|
|
Volkswagen
AG |
|
|
1,057 |
|
|
|
117,243 |
|
|
Vonovia
SE |
|
|
2,427 |
|
|
|
75,172 |
|
| |
|
|
|
|
|
|
25,168,802 |
|
|
Greece
— 0.2% |
|
|
|
|
|
|
|
|
|
National
Bank of Greece SA |
|
|
108,982 |
|
|
|
1,011,917 |
|
|
OPAP
SA |
|
|
21,717 |
|
|
|
386,013 |
|
| |
|
|
|
|
|
|
1,397,930 |
|
| |
|
Shares |
|
|
Value |
|
|
Hong
Kong — 1.2% |
|
|
|
|
|
|
|
|
|
AIA
Group Ltd. - ADR |
|
|
7,411 |
|
|
$ |
227,666 |
|
|
AIA
Group Ltd. |
|
|
143,600 |
|
|
|
1,102,617 |
|
|
China
Merchants Port Holdings Co. Ltd. |
|
|
60,000 |
|
|
|
98,244 |
|
|
China
Resources Power Holdings Co. Ltd. |
|
|
14,000 |
|
|
|
32,378 |
|
|
CK
Asset Holdings Ltd. |
|
|
8,500 |
|
|
|
37,018 |
|
|
CLP
Holdings Ltd. |
|
|
13,500 |
|
|
|
111,849 |
|
|
Futu
Holdings Ltd. - ADR |
|
|
852 |
|
|
|
93,030 |
|
|
Geely
Automobile Holdings, Ltd. |
|
|
31,000 |
|
|
|
70,093 |
|
|
Hang
Seng Bank, Ltd. |
|
|
6,300 |
|
|
|
88,480 |
|
|
Henderson
Land Development Co. Ltd. |
|
|
23,000 |
|
|
|
62,969 |
|
|
Hong
Kong Exchanges & Clearing Ltd. |
|
|
18,880 |
|
|
|
851,073 |
|
|
Hongkong
Land Holdings Ltd. |
|
|
7,900 |
|
|
|
35,759 |
|
|
Jardine
Matheson Holdings, Ltd. |
|
|
4,800 |
|
|
|
191,878 |
|
|
Power
Assets Holdings Ltd. |
|
|
11,000 |
|
|
|
74,574 |
|
|
Prudential
PLC |
|
|
394,732 |
|
|
|
3,634,020 |
|
|
Sun
Hung Kai Properties Ltd. |
|
|
10,000 |
|
|
|
94,115 |
|
|
Swire
Pacific Ltd. - Class A |
|
|
9,500 |
|
|
|
78,851 |
|
|
Techtronic
Industries Co. Ltd. |
|
|
38,000 |
|
|
|
531,799 |
|
|
Wharf
Holdings Ltd. |
|
|
14,000 |
|
|
|
32,547 |
|
| |
|
|
|
|
|
|
7,448,960 |
|
|
Hungary
— 0.2% |
|
|
|
|
|
|
|
|
|
OTP
Bank, PLC |
|
|
16,068 |
|
|
|
986,163 |
|
| |
|
|
|
|
|
|
|
|
|
India
— 2.9% |
|
|
|
|
|
|
|
|
|
ABB
India Ltd. |
|
|
2,731 |
|
|
|
154,790 |
|
|
Adani
Ports & Special Economic Zone Ltd. |
|
|
66,156 |
|
|
|
813,484 |
|
|
Bajaj
Finance Ltd. |
|
|
13,459 |
|
|
|
1,319,257 |
|
|
Bharat
Electronics Ltd. |
|
|
221,526 |
|
|
|
628,799 |
|
|
Bharti
Airtel Ltd. |
|
|
42,056 |
|
|
|
758,076 |
|
|
DLF
Ltd. |
|
|
43,316 |
|
|
|
316,790 |
|
|
Dr
Reddy’s Laboratories Ltd. - ADR |
|
|
44,455 |
|
|
|
568,135 |
|
|
HDFC
Bank Ltd. - ADR |
|
|
12,963 |
|
|
|
798,780 |
|
|
HDFC
Bank Ltd. |
|
|
191,930 |
|
|
|
3,820,224 |
|
|
ICICI
Bank Ltd. - ADR |
|
|
98,773 |
|
|
|
2,753,791 |
|
|
Indian
Hotels Co. Ltd. |
|
|
50,064 |
|
|
|
411,795 |
|
|
Infosys
Ltd. - ADR |
|
|
31,345 |
|
|
|
630,034 |
|
|
JSW
Energy Ltd. |
|
|
68,604 |
|
|
|
365,953 |
|
|
KEI
Industries Ltd. |
|
|
8,101 |
|
|
|
285,856 |
|
|
Kfin
Technologies Ltd. |
|
|
16,469 |
|
|
|
165,379 |
|
|
Kotak
Mahindra Bank, Ltd. |
|
|
19,948 |
|
|
|
435,826 |
|
|
Mahindra
& Mahindra Ltd. |
|
|
30,651 |
|
|
|
909,626 |
|
|
Max
Healthcare Institute Ltd. |
|
|
13,855 |
|
|
|
155,437 |
|
|
Sun
Pharmaceutical Industries Ltd. |
|
|
20,864 |
|
|
|
380,512 |
|
|
Tata
Consultancy Services Ltd. |
|
|
13,871 |
|
|
|
554,570 |
|
|
United
Spirits Ltd. |
|
|
32,083 |
|
|
|
472,209 |
|
The
accompanying notes are an integral part of the financial statements.
5
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
India
— (Continued) |
|
Wipro
Ltd. - ADR |
|
|
212,864 |
|
|
$ |
696,065 |
|
| |
|
|
|
|
|
|
17,395,388 |
|
|
Indonesia
— 0.1% |
|
|
|
|
|
|
|
|
|
Astra
International Tbk PT - ADR |
|
|
3,615 |
|
|
|
19,684 |
|
|
Bank
Central Asia Tbk PT |
|
|
762,200 |
|
|
|
388,414 |
|
|
Bank
Mandiri Persero Tbk PT - ADR |
|
|
5,112 |
|
|
|
57,714 |
|
|
Bank
Rakyat Indonesia Persero Tbk PT - ADR |
|
|
1,382 |
|
|
|
14,573 |
|
| |
|
|
|
|
|
|
480,385 |
|
|
Ireland
— 2.9% |
|
|
|
|
|
|
|
|
|
AIB
Group PLC |
|
|
141,503 |
|
|
|
994,008 |
|
|
Aon
PLC - Class A |
|
|
23,649 |
|
|
|
9,675,279 |
|
|
DCC
PLC |
|
|
452 |
|
|
|
30,651 |
|
|
Experian
PLC |
|
|
3,379 |
|
|
|
160,965 |
|
|
ICON
PLC (a) |
|
|
8,600 |
|
|
|
1,634,172 |
|
|
James
Hardie Industries PLC (a) |
|
|
2,896 |
|
|
|
91,826 |
|
|
Kerry
Group PLC - ADR |
|
|
925 |
|
|
|
97,295 |
|
|
Kerry
Group PLC - Class A |
|
|
27,171 |
|
|
|
2,857,081 |
|
|
Kingspan
Group PLC |
|
|
554 |
|
|
|
45,554 |
|
|
PDD
Holdings, Inc. - ADR (a) |
|
|
2,583 |
|
|
|
293,661 |
|
|
Smurfit
WestRock PLC |
|
|
28,411 |
|
|
|
1,475,562 |
|
| |
|
|
|
|
|
|
17,356,054 |
|
|
Israel
— 0.3% |
|
|
|
|
|
|
|
|
|
Check
Point Software Technologies Ltd. (a) |
|
|
499 |
|
|
|
109,910 |
|
|
CyberArk
Software Ltd. (a) |
|
|
576 |
|
|
|
209,577 |
|
|
Elbit
Systems Ltd. |
|
|
666 |
|
|
|
207,119 |
|
|
Global-e
Online Ltd. (a) |
|
|
695 |
|
|
|
29,621 |
|
|
ICL
Group Ltd. |
|
|
12,592 |
|
|
|
75,930 |
|
|
Nice
Ltd. - ADR (a) |
|
|
288 |
|
|
|
40,084 |
|
|
Teva
Pharmaceutical Industries, Ltd., SP ADR - ADR (a) |
|
|
43,591 |
|
|
|
717,508 |
|
|
Wix.com
Ltd. (a) |
|
|
389 |
|
|
|
78,068 |
|
| |
|
|
|
|
|
|
1,467,817 |
|
|
Italy
— 3.7% |
|
|
|
|
|
|
|
|
|
Enel
SpA |
|
|
493,491 |
|
|
|
3,613,867 |
|
|
Ferrari
NV |
|
|
642 |
|
|
|
298,254 |
|
|
Ferrari
NV |
|
|
141 |
|
|
|
66,306 |
|
|
FinecoBank
Banca Fineco SpA |
|
|
317,744 |
|
|
|
5,949,219 |
|
|
Intesa
Sanpaolo |
|
|
14,336 |
|
|
|
70,647 |
|
|
Iveco
Group NV |
|
|
140,008 |
|
|
|
2,208,726 |
|
|
Leonardo
SpA |
|
|
91,219 |
|
|
|
3,679,018 |
|
|
Mediobanca
Banca di Credito Finanziario SpA |
|
|
3,974 |
|
|
|
70,840 |
|
|
Moncler
SpA |
|
|
1,319 |
|
|
|
90,685 |
|
|
Recordati
SPA |
|
|
59,185 |
|
|
|
3,343,884 |
|
|
Saipem
SpA (a) |
|
|
1,066,606 |
|
|
|
2,457,532 |
|
|
UniCredit
SpA |
|
|
4,188 |
|
|
|
220,924 |
|
| |
|
|
|
|
|
|
22,069,902 |
|
| |
|
Shares |
|
|
Value |
|
|
Japan
— 10.9% |
|
|
|
|
|
|
|
|
|
Aeon
Co. Ltd. |
|
|
5,200 |
|
|
$ |
127,579 |
|
|
Aisin
Corp. |
|
|
3,300 |
|
|
|
39,108 |
|
|
Ajinomoto
Co., Inc. |
|
|
1,500 |
|
|
|
60,088 |
|
|
Asahi
Group Holdings Ltd. |
|
|
160,800 |
|
|
|
1,994,472 |
|
|
Asahi
Intecc Co. Ltd. |
|
|
1,900 |
|
|
|
31,064 |
|
|
Asahi
Kasei Corp. |
|
|
6,000 |
|
|
|
40,785 |
|
|
Astellas
Pharma, Inc. |
|
|
3,500 |
|
|
|
34,045 |
|
|
Bandai
Namco Holdings, Inc. |
|
|
2,400 |
|
|
|
80,110 |
|
|
BayCurrent,
Inc. |
|
|
127,000 |
|
|
|
5,399,004 |
|
|
Bridgestone
Corp. |
|
|
3,300 |
|
|
|
128,626 |
|
|
Canon,
Inc. |
|
|
2,700 |
|
|
|
91,400 |
|
|
Chiba
Bank Ltd. |
|
|
4,900 |
|
|
|
44,476 |
|
|
Chugai
Pharmaceutical Co. Ltd. |
|
|
53,900 |
|
|
|
2,707,504 |
|
|
Concordia
Financial Group Ltd. |
|
|
11,723 |
|
|
|
68,640 |
|
|
Dai-ichi
Life Holdings, Inc. |
|
|
6,692 |
|
|
|
198,428 |
|
|
Daiichi
Sankyo Co. Ltd. - ADR |
|
|
876 |
|
|
|
20,104 |
|
|
Daiichi
Sankyo Co. Ltd. |
|
|
3,548 |
|
|
|
81,678 |
|
|
Daikin
Industries Ltd. |
|
|
949 |
|
|
|
99,356 |
|
|
Daito
Trust Construction Co. Ltd. |
|
|
300 |
|
|
|
31,178 |
|
|
Denso
Corp. |
|
|
3,900 |
|
|
|
50,585 |
|
|
Dentsu
Group, Inc. |
|
|
1,800 |
|
|
|
37,366 |
|
|
East
Japan Railway Co. |
|
|
1,500 |
|
|
|
29,658 |
|
|
Eisai
Co. Ltd. |
|
|
1,300 |
|
|
|
37,386 |
|
|
FANUC
Corp. |
|
|
2,800 |
|
|
|
80,605 |
|
|
Fast
Retailing Co. Ltd. |
|
|
541 |
|
|
|
165,119 |
|
|
Fuji
Electric Co. Ltd. |
|
|
52,400 |
|
|
|
2,336,654 |
|
|
FUJIFILM
Holdings Corp. |
|
|
5,400 |
|
|
|
109,902 |
|
|
Fujitsu
Ltd. |
|
|
3,100 |
|
|
|
59,799 |
|
|
Fukuoka
Financial Group, Inc. |
|
|
3,000 |
|
|
|
78,929 |
|
|
Hamamatsu
Photonics KK |
|
|
79,900 |
|
|
|
831,357 |
|
|
Hikari
Tsushin, Inc. |
|
|
200 |
|
|
|
50,721 |
|
|
Hirose
Electric Co. Ltd. |
|
|
327 |
|
|
|
38,171 |
|
|
Hitachi
Ltd. |
|
|
230,605 |
|
|
|
5,861,080 |
|
|
Hitachi
Ltd. - ADR |
|
|
18,300 |
|
|
|
460,428 |
|
|
Honda
Motor Co. Ltd. |
|
|
6,100 |
|
|
|
56,746 |
|
|
Honda
Motor Co. Ltd. - ADR |
|
|
1,291 |
|
|
|
35,877 |
|
|
Hoshizaki
Corp. |
|
|
800 |
|
|
|
32,297 |
|
|
Hoya
Corp. |
|
|
670 |
|
|
|
78,664 |
|
|
Hoya
Corp. - ADR |
|
|
487 |
|
|
|
57,218 |
|
|
IHI
Corp. |
|
|
16,100 |
|
|
|
946,047 |
|
|
Inpex
Corp. |
|
|
6,228 |
|
|
|
78,930 |
|
|
Isuzu
Motors Ltd. |
|
|
2,700 |
|
|
|
35,747 |
|
|
ITOCHU
Corp. |
|
|
3,700 |
|
|
|
163,512 |
|
|
ITOCHU
Corp. - ADR |
|
|
426 |
|
|
|
37,825 |
|
|
Japan
Exchange Group, Inc. |
|
|
79,427 |
|
|
|
844,843 |
|
|
Japan
Post Bank Co. Ltd. |
|
|
3,700 |
|
|
|
37,347 |
|
|
Japan
Real Estate Investment Corp. |
|
|
229 |
|
|
|
164,452 |
|
|
Japan
Tobacco, Inc. |
|
|
6,900 |
|
|
|
172,275 |
|
|
Kansai
Electric Power Co., Inc. |
|
|
3,700 |
|
|
|
42,815 |
|
|
KDDI
Corp. |
|
|
123,748 |
|
|
|
4,035,635 |
|
|
Keyence
Corp. |
|
|
700 |
|
|
|
279,214 |
|
The
accompanying notes are an integral part of the financial statements.
6
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
Japan
— (Continued) |
|
Komatsu
Ltd. |
|
|
4,400 |
|
|
$ |
131,960 |
|
|
Kyocera
Corp. |
|
|
107,600 |
|
|
|
1,197,109 |
|
|
LY
Corp. |
|
|
14,900 |
|
|
|
50,296 |
|
|
McDonald’s
Holdings Co. Japan Ltd. |
|
|
2,600 |
|
|
|
98,436 |
|
|
Mitsubishi
Chemical Group Corp. |
|
|
191,500 |
|
|
|
972,308 |
|
|
Mitsubishi
Corp. |
|
|
9,700 |
|
|
|
162,051 |
|
|
Mitsubishi
Electric Corp. |
|
|
132,200 |
|
|
|
2,052,054 |
|
|
Mitsubishi
Heavy Industries Ltd. |
|
|
8,800 |
|
|
|
118,170 |
|
|
Mitsubishi
UFJ Financial Group, Inc. - ADR |
|
|
53,334 |
|
|
|
678,942 |
|
|
Mitsubishi
UFJ Financial Group, Inc., SP ADR |
|
|
142,800 |
|
|
|
1,820,505 |
|
|
Mitsui
& Co. Ltd. |
|
|
8,318 |
|
|
|
155,872 |
|
|
Mitsui
OSK Lines Ltd. |
|
|
9,000 |
|
|
|
332,699 |
|
|
Mizuho
Financial Group, Inc. |
|
|
5,100 |
|
|
|
143,312 |
|
|
MS&AD
Insurance Group Holdings, Inc. |
|
|
2,700 |
|
|
|
56,783 |
|
|
Murata
Manufacturing Co. Ltd. - ADR |
|
|
7,572 |
|
|
|
64,589 |
|
|
Murata
Manufacturing Co. Ltd. |
|
|
4,857 |
|
|
|
83,088 |
|
|
Nexon
Co. Ltd. |
|
|
2,300 |
|
|
|
31,131 |
|
|
NIDEC
CORP |
|
|
3,200 |
|
|
|
57,689 |
|
|
Nintendo
Co. Ltd. - ADR |
|
|
5,760 |
|
|
|
107,021 |
|
|
Nintendo
Co. Ltd. |
|
|
1,300 |
|
|
|
97,054 |
|
|
Nippon
Building Fund Inc. |
|
|
224 |
|
|
|
185,110 |
|
|
Nippon
Sanso Holdings Corp. |
|
|
73,900 |
|
|
|
2,259,212 |
|
|
Nippon
Steel Corp. |
|
|
8,000 |
|
|
|
177,589 |
|
|
Nippon
Telegraph & Telephone Corp. - ADR |
|
|
984 |
|
|
|
23,813 |
|
|
Nippon
Telegraph & Telephone Corp. |
|
|
1,200 |
|
|
|
1,162 |
|
|
Nippon
Yusen KK |
|
|
1,500 |
|
|
|
52,725 |
|
|
Nisshin
Seifun Group, Inc. |
|
|
2,700 |
|
|
|
30,290 |
|
|
Nitori
Holdings Co. Ltd. |
|
|
200 |
|
|
|
20,467 |
|
|
Nomura
Research Institute Ltd. |
|
|
66,800 |
|
|
|
2,194,819 |
|
|
NTT
Data Group Corp. |
|
|
3,100 |
|
|
|
57,793 |
|
|
Omron
Corp. |
|
|
1,200 |
|
|
|
36,236 |
|
|
Oriental
Land Co., Ltd. |
|
|
3,765 |
|
|
|
77,488 |
|
|
Pan
Pacific International Holdings Corp. |
|
|
1,500 |
|
|
|
39,961 |
|
|
Rakuten
Group, Inc. (a) |
|
|
7,200 |
|
|
|
44,558 |
|
|
Recruit
Holdings Co. Ltd. |
|
|
3,892 |
|
|
|
232,004 |
|
|
Renesas
Electronics Corp. |
|
|
122,100 |
|
|
|
2,038,643 |
|
|
SBI
Holdings, Inc. |
|
|
2,600 |
|
|
|
75,800 |
|
|
Secom
Co. Ltd. |
|
|
3,500 |
|
|
|
120,240 |
|
|
Sekisui
House Ltd. |
|
|
4,000 |
|
|
|
90,441 |
|
|
Seven
& i Holdings Co. Ltd. |
|
|
3,800 |
|
|
|
54,212 |
|
|
Seven
& i Holdings Co. Ltd. - ADR |
|
|
2,700 |
|
|
|
38,583 |
|
|
Sharp
Corp. (a) |
|
|
6,400 |
|
|
|
42,038 |
|
|
Shimano,
Inc. |
|
|
236 |
|
|
|
32,024 |
|
| |
|
Shares |
|
|
Value |
|
|
Japan
— (Continued) |
|
Shin-Etsu
Chemical Co. Ltd. - ADR |
|
|
6,860 |
|
|
$ |
103,380 |
|
|
Shin-Etsu
Chemical Co. Ltd. |
|
|
3,270 |
|
|
|
98,592 |
|
|
Shiseido
Co. Ltd. |
|
|
2,400 |
|
|
|
43,622 |
|
|
Shizuoka
Financial Group, Inc. |
|
|
3,900 |
|
|
|
39,621 |
|
|
SMC
Corp. - ADR |
|
|
2,280 |
|
|
|
41,177 |
|
|
SMC
Corp. |
|
|
210 |
|
|
|
76,045 |
|
|
SoftBank
Corp. |
|
|
28,000 |
|
|
|
39,915 |
|
|
SoftBank
Group Corp. |
|
|
2,400 |
|
|
|
133,699 |
|
|
Sompo
Holdings, Inc. |
|
|
1,800 |
|
|
|
53,590 |
|
|
Sony
Group Corp. - ADR |
|
|
24,030 |
|
|
|
601,711 |
|
|
Sony
Group Corp. |
|
|
197,000 |
|
|
|
4,928,210 |
|
|
Sugi
Holdings Co. Ltd. |
|
|
84,800 |
|
|
|
1,521,212 |
|
|
Sumitomo
Heavy Industries Ltd. |
|
|
2,000 |
|
|
|
40,620 |
|
|
Sumitomo
Metal Mining Co. Ltd. |
|
|
2,000 |
|
|
|
43,778 |
|
|
Sumitomo
Mitsui Financial Group, Inc. - ADR |
|
|
56,610 |
|
|
|
866,699 |
|
|
Sumitomo
Mitsui Financial Group, Inc. |
|
|
156,300 |
|
|
|
3,978,969 |
|
|
Sumitomo
Mitsui Trust Group, Inc. |
|
|
1,600 |
|
|
|
41,037 |
|
|
Suzuken
Co Ltd. |
|
|
50,200 |
|
|
|
1,593,273 |
|
|
Suzuki
Motor Corp. |
|
|
219,200 |
|
|
|
2,684,345 |
|
|
T&D
Holdings, Inc. |
|
|
5,200 |
|
|
|
109,417 |
|
|
Taisei
Corp. |
|
|
1,800 |
|
|
|
81,356 |
|
|
Takeda
Pharmaceutical Co. Ltd. |
|
|
5,200 |
|
|
|
150,058 |
|
|
TDK
Corp. |
|
|
4,000 |
|
|
|
42,806 |
|
|
Terumo
Corp. |
|
|
324 |
|
|
|
5,785 |
|
|
Toho
Co. Ltd./Tokyo |
|
|
1,100 |
|
|
|
51,989 |
|
|
Tokio
Marine Holdings, Inc. |
|
|
4,200 |
|
|
|
149,567 |
|
|
Tokyo
Electron Ltd. |
|
|
1,200 |
|
|
|
179,443 |
|
|
Tokyo
Electron Ltd. - ADR |
|
|
1,572 |
|
|
|
116,847 |
|
|
Toyo
Suisan Kaisha Ltd. |
|
|
18,100 |
|
|
|
1,076,814 |
|
|
Toyo
Tire Corp. |
|
|
55,800 |
|
|
|
938,012 |
|
|
Toyota
Industries Corp. |
|
|
600 |
|
|
|
52,142 |
|
|
Toyota
Motor Corp. - ADR |
|
|
2,390 |
|
|
|
433,737 |
|
|
Toyota
Motor Corp. |
|
|
7,100 |
|
|
|
128,798 |
|
|
Tsuruha
Holdings, Inc. |
|
|
7,500 |
|
|
|
457,646 |
|
|
United
Urban Investment Corp. |
|
|
51 |
|
|
|
50,318 |
|
|
USS
Co. Ltd. |
|
|
3,400 |
|
|
|
31,101 |
|
|
Yaskawa
Electric Corp. |
|
|
1,400 |
|
|
|
37,912 |
|
| |
|
|
|
|
|
|
65,964,369 |
|
|
Kazakhstan
— 0.2% |
|
|
|
|
|
|
|
|
|
Kaspi.KZ
JSC - ADR |
|
|
11,825 |
|
|
|
1,238,551 |
|
| |
|
|
|
|
|
|
|
|
|
Luxembourg
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
Eurofins
Scientific SE (a) |
|
|
725 |
|
|
|
36,424 |
|
|
Millicom
International Cellular SA, SDR |
|
|
116 |
|
|
|
3,019 |
|
| |
|
|
|
|
|
|
39,443 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
7
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
Malaysia
— 0.1% |
|
|
|
|
|
|
|
|
|
Public
Bank |
|
|
536,700 |
|
|
$ |
546,007 |
|
| |
|
|
|
|
|
|
|
|
|
Mexico
— 0.5% |
|
|
|
|
|
|
|
|
|
America
Movil SAB de CV - ADR |
|
|
7,257 |
|
|
|
103,267 |
|
|
Arca
Continental SAB de CV |
|
|
58,000 |
|
|
|
599,838 |
|
|
BBB
Foods, Inc. - Class A (a) |
|
|
8,877 |
|
|
|
236,306 |
|
|
Corp.
Inmobiliaria Vesta SAB de CV |
|
|
157,500 |
|
|
|
368,578 |
|
|
Fomento
Economico Mexicano SAB de CV - ADR |
|
|
948 |
|
|
|
89,188 |
|
|
Grupo
Aeroportuario del Pacifico SAB de CV - ADR |
|
|
392 |
|
|
|
74,500 |
|
|
Grupo
Aeroportuario del Sureste SAB de CV - ADR |
|
|
471 |
|
|
|
127,556 |
|
|
Grupo
Financiero Banorte SAB de CV |
|
|
127,000 |
|
|
|
897,910 |
|
|
Vista
Energy SAB de CV - ADR (a) |
|
|
7,916 |
|
|
|
401,974 |
|
|
Wal-Mart
de Mexico SAB de CV - ADR |
|
|
720 |
|
|
|
19,087 |
|
| |
|
|
|
|
|
|
2,918,204 |
|
|
Netherlands
— 4.9% |
|
|
|
|
|
|
|
|
|
Adyen
NV (a)(b) |
|
|
1,393 |
|
|
|
2,542,799 |
|
|
Aegon
Ltd. |
|
|
14,288 |
|
|
|
90,465 |
|
|
Argenx
SE - ADR (a) |
|
|
238 |
|
|
|
148,671 |
|
|
ASM
International NV |
|
|
3,418 |
|
|
|
1,860,284 |
|
|
ASML
Holding NV |
|
|
1,297 |
|
|
|
919,677 |
|
|
ASML
Holding NV |
|
|
3,181 |
|
|
|
2,262,566 |
|
|
Euronext
NV (b) |
|
|
18,052 |
|
|
|
2,280,618 |
|
|
Ferrovial
SE |
|
|
3,123 |
|
|
|
138,770 |
|
|
Heineken
Holding NV |
|
|
2,322 |
|
|
|
170,479 |
|
|
Heineken
NV |
|
|
36,638 |
|
|
|
3,094,892 |
|
|
IMCD
NV |
|
|
12,168 |
|
|
|
1,805,807 |
|
|
ING
Groep NV |
|
|
7,103 |
|
|
|
126,452 |
|
|
Koninklijke
Ahold Delhaize NV |
|
|
118,207 |
|
|
|
4,165,491 |
|
|
Koninklijke
Ahold Delhaize NV - ADR |
|
|
4,031 |
|
|
|
141,972 |
|
|
Koninklijke
Philips (a) |
|
|
2,051 |
|
|
|
53,384 |
|
|
NN
Group NV |
|
|
3,039 |
|
|
|
154,092 |
|
|
Prosus
NV |
|
|
80,260 |
|
|
|
3,534,344 |
|
|
Stellantis
NV |
|
|
5,160 |
|
|
|
66,711 |
|
|
Wolters
Kluwer |
|
|
37,354 |
|
|
|
5,744,606 |
|
|
Wolters
Kluwer NV - ADR |
|
|
667 |
|
|
|
102,051 |
|
| |
|
|
|
|
|
|
29,404,131 |
|
|
New
Zealand — 0.0%(c) |
|
|
|
|
|
|
|
|
|
Auckland
International Airport Ltd. |
|
|
13,450 |
|
|
|
61,573 |
|
|
Fisher
& Paykel Healthcare Corp. Ltd. |
|
|
4,158 |
|
|
|
79,500 |
|
|
Meridian
Energy Ltd. |
|
|
15,956 |
|
|
|
52,686 |
|
| |
|
|
|
|
|
|
193,759 |
|
| |
|
Shares |
|
|
Value |
|
|
Norway
— 1.0% |
|
|
|
|
|
|
|
|
|
Aker
BP ASA |
|
|
3,025 |
|
|
$ |
62,737 |
|
|
DNB
Bank ASA |
|
|
128,214 |
|
|
|
2,958,387 |
|
|
Equinor
ASA |
|
|
52,857 |
|
|
|
1,227,543 |
|
|
Equinor
ASA - ADR |
|
|
4,856 |
|
|
|
113,582 |
|
|
Norsk
Hydro ASA |
|
|
315,149 |
|
|
|
1,861,645 |
|
| |
|
|
|
|
|
|
6,223,894 |
|
|
Peru
— 0.2% |
|
|
|
|
|
|
|
|
|
Credicorp
Ltd. |
|
|
6,823 |
|
|
|
1,248,745 |
|
| |
|
|
|
|
|
|
|
|
|
Philippines
— 0.1% |
|
|
|
|
|
|
|
|
|
BDO
Unibank, Inc. |
|
|
114,910 |
|
|
|
297,219 |
|
|
PLDT,
Inc. - ADR |
|
|
10,950 |
|
|
|
249,660 |
|
| |
|
|
|
|
|
|
546,879 |
|
|
Poland
— 0.1% |
|
|
|
|
|
|
|
|
|
Powszechny
Zaklad Ubezpieczen SA |
|
|
61,350 |
|
|
|
820,314 |
|
| |
|
|
|
|
|
|
|
|
|
Portugal
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
Galp
Energia SGPS SA |
|
|
3,396 |
|
|
|
56,002 |
|
| |
|
|
|
|
|
|
|
|
|
Russia
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
GMK
Norilskiy Nickel PAO - ADR (a)(d) |
|
|
2,034 |
|
|
|
20 |
|
|
Polyus
PJSC (a)(d) |
|
|
1,719 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
20 |
|
|
Saudi
Arabia — 0.3% |
|
|
|
|
|
|
|
|
|
Al
Rajhi Bank |
|
|
41,489 |
|
|
|
1,104,232 |
|
|
Dr
Sulaiman Al Habib Medical Services Group Co. |
|
|
4,744 |
|
|
|
354,949 |
|
|
Etihad
Etisalat Co. |
|
|
26,153 |
|
|
|
432,362 |
|
| |
|
|
|
|
|
|
1,891,543 |
|
|
Singapore
— 1.1% |
|
|
|
|
|
|
|
|
|
Ascendas
Real Estate Investment Trust |
|
|
23,000 |
|
|
|
43,834 |
|
|
CapitaLand
Mall Trust |
|
|
25,000 |
|
|
|
36,541 |
|
|
DBS
Group Holdings Ltd. - ADR |
|
|
2,449 |
|
|
|
334,460 |
|
|
DBS
Group Holdings Ltd. |
|
|
86,810 |
|
|
|
2,964,777 |
|
|
Grab
Holdings Ltd. - Class A (a) |
|
|
167,423 |
|
|
|
812,002 |
|
|
Jardine
Cycle & Carriage Ltd. |
|
|
4,000 |
|
|
|
79,017 |
|
|
JOYY,
Inc. - ADR (a) |
|
|
2,046 |
|
|
|
95,732 |
|
|
Oversea-Chinese
Banking Corp. Ltd. |
|
|
9,000 |
|
|
|
114,917 |
|
|
Sea
Ltd. - ADR (a) |
|
|
6,598 |
|
|
|
839,727 |
|
|
Singapore
Exchange Ltd. |
|
|
6,000 |
|
|
|
59,883 |
|
|
Singapore
Telecommunications Ltd. |
|
|
60,600 |
|
|
|
152,856 |
|
|
Trip.com
Group Ltd. - ADR (a) |
|
|
15,694 |
|
|
|
889,536 |
|
|
United
Overseas Bank Ltd. |
|
|
6,000 |
|
|
|
169,972 |
|
|
Wilmar
International Ltd. |
|
|
16,500 |
|
|
|
39,293 |
|
| |
|
|
|
|
|
|
6,632,547 |
|
The
accompanying notes are an integral part of the financial statements.
8
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
South
Africa — 0.6% |
|
|
|
|
|
|
|
|
|
Aspen
Pharmacare Holdings Ltd. - ADR |
|
|
6,986 |
|
|
$ |
63,712 |
|
|
Bidvest
Group Ltd. |
|
|
6,192 |
|
|
|
81,270 |
|
|
FirstRand
Ltd. |
|
|
287,080 |
|
|
|
1,077,807 |
|
|
Growthpoint
Properties Ltd. |
|
|
746,494 |
|
|
|
508,094 |
|
|
MTN
Group Ltd. |
|
|
23,254 |
|
|
|
145,357 |
|
|
Naspers
Ltd. |
|
|
4,275 |
|
|
|
1,014,855 |
|
|
Naspers
Ltd. - ADR |
|
|
4,780 |
|
|
|
228,006 |
|
|
Nedbank
Group Ltd. - ADR |
|
|
2,666 |
|
|
|
40,230 |
|
|
Sanlam
Ltd. - ADR |
|
|
5,156 |
|
|
|
48,363 |
|
|
Sasol
Ltd. |
|
|
8,980 |
|
|
|
38,614 |
|
|
Standard
Bank Group Ltd. |
|
|
9,099 |
|
|
|
105,563 |
|
|
Truworths
International Ltd. |
|
|
76,506 |
|
|
|
320,867 |
|
| |
|
|
|
|
|
|
3,672,738 |
|
|
South
Korea — 3.8% |
|
|
|
|
|
|
|
|
|
Hanwha
Aerospace Co. Ltd. |
|
|
1,155 |
|
|
|
471,383 |
|
|
HD
Korea Shipbuilding & Offshore Engineering Co. Ltd. |
|
|
2,870 |
|
|
|
419,726 |
|
|
Hyundai
Mobis Co. Ltd. |
|
|
1,144 |
|
|
|
192,509 |
|
|
Hyundai
Motor Co. |
|
|
1,729 |
|
|
|
229,258 |
|
|
KB
Financial Group, Inc. - ADR |
|
|
6,431 |
|
|
|
349,332 |
|
|
KB
Financial Group, Inc. |
|
|
33,948 |
|
|
|
1,821,272 |
|
|
KT
Corp. |
|
|
63,021 |
|
|
|
2,024,718 |
|
|
KT
Corp., SP ADR - ADR |
|
|
53,630 |
|
|
|
920,291 |
|
|
LIG
Nex1 Co. Ltd. |
|
|
3,051 |
|
|
|
567,152 |
|
|
Macquarie
Korea Infrastructure Fund |
|
|
49,750 |
|
|
|
380,915 |
|
|
NAVER
Corp. |
|
|
36,718 |
|
|
|
5,216,687 |
|
|
POSCO
Holdings, Inc. - ADR |
|
|
3,580 |
|
|
|
165,539 |
|
|
Samsung
Electronics Co. Ltd. |
|
|
119,823 |
|
|
|
4,483,824 |
|
|
Samsung
Fire & Marine Insurance Co. Ltd. |
|
|
7,127 |
|
|
|
1,866,066 |
|
|
Shinhan
Financial Group Co. Ltd. - ADR |
|
|
9,162 |
|
|
|
292,726 |
|
|
SK
Hynix, Inc. |
|
|
8,943 |
|
|
|
1,186,834 |
|
|
SK
Telecom Co. Ltd. |
|
|
57,386 |
|
|
|
2,195,039 |
|
|
SK
Telecom Co. Ltd. - ADR |
|
|
1 |
|
|
|
22 |
|
|
Woori
Financial Group, Inc. - ADR |
|
|
4,696 |
|
|
|
159,852 |
|
| |
|
|
|
|
|
|
22,943,145 |
|
|
Spain
— 1.7% |
|
|
|
|
|
|
|
|
|
Amadeus
IT Group SA - ADR |
|
|
1,437 |
|
|
|
107,703 |
|
|
Amadeus
IT Holdings SA |
|
|
30,466 |
|
|
|
2,300,647 |
|
|
Banco
Bilbao Vizcaya Argentaria SA |
|
|
266,942 |
|
|
|
3,538,612 |
|
|
Banco
Santander SA |
|
|
486,726 |
|
|
|
3,124,387 |
|
|
CaixaBank
SA |
|
|
65,952 |
|
|
|
455,158 |
|
|
Cellnex
Telecom SA (b) |
|
|
1,427 |
|
|
|
50,836 |
|
|
Iberdrola
SA |
|
|
11,895 |
|
|
|
171,759 |
|
|
Iberdrola
SA - ADR |
|
|
1,618 |
|
|
|
93,569 |
|
|
Industria
de Diseno Textil SA |
|
|
3,811 |
|
|
|
204,793 |
|
|
Repsol
SA |
|
|
7,844 |
|
|
|
99,911 |
|
| |
|
Shares |
|
|
Value |
|
|
Spain
— (Continued) |
|
Telefonica
SA |
|
|
9,725 |
|
|
$ |
43,363 |
|
| |
|
|
|
|
|
|
10,190,738 |
|
|
Sweden
— 0.3% |
|
|
|
|
|
|
|
|
|
Alleima
AB |
|
|
657 |
|
|
|
5,793 |
|
|
Atlas
Copco AB - ADR |
|
|
6,624 |
|
|
|
112,674 |
|
|
Atlas
Copco AB - Class A |
|
|
6,804 |
|
|
|
116,177 |
|
|
Boliden
AB |
|
|
2,900 |
|
|
|
101,718 |
|
|
Electrolux
AB - Class B (a) |
|
|
972 |
|
|
|
8,316 |
|
|
Epiroc
AB (a) |
|
|
4,564 |
|
|
|
89,072 |
|
|
Essity
AB - Class B |
|
|
5,178 |
|
|
|
142,491 |
|
|
H
& M Hennes & Mauritz AB - Class B |
|
|
6,863 |
|
|
|
92,024 |
|
|
L
E Lundbergforetagen AB - Class B |
|
|
2,728 |
|
|
|
136,110 |
|
|
SKF
AB - Class B |
|
|
2,624 |
|
|
|
56,700 |
|
|
Spotify
Technology SA (a) |
|
|
451 |
|
|
|
274,212 |
|
|
Svenska
Cellulosa AB SCA - Class B |
|
|
4,527 |
|
|
|
61,957 |
|
|
Tele2
AB - Class B |
|
|
3,689 |
|
|
|
43,745 |
|
|
Telefonaktiebolaget
LM Ericsson - Class B |
|
|
6,504 |
|
|
|
53,494 |
|
|
Volvo
AB - Class B |
|
|
7,833 |
|
|
|
243,138 |
|
| |
|
|
|
|
|
|
1,537,621 |
|
|
Switzerland
— 3.4% |
|
|
|
|
|
|
|
|
|
ABB
Ltd. |
|
|
4,533 |
|
|
|
244,346 |
|
|
Accelleron
Industries AG |
|
|
226 |
|
|
|
10,761 |
|
|
Alcon
AG |
|
|
1,673 |
|
|
|
154,753 |
|
|
Baloise
Holding AG |
|
|
522 |
|
|
|
100,895 |
|
|
Chocoladefabriken
Lindt & Spruengli AG |
|
|
6 |
|
|
|
75,932 |
|
|
Cie
Financiere Richemont SA - ADR |
|
|
12,160 |
|
|
|
247,456 |
|
|
Cie
Financiere Richemont SA |
|
|
325 |
|
|
|
66,597 |
|
|
Coca-Cola
HBC AG |
|
|
13,573 |
|
|
|
575,164 |
|
|
EMS-Chemie
Holding AG |
|
|
143 |
|
|
|
100,270 |
|
|
Geberit
AG |
|
|
202 |
|
|
|
118,783 |
|
|
Givaudan
SA |
|
|
36 |
|
|
|
162,238 |
|
|
Givaudan
SA - ADR |
|
|
600 |
|
|
|
53,958 |
|
|
LafargeHolcim
Ltd. |
|
|
2,013 |
|
|
|
220,667 |
|
|
Logitech
International SA |
|
|
444 |
|
|
|
43,929 |
|
|
Lonza
Group AG |
|
|
182 |
|
|
|
115,560 |
|
|
Lonza
Group AG - ADR |
|
|
370 |
|
|
|
23,366 |
|
|
Nestle
SA - ADR |
|
|
9,402 |
|
|
|
907,293 |
|
|
Novartis
AG - ADR |
|
|
6,228 |
|
|
|
679,163 |
|
|
Novartis
AG |
|
|
37,866 |
|
|
|
4,120,573 |
|
|
Partners
Group Holding AG |
|
|
95 |
|
|
|
140,672 |
|
|
Roche
Holding AG - ADR |
|
|
18,600 |
|
|
|
776,364 |
|
|
Roche
Holdings AG |
|
|
13,289 |
|
|
|
4,425,640 |
|
|
Sandoz
Group AG |
|
|
114,136 |
|
|
|
5,010,984 |
|
|
Sandoz
Group AG - ADR |
|
|
1,166 |
|
|
|
51,071 |
|
|
Schindler
Holding AG |
|
|
651 |
|
|
|
191,894 |
|
|
Sika
AG |
|
|
599 |
|
|
|
152,720 |
|
The
accompanying notes are an integral part of the financial statements.
9
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (Continued)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
Switzerland
— (Continued) |
|
Sonova
Holding AG |
|
|
143 |
|
|
$ |
46,023 |
|
|
Swiss
Re AG |
|
|
544 |
|
|
|
87,448 |
|
|
Swisscom
AG |
|
|
284 |
|
|
|
161,906 |
|
|
Swissquote
Group Holding SA |
|
|
1,102 |
|
|
|
451,637 |
|
|
UBS
Group AG |
|
|
13,717 |
|
|
|
475,292 |
|
|
Zurich
Insurance Group AG - ADR |
|
|
7,180 |
|
|
|
236,366 |
|
|
Zurich
Insurance Group AG |
|
|
270 |
|
|
|
178,386 |
|
| |
|
|
|
|
|
|
20,408,107 |
|
|
Taiwan
— 4.3% |
|
|
|
|
|
|
|
|
|
Accton
Technology Corp. |
|
|
3,000 |
|
|
|
60,049 |
|
|
Alchip
Technologies Ltd. |
|
|
5,000 |
|
|
|
492,736 |
|
|
ASE
Technology Holding Co. Ltd. - ADR |
|
|
6,033 |
|
|
|
61,114 |
|
|
Asustek
Computer, Inc. |
|
|
4,000 |
|
|
|
81,867 |
|
|
Cathay
Financial Holding Co. Ltd. |
|
|
24,000 |
|
|
|
49,493 |
|
|
Chunghwa
Telecom Co. Ltd. |
|
|
102,000 |
|
|
|
396,759 |
|
|
Chunghwa
Telecom Co. Ltd. - ADR |
|
|
4,171 |
|
|
|
162,169 |
|
|
CTBC
Financial Holding Co. Ltd. |
|
|
442,000 |
|
|
|
546,146 |
|
|
Delta
Electronics, Inc. |
|
|
111,000 |
|
|
|
1,332,776 |
|
|
Elite
Material Co. Ltd. |
|
|
8,000 |
|
|
|
151,710 |
|
|
Gudeng
Precision Industrial Co. Ltd. |
|
|
21,000 |
|
|
|
303,150 |
|
|
Hon
Hai Precision Industry Co. Ltd. |
|
|
137,353 |
|
|
|
711,147 |
|
|
Largan
Precision Co. Ltd. |
|
|
1,000 |
|
|
|
81,359 |
|
|
MediaTek,
Inc. |
|
|
29,000 |
|
|
|
1,297,146 |
|
|
Novatek
Microelectronics Corp. |
|
|
3,000 |
|
|
|
49,110 |
|
|
Quanta
Computer, Inc. |
|
|
9,000 |
|
|
|
66,700 |
|
|
Realtek
Semiconductor Corp. |
|
|
35,000 |
|
|
|
577,475 |
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
53,246 |
|
|
|
9,612,500 |
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. |
|
|
308,122 |
|
|
|
9,398,034 |
|
|
United
Microelectronics Corp. - ADR |
|
|
36,418 |
|
|
|
234,896 |
|
|
Yageo
Corp. |
|
|
5,000 |
|
|
|
84,714 |
|
| |
|
|
|
|
|
|
25,751,050 |
|
|
Thailand
— 0.1% |
|
|
|
|
|
|
|
|
|
Advanced
Info Service PCL - NVDR |
|
|
57,300 |
|
|
|
463,306 |
|
| |
|
|
|
|
|
|
|
|
|
Turkey
— 0.3% |
|
|
|
|
|
|
|
|
|
BIM
Birlesik Magazalar AS |
|
|
44,696 |
|
|
|
619,880 |
|
|
Turk
Hava Yollari AO (a) |
|
|
98,103 |
|
|
|
831,730 |
|
|
Turkcell
Iletisim Hizmetleri AS - ADR |
|
|
20,782 |
|
|
|
140,902 |
|
|
Yapi
ve Kredi Bankasi AS |
|
|
507,024 |
|
|
|
410,517 |
|
| |
|
|
|
|
|
|
2,003,029 |
|
|
United
Arab Emirates — 0.5% |
|
|
|
|
|
|
|
|
|
Aldar
Properties PJSC |
|
|
389,796 |
|
|
|
948,292 |
|
| |
|
Shares |
|
|
Value |
|
|
United
Arab Emirates — (Continued) |
|
Dubai
Electricity & Water Authority PJSC |
|
|
728,813 |
|
|
$ |
515,533 |
|
|
Emaar
Properties PJSC |
|
|
309,995 |
|
|
|
1,145,088 |
|
|
Emirates
NBD Bank PJSC |
|
|
84,350 |
|
|
|
507,558 |
|
| |
|
|
|
|
|
|
3,116,471 |
|
|
United
Kingdom — 16.5% |
|
|
|
|
|
|
|
|
|
3i
Group PLC |
|
|
3,463 |
|
|
|
173,325 |
|
|
Admiral
Group PLC |
|
|
62,883 |
|
|
|
2,279,942 |
|
|
ARM
Holdings PLC - ADR (a) |
|
|
3,971 |
|
|
|
522,941 |
|
|
Ashtead
Group PLC |
|
|
67,928 |
|
|
|
4,139,449 |
|
|
Associated
British Foods PLC |
|
|
1,593 |
|
|
|
38,108 |
|
|
AstraZeneca
PLC - ADR |
|
|
9,974 |
|
|
|
760,119 |
|
|
AstraZeneca
PLC |
|
|
60,553 |
|
|
|
9,161,536 |
|
|
Auto
Trader Group PLC (b) |
|
|
11,923 |
|
|
|
117,030 |
|
|
Babcock
International Group PLC |
|
|
198,573 |
|
|
|
1,674,799 |
|
|
BAE
Systems PLC |
|
|
590,504 |
|
|
|
10,559,083 |
|
|
BAE
Systems PLC - ADR |
|
|
2,426 |
|
|
|
177,438 |
|
|
Barclays
PLC |
|
|
126,063 |
|
|
|
497,614 |
|
|
Barratt
Redrow PLC |
|
|
320,744 |
|
|
|
1,734,891 |
|
|
Beazley
PLC |
|
|
362,854 |
|
|
|
4,029,145 |
|
|
BP
PLC - ADR |
|
|
1 |
|
|
|
33 |
|
|
British
American Tobacco PLC - ADR |
|
|
7,782 |
|
|
|
302,953 |
|
|
Bunzl
PLC |
|
|
144,677 |
|
|
|
6,155,386 |
|
|
Coca-Cola
Europacific Partners PLC |
|
|
1,477 |
|
|
|
127,406 |
|
|
Compass
Group PLC - ADR |
|
|
7,353 |
|
|
|
257,649 |
|
|
Compass
Group PLC |
|
|
184,843 |
|
|
|
6,470,577 |
|
|
Diageo
PLC - ADR |
|
|
2,086 |
|
|
|
226,999 |
|
|
Diploma
PLC |
|
|
34,484 |
|
|
|
1,965,398 |
|
|
Endeavour
Mining PLC |
|
|
47,579 |
|
|
|
942,865 |
|
|
GSK
PLC - ADR |
|
|
6,016 |
|
|
|
226,141 |
|
|
Haleon
PLC - ADR |
|
|
9,632 |
|
|
|
98,054 |
|
|
HSBC
Holdings PLC |
|
|
71,200 |
|
|
|
835,184 |
|
|
HSBC
Holdings PLC - ADR |
|
|
9,910 |
|
|
|
593,708 |
|
|
HSBC
Holdings PLC |
|
|
311,059 |
|
|
|
3,688,981 |
|
|
IMI
PLC |
|
|
83,675 |
|
|
|
2,127,817 |
|
|
Imperial
Brands PLC - ADR |
|
|
3,146 |
|
|
|
110,550 |
|
|
Informa
PLC |
|
|
168,699 |
|
|
|
1,835,045 |
|
|
InterContinental
Hotels Group PLC |
|
|
1,515 |
|
|
|
189,799 |
|
|
Intertek
Group PLC |
|
|
1,279 |
|
|
|
83,012 |
|
|
Legal
& General Group PLC |
|
|
36,815 |
|
|
|
113,999 |
|
|
London
Stock Exchange Group PLC |
|
|
23,246 |
|
|
|
3,475,901 |
|
|
London
Stock Exchange Group PLC - ADR |
|
|
2,464 |
|
|
|
93,336 |
|
|
M&G
PLC |
|
|
12,144 |
|
|
|
32,435 |
|
|
Melrose
Industries PLC |
|
|
337,881 |
|
|
|
2,742,772 |
|
|
National
Grid PLC - ADR |
|
|
2,605 |
|
|
|
161,849 |
|
|
National
Grid PLC |
|
|
5,579 |
|
|
|
68,528 |
|
|
NatWest
Group PLC |
|
|
145,517 |
|
|
|
881,826 |
|
The
accompanying notes are an integral part of the financial statements.
10
AQUARIUS
INTERNATIONAL FUND
Schedule of Investments (ConCLUDED)
as
of FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
United
Kingdom — (Continued) |
|
Next
PLC |
|
|
952 |
|
|
$ |
120,726 |
|
|
Nomad
Foods Ltd. |
|
|
89,365 |
|
|
|
1,688,998 |
|
|
Pearson
PLC - ADR |
|
|
15,198 |
|
|
|
262,317 |
|
|
Reckitt
Benckiser Group PLC - ADR |
|
|
18,470 |
|
|
|
245,836 |
|
|
RELX
PLC |
|
|
136,760 |
|
|
|
6,609,354 |
|
|
Rentokil
Initial PLC |
|
|
7,414 |
|
|
|
37,221 |
|
|
Rightmove
PLC |
|
|
5,323 |
|
|
|
44,929 |
|
|
Rio
Tinto PLC - ADR |
|
|
1,895 |
|
|
|
114,761 |
|
|
Rolls-Royce
Holdings PLC (a) |
|
|
13,086 |
|
|
|
123,537 |
|
|
Segro
PLC |
|
|
2,361 |
|
|
|
20,993 |
|
|
Shell
PLC |
|
|
151,938 |
|
|
|
5,077,038 |
|
|
Shell
PLC - ADR |
|
|
88,143 |
|
|
|
5,946,127 |
|
|
Smith
& Nephew PLC |
|
|
2,921 |
|
|
|
42,400 |
|
|
Spirax
Group PLC |
|
|
561 |
|
|
|
51,801 |
|
|
SSE
PLC - ADR |
|
|
5,415 |
|
|
|
105,213 |
|
|
Tesco
PLC |
|
|
14,561 |
|
|
|
69,820 |
|
|
Unilever
PLC - ADR |
|
|
9,303 |
|
|
|
526,550 |
|
|
Weir
Group PLC |
|
|
259,035 |
|
|
|
7,976,481 |
|
|
Wise
PLC - Class A (a) |
|
|
70,109 |
|
|
|
878,950 |
|
|
WPP
PLC |
|
|
3,536 |
|
|
|
28,684 |
|
| |
|
|
|
|
|
|
99,645,359 |
|
|
United
States — 1.3% |
|
|
|
|
|
|
|
|
|
BeiGene
Ltd. - ADR (a) |
|
|
2,099 |
|
|
|
570,508 |
|
|
CRH
PLC |
|
|
19,660 |
|
|
|
2,018,785 |
|
|
EPAM
Systems, Inc. (a) |
|
|
2,920 |
|
|
|
601,929 |
|
|
Ferguson
Enterprises, Inc. |
|
|
14,703 |
|
|
|
2,609,783 |
|
|
Legend
Biotech Corp. - ADR (a) |
|
|
1,279 |
|
|
|
44,778 |
|
|
RB
Global, Inc. |
|
|
1,064 |
|
|
|
108,932 |
|
|
SharkNinja,
Inc. (a) |
|
|
4,225 |
|
|
|
444,005 |
|
|
Southern
Copper Corp. |
|
|
17,293 |
|
|
|
1,537,897 |
|
| |
|
|
|
|
|
|
7,936,617 |
|
|
Uruguay
— 0.2% |
|
|
|
|
|
|
|
|
|
MercadoLibre,
Inc. (a) |
|
|
652 |
|
|
|
1,383,459 |
|
|
TOTAL
COMMON STOCKS (Cost $448,756,721) |
|
|
|
|
|
|
559,773,944 |
|
| |
|
|
|
|
|
|
|
|
|
PREFERRED
STOCKS — 0.0%(c) |
|
Germany
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
Sartorius
AG |
|
|
143 |
|
|
|
35,835 |
|
|
TOTAL
PREFERRED STOCKS (Cost $39,327) |
|
|
|
|
|
|
35,835 |
|
| |
|
Shares |
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 6.4% |
|
Money
Market Funds — 6.4% |
|
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.28% (e) |
|
|
38,669,494 |
|
|
$ |
38,669,494 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $38,669,494) |
|
|
|
|
|
|
38,669,494 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.3% (Cost $487,465,542) |
|
|
|
|
|
|
598,479,273 |
|
|
Other
Assets in Excess of Liabilities — 0.7% |
|
|
|
|
|
|
4,345,043 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
602,824,316 |
|
| |
|
|
|
|
|
|
|
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
ASA
- Advanced Subscription Agreement
GDR
- Global Depositary Receipt
NVDR
- Non-Voting Depositary Receipt
PCL
- Public Company Limited
PJSC
- Public Joint Stock Company
PLC
- Public Limited Company
|
(a) |
Non-income producing security.
|
|
(b) |
Security is exempt from
registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $6,952,022 or 1.2%
of the Fund’s net assets. |
|
(c) |
Represents less than 0.05%
of net assets. |
|
(d) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
Designee. These securities represented $20 or 0.0% of net assets as of February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
11
AQUARIUS
INTERNATIONAL FUND
STATEMENT of Assets and Liabilities
FEBRUARY
28, 2025 (UNAUDITED)
|
ASSETS |
|
|
|
|
|
Investments,
at value (cost $448,796,048) |
|
$ |
559,809,779 |
|
|
Short-term
investments, at value (cost $38,669,494) |
|
|
38,669,494 |
|
|
Cash
and cash equivalents |
|
|
78,987 |
|
|
Foreign
currency, at value (Cost $879,266) |
|
|
494,327 |
|
|
Receivables
for: |
|
|
|
|
|
Investments
sold |
|
|
3,916,664 |
|
|
Dividends
|
|
|
2,013,826 |
|
|
Capital
shares sold |
|
|
76,234 |
|
|
Prepaid
expenses and other assets |
|
|
50,537 |
|
|
Total
assets |
|
|
605,109,848 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Investments
purchased |
|
|
1,856,794 |
|
|
Sub-advisory
fees |
|
|
220,107 |
|
|
Other
accrued expenses and liabilities |
|
|
208,631 |
|
|
Total
liabilities |
|
|
2,285,532 |
|
|
Net
assets |
|
$ |
602,824,316 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
51,620 |
|
|
Paid-in
capital |
|
|
522,798,678 |
|
|
Total
distributable earnings/(loss) |
|
|
79,974,018 |
|
|
Net
assets |
|
$ |
602,824,316 |
|
| |
|
|
|
|
|
CAPITAL
SHARES: |
|
|
|
|
|
Net
Assets |
|
|
602,824,316 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
51,620,304 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
11.68 |
|
The
accompanying notes are an integral part of the financial statements.
12
AQUARIUS
INTERNATIONAL FUND
Statement of Operations
FOR
THE SIX-MONTHS ENDED FEBRUARY 28, 2025 (UNAUDITED)
|
INVESTMENT
INCOME |
|
|
|
|
|
Dividends
(net of foreign withholdings taxes of $404,693) |
|
$ |
3,666,891 |
|
|
Interest
income |
|
|
850,907 |
|
|
Total
investment income |
|
|
4,517,798 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Sub-advisory
fees |
|
|
1,379,433 |
|
|
Custodian
fees |
|
|
199,086 |
|
|
Administration
and accounting services fees |
|
|
128,731 |
|
|
Investment
management fees |
|
|
91,319 |
|
|
Transfer
agent fees |
|
|
33,470 |
|
|
Director
fees |
|
|
29,314 |
|
|
Legal
fees |
|
|
24,843 |
|
|
Officer
fees |
|
|
23,915 |
|
|
Audit
fees and tax fees |
|
|
17,560 |
|
|
Registration
and filing fees |
|
|
14,094 |
|
|
Printing
and shareholder reporting fees |
|
|
3,175 |
|
|
Other
expenses |
|
|
37,056 |
|
|
Total
expenses |
|
|
1,981,996 |
|
|
Net
investment income/(loss) |
|
|
2,535,802 |
|
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized Gain (Loss) on: |
|
|
|
|
|
Investments
|
|
|
(58,684 |
) |
|
Foreign
Currency Transactions |
|
|
(324,679 |
) |
|
Net
realized Gain (Loss) |
|
|
(383,363 |
) |
|
Net
Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
Investments
|
|
|
(8,106,250 |
) |
|
Foreign
Currency Transactions |
|
|
(69,299 |
) |
|
Net
Change in Unrealized Appreciation (Depreciation) |
|
|
(8,175,549 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(8,558,912 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(6,023,110 |
) |
The
accompanying notes are an integral part of the financial statements.
13
AQUARIUS
INTERNATIONAL FUND
Statements of Changes in Net Assets
| |
|
For
the
Six Months Ended
February 28, 2025
(Unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
2,535,802 |
|
|
$ |
9,874,965 |
|
|
Net
realized gain/(loss) from investments |
|
|
(383,363 |
) |
|
|
6,079,737 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency transactions |
|
|
(8,175,549 |
) |
|
|
75,354,811 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(6,023,110 |
) |
|
|
91,309,513 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(9,827,963 |
) |
|
|
(10,001,068 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(9,827,963 |
) |
|
|
(10,001,068 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
47,515,290 |
|
|
|
78,989,579 |
|
|
Reinvestment
of distributions |
|
|
8,355,699 |
|
|
|
8,459,172 |
|
|
Shares
redeemed |
|
|
(18,629,902 |
) |
|
|
(38,919,822 |
) |
|
Net
increase/(decrease) in net assets resulting from capital share transactions |
|
|
37,241,087 |
|
|
|
48,528,929 |
|
|
Total
increase/(decrease) in net assets |
|
|
21,390,014 |
|
|
|
129,837,374 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
581,434,302 |
|
|
|
451,596,928 |
|
|
End
of period |
|
$ |
602,824,316 |
|
|
$ |
581,434,302 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
4,147,124 |
|
|
|
7,264,867 |
|
|
Shares
reinvested |
|
|
731,672 |
|
|
|
826,091 |
|
|
Shares
redeemed |
|
|
(1,619,715 |
) |
|
|
(3,648,054 |
) |
|
Net
increase/(decrease) in shares |
|
|
3,259,081 |
|
|
|
4,442,904 |
|
The
accompanying notes are an integral part of the financial statements.
14
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. |
| |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
12.02 |
|
|
$ |
10.28 |
|
|
$ |
9.29 |
|
|
$ |
11.97 |
|
|
$ |
9.93 |
|
|
$ |
9.27 |
|
|
Net
investment income/(loss)(1) |
|
|
0.05 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.16 |
|
|
|
0.12 |
|
|
|
0.12 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.19 |
) |
|
|
1.76 |
|
|
|
0.89 |
|
|
|
(2.69 |
) |
|
|
2.00 |
|
|
|
0.67 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.14 |
) |
|
|
1.97 |
|
|
|
1.10 |
|
|
|
(2.53 |
) |
|
|
2.12 |
|
|
|
0.79 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Investment Income |
|
|
(0.20 |
) |
|
|
(0.23 |
) |
|
|
(0.11 |
) |
|
|
(0.15 |
) |
|
|
(0.08 |
) |
|
|
(0.13 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.20 |
) |
|
|
(0.23 |
) |
|
|
(0.11 |
) |
|
|
(0.15 |
) |
|
|
(0.08 |
) |
|
|
(0.13 |
) |
|
Net
asset value, end of period |
|
$ |
11.68 |
|
|
$ |
12.02 |
|
|
$ |
10.28 |
|
|
$ |
9.29 |
|
|
$ |
11.97 |
|
|
$ |
9.93 |
|
|
Total
investment return/(loss)(2) |
|
|
(1.15 |
)%(3) |
|
|
19.53 |
% |
|
|
11.89 |
% |
|
|
(21.38 |
)% |
|
|
21.46 |
% |
|
|
8.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
602,824 |
|
|
$ |
581,434 |
|
|
$ |
451,597 |
|
|
$ |
355,666 |
|
|
$ |
382,824 |
|
|
$ |
278,956 |
|
|
Ratio
of expenses to average net assets |
|
|
0.70 |
%(4) |
|
|
0.69 |
% |
|
|
0.70 |
% |
|
|
0.73 |
% |
|
|
0.75 |
% |
|
|
0.75 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.89 |
%(4) |
|
|
1.97 |
% |
|
|
2.16 |
% |
|
|
1.48 |
% |
|
|
1.08 |
% |
|
|
1.24 |
% |
|
Portfolio
turnover rate |
|
|
34 |
%(3) |
|
|
59 |
% |
|
|
78 |
% |
|
|
52 |
% |
|
|
48 |
% |
|
|
55 |
% |
|
(1) |
Calculated based on average
shares outstanding for the period. |
|
(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.
15
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS
FEBRUARY
28, 2025 (UNAUDITED)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the Aquarius International
Fund (the “Fund”), which commenced investment operations on April 17, 2018.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 Adviser, as Valuation Designee, 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 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).
16
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
FAIR
VALUE MEASUREMENTS – The inputs and valuation techniques used to measure
the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● Level 1 |
— Prices are determined
using quoted prices in active markets for identical securities. |
| |
● Level 2 |
— Prices are determined
using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.). |
| |
● Level 3 |
— Prices are determined
using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
133,281,138 |
|
|
$ |
426,492,785 |
|
|
$ |
20 |
|
|
$ |
559,773,944 |
|
|
Preferred
Stocks |
|
|
– |
|
|
|
35,835 |
|
|
|
– |
|
|
|
35,835 |
|
|
Money
Market Funds |
|
|
38,669,494 |
|
|
|
– |
|
|
|
– |
|
|
|
38,669,494 |
|
|
Total
Investments |
|
$ |
171,950,632 |
|
|
$ |
426,528,620 |
|
|
$ |
20 |
|
|
$ |
598,479,272 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
Changes
in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers
into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
Due
to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value
of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly
from the values that would have been used had a ready market existed for such investments and may differ materially from the values the
Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid
than publicly traded securities.
For
fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires
the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable
to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers
in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when
the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The
amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total Level 3 transfers during the reporting period
that was meaningful in relation to its net assets as of the end of the reporting period.
During
the current fiscal period, the Fund had no significant Level 3 transfers.
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.
17
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
USE
OF ESTIMATES — The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities 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
18
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
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 (“Altair” or the “Adviser”) 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
has an investment team that 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 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 $91,319. 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.
19
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
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 |
|
$211,227,925 |
$185,082,085 |
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, 2024, 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
TAX COST |
UNREALIZED
APPRECIATION |
UNREALIZED
(DEPRECIATION) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$463,617,192 |
$130,695,652 |
$(16,940,503) |
$113,755,149 |
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.
20
AQUARIUS
INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
FEBRUARY
28, 2025 (UNAUDITED)
Permanent
differences as of August 31, 2024, primarily attributed to foreign currency. There were no permanent differences between distributable
earnings/(loss) and paid in capital.
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
UNDISTRIBUTED
ORDINARY
INCOME |
UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS |
CAPITAL
LOSS
CARRYFORWARDS |
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
QUALIFIED
LATE-YEAR
LOSSES |
|
$8,210,212 |
$— |
$(26,140,270) |
$113,755,149 |
$— |
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, 2024 was as follows:
| |
|
|
|
|
ORDINARY
INCOME |
|
|
LONG-TERM
GAINS |
|
|
TOTAL |
|
| |
|
2024 |
|
|
$ |
10,001,068 |
|
|
$ |
— |
|
|
$ |
10,001,068 |
|
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,
2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.
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, 2024, the Fund had short-term capital loss carryforwards of $20,488,017 and long-term carryforwards of $5,652,253.
During the fiscal year, the Fund utilized $5,127,646 of carryforward capital losses.
6.
SUBSEQUENT EVENTS
Management
has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined
that there were no subsequent events.
21
AQUARIUS
INTERNATIONAL FUND
Other Information (Unaudited)
Proxy
Voting
Policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (844) 261-6482 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
22
Investment
Adviser
Altair Advisers, LLC
303 West Madison Street, Suite 600
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
3 Canal Plaza, Suite 100
Portland, ME 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
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS ALL-CAP VALUE FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 97.5% |
|
|
|
|
|
Communication
Services — 3.9% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
137,695 |
|
|
$ |
23,446,705 |
|
|
Interpublic
Group of Cos., Inc. |
|
|
174,296 |
|
|
|
4,775,711 |
|
|
Match
Group, Inc. |
|
|
171,027 |
|
|
|
5,423,266 |
|
|
Omnicom
Group, Inc. (a) |
|
|
59,742 |
|
|
|
4,944,248 |
|
|
Take-Two
Interactive Software, Inc. (b) |
|
|
76,983 |
|
|
|
16,318,856 |
|
| |
|
|
|
|
|
|
54,908,786 |
|
|
Consumer
Discretionary — 6.0% |
|
|
|
|
|
|
|
|
|
AutoZone,
Inc. (b) |
|
|
4,055 |
|
|
|
14,164,156 |
|
|
Booking
Holdings, Inc. |
|
|
4,962 |
|
|
|
24,889,442 |
|
|
Harley-Davidson,
Inc. (a) |
|
|
301,217 |
|
|
|
7,759,350 |
|
|
LKQ
Corp. (a) |
|
|
164,044 |
|
|
|
6,921,016 |
|
|
NVR,
Inc. (b) |
|
|
2,855 |
|
|
|
20,686,131 |
|
|
Wyndham
Hotels & Resorts, Inc. |
|
|
91,813 |
|
|
|
9,946,102 |
|
| |
|
|
|
|
|
|
84,366,197 |
|
|
Consumer
Staples — 5.6% |
|
|
|
|
|
|
|
|
|
Coca-Cola
Europacific Partners PLC |
|
|
54,090 |
|
|
|
4,665,803 |
|
|
J
M Smucker Co. |
|
|
63,716 |
|
|
|
7,042,529 |
|
|
Kenvue,
Inc. |
|
|
342,460 |
|
|
|
8,082,056 |
|
|
Keurig
Dr Pepper, Inc. |
|
|
424,080 |
|
|
|
14,215,162 |
|
|
Philip
Morris International, Inc. |
|
|
193,293 |
|
|
|
30,014,537 |
|
|
Sysco
Corp. |
|
|
193,962 |
|
|
|
14,651,890 |
|
| |
|
|
|
|
|
|
78,671,977 |
|
|
Energy
— 3.6% |
|
|
|
|
|
|
|
|
|
BP
PLC - ADR |
|
|
106,538 |
|
|
|
3,528,538 |
|
|
Canadian
Natural Resources Ltd. |
|
|
203,477 |
|
|
|
5,752,295 |
|
|
Chord
Energy Corp. |
|
|
54,180 |
|
|
|
6,192,774 |
|
|
ConocoPhillips
|
|
|
52,886 |
|
|
|
5,243,647 |
|
|
Exxon
Mobil Corp. |
|
|
55,064 |
|
|
|
6,130,275 |
|
|
Halliburton
Co. |
|
|
218,872 |
|
|
|
5,771,655 |
|
|
Phillips
66 |
|
|
38,255 |
|
|
|
4,961,291 |
|
|
Schlumberger
Ltd. |
|
|
198,762 |
|
|
|
8,280,425 |
|
|
Shell
PLC - ADR |
|
|
75,657 |
|
|
|
5,103,821 |
|
| |
|
|
|
|
|
|
50,964,721 |
|
|
Financials
— 27.7% |
|
|
|
|
|
|
|
|
|
Allstate
Corp. |
|
|
45,460 |
|
|
|
9,053,359 |
|
|
American
International Group, Inc. |
|
|
287,544 |
|
|
|
23,848,899 |
|
|
Aon
PLC - Class A |
|
|
20,383 |
|
|
|
8,339,093 |
|
|
Bank
of America Corp. |
|
|
652,800 |
|
|
|
30,094,080 |
|
|
Chubb
Ltd. |
|
|
78,351 |
|
|
|
22,367,644 |
|
|
Citigroup,
Inc. |
|
|
212,845 |
|
|
|
17,016,958 |
|
|
Corpay,
Inc. (b) |
|
|
85,669 |
|
|
|
31,444,806 |
|
|
Discover
Financial Services |
|
|
62,930 |
|
|
|
12,283,307 |
|
|
Fidelity
National Information Services, Inc. |
|
|
109,696 |
|
|
|
7,801,580 |
|
|
First
American Financial Corp. |
|
|
163,667 |
|
|
|
10,751,285 |
|
|
Global
Payments, Inc. (a) |
|
|
99,427 |
|
|
|
10,467,675 |
|
|
Goldman
Sachs Group, Inc. |
|
|
35,625 |
|
|
|
22,169,081 |
|
|
JPMorgan
Chase & Co. |
|
|
135,117 |
|
|
|
35,758,714 |
|
|
Loews
Corp. |
|
|
196,933 |
|
|
|
17,068,183 |
|
|
LPL
Financial Holdings, Inc. |
|
|
42,615 |
|
|
|
15,841,700 |
|
|
Markel
Group, Inc. (b) |
|
|
11,209 |
|
|
|
21,671,929 |
|
|
Renaissance
Holdings Ltd. |
|
|
64,978 |
|
|
|
15,440,072 |
|
|
Shift4
Payments, Inc. - Class A (a)(b) |
|
|
90,068 |
|
|
|
8,894,215 |
|
|
Travelers
Cos., Inc. |
|
|
51,210 |
|
|
|
13,237,273 |
|
|
Visa,
Inc. - Class A |
|
|
68,202 |
|
|
|
24,737,547 |
|
|
Wells
Fargo & Co. |
|
|
207,986 |
|
|
|
16,289,464 |
|
|
Financials
— (continued) |
|
|
|
|
|
|
|
|
|
White
Mountains Insurance Group Ltd. |
|
|
7,874 |
|
|
|
14,562,963 |
|
| |
|
|
|
|
|
|
389,139,827 |
|
|
Health
Care — 18.1% |
|
|
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
137,015 |
|
|
|
28,640,245 |
|
|
Amgen,
Inc. |
|
|
52,194 |
|
|
|
16,078,884 |
|
|
Bristol-Myers
Squibb Co. |
|
|
500,846 |
|
|
|
29,860,438 |
|
|
Cencora,
Inc. |
|
|
58,782 |
|
|
|
14,903,588 |
|
|
Centene
Corp. (b) |
|
|
192,847 |
|
|
|
11,215,981 |
|
|
Cigna
Group |
|
|
34,598 |
|
|
|
10,685,592 |
|
|
Elevance
Health, Inc. |
|
|
22,285 |
|
|
|
8,844,471 |
|
|
Johnson
& Johnson |
|
|
168,986 |
|
|
|
27,886,070 |
|
|
McKesson
Corp. |
|
|
23,245 |
|
|
|
14,882,844 |
|
|
Medtronic
PLC |
|
|
293,092 |
|
|
|
26,970,326 |
|
|
Merck
& Co., Inc. |
|
|
102,501 |
|
|
|
9,455,717 |
|
|
Sanofi
SA - ADR |
|
|
534,651 |
|
|
|
29,122,440 |
|
|
UnitedHealth
Group, Inc. |
|
|
34,232 |
|
|
|
16,258,831 |
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
90,449 |
|
|
|
9,435,640 |
|
| |
|
|
|
|
|
|
254,241,067 |
|
|
Industrials
— 14.2% |
|
|
|
|
|
|
|
|
|
Acuity
Brands, Inc. |
|
|
40,594 |
|
|
|
12,061,695 |
|
|
Allegion
PLC |
|
|
100,829 |
|
|
|
12,977,701 |
|
|
Allison
Transmission Holdings, Inc. |
|
|
126,163 |
|
|
|
12,837,085 |
|
|
AMETEK,
Inc. |
|
|
41,998 |
|
|
|
7,950,221 |
|
|
Beacon
Roofing Supply, Inc. (b) |
|
|
126,445 |
|
|
|
14,594,282 |
|
|
Curtiss-Wright
Corp. |
|
|
15,254 |
|
|
|
4,906,602 |
|
|
EnerSys
|
|
|
33,537 |
|
|
|
3,403,670 |
|
|
Equifax,
Inc. |
|
|
27,988 |
|
|
|
6,862,658 |
|
|
Expeditors
International of Washington, Inc. (a) |
|
|
99,580 |
|
|
|
11,686,709 |
|
|
Huron
Consulting Group, Inc. (b) |
|
|
74,424 |
|
|
|
11,346,683 |
|
|
Landstar
System, Inc. |
|
|
51,288 |
|
|
|
8,144,534 |
|
|
Masco
Corp. |
|
|
83,317 |
|
|
|
6,263,772 |
|
|
Middleby
Corp. (b) |
|
|
55,025 |
|
|
|
9,101,685 |
|
|
Resideo
Technologies, Inc. (b) |
|
|
320,489 |
|
|
|
6,156,594 |
|
|
Robert
Half, Inc. (a) |
|
|
105,756 |
|
|
|
6,249,122 |
|
|
Science
Applications International Corp. |
|
|
98,174 |
|
|
|
9,698,610 |
|
|
Sensata
Technologies Holding PLC |
|
|
216,353 |
|
|
|
6,241,784 |
|
|
SS&C
Technologies Holdings, Inc. |
|
|
246,079 |
|
|
|
21,913,335 |
|
|
Textron,
Inc. |
|
|
98,900 |
|
|
|
7,390,797 |
|
|
Uber
Technologies, Inc. (b) |
|
|
113,544 |
|
|
|
8,630,479 |
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
58,475 |
|
|
|
10,838,926 |
|
| |
|
|
|
|
|
|
199,256,944 |
|
|
Information
Technology — 15.7% |
|
|
|
|
|
|
|
|
|
Analog
Devices, Inc. |
|
|
66,865 |
|
|
|
15,382,962 |
|
|
Applied
Materials, Inc. |
|
|
41,023 |
|
|
|
6,484,506 |
|
|
Arrow
Electronics, Inc. (b) |
|
|
121,389 |
|
|
|
13,118,509 |
|
|
CDW
Corp. |
|
|
30,940 |
|
|
|
5,513,508 |
|
|
Check
Point Software Technologies Ltd. (b) |
|
|
137,605 |
|
|
|
30,308,877 |
|
|
Cisco
Systems, Inc. |
|
|
298,876 |
|
|
|
19,160,940 |
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
210,669 |
|
|
|
17,555,048 |
|
|
Flex
Ltd. (b) |
|
|
377,504 |
|
|
|
14,303,627 |
|
|
Gen
Digital, Inc. |
|
|
121,672 |
|
|
|
3,325,296 |
|
|
Hewlett
Packard Enterprise Co. |
|
|
213,283 |
|
|
|
4,225,136 |
|
|
Jabil,
Inc. |
|
|
75,588 |
|
|
|
11,710,093 |
|
|
KLA
Corp. |
|
|
11,873 |
|
|
|
8,416,057 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 1 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS ALL-CAP VALUE FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Information
Technology — (continued) |
|
|
|
|
|
|
|
|
|
Lam
Research Corp. |
|
|
90,609 |
|
|
$ |
6,953,335 |
|
|
Microchip
Technology, Inc. |
|
|
115,536 |
|
|
|
6,800,449 |
|
|
Micron
Technology, Inc. |
|
|
71,987 |
|
|
|
6,740,143 |
|
|
Nice
Ltd. - ADR (a)(b) |
|
|
48,506 |
|
|
|
6,751,065 |
|
|
Oracle
Corp. |
|
|
190,123 |
|
|
|
31,571,825 |
|
|
QUALCOMM,
Inc. |
|
|
39,447 |
|
|
|
6,199,885 |
|
|
TE
Connectivity PLC |
|
|
34,873 |
|
|
|
5,371,488 |
|
| |
|
|
|
|
|
|
219,892,749 |
|
|
Materials
— 2.7% |
|
|
|
|
|
|
|
|
|
Corteva,
Inc. |
|
|
132,388 |
|
|
|
8,337,796 |
|
|
CRH
PLC |
|
|
290,346 |
|
|
|
29,766,272 |
|
| |
|
|
|
|
|
|
38,104,068 |
|
|
TOTAL
COMMON STOCKS (Cost $771,896,061) |
|
|
|
|
|
|
1,369,546,336 |
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 3.2% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 3.2% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
44,298,159 |
|
|
|
44,298,159 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $44,298,159) |
|
|
|
|
|
|
44,298,159 |
|
|
TOTAL
INVESTMENTS — 100.7% (Cost $816,194,220) |
|
|
|
|
|
|
1,413,844,495 |
|
|
Liabilities
in Excess of Other Assets — (0.7)% |
|
|
|
|
|
|
(9,977,158 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,403,867,337 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
(a) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $43,498,565 which represented 3.1% of net
assets. |
|
(b) |
Non-income producing security.
|
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 2 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS ALL-CAP VALUE FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
1,369,546,336 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,369,546,336 |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
44,298,159 |
|
|
Total
Investments |
|
$ |
1,369,546,336 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,413,844,495 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
|
(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 amount of $44,298,159 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.
|
Financial
Statements 2025 | 3 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 56.9% |
|
|
|
|
|
Austria
— 1.0% |
|
|
|
|
|
|
|
|
|
Erste
Group Bank AG |
|
|
9,025 |
|
|
$ |
606,214 |
|
| |
|
|
|
|
|
|
|
|
|
Brazil
— 5.0% |
|
|
|
|
|
|
|
|
|
Embraer
SA (a) |
|
|
22,500 |
|
|
|
267,241 |
|
|
Itau
Unibanco Holding SA - ADR (b) |
|
|
79,332 |
|
|
|
435,533 |
|
|
JBS
S/A |
|
|
17,700 |
|
|
|
92,684 |
|
|
Localiza
Rent a Car SA |
|
|
94,000 |
|
|
|
448,953 |
|
|
Rede
D’Or Sao Luiz SA (c) |
|
|
84,400 |
|
|
|
388,624 |
|
|
Suzano
SA |
|
|
99,900 |
|
|
|
956,301 |
|
|
TIM
SA |
|
|
171,000 |
|
|
|
470,220 |
|
| |
|
|
|
|
|
|
3,059,556 |
|
|
Chile
— 1.9% |
|
|
|
|
|
|
|
|
|
Cencosud
SA |
|
|
43,245 |
|
|
|
113,979 |
|
|
Sociedad
Quimica y Minera de Chile SA - ADR (b) |
|
|
26,416 |
|
|
|
1,013,582 |
|
| |
|
|
|
|
|
|
1,127,561 |
|
|
China
— 13.4% |
|
|
|
|
|
|
|
|
|
Angel
Yeast Co. Ltd. - Class A (b) |
|
|
85,100 |
|
|
|
420,848 |
|
|
China
Jushi Co. Ltd. - Class A (b) |
|
|
247,400 |
|
|
|
387,781 |
|
|
Contemporary
Amperex Technology Co. Ltd. - Class A (b) |
|
|
24,700 |
|
|
|
901,063 |
|
|
Ginlong
Technologies Co. Ltd. - Class A (b) |
|
|
9,000 |
|
|
|
63,865 |
|
|
Hangzhou
Chang Chuan Technology Co. Ltd. - Class A (b) |
|
|
21,900 |
|
|
|
133,658 |
|
|
Hangzhou
GreatStar Industrial Co. Ltd. - Class A (b) |
|
|
249,900 |
|
|
|
1,063,348 |
|
|
Hongfa
Technology Co. Ltd. - Class A (b) |
|
|
27,100 |
|
|
|
125,591 |
|
|
Hoymiles
Power Electronics, Inc. - Class A (b) |
|
|
4,749 |
|
|
|
69,816 |
|
|
JD.com,
Inc. - ADR (b) |
|
|
26,873 |
|
|
|
1,125,979 |
|
|
Ningbo
Deye Technology Co. Ltd. - Class A (b) |
|
|
5,500 |
|
|
|
69,992 |
|
|
Qinghai
Salt Lake Industry Co. Ltd. - Class A (a)(b) |
|
|
336,900 |
|
|
|
765,607 |
|
|
Quectel
Wireless Solutions Co. Ltd. - Class A (b) |
|
|
13,100 |
|
|
|
147,667 |
|
|
Shenzhen
Topband Co. Ltd. - Class A (b) |
|
|
318,600 |
|
|
|
721,011 |
|
|
Sunwoda
Electronic Co. Ltd. - Class A (b) |
|
|
40,700 |
|
|
|
136,640 |
|
|
WuXi
AppTec Co. Ltd. - Class A (b) |
|
|
53,600 |
|
|
|
452,376 |
|
|
Wuxi
NCE Power Co. Ltd. - Class A |
|
|
19,000 |
|
|
|
88,043 |
|
|
Yunnan
Yuntianhua Co. Ltd. - Class A (b) |
|
|
250,500 |
|
|
|
720,907 |
|
|
Zhejiang
Jingxin Pharmaceutical Co. Ltd. - Class A (b) |
|
|
101,600 |
|
|
|
180,307 |
|
|
Zhejiang
NHU Co. Ltd. - Class A (b) |
|
|
201,200 |
|
|
|
585,408 |
|
| |
|
|
|
|
|
|
8,159,907 |
|
|
Cyprus
— 0.0%(d) |
|
|
|
|
|
|
|
|
|
Fix
Price Group PLC - GDR (a)(e) |
|
|
21,704 |
|
|
|
0 |
|
| |
|
|
|
|
|
|
|
|
|
Greece
— 1.1% |
|
|
|
|
|
|
|
|
|
Hellenic
Telecommunications Organization SA |
|
|
9,366 |
|
|
|
146,140 |
|
|
OPAP
SA |
|
|
28,590 |
|
|
|
508,178 |
|
| |
|
|
|
|
|
|
654,318 |
|
|
Hungary
— 0.1% |
|
|
|
|
|
|
|
|
|
Richter
Gedeon Nyrt |
|
|
1,922 |
|
|
|
53,339 |
|
| |
|
|
|
|
|
|
|
|
|
India
— 3.6% |
|
|
|
|
|
|
|
|
|
Chambal
Fertilisers and Chemicals Ltd. |
|
|
28,541 |
|
|
|
175,073 |
|
|
UPL
Ltd. |
|
|
107,872 |
|
|
|
783,142 |
|
|
UPL
Ltd. (a) |
|
|
10,899 |
|
|
|
32,783 |
|
|
Wipro
Ltd. (b) |
|
|
136,858 |
|
|
|
437,073 |
|
|
Wipro
Ltd. - ADR |
|
|
224,937 |
|
|
|
735,544 |
|
| |
|
|
|
|
|
|
2,163,615 |
|
|
Israel
— 0.3% |
|
|
|
|
|
|
|
|
|
ICL
Group Ltd. (b) |
|
|
30,145 |
|
|
|
181,774 |
|
| |
|
|
|
|
|
|
|
|
|
Malaysia
— 0.9% |
|
|
|
|
|
|
|
|
|
AMMB
Holdings Bhd |
|
|
362,000 |
|
|
|
467,711 |
|
|
CIMB
Group Holdings Bhd |
|
|
31,700 |
|
|
|
55,676 |
|
| |
|
|
|
|
|
|
523,387 |
|
|
Mexico
— 6.4% |
|
|
|
|
|
|
|
|
|
America
Movil SAB de CV (a) |
|
|
517,200 |
|
|
|
367,631 |
|
|
Arca
Continental SAB de CV |
|
|
57,900 |
|
|
|
598,803 |
|
|
Cemex
SAB de CV - ADR (b) |
|
|
70,883 |
|
|
|
439,475 |
|
|
Coca-Cola
Femsa SAB de CV - ADR |
|
|
2,490 |
|
|
|
221,959 |
|
|
Fibra
Uno Administracion SAB de CV |
|
|
81,600 |
|
|
|
88,889 |
|
|
Genomma
Lab Internacional SAB de CV - Class B |
|
|
94,600 |
|
|
|
118,653 |
|
|
Gruma
SAB de CV - Class B |
|
|
5,505 |
|
|
|
94,911 |
|
|
Grupo
Comercial Chedraui SAB de CV |
|
|
10,100 |
|
|
|
57,964 |
|
|
Grupo
Financiero Banorte SAB de CV |
|
|
128,200 |
|
|
|
906,394 |
|
|
Kimberly-Clark
de Mexico SAB de CV - Class A |
|
|
246,700 |
|
|
|
370,638 |
|
|
Prologis
Property Mexico SAB de CV |
|
|
42,900 |
|
|
|
135,625 |
|
|
Vista
Energy SAB de CV - ADR (a)(b) |
|
|
9,184 |
|
|
|
466,364 |
|
| |
|
|
|
|
|
|
3,867,306 |
|
|
Netherlands
— 0.1% |
|
|
|
|
|
|
|
|
|
NEPI
Rockcastle NV |
|
|
10,567 |
|
|
|
75,963 |
|
| |
|
|
|
|
|
|
|
|
|
Portugal
— 1.2% |
|
|
|
|
|
|
|
|
|
Jeronimo
Martins SGPS SA |
|
|
34,164 |
|
|
|
735,739 |
|
| |
|
|
|
|
|
|
|
|
|
Saudi
Arabia — 4.8% |
|
|
|
|
|
|
|
|
|
Al
Rajhi Bank |
|
|
46,122 |
|
|
|
1,227,540 |
|
|
Jarir
Marketing Co. |
|
|
52,206 |
|
|
|
176,065 |
|
|
Riyad
Bank |
|
|
177,120 |
|
|
|
1,391,974 |
|
|
SABIC
Agri-Nutrients Co. |
|
|
4,008 |
|
|
|
115,655 |
|
| |
|
|
|
|
|
|
2,911,234 |
|
|
South
Africa — 0.9% |
|
|
|
|
|
|
|
|
|
Life
Healthcare Group Holdings Ltd. |
|
|
78,819 |
|
|
|
62,221 |
|
|
Vodacom
Group Ltd. |
|
|
78,822 |
|
|
|
498,039 |
|
| |
|
|
|
|
|
|
560,260 |
|
|
South
Korea — 3.9% |
|
|
|
|
|
|
|
|
|
Hankook
Tire & Technology Co., Ltd. (a) |
|
|
6,577 |
|
|
|
170,599 |
|
|
Hanwha
Solutions Corp. |
|
|
12,040 |
|
|
|
178,468 |
|
|
Hyundai
Rotem Co. Ltd. (a) |
|
|
13,074 |
|
|
|
701,122 |
|
|
Kakao
Games Corp. (a) |
|
|
13,179 |
|
|
|
144,415 |
|
|
KEPCO
Plant Service & Engineering Co. Ltd. (a) |
|
|
1,755 |
|
|
|
50,450 |
|
|
KT
Corp. - ADR (b) |
|
|
18,017 |
|
|
|
309,172 |
|
|
Samsung
Electronics Co., Ltd. |
|
|
6,675 |
|
|
|
249,781 |
|
|
Samsung
Fire & Marine Insurance Co. Ltd. |
|
|
1,865 |
|
|
|
488,314 |
|
|
Shinhan
Financial Group Co. Ltd. - ADR (b) |
|
|
3,470 |
|
|
|
110,866 |
|
| |
|
|
|
|
|
|
2,403,187 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 4 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Taiwan
— 3.0% |
|
|
|
|
|
|
|
|
|
Eva
Airways Corp. |
|
|
193,000 |
|
|
$ |
250,564 |
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
5,599 |
|
|
|
1,010,788 |
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. (b) |
|
|
18,000 |
|
|
|
549,018 |
|
| |
|
|
|
|
|
|
1,810,370 |
|
|
Thailand
— 3.3% |
|
|
|
|
|
|
|
|
|
Com7
PCL - NVDR |
|
|
159,200 |
|
|
|
102,472 |
|
|
CP
ALL PCL - NVDR |
|
|
190,300 |
|
|
|
300,932 |
|
|
Indorama
Ventures PCL - NVDR |
|
|
698,600 |
|
|
|
392,595 |
|
|
Kasikornbank
PCL - NVDR |
|
|
44,400 |
|
|
|
197,251 |
|
|
Krung
Thai Bank PCL - NVDR |
|
|
1,342,200 |
|
|
|
884,947 |
|
|
Thai
Beverage PCL |
|
|
325,900 |
|
|
|
124,339 |
|
| |
|
|
|
|
|
|
2,002,536 |
|
|
United
Arab Emirates — 4.4% |
|
|
|
|
|
|
|
|
|
Abu
Dhabi Commercial Bank PJSC |
|
|
139,549 |
|
|
|
434,672 |
|
|
Abu
Dhabi Islamic Bank PJSC |
|
|
216,040 |
|
|
|
999,981 |
|
|
Emaar
Properties PJSC |
|
|
341,425 |
|
|
|
1,261,187 |
|
| |
|
|
|
|
|
|
2,695,840 |
|
|
United
Kingdom — 0.6% |
|
|
|
|
|
|
|
|
|
Hikma
Pharmaceuticals PLC |
|
|
13,515 |
|
|
|
368,517 |
|
| |
|
|
|
|
|
|
|
|
|
United
States — 1.0% |
|
|
|
|
|
|
|
|
|
Mosaic
Co. (b) |
|
|
25,518 |
|
|
|
610,391 |
|
|
TOTAL
COMMON STOCKS (Cost $32,832,072) |
|
|
|
|
|
|
34,571,014 |
|
| |
|
|
|
|
|
|
|
|
|
PREFERRED
STOCKS — 1.3% |
|
|
|
|
|
|
|
|
|
South
Korea — 1.3% |
|
|
|
|
|
|
|
|
|
Samsung
Electronics Co., Ltd. |
|
|
25,087 |
|
|
|
770,892 |
|
|
TOTAL
PREFERRED STOCKS (Cost $810,400) |
|
|
|
|
|
|
770,892 |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 13.9% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 13.9% |
|
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.22% (b)(f) |
|
|
2,115,395 |
|
|
|
2,115,395 |
|
|
Federated
Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.17% (b)(f) |
|
|
2,115,396 |
|
|
|
2,115,396 |
|
|
Fidelity
Treasury Portfolio - Class Institutional, 4.23% (b)(f) |
|
|
2,115,395 |
|
|
|
2,115,395 |
|
|
Goldman
Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.22% (b)(f) |
|
|
2,115,396 |
|
|
|
2,115,396 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $8,461,582) |
|
|
|
|
|
|
8,461,582 |
|
|
TOTAL
INVESTMENTS — 72.1% (Cost $42,104,054) |
|
|
|
|
|
|
43,803,488 |
|
|
Other
Assets in Excess of Liabilities — 27.9% |
|
|
|
|
|
|
16,974,537 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
60,778,025 |
|
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
|
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of security
has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of February 28, 2025 is
$21,906,186. |
|
(c) |
Security is exempt from
registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $388,624 or 0.6%
of the Fund’s net assets. |
|
(d) |
Represents less than 0.05%
of net assets. |
|
(e) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2025. |
|
(f) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 5 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
SCHEDULE
OF SECURITIES SOLD SHORT |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — (1.0)% |
|
|
|
|
|
Greece
— (0.5)% |
|
|
|
|
|
|
|
|
|
Metlen
Energy & Metals SA |
|
|
(8,829 |
) |
|
$ |
(325,711 |
) |
| |
|
|
|
|
|
|
|
|
|
South
Korea — (0.3)% |
|
|
|
|
|
|
|
|
|
Hyundai
Motor Co. - GDR |
|
|
(3,189 |
) |
|
|
(164,553 |
) |
| |
|
|
|
|
|
|
|
|
|
Taiwan
— (0.2)% |
|
|
|
|
|
|
|
|
|
Hon
Hai Precision Industry Co. Ltd. - GDR |
|
|
(14,065 |
) |
|
|
(146,276 |
) |
|
TOTAL
COMMON STOCKS (Proceeds $691,442) |
|
|
|
|
|
|
(636,540 |
) |
|
TOTAL
SECURITIES SOLD SHORT — (1.0)% (Proceeds $691,442) |
|
|
|
|
|
$ |
(636,540 |
) |
Percentages
are stated as a percent of net assets.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 6 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
Contracts
For Difference held by the Fund at February 28, 2025, are as follows:
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
AAC
Technologies Holdings, Inc. |
Morgan
Stanley |
Receive |
1
mo. HIBOR HKD + 0.55% |
Termination |
|
|
07/30/2027 |
|
HKD |
|
|
2,755,200 |
|
|
$ |
118,377 |
|
|
Alibaba
Group Holding Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
08/02/2027 |
|
HKD |
|
|
3,557,250 |
|
|
|
154,158 |
|
|
Alpek
SAB de CV |
Morgan
Stanley |
Receive |
EFFR
+ 0.55% |
Termination |
|
|
12/02/2025 |
|
|
|
|
|
|
|
43,772 |
|
|
|
(12,654 |
) |
|
Alpek
SAB de CV |
Morgan
Stanley |
Receive |
EFFR
+ 0.55% |
Termination |
|
|
12/02/2025 |
|
|
|
|
|
|
|
255,915 |
|
|
|
(87,277 |
) |
|
BYD
Co. Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
11/18/2027 |
|
HKD |
|
|
4,645,000 |
|
|
|
146,284 |
|
|
Cathay
Pacific Airways Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
01/21/2028 |
|
HKD |
|
|
2,267,460 |
|
|
|
(6,246 |
) |
|
Chervon
Holdings Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
01/19/2027 |
|
HKD |
|
|
2,151,204 |
|
|
|
(17,359 |
) |
|
China
Feihe Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
09/13/2027 |
|
HKD |
|
|
4,293,680 |
|
|
|
35,607 |
|
|
Coca-Cola
Femsa SAB de CV |
Goldman
Sachs |
Receive |
EFFR
+ 0.51% |
Termination |
|
|
08/06/2027 |
|
|
|
|
|
|
|
147,616 |
|
|
|
4,811 |
|
|
Controladora
Vuela Cia de Aviacion SAB de CV |
J.P.
Morgan Securities, Inc. |
Receive |
EFFR
+ 0.63% |
Termination |
|
|
06/07/2027 |
|
|
|
|
|
|
|
240,725 |
|
|
|
(38,618 |
) |
|
Coway
Co. Ltd. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
09/13/2027 |
|
|
|
|
|
|
|
670,192 |
|
|
|
77,481 |
|
|
DBS
Group Holdings Ltd. |
Goldman
Sachs |
Receive |
SORA
+ 0.50% |
Termination |
|
|
12/08/2025 |
|
SGD |
|
|
467,083 |
|
|
|
86,349 |
|
|
DBS
Group Holdings Ltd. |
Morgan
Stanley |
Receive |
SORA
+ 0.55% |
Termination |
|
|
10/22/2027 |
|
SGD |
|
|
1,317,330 |
|
|
|
80,570 |
|
|
Detsky
Mir PJSC |
Goldman
Sachs |
Receive |
EFFR
+ 0.85% |
Monthly |
|
|
09/18/2025 |
|
|
|
|
|
|
|
0 |
|
|
|
(178,548 |
) |
|
Erste
Group Bank AG |
Goldman
Sachs |
Receive |
EONIA
+ 0.45% |
Termination |
|
|
12/20/2027 |
|
EUR |
|
|
783,631 |
|
|
|
70,013 |
|
|
Eva
Airways Corp. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
11/11/2027 |
|
|
|
|
|
|
|
339,413 |
|
|
|
28,274 |
|
|
Geely
Automobile Holdings Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
08/30/2027 |
|
HKD |
|
|
12,839,280 |
|
|
|
590,411 |
|
|
Genius
Electronic Optical Co. Ltd. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
10/28/2027 |
|
|
|
|
|
|
|
145,371 |
|
|
|
(1,257 |
) |
|
Genomma
Lab Internacional SAB de CV |
J.P.
Morgan Securities, Inc. |
Receive |
OBFR
+ 0.60% |
Termination |
|
|
08/06/2027 |
|
|
|
|
|
|
|
143,738 |
|
|
|
32,985 |
|
|
Goldwind
Science & Technology Co. Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
09/09/2027 |
|
HKD |
|
|
902,584 |
|
|
|
2,942 |
|
|
Great
Wall Motor Co. Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
11/18/2027 |
|
HKD |
|
|
747,040 |
|
|
|
(7,156 |
) |
|
Hana
Financial Group, Inc. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
11/15/2027 |
|
|
|
|
|
|
|
412,949 |
|
|
|
(22,517 |
) |
|
HeadHunter
Group PLC |
Morgan
Stanley |
Receive |
EFFR
+ 0.55% |
Monthly |
|
|
09/23/2026 |
|
|
|
|
|
|
|
0 |
|
|
|
(116,107 |
) |
|
Hypera
SA |
J.P.
Morgan Securities, Inc. |
Receive |
OBFR
+ 0.60% |
Termination |
|
|
08/09/2027 |
|
|
|
|
|
|
|
101,278 |
|
|
|
(55,600 |
) |
|
Hyundai
Glovis Co. Ltd. |
Goldman
Sachs |
Receive |
EFFR
+ 0.76% |
Termination |
|
|
07/12/2027 |
|
|
|
|
|
|
|
505,139 |
|
|
|
(279 |
) |
|
Hyundai
Mobis Co. Ltd. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
11/04/2027 |
|
|
|
|
|
|
|
875,167 |
|
|
|
(65,055 |
) |
|
ICL
Group Ltd. |
Goldman
Sachs |
Receive |
TELBOR
+ 0.70% |
Termination |
|
|
08/25/2027 |
|
ILS |
|
|
1,586,348 |
|
|
|
110,163 |
|
|
J&T
Global Express Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
11/18/2027 |
|
HKD |
|
|
6,074,604 |
|
|
|
5,208 |
|
|
JD
Logistics, Inc. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
10/25/2027 |
|
HKD |
|
|
5,318,832 |
|
|
|
(10,999 |
) |
|
Korea
Electric Power Corp. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
11/25/2027 |
|
|
|
|
|
|
|
292,382 |
|
|
|
(33,829 |
) |
|
Korean
Air Lines Co. Ltd. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
07/29/2027 |
|
|
|
|
|
|
|
1,181,952 |
|
|
|
(7,992 |
) |
|
Krafton,
Inc. |
Goldman
Sachs |
Receive |
EFFR
+ 0.76% |
Termination |
|
|
08/02/2027 |
|
|
|
|
|
|
|
50,484 |
|
|
|
(6,183 |
) |
|
KT
Corp. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
08/09/2027 |
|
|
|
|
|
|
|
195,242 |
|
|
|
32,949 |
|
|
KT
Corp. |
Morgan
Stanley |
Receive |
EFFR
+ 0.55% |
Termination |
|
|
09/20/2027 |
|
|
|
|
|
|
|
506,512 |
|
|
|
44,502 |
|
|
Millicom
International Cellular SA |
Goldman
Sachs |
Receive |
STIB1D
INDEX + 0.40% |
Termination |
|
|
08/23/2027 |
|
SEK |
|
|
4,028,155 |
|
|
|
12,365 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 7 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
NAVER
Corp. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
11/01/2027 |
|
|
$ |
|
|
2,188,011 |
|
|
$ |
78,203 |
|
|
Ninebot
Ltd. |
Goldman
Sachs |
Receive |
EFFR
+ -0.50% |
Termination |
|
|
09/20/2027 |
|
|
|
|
|
554,771 |
|
|
|
87,954 |
|
|
Oversea-Chinese
Banking Corp. Ltd. |
Morgan
Stanley |
Receive |
SORA
+ 0.55% |
Termination |
|
|
09/16/2027 |
|
SGD |
|
2,282,046 |
|
|
|
81,112 |
|
|
Pharmaron
Beijing Co. Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
09/23/2027 |
|
HKD |
|
2,277,778 |
|
|
|
99,693 |
|
|
Rede
D’Or Sao Luiz SA |
J.P.
Morgan Securities, Inc. |
Receive |
OBFR
+ 0.60% |
Termination |
|
|
06/14/2027 |
|
|
|
|
|
180,678 |
|
|
|
(20,988 |
) |
|
Samsung
Electronics Co. Ltd. |
Goldman
Sachs |
Receive |
SONIA
+ 0.96% |
Termination |
|
|
03/30/2026 |
|
|
|
|
|
560,433 |
|
|
|
(110,542 |
) |
|
Sberbank
of Russia PJSC |
Goldman
Sachs |
Receive |
EFFR
+ 0.96% |
Monthly |
|
|
09/16/2025 |
|
|
|
|
|
0 |
|
|
|
(1,057 |
) |
|
Silergy
Corp. |
Goldman
Sachs |
Receive |
EFFR
+ 0.76% |
Termination |
|
|
08/02/2027 |
|
|
|
|
|
124,114 |
|
|
|
(24,811 |
) |
|
SK
Telecom Co. Ltd. |
Goldman
Sachs |
Receive |
EFFR
+ 0.76% |
Termination |
|
|
08/02/2027 |
|
|
|
|
|
175,591 |
|
|
|
(13,638 |
) |
|
STO
Express Co. Ltd. |
Goldman
Sachs |
Receive |
EFFR
+ -0.50% |
Termination |
|
|
02/25/2028 |
|
|
|
|
|
486,483 |
|
|
|
12,739 |
|
|
STO
Express Co. Ltd. |
HSBC
Bank |
Receive |
SOFR
+ 0.85% |
Termination |
|
|
07/05/2027 |
|
|
|
|
|
436,745 |
|
|
|
110,184 |
|
|
Sunny
Optical Technology Group Co. Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
07/30/2027 |
|
HKD |
|
2,712,145 |
|
|
|
156,495 |
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. |
Morgan
Stanley |
Receive |
EFFR
+ 0.85% |
Termination |
|
|
10/14/2027 |
|
|
|
|
|
982,552 |
|
|
|
(27,256 |
) |
|
Techtronic
Industries Co. Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
01/19/2027 |
|
HKD |
|
6,883,400 |
|
|
|
169,844 |
|
|
Tencent
Holdings Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
08/23/2027 |
|
HKD |
|
6,556,820 |
|
|
|
118,852 |
|
|
Tingyi
Cayman Islands Holding Corp. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
09/13/2027 |
|
HKD |
|
2,150,800 |
|
|
|
15,567 |
|
|
Tongcheng
Travel Holdings Ltd. |
Morgan
Stanley |
Receive |
HONIA
+ 0.55% |
Termination |
|
|
12/02/2027 |
|
HKD |
|
3,364,768 |
|
|
|
(33,535 |
) |
|
WH
Group Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
07/30/2027 |
|
HKD |
|
8,514,620 |
|
|
|
91,359 |
|
|
WuXi
AppTec Co. Ltd. |
Goldman
Sachs |
Receive |
1
mo. HIBOR HKD + 0.50% |
Termination |
|
|
09/23/2027 |
|
HKD |
|
6,190,205 |
|
|
|
176,449 |
|
|
Total
Long |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,932,397 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 8 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Accton
Technology Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (1.50)% |
Termination |
|
|
03/19/2027 |
|
$ |
|
|
(61,531 |
) |
|
$ |
(12,852 |
) |
|
Adient
PLC |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
08/13/2027 |
|
|
|
|
(180,430 |
) |
|
|
60,931 |
|
|
Adient
PLC |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
08/23/2027 |
|
|
|
|
(312,927 |
) |
|
|
81,100 |
|
|
ADNOC
Logistics & Services |
Goldman
Sachs |
Pay |
EFFR
+ (0.75)% |
Termination |
|
|
12/09/2027 |
|
|
|
|
(353,226 |
) |
|
|
28,414 |
|
|
Airports
of Thailand PCL |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
08/16/2027 |
|
|
|
|
(388,298 |
) |
|
|
119,058 |
|
|
Airtac
International Group |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (2.75)% |
Termination |
|
|
08/09/2027 |
|
|
|
|
(59,124 |
) |
|
|
(13,569 |
) |
|
AKR
Corporindo Tbk PT |
Bank
of America |
Pay |
EFFR
+ (0.03)% |
Termination |
|
|
02/22/2027 |
|
|
|
|
(7,711 |
) |
|
|
1,640 |
|
|
AKR
Corporindo Tbk PT |
Morgan
Stanley |
Pay |
EFFR
+ (4.05)% |
Termination |
|
|
08/12/2027 |
|
|
|
|
(7,591 |
) |
|
|
1,787 |
|
|
Al
Hammadi Co. for Development and Investment |
J.P.
Morgan Securities, Inc. |
Pay |
EFFR
+ (11.00)% |
Termination |
|
|
08/23/2027 |
|
|
|
|
(101,279 |
) |
|
|
(3,713 |
) |
|
Alsea
SAB de CV |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/13/2027 |
|
|
|
|
(446,347 |
) |
|
|
(12,925 |
) |
|
Amorepacific
Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
12/08/2025 |
|
|
|
|
(328,391 |
) |
|
|
86,329 |
|
|
Antofagasta
PLC |
Goldman
Sachs |
Pay |
SONIA
+ (0.40)% |
Termination |
|
|
09/03/2027 |
|
GBP |
(56,859 |
) |
|
|
(4,284 |
) |
|
Arabian
Contracting Services Co. |
J.P.
Morgan Securities, Inc. |
Pay |
EFFR
+ (7.01)% |
Termination |
|
|
11/10/2027 |
|
|
|
|
(201,918 |
) |
|
|
9,580 |
|
|
Asia
Vital Components Co. Ltd. |
HSBC
Bank |
Pay |
SOFR
+ (4.00)% |
Termination |
|
|
03/03/2028 |
|
|
|
|
(98,194 |
) |
|
|
518 |
|
|
Asia
Vital Components Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (3.38)% |
Termination |
|
|
02/11/2028 |
|
|
|
|
(360,046 |
) |
|
|
2,457 |
|
|
ASPEED
Technology, Inc. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (4.83)% |
Termination |
|
|
12/20/2027 |
|
|
|
|
(328,229 |
) |
|
|
15,618 |
|
|
AURAS
Technology Co. Ltd. |
HSBC
Bank |
Pay |
SOFR
+ (19.00)% |
Termination |
|
|
03/03/2028 |
|
|
|
|
(104,990 |
) |
|
|
(3,941 |
) |
|
AURAS
Technology Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (27.38)% |
Termination |
|
|
02/11/2028 |
|
|
|
|
(440,960 |
) |
|
|
(65,088 |
) |
|
Axis
Bank Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (1.13)% |
Termination |
|
|
11/11/2027 |
|
|
|
|
(779,664 |
) |
|
|
100,460 |
|
|
Bangkok
Airways PCL |
Morgan
Stanley |
Pay |
EFFR
+ (12.75)% |
Termination |
|
|
01/28/2028 |
|
|
|
|
(318,140 |
) |
|
|
(16,371 |
) |
|
Bank
Negara Indonesia Persero Tbk PT |
Bank
of America |
Pay |
EFFR
+ (0.04)% |
Termination |
|
|
02/07/2028 |
|
|
|
|
(105,174 |
) |
|
|
6,056 |
|
|
Bank
Negara Indonesia Persero Tbk PT |
Morgan
Stanley |
Pay |
EFFR
+ (4.05)% |
Termination |
|
|
01/31/2028 |
|
|
|
|
(255,217 |
) |
|
|
48,254 |
|
|
Bank
Negara Indonesia Persero Tbk PT |
UBS
AG |
Pay |
OBFR
+ (0.30)% |
Termination |
|
|
02/21/2028 |
|
|
|
|
(159,644 |
) |
|
|
27,978 |
|
|
Bank
Rakyat Indonesia Persero Tbk PT |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
02/21/2028 |
|
|
|
|
(311,601 |
) |
|
|
75,082 |
|
|
Becle
SAB de CV |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ 0.00% |
Termination |
|
|
03/03/2028 |
|
|
|
|
(301,954 |
) |
|
|
0 |
|
|
Bid
Corp. Ltd. |
Morgan
Stanley |
Pay |
South
Africa Rand Overnight Deposit Rate + (1.05)% |
Termination |
|
|
08/06/2027 |
|
ZAR |
(4,034,054 |
) |
|
|
(3,772 |
) |
|
Bora
Pharmaceuticals Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (5.25)% |
Termination |
|
|
07/23/2027 |
|
|
|
|
(54,857 |
) |
|
|
(12,439 |
) |
|
Budweiser
Brewing Co. APAC Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
02/22/2027 |
|
HKD |
(3,784,319 |
) |
|
|
225,958 |
|
|
Budweiser
Brewing Co. APAC Ltd. |
Morgan
Stanley |
Pay |
HONIA
+ (0.55)% |
Termination |
|
|
05/10/2027 |
|
HKD |
(1,258,663 |
) |
|
|
(2,800 |
) |
|
Bumrungrad
Hospital PCL |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (4.00)% |
Termination |
|
|
01/28/2028 |
|
|
|
|
(503,446 |
) |
|
|
(21,163 |
) |
|
Camtek
Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (4.08)% |
Termination |
|
|
04/14/2026 |
|
|
|
|
(387,429 |
) |
|
|
44,966 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 9 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Camtek
Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (4.08)% |
Termination |
|
|
04/14/2026 |
|
$ |
(68,633 |
) |
|
$ |
(14,685 |
) |
|
CGN
Power Co. Ltd. |
Morgan
Stanley |
Pay |
HONIA
+ (0.55)% |
Termination |
|
|
12/09/2027 |
|
HKD |
(1,667,380 |
) |
|
|
22,789 |
|
|
Chenbro
Micom Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (12.00)% |
Termination |
|
|
08/09/2027 |
|
|
(116,282 |
) |
|
|
(22,219 |
) |
|
China
Coal Energy Co. Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
07/28/2026 |
|
HKD |
(1,533,730 |
) |
|
|
(70,888 |
) |
|
China
Motor Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (7.75)% |
Termination |
|
|
09/13/2027 |
|
|
(36,297 |
) |
|
|
(3,126 |
) |
|
China
Shenhua Energy Co. Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
07/28/2026 |
|
HKD |
(2,194,100 |
) |
|
|
(44,767 |
) |
|
Chroma
ATE, Inc. |
Morgan
Stanley |
Pay |
EFFR
+ (2.25)% |
Termination |
|
|
03/06/2028 |
|
|
(362,133 |
) |
|
|
4,634 |
|
|
Compal
Electronics, Inc. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (0.75)% |
Termination |
|
|
11/13/2026 |
|
|
(154,904 |
) |
|
|
(26,063 |
) |
|
Corp.
Inmobiliaria Vesta SAB de CV |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (0.75)% |
Termination |
|
|
08/09/2027 |
|
|
(282,459 |
) |
|
|
22,039 |
|
|
COSCO
SHIPPING Energy Transportation Co. Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (7.00)% |
Termination |
|
|
12/06/2027 |
|
HKD |
(973,500 |
) |
|
|
(6,962 |
) |
|
COSCO
SHIPPING Energy Transportation Co. Ltd. |
HSBC
Bank |
Pay |
1
mo. HIBOR HKD + (0.35)% |
Termination |
|
|
04/02/2027 |
|
HKD |
(2,764,740 |
) |
|
|
68,279 |
|
|
COSCO
SHIPPING Energy Transportation Co. Ltd. |
Morgan
Stanley |
Pay |
HONIA
+ (4.00)% |
Termination |
|
|
09/13/2027 |
|
HKD |
(1,207,140 |
) |
|
|
18,728 |
|
|
Coupang,
Inc. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
01/24/2028 |
|
|
(512,773 |
) |
|
|
(25,487 |
) |
|
CSPC
Innovation Pharmaceutical Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
09/20/2027 |
|
|
(66,137 |
) |
|
|
(27,015 |
) |
|
CSPC
Innovation Pharmaceutical Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (14.16)% |
Termination |
|
|
05/13/2027 |
|
|
(128,896 |
) |
|
|
(17,852 |
) |
|
Delta
Electronics, Inc. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
11/25/2027 |
|
|
(379,794 |
) |
|
|
(12,400 |
) |
|
Dr
Reddy’s Laboratories Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
11/29/2027 |
|
|
(630,207 |
) |
|
|
45,703 |
|
|
E
Ink Holdings, Inc. |
Bank
of America |
Pay |
EFFR
+ (0.02)% |
Termination |
|
|
12/27/2027 |
|
|
(235,093 |
) |
|
|
4,387 |
|
|
E
Ink Holdings, Inc. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (2.50)% |
Termination |
|
|
11/25/2027 |
|
|
(184,716 |
) |
|
|
8,484 |
|
|
EcoPro
BM Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (5.00)% |
Termination |
|
|
05/04/2026 |
|
|
(137,392 |
) |
|
|
170,384 |
|
|
EcoPro
Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (10.00)% |
Termination |
|
|
11/09/2026 |
|
|
(53,360 |
) |
|
|
61,951 |
|
|
Elan
Microelectronics Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (3.50)% |
Termination |
|
|
02/22/2027 |
|
|
(189,577 |
) |
|
|
(22,118 |
) |
|
Elite
Material Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (6.25)% |
Termination |
|
|
02/22/2027 |
|
|
(192,610 |
) |
|
|
(69,593 |
) |
|
Espressif
Systems Shanghai Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (17.00)% |
Termination |
|
|
03/06/2028 |
|
|
(348,771 |
) |
|
|
24,006 |
|
|
Faraday
Technology Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (7.25)% |
Termination |
|
|
12/08/2025 |
|
|
(130,834 |
) |
|
|
(12,012 |
) |
|
Faraday
Technology Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (7.75)% |
Termination |
|
|
12/08/2025 |
|
|
(113,811 |
) |
|
|
4,443 |
|
|
Fortune
Electric Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (13.25)% |
Termination |
|
|
09/13/2027 |
|
|
(134,400 |
) |
|
|
(33,125 |
) |
|
Fositek
Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (12.00)% |
Termination |
|
|
05/06/2027 |
|
|
(213,638 |
) |
|
|
(12,040 |
) |
|
Gamuda
Bhd |
HSBC
Bank |
Pay |
SOFR
+ (7.00)% |
Termination |
|
|
05/06/2027 |
|
|
(179,383 |
) |
|
|
(51,827 |
) |
|
Gigabyte
Technology Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (7.63)% |
Termination |
|
|
03/06/2028 |
|
|
(362,392 |
) |
|
|
203 |
|
|
Global
Unichip Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (10.00)% |
Termination |
|
|
11/13/2026 |
|
|
(163,352 |
) |
|
|
1,447 |
|
|
Global
Unichip Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (7.50)% |
Termination |
|
|
05/10/2027 |
|
|
(40,838 |
) |
|
|
(1,484 |
) |
|
Gold
Circuit Electronics Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (6.38)% |
Termination |
|
|
11/25/2027 |
|
|
(128,549 |
) |
|
|
(19,342 |
) |
|
Grupo
Aeroportuario del Sureste SAB de CV |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
08/23/2027 |
|
|
(192,824 |
) |
|
|
6,977 |
|
|
Guanghui
Energy Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
09/14/2026 |
|
|
(229,315 |
) |
|
|
(67,272 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 10 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Guanghui
Energy Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (18.00)% |
Termination |
|
|
09/11/2026 |
|
$ |
(90,163 |
) |
|
$ |
(12,133 |
) |
|
Hansol
Chemical Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
12/12/2025 |
|
|
(72,204 |
) |
|
|
87,774 |
|
|
Hansol
Chemical Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (1.00)% |
Termination |
|
|
08/07/2026 |
|
|
(31,899 |
) |
|
|
36,809 |
|
|
Hansol
Chemical Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/08/2025 |
|
|
(122,867 |
) |
|
|
153,665 |
|
|
Hanwha
Solutions Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
11/09/2026 |
|
|
(115,179 |
) |
|
|
76,630 |
|
|
Hanwha
Solutions Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
10/20/2026 |
|
|
(61,771 |
) |
|
|
41,844 |
|
|
Hon
Hai Precision Industry Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
11/25/2027 |
|
|
(424,229 |
) |
|
|
48,496 |
|
|
Hyundai
Motor Co. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
04/14/2026 |
|
|
(1,187 |
) |
|
|
110 |
|
|
Hyundai
Motor Co. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/08/2025 |
|
|
(138,790 |
) |
|
|
(9,604 |
) |
|
ICICI
Bank Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
10/28/2027 |
|
|
(748,913 |
) |
|
|
11,120 |
|
|
Indosat
Tbk PT |
UBS
AG |
Pay |
OBFR
+ (0.30)% |
Termination |
|
|
02/14/2028 |
|
|
(147,768 |
) |
|
|
20,154 |
|
|
Indosat
Tbk PT |
UBS
AG |
Pay |
OBFR
+ (0.30)% |
Termination |
|
|
02/21/2028 |
|
|
(153,981 |
) |
|
|
24,182 |
|
|
Inter
& Co., Inc. |
Goldman
Sachs |
Pay |
EFFR
+ (1.40)% |
Termination |
|
|
12/13/2027 |
|
|
(159,305 |
) |
|
|
(44,438 |
) |
|
International
Container Terminal Services, Inc. |
Goldman
Sachs |
Pay |
EFFR
+ (3.00)% |
Termination |
|
|
02/11/2028 |
|
|
(474,161 |
) |
|
|
5,227 |
|
|
iQIYI,
Inc. |
Morgan
Stanley |
Pay |
EFFR
+ (0.26)% |
Termination |
|
|
12/06/2027 |
|
|
(267,170 |
) |
|
|
(16,280 |
) |
|
Jiumaojiu
International Holdings Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (15.25)% |
Termination |
|
|
10/19/2026 |
|
HKD |
(139,120 |
) |
|
|
32,785 |
|
|
Jiumaojiu
International Holdings Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
11/10/2026 |
|
HKD |
(627,520 |
) |
|
|
166,378 |
|
|
Jiumaojiu
International Holdings Ltd. |
Morgan
Stanley |
Pay |
HONIA
+ (18.00)% |
Termination |
|
|
07/30/2027 |
|
HKD |
(1,515,520 |
) |
|
|
(26,965 |
) |
|
JUMBO
SA |
Morgan
Stanley |
Pay |
EONIA
+ (5.25)% |
Termination |
|
|
08/16/2027 |
|
EUR |
(298,655 |
) |
|
|
(45,504 |
) |
|
Kakao
Games Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (9.50)% |
Termination |
|
|
10/19/2026 |
|
|
(172,963 |
) |
|
|
100,009 |
|
|
Kia
Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/08/2025 |
|
|
(103,973 |
) |
|
|
(20,049 |
) |
|
KINIK
CO |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ 0.00% |
Termination |
|
|
03/06/2028 |
|
|
(301,166 |
) |
|
|
1,963 |
|
|
Kum
Yang Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (18.50)% |
Termination |
|
|
11/09/2026 |
|
|
(27,346 |
) |
|
|
75,139 |
|
|
Land
& Houses PCL |
Morgan
Stanley |
Pay |
EFFR
+ (16.13)% |
Termination |
|
|
08/26/2027 |
|
|
(120,678 |
) |
|
|
4,726 |
|
|
Leejam
Sports Co. JSC |
J.P.
Morgan Securities, Inc. |
Pay |
EFFR
+ (5.74)% |
Termination |
|
|
11/10/2027 |
|
|
(130,936 |
) |
|
|
22,547 |
|
|
Leejam
Sports Co. JSC |
Morgan
Stanley |
Pay |
EFFR
+ (4.94)% |
Termination |
|
|
11/12/2026 |
|
|
(82,597 |
) |
|
|
24,181 |
|
|
Leejam
Sports Co. JSC |
Morgan
Stanley |
Pay |
EFFR
+ (4.94)% |
Termination |
|
|
11/12/2026 |
|
|
(394,955 |
) |
|
|
53,374 |
|
|
Legend
Biotech Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
12/07/2026 |
|
|
(72,296 |
) |
|
|
26,170 |
|
|
LG
Energy Solution Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (1.00)% |
Termination |
|
|
10/19/2026 |
|
|
(297,163 |
) |
|
|
143,518 |
|
|
LG
H&H Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
12/08/2025 |
|
|
(162,928 |
) |
|
|
203,241 |
|
|
Lotes
Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (4.00)% |
Termination |
|
|
09/10/2027 |
|
|
(100,876 |
) |
|
|
(11,725 |
) |
|
Lotes
Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (7.75)% |
Termination |
|
|
02/11/2028 |
|
|
(100,876 |
) |
|
|
11,042 |
|
|
Lotus
Pharmaceutical Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (4.25)% |
Termination |
|
|
08/23/2027 |
|
|
(50,194 |
) |
|
|
2,732 |
|
|
Lumi
Rental Co. |
J.P.
Morgan Securities, Inc. |
Pay |
EFFR
+ (3.00)% |
Termination |
|
|
01/26/2028 |
|
|
(142,229 |
) |
|
|
2,517 |
|
|
Lumi
Rental Co. |
Morgan
Stanley |
Pay |
EFFR
+ (8.81)% |
Termination |
|
|
02/02/2028 |
|
|
(65,730 |
) |
|
|
200 |
|
|
MediaTek,
Inc. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (0.60)% |
Termination |
|
|
08/09/2027 |
|
|
(92,343 |
) |
|
|
(17,494 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 11 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Melco
Resorts & Entertainment Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
08/23/2027 |
|
$ |
(47,777 |
) |
|
$ |
1,416 |
|
|
Melco
Resorts & Entertainment Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
04/05/2027 |
|
|
(101,676 |
) |
|
|
21,263 |
|
|
MGI
Tech Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
04/09/2027 |
|
|
(2,800 |
) |
|
|
(1,256 |
) |
|
MGI
Tech Co. Ltd. |
HSBC
Bank |
Pay |
SOFR
+ (8.50)% |
Termination |
|
|
05/10/2027 |
|
|
(4,498 |
) |
|
|
(1,189 |
) |
|
MGI
Tech Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (18.95)% |
Termination |
|
|
04/23/2027 |
|
|
(6,747 |
) |
|
|
(2,832 |
) |
|
MGI
Tech Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (30.00)% |
Termination |
|
|
05/13/2027 |
|
|
(64,288 |
) |
|
|
(25,515 |
) |
|
Middle
East Healthcare Co. |
J.P.
Morgan Securities, Inc. |
Pay |
EFFR
+ (8.00)% |
Termination |
|
|
10/11/2027 |
|
|
(79,744 |
) |
|
|
(3,743 |
) |
|
MISC
Bhd |
HSBC
Bank |
Pay |
SOFR
+ (11.00)% |
Termination |
|
|
12/13/2027 |
|
|
(232,128 |
) |
|
|
926 |
|
|
Mitra
Adiperkasa Tbk PT |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (6.64)% |
Termination |
|
|
04/05/2027 |
|
|
(421,447 |
) |
|
|
15,628 |
|
|
Mitra
Adiperkasa Tbk PT |
Morgan
Stanley |
Pay |
EFFR
+ (4.05)% |
Termination |
|
|
02/23/2027 |
|
|
(86,083 |
) |
|
|
8,015 |
|
|
Mr
Price Group Ltd. |
HSBC
Bank |
Pay |
South
Africa Rand Overnight Deposit Rate + (0.60)% |
Termination |
|
|
02/28/2028 |
|
ZAR |
(5,794,195 |
) |
|
|
(5,034 |
) |
|
Murata
Manufacturing Co. Ltd. |
Morgan
Stanley |
Pay |
TONA
+ (0.45)% |
Termination |
|
|
12/09/2027 |
|
JPY |
(26,780,250 |
) |
|
|
(1,431 |
) |
|
NAURA
Technology Group Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (4.35)% |
Termination |
|
|
02/14/2028 |
|
|
(337,769 |
) |
|
|
(31,566 |
) |
|
NetEase,
Inc. |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
09/13/2027 |
|
|
(181,391 |
) |
|
|
(34,017 |
) |
|
NetEase,
Inc. |
Morgan
Stanley |
Pay |
HONIA
+ (0.55)% |
Termination |
|
|
12/20/2027 |
|
HKD |
(990,720 |
) |
|
|
(7,896 |
) |
|
Nova
Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
10/19/2026 |
|
|
(355,182 |
) |
|
|
(66,311 |
) |
|
Novatek
Microelectronics Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (3.63)% |
Termination |
|
|
08/06/2027 |
|
|
(116,267 |
) |
|
|
(10,686 |
) |
|
NU
Holdings Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (0.25)% |
Termination |
|
|
12/13/2027 |
|
|
(503,261 |
) |
|
|
35,630 |
|
|
Onto
Innovation, Inc. |
UBS
AG |
Pay |
OBFR
+ (0.30)% |
Termination |
|
|
02/28/2028 |
|
|
(471,647 |
) |
|
|
25,104 |
|
|
Ozon
Holdings PLC |
Goldman
Sachs |
Pay |
EFFR
+ (0.25)% |
Monthly |
|
|
09/16/2025 |
|
|
0 |
|
|
|
314,151 |
|
|
Pegatron
Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
11/25/2027 |
|
|
(529,829 |
) |
|
|
2,878 |
|
|
Pegavision
Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (9.42)% |
Termination |
|
|
08/09/2027 |
|
|
(279,406 |
) |
|
|
(5,140 |
) |
|
Pegavision
Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (11.00)% |
Termination |
|
|
09/13/2027 |
|
|
(197,912 |
) |
|
|
10,913 |
|
|
Perfect
World Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (13.35)% |
Termination |
|
|
08/13/2027 |
|
|
(139,220 |
) |
|
|
(42,884 |
) |
|
PharmaEssentia
Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (2.25)% |
Termination |
|
|
11/29/2027 |
|
|
(155,063 |
) |
|
|
(11,942 |
) |
|
Pingdingshan
Tianan Coal Mining Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (17.25)% |
Termination |
|
|
10/16/2026 |
|
|
(54,641 |
) |
|
|
(2,862 |
) |
|
Pingdingshan
Tianan Coal Mining Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (5.95)% |
Termination |
|
|
07/31/2026 |
|
|
(56,965 |
) |
|
|
(11,726 |
) |
|
POSCO
Future M Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.10)% |
Termination |
|
|
11/09/2026 |
|
|
(88,669 |
) |
|
|
82,678 |
|
|
POSCO
Future M Co. Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (3.25)% |
Termination |
|
|
10/19/2026 |
|
|
(55,539 |
) |
|
|
90,265 |
|
|
Quanta
Computer, Inc. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
11/25/2027 |
|
|
(435,154 |
) |
|
|
50,993 |
|
|
Raia
Drogasil SA |
Goldman
Sachs |
Pay |
EFFR
+ (3.64)% |
Termination |
|
|
03/18/2027 |
|
|
(261,091 |
) |
|
|
194,512 |
|
|
Raia
Drogasil SA |
Morgan
Stanley |
Pay |
EFFR
+ (3.88)% |
Termination |
|
|
01/28/2028 |
|
|
(268,163 |
) |
|
|
36,785 |
|
|
Realtek
Semiconductor Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
11/05/2027 |
|
|
(268,190 |
) |
|
|
(26,094 |
) |
|
Remegen
Co. Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (13.25)% |
Termination |
|
|
04/19/2027 |
|
HKD |
(746,170 |
) |
|
|
(34,870 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 12 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Santander
Bank Polska SA |
Goldman
Sachs |
Pay |
EFFR
+ (0.75)% |
Termination |
|
|
09/13/2027 |
|
$ |
(77,604 |
) |
|
$ |
(4,016 |
) |
|
SATS
Ltd. |
UBS
AG |
Pay |
SORA
+ (0.35)% |
Termination |
|
|
03/03/2028 |
|
SGD |
(404,016 |
) |
|
|
5,331 |
|
|
Shanxi
Coking Coal Energy Group Co., Ltd. |
Goldman
Sachs |
Pay |
EFFR
+ (13.25)% |
Termination |
|
|
09/11/2026 |
|
|
(213,020 |
) |
|
|
27,889 |
|
|
Shanxi
Coking Coal Energy Group Co., Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (12.65)% |
Termination |
|
|
09/14/2026 |
|
|
(55,773 |
) |
|
|
6,376 |
|
|
Shenzhen
Inovance Technology Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (4.75)% |
Termination |
|
|
08/30/2027 |
|
|
(31,681 |
) |
|
|
(13,514 |
) |
|
Shenzhen
Inovance Technology Co., Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (9.15)% |
Termination |
|
|
11/10/2026 |
|
|
(151,567 |
) |
|
|
(19,640 |
) |
|
Siam
Cement PCL |
Morgan
Stanley |
Pay |
EFFR
+ (1.55)% |
Termination |
|
|
12/13/2027 |
|
|
(211,552 |
) |
|
|
90,247 |
|
|
Singapore
Technologies Engineering Ltd. |
Morgan
Stanley |
Pay |
SORA
+ (0.55)% |
Termination |
|
|
12/13/2027 |
|
SGD |
(477,703 |
) |
|
|
(63,216 |
) |
|
Sinotruk
Hong Kong Ltd. |
HSBC
Bank |
Pay |
1
mo. HIBOR HKD + (0.35)% |
Termination |
|
|
12/02/2027 |
|
HKD |
(1,269,975 |
) |
|
|
8,336 |
|
|
SONOSCAPE
MEDICAL CORP |
Morgan
Stanley |
Pay |
EFFR
+ (18.93)% |
Termination |
|
|
12/02/2025 |
|
|
(40,950 |
) |
|
|
(1,794 |
) |
|
Sonoscape
Medical Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (20.35)% |
Termination |
|
|
04/09/2027 |
|
|
(22,081 |
) |
|
|
2,097 |
|
|
Sonoscape
Medical Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/02/2025 |
|
|
(326,397 |
) |
|
|
(33,885 |
) |
|
Sonoscape
Medical Corp. - A |
Bank
of America |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
04/12/2027 |
|
|
(93,543 |
) |
|
|
8,325 |
|
|
State
Bank of India |
Morgan
Stanley |
Pay |
EFFR
+ (0.50)% |
Termination |
|
|
10/29/2027 |
|
|
(621,417 |
) |
|
|
36,285 |
|
|
Sumber
Alfaria Trijaya Tbk PT |
HSBC
Bank |
Pay |
SOFR
+ (3.50)% |
Termination |
|
|
03/15/2027 |
|
|
(92,153 |
) |
|
|
33,293 |
|
|
Sumber
Alfaria Trijaya Tbk PT |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (0.50)% |
Termination |
|
|
02/22/2027 |
|
|
(152,288 |
) |
|
|
57,383 |
|
|
Sunway
Bhd |
Morgan
Stanley |
Pay |
EFFR
+ (13.75)% |
Termination |
|
|
02/14/2028 |
|
|
(250,515 |
) |
|
|
(4,810 |
) |
|
Taiwan
Union Technology Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (5.00)% |
Termination |
|
|
12/20/2027 |
|
|
(169,463 |
) |
|
|
11,293 |
|
|
Taiwan
Union Technology Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (4.63)% |
Termination |
|
|
11/25/2027 |
|
|
(380,008 |
) |
|
|
(22,453 |
) |
|
Telkom
Indonesia Persero Tbk PT |
HSBC
Bank |
Pay |
SOFR
+ (3.00)% |
Termination |
|
|
03/03/2028 |
|
|
(142,942 |
) |
|
|
9,896 |
|
|
Tong
Yang Industry Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (3.25)% |
Termination |
|
|
08/09/2027 |
|
|
(88,762 |
) |
|
|
(17,995 |
) |
|
Tsingtao
Brewery Co. Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
04/09/2027 |
|
HKD |
(1,977,900 |
) |
|
|
(6,397 |
) |
|
Unigroup
Guoxin Microelectronics Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
05/10/2027 |
|
|
(113,427 |
) |
|
|
(10,153 |
) |
|
Unigroup
Guoxin Microelectronics Co. Ltd. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (11.00)% |
Termination |
|
|
11/16/2026 |
|
|
(40,630 |
) |
|
|
6,566 |
|
|
Unilever
Indonesia Tbk PT |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (2.25)% |
Termination |
|
|
03/15/2027 |
|
|
(44,598 |
) |
|
|
78,925 |
|
|
Unilever
Indonesia Tbk PT |
Morgan
Stanley |
Pay |
EFFR
+ (4.05)% |
Termination |
|
|
05/17/2027 |
|
|
(14,790 |
) |
|
|
24,610 |
|
|
United
Electronics Co. |
Goldman
Sachs |
Pay |
EFFR
+ (0.75)% |
Termination |
|
|
08/12/2027 |
|
|
(171,984 |
) |
|
|
(19,584 |
) |
|
United
International Transportation Co. |
Goldman
Sachs |
Pay |
EFFR
+ (5.00)% |
Termination |
|
|
11/09/2026 |
|
|
(357,549 |
) |
|
|
11,489 |
|
|
United
International Transportation Co. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
12/17/2026 |
|
|
(137,088 |
) |
|
|
(5,292 |
) |
|
United
Microelectronics Corp. |
Goldman
Sachs |
Pay |
EFFR
+ (5.05)% |
Termination |
|
|
01/24/2028 |
|
|
(264,237 |
) |
|
|
(22,745 |
) |
|
United
Microelectronics Corp. |
Morgan
Stanley |
Pay |
EFFR
+ (4.63)% |
Termination |
|
|
11/25/2027 |
|
|
(311,643 |
) |
|
|
(11,659 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 13 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
Counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Vanguard
International Semiconductor Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (13.25)% |
Termination |
|
|
11/25/2027 |
|
|
$ |
(185,905 |
) |
|
$ |
(20,704 |
) |
|
VK
IPJSC |
Morgan
Stanley |
Pay |
EFFR
+ (6.50)% |
Monthly |
|
|
09/23/2026 |
|
|
|
0 |
|
|
|
140,169 |
|
|
Wal-Mart
de Mexico SAB de CV |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/02/2025 |
|
|
|
(355,748 |
) |
|
|
(6,710 |
) |
|
Wal-Mart
de Mexico SAB de CV |
Morgan
Stanley |
Pay |
EFFR
+ (0.55)% |
Termination |
|
|
12/02/2025 |
|
|
|
(217,121 |
) |
|
|
124,569 |
|
|
Wizz
Air Holdings PLC |
Goldman
Sachs |
Pay |
SONIA
+ (0.40)% |
Termination |
|
|
08/12/2027 |
|
GBP |
(41,299 |
) |
|
|
(11,446 |
) |
|
Woolworths
Holdings Ltd. |
Goldman
Sachs |
Pay |
South
Africa Rand Overnight Deposit Rate + (0.80)% |
Termination |
|
|
08/16/2027 |
|
ZAR |
(10,938,986 |
) |
|
|
5,351 |
|
|
Yadea
Group Holdings Ltd. |
Goldman
Sachs |
Pay |
HONIA
+ (0.50)% |
Termination |
|
|
08/12/2027 |
|
HKD |
(1,707,160 |
) |
|
|
(43,112 |
) |
|
Yageo
Corp. |
J.P.
Morgan Securities, Inc. |
Pay |
OBFR
+ (2.25)% |
Termination |
|
|
11/25/2027 |
|
|
|
(120,747 |
) |
|
|
(6,523 |
) |
|
Yankuang
Energy Group Co. Ltd. |
HSBC
Bank |
Pay |
1
mo. HIBOR HKD + (1.50)% |
Termination |
|
|
04/13/2026 |
|
HKD |
(1,053,000 |
) |
|
|
(15,832 |
) |
|
Yankuang
Energy Group Co. Ltd. |
Morgan
Stanley |
Pay |
HONIA
+ (1.50)% |
Termination |
|
|
12/06/2027 |
|
HKD |
(2,883,600 |
) |
|
|
18,876 |
|
|
Yulon
Motor Co. Ltd. |
Morgan
Stanley |
Pay |
EFFR
+ (4.38)% |
Termination |
|
|
12/10/2025 |
|
|
|
(98,949 |
) |
|
|
5,244 |
|
|
Yum
China Holdings, Inc. |
Morgan
Stanley |
Pay |
EFFR
+ (0.25)% |
Termination |
|
|
02/07/2028 |
|
|
|
(269,285 |
) |
|
|
(19,373 |
) |
|
Zhongji
Innolight Co. Ltd. |
Bank
of America |
Pay |
EFFR
+ (0.90)% |
Termination |
|
|
03/06/2028 |
|
|
|
(221,595 |
) |
|
|
18,672 |
|
|
Zhongji
Innolight Co. Ltd. |
UBS
AG |
Pay |
OBFR
+ (0.30)% |
Termination |
|
|
02/24/2028 |
|
|
|
(160,656 |
) |
|
|
20,897 |
|
|
Total
Short |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,775,216 |
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
4,707,613 |
|
There
are no upfront payments or receipts associated with contracts for difference in the Fund as of February 28, 2025.
Notional
Amount is in USD unless otherwise indicated.
OBFR
- Overnight Bank Funding Rate was 4.33% as of February 28, 2025.
EFFR
- Effective Federal Funds Rate was 4.33% as of February 28, 2025.
EONIA
- European Overnight Index Average was 3.96% as of February 28, 2025.
HIBOR
- Hong Kong Inter-Bank Offered Rate was 3.96% as of February 28, 2025.
HONIA
- Hong Kong Overnight Index Average was 3.96% as of February 28, 2025.
SOFR
- Secured Overnight Financing Rate was 4.39% as of February 28, 2025.
SONIA
- Sterling Overnight Index Average was 3.96% as of February 28, 2025.
SORA
- Singapore Overnight Rate Average was 3.96% as of February 28, 2025.
STIB
- Stockholm Interbank was 3.96% as of February 28, 2025.
TELBOR
- Tel Aviv Interbank Offer Rate was 4.51% as of February 28, 2025.
TONA
- Tokyo Overnight Average Rate was 3.96% as of February 28, 2025.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 14 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
14,500,851 |
|
|
$ |
20,070,163 |
|
|
$ |
— |
(a) |
|
$ |
34,571,014 |
|
|
Preferred
Stocks |
|
|
— |
|
|
|
770,892 |
|
|
|
— |
|
|
|
770,892 |
|
|
Money
Market Funds |
|
|
8,461,582 |
|
|
|
— |
|
|
|
— |
|
|
|
8,461,582 |
|
|
Total
Investments |
|
$ |
22,962,433 |
|
|
$ |
20,841,055 |
|
|
$ |
— |
(a) |
|
$ |
43,803,488 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
for Difference* |
|
|
— |
|
|
|
6,798,030 |
|
|
|
454,320 |
|
|
|
7,252,350 |
|
|
Total
Other Financial Instruments |
|
$ |
— |
|
|
$ |
6,798,030 |
|
|
$ |
454,320 |
|
|
$ |
7,252,350 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
(146,276 |
) |
|
$ |
(490,264 |
) |
|
$ |
— |
|
|
$ |
(636,540 |
) |
|
Total
Investments |
|
$ |
(146,276 |
) |
|
$ |
(490,264 |
) |
|
$ |
— |
|
|
$ |
(636,540 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
for Difference* |
|
|
— |
|
|
|
(2,249,025 |
) |
|
|
(295,712 |
) |
|
|
(2,544,737 |
) |
|
Total
Other Financial Instruments |
|
$ |
— |
|
|
$ |
(2,249,025 |
) |
|
$ |
(295,712 |
) |
|
$ |
(2,544,737 |
) |
|
*
|
The fair value of the Fund’s
investment represents the net unrealized appreciation (depreciation) as of February 28, 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 period as compared to the security classifications from the prior fiscal period’s
report.
|
(a) |
Amount is less than $0.50.
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 15 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL EQUITY FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 98.2% |
|
|
|
|
|
Bermuda
— 3.6% |
|
|
|
|
|
|
|
|
|
Everest
Group Ltd. |
|
|
8,276 |
|
|
$ |
2,923,249 |
|
|
Hiscox
Ltd. |
|
|
190,576 |
|
|
|
2,843,130 |
|
|
RenaissanceRe
Holdings Ltd. |
|
|
12,222 |
|
|
|
2,904,191 |
|
| |
|
|
|
|
|
|
8,670,570 |
|
|
Canada
— 0.3% |
|
|
|
|
|
|
|
|
|
Cenovus
Energy, Inc. |
|
|
58,089 |
|
|
|
803,429 |
|
|
Finland
— 1.4% |
|
|
|
|
|
|
|
|
|
Nordea
Bank Abp |
|
|
261,509 |
|
|
|
3,438,554 |
|
|
France
— 14.1% |
|
|
|
|
|
|
|
|
|
Airbus
Group SE |
|
|
12,454 |
|
|
|
2,158,081 |
|
|
Alten
SA |
|
|
9,822 |
|
|
|
902,850 |
|
|
BNP
Paribas SA |
|
|
55,992 |
|
|
|
4,243,225 |
|
|
Capgemini
SE |
|
|
17,748 |
|
|
|
2,756,024 |
|
|
Cie
de Saint-Gobain SA |
|
|
39,688 |
|
|
|
3,971,709 |
|
|
Cie
Generale des Etablissements Michelin SCA |
|
|
56,059 |
|
|
|
1,992,431 |
|
|
Eiffage
SA |
|
|
24,879 |
|
|
|
2,499,096 |
|
|
Ipsen
SA |
|
|
11,844 |
|
|
|
1,373,699 |
|
|
Rexel
SA |
|
|
131,598 |
|
|
|
3,576,018 |
|
|
Sanofi
SA |
|
|
16,474 |
|
|
|
1,799,913 |
|
|
Sodexo
SA |
|
|
25,345 |
|
|
|
1,946,905 |
|
|
SPIE
SA |
|
|
69,780 |
|
|
|
2,485,790 |
|
|
TotalEnergies
SE |
|
|
47,636 |
|
|
|
2,872,145 |
|
|
Vallourec
SACA (a) |
|
|
83,709 |
|
|
|
1,638,248 |
|
| |
|
|
|
|
|
|
34,216,134 |
|
|
Germany
— 5.7% |
|
|
|
|
|
|
|
|
|
Commerzbank
AG |
|
|
71,787 |
|
|
|
1,543,104 |
|
|
Deutsche
Telekom AG |
|
|
123,250 |
|
|
|
4,447,782 |
|
|
Evonik
Industries AG |
|
|
60,813 |
|
|
|
1,208,469 |
|
|
Rheinmetall
AG |
|
|
3,507 |
|
|
|
3,703,812 |
|
|
Siemens
AG |
|
|
12,987 |
|
|
|
2,979,592 |
|
| |
|
|
|
|
|
|
13,882,759 |
|
|
Greece
— 0.5% |
|
|
|
|
|
|
|
|
|
Hellenic
Telecommunications Organization SA |
|
|
71,949 |
|
|
|
1,122,639 |
|
|
Ireland
— 3.4% |
|
|
|
|
|
|
|
|
|
AIB
Group PLC |
|
|
429,406 |
|
|
|
3,016,423 |
|
|
Kerry
Group PLC - Class A |
|
|
28,891 |
|
|
|
3,037,942 |
|
|
Ryanair
Holdings PLC - ADR (b) |
|
|
46,266 |
|
|
|
2,245,289 |
|
| |
|
|
|
|
|
|
8,299,654 |
|
|
Italy
— 1.5% |
|
|
|
|
|
|
|
|
|
Enel
SpA |
|
|
305,423 |
|
|
|
2,236,632 |
|
|
Italgas
SpA |
|
|
224,339 |
|
|
|
1,436,970 |
|
| |
|
|
|
|
|
|
3,673,602 |
|
|
Japan
— 6.2% |
|
|
|
|
|
|
|
|
|
Asahi
Group Holdings Ltd. |
|
|
138,600 |
|
|
|
1,719,116 |
|
|
Fuji
Electric Co., Ltd. |
|
|
20,700 |
|
|
|
923,067 |
|
|
IHI
Corp. |
|
|
15,700 |
|
|
|
922,543 |
|
|
Kyocera
Corp. |
|
|
86,000 |
|
|
|
956,797 |
|
|
Mitsubishi
Chemical Group Corp. |
|
|
205,900 |
|
|
|
1,045,422 |
|
|
Mitsubishi
UFJ Financial Group, Inc. |
|
|
107,500 |
|
|
|
1,370,478 |
|
|
Renesas
Electronics Corp. |
|
|
108,400 |
|
|
|
1,809,901 |
|
|
Sony
Group Corp. |
|
|
131,000 |
|
|
|
3,277,134 |
|
|
Sugi
Holdings Co., Ltd. |
|
|
66,100 |
|
|
|
1,185,756 |
|
|
Sumitomo
Mitsui Financial Group, Inc. |
|
|
65,800 |
|
|
|
1,675,087 |
|
| |
|
|
|
|
|
|
14,885,301 |
|
|
Netherlands
— 4.1% |
|
|
|
|
|
|
|
|
|
Aalberts
NV |
|
|
37,704 |
|
|
|
1,268,855 |
|
|
Heineken
NV |
|
|
28,727 |
|
|
|
2,426,633 |
|
|
ING
Groep NV |
|
|
211,949 |
|
|
|
3,773,248 |
|
|
Koninklijke
Ahold NV |
|
|
67,433 |
|
|
|
2,376,268 |
|
| |
|
|
|
|
|
|
9,845,004 |
|
|
Singapore
— 1.5% |
|
|
|
|
|
|
|
|
|
United
Overseas Bank Ltd. |
|
|
132,100 |
|
|
|
3,742,217 |
|
|
South
Korea — 2.5% |
|
|
|
|
|
|
|
|
|
Hana
Financial Group, Inc. |
|
|
23,038 |
|
|
|
939,500 |
|
|
KB
Financial Group, Inc. |
|
|
15,915 |
|
|
|
853,822 |
|
|
KT
Corp. |
|
|
74,697 |
|
|
|
2,399,840 |
|
|
Samsung
Fire & Marine Insurance Co. Ltd. |
|
|
7,398 |
|
|
|
1,937,022 |
|
| |
|
|
|
|
|
|
6,130,184 |
|
|
Spain
— 1.9% |
|
|
|
|
|
|
|
|
|
Banco
Bilbao Vizcaya Argentaria SA |
|
|
208,124 |
|
|
|
2,758,914 |
|
|
Bankinter
SA |
|
|
192,030 |
|
|
|
1,852,430 |
|
| |
|
|
|
|
|
|
4,611,344 |
|
|
Sweden
— 1.5% |
|
|
|
|
|
|
|
|
|
Loomis
AB |
|
|
40,107 |
|
|
|
1,547,361 |
|
|
Svenska
Handelsbanken AB - Class A |
|
|
161,004 |
|
|
|
2,022,445 |
|
| |
|
|
|
|
|
|
3,569,806 |
|
|
Switzerland
— 2.1% |
|
|
|
|
|
|
|
|
|
Glencore
PLC |
|
|
490,552 |
|
|
|
1,971,558 |
|
|
Sandoz
Group AG |
|
|
70,917 |
|
|
|
3,113,514 |
|
| |
|
|
|
|
|
|
5,085,072 |
|
|
United
Kingdom — 18.7% |
|
|
|
|
|
|
|
|
|
AstraZeneca
PLC |
|
|
23,847 |
|
|
|
3,607,999 |
|
|
Barratt
Redrow PLC |
|
|
431,202 |
|
|
|
2,332,354 |
|
|
Beazley
PLC |
|
|
267,900 |
|
|
|
2,974,772 |
|
|
Coca-Cola
Europacific Partners PLC |
|
|
40,044 |
|
|
|
3,454,196 |
|
|
Hikma
Pharmaceuticals PLC |
|
|
69,519 |
|
|
|
1,895,591 |
|
|
IMI
PLC |
|
|
128,878 |
|
|
|
3,277,308 |
|
|
Informa
PLC |
|
|
198,335 |
|
|
|
2,157,415 |
|
|
Marks
& Spencer Group PLC |
|
|
553,097 |
|
|
|
2,482,415 |
|
|
Melrose
Industries PLC |
|
|
261,757 |
|
|
|
2,124,831 |
|
|
NatWest
Group PLC |
|
|
725,965 |
|
|
|
4,399,312 |
|
|
Nomad
Foods Ltd. |
|
|
96,617 |
|
|
|
1,826,061 |
|
|
Shell
PLC |
|
|
101,020 |
|
|
|
3,375,603 |
|
|
SSE
PLC |
|
|
126,041 |
|
|
|
2,429,800 |
|
|
Tesco
PLC |
|
|
988,362 |
|
|
|
4,739,197 |
|
|
Weir
Group PLC |
|
|
87,350 |
|
|
|
2,689,774 |
|
|
WH
Smith PLC |
|
|
95,188 |
|
|
|
1,387,744 |
|
| |
|
|
|
|
|
|
45,154,372 |
|
|
United
States — 29.2%(c) |
|
|
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
15,874 |
|
|
|
3,318,142 |
|
|
Amgen,
Inc. |
|
|
9,199 |
|
|
|
2,833,844 |
|
|
Bank
of America Corp. |
|
|
35,138 |
|
|
|
1,619,862 |
|
|
Beacon
Roofing Supply, Inc. (a) |
|
|
16,598 |
|
|
|
1,915,741 |
|
|
Cencora,
Inc. |
|
|
7,175 |
|
|
|
1,819,150 |
|
|
Chubb
Ltd. |
|
|
11,222 |
|
|
|
3,203,657 |
|
|
Cigna
Group |
|
|
3,071 |
|
|
|
948,478 |
|
|
Cisco
Systems, Inc. |
|
|
32,232 |
|
|
|
2,066,394 |
|
|
ConocoPhillips
|
|
|
13,389 |
|
|
|
1,327,519 |
|
|
CRH
PLC |
|
|
67,212 |
|
|
|
6,901,657 |
|
|
Elevance
Health, Inc. |
|
|
1,928 |
|
|
|
765,185 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 16 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL EQUITY FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
United
States — (continued) |
|
|
|
|
|
|
|
|
|
Fidelity
National Information Services, Inc. |
|
|
46,054 |
|
|
$ |
3,275,361 |
|
|
Fifth
Third Bancorp |
|
|
59,991 |
|
|
|
2,607,809 |
|
|
Gap,
Inc. (b) |
|
|
53,713 |
|
|
|
1,214,451 |
|
|
Gen
Digital, Inc. |
|
|
83,559 |
|
|
|
2,283,667 |
|
|
Goldman
Sachs Group, Inc. |
|
|
6,253 |
|
|
|
3,891,179 |
|
|
HCA
Healthcare, Inc. |
|
|
2,916 |
|
|
|
893,171 |
|
|
Huntington
Bancshares, Inc. (b) |
|
|
160,366 |
|
|
|
2,641,228 |
|
|
J
M Smucker Co. |
|
|
16,517 |
|
|
|
1,825,624 |
|
|
Jacobs
Solutions, Inc. |
|
|
6,486 |
|
|
|
830,921 |
|
|
Johnson
& Johnson |
|
|
9,669 |
|
|
|
1,595,578 |
|
|
JPMorgan
Chase & Co. |
|
|
13,056 |
|
|
|
3,455,270 |
|
|
Leidos
Holdings, Inc. |
|
|
5,101 |
|
|
|
662,977 |
|
|
Lennar
Corp. - Class A |
|
|
6,392 |
|
|
|
764,675 |
|
|
Marathon
Petroleum Corp. |
|
|
9,955 |
|
|
|
1,495,042 |
|
|
Schlumberger
Ltd. (b) |
|
|
54,957 |
|
|
|
2,289,509 |
|
|
Southern
Co. |
|
|
26,199 |
|
|
|
2,352,408 |
|
|
Sysco
Corp. |
|
|
34,055 |
|
|
|
2,572,515 |
|
|
TE
Connectivity PLC |
|
|
7,261 |
|
|
|
1,118,412 |
|
|
Textron,
Inc. |
|
|
37,462 |
|
|
|
2,799,535 |
|
|
United
Rentals, Inc. |
|
|
1,153 |
|
|
|
740,595 |
|
|
US
Foods Holding Corp. (a) |
|
|
62,663 |
|
|
|
4,491,684 |
|
| |
|
|
|
|
|
|
70,521,240 |
|
|
TOTAL
COMMON STOCKS (Cost $183,644,993) |
|
|
|
|
|
|
237,651,881 |
|
| |
|
UNITS |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 3.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 3.5% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (d) |
|
|
8,399,971 |
|
|
|
8,399,971 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $8,399,971) |
|
|
|
|
|
|
8,399,971 |
|
|
TOTAL
INVESTMENTS — 101.7% (Cost $192,044,964) |
|
|
|
|
|
|
246,051,852 |
|
|
Liabilities
in Excess of Other Assets — (1.7)% |
|
|
|
|
|
|
(4,181,674 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
241,870,178 |
|
Percentages
are stated as a percent of net assets.
|
ADR |
American Depositary Receipt
|
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $8,306,512 which represented 3.4% of net assets.
|
|
(c) |
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 the country or region. |
|
(d) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 17 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL EQUITY FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
86,330,045 |
|
|
$ |
151,321,836 |
|
|
$ |
— |
|
|
$ |
237,651,881 |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,399,971 |
|
|
Total
Investments |
|
$ |
86,330,045 |
|
|
$ |
151,321,836 |
|
|
$ |
— |
|
|
$ |
246,051,852 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
|
(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 amount of $8,399,971 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.
|
Financial
Statements 2025 | 18 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL SUSTAINABILITY FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 98.8% |
|
|
|
|
|
Bermuda
— 3.1% |
|
|
|
|
|
|
|
|
|
Everest
Group Ltd. |
|
|
319 |
|
|
$ |
112,677 |
|
|
Hiscox
Ltd. |
|
|
5,247 |
|
|
|
78,278 |
|
|
Renaissance
Holdings Ltd. |
|
|
571 |
|
|
|
135,681 |
|
| |
|
|
|
|
|
|
326,636 |
|
|
Finland
— 0.3% |
|
|
|
|
|
|
|
|
|
Nordea
Bank Abp |
|
|
2,134 |
|
|
|
28,060 |
|
|
France
— 12.7% |
|
|
|
|
|
|
|
|
|
Airbus
Group SE |
|
|
1,019 |
|
|
|
176,577 |
|
|
Alten
SA |
|
|
1,523 |
|
|
|
139,996 |
|
|
BNP
Paribas SA |
|
|
2,426 |
|
|
|
183,849 |
|
|
Capgemini
SE |
|
|
470 |
|
|
|
72,985 |
|
|
Cie
de Saint-Gobain SA |
|
|
2,183 |
|
|
|
218,460 |
|
|
Eiffage
SA |
|
|
815 |
|
|
|
81,867 |
|
|
Eurazeo
SE |
|
|
845 |
|
|
|
66,930 |
|
|
Rexel
SA |
|
|
2,965 |
|
|
|
80,570 |
|
|
SPIE
SA |
|
|
6,483 |
|
|
|
230,945 |
|
|
Vallourec
SACA (a) |
|
|
3,643 |
|
|
|
71,296 |
|
| |
|
|
|
|
|
|
1,323,475 |
|
|
Germany
— 8.9% |
|
|
|
|
|
|
|
|
|
Deutsche
Telekom AG |
|
|
7,663 |
|
|
|
276,538 |
|
|
Evonik
Industries AG |
|
|
6,833 |
|
|
|
135,785 |
|
|
Infineon
Technologies AG |
|
|
2,429 |
|
|
|
90,100 |
|
|
Rheinmetall
AG |
|
|
211 |
|
|
|
222,841 |
|
|
Siemens
AG |
|
|
877 |
|
|
|
201,209 |
|
| |
|
|
|
|
|
|
926,473 |
|
|
Greece
— 1.7% |
|
|
|
|
|
|
|
|
|
Hellenic
Telecommunications Organization SA |
|
|
11,710 |
|
|
|
182,714 |
|
|
Ireland
— 1.6% |
|
|
|
|
|
|
|
|
|
AIB
Group PLC |
|
|
23,308 |
|
|
|
163,730 |
|
|
Italy
— 1.7% |
|
|
|
|
|
|
|
|
|
Italgas
SpA |
|
|
7,821 |
|
|
|
50,096 |
|
|
Iveco
Group NV |
|
|
7,818 |
|
|
|
123,335 |
|
| |
|
|
|
|
|
|
173,431 |
|
|
Japan
— 6.8% |
|
|
|
|
|
|
|
|
|
Asahi
Group Holdings Ltd. |
|
|
4,800 |
|
|
|
59,536 |
|
|
Fuji
Electric Co., Ltd. |
|
|
1,400 |
|
|
|
62,430 |
|
|
Hitachi
Ltd. |
|
|
1,900 |
|
|
|
48,291 |
|
|
IHI
Corp. |
|
|
800 |
|
|
|
47,009 |
|
|
Mitsubishi
Heavy Industries Ltd. |
|
|
2,300 |
|
|
|
30,885 |
|
|
Renesas
Electronics Corp. |
|
|
5,000 |
|
|
|
83,482 |
|
|
Sumitomo
Mitsui Financial Group, Inc. |
|
|
9,200 |
|
|
|
234,207 |
|
|
Suzuken
Co. Ltd. |
|
|
4,700 |
|
|
|
149,171 |
|
| |
|
|
|
|
|
|
715,011 |
|
|
Netherlands
— 2.4% |
|
|
|
|
|
|
|
|
|
ING
Groep NV |
|
|
7,064 |
|
|
|
125,758 |
|
|
Koninklijke
Ahold Delhaize NV |
|
|
3,601 |
|
|
|
126,895 |
|
| |
|
|
|
|
|
|
252,653 |
|
|
Singapore
— 0.3% |
|
|
|
|
|
|
|
|
|
United
Overseas Bank Ltd. |
|
|
1,200 |
|
|
|
33,994 |
|
|
South
Korea — 3.9% |
|
|
|
|
|
|
|
|
|
Hana
Financial Group, Inc. |
|
|
1,899 |
|
|
|
77,442 |
|
|
KB
Financial Group, Inc. |
|
|
821 |
|
|
|
44,046 |
|
|
KT
Corp. |
|
|
4,368 |
|
|
|
140,333 |
|
|
NAVER
Corp. |
|
|
497 |
|
|
|
70,611 |
|
|
South
Korea — (continued) |
|
|
|
|
|
|
|
|
|
Samsung
Fire & Marine Insurance Co. Ltd. |
|
|
285 |
|
|
|
74,622 |
|
| |
|
|
|
|
|
|
407,054 |
|
|
Spain
— 0.5% |
|
|
|
|
|
|
|
|
|
Bankinter
SA |
|
|
5,551 |
|
|
|
53,548 |
|
|
Switzerland
— 3.3% |
|
|
|
|
|
|
|
|
|
Novartis
AG |
|
|
1,093 |
|
|
|
118,940 |
|
|
Sandoz
Group AG |
|
|
5,236 |
|
|
|
229,880 |
|
| |
|
|
|
|
|
|
348,820 |
|
|
United
Kingdom — 17.7% |
|
|
|
|
|
|
|
|
|
AstraZeneca
PLC |
|
|
733 |
|
|
|
110,901 |
|
|
BAE
Systems PLC |
|
|
3,152 |
|
|
|
56,362 |
|
|
Barratt
Redrow PLC |
|
|
18,240 |
|
|
|
98,659 |
|
|
Hikma
Pharmaceuticals PLC |
|
|
4,754 |
|
|
|
129,628 |
|
|
IMI
PLC |
|
|
3,103 |
|
|
|
78,908 |
|
|
Informa
PLC |
|
|
16,887 |
|
|
|
183,691 |
|
|
Marex
Group PLC |
|
|
3,091 |
|
|
|
113,254 |
|
|
Marks
& Spencer Group PLC |
|
|
40,659 |
|
|
|
182,486 |
|
|
Melrose
Industries PLC |
|
|
29,104 |
|
|
|
236,254 |
|
|
NatWest
Group PLC |
|
|
24,303 |
|
|
|
147,275 |
|
|
Nomad
Foods Ltd. |
|
|
13,520 |
|
|
|
255,528 |
|
|
Tesco
PLC |
|
|
35,396 |
|
|
|
169,724 |
|
|
Weir
Group PLC |
|
|
2,742 |
|
|
|
84,435 |
|
| |
|
|
|
|
|
|
1,847,105 |
|
|
United
States — 33.9%(b) |
|
|
|
|
|
|
|
|
|
AbbVie,
Inc. |
|
|
711 |
|
|
|
148,620 |
|
|
Alphabet,
Inc. - Class A |
|
|
1,172 |
|
|
|
199,568 |
|
|
American
Express Co. |
|
|
407 |
|
|
|
122,491 |
|
|
Amgen,
Inc. |
|
|
353 |
|
|
|
108,745 |
|
|
Arrow
Electronics, Inc. (a) |
|
|
380 |
|
|
|
41,067 |
|
|
AutoZone,
Inc. (a) |
|
|
42 |
|
|
|
146,706 |
|
|
Bank
of America Corp. |
|
|
2,652 |
|
|
|
122,257 |
|
|
Booking
Holdings, Inc. |
|
|
22 |
|
|
|
110,352 |
|
|
Cars.com,
Inc. (a) |
|
|
2,810 |
|
|
|
37,092 |
|
|
Cencora,
Inc. |
|
|
759 |
|
|
|
192,437 |
|
|
Chubb
Ltd. |
|
|
384 |
|
|
|
109,624 |
|
|
Cigna
Group |
|
|
202 |
|
|
|
62,388 |
|
|
Dell
Technologies, Inc. - Class C |
|
|
924 |
|
|
|
94,950 |
|
|
Delta
Air Lines, Inc. |
|
|
930 |
|
|
|
55,912 |
|
|
Emerson
Electric Co. |
|
|
857 |
|
|
|
104,220 |
|
|
Fidelity
National Information Services, Inc. |
|
|
2,638 |
|
|
|
187,614 |
|
|
Gen
Digital, Inc. |
|
|
1,875 |
|
|
|
51,244 |
|
|
Hewlett
Packard Enterprise Co. |
|
|
2,723 |
|
|
|
53,943 |
|
|
JPMorgan
Chase & Co. |
|
|
1,019 |
|
|
|
269,678 |
|
|
Kenvue,
Inc. |
|
|
6,267 |
|
|
|
147,901 |
|
|
Keysight
Technologies, Inc. (a) |
|
|
815 |
|
|
|
130,017 |
|
|
Masterbrand,
Inc. (a) |
|
|
4,324 |
|
|
|
60,493 |
|
|
McKesson
Corp. |
|
|
256 |
|
|
|
163,907 |
|
|
Morgan
Stanley |
|
|
566 |
|
|
|
75,340 |
|
|
Norfolk
Southern Corp. |
|
|
390 |
|
|
|
95,842 |
|
|
Schlumberger
Ltd. |
|
|
2,985 |
|
|
|
124,355 |
|
|
Starbucks
Corp. |
|
|
139 |
|
|
|
16,098 |
|
|
Sysco
Corp. |
|
|
1,113 |
|
|
|
84,076 |
|
|
TE
Connectivity PLC |
|
|
789 |
|
|
|
121,530 |
|
|
UnitedHealth
Group, Inc. |
|
|
306 |
|
|
|
145,338 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 19 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL SUSTAINABILITY FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
United
States — (continued) |
|
|
|
|
|
|
|
|
|
US
Foods Holding Corp. (a) |
|
|
2,325 |
|
|
$ |
166,656 |
|
| |
|
|
|
|
|
|
3,550,461 |
|
|
TOTAL
COMMON STOCKS (Cost $8,016,594) |
|
|
|
|
|
|
10,333,165 |
|
|
TOTAL
INVESTMENTS — 98.8% (Cost $8,016,594) |
|
|
|
|
|
|
10,333,165 |
|
|
Other
Assets in Excess of Liabilities — 1.2% |
|
|
|
|
|
|
124,062 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
10,457,227 |
|
Percentages
are stated as a percent of net assets.
|
PLC |
Public Limited Company
|
|
(a) |
Non-income producing security.
|
|
(b) |
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 the country or region. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 20 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS GLOBAL SUSTAINABILITY FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
4,372,775 |
|
|
$ |
5,960,390 |
|
|
$ |
— |
|
|
$ |
10,333,165 |
|
|
Total
Investments |
|
$ |
4,372,775 |
|
|
$ |
5,960,390 |
|
|
$ |
— |
|
|
$ |
10,333,165 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 21 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT EQUITY FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 94.6% |
|
|
|
|
|
Communication
Services — 4.7% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A (a) |
|
|
8,140 |
|
|
$ |
1,386,079 |
|
|
Baidu,
Inc. - Class A (b) |
|
|
52,198 |
|
|
|
568,636 |
|
|
DoubleDown
Interactive Co. Ltd. - ADR (b) |
|
|
22,616 |
|
|
|
225,255 |
|
|
EverQuote,
Inc. - Class A (b) |
|
|
10,938 |
|
|
|
294,014 |
|
|
Gravity
Co. Ltd. - ADR (b) |
|
|
6,551 |
|
|
|
372,162 |
|
|
John
Wiley & Sons, Inc. - Class A |
|
|
8,429 |
|
|
|
336,149 |
|
| |
|
|
|
|
|
|
3,182,295 |
|
|
Consumer
Discretionary — 10.1% |
|
|
|
|
|
|
|
|
|
Arcos
Dorados Holdings, Inc. - Class A (a) |
|
|
110,757 |
|
|
|
847,291 |
|
|
Carriage
Services, Inc. (a) |
|
|
16,646 |
|
|
|
667,671 |
|
|
Cavco
Industries, Inc. (b) |
|
|
1,781 |
|
|
|
934,188 |
|
|
Flutter
Entertainment PLC (b) |
|
|
1,459 |
|
|
|
409,381 |
|
|
Frontdoor,
Inc. (b) |
|
|
11,009 |
|
|
|
500,689 |
|
|
General
Motors Co. |
|
|
7,177 |
|
|
|
352,606 |
|
|
Italian
Sea Group SPA |
|
|
34,728 |
|
|
|
281,085 |
|
|
JD.com,
Inc. - Class A |
|
|
25,036 |
|
|
|
523,530 |
|
|
Leon’s
Furniture Ltd. |
|
|
13,966 |
|
|
|
237,376 |
|
|
Monarch
Casino & Resort, Inc. |
|
|
3,203 |
|
|
|
293,331 |
|
|
Perdoceo
Education Corp. (a)(c) |
|
|
16,891 |
|
|
|
432,410 |
|
|
Potbelly
Corp. (a)(b) |
|
|
25,511 |
|
|
|
325,265 |
|
|
Quantasing
Group Ltd. - ADR (a)(c) |
|
|
47,616 |
|
|
|
111,898 |
|
|
Super
Group SGHC Ltd. |
|
|
134,350 |
|
|
|
1,008,968 |
|
| |
|
|
|
|
|
|
6,925,689 |
|
|
Consumer
Staples — 4.5% |
|
|
|
|
|
|
|
|
|
British
American Tobacco PLC - ADR (a)(c) |
|
|
26,928 |
|
|
|
1,048,307 |
|
|
Coca-Cola
Europacific Partners PLC |
|
|
4,688 |
|
|
|
404,387 |
|
|
Ebro
Foods SA |
|
|
22,685 |
|
|
|
385,620 |
|
|
Lifeway
Foods, Inc. (a)(b) |
|
|
21,372 |
|
|
|
452,018 |
|
|
PriceSmart,
Inc. |
|
|
3,702 |
|
|
|
330,922 |
|
|
Turning
Point Brands, Inc. |
|
|
6,664 |
|
|
|
468,479 |
|
| |
|
|
|
|
|
|
3,089,733 |
|
|
Energy
— 3.5% |
|
|
|
|
|
|
|
|
|
Canadian
Natural Resources Ltd. (a) |
|
|
22,630 |
|
|
|
639,750 |
|
|
Coterra
Energy, Inc. |
|
|
10,724 |
|
|
|
289,441 |
|
|
Schlumberger
Ltd. (c) |
|
|
12,634 |
|
|
|
526,332 |
|
|
Solaris
Energy Infrastructure, Inc. (a) |
|
|
19,064 |
|
|
|
651,036 |
|
|
South
Bow Corp. |
|
|
11,631 |
|
|
|
309,733 |
|
| |
|
|
|
|
|
|
2,416,292 |
|
|
Financials
— 21.1% |
|
|
|
|
|
|
|
|
|
Banco
Bilbao Vizcaya Argentaria SA - ADR |
|
|
60,395 |
|
|
|
799,026 |
|
|
Bank
of America Corp. (a) |
|
|
17,769 |
|
|
|
819,151 |
|
|
BGC
Group, Inc. - Class A (a) |
|
|
153,009 |
|
|
|
1,514,789 |
|
|
Citigroup,
Inc. (a) |
|
|
11,885 |
|
|
|
950,206 |
|
|
Crawford
& Co. - Class A (a) |
|
|
19,299 |
|
|
|
236,992 |
|
|
Fairfax
Financial Holdings Ltd. |
|
|
969 |
|
|
|
1,393,694 |
|
|
Fidelis
Insurance Holdings Ltd. (a) |
|
|
19,236 |
|
|
|
282,962 |
|
|
Fidelity
National Information Services, Inc. |
|
|
5,674 |
|
|
|
403,535 |
|
|
Greenlight
Capital Re Ltd. - Class A (a)(b) |
|
|
31,699 |
|
|
|
441,567 |
|
|
Hamilton
Insurance Group Ltd. - Class B (b) |
|
|
29,073 |
|
|
|
568,668 |
|
|
Heritage
Insurance Holdings, Inc. (b) |
|
|
36,811 |
|
|
|
432,529 |
|
|
Intercorp
Financial Services, Inc. |
|
|
12,371 |
|
|
|
396,367 |
|
|
International
General Insurance Holdings Ltd. |
|
|
14,812 |
|
|
|
386,445 |
|
|
Jefferies
Financial Group, Inc. (a) |
|
|
4,660 |
|
|
|
308,492 |
|
|
Jiayin
Group, Inc. - ADR (a) |
|
|
31,436 |
|
|
|
306,815 |
|
|
Financials
— (continued) |
|
|
|
|
|
|
|
|
|
KB
Financial Group, Inc. - ADR |
|
|
12,178 |
|
|
|
661,509 |
|
|
Merchants
Bancorp |
|
|
6,554 |
|
|
|
266,879 |
|
|
Northeast
Bank |
|
|
3,752 |
|
|
|
376,776 |
|
|
Northeast
Community Bancorp, Inc. |
|
|
11,797 |
|
|
|
274,398 |
|
|
Oppenheimer
Holdings, Inc. - Class A |
|
|
6,183 |
|
|
|
408,078 |
|
|
Rithm
Capital Corp. |
|
|
43,636 |
|
|
|
530,177 |
|
|
Shift4
Payments, Inc. - Class A (b)(c) |
|
|
5,561 |
|
|
|
549,149 |
|
|
Stifel
Financial Corp. (a)(c) |
|
|
8,211 |
|
|
|
871,926 |
|
|
Wells
Fargo & Co. (a) |
|
|
10,200 |
|
|
|
798,864 |
|
|
Willis
Towers Watson PLC |
|
|
1,387 |
|
|
|
471,094 |
|
| |
|
|
|
|
|
|
14,450,088 |
|
|
Health
Care — 12.8% |
|
|
|
|
|
|
|
|
|
AstraZeneca
PLC - ADR |
|
|
10,235 |
|
|
|
780,009 |
|
|
Bristol-Myers
Squibb Co. |
|
|
12,440 |
|
|
|
741,673 |
|
|
Catalyst
Pharmaceuticals, Inc. (a)(b) |
|
|
52,327 |
|
|
|
1,197,765 |
|
|
Cigna
Group (a) |
|
|
2,055 |
|
|
|
634,687 |
|
|
HCA
Healthcare, Inc. (a) |
|
|
1,337 |
|
|
|
409,523 |
|
|
Jazz
Pharmaceuticals PLC (b) |
|
|
4,417 |
|
|
|
633,972 |
|
|
Johnson
& Johnson (a) |
|
|
6,003 |
|
|
|
990,615 |
|
|
Lantheus
Holdings, Inc. (b)(c) |
|
|
10,423 |
|
|
|
977,886 |
|
|
Medtronic
PLC (a) |
|
|
8,326 |
|
|
|
766,159 |
|
|
Novartis
AG - ADR (c) |
|
|
5,836 |
|
|
|
636,416 |
|
|
Sandoz
Group AG - ADR |
|
|
12,000 |
|
|
|
525,600 |
|
|
UnitedHealth
Group, Inc. |
|
|
1,012 |
|
|
|
480,659 |
|
| |
|
|
|
|
|
|
8,774,964 |
|
|
Industrials
— 11.1% |
|
|
|
|
|
|
|
|
|
Alaska
Air Group, Inc. (b)(c) |
|
|
7,590 |
|
|
|
548,605 |
|
|
Barrett
Business Services, Inc. (a) |
|
|
25,471 |
|
|
|
1,025,208 |
|
|
Brady
Corp. - Class A |
|
|
3,855 |
|
|
|
279,372 |
|
|
Builders
FirstSource, Inc. (a)(b) |
|
|
2,304 |
|
|
|
320,233 |
|
|
CACI
International, Inc. - Class A (b) |
|
|
821 |
|
|
|
274,912 |
|
|
Euroseas
Ltd. |
|
|
7,881 |
|
|
|
278,987 |
|
|
Everus
Construction Group, Inc. (b) |
|
|
8,011 |
|
|
|
333,258 |
|
|
Galliford
Try Holdings PLC |
|
|
217,708 |
|
|
|
968,342 |
|
|
Lyft,
Inc. - Class A (a)(b) |
|
|
23,334 |
|
|
|
311,276 |
|
|
Nano
Dimension Ltd. - ADR (a)(b) |
|
|
96,913 |
|
|
|
206,425 |
|
|
NEXTracker,
Inc. - Class A (b) |
|
|
4,781 |
|
|
|
210,460 |
|
|
Quanta
Services, Inc. (a) |
|
|
1,132 |
|
|
|
293,901 |
|
|
RCM
Technologies, Inc. (b) |
|
|
12,114 |
|
|
|
226,532 |
|
|
Sterling
Infrastructure, Inc. (a)(b) |
|
|
8,736 |
|
|
|
1,111,307 |
|
|
Uber
Technologies, Inc. (b) |
|
|
6,447 |
|
|
|
490,036 |
|
|
Upwork,
Inc. (b) |
|
|
16,650 |
|
|
|
265,234 |
|
|
ZIM
Integrated Shipping Services Ltd. (c) |
|
|
20,896 |
|
|
|
422,517 |
|
| |
|
|
|
|
|
|
7,566,605 |
|
|
Information
Technology — 18.8% |
|
|
|
|
|
|
|
|
|
Adeia,
Inc. (a) |
|
|
40,024 |
|
|
|
629,177 |
|
|
Check
Point Software Technologies Ltd. (b) |
|
|
3,734 |
|
|
|
822,451 |
|
|
Cognizant
Technology Solutions Corp. - Class A (a) |
|
|
8,725 |
|
|
|
727,054 |
|
|
Dell
Technologies, Inc. - Class C |
|
|
5,441 |
|
|
|
559,117 |
|
|
Hackett
Group, Inc. (a) |
|
|
23,591 |
|
|
|
716,695 |
|
|
InterDigital,
Inc. (c) |
|
|
6,526 |
|
|
|
1,394,215 |
|
|
LiveRamp
Holdings, Inc. (b) |
|
|
12,126 |
|
|
|
362,325 |
|
|
Microchip
Technology, Inc. |
|
|
2,668 |
|
|
|
157,038 |
|
|
Nice
Ltd. - ADR (b)(c) |
|
|
2,991 |
|
|
|
416,287 |
|
|
Open
Text Corp. (a) |
|
|
22,451 |
|
|
|
579,685 |
|
|
Oracle
Corp. (a) |
|
|
2,458 |
|
|
|
408,175 |
|
|
Photronics,
Inc. (a)(b) |
|
|
32,026 |
|
|
|
667,422 |
|
|
QUALCOMM,
Inc. (a) |
|
|
2,135 |
|
|
|
335,558 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 22 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT EQUITY FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Information
Technology — (continued) |
|
Rimini
Street, Inc. (b) |
|
|
41,274 |
|
|
$ |
146,523 |
|
|
RingCentral,
Inc. - Class A (a)(b)(c) |
|
|
32,183 |
|
|
|
915,606 |
|
|
Samsung
Electronics Co., Ltd. |
|
|
15,690 |
|
|
|
587,126 |
|
|
Silicon
Motion Technology Corp. - ADR |
|
|
5,031 |
|
|
|
282,239 |
|
|
TeamViewer
SE (b)(d) |
|
|
92,692 |
|
|
|
1,151,328 |
|
|
Telefonaktiebolaget
LM Ericsson - ADR (c) |
|
|
90,287 |
|
|
|
743,965 |
|
|
Twilio,
Inc. - Class A (b) |
|
|
8,804 |
|
|
|
1,055,864 |
|
|
Zoom
Communications, Inc. - Class A (b) |
|
|
3,065 |
|
|
|
225,891 |
|
| |
|
|
|
|
|
|
12,883,741 |
|
|
Materials
— 3.9% |
|
|
|
|
|
|
|
|
|
Dundee
Precious Metals, Inc. |
|
|
45,287 |
|
|
|
530,892 |
|
|
Ferroglobe
PLC (a) |
|
|
137,868 |
|
|
|
472,887 |
|
|
Glencore
PLC - ADR (a) |
|
|
53,005 |
|
|
|
420,330 |
|
|
Mosaic
Co. |
|
|
17,233 |
|
|
|
412,213 |
|
|
Pan
American Silver Corp. |
|
|
13,174 |
|
|
|
313,936 |
|
|
Taseko
Mines Ltd. (a)(b) |
|
|
127,815 |
|
|
|
265,855 |
|
|
Ternium
SA - ADR (a) |
|
|
9,795 |
|
|
|
282,978 |
|
| |
|
|
|
|
|
|
2,699,091 |
|
|
Real
Estate — 3.5% |
|
|
|
|
|
|
|
|
|
CTO
Realty Growth, Inc. (c) |
|
|
20,767 |
|
|
|
395,404 |
|
|
Newmark
Group, Inc. - Class A (a) |
|
|
81,720 |
|
|
|
1,198,832 |
|
|
Park
Hotels & Resorts, Inc. (c) |
|
|
32,761 |
|
|
|
402,305 |
|
|
Pebblebrook
Hotel Trust (a)(c) |
|
|
32,674 |
|
|
|
403,524 |
|
| |
|
|
|
|
|
|
2,400,065 |
|
|
Utilities
— 0.6% |
|
|
|
|
|
|
|
|
|
NRG
Energy, Inc. |
|
|
4,010 |
|
|
|
423,897 |
|
|
TOTAL
COMMON STOCKS (Cost $46,593,802) |
|
|
|
|
|
|
64,812,460 |
|
| |
|
|
|
|
|
|
|
|
| |
|
UNITS |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 11.3% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 11.3% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (e) |
|
|
7,760,641 |
|
|
|
7,760,641 |
|
| |
|
|
|
|
|
|
|
|
| |
|
SHARES |
|
|
|
|
|
|
Money
Market Funds — 0.0%(f) |
|
|
|
|
|
|
|
|
|
MSILF
Prime Portfolio - Class Institutional, 4.42% (e) |
|
|
819 |
|
|
|
819 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $7,761,460) |
|
|
|
|
|
|
7,761,460 |
|
|
TOTAL
INVESTMENTS — 105.9% (Cost $54,355,262) |
|
|
|
|
|
|
72,573,920 |
|
|
Liabilities
in Excess of Other Assets — (5.9)% |
|
|
|
|
|
|
(4,053,956 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
68,519,964 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
(a) |
All or a portion of security
has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of February 28, 2025 is
$24,191,574. |
|
(b) |
Non-income producing security.
|
|
(c) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $7,637,700 which represented 11.1% of net
assets. |
|
(d) |
Security is exempt from
registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $1,151,328 or 1.7%
of the Fund’s net assets. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(f) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 23 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT EQUITY FUND |
Schedule
of Investments (continued) |
|
SCHEDULE
OF SECURITIES SOLD SHORT |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — (18.2)% |
|
|
|
|
|
Communication
Services — (0.6)% |
|
|
|
|
|
|
|
|
|
Boston
Omaha Corp. - Class A |
|
|
(11,819 |
) |
|
$ |
(168,303 |
) |
|
Clear
Channel Outdoor Holdings, Inc. |
|
|
(187,174 |
) |
|
|
(233,967 |
) |
|
CTC
Communications Group, Inc. (a) |
|
|
(98,900 |
) |
|
|
0 |
|
| |
|
|
|
|
|
|
(402,270 |
) |
|
Consumer
Discretionary — (4.7)% |
|
|
|
|
|
|
|
|
|
Acushnet
Holdings Corp. |
|
|
(3,048 |
) |
|
|
(195,986 |
) |
|
Boot
Barn Holdings, Inc. |
|
|
(1,442 |
) |
|
|
(176,544 |
) |
|
Brunswick
Corp. |
|
|
(5,234 |
) |
|
|
(318,489 |
) |
|
Cava
Group, Inc. |
|
|
(2,115 |
) |
|
|
(200,989 |
) |
|
First
Watch Restaurant Group, Inc. |
|
|
(15,538 |
) |
|
|
(331,270 |
) |
|
Five
Below, Inc. |
|
|
(2,115 |
) |
|
|
(183,772 |
) |
|
Floor
& Decor Holdings, Inc. - Class A |
|
|
(3,694 |
) |
|
|
(356,951 |
) |
|
Goodyear
Tire & Rubber Co. |
|
|
(18,698 |
) |
|
|
(176,696 |
) |
|
Groupon,
Inc. |
|
|
(11,674 |
) |
|
|
(129,815 |
) |
|
Krispy
Kreme, Inc. |
|
|
(24,826 |
) |
|
|
(154,170 |
) |
|
Kura
Sushi USA, Inc. - Class A |
|
|
(2,201 |
) |
|
|
(136,902 |
) |
|
Petco
Health & Wellness Co., Inc. |
|
|
(26,686 |
) |
|
|
(71,785 |
) |
|
Qsound
Labs, Inc. (a) |
|
|
(4,440 |
) |
|
|
(1 |
) |
|
QuantumScape
Corp. |
|
|
(25,367 |
) |
|
|
(118,971 |
) |
|
Rivian
Automotive, Inc. - Class A |
|
|
(15,638 |
) |
|
|
(185,154 |
) |
|
Warby
Parker, Inc. - Class A |
|
|
(18,419 |
) |
|
|
(455,502 |
) |
| |
|
|
|
|
|
|
(3,192,997 |
) |
|
Consumer
Staples — (1.7)% |
|
|
|
|
|
|
|
|
|
Amish
Naturals, Inc. (a) |
|
|
(25,959 |
) |
|
|
0 |
|
|
Brown-Forman
Corp. - Class B |
|
|
(6,612 |
) |
|
|
(218,923 |
) |
|
Hershey
Co. |
|
|
(1,483 |
) |
|
|
(256,129 |
) |
|
Lancaster
Colony Corp. |
|
|
(1,327 |
) |
|
|
(253,663 |
) |
|
Mama’s
Creations, Inc. |
|
|
(33,146 |
) |
|
|
(202,688 |
) |
|
Westrock
Coffee Co. |
|
|
(42,043 |
) |
|
|
(268,234 |
) |
| |
|
|
|
|
|
|
(1,199,637 |
) |
|
Energy
— (0.2)% |
|
|
|
|
|
|
|
|
|
Beard
Co. |
|
|
(9,710 |
) |
|
|
(1 |
) |
|
Calumet,
Inc. |
|
|
(10,910 |
) |
|
|
(156,340 |
) |
| |
|
|
|
|
|
|
(156,341 |
) |
|
Financials
— (1.3)% |
|
|
|
|
|
|
|
|
|
Credit
Acceptance Corp. |
|
|
(609 |
) |
|
|
(299,866 |
) |
|
Nelnet,
Inc. - Class A |
|
|
(2,401 |
) |
|
|
(293,858 |
) |
|
Remitly
Global, Inc. |
|
|
(11,564 |
) |
|
|
(277,536 |
) |
| |
|
|
|
|
|
|
(871,260 |
) |
|
Health
Care — (2.0)% |
|
|
|
|
|
|
|
|
|
AirSculpt
Technologies, Inc. |
|
|
(19,097 |
) |
|
|
(86,605 |
) |
|
BodyTel
Scientific, Inc. (a) |
|
|
(4,840 |
) |
|
|
0 |
|
|
CareView
Communications, Inc. |
|
|
(165,489 |
) |
|
|
(2,985 |
) |
|
Establishment
Labs Holdings, Inc. |
|
|
(5,723 |
) |
|
|
(245,345 |
) |
|
LifeStance
Health Group, Inc. |
|
|
(39,740 |
) |
|
|
(309,575 |
) |
|
Neogen
Corp. |
|
|
(17,863 |
) |
|
|
(179,523 |
) |
|
PROCEPT
BioRobotics Corp. |
|
|
(5,135 |
) |
|
|
(330,386 |
) |
|
Stevanato
Group SpA |
|
|
(12,623 |
) |
|
|
(235,293 |
) |
| |
|
|
|
|
|
|
(1,389,712 |
) |
|
Industrials
— (1.9)% |
|
|
|
|
|
|
|
|
|
Ameresco,
Inc. - Class A |
|
|
(6,035 |
) |
|
|
(71,213 |
) |
|
Applied
Energetics, Inc. |
|
|
(57,652 |
) |
|
|
(44,392 |
) |
|
Corporate
Resource Services, Inc. (a) |
|
|
(218,896 |
) |
|
|
(22 |
) |
|
Driven
Brands Holdings, Inc. |
|
|
(22,467 |
) |
|
|
(393,846 |
) |
|
DynaMotive
Energy Systems Corp. (a) |
|
|
(72,185 |
) |
|
|
(7 |
) |
|
Ener1,
Inc. (a) |
|
|
(102,820 |
) |
|
|
(10 |
) |
|
FTAI
Infrastructure, Inc. |
|
|
(29,310 |
) |
|
|
(171,170 |
) |
|
Industrials
— (continued) |
|
|
|
|
|
|
|
|
|
KULR
Technology Group, Inc. |
|
|
(94,311 |
) |
|
|
(128,263 |
) |
|
Redwire
Corp. |
|
|
(14,513 |
) |
|
|
(202,747 |
) |
|
Richtech
Robotics, Inc. - Class B |
|
|
(63,095 |
) |
|
|
(118,619 |
) |
|
Sky
Harbour Group Corp. |
|
|
(12,626 |
) |
|
|
(139,265 |
) |
|
Valence
Technology, Inc. (a) |
|
|
(27,585 |
) |
|
|
(3 |
) |
| |
|
|
|
|
|
|
(1,269,557 |
) |
|
Information
Technology — (4.7)% |
|
|
|
|
|
|
|
|
|
Alpha
& Omega Semiconductor Ltd. |
|
|
(3,974 |
) |
|
|
(120,333 |
) |
|
Amplitude,
Inc. - Class A |
|
|
(20,115 |
) |
|
|
(253,248 |
) |
|
ANTs
software, Inc. (a) |
|
|
(10,334 |
) |
|
|
(1 |
) |
|
Astera
Labs, Inc. |
|
|
(1,177 |
) |
|
|
(87,510 |
) |
|
Atomera,
Inc. |
|
|
(28,905 |
) |
|
|
(169,672 |
) |
|
Consygen,
Inc. (a) |
|
|
(200 |
) |
|
|
0 |
|
|
D-Wave
Quantum, Inc. |
|
|
(27,648 |
) |
|
|
(151,511 |
) |
|
Entegris,
Inc. |
|
|
(2,610 |
) |
|
|
(264,184 |
) |
|
Evolv
Technologies Holdings, Inc. |
|
|
(56,538 |
) |
|
|
(200,145 |
) |
|
Interliant,
Inc. (a) |
|
|
(600 |
) |
|
|
0 |
|
|
IonQ,
Inc. |
|
|
(13,707 |
) |
|
|
(336,781 |
) |
|
Lightwave
Logic, Inc. |
|
|
(57,104 |
) |
|
|
(69,096 |
) |
|
MicroVision,
Inc. |
|
|
(122,756 |
) |
|
|
(177,996 |
) |
|
Nestor,
Inc. (a) |
|
|
(15,200 |
) |
|
|
(2 |
) |
|
NextNav,
Inc. |
|
|
(26,331 |
) |
|
|
(276,212 |
) |
|
Novanta,
Inc. |
|
|
(1,138 |
) |
|
|
(164,600 |
) |
|
Power
Integrations, Inc. |
|
|
(4,390 |
) |
|
|
(266,912 |
) |
|
Samsara,
Inc. - Class A |
|
|
(4,089 |
) |
|
|
(194,964 |
) |
|
SoundHound
AI, Inc. - Class A |
|
|
(15,659 |
) |
|
|
(169,430 |
) |
|
Sprout
Social, Inc. - Class A |
|
|
(7,825 |
) |
|
|
(207,519 |
) |
|
Tiger
Telematics, Inc. (a) |
|
|
(6,510 |
) |
|
|
0 |
|
|
Tucows,
Inc. - Class A |
|
|
(5,775 |
) |
|
|
(114,749 |
) |
|
Uni-Pixel,
Inc. (a) |
|
|
(19,665 |
) |
|
|
(2 |
) |
|
Worldgate
Communications, Inc. (a) |
|
|
(582,655 |
) |
|
|
(58 |
) |
|
XRiver
Corp. (a) |
|
|
(34,156 |
) |
|
|
0 |
|
| |
|
|
|
|
|
|
(3,224,925 |
) |
|
Materials
— (1.1)% |
|
|
|
|
|
|
|
|
|
Lifezone
Metals Ltd. |
|
|
(25,396 |
) |
|
|
(136,631 |
) |
|
PureCycle
Technologies, Inc. |
|
|
(20,962 |
) |
|
|
(215,909 |
) |
|
Radius
Recycling, Inc. |
|
|
(14,133 |
) |
|
|
(195,459 |
) |
|
TMC
the metals co, Inc. |
|
|
(112,338 |
) |
|
|
(192,098 |
) |
| |
|
|
|
|
|
|
(740,097 |
) |
|
TOTAL
COMMON STOCKS (Proceeds $16,921,939) |
|
|
|
|
|
|
(12,446,796 |
) |
|
TOTAL
SECURITIES SOLD SHORT — (18.2)% (Proceeds $16,921,939) |
|
|
|
|
|
$ |
(12,446,796 |
) |
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
(a) |
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 $(106) or 0.0% of net assets as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 24 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT EQUITY FUND |
Schedule
of Investments (continued) |
Contracts
For Difference held by the Fund at February 28, 2025, are as follows:
|
Reference
Entity |
|
counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Fositek
Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (12.00)% |
|
|
|
Termination |
|
|
|
07/16/2027 |
|
|
$ |
(128,183 |
) |
|
$ |
(6,226 |
) |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(6,226 |
) |
There
are no upfront payments or receipts associated with contracts for difference in the Fund as of February 28, 2025.
EFFR
- Effective Federal Funds Rate was 4.33% as of February 28, 2025.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 25 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT EQUITY FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
60,346,793 |
|
|
$ |
4,465,667 |
|
|
$ |
— |
|
|
$ |
64,812,460 |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,760,641 |
|
|
Money
Market Funds |
|
|
819 |
|
|
|
— |
|
|
|
— |
|
|
|
819 |
|
|
Total
Investments |
|
$ |
60,347,612 |
|
|
$ |
4,465,667 |
|
|
$ |
— |
|
|
$ |
72,573,920 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
(12,446,689 |
) |
|
$ |
(1 |
) |
|
$ |
(106 |
) |
|
$ |
(12,446,796 |
) |
|
Total
Investments |
|
$ |
(12,446,689 |
) |
|
$ |
(1 |
) |
|
$ |
(106 |
) |
|
$ |
(12,446,796 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
for Difference* |
|
|
— |
|
|
|
(6,226 |
) |
|
|
— |
|
|
|
(6,226 |
) |
|
Total
Other Financial Instruments |
|
$ |
— |
|
|
$ |
(6,226 |
) |
|
$ |
— |
|
|
$ |
(6,226 |
) |
|
*
|
The fair value of the Fund’s
investment represents the net unrealized appreciation (depreciation) as of February 28, 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 period as compared to the security classifications from the prior fiscal period’s
report.
|
(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 amount of $7,760,641 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.
|
Financial
Statements 2025 | 26 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 94.4% |
|
|
|
|
|
Communication
Services — 3.9% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A (a) |
|
|
39,687 |
|
|
$ |
6,757,903 |
|
|
Cars.com,
Inc. (b) |
|
|
80,481 |
|
|
|
1,062,349 |
|
|
Deutsche
Telekom AG |
|
|
61,660 |
|
|
|
2,225,154 |
|
|
Informa
PLC |
|
|
332,939 |
|
|
|
3,621,588 |
|
|
Liberty
Broadband Corp. - Class C (b) |
|
|
32,354 |
|
|
|
2,661,440 |
|
|
Match
Group, Inc. |
|
|
38,655 |
|
|
|
1,225,750 |
|
|
Omnicom
Group, Inc. |
|
|
31,104 |
|
|
|
2,574,167 |
|
|
Take-Two
Interactive Software, Inc. (a)(b) |
|
|
6,461 |
|
|
|
1,369,603 |
|
|
T-Mobile
US, Inc. (a) |
|
|
7,599 |
|
|
|
2,049,374 |
|
| |
|
|
|
|
|
|
23,547,328 |
|
|
Consumer
Discretionary — 7.6% |
|
|
|
|
|
|
|
|
|
AutoNation,
Inc. (b) |
|
|
10,586 |
|
|
|
1,930,569 |
|
|
AutoZone,
Inc. (b) |
|
|
741 |
|
|
|
2,588,321 |
|
|
Best
Buy Co., Inc. |
|
|
13,686 |
|
|
|
1,230,508 |
|
|
Booking
Holdings, Inc. |
|
|
1,074 |
|
|
|
5,387,195 |
|
|
Boyd
Gaming Corp. |
|
|
42,840 |
|
|
|
3,266,978 |
|
|
Churchill
Downs, Inc. |
|
|
22,662 |
|
|
|
2,685,447 |
|
|
Darden
Restaurants, Inc. |
|
|
6,703 |
|
|
|
1,343,683 |
|
|
eBay,
Inc. |
|
|
17,600 |
|
|
|
1,139,424 |
|
|
Flutter
Entertainment PLC (b) |
|
|
16,340 |
|
|
|
4,509,906 |
|
|
Frontdoor,
Inc. (a)(b) |
|
|
138,748 |
|
|
|
6,310,259 |
|
|
Home
Depot, Inc., (The) |
|
|
3,952 |
|
|
|
1,567,363 |
|
|
Lennar
Corp. - Class A |
|
|
15,580 |
|
|
|
1,863,835 |
|
|
LKQ
Corp. (a) |
|
|
13,005 |
|
|
|
548,681 |
|
|
Restaurant
Brands International, Inc. |
|
|
10,250 |
|
|
|
668,813 |
|
|
Ross
Stores, Inc. |
|
|
13,402 |
|
|
|
1,880,569 |
|
|
Starbucks
Corp. |
|
|
10,256 |
|
|
|
1,187,747 |
|
|
TJX
Cos., Inc. (a) |
|
|
24,245 |
|
|
|
3,024,806 |
|
|
Wyndham
Hotels & Resorts, Inc. |
|
|
35,765 |
|
|
|
3,874,423 |
|
| |
|
|
|
|
|
|
45,008,527 |
|
|
Consumer
Staples — 6.7% |
|
|
|
|
|
|
|
|
|
BJ’s
Wholesale Club Holdings, Inc. (b) |
|
|
27,553 |
|
|
|
2,790,017 |
|
|
Coca-Cola
Co., (The) |
|
|
49,997 |
|
|
|
3,560,286 |
|
|
Coca-Cola
Consolidated, Inc. |
|
|
1,914 |
|
|
|
2,712,368 |
|
|
Coca-Cola
Europacific Partners PLC |
|
|
16,224 |
|
|
|
1,399,482 |
|
|
Kenvue,
Inc. |
|
|
78,189 |
|
|
|
1,845,260 |
|
|
Kerry
Group PLC - Class A |
|
|
9,617 |
|
|
|
1,011,245 |
|
|
Lamb
Weston Holdings, Inc. |
|
|
20,226 |
|
|
|
1,049,123 |
|
|
Nomad
Foods Ltd. |
|
|
86,733 |
|
|
|
1,639,254 |
|
|
Philip
Morris International, Inc. |
|
|
31,964 |
|
|
|
4,963,370 |
|
|
Primo
Brands Corp. |
|
|
65,744 |
|
|
|
2,214,915 |
|
|
Simply
Good Foods Co. (a)(b) |
|
|
25,730 |
|
|
|
971,308 |
|
|
Sysco
Corp. |
|
|
53,474 |
|
|
|
4,039,426 |
|
|
Target
Corp. |
|
|
14,682 |
|
|
|
1,824,092 |
|
|
Toyo
Suisan Kaisha Ltd. |
|
|
18,500 |
|
|
|
1,100,611 |
|
|
US
Foods Holding Corp. (a)(b) |
|
|
72,211 |
|
|
|
5,176,085 |
|
|
Walmart,
Inc. |
|
|
39,484 |
|
|
|
3,893,517 |
|
| |
|
|
|
|
|
|
40,190,359 |
|
|
Energy
— 3.2% |
|
|
|
|
|
|
|
|
|
BP
PLC - ADR |
|
|
36,401 |
|
|
|
1,205,601 |
|
|
Cenovus
Energy, Inc. |
|
|
118,496 |
|
|
|
1,639,985 |
|
|
ConocoPhillips
|
|
|
24,227 |
|
|
|
2,402,107 |
|
|
Diamondback
Energy, Inc. |
|
|
14,174 |
|
|
|
2,253,099 |
|
|
Enterprise
Products Partners LP |
|
|
99,366 |
|
|
|
3,319,818 |
|
|
Marathon
Petroleum Corp. (a) |
|
|
17,028 |
|
|
|
2,557,265 |
|
|
MEG
Energy Corp. |
|
|
114,714 |
|
|
|
1,785,629 |
|
|
Schlumberger
Ltd. |
|
|
54,643 |
|
|
|
2,276,428 |
|
|
South
Bow Corp. |
|
|
19,113 |
|
|
|
508,979 |
|
|
Energy
— (continued) |
|
|
|
|
|
|
|
|
|
Vista
Energy SAB de CV - ADR (b) |
|
|
17,599 |
|
|
|
893,677 |
|
| |
|
|
|
|
|
|
18,842,588 |
|
|
Financials
— 19.4% |
|
|
|
|
|
|
|
|
|
AIB
Group PLC |
|
|
150,656 |
|
|
|
1,058,305 |
|
|
Allstate
Corp. |
|
|
11,635 |
|
|
|
2,317,110 |
|
|
American
Express Co. |
|
|
7,737 |
|
|
|
2,328,528 |
|
|
Ameriprise
Financial, Inc. (a) |
|
|
7,541 |
|
|
|
4,051,779 |
|
|
Aon
PLC - Class A |
|
|
11,269 |
|
|
|
4,610,373 |
|
|
Apollo
Global Management, Inc. |
|
|
8,552 |
|
|
|
1,276,557 |
|
|
Arthur
J Gallagher & Co. |
|
|
7,752 |
|
|
|
2,618,160 |
|
|
Bank
of America Corp. (a) |
|
|
111,075 |
|
|
|
5,120,557 |
|
|
Bankinter
SA |
|
|
79,680 |
|
|
|
768,638 |
|
|
Beazley
PLC |
|
|
199,133 |
|
|
|
2,211,181 |
|
|
Berkshire
Hathaway, Inc. - Class B (a)(b) |
|
|
6,119 |
|
|
|
3,144,126 |
|
|
Blue
Owl Capital, Inc. - Class A |
|
|
72,313 |
|
|
|
1,556,899 |
|
|
BNP
Paribas SA |
|
|
13,350 |
|
|
|
1,011,699 |
|
|
Charles
Schwab Corp. |
|
|
20,229 |
|
|
|
1,608,812 |
|
|
Chubb
Ltd. |
|
|
11,399 |
|
|
|
3,254,187 |
|
|
Corpay,
Inc. (b) |
|
|
10,337 |
|
|
|
3,794,196 |
|
|
Discover
Financial Services |
|
|
13,603 |
|
|
|
2,655,170 |
|
|
East
West Bancorp, Inc. (a) |
|
|
24,117 |
|
|
|
2,277,368 |
|
|
Evercore,
Inc. - Class A |
|
|
5,397 |
|
|
|
1,304,995 |
|
|
Everest
Group Ltd. |
|
|
7,521 |
|
|
|
2,656,568 |
|
|
Fidelity
National Information Services, Inc. |
|
|
46,562 |
|
|
|
3,311,489 |
|
|
Fifth
Third Bancorp (a) |
|
|
40,224 |
|
|
|
1,748,537 |
|
|
First
American Financial Corp. |
|
|
16,068 |
|
|
|
1,055,507 |
|
|
Fiserv,
Inc. (b) |
|
|
10,397 |
|
|
|
2,450,469 |
|
|
Goldman
Sachs Group, Inc. (a) |
|
|
1,802 |
|
|
|
1,121,367 |
|
|
Hiscox
Ltd. |
|
|
118,347 |
|
|
|
1,765,573 |
|
|
Huntington
Bancshares, Inc. (a) |
|
|
147,498 |
|
|
|
2,429,292 |
|
|
Hyundai
Marine & Fire Insurance Co., Ltd. |
|
|
58,101 |
|
|
|
925,497 |
|
|
ING
Groep NV |
|
|
126,345 |
|
|
|
2,249,272 |
|
|
JPMorgan
Chase & Co. (a) |
|
|
29,537 |
|
|
|
7,816,967 |
|
|
Lancashire
Holdings Ltd. |
|
|
146,637 |
|
|
|
1,139,924 |
|
|
LPL
Financial Holdings, Inc. |
|
|
9,184 |
|
|
|
3,414,060 |
|
|
M&T
Bank Corp. |
|
|
6,939 |
|
|
|
1,330,345 |
|
|
Markel
Group, Inc. (a)(b) |
|
|
1,633 |
|
|
|
3,157,308 |
|
|
Morgan
Stanley |
|
|
12,270 |
|
|
|
1,633,260 |
|
|
NatWest
Group PLC |
|
|
279,843 |
|
|
|
1,695,835 |
|
|
Nordea
Bank Abp |
|
|
156,516 |
|
|
|
2,058,012 |
|
|
Progressive
Corp. |
|
|
9,817 |
|
|
|
2,768,394 |
|
|
Renaissance
Holdings Ltd. |
|
|
11,327 |
|
|
|
2,691,522 |
|
|
Shift4
Payments, Inc. - Class A (b) |
|
|
17,753 |
|
|
|
1,753,109 |
|
|
SLM
Corp. (a) |
|
|
42,074 |
|
|
|
1,270,214 |
|
|
Sumitomo
Mitsui Financial Group, Inc. |
|
|
27,900 |
|
|
|
710,257 |
|
|
Synchrony
Financial (a) |
|
|
9,547 |
|
|
|
579,312 |
|
|
Travelers
Cos., Inc. |
|
|
6,145 |
|
|
|
1,588,421 |
|
|
United
Overseas Bank Ltd. |
|
|
33,600 |
|
|
|
951,843 |
|
|
Visa,
Inc. - Class A |
|
|
5,910 |
|
|
|
2,143,616 |
|
|
Voya
Financial, Inc. |
|
|
8,668 |
|
|
|
626,350 |
|
|
W
R Berkley Corp. (a) |
|
|
17,014 |
|
|
|
1,073,243 |
|
|
Wells
Fargo & Co. (a) |
|
|
106,868 |
|
|
|
8,369,902 |
|
|
White
Mountains Insurance Group Ltd. |
|
|
1,047 |
|
|
|
1,936,426 |
|
| |
|
|
|
|
|
|
115,390,531 |
|
|
Health
Care — 10.9% |
|
|
|
|
|
|
|
|
|
Abbott
Laboratories (a) |
|
|
17,840 |
|
|
|
2,462,098 |
|
|
AbbVie,
Inc. (a) |
|
|
33,492 |
|
|
|
7,000,833 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 27 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Health
Care — (continued) |
|
Amgen,
Inc. |
|
|
15,291 |
|
|
$ |
4,710,545 |
|
|
AstraZeneca
PLC |
|
|
16,804 |
|
|
|
2,542,408 |
|
|
Avantor,
Inc. (a)(b) |
|
|
42,414 |
|
|
|
708,314 |
|
|
Boston
Scientific Corp. (a)(b) |
|
|
10,945 |
|
|
|
1,135,982 |
|
|
Bristol-Myers
Squibb Co. |
|
|
67,991 |
|
|
|
4,053,623 |
|
|
Cencora,
Inc. |
|
|
9,455 |
|
|
|
2,397,221 |
|
|
Centene
Corp. (a)(b) |
|
|
15,610 |
|
|
|
907,878 |
|
|
Cigna
Group (a) |
|
|
5,430 |
|
|
|
1,677,055 |
|
|
DaVita,
Inc. (b) |
|
|
16,503 |
|
|
|
2,440,464 |
|
|
Elevance
Health, Inc. (a) |
|
|
1,670 |
|
|
|
662,790 |
|
|
HCA
Healthcare, Inc. |
|
|
8,327 |
|
|
|
2,550,560 |
|
|
Humana,
Inc. |
|
|
4,168 |
|
|
|
1,127,111 |
|
|
ICON
PLC (b) |
|
|
3,886 |
|
|
|
738,418 |
|
|
Ipsen
SA |
|
|
5,010 |
|
|
|
581,073 |
|
|
Johnson
& Johnson |
|
|
13,586 |
|
|
|
2,241,962 |
|
|
McKesson
Corp. |
|
|
6,475 |
|
|
|
4,145,683 |
|
|
Medtronic
PLC |
|
|
38,524 |
|
|
|
3,544,978 |
|
|
Merck
& Co., Inc. |
|
|
2,445 |
|
|
|
225,551 |
|
|
Molina
Healthcare, Inc. (a)(b) |
|
|
4,742 |
|
|
|
1,427,911 |
|
|
Novartis
AG - ADR |
|
|
9,093 |
|
|
|
991,592 |
|
|
Novo
Nordisk AS |
|
|
4,545 |
|
|
|
412,307 |
|
|
Pfizer,
Inc. |
|
|
3,288 |
|
|
|
86,902 |
|
|
Quest
Diagnostics, Inc. |
|
|
9,676 |
|
|
|
1,672,980 |
|
|
Sandoz
Group AG |
|
|
54,862 |
|
|
|
2,408,641 |
|
|
Sanofi
SA |
|
|
5,904 |
|
|
|
645,058 |
|
|
Stryker
Corp. |
|
|
1,334 |
|
|
|
515,177 |
|
|
UCB
SA |
|
|
10,216 |
|
|
|
1,930,419 |
|
|
UnitedHealth
Group, Inc. |
|
|
17,272 |
|
|
|
8,203,509 |
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
6,149 |
|
|
|
641,464 |
|
| |
|
|
|
|
|
|
64,790,507 |
|
|
Industrials
— 17.6% |
|
|
|
|
|
|
|
|
|
3M
Co. |
|
|
14,406 |
|
|
|
2,234,659 |
|
|
Acuity
Brands, Inc. |
|
|
6,684 |
|
|
|
1,986,017 |
|
|
Advanced
Drainage Systems, Inc. |
|
|
11,221 |
|
|
|
1,249,907 |
|
|
AECOM
Technology Corp. |
|
|
16,100 |
|
|
|
1,610,805 |
|
|
Airbus
Group SE |
|
|
15,705 |
|
|
|
2,721,428 |
|
|
Allegion
PLC |
|
|
16,596 |
|
|
|
2,136,071 |
|
|
Allison
Transmission Holdings, Inc. (a) |
|
|
15,390 |
|
|
|
1,565,932 |
|
|
AMETEK,
Inc. (a) |
|
|
7,266 |
|
|
|
1,375,454 |
|
|
ANDRITZ
AG |
|
|
14,222 |
|
|
|
840,435 |
|
|
Atmus
Filtration Technologies, Inc. |
|
|
21,222 |
|
|
|
844,636 |
|
|
Beacon
Roofing Supply, Inc. (a)(b) |
|
|
42,004 |
|
|
|
4,848,102 |
|
|
Brink’s
Co. |
|
|
26,099 |
|
|
|
2,454,350 |
|
|
Builders
FirstSource, Inc. (b) |
|
|
24,111 |
|
|
|
3,351,188 |
|
|
Canadian
Pacific Kansas City Ltd. |
|
|
25,189 |
|
|
|
1,962,727 |
|
|
Carlisle
Cos., Inc. |
|
|
3,381 |
|
|
|
1,152,110 |
|
|
Clean
Harbors, Inc. (b) |
|
|
5,425 |
|
|
|
1,158,509 |
|
|
Curtiss-Wright
Corp. |
|
|
3,976 |
|
|
|
1,278,920 |
|
|
Delta
Air Lines, Inc. |
|
|
35,090 |
|
|
|
2,109,611 |
|
|
Dover
Corp. (a) |
|
|
10,680 |
|
|
|
2,122,864 |
|
|
Eaton
Corp. PLC |
|
|
1,909 |
|
|
|
559,948 |
|
|
Eiffage
SA |
|
|
7,758 |
|
|
|
779,291 |
|
|
Emerson
Electric Co. |
|
|
7,354 |
|
|
|
894,320 |
|
|
Equifax,
Inc. |
|
|
10,717 |
|
|
|
2,627,808 |
|
|
Expeditors
International of Washington, Inc. |
|
|
16,364 |
|
|
|
1,920,479 |
|
|
Ferguson
Enterprises, Inc. |
|
|
6,129 |
|
|
|
1,087,897 |
|
|
Fortive
Corp. (a) |
|
|
12,552 |
|
|
|
998,386 |
|
|
Honeywell
International, Inc. |
|
|
10,568 |
|
|
|
2,249,822 |
|
|
Howmet
Aerospace, Inc. (a) |
|
|
16,864 |
|
|
|
2,303,622 |
|
|
Huron
Consulting Group, Inc. (b) |
|
|
24,396 |
|
|
|
3,719,414 |
|
|
Industrials
— (continued) |
|
|
|
|
|
|
|
|
|
Jacobs
Solutions, Inc. |
|
|
26,105 |
|
|
|
3,344,312 |
|
|
KBR,
Inc. |
|
|
82,961 |
|
|
|
4,067,578 |
|
|
L3Harris
Technologies, Inc. |
|
|
10,903 |
|
|
|
2,247,217 |
|
|
Leidos
Holdings, Inc. (a) |
|
|
9,910 |
|
|
|
1,288,003 |
|
|
Masco
Corp. (a) |
|
|
36,697 |
|
|
|
2,758,880 |
|
|
Masterbrand,
Inc. (b) |
|
|
138,326 |
|
|
|
1,935,181 |
|
|
Matson,
Inc. |
|
|
12,587 |
|
|
|
1,813,409 |
|
|
Norfolk
Southern Corp. |
|
|
11,696 |
|
|
|
2,874,292 |
|
|
nVent
Electric PLC |
|
|
11,537 |
|
|
|
696,143 |
|
|
Parker-Hannifin
Corp. (a) |
|
|
1,634 |
|
|
|
1,092,345 |
|
|
Resideo
Technologies, Inc. (b) |
|
|
168,662 |
|
|
|
3,239,997 |
|
|
Robert
Half, Inc. (a) |
|
|
36,831 |
|
|
|
2,176,344 |
|
|
Sensata
Technologies Holding PLC |
|
|
48,606 |
|
|
|
1,402,283 |
|
|
Siemens
AG |
|
|
6,314 |
|
|
|
1,448,614 |
|
|
SS&C
Technologies Holdings, Inc. (a) |
|
|
41,317 |
|
|
|
3,679,279 |
|
|
Textron,
Inc. |
|
|
23,003 |
|
|
|
1,719,014 |
|
|
Uber
Technologies, Inc. (b) |
|
|
53,809 |
|
|
|
4,090,022 |
|
|
UFP
Industries, Inc. |
|
|
12,604 |
|
|
|
1,348,628 |
|
|
United
Airlines Holdings, Inc. (b) |
|
|
20,779 |
|
|
|
1,949,278 |
|
|
Upwork,
Inc. (b) |
|
|
135,007 |
|
|
|
2,150,661 |
|
|
Valmont
Industries, Inc. (a) |
|
|
4,295 |
|
|
|
1,496,249 |
|
|
Vertiv
Holdings Co. - Class A |
|
|
10,001 |
|
|
|
951,795 |
|
|
WESCO
International, Inc. |
|
|
8,126 |
|
|
|
1,466,499 |
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
7,920 |
|
|
|
1,468,051 |
|
| |
|
|
|
|
|
|
104,848,786 |
|
|
Information
Technology — 9.9% |
|
|
|
|
|
|
|
|
|
Adeia,
Inc. |
|
|
241,094 |
|
|
|
3,789,998 |
|
|
Applied
Materials, Inc. |
|
|
9,470 |
|
|
|
1,496,923 |
|
|
Arrow
Electronics, Inc. (a)(b) |
|
|
11,455 |
|
|
|
1,237,942 |
|
|
Broadcom,
Inc. |
|
|
20,677 |
|
|
|
4,123,614 |
|
|
Capgemini
SE |
|
|
9,520 |
|
|
|
1,478,327 |
|
|
CDW
Corp. |
|
|
7,015 |
|
|
|
1,250,073 |
|
|
Celestica,
Inc. (b) |
|
|
21,266 |
|
|
|
2,276,525 |
|
|
Check
Point Software Technologies Ltd. (b) |
|
|
13,556 |
|
|
|
2,985,844 |
|
|
Cleanspark,
Inc. (b) |
|
|
30,626 |
|
|
|
244,702 |
|
|
Dell
Technologies, Inc. - Class C |
|
|
15,421 |
|
|
|
1,584,662 |
|
|
Flex
Ltd. (b) |
|
|
114,518 |
|
|
|
4,339,087 |
|
|
Gen
Digital, Inc. (a) |
|
|
106,814 |
|
|
|
2,919,227 |
|
|
Hewlett
Packard Enterprise Co. |
|
|
113,008 |
|
|
|
2,238,688 |
|
|
InterDigital,
Inc. |
|
|
12,305 |
|
|
|
2,628,840 |
|
|
Jabil,
Inc. (a) |
|
|
10,152 |
|
|
|
1,572,748 |
|
|
Keysight
Technologies, Inc. (b) |
|
|
15,692 |
|
|
|
2,503,345 |
|
|
Lam
Research Corp. |
|
|
27,574 |
|
|
|
2,116,029 |
|
|
Microchip
Technology, Inc. (a) |
|
|
35,866 |
|
|
|
2,111,073 |
|
|
Micron
Technology, Inc. |
|
|
11,504 |
|
|
|
1,077,119 |
|
|
NetApp,
Inc. |
|
|
18,342 |
|
|
|
1,830,715 |
|
|
Nice
Ltd. - ADR (b) |
|
|
10,577 |
|
|
|
1,472,107 |
|
|
NXP
Semiconductors NV |
|
|
8,144 |
|
|
|
1,755,765 |
|
|
Oracle
Corp. (a) |
|
|
16,819 |
|
|
|
2,792,963 |
|
|
Riot
Platforms, Inc. (b) |
|
|
33,774 |
|
|
|
313,423 |
|
|
Samsung
Electronics Co., Ltd. |
|
|
57,598 |
|
|
|
2,155,340 |
|
|
TD
SYNNEX Corp. |
|
|
13,351 |
|
|
|
1,835,629 |
|
|
Trimble,
Inc. (b) |
|
|
36,786 |
|
|
|
2,647,856 |
|
|
Zebra
Technologies Corp. - Class A (b) |
|
|
6,854 |
|
|
|
2,159,353 |
|
| |
|
|
|
|
|
|
58,937,917 |
|
|
Materials
— 4.2% |
|
|
|
|
|
|
|
|
|
CRH
PLC |
|
|
44,930 |
|
|
|
4,606,223 |
|
|
DuPont
de Nemours, Inc. (a) |
|
|
31,801 |
|
|
|
2,600,368 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 28 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Materials
— (continued) |
|
Kinross
Gold Corp. |
|
|
277,271 |
|
|
$ |
2,972,345 |
|
|
Methanex
Corp. |
|
|
64,749 |
|
|
|
2,851,546 |
|
|
Mosaic
Co. |
|
|
81,089 |
|
|
|
1,939,649 |
|
|
Newmont
Corp. |
|
|
40,809 |
|
|
|
1,748,257 |
|
|
Reliance,
Inc. |
|
|
1,767 |
|
|
|
525,082 |
|
|
Sandstorm
Gold Ltd. |
|
|
121,395 |
|
|
|
743,432 |
|
|
Smurfit
WestRock PLC |
|
|
35,574 |
|
|
|
1,852,338 |
|
|
Teck
Resources Ltd. - Class B |
|
|
55,554 |
|
|
|
2,240,493 |
|
|
United
States Steel Corp. |
|
|
36,968 |
|
|
|
1,486,853 |
|
|
Vale
SA - ADR |
|
|
131,845 |
|
|
|
1,243,298 |
|
| |
|
|
|
|
|
|
24,809,884 |
|
|
Real
Estate — 4.0% |
|
|
|
|
|
|
|
|
|
American
Homes 4 Rent - Class A |
|
|
42,561 |
|
|
|
1,575,183 |
|
|
Americold
Realty Trust, Inc. (a) |
|
|
139,183 |
|
|
|
3,191,466 |
|
|
Essex
Property Trust, Inc. |
|
|
5,895 |
|
|
|
1,836,705 |
|
|
Extra
Space Storage, Inc. |
|
|
14,478 |
|
|
|
2,208,764 |
|
|
Kimco
Realty Corp. |
|
|
121,535 |
|
|
|
2,685,923 |
|
|
Lamar
Advertising Co. - Class A (a) |
|
|
10,247 |
|
|
|
1,272,985 |
|
|
Regency
Centers Corp. (a) |
|
|
26,729 |
|
|
|
2,050,114 |
|
|
Rexford
Industrial Realty, Inc. |
|
|
56,024 |
|
|
|
2,314,912 |
|
|
VICI
Properties, Inc. (a) |
|
|
111,494 |
|
|
|
3,622,440 |
|
|
Weyerhaeuser
Co. |
|
|
96,772 |
|
|
|
2,912,837 |
|
| |
|
|
|
|
|
|
23,671,329 |
|
|
Utilities
— 7.0% |
|
|
|
|
|
|
|
|
|
American
Electric Power Co., Inc. |
|
|
22,091 |
|
|
|
2,342,751 |
|
|
CenterPoint
Energy, Inc. (a) |
|
|
85,936 |
|
|
|
2,954,480 |
|
|
Constellation
Energy Corp. |
|
|
1,250 |
|
|
|
313,181 |
|
|
Enel
SpA |
|
|
308,788 |
|
|
|
2,261,274 |
|
|
Entergy
Corp. |
|
|
34,323 |
|
|
|
2,996,741 |
|
|
FirstEnergy
Corp. (a) |
|
|
71,352 |
|
|
|
2,766,317 |
|
|
Italgas
SpA |
|
|
325,150 |
|
|
|
2,082,700 |
|
|
New
Jersey Resources Corp. |
|
|
19,898 |
|
|
|
962,665 |
|
|
NextEra
Energy, Inc. |
|
|
37,642 |
|
|
|
2,641,339 |
|
|
NiSource,
Inc. (a) |
|
|
75,191 |
|
|
|
3,068,545 |
|
|
NRG
Energy, Inc. |
|
|
24,125 |
|
|
|
2,550,254 |
|
|
OGE
Energy Corp. |
|
|
85,244 |
|
|
|
3,945,092 |
|
|
PPL
Corp. (a) |
|
|
91,592 |
|
|
|
3,224,954 |
|
|
Southern
Co. |
|
|
32,265 |
|
|
|
2,897,074 |
|
|
SSE
PLC |
|
|
92,234 |
|
|
|
1,778,073 |
|
|
Talen
Energy Corp. (b) |
|
|
12,425 |
|
|
|
2,583,779 |
|
|
Vistra
Energy Corp. |
|
|
16,657 |
|
|
|
2,226,375 |
|
| |
|
|
|
|
|
|
41,595,594 |
|
|
TOTAL
COMMON STOCKS (Cost $406,072,937) |
|
|
|
|
|
|
561,633,350 |
|
| |
|
Contracts |
|
|
|
|
|
|
WARRANTS
— 0.0%(c) |
|
|
|
|
|
|
|
|
|
Andrada
Mining Ltd., Expires 07/17/2025, Exercise Price $0.10 (b)(d) |
|
|
1,400,000 |
|
|
|
0 |
|
|
TOTAL
WARRANTS (Cost $18,310) |
|
|
|
|
|
|
0 |
|
| |
|
Par |
|
|
|
|
|
|
CONVERTIBLE
NOTES — 0.1% |
|
|
|
|
|
|
|
|
|
Andrada
Mining Ltd., 12.00%, 07/31/2026 (d) |
|
|
GBP 700,000 |
|
|
|
827,782 |
|
|
TOTAL
CONVERTIBLE NOTES (Cost $915,463) |
|
|
|
|
|
|
827,782 |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.0%(c) |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 0.0%(c) |
|
|
|
|
|
|
|
|
|
BlackRock
Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 4.22% (a)(e) |
|
|
2,790 |
|
|
|
2,790 |
|
|
Federated
Hermes U.S. Treasury Cash Reserves - Class Institutional, 4.17% (a)(e) |
|
|
2,791 |
|
|
|
2,791 |
|
|
Fidelity
Treasury Portfolio - Class I, 4.23% (a)(e) |
|
|
2,790 |
|
|
|
2,790 |
|
|
Goldman
Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 4.22% (a)(e) |
|
|
2,790 |
|
|
|
2,790 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $11,161) |
|
|
|
|
|
|
11,161 |
|
|
TOTAL
INVESTMENTS — 94.5% (Cost $407,017,871) |
|
|
|
|
|
|
562,472,293 |
|
|
Other
Assets in Excess of Liabilities — 5.5% |
|
|
|
|
|
|
32,515,490 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
594,987,783 |
|
Percentages
are stated as a percent of net assets.
Par
amount is in USD unless otherwise indicated.
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
NVDR |
Non-Voting Depositary Receipt
|
|
PCL |
Public Company Limited
|
|
PLC |
Public Limited Company
|
|
(a) |
All or a portion of security
has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of February 28, 2025 is
$130,818,649. |
|
(b) |
Non-income producing security.
|
|
(c) |
Represents less than 0.05%
of net assets. |
|
(d) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
Designee. These securities represented $827,782 or 0.1% of net assets as of February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 29 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
|
SCHEDULE
OF SECURITIES SOLD SHORT |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — (17.3)% |
|
|
|
|
|
Communication
Services — (1.2)% |
|
|
|
|
|
|
|
|
|
Cable
One, Inc. |
|
|
(1,857 |
) |
|
$ |
(483,154 |
) |
|
Clear
Channel Outdoor Holdings, Inc. |
|
|
(698,475 |
) |
|
|
(873,094 |
) |
|
Dentsu
Group, Inc. |
|
|
(64,000 |
) |
|
|
(1,328,561 |
) |
|
Fuji
Media Holdings, Inc. |
|
|
(36,400 |
) |
|
|
(582,507 |
) |
|
Lumen
Technologies, Inc. |
|
|
(182,454 |
) |
|
|
(861,183 |
) |
|
Telia
Co. AB |
|
|
(349,821 |
) |
|
|
(1,137,143 |
) |
|
TELUS
Corp. |
|
|
(114,030 |
) |
|
|
(1,764,736 |
) |
| |
|
|
|
|
|
|
(7,030,378 |
) |
|
Consumer
Discretionary — (3.6)% |
|
|
|
|
|
|
|
|
|
Birkenstock
Holding PLC |
|
|
(17,810 |
) |
|
|
(881,239 |
) |
|
Canada
Goose Holdings, Inc. |
|
|
(78,946 |
) |
|
|
(806,828 |
) |
|
Choice
Hotels International, Inc. |
|
|
(16,923 |
) |
|
|
(2,424,897 |
) |
|
Cracker
Barrel Old Country Store, Inc. |
|
|
(21,189 |
) |
|
|
(959,650 |
) |
|
Deckers
Outdoor Corp. |
|
|
(3,581 |
) |
|
|
(499,048 |
) |
|
InterContinental
Hotels Group PLC |
|
|
(9,701 |
) |
|
|
(1,215,341 |
) |
|
Krispy
Kreme, Inc. |
|
|
(86,645 |
) |
|
|
(538,065 |
) |
|
LGI
Homes, Inc. |
|
|
(31,442 |
) |
|
|
(2,308,786 |
) |
|
Lowe’s
Cos., Inc. |
|
|
(1,886 |
) |
|
|
(468,935 |
) |
|
Mister
Car Wash, Inc. |
|
|
(254,890 |
) |
|
|
(2,164,016 |
) |
|
Nokian
Renkaat Oyj |
|
|
(207,936 |
) |
|
|
(1,354,106 |
) |
|
On
Holding AG - Class A |
|
|
(9,138 |
) |
|
|
(443,010 |
) |
|
QuantumScape
Corp. |
|
|
(260,522 |
) |
|
|
(1,221,848 |
) |
|
Sabre
Corp. |
|
|
(142,919 |
) |
|
|
(590,256 |
) |
|
Service
Corp International |
|
|
(27,849 |
) |
|
|
(2,255,769 |
) |
|
SJM
Holdings Ltd. |
|
|
(2,037,000 |
) |
|
|
(635,430 |
) |
|
Soho
House & Co., Inc. |
|
|
(142,858 |
) |
|
|
(1,005,720 |
) |
|
Tesla,
Inc. |
|
|
(1,048 |
) |
|
|
(307,043 |
) |
|
Wendy’s
Co. (The) |
|
|
(81,130 |
) |
|
|
(1,257,515 |
) |
| |
|
|
|
|
|
|
(21,337,502 |
) |
|
Consumer
Staples — (2.2)% |
|
|
|
|
|
|
|
|
|
Becle
SAB de CV |
|
|
(345,200 |
) |
|
|
(297,100 |
) |
|
Beiersdorf
AG |
|
|
(8,554 |
) |
|
|
(1,173,988 |
) |
|
Boston
Beer Co., Inc. Class A, (The) - Class A |
|
|
(4,472 |
) |
|
|
(1,090,140 |
) |
|
Brown-Forman
Corp. - Class B |
|
|
(51,329 |
) |
|
|
(1,699,503 |
) |
|
Church
& Dwight Co., Inc. |
|
|
(12,007 |
) |
|
|
(1,335,178 |
) |
|
Coty,
Inc. Class A - Class A |
|
|
(235,767 |
) |
|
|
(1,341,514 |
) |
|
Hershey
Co. |
|
|
(11,540 |
) |
|
|
(1,993,073 |
) |
|
Hormel
Foods Corp. |
|
|
(50,573 |
) |
|
|
(1,447,905 |
) |
|
Kikkoman
Corp. |
|
|
(53,400 |
) |
|
|
(518,143 |
) |
|
Kraft
Heinz Co., (The) |
|
|
(51,903 |
) |
|
|
(1,593,941 |
) |
|
Lotus
Bakeries NV |
|
|
(105 |
) |
|
|
(951,396 |
) |
| |
|
|
|
|
|
|
(13,441,881 |
) |
|
Energy
— (0.3)% |
|
|
|
|
|
|
|
|
|
Antero
Resources Corp. |
|
|
(13,100 |
) |
|
|
(480,770 |
) |
|
Comstock
Resources, Inc. |
|
|
(24,966 |
) |
|
|
(448,889 |
) |
|
Occidental
Petroleum Corp. |
|
|
(13,021 |
) |
|
|
(635,945 |
) |
| |
|
|
|
|
|
|
(1,565,604 |
) |
|
Financials
— (2.3)% |
|
|
|
|
|
|
|
|
|
Aozora
Bank Ltd. |
|
|
(99,800 |
) |
|
|
(1,493,831 |
) |
|
Ashmore
Group PLC |
|
|
(447,733 |
) |
|
|
(836,353 |
) |
|
EQT
AB |
|
|
(71,334 |
) |
|
|
(2,221,341 |
) |
|
Hang
Seng Bank Ltd. |
|
|
(159,500 |
) |
|
|
(2,240,095 |
) |
|
Kinsale
Capital Group, Inc. |
|
|
(2,580 |
) |
|
|
(1,114,173 |
) |
|
Oscar
Health, Inc. - Class A |
|
|
(30,620 |
) |
|
|
(447,358 |
) |
|
Swiss
Re AG |
|
|
(5,311 |
) |
|
|
(853,742 |
) |
|
T
Rowe Price Group, Inc. |
|
|
(17,034 |
) |
|
|
(1,800,835 |
) |
|
Texas
Capital Bancshares, Inc. |
|
|
(19,745 |
) |
|
|
(1,563,014 |
) |
|
Financials
— (continued) |
|
|
|
|
|
|
|
|
|
Trupanion,
Inc. |
|
|
(8,076 |
) |
|
|
(278,945 |
) |
|
United
Bankshares, Inc. |
|
|
(26,359 |
) |
|
|
(952,614 |
) |
| |
|
|
|
|
|
|
(13,802,301 |
) |
|
Health
Care — (1.5)% |
|
|
|
|
|
|
|
|
|
10X
Genomics, Inc. - Class A |
|
|
(38,381 |
) |
|
|
(410,293 |
) |
|
Align
Technology, Inc. |
|
|
(2,873 |
) |
|
|
(537,337 |
) |
|
Ambu
AS - Class B |
|
|
(21,027 |
) |
|
|
(386,713 |
) |
|
ARS
Pharmaceuticals, Inc. |
|
|
(41,640 |
) |
|
|
(436,387 |
) |
|
Carl
Zeiss Meditec AG |
|
|
(9,672 |
) |
|
|
(603,421 |
) |
|
Charles
River Laboratories International, Inc. |
|
|
(3,614 |
) |
|
|
(597,430 |
) |
|
Dexcom,
Inc. |
|
|
(10,344 |
) |
|
|
(914,099 |
) |
|
Edwards
Lifesciences Corp. |
|
|
(9,205 |
) |
|
|
(659,262 |
) |
|
GRAIL,
Inc. |
|
|
(11,776 |
) |
|
|
(454,083 |
) |
|
Hims
& Hers Health, Inc. |
|
|
(14,189 |
) |
|
|
(639,782 |
) |
|
Medpace
Holdings, Inc. |
|
|
(2,202 |
) |
|
|
(720,759 |
) |
|
Neogen
Corp. |
|
|
(35,596 |
) |
|
|
(357,740 |
) |
|
Oxford
Nanopore Technologies PLC |
|
|
(341,717 |
) |
|
|
(484,004 |
) |
|
Privia
Health Group, Inc. |
|
|
(40,021 |
) |
|
|
(999,324 |
) |
|
Recursion
Pharmaceuticals, Inc. - Class A |
|
|
(65,617 |
) |
|
|
(492,784 |
) |
| |
|
|
|
|
|
|
(8,693,418 |
) |
|
Industrials
— (2.9)% |
|
|
|
|
|
|
|
|
|
Amentum
Holdings, Inc. |
|
|
(60,816 |
) |
|
|
(1,194,426 |
) |
|
Fastenal
Co. |
|
|
(12,346 |
) |
|
|
(934,963 |
) |
|
Fortune
Brands Innovations, Inc. |
|
|
(10,941 |
) |
|
|
(708,102 |
) |
|
GXO
Logistics, Inc. |
|
|
(34,360 |
) |
|
|
(1,354,471 |
) |
|
Hayward
Holdings, Inc. |
|
|
(70,330 |
) |
|
|
(1,019,082 |
) |
|
Husqvarna
AB - Class B |
|
|
(223,371 |
) |
|
|
(1,147,710 |
) |
|
ICF
International, Inc. |
|
|
(12,824 |
) |
|
|
(1,016,430 |
) |
|
Kornit
Digital Ltd. |
|
|
(46,659 |
) |
|
|
(1,155,277 |
) |
|
Nidec
Corp. |
|
|
(74,800 |
) |
|
|
(1,348,482 |
) |
|
Proto
Labs, Inc. |
|
|
(50,221 |
) |
|
|
(2,002,814 |
) |
|
Saab
AB |
|
|
(64,035 |
) |
|
|
(1,900,455 |
) |
|
SiteOne
Landscape Supply, Inc. |
|
|
(8,894 |
) |
|
|
(1,123,401 |
) |
|
Trex
Co., Inc. |
|
|
(36,857 |
) |
|
|
(2,273,708 |
) |
| |
|
|
|
|
|
|
(17,179,321 |
) |
|
Information
Technology — (0.9)% |
|
|
|
|
|
|
|
|
|
Amdocs
Ltd. |
|
|
(20,434 |
) |
|
|
(1,782,866 |
) |
|
Cognex
Corp. |
|
|
(63,222 |
) |
|
|
(2,073,682 |
) |
|
Power
Integrations, Inc. |
|
|
(25,651 |
) |
|
|
(1,559,581 |
) |
| |
|
|
|
|
|
|
(5,416,129 |
) |
|
Materials
— (1.1)% |
|
|
|
|
|
|
|
|
|
Axalta
Coating Systems Ltd. |
|
|
(32,315 |
) |
|
|
(1,170,126 |
) |
|
Boliden
AB |
|
|
(18,090 |
) |
|
|
(634,511 |
) |
|
Ganfeng
Lithium Group Co., Ltd. - Class H (a) |
|
|
(280,800 |
) |
|
|
(791,491 |
) |
|
Graphic
Packaging Holding Co. |
|
|
(50,207 |
) |
|
|
(1,339,523 |
) |
|
Huntsman
Corp. |
|
|
(41,332 |
) |
|
|
(699,751 |
) |
|
Siam
Cement PCL - NVDR |
|
|
(147,800 |
) |
|
|
(552,009 |
) |
|
Sumitomo
Chemical Co., Ltd. |
|
|
(623,400 |
) |
|
|
(1,465,679 |
) |
| |
|
|
|
|
|
|
(6,653,090 |
) |
|
Real
Estate — (1.0)% |
|
|
|
|
|
|
|
|
|
Mid-America
Apartment Communities, Inc. |
|
|
(10,308 |
) |
|
|
(1,732,981 |
) |
|
Nomura
Real Estate Master Fund, Inc. |
|
|
(1,393 |
) |
|
|
(1,298,993 |
) |
|
Segro
PLC |
|
|
(148,919 |
) |
|
|
(1,324,108 |
) |
|
Unibail-Rodamco-Westfield
|
|
|
(20,008 |
) |
|
|
(1,695,013 |
) |
| |
|
|
|
|
|
|
(6,051,095 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 30 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
|
SCHEDULE
OF SECURITIES SOLD SHORT |
|
Shares |
|
|
Value |
|
|
Utilities
— (0.3)% |
|
|
|
|
|
|
|
|
|
Fortis,
Inc. |
|
|
(36,662 |
) |
|
$ |
(1,608,728 |
) |
|
TOTAL
COMMON STOCKS (Proceeds $114,029,309) |
|
|
|
|
|
|
(102,779,447 |
) |
| |
|
|
|
|
|
|
|
|
|
PREFERRED
STOCKS — (0.1)% |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — (0.1)% |
|
|
|
|
|
|
|
|
|
Dr
Ing hc F Porsche AG, 0.00%(a) |
|
|
(16,772 |
) |
|
|
(985,678 |
) |
|
TOTAL
PREFERRED STOCKS (Proceeds $1,503,250) |
|
|
|
|
|
|
(985,678 |
) |
|
TOTAL
SECURITIES SOLD SHORT — (17.4)% (Proceeds $115,532,559) |
|
|
|
|
|
$ |
(103,765,125 |
) |
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) |
Security is exempt from
registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $(1,777,169) or -0.3%
of the Fund’s net assets. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 31 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
Contracts
For Difference held by the Fund at February 28, 2025, are as follows:
|
Reference
Entity |
|
counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
Acer,
Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (2.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
$ |
(787,474 |
) |
|
$ |
(310,162 |
) |
|
Acer,
Inc. |
|
|
J.P. Morgan Securities, Inc. |
|
|
|
Pay |
|
|
|
OBFR + (2.25)% |
|
|
|
Termination |
|
|
|
12/27/2027 |
|
|
|
(281,582 |
) |
|
|
(4,052 |
) |
|
Acushnet
Holdings Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
10/04/2027 |
|
|
|
(216,177 |
) |
|
|
225 |
|
|
Acushnet
Holdings Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(1,434,340 |
) |
|
|
55,814 |
|
|
Amcor
PLC |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(898,089 |
) |
|
|
41,197 |
|
|
Ascendis
Pharma AS |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(807,170 |
) |
|
|
(69,349 |
) |
|
Avanza
Bank Holding AB |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
STIB1D INDEX + (0.55)% |
|
|
|
Termination |
|
|
|
08/27/2027 |
|
|
SEK |
(10,964,422 |
) |
|
|
(239,085 |
) |
|
Bank
of Hawaii Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
03/02/2026 |
|
|
|
(1,010,647 |
) |
|
|
(106,958 |
) |
|
Bank
of Hawaii Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(1,556,124 |
) |
|
|
154,800 |
|
|
BlackLine,
Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(819,893 |
) |
|
|
357,387 |
|
|
Cincinnati
Financial Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(1,028,166 |
) |
|
|
(96,840 |
) |
|
Commerce
Bancshares, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
10/06/2026 |
|
|
|
(393,801 |
) |
|
|
(130,619 |
) |
|
Commerce
Bancshares, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(1,585,321 |
) |
|
|
27,693 |
|
|
Commonwealth
Bank of Australia |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
RBA Cash Rate Overnight + (0.55)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
AUD |
(5,091,699 |
) |
|
|
(1,076,568 |
) |
|
Compal
Electronics, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.50)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(787,529 |
) |
|
|
(283,495 |
) |
|
Corcept
Therapeutics, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(1,007,506 |
) |
|
|
(422,110 |
) |
|
Credit
Acceptance Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
03/02/2026 |
|
|
|
(603,178 |
) |
|
|
(16,212 |
) |
|
Credit
Acceptance Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(959,176 |
) |
|
|
26,602 |
|
|
Cullen/Frost
Bankers, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
04/06/2026 |
|
|
|
(639,108 |
) |
|
|
(151,465 |
) |
|
Cullen/Frost
Bankers, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(679,669 |
) |
|
|
43,501 |
|
|
CVB
Financial Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
10/06/2026 |
|
|
|
(933,427 |
) |
|
|
(159,178 |
) |
|
CVB
Financial Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(59,017 |
) |
|
|
16,734 |
|
|
Dayforce,
Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(643,828 |
) |
|
|
93,849 |
|
|
Digital
Realty Trust, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(1,330,440 |
) |
|
|
77,742 |
|
|
Ecopro
BM Co. Ltd. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (1.38)% |
|
|
|
Termination |
|
|
|
12/02/2025 |
|
|
|
(368,901 |
) |
|
|
480,672 |
|
|
EcoPro
Co., Ltd. |
|
|
Bank of America |
|
|
|
Pay |
|
|
|
EFFR + (1.38)% |
|
|
|
Termination |
|
|
|
10/23/2026 |
|
|
|
(185,125 |
) |
|
|
312,621 |
|
|
EcoPro
Co., Ltd. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (10.00)% |
|
|
|
Termination |
|
|
|
10/30/2026 |
|
|
|
(255,875 |
) |
|
|
274,789 |
|
|
Entegris,
Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(3,121,321 |
) |
|
|
316,609 |
|
|
Erie
Indemnity Co. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(404,526 |
) |
|
|
64,145 |
|
|
First
Financial Bankshares, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
03/02/2026 |
|
|
|
(1,829,071 |
) |
|
|
(220,480 |
) |
|
First
Financial Bankshares, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(713,996 |
) |
|
|
3,312 |
|
|
Floor
& Decor Holdings, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
04/13/2026 |
|
|
|
(261,964 |
) |
|
|
29,505 |
|
|
Floor
& Decor Holdings, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(284,769 |
) |
|
|
(49,245 |
) |
|
Fox
Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(716,256 |
) |
|
|
(199,046 |
) |
|
Glacier
Bancorp, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
03/02/2026 |
|
|
|
(1,990,083 |
) |
|
|
(481,254 |
) |
|
Glacier
Bancorp, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(1,182,709 |
) |
|
|
228,519 |
|
|
GoodRx
Holdings, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.53)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(589,951 |
) |
|
|
329,649 |
|
|
Infosys
Ltd. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.63)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
(1,453,069 |
) |
|
|
187,922 |
|
|
KakaoBank
Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (1.00)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
(443,596 |
) |
|
|
152,547 |
|
|
KakaoBank
Corp. |
|
|
J.P. Morgan Securities, Inc. |
|
|
|
Pay |
|
|
|
OBFR + (2.00)% |
|
|
|
Termination |
|
|
|
10/12/2026 |
|
|
|
(46,304 |
) |
|
|
994 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 32 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (continued) |
|
Reference
Entity |
|
counterparty |
|
|
Pay/
Receive
Reference
Entity |
|
|
Financing
Rate |
|
|
Payment
Frequency |
|
|
Maturity
Date |
|
|
Notional
Amount |
|
|
VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION) |
|
|
KB
Home |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
$ |
(1,247,511 |
) |
|
$ |
392,213 |
|
|
Kimberly-Clark
Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,398,230 |
) |
|
|
(34,981 |
) |
|
Kinsale
Capital Group, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
09/21/2026 |
|
|
|
|
(150,716 |
) |
|
|
5,240 |
|
|
Kinsale
Capital Group, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(139,056 |
) |
|
|
(35,655 |
) |
|
Liberty
Global Ltd. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,286,990 |
) |
|
|
581,543 |
|
|
Madrigal
Pharmaceuticals, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(728,611 |
) |
|
|
(183,445 |
) |
|
Moelis
& Co. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,368,721 |
) |
|
|
(91,577 |
) |
|
Myriad
Genetics, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(285,461 |
) |
|
|
291,004 |
|
|
National
Beverage Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/15/2025 |
|
|
|
|
(100,929 |
) |
|
|
33,726 |
|
|
National
Beverage Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(1,024,906 |
) |
|
|
314,285 |
|
|
Netmarble
Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (2.75)% |
|
|
|
Termination |
|
|
|
03/10/2026 |
|
|
|
|
(129,590 |
) |
|
|
93,511 |
|
|
Netmarble
Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.55)% |
|
|
|
Termination |
|
|
|
12/02/2025 |
|
|
|
|
(694,477 |
) |
|
|
378,024 |
|
|
Northrop
Grumman Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,911,604 |
) |
|
|
209,841 |
|
|
Novanta,
Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/31/2026 |
|
|
|
|
(2,257,107 |
) |
|
|
84,357 |
|
|
Novanta,
Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(484,110 |
) |
|
|
69,991 |
|
|
Pan
Jit International, Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (4.00)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(1,542,656 |
) |
|
|
127,274 |
|
|
Posco
Future M Co., Ltd. |
|
|
Bank of America |
|
|
|
Pay |
|
|
|
EFFR + (1.00)% |
|
|
|
Termination |
|
|
|
10/23/2026 |
|
|
|
|
(848,148 |
) |
|
|
1,172,788 |
|
|
Rhythm
Pharmaceuticals, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(768,356 |
) |
|
|
(133,426 |
) |
|
RLI
Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(1,016,562 |
) |
|
|
(121,907 |
) |
|
Sagax
AB |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
STIB1D INDEX + (0.40)% |
|
|
|
Termination |
|
|
|
01/14/2028 |
|
|
SEK |
(12,313,737 |
) |
|
|
(42,723 |
) |
|
Sagax
AB |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
STIB1D INDEX + (0.55)% |
|
|
|
Termination |
|
|
|
08/27/2027 |
|
|
SEK |
(5,662,619 |
) |
|
|
135,056 |
|
|
SDI
Corp. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (7.00)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
|
|
(350,616 |
) |
|
|
35,608 |
|
|
Shenzhen
Goodix Technology Co., Ltd. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (7.11)% |
|
|
|
Termination |
|
|
|
08/03/2026 |
|
|
|
|
(1,183,581 |
) |
|
|
(275,322 |
) |
|
SL
Green Realty Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(2,463,105 |
) |
|
|
(61,806 |
) |
|
TG
Therapeutics, Inc. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(619,613 |
) |
|
|
(103,697 |
) |
|
Toro
Co. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,115,561 |
) |
|
|
161,141 |
|
|
Tractor
Supply Co. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(1,121,114 |
) |
|
|
(31,223 |
) |
|
Treasury
Wine Estates Ltd. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
RBA Cash Rate Overnight + (0.50)% |
|
|
|
Termination |
|
|
|
01/14/2028 |
|
|
AUD |
(286,224 |
) |
|
|
(550 |
) |
|
Treasury
Wine Estates Ltd. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
RBA Cash Rate Overnight + (0.55)% |
|
|
|
Termination |
|
|
|
08/27/2027 |
|
|
AUD |
(1,299,664 |
) |
|
|
72,252 |
|
|
Twist
Bioscience Corp. |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/23/2027 |
|
|
|
|
(679,156 |
) |
|
|
83,598 |
|
|
VAT
Group AG |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
SARON + (0.45)% |
|
|
|
Termination |
|
|
|
12/08/2025 |
|
|
CHF |
(1,677,627 |
) |
|
|
(194,859 |
) |
|
VAT
Group AG |
|
|
Morgan Stanley |
|
|
|
Pay |
|
|
|
SARON + (0.45)% |
|
|
|
Termination |
|
|
|
12/10/2025 |
|
|
CHF |
(601,147 |
) |
|
|
19,355 |
|
|
Wolfspeed,
Inc. |
|
|
Goldman Sachs |
|
|
|
Pay |
|
|
|
EFFR + (0.25)% |
|
|
|
Termination |
|
|
|
08/31/2026 |
|
|
|
|
(294,260 |
) |
|
|
1,446,407 |
|
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,656,753 |
|
There
are no upfront payments or receipts associated with contracts for difference in the Fund as of February 28, 2025.
Notional
Amount is in USD unless otherwise indicated.
OBFR
- Overnight Bank Funding Rate was 4.33% as of February 28, 2025.
EFFR
- Effective Federal Funds Rate was 4.33% as of February 28, 2025.
RBA
- Reserve Bank of Australia was 4.09% as of February 28, 2025.
SARON
- Swiss Average Rate Overnight was 0.43% as of February 28, 2025.
STIB1D
- Stockholm Interbank Offered Rate was 2.25% as of February 28, 2025.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 33 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS LONG/SHORT RESEARCH FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
511,458,917 |
|
|
$ |
50,174,433 |
|
|
$ |
— |
|
|
$ |
561,633,350 |
|
|
Convertible
Notes |
|
|
— |
|
|
|
— |
|
|
|
827,782 |
|
|
|
827,782 |
|
|
Warrants |
|
|
— |
|
|
|
— |
|
|
|
— |
(a) |
|
|
— |
(a) |
|
Money
Market Funds |
|
|
11,161 |
|
|
|
— |
|
|
|
— |
|
|
|
11,161 |
|
|
Total
Investments |
|
$ |
511,470,078 |
|
|
$ |
50,174,433 |
|
|
$ |
827,782 |
|
|
$ |
562,472,293 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
for Difference* |
|
|
— |
|
|
|
8,984,041 |
|
|
|
— |
|
|
|
8,984,041 |
|
|
Total
Other Financial Instruments |
|
$ |
— |
|
|
$ |
8,984,041 |
|
|
$ |
— |
|
|
$ |
8,984,041 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
(76,962,836 |
) |
|
$ |
(25,816,611 |
) |
|
$ |
— |
|
|
$ |
(102,779,447 |
) |
|
Preferred
Stocks |
|
|
— |
|
|
|
(985,678 |
) |
|
|
— |
|
|
|
(985,678 |
) |
|
Total
Investments |
|
$ |
(76,962,836 |
) |
|
$ |
(26,802,289 |
) |
|
$ |
— |
|
|
$ |
(103,765,125 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracts
for Difference* |
|
|
— |
|
|
|
(5,327,288 |
) |
|
|
— |
|
|
|
(5,327,288 |
) |
|
Total
Other Financial Instruments |
|
$ |
— |
|
|
$ |
(5,327,288 |
) |
|
$ |
— |
|
|
$ |
(5,327,288 |
) |
|
*
|
The fair value of the Fund’s
investment represents the net unrealized appreciation (depreciation) as of February 28, 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 period as compared to the security classifications from the prior fiscal period’s
report.
|
(a) |
Amount is less than $0.50.
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 34 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS SMALL CAP VALUE FUND II |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 97.7% |
|
|
|
|
|
|
|
|
|
Communication
Services — 4.1% |
|
|
|
|
|
|
|
|
|
Cargurus,
Inc. (a) |
|
|
91,659 |
|
|
$ |
2,950,503 |
|
|
Entravision
Communications Corp. - Class A |
|
|
794,048 |
|
|
|
1,770,727 |
|
|
EverQuote,
Inc. - Class A (a) |
|
|
145,213 |
|
|
|
3,903,326 |
|
|
Magnite,
Inc. (a)(b) |
|
|
506,986 |
|
|
|
7,995,169 |
|
|
Stagwell,
Inc. (a) |
|
|
360,190 |
|
|
|
2,337,633 |
|
|
TEGNA,
Inc. |
|
|
228,644 |
|
|
|
4,161,321 |
|
| |
|
|
|
|
|
|
23,118,679 |
|
|
Consumer
Discretionary — 15.0% |
|
|
|
|
|
|
|
|
|
Academy
Sports & Outdoors, Inc. |
|
|
52,922 |
|
|
|
2,624,402 |
|
|
Adtalem
Global Education, Inc. (a) |
|
|
48,100 |
|
|
|
4,921,111 |
|
|
Beazer
Homes USA, Inc. (a) |
|
|
169,307 |
|
|
|
3,775,546 |
|
|
Boyd
Gaming Corp. |
|
|
63,318 |
|
|
|
4,828,631 |
|
|
Build-A-Bear
Workshop, Inc. (b) |
|
|
47,355 |
|
|
|
1,937,767 |
|
|
Carriage
Services, Inc. |
|
|
124,400 |
|
|
|
4,989,684 |
|
|
Frontdoor,
Inc. (a) |
|
|
138,454 |
|
|
|
6,296,888 |
|
|
Grand
Canyon Education, Inc. (a) |
|
|
41,968 |
|
|
|
7,546,686 |
|
|
Group
1 Automotive, Inc. (b) |
|
|
11,229 |
|
|
|
5,160,624 |
|
|
Installed
Building Products, Inc. (b) |
|
|
14,010 |
|
|
|
2,401,314 |
|
|
J
Jill, Inc. (b) |
|
|
109,286 |
|
|
|
2,590,078 |
|
|
Laureate
Education, Inc. (a) |
|
|
210,392 |
|
|
|
4,195,216 |
|
|
LCI
Industries |
|
|
26,747 |
|
|
|
2,776,873 |
|
|
Legacy
Housing Corp. (a) |
|
|
83,483 |
|
|
|
2,061,195 |
|
|
Movado
Group, Inc. |
|
|
85,191 |
|
|
|
1,645,038 |
|
|
Perdoceo
Education Corp. |
|
|
158,075 |
|
|
|
4,046,720 |
|
|
Six
Flags Entertainment Corp. |
|
|
67,415 |
|
|
|
2,964,238 |
|
|
Steven
Madden Ltd. |
|
|
66,615 |
|
|
|
2,184,306 |
|
|
Taylor
Morrison Home Corp. (a) |
|
|
63,844 |
|
|
|
3,935,344 |
|
|
Under
Armour, Inc., Class A - Class A (a)(b) |
|
|
321,492 |
|
|
|
2,189,360 |
|
|
Unifi,
Inc. (a) |
|
|
261,563 |
|
|
|
1,483,062 |
|
|
United
Homes Group, Inc. (a) |
|
|
474,101 |
|
|
|
1,763,656 |
|
|
Universal
Technical Institute, Inc. (a) |
|
|
233,619 |
|
|
|
6,597,401 |
|
|
Urban
Outfitters, Inc. (a) |
|
|
17,393 |
|
|
|
1,012,099 |
|
| |
|
|
|
|
|
|
83,927,239 |
|
|
Consumer
Staples — 3.4% |
|
|
|
|
|
|
|
|
|
Nomad
Foods Ltd. |
|
|
173,402 |
|
|
|
3,277,298 |
|
|
Olaplex
Holdings, Inc. (a)(b) |
|
|
1,064,866 |
|
|
|
1,544,056 |
|
|
PriceSmart,
Inc. |
|
|
46,098 |
|
|
|
4,120,700 |
|
|
Simply
Good Foods Co. (a)(b) |
|
|
120,810 |
|
|
|
4,560,577 |
|
|
Universal
Corp. |
|
|
50,374 |
|
|
|
2,700,550 |
|
|
Utz
Brands, Inc. |
|
|
209,843 |
|
|
|
2,858,062 |
|
| |
|
|
|
|
|
|
19,061,243 |
|
|
Energy
— 4.8% |
|
|
|
|
|
|
|
|
|
Archrock,
Inc. |
|
|
139,026 |
|
|
|
3,770,385 |
|
|
ChampionX
Corp. |
|
|
103,735 |
|
|
|
3,091,303 |
|
|
NPK
International, Inc. (a) |
|
|
327,101 |
|
|
|
1,995,316 |
|
|
Select
Water Solutions, Inc. (b) |
|
|
212,887 |
|
|
|
2,582,319 |
|
|
South
Bow Corp. |
|
|
95,620 |
|
|
|
2,546,361 |
|
|
Vermilion
Energy, Inc. |
|
|
117,591 |
|
|
|
999,524 |
|
|
Viper
Energy, Inc. |
|
|
150,697 |
|
|
|
7,017,959 |
|
|
World
Kinect Corp. |
|
|
163,429 |
|
|
|
4,893,064 |
|
| |
|
|
|
|
|
|
26,896,231 |
|
|
Financials
— 33.0% |
|
|
|
|
|
|
|
|
|
AllianceBernstein
Holding LP |
|
|
38,179 |
|
|
|
1,437,821 |
|
|
AMERISAFE,
Inc. |
|
|
29,546 |
|
|
|
1,520,437 |
|
|
Assured
Guaranty Ltd. |
|
|
83,622 |
|
|
|
7,302,709 |
|
|
Axis
Capital Holdings Ltd. |
|
|
68,020 |
|
|
|
6,589,778 |
|
|
Financials
— (continued) |
|
|
|
|
|
|
|
|
|
Axos
Financial, Inc. (a) |
|
|
53,737 |
|
|
|
3,589,632 |
|
|
Baldwin
Insurance Group, Inc. - Class A (a)(b) |
|
|
108,871 |
|
|
|
4,478,953 |
|
|
BankUnited,
Inc. |
|
|
85,425 |
|
|
|
3,210,272 |
|
|
Bar
Harbor Bankshares |
|
|
98,218 |
|
|
|
3,154,762 |
|
|
BGC
Group, Inc. - Class A |
|
|
503,819 |
|
|
|
4,987,808 |
|
|
Byline
Bancorp, Inc. |
|
|
114,787 |
|
|
|
3,276,021 |
|
|
Cadence
Bank |
|
|
76,132 |
|
|
|
2,524,537 |
|
|
Cass
Information Systems, Inc. |
|
|
43,061 |
|
|
|
1,882,196 |
|
|
Columbia
Banking System, Inc. (b) |
|
|
114,084 |
|
|
|
3,049,465 |
|
|
Diamond
Hill Investment Group, Inc. |
|
|
11,312 |
|
|
|
1,653,136 |
|
|
Dime
Community Bancshares, Inc. |
|
|
90,954 |
|
|
|
2,819,574 |
|
|
Employers
Holdings, Inc. |
|
|
32,532 |
|
|
|
1,685,158 |
|
|
Enact
Holdings, Inc. (b) |
|
|
90,155 |
|
|
|
3,099,529 |
|
|
Essent
Group Ltd. |
|
|
75,921 |
|
|
|
4,374,568 |
|
|
EZCORP,
Inc. - Class A (a)(b) |
|
|
344,792 |
|
|
|
4,744,338 |
|
|
Federal
Agricultural Mortgage Corp. - Class C |
|
|
48,988 |
|
|
|
10,241,921 |
|
|
First
American Financial Corp. |
|
|
57,443 |
|
|
|
3,773,431 |
|
|
First
Mid Bancshares, Inc. |
|
|
60,120 |
|
|
|
2,290,572 |
|
|
FirstCash
Holdings, Inc. |
|
|
61,866 |
|
|
|
6,946,315 |
|
|
Global
Indemnity Group LLC - Class A |
|
|
82,564 |
|
|
|
2,758,463 |
|
|
Hancock
Whitney Corp. |
|
|
57,377 |
|
|
|
3,277,948 |
|
|
Heritage
Commerce Corp. |
|
|
164,589 |
|
|
|
1,746,289 |
|
|
Home
BancShares, Inc. |
|
|
104,420 |
|
|
|
3,127,379 |
|
|
James
River Group Holdings Ltd. |
|
|
418,841 |
|
|
|
2,073,263 |
|
|
Kemper
Corp. |
|
|
52,822 |
|
|
|
3,569,711 |
|
|
Merchants
Bancorp |
|
|
68,346 |
|
|
|
2,783,049 |
|
|
Nicolet
Bankshares, Inc. |
|
|
23,358 |
|
|
|
2,799,923 |
|
|
Northeast
Bank |
|
|
54,144 |
|
|
|
5,437,140 |
|
|
Northrim
BanCorp, Inc. |
|
|
27,660 |
|
|
|
2,276,418 |
|
|
Old
National Bancorp (b) |
|
|
177,043 |
|
|
|
4,204,771 |
|
|
Oportun
Financial Corp. (a) |
|
|
406,648 |
|
|
|
2,870,935 |
|
|
Oppenheimer
Holdings, Inc. - Class A |
|
|
16,696 |
|
|
|
1,101,936 |
|
|
Peapack-Gladstone
Financial Corp. (b) |
|
|
97,402 |
|
|
|
3,151,929 |
|
|
PennyMac
Financial Services, Inc. |
|
|
52,648 |
|
|
|
5,456,965 |
|
|
PennyMac
Mortgage Investment Trust (b) |
|
|
169,358 |
|
|
|
2,481,095 |
|
|
Preferred
Bank (b) |
|
|
76,556 |
|
|
|
6,794,345 |
|
|
Primis
Financial Corp. |
|
|
233,831 |
|
|
|
2,457,564 |
|
|
Redwood
Trust, Inc. (b) |
|
|
394,012 |
|
|
|
2,632,000 |
|
|
Shift4
Payments, Inc. - Class A (a) |
|
|
22,904 |
|
|
|
2,261,770 |
|
|
Silvercrest
Asset Management Group, Inc. - Class A |
|
|
163,885 |
|
|
|
2,971,235 |
|
|
SLM
Corp. (b) |
|
|
269,904 |
|
|
|
8,148,402 |
|
|
Stewart
Information Services Corp. (b) |
|
|
56,331 |
|
|
|
4,010,767 |
|
|
StoneX
Group, Inc. (a) |
|
|
43,339 |
|
|
|
5,229,717 |
|
|
Voya
Financial, Inc. |
|
|
47,405 |
|
|
|
3,425,485 |
|
|
White
Mountains Insurance Group Ltd. |
|
|
1,696 |
|
|
|
3,136,752 |
|
|
Wintrust
Financial Corp. (b) |
|
|
20,636 |
|
|
|
2,568,563 |
|
|
WSFS
Financial Corp. |
|
|
57,100 |
|
|
|
3,099,959 |
|
| |
|
|
|
|
|
|
184,486,706 |
|
|
Health
Care — 4.0% |
|
|
|
|
|
|
|
|
|
Addus
HomeCare Corp. (a) |
|
|
27,140 |
|
|
|
2,599,198 |
|
|
Amphastar
Pharmaceuticals, Inc. (a) |
|
|
47,414 |
|
|
|
1,347,980 |
|
|
Biote
Corp. (a)(b) |
|
|
478,618 |
|
|
|
2,091,561 |
|
|
Catalyst
Pharmaceuticals, Inc. (a) |
|
|
126,768 |
|
|
|
2,901,719 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 35 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS SMALL CAP VALUE FUND II |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Health
Care — (continued) |
|
|
|
|
|
|
|
|
|
Haemonetics
Corp. (a)(b) |
|
|
54,835 |
|
|
$ |
3,591,692 |
|
|
Halozyme
Therapeutics, Inc. (a) |
|
|
40,026 |
|
|
|
2,367,538 |
|
|
Lantheus
Holdings, Inc. (a)(b) |
|
|
37,251 |
|
|
|
3,494,889 |
|
|
Pediatrix
Medical Group, Inc. (a) |
|
|
257,516 |
|
|
|
3,803,511 |
|
| |
|
|
|
|
|
|
22,198,088 |
|
|
Industrials
— 20.3% |
|
|
|
|
|
|
|
|
|
ABM
Industries, Inc. |
|
|
48,535 |
|
|
|
2,636,907 |
|
|
Asure
Software, Inc. (a)(b) |
|
|
165,142 |
|
|
|
1,732,340 |
|
|
Atmus
Filtration Technologies, Inc. |
|
|
75,285 |
|
|
|
2,996,343 |
|
|
AZZ,
Inc. (b) |
|
|
32,273 |
|
|
|
3,101,758 |
|
|
Beacon
Roofing Supply, Inc. (a) |
|
|
66,013 |
|
|
|
7,619,220 |
|
|
Brady
Corp. - Class A |
|
|
39,045 |
|
|
|
2,829,591 |
|
|
Brink’s
Co. |
|
|
45,984 |
|
|
|
4,324,335 |
|
|
Civeo
Corp. |
|
|
110,152 |
|
|
|
2,368,268 |
|
|
Concentrix
Corp. (b) |
|
|
55,893 |
|
|
|
2,524,128 |
|
|
CRA
International, Inc. |
|
|
25,024 |
|
|
|
4,833,386 |
|
|
DXP
Enterprises, Inc. (a) |
|
|
56,087 |
|
|
|
5,074,191 |
|
|
EnerSys
|
|
|
55,737 |
|
|
|
5,656,748 |
|
|
First
Advantage Corp. (a)(b) |
|
|
269,721 |
|
|
|
4,035,026 |
|
|
Granite
Construction, Inc. (b) |
|
|
59,075 |
|
|
|
4,878,414 |
|
|
Griffon
Corp. |
|
|
57,899 |
|
|
|
4,188,414 |
|
|
Heidrick
& Struggles International, Inc. |
|
|
65,751 |
|
|
|
2,695,133 |
|
|
Huron
Consulting Group, Inc. (a) |
|
|
30,248 |
|
|
|
4,611,610 |
|
|
IBEX
Holdings Ltd. (a) |
|
|
186,921 |
|
|
|
4,730,971 |
|
|
Janus
International Group, Inc. (a)(b) |
|
|
316,525 |
|
|
|
2,560,687 |
|
|
Karat
Packaging, Inc. |
|
|
86,662 |
|
|
|
2,592,060 |
|
|
Kelly
Services, Inc. - Class A |
|
|
223,633 |
|
|
|
3,012,337 |
|
|
LSI
Industries, Inc. |
|
|
155,840 |
|
|
|
2,881,482 |
|
|
Masterbrand,
Inc. (a) |
|
|
135,162 |
|
|
|
1,890,916 |
|
|
Matson,
Inc. |
|
|
31,331 |
|
|
|
4,513,857 |
|
|
Primoris
Services Corp. |
|
|
69,390 |
|
|
|
4,978,039 |
|
|
Pursuit
Attractions and Hospitality, Inc. (a) |
|
|
99,163 |
|
|
|
3,936,771 |
|
|
Resideo
Technologies, Inc. (a) |
|
|
140,010 |
|
|
|
2,689,592 |
|
|
Sensata
Technologies Holding PLC |
|
|
113,544 |
|
|
|
3,275,744 |
|
|
Sterling
Infrastructure, Inc. (a) |
|
|
27,740 |
|
|
|
3,528,805 |
|
|
V2X,
Inc. (a) |
|
|
53,899 |
|
|
|
2,528,941 |
|
|
Valmont
Industries, Inc. |
|
|
11,802 |
|
|
|
4,111,463 |
|
| |
|
|
|
|
|
|
113,337,477 |
|
|
Information
Technology — 8.4% |
|
|
|
|
|
|
|
|
|
Adeia,
Inc. |
|
|
323,414 |
|
|
|
5,084,068 |
|
|
Avnet,
Inc. |
|
|
56,420 |
|
|
|
2,851,467 |
|
|
Axcelis
Technologies, Inc. (a) |
|
|
38,294 |
|
|
|
2,098,128 |
|
|
Bel
Fuse, Inc. - Class B (b) |
|
|
31,129 |
|
|
|
2,612,034 |
|
|
Belden,
Inc. (b) |
|
|
30,083 |
|
|
|
3,310,033 |
|
|
Benchmark
Electronics, Inc. |
|
|
84,254 |
|
|
|
3,366,790 |
|
|
Hackett
Group, Inc. |
|
|
79,741 |
|
|
|
2,422,532 |
|
|
indie
Semiconductor, Inc. - Class A (a)(b) |
|
|
445,137 |
|
|
|
1,339,862 |
|
|
InterDigital,
Inc. (b) |
|
|
30,666 |
|
|
|
6,551,484 |
|
|
LiveRamp
Holdings, Inc. (a) |
|
|
119,851 |
|
|
|
3,581,148 |
|
|
OSI
Systems, Inc. (a)(b) |
|
|
17,711 |
|
|
|
3,652,185 |
|
|
Photronics,
Inc. (a) |
|
|
112,631 |
|
|
|
2,347,230 |
|
|
Ultra
Clean Holdings, Inc. (a) |
|
|
112,115 |
|
|
|
2,758,029 |
|
|
Verint
Systems, Inc. (a) |
|
|
108,632 |
|
|
|
2,451,824 |
|
|
Yext,
Inc. (a) |
|
|
344,406 |
|
|
|
2,341,961 |
|
| |
|
|
|
|
|
|
46,768,775 |
|
|
Materials
— 2.9% |
|
|
|
|
|
|
|
|
|
Ashland,
Inc. |
|
|
36,099 |
|
|
|
2,195,541 |
|
|
Ecovyst,
Inc. (a) |
|
|
146,795 |
|
|
|
996,738 |
|
|
Element
Solutions, Inc. |
|
|
86,225 |
|
|
|
2,251,335 |
|
|
Knife
River Corp. (a) |
|
|
25,188 |
|
|
|
2,409,988 |
|
|
Methanex
Corp. |
|
|
95,145 |
|
|
|
4,190,186 |
|
|
Myers
Industries, Inc. (b) |
|
|
147,995 |
|
|
|
1,622,025 |
|
|
Orion
SA |
|
|
164,113 |
|
|
|
2,294,299 |
|
| |
|
|
|
|
|
|
15,960,112 |
|
|
Real
Estate — 1.6% |
|
|
|
|
|
|
|
|
|
BRT
Apartments Corp. |
|
|
86,481 |
|
|
|
1,560,117 |
|
|
Cousins
Properties, Inc. |
|
|
85,617 |
|
|
|
2,596,764 |
|
|
CTO
Realty Growth, Inc. (b) |
|
|
115,521 |
|
|
|
2,199,520 |
|
|
First
Industrial Realty Trust, Inc. |
|
|
42,965 |
|
|
|
2,452,442 |
|
| |
|
|
|
|
|
|
8,808,843 |
|
|
Utilities
— 0.2% |
|
|
|
|
|
|
|
|
|
Pure
Cycle Corp. (a) |
|
|
101,155 |
|
|
|
1,176,433 |
|
|
TOTAL
COMMON STOCKS (Cost $427,220,201) |
|
|
|
|
|
|
545,739,826 |
|
| |
|
|
|
|
|
|
|
|
|
CLOSED-END
FUNDS — 1.1% |
|
|
|
|
|
|
|
|
|
Blue
Owl Capital Corp. |
|
|
200,215 |
|
|
|
3,095,324 |
|
|
Golub
Capital BDC, Inc. (b) |
|
|
196,732 |
|
|
|
3,082,790 |
|
|
TOTAL
CLOSED-END FUNDS (Cost $6,153,831) |
|
|
|
|
|
|
6,178,114 |
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 18.7% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 18.7% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
104,582,701 |
|
|
|
104,582,701 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $104,582,701) |
|
|
|
|
|
|
104,582,701 |
|
|
TOTAL
INVESTMENTS — 117.5% (Cost $537,956,733) |
|
|
|
|
|
|
656,500,641 |
|
|
Liabilities
in Excess of Other Assets — (17.5)% |
|
|
|
|
|
|
(97,631,540 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
558,869,101 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $102,379,111 which represented 18.3% of net
assets. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 36 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
BOSTON
PARTNERS SMALL CAP VALUE FUND II |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
545,739,826 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
545,739,826 |
|
|
Closed-End
Funds |
|
|
6,178,114 |
|
|
|
— |
|
|
|
— |
|
|
|
6,178,114 |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
104,582,701 |
|
|
Total
Investments |
|
$ |
551,917,940 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
656,500,641 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
|
(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 amount of $104,582,701 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.
|
Financial
Statements 2025 | 37 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
Partners Select Hedged Fund |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 95.3% |
|
|
|
|
|
Communication
Services — 6.4% |
|
|
|
|
|
|
|
|
|
Cars.com,
Inc. (a)(b) |
|
|
30,197 |
|
|
$ |
398,600 |
|
|
Vimeo,
Inc. (a)(b) |
|
|
169,586 |
|
|
|
998,862 |
|
|
Vivid
Seats, Inc. - Class A (a)(b) |
|
|
115,577 |
|
|
|
478,489 |
|
| |
|
|
|
|
|
|
1,875,951 |
|
|
Consumer
Discretionary — 12.0% |
|
|
|
|
|
|
|
|
|
Bath
& Body Works, Inc. (b) |
|
|
10,643 |
|
|
|
385,596 |
|
|
Dave
& Buster’s Entertainment, Inc. (a)(b) |
|
|
21,442 |
|
|
|
447,923 |
|
|
Denny’s
Corp. (a)(b) |
|
|
87,395 |
|
|
|
434,353 |
|
|
Gildan
Activewear, Inc. (b) |
|
|
9,083 |
|
|
|
490,755 |
|
|
Holley,
Inc. (a)(b) |
|
|
67,407 |
|
|
|
183,347 |
|
|
National
Vision Holdings, Inc. (a)(b) |
|
|
52,504 |
|
|
|
667,326 |
|
|
Tri
Pointe Homes, Inc. (a)(b) |
|
|
19,676 |
|
|
|
622,942 |
|
|
Under
Armour, Inc. - Class C (a)(b) |
|
|
46,199 |
|
|
|
293,364 |
|
| |
|
|
|
|
|
|
3,525,606 |
|
|
Consumer
Staples — 2.2% |
|
|
|
|
|
|
|
|
|
Grocery
Outlet Holding Corp. (a)(b) |
|
|
53,540 |
|
|
|
635,520 |
|
|
Energy
— 0.9% |
|
|
|
|
|
|
|
|
|
BKV
Corp. (a)(b) |
|
|
12,924 |
|
|
|
260,936 |
|
|
Financials
— 21.4% |
|
|
|
|
|
|
|
|
|
BGC
Group, Inc. - Class A (b) |
|
|
147,917 |
|
|
|
1,464,378 |
|
|
Kemper
Corp. (b) |
|
|
22,843 |
|
|
|
1,543,730 |
|
|
National
Bank Holdings Corp. - Class A (b) |
|
|
22,078 |
|
|
|
924,406 |
|
|
Perella
Weinberg Partners (b) |
|
|
15,160 |
|
|
|
350,348 |
|
|
Prosperity
Bancshares, Inc. (b) |
|
|
11,562 |
|
|
|
887,499 |
|
|
Webster
Financial Corp. (b) |
|
|
19,682 |
|
|
|
1,108,490 |
|
| |
|
|
|
|
|
|
6,278,851 |
|
|
Health
Care — 8.8% |
|
|
|
|
|
|
|
|
|
Enovis
Corp. (a)(b) |
|
|
38,612 |
|
|
|
1,492,354 |
|
|
Innoviva,
Inc. (a)(b) |
|
|
23,793 |
|
|
|
426,370 |
|
|
Teleflex,
Inc. (b) |
|
|
4,921 |
|
|
|
653,263 |
|
| |
|
|
|
|
|
|
2,571,987 |
|
|
Industrials
— 15.9% |
|
|
|
|
|
|
|
|
|
Air
Lease Corp. (b) |
|
|
14,898 |
|
|
|
713,912 |
|
|
Arcosa,
Inc. (b) |
|
|
1,548 |
|
|
|
129,846 |
|
|
BrightView
Holdings, Inc. (a)(b) |
|
|
29,491 |
|
|
|
395,769 |
|
|
Custom
Truck One Source, Inc. (a)(b) |
|
|
181,530 |
|
|
|
804,178 |
|
|
Matrix
Service Co. (a)(b) |
|
|
8,638 |
|
|
|
107,802 |
|
|
Matthews
International Corp. - Class A (b) |
|
|
14,138 |
|
|
|
352,319 |
|
|
MYR
Group, Inc. (a)(b) |
|
|
4,431 |
|
|
|
543,773 |
|
|
Proficient
Auto Logistics, Inc. (a)(b) |
|
|
51,935 |
|
|
|
543,240 |
|
|
Tutor
Perini Corp. (a)(b) |
|
|
36,216 |
|
|
|
1,064,388 |
|
| |
|
|
|
|
|
|
4,655,227 |
|
|
Information
Technology — 11.7% |
|
|
|
|
|
|
|
|
|
8x8,
Inc. (a)(b) |
|
|
271,437 |
|
|
|
678,593 |
|
|
Alpha
& Omega Semiconductor Ltd. (a)(b) |
|
|
10,329 |
|
|
|
312,762 |
|
|
NCR
Voyix Corp. (a)(b) |
|
|
41,804 |
|
|
|
471,549 |
|
|
Ooma,
Inc. (a)(b) |
|
|
10,196 |
|
|
|
146,618 |
|
|
Silicon
Motion Technology Corp. - ADR (b) |
|
|
19,360 |
|
|
|
1,086,096 |
|
|
Tower
Semiconductor Ltd. (a)(b) |
|
|
16,988 |
|
|
|
721,990 |
|
| |
|
|
|
|
|
|
3,417,608 |
|
|
Materials
— 9.2% |
|
|
|
|
|
|
|
|
|
Alcoa
Corp. (b) |
|
|
8,460 |
|
|
|
281,295 |
|
|
Ashland,
Inc. (b) |
|
|
13,415 |
|
|
|
815,900 |
|
|
ERO
Copper Corp. (a)(b) |
|
|
22,365 |
|
|
|
264,355 |
|
|
Kronos
Worldwide, Inc. (b) |
|
|
64,268 |
|
|
|
562,345 |
|
|
Rayonier
Advanced Materials, Inc. (a)(b) |
|
|
37,260 |
|
|
|
286,902 |
|
|
thyssenkrupp
AG |
|
|
59,847 |
|
|
|
471,570 |
|
| |
|
|
|
|
|
|
2,682,367 |
|
|
Real
Estate — 4.4% |
|
|
|
|
|
|
|
|
|
Brixmor
Property Group, Inc. (b) |
|
|
24,268 |
|
|
|
678,533 |
|
|
Newmark
Group, Inc. - Class A (b) |
|
|
42,260 |
|
|
|
619,954 |
|
| |
|
|
|
|
|
|
1,298,487 |
|
|
Utilities
— 2.4% |
|
|
|
|
|
|
|
|
|
Portland
General Electric Co. (b) |
|
|
15,627 |
|
|
|
700,558 |
|
|
TOTAL
COMMON STOCKS (Cost $28,065,747) |
|
|
|
|
|
|
27,903,098 |
|
|
TOTAL
INVESTMENTS — 95.3% (Cost $28,065,747) |
|
|
|
|
|
|
27,903,098 |
|
|
Other
Assets in Excess of Liabilities — 4.7% |
|
|
|
|
|
|
1,361,108 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
29,264,206 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of security
has been pledged as collateral for securities sold short. The total value of assets committed as collateral as of February 28, 2025 is
$25,959,591. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 38 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
Partners Select Hedged Fund |
Schedule
of Investments (continued) |
|
SCHEDULE
OF SECURITIES SOLD SHORT |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — (53.8)% |
|
|
|
|
|
Communication
Services — (0.3)% |
|
|
|
|
|
|
|
|
|
AST
SpaceMobile, Inc. |
|
|
(3,729 |
) |
|
$ |
(101,093 |
) |
|
Consumer
Discretionary — (6.9)% |
|
|
|
|
|
|
|
|
|
Brinker
International, Inc. |
|
|
(505 |
) |
|
|
(83,239 |
) |
|
Frontdoor,
Inc. |
|
|
(3,259 |
) |
|
|
(148,219 |
) |
|
Garmin
Ltd. |
|
|
(347 |
) |
|
|
(79,439 |
) |
|
Green
Brick Partners, Inc. |
|
|
(6,669 |
) |
|
|
(398,339 |
) |
|
Latham
Group, Inc. |
|
|
(45,128 |
) |
|
|
(266,706 |
) |
|
Lithia
Motors, Inc. |
|
|
(1,258 |
) |
|
|
(433,306 |
) |
|
Modine
Manufacturing Co. |
|
|
(1,744 |
) |
|
|
(147,473 |
) |
|
Restaurant
Brands International, Inc. |
|
|
(3,552 |
) |
|
|
(231,768 |
) |
|
Stride,
Inc. |
|
|
(1,641 |
) |
|
|
(224,489 |
) |
| |
|
|
|
|
|
|
(2,012,978 |
) |
|
Consumer
Staples — (2.8)% |
|
|
|
|
|
|
|
|
|
Celsius
Holdings, Inc. |
|
|
(2,723 |
) |
|
|
(69,954 |
) |
|
Hershey
Co. |
|
|
(467 |
) |
|
|
(80,655 |
) |
|
J
& J Snack Foods Corp. |
|
|
(509 |
) |
|
|
(66,903 |
) |
|
Natural
Grocers by Vitamin Cottage, Inc. |
|
|
(13,191 |
) |
|
|
(586,208 |
) |
| |
|
|
|
|
|
|
(803,720 |
) |
|
Energy
— (3.5)% |
|
|
|
|
|
|
|
|
|
Comstock
Resources, Inc. |
|
|
(24,133 |
) |
|
|
(433,912 |
) |
|
Texas
Pacific Land Corp. |
|
|
(415 |
) |
|
|
(592,599 |
) |
| |
|
|
|
|
|
|
(1,026,511 |
) |
|
Financials
— (11.0)% |
|
|
|
|
|
|
|
|
|
Arch
Capital Group Ltd. |
|
|
(4,927 |
) |
|
|
(457,768 |
) |
|
Axos
Financial, Inc. |
|
|
(4,775 |
) |
|
|
(318,970 |
) |
|
CME
Group, Inc. |
|
|
(472 |
) |
|
|
(119,779 |
) |
|
Federal
National Mortgage Association |
|
|
(61,293 |
) |
|
|
(392,275 |
) |
|
Fifth
Third Bancorp |
|
|
(13,889 |
) |
|
|
(603,755 |
) |
|
Live
Oak Bancshares, Inc. |
|
|
(9,105 |
) |
|
|
(289,630 |
) |
|
Moelis
& Co. - Class A |
|
|
(6,845 |
) |
|
|
(483,531 |
) |
|
Radian
Group, Inc. |
|
|
(16,373 |
) |
|
|
(538,835 |
) |
| |
|
|
|
|
|
|
(3,204,543 |
) |
|
Health
Care — (2.7)% |
|
|
|
|
|
|
|
|
|
Inspire
Medical Systems, Inc. |
|
|
(1,099 |
) |
|
|
(203,964 |
) |
|
Option
Care Health, Inc. |
|
|
(5,458 |
) |
|
|
(182,843 |
) |
|
Owens
& Minor, Inc. |
|
|
(100 |
) |
|
|
(958 |
) |
|
UFP
Technologies, Inc. |
|
|
(1,765 |
) |
|
|
(401,696 |
) |
| |
|
|
|
|
|
|
(789,461 |
) |
|
Industrials
— (18.3)% |
|
|
|
|
|
|
|
|
|
Amentum
Holdings, Inc. |
|
|
(21,114 |
) |
|
|
(414,679 |
) |
|
AO
Smith Corp. |
|
|
(3,291 |
) |
|
|
(218,786 |
) |
|
ArcBest
Corp. |
|
|
(3,881 |
) |
|
|
(305,706 |
) |
|
Carrier
Global Corp. |
|
|
(11,270 |
) |
|
|
(730,296 |
) |
|
Hillenbrand,
Inc. |
|
|
(100 |
) |
|
|
(2,990 |
) |
|
Joby
Aviation, Inc. |
|
|
(41,535 |
) |
|
|
(290,745 |
) |
|
Loar
Holdings, Inc. |
|
|
(6,488 |
) |
|
|
(471,483 |
) |
|
Maximus,
Inc. |
|
|
(7,329 |
) |
|
|
(477,851 |
) |
|
Planet
Labs PBC |
|
|
(14,784 |
) |
|
|
(68,302 |
) |
|
Quanta
Services, Inc. |
|
|
(1,494 |
) |
|
|
(387,887 |
) |
|
Tetra
Tech, Inc. |
|
|
(5,704 |
) |
|
|
(166,500 |
) |
|
TransDigm
Group, Inc. |
|
|
(396 |
) |
|
|
(541,411 |
) |
|
TriNet
Group, Inc. |
|
|
(6,181 |
) |
|
|
(455,601 |
) |
|
Willdan
Group, Inc. |
|
|
(7,478 |
) |
|
|
(244,531 |
) |
|
Willis
Lease Finance Corp. |
|
|
(2,871 |
) |
|
|
(580,660 |
) |
| |
|
|
|
|
|
|
(5,357,428 |
) |
|
Information
Technology — (4.4)% |
|
|
|
|
|
|
|
|
|
Benchmark
Electronics, Inc. |
|
|
(7,955 |
) |
|
|
(317,882 |
) |
|
Fabrinet
|
|
|
(92 |
) |
|
|
(18,405 |
) |
|
FormFactor,
Inc. |
|
|
(4,334 |
) |
|
|
(144,322 |
) |
|
Mirion
Technologies, Inc. |
|
|
(8,768 |
) |
|
|
(136,167 |
) |
|
PAR
Technology Corp. |
|
|
(4,580 |
) |
|
|
(314,692 |
) |
|
Rigetti
Computing, Inc. |
|
|
(100 |
) |
|
|
(846 |
) |
|
SoundHound
AI, Inc. - Class A |
|
|
(6,884 |
) |
|
|
(74,485 |
) |
|
Synopsys,
Inc. |
|
|
(634 |
) |
|
|
(289,915 |
) |
| |
|
|
|
|
|
|
(1,296,714 |
) |
|
Materials
— (3.0)% |
|
|
|
|
|
|
|
|
|
Alpha
Metallurgical Resources, Inc. |
|
|
(1,013 |
) |
|
|
(139,308 |
) |
|
Carpenter
Technology Corp. |
|
|
(1,892 |
) |
|
|
(391,776 |
) |
|
Graphic
Packaging Holding Co. |
|
|
(8,063 |
) |
|
|
(215,121 |
) |
|
Martin
Marietta Materials, Inc. |
|
|
(100 |
) |
|
|
(48,314 |
) |
|
United
States Lime & Minerals, Inc. |
|
|
(775 |
) |
|
|
(72,734 |
) |
| |
|
|
|
|
|
|
(867,253 |
) |
|
Real
Estate — (0.9)% |
|
|
|
|
|
|
|
|
|
Iron
Mountain, Inc. |
|
|
(2,972 |
) |
|
|
(276,901 |
) |
|
TOTAL
COMMON STOCKS (Proceeds $16,758,556) |
|
|
|
|
|
|
(15,736,602 |
) |
|
TOTAL
SECURITIES SOLD SHORT — (53.8)% (Proceeds $16,758,556) |
|
|
|
|
|
$ |
(15,736,602 |
) |
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 39 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
Partners Select Hedged Fund |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
27,431,528 |
|
|
$ |
471,570 |
|
|
$ |
— |
|
|
$ |
27,903,098 |
|
|
Total
Investments |
|
$ |
27,431,528 |
|
|
$ |
471,570 |
|
|
$ |
— |
|
|
$ |
27,903,098 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
(15,736,602 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(15,736,602 |
) |
|
Total
Investments |
|
$ |
(15,736,602 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(15,736,602 |
) |
Refer
to the Schedule of Investments for further disaggregation of investment categories.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 40 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
PARTNERS SELECT SMALL CAP VALUE FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 94.9% |
|
|
|
|
|
Communication
Services — 6.4% |
|
|
|
|
|
|
|
|
|
Cars.com,
Inc. (a) |
|
|
164,284 |
|
|
$ |
2,168,549 |
|
|
Vimeo,
Inc. (a) |
|
|
922,629 |
|
|
|
5,434,285 |
|
|
Vivid
Seats, Inc. - Class A (a) |
|
|
632,373 |
|
|
|
2,618,024 |
|
| |
|
|
|
|
|
|
10,220,858 |
|
|
Consumer
Discretionary — 12.0% |
|
|
|
|
|
|
|
|
|
Bath
& Body Works, Inc. |
|
|
57,214 |
|
|
|
2,072,863 |
|
|
Dave
& Buster’s Entertainment, Inc. (a) |
|
|
117,319 |
|
|
|
2,450,794 |
|
|
Denny’s
Corp. (a) |
|
|
475,467 |
|
|
|
2,363,071 |
|
|
Gildan
Activewear, Inc. |
|
|
49,415 |
|
|
|
2,669,892 |
|
|
Holley,
Inc. (a) |
|
|
366,725 |
|
|
|
997,492 |
|
|
National
Vision Holdings, Inc. (a) |
|
|
287,243 |
|
|
|
3,650,859 |
|
|
Tri
Pointe Homes, Inc. (a) |
|
|
107,491 |
|
|
|
3,403,165 |
|
|
Under
Armour, Inc. - Class C (a) |
|
|
251,346 |
|
|
|
1,596,047 |
|
| |
|
|
|
|
|
|
19,204,183 |
|
|
Consumer
Staples — 2.2% |
|
|
|
|
|
|
|
|
|
Grocery
Outlet Holding Corp. (a) |
|
|
291,283 |
|
|
|
3,457,529 |
|
|
Energy
— 0.9% |
|
|
|
|
|
|
|
|
|
BKV
Corp. (a) |
|
|
70,308 |
|
|
|
1,419,519 |
|
|
Financials
— 21.3% |
|
|
|
|
|
|
|
|
|
BGC
Group, Inc. - Class A |
|
|
804,731 |
|
|
|
7,966,837 |
|
|
Kemper
Corp. |
|
|
124,277 |
|
|
|
8,398,640 |
|
|
National
Bank Holdings Corp. - Class A |
|
|
120,114 |
|
|
|
5,029,173 |
|
|
Perella
Weinberg Partners |
|
|
82,999 |
|
|
|
1,918,107 |
|
|
Prosperity
Bancshares, Inc. |
|
|
62,904 |
|
|
|
4,828,511 |
|
|
Webster
Financial Corp. |
|
|
107,083 |
|
|
|
6,030,914 |
|
| |
|
|
|
|
|
|
34,172,182 |
|
|
Health
Care — 8.7% |
|
|
|
|
|
|
|
|
|
Enovis
Corp. (a) |
|
|
210,067 |
|
|
|
8,119,089 |
|
|
Innoviva,
Inc. (a) |
|
|
129,443 |
|
|
|
2,319,619 |
|
|
Teleflex,
Inc. |
|
|
26,777 |
|
|
|
3,554,647 |
|
| |
|
|
|
|
|
|
13,993,355 |
|
|
Industrials
— 15.9% |
|
|
|
|
|
|
|
|
|
Air
Lease Corp. |
|
|
81,050 |
|
|
|
3,883,916 |
|
|
Arcosa,
Inc. |
|
|
8,419 |
|
|
|
706,186 |
|
|
BrightView
Holdings, Inc. (a) |
|
|
161,357 |
|
|
|
2,165,411 |
|
|
Custom
Truck One Source, Inc. (a) |
|
|
987,605 |
|
|
|
4,375,090 |
|
|
Matrix
Service Co. (a) |
|
|
46,991 |
|
|
|
586,448 |
|
|
Matthews
International Corp. - Class A |
|
|
79,996 |
|
|
|
1,993,500 |
|
|
MYR
Group, Inc. (a) |
|
|
24,254 |
|
|
|
2,976,451 |
|
|
Proficient
Auto Logistics, Inc. (a) |
|
|
282,652 |
|
|
|
2,956,540 |
|
|
Tutor
Perini Corp. (a) |
|
|
197,037 |
|
|
|
5,790,917 |
|
| |
|
|
|
|
|
|
25,434,459 |
|
|
Information
Technology — 11.6% |
|
|
|
|
|
|
|
|
|
8x8,
Inc. (a) |
|
|
1,465,263 |
|
|
|
3,663,157 |
|
|
Alpha
& Omega Semiconductor Ltd. (a) |
|
|
56,450 |
|
|
|
1,709,306 |
|
|
NCR
Voyix Corp. (a) |
|
|
228,774 |
|
|
|
2,580,571 |
|
|
Ooma,
Inc. (a) |
|
|
55,467 |
|
|
|
797,615 |
|
|
Silicon
Motion Technology Corp. - ADR |
|
|
105,978 |
|
|
|
5,945,366 |
|
|
Tower
Semiconductor Ltd. (a) |
|
|
91,754 |
|
|
|
3,899,545 |
|
| |
|
|
|
|
|
|
18,595,560 |
|
|
Materials
— 9.1% |
|
|
|
|
|
|
|
|
|
Alcoa
Corp. |
|
|
46,024 |
|
|
|
1,530,298 |
|
|
Ashland,
Inc. |
|
|
72,983 |
|
|
|
4,438,826 |
|
|
ERO
Copper Corp. (a) |
|
|
121,676 |
|
|
|
1,438,210 |
|
|
Kronos
Worldwide, Inc. |
|
|
348,780 |
|
|
|
3,051,825 |
|
|
Rayonier
Advanced Materials, Inc. (a) |
|
|
202,712 |
|
|
|
1,560,882 |
|
|
thyssenkrupp
AG |
|
|
321,063 |
|
|
|
2,529,847 |
|
| |
|
|
|
|
|
|
14,549,888 |
|
|
Real
Estate — 4.4% |
|
|
|
|
|
|
|
|
|
Brixmor
Property Group, Inc. |
|
|
132,028 |
|
|
|
3,691,503 |
|
|
Newmark
Group, Inc. - Class A |
|
|
229,909 |
|
|
|
3,372,765 |
|
| |
|
|
|
|
|
|
7,064,268 |
|
|
Utilities
— 2.4% |
|
|
|
|
|
|
|
|
|
Portland
General Electric Co. |
|
|
85,019 |
|
|
|
3,811,402 |
|
|
TOTAL
COMMON STOCKS (Cost $153,336,057) |
|
|
|
|
|
|
151,923,203 |
|
|
TOTAL
INVESTMENTS — 94.9% (Cost $153,336,057) |
|
|
|
|
|
|
151,923,203 |
|
|
Other
Assets in Excess of Liabilities — 5.1% |
|
|
|
|
|
|
8,153,035 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
160,076,238 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
(a) |
Non-income producing security.
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 41 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
PARTNERS SELECT SMALL CAP VALUE FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
149,393,357 |
|
|
$ |
2,529,846 |
|
|
$ |
— |
|
|
$ |
151,923,203 |
|
|
Total
Investments |
|
$ |
149,393,357 |
|
|
$ |
2,529,846 |
|
|
$ |
— |
|
|
$ |
151,923,203 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 42 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
PARTNERS SMALL CAP VALUE DIVERSIFIED FUND |
Schedule
of Investments |
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 95.5% |
|
|
|
|
|
Communication
Services — 1.6% |
|
|
|
|
|
|
|
|
|
Cargurus,
Inc. (a) |
|
|
15,765 |
|
|
$ |
507,475 |
|
|
Consumer
Discretionary — 8.1% |
|
|
|
|
|
|
|
|
|
ADT,
Inc. (b) |
|
|
49,065 |
|
|
|
401,842 |
|
|
Advance
Auto Parts, Inc. (b) |
|
|
4,094 |
|
|
|
151,069 |
|
|
Bath
& Body Works, Inc. |
|
|
7,317 |
|
|
|
265,095 |
|
|
Century
Communities, Inc. |
|
|
2,164 |
|
|
|
150,246 |
|
|
Dave
& Buster’s Entertainment, Inc. (a)(b) |
|
|
9,339 |
|
|
|
195,092 |
|
|
Gentherm,
Inc. (a) |
|
|
5,596 |
|
|
|
185,116 |
|
|
Gildan
Activewear, Inc. |
|
|
9,778 |
|
|
|
528,305 |
|
|
Under
Armour, Inc. - Class C (a)(b) |
|
|
37,167 |
|
|
|
236,010 |
|
|
Wayfair,
Inc. - Class A (a)(b) |
|
|
5,783 |
|
|
|
228,718 |
|
|
Whirlpool
Corp. (b) |
|
|
2,083 |
|
|
|
212,029 |
|
| |
|
|
|
|
|
|
2,553,522 |
|
|
Consumer
Staples — 2.7% |
|
|
|
|
|
|
|
|
|
Grocery
Outlet Holding Corp. (a)(b) |
|
|
38,921 |
|
|
|
461,992 |
|
|
Nomad
Foods Ltd. (b) |
|
|
19,888 |
|
|
|
375,883 |
|
| |
|
|
|
|
|
|
837,875 |
|
|
Energy
— 7.8% |
|
|
|
|
|
|
|
|
|
Antero
Resources Corp. (a) |
|
|
3,863 |
|
|
|
141,772 |
|
|
BKV
Corp. (a)(b) |
|
|
13,397 |
|
|
|
270,485 |
|
|
DHT
Holdings, Inc. |
|
|
30,418 |
|
|
|
314,522 |
|
|
Expro
Group Holdings NV (a) |
|
|
6,811 |
|
|
|
80,983 |
|
|
Infinity
Natural Resources, Inc. - Class A (a) |
|
|
17,549 |
|
|
|
315,531 |
|
|
Patterson-UTI
Energy, Inc. (b) |
|
|
20,253 |
|
|
|
168,303 |
|
|
Scorpio
Tankers, Inc. |
|
|
11,068 |
|
|
|
441,060 |
|
|
SM
Energy Co. |
|
|
7,971 |
|
|
|
260,731 |
|
|
Tidewater,
Inc. (a)(b) |
|
|
5,490 |
|
|
|
250,454 |
|
|
Transocean
Ltd. (a)(b) |
|
|
33,259 |
|
|
|
98,114 |
|
|
Vermilion
Energy, Inc. |
|
|
12,646 |
|
|
|
107,491 |
|
| |
|
|
|
|
|
|
2,449,446 |
|
|
Financials
— 21.9% |
|
|
|
|
|
|
|
|
|
AGNC
Investment Corp. (b) |
|
|
32,297 |
|
|
|
336,858 |
|
|
Axis
Capital Holdings Ltd. |
|
|
4,433 |
|
|
|
429,469 |
|
|
BGC
Group, Inc. - Class A (b) |
|
|
71,290 |
|
|
|
705,771 |
|
|
CNO
Financial Group, Inc. |
|
|
6,498 |
|
|
|
270,902 |
|
|
Enterprise
Financial Services Corp. |
|
|
10,547 |
|
|
|
623,117 |
|
|
Fidelis
Insurance Holdings Ltd. |
|
|
20,462 |
|
|
|
300,996 |
|
|
First
BanCorp |
|
|
16,623 |
|
|
|
323,650 |
|
|
First
Commonwealth Financial Corp. |
|
|
24,140 |
|
|
|
396,862 |
|
|
FirstCash
Holdings, Inc. |
|
|
2,222 |
|
|
|
249,486 |
|
|
Hanover
Insurance Group, Inc. |
|
|
3,408 |
|
|
|
581,166 |
|
|
Kemper
Corp. |
|
|
12,262 |
|
|
|
828,666 |
|
|
National
Bank Holdings Corp. - Class A |
|
|
11,262 |
|
|
|
471,540 |
|
|
Popular,
Inc. |
|
|
1,643 |
|
|
|
165,006 |
|
|
Prosperity
Bancshares, Inc. |
|
|
6,220 |
|
|
|
477,447 |
|
|
Webster
Financial Corp. |
|
|
12,947 |
|
|
|
729,175 |
|
| |
|
|
|
|
|
|
6,890,111 |
|
|
Health
Care — 5.2% |
|
|
|
|
|
|
|
|
|
Enovis
Corp. (a)(b) |
|
|
18,861 |
|
|
|
728,978 |
|
|
Phreesia,
Inc. (a) |
|
|
11,558 |
|
|
|
306,749 |
|
|
Teleflex,
Inc. |
|
|
3,306 |
|
|
|
438,871 |
|
|
Tenet
Healthcare Corp. (a) |
|
|
1,339 |
|
|
|
169,504 |
|
| |
|
|
|
|
|
|
1,644,102 |
|
|
Industrials
— 18.9% |
|
|
|
|
|
|
|
|
|
ABM
Industries, Inc. |
|
|
6,995 |
|
|
|
380,038 |
|
|
Air
Lease Corp. (b) |
|
|
11,739 |
|
|
|
562,533 |
|
|
Allison
Transmission Holdings, Inc. |
|
|
1,425 |
|
|
|
144,994 |
|
|
Arcosa,
Inc. |
|
|
3,330 |
|
|
|
279,320 |
|
|
Bloom
Energy Corp. - Class A (a)(b) |
|
|
4,686 |
|
|
|
112,558 |
|
|
BrightView
Holdings, Inc. (a) |
|
|
27,838 |
|
|
|
373,586 |
|
|
Clarivate
PLC (a)(b) |
|
|
32,939 |
|
|
|
141,308 |
|
|
Driven
Brands Holdings, Inc. (a) |
|
|
21,666 |
|
|
|
379,805 |
|
|
Embraer
SA - ADR (a)(b) |
|
|
1,717 |
|
|
|
81,815 |
|
|
Fluor
Corp. (a) |
|
|
6,955 |
|
|
|
264,499 |
|
|
GXO
Logistics, Inc. (a)(b) |
|
|
9,731 |
|
|
|
383,596 |
|
|
Hillman
Solutions Corp. (a) |
|
|
23,428 |
|
|
|
228,657 |
|
|
IES
Holdings, Inc. (a)(b) |
|
|
677 |
|
|
|
120,729 |
|
|
KBR,
Inc. |
|
|
4,681 |
|
|
|
229,509 |
|
|
Knight-Swift
Transportation Holdings, Inc. |
|
|
6,988 |
|
|
|
352,475 |
|
|
Leonardo
DRS, Inc. (a)(b) |
|
|
9,112 |
|
|
|
277,460 |
|
|
MasTec,
Inc. (a) |
|
|
3,566 |
|
|
|
465,684 |
|
|
MYR
Group, Inc. (a) |
|
|
2,566 |
|
|
|
314,900 |
|
|
RXO,
Inc. (a)(b) |
|
|
3,869 |
|
|
|
79,199 |
|
|
Star
Bulk Carriers Corp. (b) |
|
|
28,011 |
|
|
|
437,812 |
|
|
Timken
Co., (The) (b) |
|
|
2,269 |
|
|
|
183,789 |
|
|
UFP
Industries, Inc. |
|
|
1,624 |
|
|
|
173,768 |
|
| |
|
|
|
|
|
|
5,968,034 |
|
|
Information
Technology — 8.4% |
|
|
|
|
|
|
|
|
|
BlackBerry
Ltd. (a)(b) |
|
|
22,668 |
|
|
|
106,766 |
|
|
Crane
NXT Co. |
|
|
6,055 |
|
|
|
337,990 |
|
|
Diodes,
Inc. (a) |
|
|
3,885 |
|
|
|
191,842 |
|
|
NCR
Voyix Corp. (a)(b) |
|
|
25,201 |
|
|
|
284,267 |
|
|
Silicon
Motion Technology Corp. - ADR |
|
|
11,662 |
|
|
|
654,238 |
|
|
Teradata
Corp. (a) |
|
|
11,509 |
|
|
|
274,375 |
|
|
Tower
Semiconductor Ltd. (a) |
|
|
11,306 |
|
|
|
480,505 |
|
|
Verint
Systems, Inc. (a) |
|
|
14,368 |
|
|
|
324,286 |
|
| |
|
|
|
|
|
|
2,654,269 |
|
|
Materials
— 9.5% |
|
|
|
|
|
|
|
|
|
Alcoa
Corp. |
|
|
8,565 |
|
|
|
284,786 |
|
|
Ashland,
Inc. |
|
|
7,118 |
|
|
|
432,917 |
|
|
Capstone
Copper Corp. (a) |
|
|
64,640 |
|
|
|
356,989 |
|
|
Commercial
Metals Co. |
|
|
3,455 |
|
|
|
167,360 |
|
|
Constellium
SE (a) |
|
|
31,967 |
|
|
|
363,784 |
|
|
ERO
Copper Corp. (a) |
|
|
25,606 |
|
|
|
302,663 |
|
|
Huntsman
Corp. |
|
|
17,076 |
|
|
|
289,097 |
|
|
thyssenkrupp
AG |
|
|
32,250 |
|
|
|
254,117 |
|
|
Tronox
Holdings PLC |
|
|
26,267 |
|
|
|
203,832 |
|
|
Warrior
Met Coal, Inc. |
|
|
6,908 |
|
|
|
332,551 |
|
| |
|
|
|
|
|
|
2,988,096 |
|
|
Real
Estate — 6.1% |
|
|
|
|
|
|
|
|
|
Brixmor
Property Group, Inc. |
|
|
26,904 |
|
|
|
752,237 |
|
|
Cushman
& Wakefield PLC (a) |
|
|
20,519 |
|
|
|
243,971 |
|
|
Getty
Realty Corp. (b) |
|
|
19,272 |
|
|
|
605,141 |
|
|
Newmark
Group, Inc. - Class A |
|
|
21,087 |
|
|
|
309,346 |
|
| |
|
|
|
|
|
|
1,910,695 |
|
|
Utilities
— 5.3% |
|
|
|
|
|
|
|
|
|
ALLETE,
Inc. |
|
|
6,802 |
|
|
|
446,823 |
|
|
Portland
General Electric Co. |
|
|
13,287 |
|
|
|
595,656 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 43 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
PARTNERS SMALL CAP VALUE DIVERSIFIED FUND |
Schedule
of Investments (continued) |
| |
|
Shares |
|
|
Value |
|
|
Utilities
— (continued) |
|
|
|
|
|
|
|
|
|
Spire,
Inc. |
|
|
6,792 |
|
|
$ |
522,033 |
|
|
Talen
Energy Corp. (a) |
|
|
472 |
|
|
|
98,153 |
|
| |
|
|
|
|
|
|
1,662,665 |
|
|
TOTAL
COMMON STOCKS (Cost $27,796,491) |
|
|
|
|
|
|
30,066,290 |
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 16.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 16.5% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
5,196,091 |
|
|
|
5,196,091 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $5,196,091) |
|
|
|
|
|
|
5,196,091 |
|
|
TOTAL
INVESTMENTS — 112.0% (Cost $32,992,582) |
|
|
|
|
|
|
35,262,381 |
|
|
Liabilities
in Excess of Other Assets — (12.0)% |
|
|
|
|
|
|
(3,779,431 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
31,482,950 |
|
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.
Industry
classifications may be different than those used for compliance monitoring purposes.
|
ADR |
American Depositary Receipt
|
|
LLC |
Limited Liability Company
|
|
PLC |
Public Limited Company
|
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $5,054,067 which represented 16.1% of net
assets. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 44 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
WPG
PARTNERS SMALL CAP VALUE DIVERSIFIED FUND |
Schedule
of Investments (concluded) |
A
summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2025 is as follows (see Notes
to Schedule of Investments):
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
29,812,173 |
|
|
$ |
254,117 |
|
|
$ |
— |
|
|
$ |
30,066,290 |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,196,091 |
|
|
Total
Investments |
|
$ |
29,812,173 |
|
|
$ |
254,117 |
|
|
$ |
— |
|
|
$ |
35,262,381 |
|
Refer
to the Schedule of Investments for further disaggregation of investment categories.
|
(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 amount of $5,196,091 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.
|
Financial
Statements 2025 | 45 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Assets and Liabilities |
|
| |
|
Boston
Partners
All-Cap
Value Fund |
|
|
Boston
Partners
Emerging Markets
Dynamic Equity Fund |
|
|
Boston
Partners Global
Equity Fund |
|
|
Boston
Partners
Global
Sustainability Fund |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities, at value†^ |
|
$ |
1,369,546,336 |
|
|
$ |
35,341,906 |
|
|
$ |
237,651,881 |
|
|
$ |
10,333,165 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value* |
|
|
44,298,159 |
|
|
|
— |
|
|
|
8,399,971 |
|
|
|
— |
|
|
Short-term
investments, at value**
|
|
|
— |
|
|
|
8,461,582 |
|
|
|
— |
|
|
|
— |
|
|
Cash
and cash equivalents |
|
|
34,080,042 |
|
|
|
10,225,608 |
|
|
|
2,722,947 |
|
|
|
120,483 |
|
|
Foreign
currency, at value# |
|
|
— |
|
|
|
— |
|
|
|
33,611 |
|
|
|
— |
|
|
Offering
costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
— |
|
|
|
454,531 |
|
|
|
885,006 |
|
|
|
— |
|
|
Foreign
currency deposits with brokers for securities sold short# |
|
|
— |
|
|
|
531,778 |
|
|
|
— |
|
|
|
— |
|
|
Deposits
with brokers for contracts for difference |
|
|
— |
|
|
|
1,469,394 |
|
|
|
— |
|
|
|
— |
|
|
Deposits
with brokers for securities sold short |
|
|
— |
|
|
|
341,979 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
835,658 |
|
|
|
38 |
|
|
|
77,116 |
|
|
|
— |
|
|
Dividends
and interest |
|
|
1,726,901 |
|
|
|
1,550,349 |
|
|
|
719,101 |
|
|
|
35,309 |
|
|
Due
from advisor |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
804 |
|
|
Unrealized
appreciation on contracts for difference◊ |
|
|
— |
|
|
|
7,252,349 |
|
|
|
— |
|
|
|
— |
|
|
Prepaid
expenses and other assets |
|
|
74,351 |
|
|
|
362,899 |
|
|
|
25,585 |
|
|
|
— |
|
|
Total
assets |
|
|
1,450,561,447 |
|
|
|
65,992,413 |
|
|
|
250,515,218 |
|
|
|
10,489,761 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
sold short, at value‡ |
|
|
— |
|
|
|
636,540 |
|
|
|
— |
|
|
|
— |
|
|
Payables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
44,298,159 |
|
|
|
— |
|
|
|
8,399,971 |
|
|
|
— |
|
|
Investments
purchased |
|
|
— |
|
|
|
523,678 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares redeemed |
|
|
1,355,704 |
|
|
|
6,339 |
|
|
|
3,578 |
|
|
|
— |
|
|
Investment
advisory fees |
|
|
870,260 |
|
|
|
76,440 |
|
|
|
180,402 |
|
|
|
— |
|
|
Custodian
fees |
|
|
5,514 |
|
|
|
3,068 |
|
|
|
12,668 |
|
|
|
1,889 |
|
|
Distribution
and service fees |
|
|
32,517 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Dividends
on securities sold short |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Administration
and accounting fees |
|
|
60,206 |
|
|
|
6,106 |
|
|
|
12,442 |
|
|
|
6,061 |
|
|
Transfer
agent fees |
|
|
47,601 |
|
|
|
— |
|
|
|
3,259 |
|
|
|
250 |
|
|
Unrealized
depreciation on contracts for difference◊ |
|
|
— |
|
|
|
2,544,736 |
|
|
|
— |
|
|
|
— |
|
|
Other
accrued expenses and liabilities |
|
|
24,149 |
|
|
|
1,417,481 |
|
|
|
32,720 |
|
|
|
24,334 |
|
|
Total
liabilities |
|
|
46,694,110 |
|
|
|
5,214,388 |
|
|
|
8,645,040 |
|
|
|
32,534 |
|
|
Net
Assets |
|
$ |
1,403,867,337 |
|
|
$ |
60,778,025 |
|
|
$ |
241,870,178 |
|
|
$ |
10,457,227 |
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
44,073 |
|
|
$ |
6,888 |
|
|
$ |
9,776 |
|
|
$ |
856 |
|
|
Paid-in
Capital |
|
|
756,917,685 |
|
|
|
72,089,916 |
|
|
|
188,249,153 |
|
|
|
8,086,888 |
|
|
Total
Distributable earnings/(loss) |
|
|
646,905,579 |
|
|
|
(11,318,779 |
) |
|
|
53,611,249 |
|
|
|
2,369,483 |
|
|
Net
Assets |
|
$ |
1,403,867,337 |
|
|
$ |
60,778,025 |
|
|
$ |
241,870,178 |
|
|
$ |
10,457,227 |
|
|
INSTITUTIONAL
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
1,192,505,680 |
|
|
$ |
60,778,025 |
|
|
$ |
241,870,178 |
|
|
$ |
10,457,227 |
|
|
Shares
outstanding |
|
|
37,397,939 |
|
|
|
6,888,186 |
|
|
|
9,775,900 |
|
|
|
855,816 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
31.89 |
|
|
$ |
8.82 |
|
|
$ |
24.74 |
|
|
$ |
12.22 |
|
|
INVESTOR
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
211,361,657 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Shares
outstanding |
|
|
6,674,701 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
31.67 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
†
Investments in securities, at cost |
|
$ |
771,896,061 |
|
|
$ |
33,642,472 |
|
|
$ |
183,644,993 |
|
|
$ |
8,016,594 |
|
|
^
Includes market value of securities on loan |
|
$ |
43,498,565 |
|
|
$ |
— |
|
|
$ |
8,306,512 |
|
|
$ |
— |
|
|
*
Investments purchased with proceeds from securities lending collateral, at cost |
|
$ |
44,298,159 |
|
|
$ |
— |
|
|
$ |
8,399,971 |
|
|
$ |
— |
|
|
**
Short-term investments, at cost |
|
$ |
— |
|
|
$ |
8,461,582 |
|
|
$ |
— |
|
|
$ |
— |
|
|
#
Foreign currency, at cost |
|
$ |
— |
|
|
$ |
531,434 |
|
|
$ |
33,823 |
|
|
$ |
— |
|
|
‡
Proceeds received, securities sold short |
|
$ |
— |
|
|
$ |
691,442 |
|
|
$ |
— |
|
|
$ |
— |
|
|
◊
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 46 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Assets and Liabilities (continued) |
|
| |
|
Boston
Partners
Long/Short
Equity Fund |
|
|
Boston
Partners
Long/Short
Research Fund |
|
|
Boston
Partners
Small Cap
Value Fund II |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities, at value†^ |
|
$ |
64,812,460 |
|
|
$ |
562,461,132 |
|
|
$ |
551,917,940 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value* |
|
|
7,760,641 |
|
|
|
— |
|
|
|
104,582,701 |
|
|
Short-term
investments, at value**
|
|
|
819 |
|
|
|
11,161 |
|
|
|
— |
|
|
Cash
and cash equivalents |
|
|
2,767,173 |
|
|
|
34,435,492 |
|
|
|
11,291,246 |
|
|
Foreign
currency, at value# |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Offering
Costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
690,033 |
|
|
|
1,399,490 |
|
|
|
7,182,968 |
|
|
Foreign
currency deposits with brokers for securities sold short |
|
|
2,830,435 |
|
|
|
38,680,369 |
|
|
|
— |
|
|
Deposits
with brokers for contracts for difference |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deposits
with brokers for securities sold short |
|
|
10,404,689 |
|
|
|
64,950,219 |
|
|
|
— |
|
|
Capital
shares sold |
|
|
86,530 |
|
|
|
496,867 |
|
|
|
164,527 |
|
|
Dividends
and interest |
|
|
75,681 |
|
|
|
1,314,153 |
|
|
|
366,127 |
|
|
Due
from advisor |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unrealized
appreciation on contracts for difference◊ |
|
|
— |
|
|
|
8,984,041 |
|
|
|
— |
|
|
Prepaid
expenses and other assets |
|
|
16,457 |
|
|
|
2,077,473 |
|
|
|
36,625 |
|
|
Total
assets |
|
|
89,444,918 |
|
|
|
714,810,397 |
|
|
|
675,542,134 |
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
sold short, at value‡ |
|
|
12,446,796 |
|
|
|
103,765,125 |
|
|
|
— |
|
|
Payables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
7,760,641 |
|
|
|
— |
|
|
|
104,582,701 |
|
|
Investments
purchased |
|
|
552,558 |
|
|
|
6,584,085 |
|
|
|
11,259,072 |
|
|
Capital
shares redeemed |
|
|
1,921 |
|
|
|
1,361,259 |
|
|
|
183,393 |
|
|
Investment
advisory fees |
|
|
89,681 |
|
|
|
501,871 |
|
|
|
435,616 |
|
|
Custodian
fees |
|
|
3,537 |
|
|
|
8,632 |
|
|
|
877 |
|
|
Distribution
and service fees |
|
|
8,241 |
|
|
|
4,264 |
|
|
|
83,328 |
|
|
Dividends
on securities sold short |
|
|
5,877 |
|
|
|
193,159 |
|
|
|
— |
|
|
Administration
and accounting fees |
|
|
6,447 |
|
|
|
30,734 |
|
|
|
26,898 |
|
|
Transfer
agent fees |
|
|
4,359 |
|
|
|
26,420 |
|
|
|
27,700 |
|
|
Unrealized
depreciation on contracts for difference◊ |
|
|
6,226 |
|
|
|
5,327,288 |
|
|
|
— |
|
|
Other
accrued expenses and liabilities |
|
|
38,670 |
|
|
|
2,019,777 |
|
|
|
73,448 |
|
|
Total
liabilities |
|
|
20,924,954 |
|
|
|
119,822,614 |
|
|
|
116,673,033 |
|
|
Net
Assets |
|
$ |
68,519,964 |
|
|
$ |
594,987,783 |
|
|
$ |
558,869,101 |
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
5,778 |
|
|
$ |
42,594 |
|
|
$ |
21,654 |
|
|
Paid-in
Capital |
|
|
43,829,665 |
|
|
|
382,730,569 |
|
|
|
414,385,594 |
|
|
Total
Distributable earnings/(loss) |
|
|
24,684,521 |
|
|
|
212,214,620 |
|
|
|
144,461,853 |
|
|
Net
Assets |
|
$ |
68,519,964 |
|
|
$ |
594,987,783 |
|
|
$ |
558,869,101 |
|
|
INSTITUTIONAL
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
52,322,587 |
|
|
$ |
586,890,311 |
|
|
$ |
504,846,243 |
|
|
Shares
outstanding |
|
|
4,084,949 |
|
|
|
41,986,367 |
|
|
|
19,424,135 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
12.81 |
|
|
$ |
13.98 |
|
|
$ |
25.99 |
|
|
INVESTOR
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
16,197,377 |
|
|
$ |
8,097,472 |
|
|
$ |
54,022,858 |
|
|
Shares
outstanding |
|
|
1,692,555 |
|
|
|
607,561 |
|
|
|
2,229,537 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
9.57 |
|
|
$ |
13.33 |
|
|
$ |
24.23 |
|
|
†
Investments in securities, at cost |
|
$ |
46,593,801 |
|
|
$ |
406,954,374 |
|
|
$ |
433,374,033 |
|
|
^
Includes market value of securities on loan |
|
$ |
7,637,700 |
|
|
$ |
— |
|
|
$ |
102,379,111 |
|
|
*
Investments purchased with proceeds from securities lending collateral, at cost |
|
$ |
7,760,641 |
|
|
$ |
— |
|
|
$ |
104,582,701 |
|
|
**
Short-term investments, at cost |
|
$ |
819 |
|
|
$ |
11,161 |
|
|
$ |
— |
|
|
#
Foreign currency, at cost |
|
$ |
3,235,180 |
|
|
$ |
39,337,190 |
|
|
$ |
— |
|
|
‡
Proceeds received, securities sold short |
|
$ |
16,921,939 |
|
|
$ |
115,480,224 |
|
|
$ |
— |
|
|
◊
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 47 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Assets and Liabilities (concluded) |
|
| |
|
WPG
Partners
Select Hedged
Fund |
|
|
WPG
Partners
Select Small Cap
Value Fund |
|
|
WPG
Partners
Small Cap Value
Diversified Fund |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities, at value†^ |
|
$ |
27,903,098 |
|
|
$ |
151,923,203 |
|
|
$ |
30,066,290 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value* |
|
|
— |
|
|
|
— |
|
|
|
5,196,091 |
|
|
Short-term
investments, at value**
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Cash
and cash equivalents |
|
|
2,047,584 |
|
|
|
12,896,918 |
|
|
|
1,138,515 |
|
|
Foreign
currency, at value# |
|
|
— |
|
|
|
— |
|
|
|
330,433 |
|
|
Offering
Costs |
|
|
10,079 |
|
|
|
— |
|
|
|
— |
|
|
Receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
111,217 |
|
|
|
— |
|
|
|
149,458 |
|
|
Foreign
currency deposits with brokers for securities sold short |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deposits
with brokers for contracts for difference |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Deposits
with brokers for securities sold short |
|
|
17,874,812 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
— |
|
|
|
178,033 |
|
|
|
363 |
|
|
Dividends
and interest |
|
|
43,187 |
|
|
|
151,911 |
|
|
|
35,183 |
|
|
Due
from advisor |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unrealized
appreciation on contracts for difference◊ |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Prepaid
expenses and other assets |
|
|
— |
|
|
|
11,213 |
|
|
|
17,270 |
|
|
Total
assets |
|
|
47,989,977 |
|
|
|
165,161,278 |
|
|
|
36,933,603 |
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
sold short, at value‡ |
|
|
15,736,602 |
|
|
|
— |
|
|
|
— |
|
|
Payables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
— |
|
|
|
— |
|
|
|
5,196,091 |
|
|
Investments
purchased |
|
|
2,879,686 |
|
|
|
4,917,207 |
|
|
|
197,597 |
|
|
Capital
shares redeemed |
|
|
1,677 |
|
|
|
22,799 |
|
|
|
— |
|
|
Investment
advisory fees |
|
|
31,045 |
|
|
|
124,091 |
|
|
|
18,406 |
|
|
Custodian
fees |
|
|
1,095 |
|
|
|
— |
|
|
|
1,500 |
|
|
Distribution
and service fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Dividends
on securities sold short |
|
|
10,082 |
|
|
|
— |
|
|
|
— |
|
|
Administration
and accounting fees |
|
|
4,700 |
|
|
|
1,994 |
|
|
|
4,148 |
|
|
Transfer
agent fees |
|
|
5,179 |
|
|
|
651 |
|
|
|
556 |
|
|
Unrealized
depreciation on contracts for difference◊ |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other
accrued expenses and liabilities |
|
|
55,705 |
|
|
|
18,298 |
|
|
|
32,355 |
|
|
Total
liabilities |
|
|
18,725,771 |
|
|
|
5,085,040 |
|
|
|
5,450,653 |
|
|
Net
Assets |
|
$ |
29,264,206 |
|
|
$ |
160,076,238 |
|
|
$ |
31,482,950 |
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
3,018 |
|
|
$ |
15,041 |
|
|
$ |
1,684 |
|
|
Paid-in
Capital |
|
|
30,994,082 |
|
|
|
158,719,674 |
|
|
|
26,454,010 |
|
|
Total
Distributable earnings/(loss) |
|
|
(1,732,894 |
) |
|
|
1,341,523 |
|
|
|
5,027,256 |
|
|
Net
Assets |
|
$ |
29,264,206 |
|
|
$ |
160,076,238 |
|
|
$ |
31,482,950 |
|
|
INSTITUTIONAL
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
29,264,206 |
|
|
$ |
160,076,238 |
|
|
$ |
31,482,950 |
|
|
Shares
outstanding |
|
|
3,017,927 |
|
|
|
15,040,628 |
|
|
|
1,684,245 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
9.70 |
|
|
$ |
10.64 |
|
|
$ |
18.69 |
|
|
INVESTOR
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Shares
outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
†
Investments in securities, at cost |
|
$ |
28,065,747 |
|
|
$ |
153,336,056 |
|
|
$ |
27,796,492 |
|
|
^
Includes market value of securities on loan |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,054,067 |
|
|
*
Investments purchased with proceeds from securities lending collateral, at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,196,091 |
|
|
**
Short-term investments, at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
#
Foreign currency, at cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
343,190 |
|
|
‡
Proceeds received, securities sold short |
|
$ |
16,758,556 |
|
|
$ |
— |
|
|
$ |
— |
|
|
◊
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 48 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Operations |
|
| |
|
Boston
Partners
All-Cap
Value Fund |
|
|
Boston
Partners
Emerging Markets
Dynamic Equity Fund |
|
|
Boston
Partners Global
Equity Fund |
|
|
Boston
Partners
Global
Sustainability Fund |
|
|
Investment
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends*
|
|
$ |
10,756,677 |
|
|
$ |
352,119 |
|
|
$ |
1,891,898 |
|
|
$ |
71,183 |
|
|
Interest
|
|
|
620,327 |
|
|
|
430,969 |
|
|
|
156,533 |
|
|
|
4,535 |
|
|
Income
from securities loaned (Note 8) |
|
|
34,396 |
|
|
|
— |
|
|
|
5,707 |
|
|
|
— |
|
|
Prime
broker interest income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
investment income |
|
|
11,411,400 |
|
|
|
783,088 |
|
|
|
2,054,138 |
|
|
|
75,718 |
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
5,041,936 |
|
|
|
373,700 |
|
|
|
1,045,567 |
|
|
|
43,073 |
|
|
Transfer
agent fees |
|
|
384,477 |
|
|
|
5,430 |
|
|
|
74,574 |
|
|
|
1,323 |
|
|
Distribution
fees (Investor Class) |
|
|
265,956 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Administration
and accounting fees |
|
|
174,138 |
|
|
|
20,804 |
|
|
|
44,133 |
|
|
|
10,253 |
|
|
Director’s
fees |
|
|
74,917 |
|
|
|
27,114 |
|
|
|
12,920 |
|
|
|
740 |
|
|
Officer’s
fees |
|
|
97,204 |
|
|
|
4,503 |
|
|
|
16,862 |
|
|
|
820 |
|
|
Legal
fees |
|
|
44,641 |
|
|
|
1,525 |
|
|
|
6,438 |
|
|
|
10 |
|
|
Printing
and shareholder reporting fees |
|
|
17,277 |
|
|
|
10,496 |
|
|
|
11,699 |
|
|
|
8,825 |
|
|
Registration
fees |
|
|
93,179 |
|
|
|
4,358 |
|
|
|
15,654 |
|
|
|
1,141 |
|
|
Audit
and tax service fees |
|
|
19,544 |
|
|
|
33,309 |
|
|
|
26,321 |
|
|
|
21,580 |
|
|
Custodian
fees |
|
|
18,541 |
|
|
|
31,485 |
|
|
|
33,437 |
|
|
|
8,006 |
|
|
Offering
expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other
expense |
|
|
40,485 |
|
|
|
2,063 |
|
|
|
6,627 |
|
|
|
1,351 |
|
|
Dividend
expense on securities sold short |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Prime
broker interest expense |
|
|
— |
|
|
|
29,173 |
|
|
|
— |
|
|
|
— |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
6,272,295 |
|
|
|
543,960 |
|
|
|
1,294,232 |
|
|
|
97,122 |
|
|
Less:
waivers and/or reimbursements net of amounts recouped (Note 2) |
|
|
(241,925 |
) |
|
|
(96,244 |
) |
|
|
(190,578 |
) |
|
|
(48,142 |
) |
|
Net
expenses after waivers and/or reimbursements net of amounts recouped |
|
|
6,030,370 |
|
|
|
447,716 |
|
|
|
1,103,654 |
|
|
|
48,980 |
|
|
Net
investment income/(loss) |
|
|
5,381,030 |
|
|
|
335,372 |
|
|
|
950,484 |
|
|
|
26,738 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
82,919,478 |
|
|
|
748,369 |
|
|
|
4,168,264 |
|
|
|
485,217 |
|
|
Purchased
options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Securities
sold short |
|
|
— |
|
|
|
(33,439 |
) |
|
|
— |
|
|
|
— |
|
|
Options
written† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Contracts
for difference† |
|
|
— |
|
|
|
(1,409,500 |
) |
|
|
— |
|
|
|
— |
|
|
Foreign
currency transactions |
|
|
— |
|
|
|
(75,119 |
) |
|
|
33,403 |
|
|
|
(2,911 |
) |
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
(40,313,096 |
) |
|
|
(989,714 |
) |
|
|
(21,774 |
) |
|
|
(200,342 |
) |
|
Purchased
options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Securities
sold short |
|
|
— |
|
|
|
107,971 |
|
|
|
— |
|
|
|
— |
|
|
Options
written† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Contracts
for difference† |
|
|
— |
|
|
|
2,101,549 |
|
|
|
— |
|
|
|
— |
|
|
Foreign
currency translation |
|
|
(2,477 |
) |
|
|
1,521 |
|
|
|
(29,548 |
) |
|
|
(1,963 |
) |
|
Net
realized and unrealized gain/(loss) |
|
|
42,603,905 |
|
|
|
451,638 |
|
|
|
4,150,345 |
|
|
|
280,001 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
$ |
47,984,935 |
|
|
$ |
787,010 |
|
|
$ |
5,100,829 |
|
|
$ |
306,739 |
|
|
*
Net of foreign withholding taxes of |
|
$ |
(22,014 |
) |
|
$ |
(39,909 |
) |
|
$ |
(109,344 |
) |
|
$ |
(4,938 |
) |
|
†
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 49 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Operations (continued) |
|
| |
|
Boston
Partners
Long/Short
Equity Fund |
|
|
Boston
Partners
Long/Short
Research Fund |
|
|
Boston
Partners
Small Cap
Value Fund II |
|
|
Investment
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends*
|
|
$ |
530,950 |
|
|
$ |
4,265,628 |
|
|
$ |
3,924,580 |
|
|
Interest
|
|
|
62,706 |
|
|
|
501,868 |
|
|
|
369,382 |
|
|
Income
from securities loaned (Note 8) |
|
|
11,636 |
|
|
|
— |
|
|
|
159,048 |
|
|
Prime
broker interest income |
|
|
289,114 |
|
|
|
1,893,895 |
|
|
|
— |
|
|
Total
investment income |
|
|
894,406 |
|
|
|
6,661,391 |
|
|
|
4,453,010 |
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
724,109 |
|
|
|
3,656,488 |
|
|
|
2,425,087 |
|
|
Transfer
agent fees |
|
|
19,314 |
|
|
|
118,463 |
|
|
|
167,593 |
|
|
Distribution
fees (Investor Class) |
|
|
19,288 |
|
|
|
9,984 |
|
|
|
70,536 |
|
|
Administration
and accounting fees |
|
|
20,538 |
|
|
|
96,231 |
|
|
|
75,667 |
|
|
Director’s
fees |
|
|
2,740 |
|
|
|
29,266 |
|
|
|
27,096 |
|
|
Officer’s
fees |
|
|
4,137 |
|
|
|
40,715 |
|
|
|
38,602 |
|
|
Legal
fees |
|
|
2,163 |
|
|
|
8,534 |
|
|
|
20,489 |
|
|
Printing
and shareholder reporting fees |
|
|
16,956 |
|
|
|
19,274 |
|
|
|
16,795 |
|
|
Registration
fees |
|
|
4,089 |
|
|
|
39,655 |
|
|
|
38,523 |
|
|
Audit
and tax service fees |
|
|
27,576 |
|
|
|
31,426 |
|
|
|
19,780 |
|
|
Custodian
fees |
|
|
8,614 |
|
|
|
20,356 |
|
|
|
9,278 |
|
|
Offering
expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other
expense |
|
|
2,714 |
|
|
|
18,701 |
|
|
|
15,452 |
|
|
Dividend
expense on securities sold short |
|
|
17,926 |
|
|
|
991,137 |
|
|
|
— |
|
|
Prime
broker interest expense |
|
|
149,949 |
|
|
|
139,747 |
|
|
|
— |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
1,020,113 |
|
|
|
5,219,977 |
|
|
|
2,924,898 |
|
|
Less:
waivers and/or reimbursements net of amounts recouped (Note 2) |
|
|
(201,871 |
) |
|
|
— |
|
|
|
(29,849 |
) |
|
Net
expenses after waivers and/or reimbursements net of amounts recouped |
|
|
818,242 |
|
|
|
5,219,977 |
|
|
|
2,895,049 |
|
|
Net
investment income/(loss) |
|
|
76,164 |
|
|
|
1,441,414 |
|
|
|
1,557,961 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
5,759,069 |
|
|
|
49,870,792 |
|
|
|
44,434,806 |
|
|
Purchased
options |
|
|
22,365 |
|
|
|
— |
|
|
|
— |
|
|
Securities
sold short |
|
|
(865,526 |
) |
|
|
(3,205,872 |
) |
|
|
— |
|
|
Options
written† |
|
|
64,989 |
|
|
|
(75,205 |
) |
|
|
— |
|
|
Contracts
for difference† |
|
|
(25 |
) |
|
|
(3,237,711 |
) |
|
|
— |
|
|
Foreign
currency transactions |
|
|
(10,553 |
) |
|
|
(86,179 |
) |
|
|
(8 |
) |
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
(2,291,034 |
) |
|
|
(27,907,475 |
) |
|
|
(33,366,239 |
) |
|
Purchased
options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Securities
sold short |
|
|
(352,925 |
) |
|
|
(719,956 |
) |
|
|
— |
|
|
Options
written† |
|
|
— |
|
|
|
44,492 |
|
|
|
— |
|
|
Contracts
for difference† |
|
|
12,377 |
|
|
|
3,304,497 |
|
|
|
— |
|
|
Foreign
currency translation |
|
|
(149,799 |
) |
|
|
(2,212,962 |
) |
|
|
— |
|
|
Net
realized and unrealized gain/(loss) |
|
|
2,188,938 |
|
|
|
15,774,421 |
|
|
|
11,068,559 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
$ |
2,265,102 |
|
|
$ |
17,215,835 |
|
|
$ |
12,626,520 |
|
|
*
Net of foreign withholding taxes of |
|
$ |
(23,069 |
) |
|
$ |
(80,360 |
) |
|
$ |
(16,794 |
) |
|
†
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 50 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
February
28, 2025 (Unaudited) |
|
Statements
of Operations (concluded) |
|
| |
|
WPG
Partners
Select Hedged
Fund |
|
|
WPG
Partners
Select Small Cap
Value Fund |
|
|
WPG
Partners
Small Cap Value
Diversified Fund |
|
|
Investment
Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends*
|
|
$ |
279,090 |
|
|
$ |
899,567 |
|
|
$ |
605,237 |
|
|
Interest
|
|
|
37,440 |
|
|
|
168,681 |
|
|
|
26,332 |
|
|
Income
from securities loaned (Note 8) |
|
|
— |
|
|
|
— |
|
|
|
10,011 |
|
|
Prime
broker interest income |
|
|
751,375 |
|
|
|
— |
|
|
|
— |
|
|
Total
investment income |
|
|
1,067,905 |
|
|
|
1,068,248 |
|
|
|
641,580 |
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
306,548 |
|
|
|
712,180 |
|
|
|
132,477 |
|
|
Transfer
agent fees |
|
|
4,125 |
|
|
|
15,377 |
|
|
|
6,898 |
|
|
Distribution
fees (Investor Class) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Administration
and accounting fees |
|
|
14,108 |
|
|
|
19,900 |
|
|
|
12,673 |
|
|
Director’s
fees |
|
|
172 |
|
|
|
6,162 |
|
|
|
1,780 |
|
|
Officer’s
fees |
|
|
— |
|
|
|
6,791 |
|
|
|
2,172 |
|
|
Legal
fees |
|
|
1,382 |
|
|
|
3,005 |
|
|
|
1,851 |
|
|
Printing
and shareholder reporting fees |
|
|
12,066 |
|
|
|
11,763 |
|
|
|
9,177 |
|
|
Registration
fees |
|
|
— |
|
|
|
6,433 |
|
|
|
2,111 |
|
|
Audit
and tax service fees |
|
|
25,059 |
|
|
|
15,788 |
|
|
|
19,597 |
|
|
Custodian
fees |
|
|
7,311 |
|
|
|
1,602 |
|
|
|
9,655 |
|
|
Offering
expenses |
|
|
27,774 |
|
|
|
— |
|
|
|
— |
|
|
Other
expense |
|
|
1,666 |
|
|
|
3,603 |
|
|
|
1,281 |
|
|
Dividend
expense on securities sold short |
|
|
226,223 |
|
|
|
— |
|
|
|
— |
|
|
Prime
broker interest expense |
|
|
84,981 |
|
|
|
— |
|
|
|
— |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
711,415 |
|
|
|
802,604 |
|
|
|
199,672 |
|
|
Less:
waivers and/or reimbursements net of amounts recouped (Note 2) |
|
|
(31,876 |
) |
|
|
66,669 |
|
|
|
(17,515 |
) |
|
Net
expenses after waivers and/or reimbursements net of amounts recouped |
|
|
679,539 |
|
|
|
869,273 |
|
|
|
182,157 |
|
|
Net
investment income/(loss) |
|
|
388,366 |
|
|
|
198,975 |
|
|
|
459,423 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
1,680,848 |
|
|
|
4,273,827 |
|
|
|
2,560,553 |
|
|
Purchased
options |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
Securities
sold short |
|
|
(2,468,601 |
) |
|
|
— |
|
|
|
— |
|
|
Options
written† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Contracts
for difference† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign
currency transactions |
|
|
(1,306 |
) |
|
|
(4,872 |
) |
|
|
(3,910 |
) |
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment
securities |
|
|
(4,223,755 |
) |
|
|
(19,052,022 |
) |
|
|
(5,009,255 |
) |
|
Purchased
options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Securities
sold short |
|
|
1,614,727 |
|
|
|
— |
|
|
|
— |
|
|
Options
written† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Contracts
for difference† |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign
currency translation |
|
|
— |
|
|
|
— |
|
|
|
(13,330 |
) |
|
Net
realized and unrealized gain/(loss) |
|
|
(3,398,087 |
) |
|
|
(14,783,067 |
) |
|
|
(2,465,942 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
$ |
(3,009,721 |
) |
|
$ |
(14,584,092 |
) |
|
$ |
(2,006,519 |
) |
|
*
Net of foreign withholding taxes of |
|
$ |
(5,528 |
) |
|
$ |
(14,957 |
) |
|
$ |
(3,444 |
) |
|
†
Primary risk exposure is equity contracts |
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 51 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets |
|
| |
|
Boston
Partners
All-Cap Value Fund |
|
|
Boston
Partners
Emerging Markets Dynamic Equity Fund |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
5,381,030 |
|
|
$ |
12,925,335 |
|
|
$ |
335,372 |
|
|
$ |
1,079,216 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
82,919,478 |
|
|
|
111,488,816 |
|
|
|
(769,689 |
) |
|
|
266,119 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(40,315,573 |
) |
|
|
120,986,503 |
|
|
|
1,221,327 |
|
|
|
(706,903 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
47,984,935 |
|
|
|
245,400,654 |
|
|
|
787,010 |
|
|
|
638,432 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(115,942,510 |
) |
|
|
(113,490,263 |
) |
|
|
— |
|
|
|
— |
|
|
Investor
Class |
|
|
(19,479,841 |
) |
|
|
(23,113,027 |
) |
|
|
— |
|
|
|
— |
|
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(135,422,351 |
) |
|
|
(136,603,290 |
) |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
59,287,252 |
|
|
|
240,527,804 |
|
|
|
1,187,810 |
|
|
|
1,484,132 |
|
|
Reinvestment
of distributions |
|
|
92,688,487 |
|
|
|
89,167,313 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(157,284,699 |
) |
|
|
(314,817,112 |
) |
|
|
(1,164,400 |
) |
|
|
(3,979,687 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
6,218,496 |
|
|
|
11,463,927 |
|
|
|
— |
|
|
|
— |
|
|
Reinvestment
of distributions |
|
|
18,446,970 |
|
|
|
22,007,650 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(21,015,983 |
) |
|
|
(57,211,482 |
) |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
(1,659,477 |
) |
|
|
(8,861,900 |
) |
|
|
23,410 |
|
|
|
(2,495,555 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(89,096,893 |
) |
|
|
99,935,464 |
|
|
|
810,420 |
|
|
|
(1,857,123 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
1,492,964,230 |
|
|
|
1,393,028,766 |
|
|
|
59,967,605 |
|
|
|
61,824,728 |
|
|
End
of period |
|
$ |
1,403,867,337 |
|
|
$ |
1,492,964,230 |
|
|
$ |
60,778,025 |
|
|
$ |
59,967,605 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,831,824 |
|
|
|
7,740,493 |
|
|
|
135,551 |
|
|
|
166,306 |
|
|
Shares
reinvested |
|
|
2,983,215 |
|
|
|
2,986,179 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(4,883,509 |
) |
|
|
(9,927,991 |
) |
|
|
(133,164 |
) |
|
|
(453,041 |
) |
|
Net
increase/(decrease) |
|
|
(68,470 |
) |
|
|
798,681 |
|
|
|
2,387 |
|
|
|
(286,735 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
190,239 |
|
|
|
367,862 |
|
|
|
— |
|
|
|
— |
|
|
Shares
reinvested |
|
|
597,569 |
|
|
|
741,248 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(648,404 |
) |
|
|
(1,824,011 |
) |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) |
|
|
139,404 |
|
|
|
(714,901 |
) |
|
|
— |
|
|
|
— |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 52 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets (continued) |
|
| |
|
Boston
Partners
Global Equity Fund |
|
|
Boston
Partners
Global Sustainability Fund |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
950,484 |
|
|
$ |
4,370,244 |
|
|
$ |
26,738 |
|
|
$ |
187,150 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
4,201,667 |
|
|
|
17,664,696 |
|
|
|
482,306 |
|
|
|
2,375,281 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(51,322 |
) |
|
|
22,700,676 |
|
|
|
(202,305 |
) |
|
|
434,350 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
5,100,829 |
|
|
|
44,735,616 |
|
|
|
306,739 |
|
|
|
2,996,781 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(11,307,608 |
) |
|
|
(4,137,287 |
) |
|
|
(164,124 |
) |
|
|
(383,298 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(11,307,608 |
) |
|
|
(4,137,287 |
) |
|
|
(164,124 |
) |
|
|
(383,298 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
9,568,095 |
|
|
|
14,745,831 |
|
|
|
211,953 |
|
|
|
1,000,184 |
|
|
Reinvestment
of distributions |
|
|
10,762,706 |
|
|
|
3,944,599 |
|
|
|
164,123 |
|
|
|
383,298 |
|
|
Shares
redeemed |
|
|
(16,901,339 |
) |
|
|
(26,805,073 |
) |
|
|
(1,458,932 |
) |
|
|
(16,496,527 |
) |
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
3,429,462 |
|
|
|
(8,114,643 |
) |
|
|
(1,082,856 |
) |
|
|
(15,113,045 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(2,777,317 |
) |
|
|
32,483,686 |
|
|
|
(940,241 |
) |
|
|
(12,499,562 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
244,647,495 |
|
|
|
212,163,809 |
|
|
|
11,397,468 |
|
|
|
23,897,030 |
|
|
End
of period |
|
$ |
241,870,178 |
|
|
$ |
244,647,495 |
|
|
$ |
10,457,227 |
|
|
$ |
11,397,468 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
398,841 |
|
|
|
654,463 |
|
|
|
17,865 |
|
|
|
95,216 |
|
|
Shares
reinvested |
|
|
458,768 |
|
|
|
178,005 |
|
|
|
14,161 |
|
|
|
36,785 |
|
|
Shares
redeemed |
|
|
(697,740 |
) |
|
|
(1,210,800 |
) |
|
|
(130,262 |
) |
|
|
(1,568,110 |
) |
|
Net
increase/(decrease) |
|
|
159,869 |
|
|
|
(378,332 |
) |
|
|
(98,236 |
) |
|
|
(1,436,109 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 53 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets (continued) |
|
| |
|
Boston
Partners
Long/Short Equity Fund |
|
|
Boston
Partners
Long/Short Research Fund |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
76,164 |
|
|
$ |
232,345 |
|
|
$ |
1,441,414 |
|
|
$ |
5,221,562 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
4,970,319 |
|
|
|
11,659,242 |
|
|
|
43,265,825 |
|
|
|
59,371,487 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(2,781,381 |
) |
|
|
713,465 |
|
|
|
(27,491,404 |
) |
|
|
35,531,428 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
2,265,102 |
|
|
|
12,605,052 |
|
|
|
17,215,835 |
|
|
|
100,124,477 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(8,827,226 |
) |
|
|
(9,339,469 |
) |
|
|
(59,554,854 |
) |
|
|
(66,527,383 |
) |
|
Investor
Class |
|
|
(3,581,735 |
) |
|
|
(2,682,662 |
) |
|
|
(849,904 |
) |
|
|
(732,348 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(12,408,961 |
) |
|
|
(12,022,131 |
) |
|
|
(60,404,758 |
) |
|
|
(67,259,731 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
11,369,210 |
|
|
|
3,592,766 |
|
|
|
104,290,727 |
|
|
|
119,238,251 |
|
|
Reinvestment
of distributions |
|
|
8,511,481 |
|
|
|
9,007,246 |
|
|
|
31,639,246 |
|
|
|
32,190,431 |
|
|
Shares
redeemed |
|
|
(8,082,299 |
) |
|
|
(21,774,134 |
) |
|
|
(90,522,536 |
) |
|
|
(288,736,079 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
3,377,223 |
|
|
|
3,797,621 |
|
|
|
617,397 |
|
|
|
1,584,296 |
|
|
Reinvestment
of distributions |
|
|
3,529,613 |
|
|
|
2,626,901 |
|
|
|
849,904 |
|
|
|
731,513 |
|
|
Shares
redeemed |
|
|
(2,935,121 |
) |
|
|
(2,990,895 |
) |
|
|
(649,848 |
) |
|
|
(2,348,054 |
) |
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
15,770,107 |
|
|
|
(5,740,495 |
) |
|
|
46,224,890 |
|
|
|
(137,339,642 |
) |
|
Total
increase/(decrease) in net assets |
|
|
5,626,248 |
|
|
|
(5,157,574 |
) |
|
|
3,035,967 |
|
|
|
(104,474,896 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
62,893,716 |
|
|
|
68,051,290 |
|
|
|
591,951,816 |
|
|
|
696,426,712 |
|
|
End
of period |
|
$ |
68,519,964 |
|
|
$ |
62,893,716 |
|
|
$ |
594,987,783 |
|
|
$ |
591,951,816 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
871,344 |
|
|
|
254,300 |
|
|
|
7,281,989 |
|
|
|
8,521,172 |
|
|
Shares
reinvested |
|
|
671,782 |
|
|
|
701,499 |
|
|
|
2,291,039 |
|
|
|
2,455,410 |
|
|
Shares
redeemed |
|
|
(620,216 |
) |
|
|
(1,549,426 |
) |
|
|
(6,303,089 |
) |
|
|
(20,947,454 |
) |
|
Net
increase/(decrease) |
|
|
922,910 |
|
|
|
(593,627 |
) |
|
|
3,269,939 |
|
|
|
(9,970,872 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
322,150 |
|
|
|
354,242 |
|
|
|
44,091 |
|
|
|
115,490 |
|
|
Shares
reinvested |
|
|
372,715 |
|
|
|
258,299 |
|
|
|
64,533 |
|
|
|
58,149 |
|
|
Shares
redeemed |
|
|
(291,128 |
) |
|
|
(267,373 |
) |
|
|
(48,307 |
) |
|
|
(175,931 |
) |
|
Net
increase/(decrease) |
|
|
403,737 |
|
|
|
345,168 |
|
|
|
60,317 |
|
|
|
(2,292 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 54 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets (continued) |
|
| |
|
Boston
Partners
Small Cap Value Fund II |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
1,557,961 |
|
|
$ |
4,633,649 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
44,434,798 |
|
|
|
80,780,984 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(33,366,239 |
) |
|
|
14,384,396 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
12,626,520 |
|
|
|
99,799,029 |
|
| |
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(66,484,637 |
) |
|
|
(60,315,331 |
) |
|
Investor
Class |
|
|
(7,573,971 |
) |
|
|
(7,258,207 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(74,058,608 |
) |
|
|
(67,573,538 |
) |
| |
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
50,987,939 |
|
|
|
66,178,718 |
|
|
Reinvestment
of distributions |
|
|
64,990,134 |
|
|
|
58,874,147 |
|
|
Shares
redeemed |
|
|
(98,703,197 |
) |
|
|
(145,635,464 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
1,011,844 |
|
|
|
3,760,286 |
|
|
Reinvestment
of distributions |
|
|
7,332,895 |
|
|
|
7,055,068 |
|
|
Shares
redeemed |
|
|
(5,492,628 |
) |
|
|
(16,957,577 |
) |
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
20,126,987 |
|
|
|
(26,724,822 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(41,305,101 |
) |
|
|
5,500,669 |
|
| |
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
600,174,202 |
|
|
|
594,673,533 |
|
|
End
of period |
|
$ |
558,869,101 |
|
|
$ |
600,174,202 |
|
| |
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,791,068 |
|
|
|
2,513,191 |
|
|
Shares
reinvested |
|
|
2,407,042 |
|
|
|
2,307,885 |
|
|
Shares
redeemed |
|
|
(3,551,298 |
) |
|
|
(5,501,460 |
) |
|
Net
increase/(decrease) |
|
|
646,812 |
|
|
|
(680,384 |
) |
|
Investor
Class |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
38,972 |
|
|
|
151,193 |
|
|
Shares
reinvested |
|
|
291,219 |
|
|
|
293,839 |
|
|
Shares
redeemed |
|
|
(213,141 |
) |
|
|
(685,234 |
) |
|
Net
increase/(decrease) |
|
|
117,050 |
|
|
|
(240,202 |
) |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 55 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets (continued) |
|
| |
|
WPG
Partners
Select Hedged Fund |
|
|
WPG
Partners
Select Small Cap Value Fund |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Period Ended
August 31, 2024* |
|
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
388,366 |
|
|
$ |
372,248 |
|
|
$ |
198,975 |
|
|
$ |
21,846 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
(789,059 |
) |
|
|
(1,926,510 |
) |
|
|
4,268,955 |
|
|
|
4,373,965 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(2,609,028 |
) |
|
|
3,468,333 |
|
|
|
(19,052,022 |
) |
|
|
10,778,980 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(3,009,721 |
) |
|
|
1,914,071 |
|
|
|
(14,584,092 |
) |
|
|
15,174,791 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(637,244 |
) |
|
|
— |
|
|
|
(5,331,430 |
) |
|
|
(14,373,145 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(637,244 |
) |
|
|
— |
|
|
|
(5,331,430 |
) |
|
|
(14,373,145 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
5,931,170 |
|
|
|
52,528,063 |
|
|
|
76,765,072 |
|
|
|
69,842,753 |
|
|
Reinvestment
of distributions |
|
|
34,477 |
|
|
|
— |
|
|
|
4,074,306 |
|
|
|
14,245,244 |
|
|
Shares
redeemed |
|
|
(26,979,901 |
) |
|
|
(516,709 |
) |
|
|
(24,477,254 |
) |
|
|
(68,589,373 |
) |
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
(21,014,254 |
) |
|
|
52,011,354 |
|
|
|
56,362,124 |
|
|
|
15,498,624 |
|
|
Total
increase/(decrease) in net assets |
|
|
(24,661,219 |
) |
|
|
53,925,425 |
|
|
|
36,446,602 |
|
|
|
16,300,270 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
53,925,425 |
|
|
|
— |
|
|
|
123,629,636 |
|
|
|
107,329,366 |
|
|
End
of period |
|
$ |
29,264,206 |
|
|
$ |
53,925,425 |
|
|
$ |
160,076,238 |
|
|
$ |
123,629,636 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
601,241 |
|
|
|
5,230,787 |
|
|
|
6,632,093 |
|
|
|
6,367,546 |
|
|
Shares
reinvested |
|
|
3,455 |
|
|
|
— |
|
|
|
346,749 |
|
|
|
1,428,811 |
|
|
Shares
redeemed |
|
|
(2,766,680 |
) |
|
|
(50,876 |
) |
|
|
(2,166,756 |
) |
|
|
(6,651,263 |
) |
|
Net
increase/(decrease) |
|
|
(2,161,984 |
) |
|
|
5,179,911 |
|
|
|
4,812,086 |
|
|
|
1,145,094 |
|
|
*
The Fund commenced operations on May 3, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 56 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
(Unaudited) |
|
Statements
of Changes in Net Assets (concluded) |
|
| |
|
WPG
Partners
Small Cap Value Diversified Fund |
|
| |
|
For
the
Six Months Ended
February 28, 2025
(unaudited) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
Increase/(decrease)
in net assets from operations: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
459,423 |
|
|
$ |
253,505 |
|
|
Net
realized gain/(loss) from investments and foreign currency |
|
|
2,556,643 |
|
|
|
1,848,956 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments and foreign currency translation |
|
|
(5,022,585 |
) |
|
|
3,647,651 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(2,006,519 |
) |
|
|
5,750,112 |
|
| |
|
|
|
|
|
|
|
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Distributable
earnings: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(1,976,316 |
) |
|
|
(2,113,959 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,976,316 |
) |
|
|
(2,113,959 |
) |
| |
|
|
|
|
|
|
|
|
|
Capital
transactions: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
1,525,621 |
|
|
|
863,166 |
|
|
Reinvestment
of distributions |
|
|
1,907,591 |
|
|
|
1,990,247 |
|
|
Shares
redeemed |
|
|
(1,045,580 |
) |
|
|
(2,674,828 |
) |
|
Net
increase/(decrease) in net assets from capital transactions |
|
|
2,387,632 |
|
|
|
178,585 |
|
|
Total
increase/(decrease) in net assets |
|
|
(1,595,203 |
) |
|
|
3,814,738 |
|
| |
|
|
|
|
|
|
|
|
|
Net
assets: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
33,078,153 |
|
|
|
29,263,415 |
|
|
End
of period |
|
$ |
31,482,950 |
|
|
$ |
33,078,153 |
|
| |
|
|
|
|
|
|
|
|
|
Share
transactions: |
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
74,915 |
|
|
|
44,741 |
|
|
Shares
reinvested |
|
|
95,332 |
|
|
|
109,055 |
|
|
Shares
redeemed |
|
|
(51,786 |
) |
|
|
(143,343 |
) |
|
Net
increase/(decrease) |
|
|
118,461 |
|
|
|
10,453 |
|
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 57 |
|
BOSTON
PARTNERS ALL-CAP VALUE FUND |
|
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
33.97 |
|
|
$ |
31.76 |
|
|
$ |
30.78 |
|
|
$ |
33.77 |
|
|
$ |
24.53 |
|
|
$ |
24.97 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.13 |
|
|
|
0.30 |
|
|
|
0.41 |
|
|
|
0.33 |
|
|
|
0.26 |
|
|
|
0.36 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.95 |
|
|
|
5.29 |
|
|
|
3.16 |
|
|
|
(1.51 |
) |
|
|
9.43 |
|
|
|
(0.08 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
1.08 |
|
|
|
5.59 |
|
|
|
3.57 |
|
|
|
(1.18 |
) |
|
|
9.69 |
|
|
|
0.28 |
|
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.30 |
) |
|
|
(0.52 |
) |
|
|
(0.31 |
) |
|
|
(0.33 |
) |
|
|
(0.21 |
) |
|
|
(0.37 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(2.86 |
) |
|
|
(2.86 |
) |
|
|
(2.28 |
) |
|
|
(1.48 |
) |
|
|
(0.24 |
) |
|
|
(0.35 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(3.16 |
) |
|
|
(3.38 |
) |
|
|
(2.59 |
) |
|
|
(1.81 |
) |
|
|
(0.45 |
) |
|
|
(0.72 |
) |
|
Net
Asset Value, End of Period |
|
$ |
31.89 |
|
|
$ |
33.97 |
|
|
$ |
31.76 |
|
|
$ |
30.78 |
|
|
$ |
33.77 |
|
|
$ |
24.53 |
|
|
Total
Investment Return1 |
|
|
3.42 |
% |
|
|
19.04 |
% |
|
|
12.00 |
% |
|
|
(3.76 |
)% |
|
|
39.91 |
% |
|
|
0.84 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
1,192,506 |
|
|
$ |
1,272,666 |
|
|
$ |
1,164,397 |
|
|
$ |
1,200,629 |
|
|
$ |
1,653,698 |
|
|
$ |
1,053,301 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
0.80 |
%(2) |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
0.83 |
%(2) |
|
|
0.85 |
% |
|
|
0.84 |
% |
|
|
0.86 |
% |
|
|
0.83 |
% |
|
|
0.84 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.78 |
%(2) |
|
|
0.96 |
% |
|
|
1.35 |
% |
|
|
1.00 |
% |
|
|
0.86 |
% |
|
|
1.46 |
% |
|
Portfolio
Turnover Rate |
|
|
17 |
%(3) |
|
|
24 |
% |
|
|
33 |
% |
|
|
29 |
% |
|
|
33 |
% |
|
|
37 |
% |
|
*
|
Calculated based on average
shares outstanding for the period. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 58 |
|
BOSTON
PARTNERS ALL-CAP VALUE FUND |
|
|
Financial
HIghlights (concluded) |
Per
Share Operating Performance |
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.
|
Investor
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
33.71 |
|
|
$ |
31.53 |
|
|
$ |
30.58 |
|
|
$ |
33.56 |
|
|
$ |
24.39 |
|
|
$ |
24.82 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.09 |
|
|
|
0.22 |
|
|
|
0.33 |
|
|
|
0.25 |
|
|
|
0.18 |
|
|
|
0.30 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.95 |
|
|
|
5.26 |
|
|
|
3.13 |
|
|
|
(1.51 |
) |
|
|
9.38 |
|
|
|
(0.09 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
1.04 |
|
|
|
5.48 |
|
|
|
3.46 |
|
|
|
(1.26 |
) |
|
|
9.56 |
|
|
|
0.21 |
|
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.22 |
) |
|
|
(0.44 |
) |
|
|
(0.23 |
) |
|
|
(0.24 |
) |
|
|
(0.15 |
) |
|
|
(0.29 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(2.86 |
) |
|
|
(2.86 |
) |
|
|
(2.28 |
) |
|
|
(1.48 |
) |
|
|
(0.24 |
) |
|
|
(0.35 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(3.08 |
) |
|
|
(3.30 |
) |
|
|
(2.51 |
) |
|
|
(1.72 |
) |
|
|
(0.39 |
) |
|
|
(0.64 |
) |
|
Net
Asset Value, End of Period |
|
$ |
31.67 |
|
|
$ |
33.71 |
|
|
$ |
31.53 |
|
|
$ |
30.58 |
|
|
$ |
33.56 |
|
|
$ |
24.39 |
|
|
Total
Investment Return1 |
|
|
3.30 |
% |
|
|
18.77 |
% |
|
|
11.68 |
% |
|
|
(4.00 |
)% |
|
|
39.57 |
% |
|
|
0.59 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
211,362 |
|
|
$ |
220,298 |
|
|
$ |
228,631 |
|
|
$ |
230,437 |
|
|
$ |
279,306 |
|
|
$ |
220,927 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.05 |
%(2) |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.08 |
%(2) |
|
|
1.10 |
% |
|
|
1.09 |
% |
|
|
1.11 |
% |
|
|
1.08 |
% |
|
|
1.09 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.53 |
%(2) |
|
|
0.71 |
% |
|
|
1.10 |
% |
|
|
0.75 |
% |
|
|
0.61 |
% |
|
|
1.21 |
% |
|
Portfolio
Turnover Rate |
|
|
17 |
%(3) |
|
|
24 |
% |
|
|
33 |
% |
|
|
29 |
% |
|
|
33 |
% |
|
|
37 |
% |
|
*
|
Calculated based on average
shares outstanding for the period. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 59 |
|
BOSTON
PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND |
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
8.71 |
|
|
$ |
8.62 |
|
|
$ |
10.23 |
|
|
$ |
11.44 |
|
|
$ |
11.23 |
|
|
$ |
10.45 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.05 |
|
|
|
0.16 |
|
|
|
0.13 |
|
|
|
0.07 |
|
|
|
(0.02 |
) |
|
|
0.19 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.06 |
|
|
|
(0.07 |
) |
|
|
0.27 |
|
|
|
(1.27 |
) |
|
|
1.17 |
|
|
|
0.82 |
|
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.11 |
|
|
|
0.09 |
|
|
|
0.40 |
|
|
|
(1.20 |
) |
|
|
1.15 |
|
|
|
1.01 |
|
|
Dividends
to Shareholders from Net Investment Income |
|
|
— |
|
|
|
— |
|
|
|
(2.01 |
) |
|
|
(0.01 |
) |
|
|
(0.94 |
) |
|
|
(0.23 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Dividend and Distributions to Shareholders |
|
|
— |
|
|
|
— |
|
|
|
(2.01 |
) |
|
|
(0.01 |
) |
|
|
(0.94 |
) |
|
|
(0.23 |
) |
|
Net
Asset Value, End of Period |
|
$ |
8.82 |
|
|
$ |
8.71 |
|
|
$ |
8.62 |
|
|
$ |
10.23 |
|
|
$ |
11.44 |
|
|
$ |
11.23 |
|
|
Total
Investment Return1 |
|
|
1.26 |
% |
|
|
1.04 |
% |
|
|
4.98 |
% |
|
|
(10.52 |
)% |
|
|
10.38 |
% |
|
|
9.75 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
60,778 |
|
|
$ |
59,968 |
|
|
$ |
61,825 |
|
|
$ |
60,616 |
|
|
$ |
61,430 |
|
|
$ |
60,176 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.50 |
%(2) |
|
|
1.45 |
% |
|
|
1.42 |
% |
|
|
1.42 |
% |
|
|
1.75 |
% |
|
|
1.66 |
% |
|
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 |
% |
|
|
1.49 |
% |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.82 |
%(2) |
|
|
1.63 |
% |
|
|
1.67 |
% |
|
|
1.73 |
% |
|
|
2.00 |
% |
|
|
2.19 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
1.12 |
%(2) |
|
|
1.74 |
% |
|
|
1.52 |
% |
|
|
0.63 |
% |
|
|
(0.14 |
)% |
|
|
1.81 |
% |
|
Portfolio
Turnover Rate |
|
|
110 |
%(3) |
|
|
202 |
% |
|
|
132 |
% |
|
|
136 |
% |
|
|
125 |
% |
|
|
219 |
% |
|
*
|
Calculated based on average
shares outstanding for the period. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 60 |
|
BOSTON
PARTNERS GLOBAL EQUITY FUND |
|
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
25.44 |
|
|
$ |
21.23 |
|
|
$ |
18.69 |
|
|
$ |
20.74 |
|
|
$ |
15.15 |
|
|
$ |
15.91 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.10 |
|
|
|
0.45 |
|
|
|
0.45 |
|
|
|
0.39 |
|
|
|
0.25 |
|
|
|
0.15 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.40 |
|
|
|
4.19 |
|
|
|
2.39 |
|
|
|
(2.08 |
) |
|
|
5.69 |
|
|
|
(0.67 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.50 |
|
|
|
4.64 |
|
|
|
2.84 |
|
|
|
(1.69 |
) |
|
|
5.94 |
|
|
|
(0.52 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.47 |
) |
|
|
(0.43 |
) |
|
|
(0.30 |
) |
|
|
(0.36 |
) |
|
|
(0.35 |
) |
|
|
(0.24 |
) |
|
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 |
) |
|
|
(0.24 |
) |
|
Net
Asset Value, End of Period |
|
$ |
24.74 |
|
|
$ |
25.44 |
|
|
$ |
21.23 |
|
|
$ |
18.69 |
|
|
$ |
20.74 |
|
|
$ |
15.15 |
|
|
Total
Investment Return1 |
|
|
2.20 |
% |
|
|
22.17 |
% |
|
|
15.28 |
% |
|
|
(8.27 |
)% |
|
|
39.66 |
% |
|
|
(3.40 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
241,870 |
|
|
$ |
244,647 |
|
|
$ |
212,164 |
|
|
$ |
171,407 |
|
|
$ |
183,433 |
|
|
$ |
177,470 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
0.95 |
%(2) |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.11 |
%(2) |
|
|
1.11 |
% |
|
|
1.11 |
% |
|
|
1.13 |
% |
|
|
1.04 |
% |
|
|
1.22 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.82 |
%(2) |
|
|
1.98 |
% |
|
|
2.20 |
% |
|
|
1.94 |
% |
|
|
1.38 |
% |
|
|
0.96 |
% |
|
Portfolio
Turnover Rate |
|
|
22 |
%(3) |
|
|
48 |
% |
|
|
51 |
% |
|
|
59 |
% |
|
|
88 |
% |
|
|
118 |
% |
|
*
|
Calculated based on average
shares outstanding for the period. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 61 |
|
BOSTON
PARTNERS GLOBAL SUSTAINABILITY FUND |
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Period
December 19,
2021**
through
August 31,
2022 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
11.95 |
|
|
$ |
10.00 |
|
|
$ |
8.62 |
|
|
$ |
10.00 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.03 |
|
|
|
0.13 |
|
|
|
0.17 |
|
|
|
0.11 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.57 |
|
|
|
1.98 |
|
|
|
1.35 |
|
|
|
(1.49 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.60 |
|
|
|
2.11 |
|
|
|
1.52 |
|
|
|
(1.38 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.16 |
) |
|
|
(0.16 |
) |
|
|
(0.14 |
) |
|
|
— |
|
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(0.17 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Dividend and Distributions to Shareholders |
|
|
(0.33 |
) |
|
|
(0.16 |
) |
|
|
(0.14 |
) |
|
|
— |
|
|
Net
Asset Value, End of Period |
|
$ |
12.22 |
|
|
$ |
11.95 |
|
|
$ |
10.00 |
|
|
$ |
8.62 |
|
|
Total
Investment Return1 |
|
|
3.78 |
% |
|
|
21.34 |
% |
|
|
17.71 |
% |
|
|
(13.80 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
10,457 |
|
|
$ |
11,397 |
|
|
$ |
23,897 |
|
|
$ |
22,640 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
0.90 |
%(2) |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
|
0.90 |
%(2) |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.80 |
%(2) |
|
|
1.53 |
% |
|
|
1.36 |
% |
|
|
1.73 |
%(2) |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.50 |
%(2) |
|
|
1.23 |
% |
|
|
1.80 |
% |
|
|
1.75 |
%(2) |
|
Portfolio
Turnover Rate |
|
|
32 |
%(3) |
|
|
73 |
% |
|
|
77 |
% |
|
|
55 |
%(3) |
|
*
|
Calculated based on average
shares outstanding. |
|
**
|
Commencement of operations.
|
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 62 |
|
BOSTON
PARTNERS Long/Short Equity Fund |
|
|
Financial
HIghlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
Value, Beginning of Period |
|
$ |
15.04 |
|
|
$ |
14.99 |
|
|
$ |
14.73 |
|
|
$ |
14.21 |
|
|
$ |
15.15 |
|
|
$ |
17.74 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.02 |
|
|
|
0.06 |
|
|
|
0.07 |
|
|
|
(0.13 |
) |
|
|
(0.12 |
) |
|
|
(0.14 |
) |
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.46 |
|
|
|
2.96 |
|
|
|
1.96 |
|
|
|
1.29 |
|
|
|
3.69 |
|
|
|
(0.70 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.48 |
|
|
|
3.02 |
|
|
|
2.03 |
|
|
|
1.16 |
|
|
|
3.57 |
|
|
|
(0.84 |
) |
|
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 |
) |
|
|
(1.75 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(2.71 |
) |
|
|
(2.97 |
) |
|
|
(1.77 |
) |
|
|
(0.64 |
) |
|
|
(4.51 |
) |
|
|
(1.75 |
) |
|
Net
Asset Value, End of Period |
|
$ |
12.81 |
|
|
$ |
15.04 |
|
|
$ |
14.99 |
|
|
$ |
14.73 |
|
|
$ |
14.21 |
|
|
$ |
15.15 |
|
|
Total
Investment Return1 |
|
|
3.42 |
% |
|
|
23.51 |
% |
|
|
14.69 |
% |
|
|
8.35 |
% |
|
|
29.08 |
% |
|
|
(5.78 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
52,323 |
|
|
$ |
47,563 |
|
|
$ |
56,303 |
|
|
$ |
54,733 |
|
|
$ |
49,551 |
|
|
$ |
68,780 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
2.48 |
%(2) |
|
|
2.04 |
% |
|
|
2.02 |
% |
|
|
2.55 |
% |
|
|
2.60 |
% |
|
|
2.57 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
1.96 |
%(2) |
|
|
1.96 |
% |
|
|
1.96 |
% |
|
|
1.96 |
% |
|
|
1.97 |
% |
|
|
2.25 |
% |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
3.11 |
%(2) |
|
|
2.72 |
% |
|
|
2.67 |
% |
|
|
3.18 |
% |
|
|
3.14 |
% |
|
|
2.74 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.29 |
%(2) |
|
|
0.43 |
% |
|
|
0.50 |
% |
|
|
(0.87 |
)% |
|
|
(0.91 |
)% |
|
|
(0.81 |
)% |
|
Portfolio
Turnover Rate |
|
|
30 |
%(3) |
|
|
35 |
% |
|
|
44 |
% |
|
|
40 |
% |
|
|
31 |
% |
|
|
46 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 63 |
|
BOSTON
PARTNERS Long/Short Equity Fund |
|
|
Financial
HIghlights (concluded) |
Per
Share Operating Performance |
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.
|
Investor
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
11.90 |
|
|
$ |
12.45 |
|
|
$ |
12.54 |
|
|
$ |
12.22 |
|
|
$ |
13.64 |
|
|
$ |
16.17 |
|
|
Net
Investment Income/(Loss)* |
|
|
— |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
(0.14 |
) |
|
|
(0.14 |
) |
|
|
(0.16 |
) |
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.36 |
|
|
|
2.38 |
|
|
|
1.65 |
|
|
|
1.10 |
|
|
|
3.23 |
|
|
|
(0.62 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.36 |
|
|
|
2.40 |
|
|
|
1.68 |
|
|
|
0.96 |
|
|
|
3.09 |
|
|
|
(0.78 |
) |
|
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 |
) |
|
|
(1.75 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(2.69 |
) |
|
|
(2.95 |
) |
|
|
(1.77 |
) |
|
|
(0.64 |
) |
|
|
(4.51 |
) |
|
|
(1.75 |
) |
|
Net
Asset Value, End of Period |
|
$ |
9.57 |
|
|
$ |
11.90 |
|
|
$ |
12.45 |
|
|
$ |
12.54 |
|
|
$ |
12.22 |
|
|
$ |
13.64 |
|
|
Total
Investment Return1 |
|
|
3.32 |
% |
|
|
23.26 |
% |
|
|
14.44 |
% |
|
|
8.07 |
% |
|
|
28.71 |
% |
|
|
(5.99 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
16,197 |
|
|
$ |
15,331 |
|
|
$ |
11,748 |
|
|
$ |
11,720 |
|
|
$ |
11,571 |
|
|
$ |
14,484 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
2.73 |
%(2) |
|
|
2.29 |
% |
|
|
2.27 |
% |
|
|
2.80 |
% |
|
|
2.85 |
% |
|
|
2.82 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
2.21 |
%(2) |
|
|
2.21 |
% |
|
|
2.21 |
% |
|
|
2.21 |
% |
|
|
2.22 |
% |
|
|
2.50 |
% |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
3.36 |
%(2) |
|
|
2.97 |
% |
|
|
2.92 |
% |
|
|
3.43 |
% |
|
|
3.39 |
% |
|
|
2.99 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.04 |
%(2) |
|
|
0.18 |
% |
|
|
0.25 |
% |
|
|
(1.12 |
)% |
|
|
(1.16 |
)% |
|
|
(1.06 |
)% |
|
Portfolio
Turnover Rate |
|
|
30 |
%(3) |
|
|
35 |
% |
|
|
44 |
% |
|
|
40 |
% |
|
|
31 |
% |
|
|
46 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 64 |
|
BOSTON
PARTNERS Long/Short Research Fund |
|
Financial
HIghlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
15.09 |
|
|
$ |
14.15 |
|
|
$ |
15.98 |
|
|
$ |
16.82 |
|
|
$ |
13.31 |
|
|
$ |
15.15 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.04 |
|
|
|
0.12 |
|
|
|
0.16 |
|
|
|
(0.02 |
) |
|
|
(0.10 |
) |
|
|
(0.00 |
) |
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.39 |
|
|
|
2.32 |
|
|
|
0.95 |
|
|
|
1.18 |
|
|
|
3.61 |
|
|
|
(1.48 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.43 |
|
|
|
2.44 |
|
|
|
1.11 |
|
|
|
1.16 |
|
|
|
3.51 |
|
|
|
(1.48 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.12 |
) |
|
|
(0.34 |
) |
|
|
(0.22 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.21 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(1.42 |
) |
|
|
(1.16 |
) |
|
|
(2.72 |
) |
|
|
(2.00 |
) |
|
|
— |
|
|
|
(0.15 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(1.54 |
) |
|
|
(1.50 |
) |
|
|
(2.94 |
) |
|
|
(2.00 |
) |
|
|
— |
|
|
|
(0.36 |
) |
|
Net
Asset Value, End of Period |
|
$ |
13.98 |
|
|
$ |
15.09 |
|
|
$ |
14.15 |
|
|
$ |
15.98 |
|
|
$ |
16.82 |
|
|
$ |
13.31 |
|
|
Total
Investment Return1 |
|
|
3.03 |
% |
|
|
18.79 |
% |
|
|
7.16 |
% |
|
|
7.17 |
% |
|
|
26.37 |
% |
|
|
(10.13 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
586,890 |
|
|
$ |
584,044 |
|
|
$ |
688,944 |
|
|
$ |
801,913 |
|
|
$ |
808,565 |
|
|
$ |
1,082,963 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.78 |
%(2) |
|
|
1.90 |
% |
|
|
1.88 |
% |
|
|
1.95 |
% |
|
|
2.15 |
% |
|
|
2.21 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
1.40 |
%(2) |
|
|
1.40 |
% |
|
|
1.40 |
% |
|
|
1.40 |
% |
|
|
1.40 |
% |
|
|
1.37 |
% |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.78 |
%(2) |
|
|
1.90 |
% |
|
|
1.88 |
% |
|
|
1.95 |
% |
|
|
2.15 |
% |
|
|
2.21 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.50 |
%(2) |
|
|
0.88 |
% |
|
|
1.12 |
% |
|
|
(0.10 |
)% |
|
|
(0.66 |
)% |
|
|
(0.01 |
)% |
|
Portfolio
Turnover Rate |
|
|
36 |
%(3) |
|
|
53 |
% |
|
|
54 |
% |
|
|
85 |
% |
|
|
61 |
% |
|
|
66 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 65 |
|
BOSTON
PARTNERS Long/Short Research Fund |
|
Financial
HIghlights (concluded) |
Per
Share Operating Performance |
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.
|
Investor
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
14.45 |
|
|
$ |
13.62 |
|
|
$ |
15.48 |
|
|
$ |
16.39 |
|
|
$ |
13.01 |
|
|
$ |
14.81 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.02 |
|
|
|
0.09 |
|
|
|
0.12 |
|
|
|
(0.05 |
) |
|
|
(0.13 |
) |
|
|
(0.04 |
) |
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.38 |
|
|
|
2.21 |
|
|
|
0.92 |
|
|
|
1.14 |
|
|
|
3.51 |
|
|
|
(1.44 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.40 |
|
|
|
2.30 |
|
|
|
1.04 |
|
|
|
1.09 |
|
|
|
3.38 |
|
|
|
(1.48 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.10 |
) |
|
|
(0.31 |
) |
|
|
(0.18 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.17 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(1.42 |
) |
|
|
(1.16 |
) |
|
|
(2.72 |
) |
|
|
(2.00 |
) |
|
|
— |
|
|
|
(0.15 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(1.52 |
) |
|
|
(1.47 |
) |
|
|
(2.90 |
) |
|
|
(2.00 |
) |
|
|
— |
|
|
|
(0.32 |
) |
|
Net
Asset Value, End of Period |
|
$ |
13.33 |
|
|
$ |
14.45 |
|
|
$ |
13.62 |
|
|
$ |
15.48 |
|
|
$ |
16.39 |
|
|
$ |
13.01 |
|
|
Total
Investment Return1 |
|
|
2.87 |
% |
|
|
18.43 |
% |
|
|
6.92 |
% |
|
|
6.91 |
% |
|
|
25.98 |
% |
|
|
(10.32 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
8,097 |
|
|
$ |
7,907 |
|
|
$ |
7,483 |
|
|
$ |
11,989 |
|
|
$ |
10,220 |
|
|
$ |
24,436 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
2.03 |
%(2) |
|
|
2.15 |
% |
|
|
2.13 |
% |
|
|
2.20 |
% |
|
|
2.40 |
% |
|
|
2.46 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
1.65 |
%(2) |
|
|
1.65 |
% |
|
|
1.65 |
% |
|
|
1.65 |
% |
|
|
1.65 |
% |
|
|
1.62 |
% |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
2.03 |
%(2) |
|
|
2.15 |
% |
|
|
2.13 |
% |
|
|
2.20 |
% |
|
|
2.40 |
% |
|
|
2.46 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.25 |
%(2) |
|
|
0.63 |
% |
|
|
0.87 |
% |
|
|
(0.35 |
)% |
|
|
(0.91 |
)% |
|
|
(0.26 |
)% |
|
Portfolio
Turnover Rate |
|
|
36 |
%(3) |
|
|
53 |
% |
|
|
54 |
% |
|
|
85 |
% |
|
|
61 |
% |
|
|
66 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 66 |
|
Boston
Partners Small Cap Value Fund II |
|
|
Financial
HIghlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
28.91 |
|
|
$ |
27.43 |
|
|
$ |
27.51 |
|
|
$ |
32.34 |
|
|
$ |
21.06 |
|
|
$ |
23.42 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.08 |
|
|
|
0.22 |
|
|
|
0.24 |
|
|
|
0.18 |
|
|
|
0.15 |
|
|
|
0.20 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.75 |
|
|
|
4.57 |
|
|
|
1.60 |
|
|
|
(2.86 |
) |
|
|
11.27 |
|
|
|
(1.94 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.83 |
|
|
|
4.79 |
|
|
|
1.84 |
|
|
|
(2.68 |
) |
|
|
11.42 |
|
|
|
(1.74 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.23 |
) |
|
|
(0.25 |
) |
|
|
(0.26 |
) |
|
|
(0.12 |
) |
|
|
(0.14 |
) |
|
|
(0.28 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(3.52 |
) |
|
|
(3.06 |
) |
|
|
(1.66 |
) |
|
|
(2.03 |
) |
|
|
— |
|
|
|
(0.34 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(3.75 |
) |
|
|
(3.31 |
) |
|
|
(1.92 |
) |
|
|
(2.15 |
) |
|
|
(0.14 |
) |
|
|
(0.62 |
) |
|
Net
Asset Value, End of Period |
|
$ |
25.99 |
|
|
$ |
28.91 |
|
|
$ |
27.43 |
|
|
$ |
27.51 |
|
|
$ |
32.34 |
|
|
$ |
21.06 |
|
|
Total
Investment Return1 |
|
|
2.39 |
% |
|
|
19.09 |
% |
|
|
7.17 |
% |
|
|
(8.88 |
)% |
|
|
54.40 |
% |
|
|
(7.88 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
504,846 |
|
|
$ |
542,807 |
|
|
$ |
533,633 |
|
|
$ |
688,375 |
|
|
$ |
776,442 |
|
|
$ |
503,349 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
0.99 |
%(2) |
|
|
0.99 |
% |
|
|
0.99 |
% |
|
|
0.99 |
% |
|
|
0.99 |
% |
|
|
1.07 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.00 |
%(2) |
|
|
1.03 |
% |
|
|
1.04 |
% |
|
|
1.02 |
% |
|
|
1.01 |
% |
|
|
1.09 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.57 |
%(2) |
|
|
0.84 |
% |
|
|
0.91 |
% |
|
|
0.61 |
% |
|
|
0.52 |
% |
|
|
0.94 |
% |
|
Portfolio
Turnover Rate |
|
|
32 |
%(3) |
|
|
55 |
% |
|
|
65 |
% |
|
|
24 |
% |
|
|
33 |
% |
|
|
46 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 67 |
|
Boston
Partners Small Cap Value Fund II |
|
|
Financial
HIghlights (concluded) |
Per
Share Operating Performance |
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.
|
Investor
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
27.16 |
|
|
$ |
25.95 |
|
|
$ |
26.12 |
|
|
$ |
30.81 |
|
|
$ |
20.07 |
|
|
$ |
22.33 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.04 |
|
|
|
0.15 |
|
|
|
0.17 |
|
|
|
0.10 |
|
|
|
0.07 |
|
|
|
0.15 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
0.71 |
|
|
|
4.30 |
|
|
|
1.51 |
|
|
|
(2.72 |
) |
|
|
10.75 |
|
|
|
(1.85 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
0.75 |
|
|
|
4.45 |
|
|
|
1.68 |
|
|
|
(2.62 |
) |
|
|
10.82 |
|
|
|
(1.70 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.16 |
) |
|
|
(0.18 |
) |
|
|
(0.19 |
) |
|
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
(0.22 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
(3.52 |
) |
|
|
(3.06 |
) |
|
|
(1.66 |
) |
|
|
(2.03 |
) |
|
|
— |
|
|
|
(0.34 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(3.68 |
) |
|
|
(3.24 |
) |
|
|
(1.85 |
) |
|
|
(2.07 |
) |
|
|
(0.08 |
) |
|
|
(0.56 |
) |
|
Net
Asset Value, End of Period |
|
$ |
24.23 |
|
|
$ |
27.16 |
|
|
$ |
25.95 |
|
|
$ |
26.12 |
|
|
$ |
30.81 |
|
|
$ |
20.07 |
|
|
Total
Investment Return1 |
|
|
2.25 |
% |
|
|
18.80 |
% |
|
|
6.90 |
% |
|
|
(9.11 |
)% |
|
|
54.01 |
% |
|
|
(8.07 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
54,023 |
|
|
$ |
57,367 |
|
|
$ |
61,041 |
|
|
$ |
82,898 |
|
|
$ |
104,282 |
|
|
$ |
77,032 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.24 |
%(2) |
|
|
1.24 |
% |
|
|
1.24 |
% |
|
|
1.24 |
% |
|
|
1.24 |
% |
|
|
1.32 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.25 |
%(2) |
|
|
1.28 |
% |
|
|
1.29 |
% |
|
|
1.27 |
% |
|
|
1.26 |
% |
|
|
1.34 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.32 |
%(2) |
|
|
0.59 |
% |
|
|
0.66 |
% |
|
|
0.36 |
% |
|
|
0.27 |
% |
|
|
0.69 |
% |
|
Portfolio
Turnover Rate |
|
|
32 |
%(3) |
|
|
55 |
% |
|
|
65 |
% |
|
|
24 |
% |
|
|
33 |
% |
|
|
46 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 68 |
|
WPG
Partners Select Hedged Fund |
|
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Period May 3,
2024**
through
August 31,
2024 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
10.41 |
|
|
$ |
10.00 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.08 |
|
|
|
0.08 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
(0.67 |
) |
|
|
1.88 |
|
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
(0.59 |
) |
|
|
1.96 |
|
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.12 |
) |
|
|
(0.06 |
) |
|
Distributions
to Shareholders from Net Realized Gains |
|
|
— |
|
|
|
(1.49 |
) |
|
Total
Dividend and Distributions to Shareholders |
|
|
(0.12 |
) |
|
|
(1.55 |
) |
|
Net
Asset Value, End of Period |
|
$ |
9.70 |
|
|
$ |
10.41 |
|
|
Total
Investment Return1 |
|
|
(5.87 |
)% |
|
|
4.10 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
29,264 |
|
|
$ |
53,925 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
2.77 |
%(2) |
|
|
2.54 |
%(2) |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
1.50 |
%(2) |
|
|
1.50 |
%(2) |
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
2.90 |
%(2) |
|
|
2.82 |
%(2) |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
1.58 |
%(2) |
|
|
2.29 |
%(2) |
|
Portfolio
Turnover Rate |
|
|
85 |
%(3) |
|
|
36 |
%(3) |
|
*
|
Calculated based on average
shares outstanding. |
|
**
|
Commencement of operations.
|
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 69 |
|
WPG
Partners Select Small Cap Value Fund |
|
|
Financial
Highlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Period
December 29,
2021**
through
August 31,
2022 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
12.09 |
|
|
$ |
11.82 |
|
|
$ |
9.40 |
|
|
$ |
10.00 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.01 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
(0.01 |
) |
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
(1.08 |
) |
|
|
1.82 |
|
|
|
2.37 |
|
|
|
(0.59 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
(1.07 |
) |
|
|
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 |
|
$ |
10.64 |
|
|
$ |
12.09 |
|
|
$ |
11.82 |
|
|
$ |
9.40 |
|
|
Total
Investment Return1 |
|
|
(9.15 |
)% |
|
|
18.12 |
% |
|
|
25.94 |
% |
|
|
(6.00 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
160,076 |
|
|
$ |
123,630 |
|
|
$ |
107,329 |
|
|
$ |
17,845 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.10 |
%(2) |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.10 |
%(2) |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.01 |
%(2) |
|
|
1.13 |
% |
|
|
1.16 |
% |
|
|
2.93 |
%(2) |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
0.25 |
%(2) |
|
|
0.02 |
% |
|
|
0.65 |
% |
|
|
(0.22 |
)%(2) |
|
Portfolio
Turnover Rate |
|
|
87 |
%(3) |
|
|
160 |
% |
|
|
118 |
% |
|
|
70 |
%(3) |
|
*
|
Calculated based on average
shares outstanding. |
|
**
|
Commencement of operations.
|
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 70 |
|
WPG
Partners Small Cap Value Diversified Fund |
|
Financial
HIghlights |
Per
Share Operating Performance |
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.
|
Institutional
Class |
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Year Ended
August 31,
2022 |
|
|
For
the
Year Ended
August 31,
2021 |
|
|
For
the
Year Ended
August 31,
2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
21.13 |
|
|
$ |
18.81 |
|
|
$ |
19.92 |
|
|
$ |
19.33 |
|
|
$ |
11.96 |
|
|
$ |
13.19 |
|
|
Net
Investment Income/(Loss)* |
|
|
0.28 |
|
|
|
0.16 |
|
|
|
0.20 |
|
|
|
0.09 |
|
|
|
0.07 |
|
|
|
0.09 |
|
|
Net
Realized and Unrealized Gain/(Loss) on Investments |
|
|
(1.49 |
) |
|
|
3.56 |
|
|
|
1.80 |
|
|
|
0.80 |
|
|
|
7.39 |
|
|
|
(1.26 |
) |
|
Net
Increase/(Decrease) in Net Assets Resulting from Operations |
|
|
(1.21 |
) |
|
|
3.72 |
|
|
|
2.00 |
|
|
|
0.89 |
|
|
|
7.46 |
|
|
|
(1.17 |
) |
|
Dividends
to Shareholders from Net Investment Income |
|
|
(0.16 |
) |
|
|
(0.21 |
) |
|
|
(0.09 |
) |
|
|
(0.07 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
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 |
) |
|
|
(0.06 |
) |
|
Net
Asset Value, End of Period |
|
$ |
18.69 |
|
|
$ |
21.13 |
|
|
$ |
18.81 |
|
|
$ |
19.92 |
|
|
$ |
19.33 |
|
|
$ |
11.96 |
|
|
Total
Investment Return1 |
|
|
(6.10 |
)% |
|
|
20.99 |
% |
|
|
11.35 |
% |
|
|
4.59 |
% |
|
|
62.66 |
% |
|
|
(8.92 |
)% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets, End of Period (000) |
|
$ |
31,483 |
|
|
$ |
33,078 |
|
|
$ |
29,263 |
|
|
$ |
32,264 |
|
|
$ |
27,602 |
|
|
$ |
19,150 |
|
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any |
|
|
1.10 |
%(2) |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
|
1.10 |
% |
|
Ratio
of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense) |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Ratio
of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any |
|
|
1.21 |
%(2) |
|
|
1.27 |
% |
|
|
1.32 |
% |
|
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.31 |
% |
|
Ratio
of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements |
|
|
2.77 |
%(2) |
|
|
0.84 |
% |
|
|
1.06 |
% |
|
|
0.44 |
% |
|
|
0.40 |
% |
|
|
0.74 |
% |
|
Portfolio
Turnover Rate |
|
|
51 |
%(3) |
|
|
74 |
% |
|
|
90 |
% |
|
|
92 |
% |
|
|
114 |
% |
|
|
123 |
% |
|
*
|
Calculated based on average
shares outstanding. |
|
1 |
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. |
The
accompanying notes are an integral part of the financial statements.
|
Financial
Statements 2025 | 71 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements
February
28, 2025 (Unaudited) |
|
|
1. |
ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES |
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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 Hedged Fund (“WPG Select Hedged Fund”), 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 Hedged 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 Hedged 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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, BP Global Equity Fund and BP Global/Long
Short Fund is to seek long-term capital growth. The investment objective of BP Global Sustainability Fund, WPG Select Hedged 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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 2025 (the “current fiscal period” or the “reporting 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
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. 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. If market quotations are unavailable or deemed
unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s
Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result
in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such
procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions
on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other
event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as
the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and
the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use
fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets
close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these
|
Financial
Statements 2025 | 72 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
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.
The
following is a summary of quantitative information about Level 3 Fair Value Measurements:
|
FUND |
TYPE
OF SECURITY |
UNREALIZED
APPRECIATION/
(DEPRECIATION)
AS OF 2/28/2025 |
VALUATION
TECHNIQUES |
UNOBSERVABLE
INPUT |
UNOBSERVABLE
INPUT
VALUES (USD) |
IMPACT
TO
VALUATION FROM
AN INCREASE
TO INPUT |
|
BP
Emerging Markets Dynamic Equity Fund |
Contracts
For Difference – Total Short – Russia |
314,151 |
Market
Approach & Concensus Pricing |
Discount
for lack of marketability as a result of geopolitical event and sanction |
100% |
Significant
changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
|
BP
Emerging Markets Dynamic Equity Fund |
Contracts
For Difference – Total Short – Russia |
140,169 |
Market
Approach & Concensus Pricing |
Discount
for lack of marketability as a result of geopolitical event and sanction |
100% |
Significant
changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security |
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
|
Financial
Statements 2025 | 73 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
amount
of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for
all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful
in relation to its net assets as of the end of the reporting period.
During
the current fiscal period, the Funds had no significant level 3 investments or transfers.
USE
OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates
and those differences could be significant.
INVESTMENT
TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting
purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income
tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion
of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent
a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment
income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of
shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The
RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or
fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred
for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the
Trust, or in such other manner as the Board deems fair or equitable. Offering costs are amortized for a new fund and accrued over a 12-month
period from the inception date of the fund. Offering costs are charged directly to the fund in which they are incurred. Expenses and fees,
including investment advisory, offering costs, and administration fees, are accrued daily and taken into account for the purpose of determining
the NAV of the Funds.
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, BP Long/Short Research Fund and WPG Select Hedged 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 as “Cash equivalents” and was classified as Level
1 assets as of February 28, 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, the Funds expect the risk of material loss from such claims to be remote.
|
Financial
Statements 2025 | 74 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
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.
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.
OPTIONS
WRITTEN — 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
|
Financial
Statements 2025 | 75 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
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 written options.
During
the current fiscal period, the Funds’ average quarterly volume of options transactions was as follows:
|
FUND |
|
PURCHASED
OPTIONS
(COST) |
|
|
WRITTEN
OPTIONS
(PROCEEDS) |
|
|
BP
Long/Short Equity Fund |
|
$ |
6,267 |
|
|
$ |
35,939 |
|
|
BP
Long/Short Research Fund |
|
|
— |
|
|
|
40,453 |
|
SHORT
SALES — When the Adviser believes that a security is overvalued, the BP Emerging Markets Dynamic Equity Fund, BP Long/Short Equity
Fund, BP Long/Short Research Fund and WPG Select Hedged 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 $(29,173), $139,165, and $1,754,148, respectively, on borrowed securities. Such amounts are included in prime
broker interest income 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, BP Long/Short Research Fund
and WPG Select Hedged Fund had securities sold short valued at $636,540, $12,446,796, $103,765,125, and $15,736,602, respectively, for
which securities of $21,906,186, $24,191,574, $130,818,649, and $25,959,591 and deposits of $873,757, $13,235,124, $103,630,588, and $17,874,812,
respectively, were pledged as collateral.
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,BP Long/Short Research Fund, and WPG Partners Select Hedged Fund utilized
cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:
| |
BP
EMERGING MARKETS DYNAMIC EQUITY FUND |
|
| |
DAYS
UTILIZED |
|
|
AVERAGE
DAILY
BORROWINGS |
|
|
WEIGHTED
AVERAGE
INTEREST RATE |
|
| |
|
67 |
|
|
|
EUR 136 |
|
|
|
3.52% |
|
| |
|
26 |
|
|
|
USD 65,018 |
|
|
|
5.10% |
|
|
Financial
Statements 2025 | 76 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
|
BP
LONG/SHORT EQUITY FUND |
|
BP
LONG/SHORT RESEARCH FUND |
|
|
DAYS
UTILIZED |
|
AVERAGE
DAILY
BORROWINGS |
|
|
WEIGHTED
AVERAGE
INTEREST RATE |
|
|
DAYS
UTILIZED |
|
|
AVERAGE
DAILY
BORROWINGS |
|
|
WEIGHTED
AVERAGE
INTEREST RATE |
|
|
181 |
|
|
USD 2,538,223 |
|
|
|
5.15 |
|
|
|
20 |
|
|
|
AUD 7,623 |
|
|
|
4.68% |
|
| |
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
DKK 100,746 |
|
|
|
3.25% |
|
| |
|
|
|
|
|
|
|
|
|
|
13 |
|
|
|
EUR 112,975 |
|
|
|
3.51% |
|
| |
|
|
|
|
|
|
|
|
|
|
161 |
|
|
|
GBP 206,942 |
|
|
|
5.19% |
|
| |
|
|
|
|
|
|
|
|
|
|
153 |
|
|
|
HKD 1,866,895 |
|
|
|
4.61% |
|
| |
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
JPY 4,894,728 |
|
|
|
0.77% |
|
| |
|
|
|
|
|
|
|
|
|
|
44 |
|
|
|
SEK 1,931,525 |
|
|
|
2.97% |
|
| |
|
|
|
|
|
|
|
|
|
|
156 |
|
|
|
USD 1,606,867 |
|
|
|
4.98% |
|
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 $240, $66,039, and $46,359, respectively.
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 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 of $1,469,394, $0, and $0, respectively, which
were pledged as collateral. 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, BP Long/Short Equity Fund and BP Long/Short Research
Fund held CFDs.
During
the current fiscal period, the average volume of CFDs was as follows:
|
FUND |
|
NOTIONAL
AMOUNT
LONG |
|
|
NOTIONAL
AMOUNT
Short |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
$ |
23,262,009 |
|
|
$ |
25,936,415 |
|
|
BP
Long/Short Equity Fund |
|
|
— |
|
|
|
608,358 |
|
|
BP
Long/Short Research Fund |
|
|
— |
|
|
|
74,099,095 |
|
|
Financial
Statements 2025 | 77 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
The
following is a summary of CFDs that are subject to enforceable master netting agreements (or similar arrangements) and collateral received
and pledged in connection with the master netting agreements (or similar arrangements) as of the end of the reporting period:
| |
|
|
|
|
|
GROSS
AMOUNT
NOT OFFSET IN
THE STATEMENTS OF
ASSETS AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
GROSS
AMOUNT
NOT OFFSET IN
THE STATEMENTS OF
ASSETS AND LIABILITIES |
|
|
|
|
|
|
FUND |
|
GROSS
AMOUNTS OF
RECOGNIZED
ASSETS |
|
|
FINANCIAL
INSTRUMENTS |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT1 |
|
|
GROSS
AMOUNTS OF
RECOGNIZED
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS |
|
|
CASH
COLLATERAL
PLEDGED2 |
|
|
NET
AMOUNT3 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
of America Securities, Inc. |
|
$ |
121,758 |
|
|
$ |
105,696 |
|
|
$ |
— |
|
|
$ |
16,062 |
|
|
$ |
105,696 |
|
|
$ |
105,696 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Goldman
Sachs |
|
|
4,139,392 |
|
|
|
991,254 |
|
|
|
— |
|
|
|
3,148,138 |
|
|
|
991,254 |
|
|
|
991,254 |
|
|
|
(5,706 |
) |
|
|
5,706 |
|
|
HSBC
Bank |
|
|
123,646 |
|
|
|
— |
|
|
|
— |
|
|
|
123,646 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
J.P.
Morgan Securities, Inc. |
|
|
231,432 |
|
|
|
77,823 |
|
|
|
— |
|
|
|
153,609 |
|
|
|
77,823 |
|
|
|
77,823 |
|
|
|
— |
|
|
|
— |
|
|
Morgan
Stanley |
|
|
526,442 |
|
|
|
321,155 |
|
|
|
— |
|
|
|
205,287 |
|
|
|
321,155 |
|
|
|
321,155 |
|
|
|
— |
|
|
|
— |
|
|
UBS
AG |
|
|
2,109,679 |
|
|
|
1,048,808 |
|
|
|
— |
|
|
|
1,060,871 |
|
|
|
1,048,808 |
|
|
|
1,048,808 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
7,252,349 |
|
|
$ |
2,544,736 |
|
|
$ |
— |
|
|
$ |
4,707,613 |
|
|
$ |
2,544,736 |
|
|
$ |
2,544,736 |
|
|
$ |
(5,706 |
) |
|
$ |
5,706 |
|
|
BP
Long/Short Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Morgan
Stanley |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,226 |
|
|
$ |
— |
|
|
$ |
6,226 |
|
|
$ |
— |
|
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,226 |
|
|
$ |
— |
|
|
$ |
6,226 |
|
|
$ |
— |
|
|
BP
Long/Short Research Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank
of America Securities, Inc. |
|
$ |
1,485,409 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,485,409 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Goldman
Sachs |
|
|
2,283,189 |
|
|
|
1,903,096 |
|
|
|
— |
|
|
|
380,093 |
|
|
|
1,903,096 |
|
|
|
1,903,096 |
|
|
|
— |
|
|
|
— |
|
|
J.P.
Morgan Securities, Inc. |
|
|
994 |
|
|
|
994 |
|
|
|
— |
|
|
|
— |
|
|
|
4,052 |
|
|
|
994 |
|
|
|
— |
|
|
|
3,058 |
|
|
Morgan
Stanley |
|
|
5,214,450 |
|
|
|
3,420,141 |
|
|
|
— |
|
|
|
1,794,309 |
|
|
|
3,420,141 |
|
|
|
3,420,141 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
$ |
8,984,042 |
|
|
$ |
5,324,231 |
|
|
$ |
— |
|
|
$ |
3,659,811 |
|
|
$ |
5,327,289 |
|
|
$ |
5,324,231 |
|
|
$ |
— |
|
|
$ |
3,058 |
|
|
1 |
Net amount represents the
net amount receivable from the counterparty in the event of default. |
|
2 |
Actual collateral pledged
may be more than the amount shown. |
|
3 |
Net amount represents the
net amount payable to the counterparty in the event of default. |
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
|
Financial
Statements 2025 | 78 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
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 |
|
|
FUND |
|
ADVISORY
FEE |
|
|
INSTITUTIONAL
CLASS |
|
|
INVESTOR
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 |
|
|
|
1.20 |
|
|
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 |
|
|
BP
Small Cap Value Fund II |
|
|
0.85 |
|
|
|
0.99 |
|
|
|
1.24 |
|
|
WPG
Select Hedged Fund |
|
|
1.25 |
|
|
|
1.50 |
|
|
|
N/A |
|
|
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 reimbursed 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 |
|
|
24,555 |
|
|
WPG
Select Hedged Fund |
|
|
— |
|
|
WPG
Select Small Cap Value Fund |
|
|
66,669 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
— |
|
As
of the end of the reporting period, the Funds had amounts available for recoupment as follows:
| |
|
Expiration |
|
|
|
|
|
|
FUND |
|
August
31,
2025 |
|
|
August
31,
2026 |
|
|
August
31,
2027 |
|
|
August
31,
2028 |
|
|
Total |
|
|
BP
All-Cap Value Fund |
|
$ |
1,054,852 |
|
|
$ |
581,154 |
|
|
$ |
650,637 |
|
|
$ |
241,925 |
|
|
$ |
2,528,568 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
194,970 |
|
|
|
150,185 |
|
|
|
113,783 |
|
|
|
96,244 |
|
|
|
555,182 |
|
|
BP
Global Equity Fund |
|
|
327,392 |
|
|
|
312,531 |
|
|
|
357,823 |
|
|
|
190,578 |
|
|
|
1,188,324 |
|
|
BP
Global Sustainability Fund |
|
|
125,165 |
|
|
|
102,575 |
|
|
|
94,610 |
|
|
|
48,142 |
|
|
|
370,492 |
|
|
BP
Long/Short Equity Fund |
|
|
404,556 |
|
|
|
440,825 |
|
|
|
414,321 |
|
|
|
201,871 |
|
|
|
1,461,573 |
|
|
BP
Small Cap Value Fund II |
|
|
249,474 |
|
|
|
313,733 |
|
|
|
231,790 |
|
|
|
54,403 |
|
|
|
849,400 |
|
|
WPG
Select Hedged Fund |
|
|
— |
|
|
|
— |
|
|
|
45,730 |
|
|
|
31,876 |
|
|
|
77,606 |
|
|
WPG
Select Small Cap Value Fund |
|
|
27,727 |
|
|
|
52,965 |
|
|
|
39,014 |
|
|
|
— |
|
|
|
119,706 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
49,003 |
|
|
|
64,117 |
|
|
|
51,465 |
|
|
|
17,515 |
|
|
|
182,100 |
|
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.
|
Financial
Statements 2025 | 79 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
Fund
Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled
to receive a monthly fee, subject to certain minimum and out of pocket expenses.
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly
fee, subject to certain minimum and out of pocket expenses.
Quasar
Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as
the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.
The
Board has approved a Distribution Agreement for the Funds and adopted separate Plans of Distribution for the Investor Class Shares of
each Fund (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Quasar Distributors, LLC (the “Underwriter”)
is entitled to receive from each Fund a distribution fee with respect to the Investor Class Shares, which is accrued daily and paid monthly,
of up to 0.25% on an annualized basis of the average daily net assets of the Investor Class Shares. Amounts paid to the Distributor under
the Plans may be used by the Distributor to cover expenses that are related to (i) the sale of the Investor Class Shares, (ii) ongoing
servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative
services related to the sale of the Investor Class Shares, all as set forth in the Plans.
|
3. |
DIRECTOR AND OFFICER COMPENSATION
|
The
Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves
as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees
of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary, and
Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees
of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation
amounts, please refer to the Statements of Operations.
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 |
|
$ |
240,779,457 |
|
|
$ |
388,078,037 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
38,934,180 |
|
|
|
40,628,356 |
|
|
BP
Global Equity Fund |
|
|
50,661,932 |
|
|
|
50,508,537 |
|
|
BP
Global Sustainability Fund |
|
|
3,452,663 |
|
|
|
4,597,201 |
|
|
BP
Long/Short Equity Fund |
|
|
19,301,389 |
|
|
|
18,606,288 |
|
|
BP
Long/Short Research Fund |
|
|
204,341,671 |
|
|
|
220,518,508 |
|
|
BP
Small Cap Value Fund II |
|
|
182,215,857 |
|
|
|
223,832,543 |
|
|
WPG
Select Hedged Fund |
|
|
39,960,601 |
|
|
|
61,095,799 |
|
|
WPG
Select Small Cap Value Fund |
|
|
178,418,430 |
|
|
|
131,414,694 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
17,152,141 |
|
|
|
16,500,453 |
|
There
were no purchases or sales of long-term U.S. Government securities during the current fiscal period.
|
5. |
CAPITAL SHARE TRANSACTIONS
|
As
of the end of the reporting period, each class of each Fund has 100,000,000 shares of $0.001 par value common stock authorized except
for the Institutional Class Shares of the BP Long/Short Research Fund and WPG Small Cap Value Diversified Fund, which have 750,000,000
shares, 300,000,000 shares and 50,000,000 shares, respectively, of $0.001 par value common stock authorized.
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.
|
Financial
Statements 2025 | 80 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
|
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, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund
were as follows:
|
FUND |
|
FEDERAL
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
BP
All-Cap Value Fund |
|
$ |
917,384,822 |
|
|
$ |
648,857,176 |
|
|
$ |
(15,693,476 |
) |
|
$ |
633,163,700 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
46,031,445 |
|
|
|
9,930,624 |
|
|
|
(5,793,747 |
) |
|
|
4,136,877 |
|
|
BP
Global Equity Fund |
|
|
186,471,917 |
|
|
|
57,548,732 |
|
|
|
(6,134,492 |
) |
|
|
51,414,240 |
|
|
BP
Global Sustainability Fund |
|
|
8,801,699 |
|
|
|
2,464,717 |
|
|
|
(70,314 |
) |
|
|
2,394,403 |
|
|
BP
Long/Short Equity Fund |
|
|
50,979,802 |
|
|
|
28,469,814 |
|
|
|
(4,067,053 |
) |
|
|
24,402,761 |
|
|
BP
Long/Short Research Fund |
|
|
375,953,027 |
|
|
|
209,712,082 |
|
|
|
(15,664,210 |
) |
|
|
194,047,872 |
|
|
BP
Small Cap Value Fund II |
|
|
546,571,740 |
|
|
|
165,921,197 |
|
|
|
(18,249,555 |
) |
|
|
147,671,642 |
|
|
WPG
Select Small Cap Value Fund |
|
|
103,774,256 |
|
|
|
21,070,935 |
|
|
|
(5,145,266 |
) |
|
|
15,925,669 |
|
|
WPG
Partners Select Hedged Fund |
|
|
48,844,045 |
|
|
|
6,893,947 |
|
|
|
(3,871,338 |
) |
|
|
3,022,609 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
34,139,631 |
|
|
|
8,249,841 |
|
|
|
(1,216,558 |
) |
|
|
7,033,283 |
|
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, 2024 were reclassified among the following accounts. They are primarily attributable
to net investment loss, deemed distributions due to shareholder redemptions and investments in partnerships.
|
FUND |
|
DISTRIBUTABLE
EARNINGS/(LOSS) |
|
|
PAID-IN
CAPITAL |
|
|
BP
All-Cap Value Fund |
|
$ |
(13,494,402 |
) |
|
$ |
13,494,402 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
641,144 |
|
|
|
(641,144 |
) |
|
BP
Global Equity Fund |
|
|
— |
|
|
|
— |
|
|
BP
Global Sustainability Fund |
|
|
— |
|
|
|
— |
|
|
BP
Long/Short Equity Fund |
|
|
— |
|
|
|
— |
|
|
BP
Long/Short Research Fund |
|
|
— |
|
|
|
— |
|
|
BP
Small Cap Value Fund II |
|
|
(8,364,578 |
) |
|
|
8,364,578 |
|
|
WPG
Select Small Cap Value Fund |
|
|
(239,552 |
) |
|
|
239,552 |
|
|
WPG
Partners Select Hedged Fund |
|
|
— |
|
|
|
— |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
(54,024 |
) |
|
|
54,024 |
|
|
Financial
Statements 2025 | 81 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
FUND |
|
UNDISTRIBUTED
ORDINARY
INCOME |
|
|
UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS |
|
|
CAPITAL
LOSS
CARRYFORWARDS |
|
|
QUALIFIED
LATE-YEAR LOSS
DEFERRAL |
|
|
OTHER
TEMPORARY
DIFFERENCES |
|
|
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
BP
All-Cap Value Fund |
|
$ |
8,831,422 |
|
|
$ |
92,344,942 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
633,166,631 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
— |
|
|
|
— |
|
|
|
(16,177,291 |
) |
|
|
— |
|
|
|
(73,380 |
) |
|
|
4,144,882 |
|
|
BP
Global Equity Fund |
|
|
3,816,950 |
|
|
|
4,584,579 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
51,416,499 |
|
|
BP
Global Sustainability Fund |
|
|
143,600 |
|
|
|
— |
|
|
|
(312,071 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,395,339 |
|
|
BP
Long/Short Equity Fund |
|
|
5,323,400 |
|
|
|
5,461,848 |
|
|
|
— |
|
|
|
— |
|
|
|
(104,282 |
) |
|
|
24,147,414 |
|
|
BP
Long/Short Research Fund |
|
|
4,595,812 |
|
|
|
55,793,794 |
|
|
|
— |
|
|
|
— |
|
|
|
(560,311 |
) |
|
|
195,574,249 |
|
|
BP
Small Cap Value Fund II |
|
|
4,032,878 |
|
|
|
54,189,421 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
147,671,642 |
|
|
WPG
Select Small Cap Value Fund |
|
|
3,800,187 |
|
|
|
1,531,189 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,925,669 |
|
|
WPG
Partners Select Hedged Fund |
|
|
386,199 |
|
|
|
— |
|
|
|
(1,494,737 |
) |
|
|
— |
|
|
|
— |
|
|
|
3,022,609 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
898,984 |
|
|
|
1,077,305 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,033,802 |
|
The
differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income
and gains for federal income tax purposes.
The
tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:
| |
|
2024 |
|
|
FUND |
|
ORDINARY
INCOME |
|
|
LONG-TERM
GAINS |
|
|
TOTAL |
|
|
BP
All-Cap Value Fund |
|
$ |
20,422,209 |
|
|
$ |
116,181,081 |
|
|
$ |
136,603,290 |
|
|
BP
Emerging Markets Dynamic Equity Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
BP
Global Equity Fund |
|
|
4,137,287 |
|
|
|
— |
|
|
|
4,137,287 |
|
|
BP
Global Sustainability Fund |
|
|
383,298 |
|
|
|
— |
|
|
|
383,298 |
|
|
BP
Long/Short Equity Fund |
|
|
5,479,195 |
|
|
|
6,542,936 |
|
|
|
12,022,131 |
|
|
BP
Long/Short Research Fund |
|
|
25,433,392 |
|
|
|
41,826,339 |
|
|
|
67,259,731 |
|
|
BP
Small Cap Value Fund II |
|
|
7,336,862 |
|
|
|
60,236,676 |
|
|
|
67,573,538 |
|
|
WPG
Partners Select Hedged Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
WPG
Select Small Cap Value Fund |
|
|
13,481,054 |
|
|
|
892,091 |
|
|
|
14,373,145 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
469,112 |
|
|
|
1,644,847 |
|
|
|
2,113,959 |
|
Dividends
from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
Pursuant
to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between
November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary
and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August
31, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1,
2024.
|
Financial
Statements 2025 | 82 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited) |
|
For
the fiscal year ended August 31, 2024, the Funds deferred to September 1, 2024, the following qualified late-year losses.
|
FUND |
|
LATE-YEAR
ORDINARY LOSS
DEFERRAL |
|
|
POST-OCTOBER
CAPITAL LOSS
DEFERRAL |
|
|
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 |
|
|
— |
|
|
|
— |
|
|
WPG
Partners Select Small Cap Value Fund |
|
|
— |
|
|
|
— |
|
|
WPG
Partners Select Hedged Fund |
|
|
— |
|
|
|
— |
|
|
WPG
Partners Small Cap Value Diversified Fund |
|
|
— |
|
|
|
— |
|
Accumulated
capital losses represent net capital loss carryforwards as of August 31, 2024 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
Equity Fund had utilized $12,623,653, and BP Global Sustainability had utilized $2,330,507 of carry forward capital losses.
As
of August 31, 2024, the BP Emerging Markets Dynamic Equity Fund had short-term post-enactment capital losses of $16,177,291. The BP Global
Sustainability Fund had short-term post-enactment capital losses of $312,071. The WPG Partners Select Hedged Fund had short-term post-enactment
capital losses of $1,494,737.
Securities
may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash
equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value
of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board,
is invested in short-term investments. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment
losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased
below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should
the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by Boston Partners to be of good
standing and only when, in Boston Partners’ judgment, the income to be earned from the loans justifies the attendant risks. Any
loans of a Fund’s securities will be fully collateralized and marked to market daily. Investments purchased with proceeds from securities
lending are overnight and continuous. During the current fiscal period, the Funds participated in securities lending. The market value
of 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 loans were as follows:
|
FUND |
|
MARKET
VALUE OF
SECURITIES LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED
FROM SECURITIES
LENDING |
|
|
BP
All-Cap Value Fund |
|
$ |
43,498,565 |
|
|
$ |
44,298,159 |
|
|
$ |
34,396 |
|
|
BP
Global Equity Fund |
|
|
8,306,512 |
|
|
|
8,399,971 |
|
|
|
5,707 |
|
|
BP
Long/Short Equity Fund |
|
|
7,637,700 |
|
|
|
7,760,641 |
|
|
|
11,636 |
|
|
BP
Small Cap Value Fund II |
|
|
102,379,111 |
|
|
|
104,582,701 |
|
|
|
159,048 |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
5,054,067 |
|
|
|
5,196,091 |
|
|
|
10,011 |
|
|
Financial
Statements 2025 | 83 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
|
Notes
to Financial Statements (concluded)
February
28, 2025 (Unaudited) |
|
Securities
lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending
Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds, under certain circumstances
including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty
against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’
open securities lending transactions which are subject to a MSLA as of the end of the reporting period:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
AMOUNT NOT OFFSET IN THE
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
FUND |
|
GROSS
AMOUNT
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN
THE STATEMENT
OF ASSETS
AND LIABILITIES |
|
|
NET
AMOUNT
OF ASSETS
PRESENTED IN
THE STATEMENT
OF ASSETS
AND LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT |
|
|
BP
All-Cap Value Fund |
|
$ |
43,498,565 |
|
|
|
— |
|
|
$ |
43,498,565 |
|
|
$ |
(43,498,565 |
) |
|
|
— |
|
|
|
— |
|
|
BP
Global Equity Fund |
|
|
8,306,512 |
|
|
|
— |
|
|
|
8,306,512 |
|
|
|
(8,306,512 |
) |
|
|
— |
|
|
|
— |
|
|
BP
Long/Short Equity Fund |
|
|
7,637,700 |
|
|
|
— |
|
|
|
7,637,700 |
|
|
|
(7,637,700 |
) |
|
|
— |
|
|
|
— |
|
|
BP
Small Cap Value Fund II |
|
|
102,379,111 |
|
|
|
— |
|
|
|
102,379,111 |
|
|
|
(102,379,111 |
) |
|
|
— |
|
|
|
— |
|
|
WPG
Small Cap Value Diversified Fund |
|
|
5,054,067 |
|
|
|
— |
|
|
|
5,054,067 |
|
|
|
(5,054,067 |
) |
|
|
— |
|
|
|
— |
|
| |
1 |
Amount disclosed is limited
to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.
|
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 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 February 28, 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
AMOUNT OF
DAYS BORROWED |
|
|
AVERAGE
BORROWINGS |
|
|
MAXIMUM
AMOUNT
OUTSTANDING |
|
|
INTEREST
EXPENSE |
|
|
AVERAGE
INTEREST RATE |
|
|
BP
All-Cap Value Fund |
|
|
3 |
|
|
$ |
8,458,000 |
|
|
$ |
3,261,000 |
|
|
$ |
5,378 |
|
|
|
7.55 |
% |
|
BP
Global Sustainability Fund |
|
|
5 |
|
|
|
501,200 |
|
|
|
795,000 |
|
|
|
522 |
|
|
|
7.50 |
% |
|
BP
Long/Short Equity Fund |
|
|
3 |
|
|
|
482,000 |
|
|
|
482,000 |
|
|
|
301 |
|
|
|
7.65 |
% |
|
BP
Long/Short Research Fund |
|
|
1 |
|
|
|
14,437,000 |
|
|
|
14,437,000 |
|
|
|
3,108 |
|
|
|
7.65 |
% |
|
BP
Small Cap Value Fund II |
|
|
1 |
|
|
|
5,785,000 |
|
|
|
5,785,000 |
|
|
|
1,366 |
|
|
|
8.30 |
% |
|
WPG
Select Hedged Fund |
|
|
3 |
|
|
|
762,667 |
|
|
|
1,780,000 |
|
|
|
477 |
|
|
|
7.50 |
% |
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.
|
Financial
Statements 2025 | 84 |
|
BOSTON
PARTNERS INVESTMENT FUNDS |
|
Other
Information |
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 (888) 261-4073 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedule
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 reports on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
|
Financial
Statements 2025 | 85 |
Campbell
Systematic Macro Fund
of
THE
RBB FUND, INC.
Class
A (TICKER: EBSAX)
Class
C (TICKER: EBSCX)
Class
I (TICKER: EBSIX)
Financial
Statements
February
28, 2025
(Unaudited)
This
report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded
or accompanied by a current prospectus for the Fund.
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 79.4% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 5.1% |
|
|
|
|
|
|
|
|
|
JPMorgan
Liquidity Funds - USD Liquidity LVNAV Fund - Class Institutional, 4.35% (a) |
|
|
87,254,702 |
|
|
$ |
87,254,702 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Par |
|
|
|
|
|
|
U.S.
Treasury Bills — 74.3% |
|
|
|
|
|
|
|
|
|
4.60%,
03/06/2025 (b) |
|
|
270,000,000 |
|
|
|
269,905,163 |
|
|
4.40%,
04/10/2025 (b) |
|
|
200,000,000 |
|
|
|
199,107,212 |
|
|
4.32%,
05/15/2025 (b) |
|
|
200,000,000 |
|
|
|
198,299,708 |
|
|
4.27%,
06/05/2025 (b) |
|
|
200,000,000 |
|
|
|
197,815,806 |
|
|
4.15%,
07/10/2025 (b) |
|
|
200,000,000 |
|
|
|
197,007,916 |
|
|
4.20%,
08/07/2025 (b) |
|
|
200,000,000 |
|
|
|
196,372,646 |
|
| |
|
|
|
|
|
|
1,258,508,451 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $1,345,547,353) |
|
|
|
|
|
|
1,345,763,153 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 79.4% (Cost $1,345,547,353) |
|
|
|
|
|
|
1,345,763,153 |
|
|
Other
Assets in Excess of Liabilities — 20.6% |
|
|
|
|
|
|
348,802,608 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,694,565,761 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(b) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the consolidated financial statements.
1
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments
February
28, 2025 (Unaudited)
Futures
contracts outstanding as of February 28, 2025 were as follows:
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional
Value |
|
|
Value
/ Unrealized
Appreciation
(Depreciation) |
|
|
3
Month Canadian Overnight Repo Rate Average |
|
|
2,180 |
|
|
|
09/15/2026 |
|
|
$ |
367,966,822 |
|
|
$ |
888,316 |
|
|
3
Month Euribor |
|
|
8,804 |
|
|
|
03/16/2026 |
|
|
|
2,239,609,228 |
|
|
|
4,177,794 |
|
|
Arabica
Coffee |
|
|
206 |
|
|
|
05/19/2025 |
|
|
|
28,818,113 |
|
|
|
(1,853,872 |
) |
|
ASX
SPI 200 Index |
|
|
502 |
|
|
|
03/20/2025 |
|
|
|
63,326,260 |
|
|
|
(1,926,005 |
) |
|
Austrailian
Government 10 Year Bonds |
|
|
2,431 |
|
|
|
03/17/2025 |
|
|
|
171,246,216 |
|
|
|
1,588,454 |
|
|
Austrailian
Government 3 Year Bonds |
|
|
6,892 |
|
|
|
03/17/2025 |
|
|
|
454,837,264 |
|
|
|
1,601,378 |
|
|
Australian
90 Day Bank Bills |
|
|
524 |
|
|
|
03/12/2026 |
|
|
|
322,296,968 |
|
|
|
45,133 |
|
|
Brent
Crude Oil |
|
|
35 |
|
|
|
04/30/2025 |
|
|
|
2,529,800 |
|
|
|
(3,950 |
) |
|
Canadian
10 Year Government Bonds |
|
|
952 |
|
|
|
06/19/2025 |
|
|
|
82,101,980 |
|
|
|
898,764 |
|
|
Canadian
Canola Oil |
|
|
1,100 |
|
|
|
05/14/2025 |
|
|
|
9,900,951 |
|
|
|
(287,652 |
) |
|
Copper
|
|
|
26 |
|
|
|
05/28/2025 |
|
|
|
2,956,200 |
|
|
|
(20,389 |
) |
|
Crude
Oil |
|
|
501 |
|
|
|
03/20/2025 |
|
|
|
34,949,760 |
|
|
|
(67,772 |
) |
|
Dow
Jones Industrial Average Index |
|
|
157 |
|
|
|
03/21/2025 |
|
|
|
34,452,865 |
|
|
|
(478,058 |
) |
|
Euro
STOXX 50 Quanto Index |
|
|
259 |
|
|
|
03/21/2025 |
|
|
|
14,658,907 |
|
|
|
59,987 |
|
|
Euro-BOBL
|
|
|
1,913 |
|
|
|
06/06/2025 |
|
|
|
235,972,189 |
|
|
|
370,097 |
|
|
Euro-BTP
Italian Government Bonds |
|
|
69 |
|
|
|
06/06/2025 |
|
|
|
8,608,627 |
|
|
|
(478 |
) |
|
Euro-Bund
|
|
|
937 |
|
|
|
06/06/2025 |
|
|
|
128,595,836 |
|
|
|
168,897 |
|
|
EURO-BUXL
30Y BND Jun25 |
|
|
159 |
|
|
|
06/06/2025 |
|
|
|
21,362,960 |
|
|
|
(4,755 |
) |
|
Euro-OAT
Future Jun25 |
|
|
823 |
|
|
|
06/06/2025 |
|
|
|
107,452,131 |
|
|
|
(54,936 |
) |
|
Euro-Schatz
|
|
|
11,334 |
|
|
|
06/06/2025 |
|
|
|
1,258,627,890 |
|
|
|
936,463 |
|
|
Feeder
Cattle |
|
|
542 |
|
|
|
04/17/2025 |
|
|
|
73,983,000 |
|
|
|
2,153,188 |
|
|
FTSE
100 Index |
|
|
19 |
|
|
|
03/21/2025 |
|
|
|
2,100,927 |
|
|
|
1,693 |
|
|
FTSE
China A50 Index |
|
|
3,009 |
|
|
|
03/28/2025 |
|
|
|
39,775,971 |
|
|
|
(151,012 |
) |
|
FTSE/JSE
Top 40 Index |
|
|
1,305 |
|
|
|
03/20/2025 |
|
|
|
55,143,399 |
|
|
|
409,052 |
|
|
FTSE/MIB
Index |
|
|
270 |
|
|
|
03/21/2025 |
|
|
|
54,223,228 |
|
|
|
2,758,498 |
|
|
German
Stock Index |
|
|
23 |
|
|
|
03/21/2025 |
|
|
|
13,439,870 |
|
|
|
86,233 |
|
|
Gold
|
|
|
546 |
|
|
|
04/28/2025 |
|
|
|
155,528,100 |
|
|
|
(3,563,919 |
) |
|
IBEX
35 Index |
|
|
676 |
|
|
|
03/21/2025 |
|
|
|
93,577,182 |
|
|
|
1,646,229 |
|
|
Lean
Hogs |
|
|
1,383 |
|
|
|
04/14/2025 |
|
|
|
46,289,010 |
|
|
|
(3,891,784 |
) |
|
Live
Cattle |
|
|
1,316 |
|
|
|
04/30/2025 |
|
|
|
101,410,960 |
|
|
|
(3,244,354 |
) |
|
London
Metals - Aluminum(a) |
|
|
2,730 |
|
|
|
03/17/2025 |
|
|
|
178,872,330 |
|
|
|
1,950,735 |
|
|
London
Metals - Aluminum(a) |
|
|
1,130 |
|
|
|
06/16/2025 |
|
|
|
73,691,538 |
|
|
|
(1,291,373 |
) |
|
London
Metals - Copper(a) |
|
|
1,556 |
|
|
|
03/17/2025 |
|
|
|
364,067,434 |
|
|
|
10,262,494 |
|
|
London
Metals - Copper(a) |
|
|
233 |
|
|
|
06/16/2025 |
|
|
|
54,559,397 |
|
|
|
(273,372 |
) |
|
London
Metals - Lead(a) |
|
|
1,760 |
|
|
|
03/17/2025 |
|
|
|
86,837,520 |
|
|
|
(293,112 |
) |
|
London
Metals - Lead(a) |
|
|
241 |
|
|
|
06/16/2025 |
|
|
|
12,035,600 |
|
|
|
(58,448 |
) |
|
London
Metals - Nickel(a) |
|
|
624 |
|
|
|
03/17/2025 |
|
|
|
57,271,519 |
|
|
|
(1,120,204 |
) |
|
London
Metals - Nickel(a) |
|
|
88 |
|
|
|
06/16/2025 |
|
|
|
8,177,183 |
|
|
|
(110,907 |
) |
|
London
Metals - Zinc(a) |
|
|
2,454 |
|
|
|
03/17/2025 |
|
|
|
169,886,739 |
|
|
|
(8,018,134 |
) |
|
London
Metals - Zinc(a) |
|
|
398 |
|
|
|
06/16/2025 |
|
|
|
27,846,568 |
|
|
|
(952,534 |
) |
|
Long
Gilt |
|
|
1,446 |
|
|
|
06/26/2025 |
|
|
|
169,941,106 |
|
|
|
1,564,129 |
|
|
MSCI
Singapore Index |
|
|
2,577 |
|
|
|
03/27/2025 |
|
|
|
75,587,169 |
|
|
|
(312,863 |
) |
|
Natural
Gas |
|
|
885 |
|
|
|
03/27/2025 |
|
|
|
33,930,900 |
|
|
|
473,258 |
|
|
Natural
Gas |
|
|
275 |
|
|
|
04/29/2025 |
|
|
|
9,419,551 |
|
|
|
(345,873 |
) |
|
Palladium
|
|
|
68 |
|
|
|
06/26/2025 |
|
|
|
6,200,920 |
|
|
|
(447,798 |
) |
|
Phelix
DE Base M Apr25 |
|
|
69 |
|
|
|
04/29/2025 |
|
|
|
3,993,510 |
|
|
|
(359,485 |
) |
|
Platinum
|
|
|
554 |
|
|
|
04/28/2025 |
|
|
|
25,979,830 |
|
|
|
(1,095,738 |
) |
|
S&P/Toronto
Stock Exchange 60 Index |
|
|
775 |
|
|
|
03/20/2025 |
|
|
|
164,047,693 |
|
|
|
303,882 |
|
|
SGX
FTSE Taiwan Index |
|
|
676 |
|
|
|
03/28/2025 |
|
|
|
50,558,040 |
|
|
|
(2,187,962 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
2
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional
Value |
|
|
Value
/ Unrealized
Appreciation
(Depreciation) |
|
|
SGX
TSI Iron Ore |
|
|
1,439 |
|
|
|
04/30/2025 |
|
|
$ |
14,741,116 |
|
|
$ |
(471,016 |
) |
|
Sugar
#11 |
|
|
2,871 |
|
|
|
04/30/2025 |
|
|
|
59,551,430 |
|
|
|
(402,429 |
) |
|
TOPIX
Index |
|
|
111 |
|
|
|
03/13/2025 |
|
|
|
19,732,022 |
|
|
|
(512,606 |
) |
|
US
Cocoa |
|
|
86 |
|
|
|
05/14/2025 |
|
|
|
7,846,640 |
|
|
|
(683,970 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(2,142,086 |
) |
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
Value |
|
|
Value
/ Unrealized
Appreciation
(Depreciation) |
|
|
3-Month
Secured Overnight Financing Rate |
|
|
(4,784) |
|
|
|
09/15/2026 |
|
|
$ |
1,153,362,600 |
|
|
$ |
(3,871,414 |
) |
|
CAC40
10 Euro Index |
|
|
(170) |
|
|
|
03/21/2025 |
|
|
|
14,328,468 |
|
|
|
86,151 |
|
|
Corn
No. 2 Yellow |
|
|
(1,847) |
|
|
|
05/14/2025 |
|
|
|
43,358,325 |
|
|
|
2,850,697 |
|
|
Cotton
No.2 |
|
|
(1,374) |
|
|
|
05/07/2025 |
|
|
|
44,826,750 |
|
|
|
1,195,386 |
|
|
Crude
Soybean Oil |
|
|
(632) |
|
|
|
05/14/2025 |
|
|
|
16,730,304 |
|
|
|
818,927 |
|
|
Hang
Seng China Enterprises Index |
|
|
(36) |
|
|
|
03/28/2025 |
|
|
|
1,955,986 |
|
|
|
(6,300 |
) |
|
Hang
Seng Index |
|
|
(131) |
|
|
|
03/28/2025 |
|
|
|
19,343,305 |
|
|
|
123,749 |
|
|
Hard
Red Winter Wheat |
|
|
(697) |
|
|
|
05/14/2025 |
|
|
|
19,969,050 |
|
|
|
732,308 |
|
|
ICE
3 Month SONIA Rate |
|
|
(256) |
|
|
|
06/16/2026 |
|
|
|
77,429,872 |
|
|
|
(72,513 |
) |
|
ICE
European Climate Exchange Emissions |
|
|
(25) |
|
|
|
12/15/2025 |
|
|
|
1,841,305 |
|
|
|
1,534 |
|
|
Japanese
10 Year Government Bonds |
|
|
(329) |
|
|
|
03/13/2025 |
|
|
|
305,472,681 |
|
|
|
(76,789 |
) |
|
London
Metals - Aluminum(a) |
|
|
(2,730) |
|
|
|
03/17/2025 |
|
|
|
178,872,330 |
|
|
|
(772,566 |
) |
|
London
Metals - Aluminum(a) |
|
|
(1,050) |
|
|
|
06/16/2025 |
|
|
|
68,474,437 |
|
|
|
1,052,219 |
|
|
London
Metals - Copper(a) |
|
|
(1,556) |
|
|
|
03/17/2025 |
|
|
|
364,067,434 |
|
|
|
(9,850,740 |
) |
|
London
Metals - Copper(a) |
|
|
(158) |
|
|
|
06/16/2025 |
|
|
|
36,997,359 |
|
|
|
537,473 |
|
|
London
Metals - Lead(a) |
|
|
(1,760) |
|
|
|
03/17/2025 |
|
|
|
86,837,520 |
|
|
|
666,497 |
|
|
London
Metals - Lead(a) |
|
|
(1,146) |
|
|
|
06/16/2025 |
|
|
|
57,231,527 |
|
|
|
(261,033 |
) |
|
London
Metals - Nickel(a) |
|
|
(624) |
|
|
|
03/17/2025 |
|
|
|
57,271,519 |
|
|
|
1,488,455 |
|
|
London
Metals - Nickel(a) |
|
|
(192) |
|
|
|
06/16/2025 |
|
|
|
17,841,127 |
|
|
|
21,837 |
|
|
London
Metals - Zinc(a) |
|
|
(2,454) |
|
|
|
03/17/2025 |
|
|
|
169,886,739 |
|
|
|
11,246,144 |
|
|
London
Metals - Zinc(a) |
|
|
(973) |
|
|
|
06/16/2025 |
|
|
|
68,077,161 |
|
|
|
695,143 |
|
|
Low
Sulphur Gas Oil |
|
|
(88) |
|
|
|
04/10/2025 |
|
|
|
5,962,000 |
|
|
|
28,599 |
|
|
MSCI
EAFE Index |
|
|
(125) |
|
|
|
03/21/2025 |
|
|
|
15,185,000 |
|
|
|
(844,743 |
) |
|
MSCI
Emerging Markets Index |
|
|
(269) |
|
|
|
03/21/2025 |
|
|
|
14,747,925 |
|
|
|
(28,776 |
) |
|
Nasdaq
100 Index |
|
|
(197) |
|
|
|
03/21/2025 |
|
|
|
82,422,830 |
|
|
|
1,047,972 |
|
|
Nifty
50 Index |
|
|
(470) |
|
|
|
03/27/2025 |
|
|
|
20,933,800 |
|
|
|
386,757 |
|
|
Nikkei
225 Index |
|
|
(362) |
|
|
|
03/13/2025 |
|
|
|
89,240,509 |
|
|
|
339,012 |
|
|
NY
Harbor ULSD |
|
|
(121) |
|
|
|
03/31/2025 |
|
|
|
11,764,830 |
|
|
|
531,318 |
|
|
OMXS30
Index |
|
|
(319) |
|
|
|
03/21/2025 |
|
|
|
8,080,103 |
|
|
|
71,096 |
|
|
Reformulated
Gasoline Blendstock |
|
|
(732) |
|
|
|
03/31/2025 |
|
|
|
68,322,391 |
|
|
|
374,532 |
|
|
Robusta
Coffee |
|
|
(107) |
|
|
|
05/23/2025 |
|
|
|
5,703,100 |
|
|
|
310,079 |
|
|
Russell
2000 Index |
|
|
(71) |
|
|
|
03/21/2025 |
|
|
|
7,686,815 |
|
|
|
46,530 |
|
|
S&P
500 Index |
|
|
(5) |
|
|
|
03/21/2025 |
|
|
|
1,490,812 |
|
|
|
(19,886 |
) |
|
S&P
Mid Cap 400 Index |
|
|
(41) |
|
|
|
03/21/2025 |
|
|
|
12,708,770 |
|
|
|
5,468 |
|
|
Silver
|
|
|
(166) |
|
|
|
05/28/2025 |
|
|
|
26,141,680 |
|
|
|
310,885 |
|
|
Soybean
Meal |
|
|
(2,528) |
|
|
|
05/14/2025 |
|
|
|
75,890,560 |
|
|
|
958,685 |
|
|
Soybeans
|
|
|
(2,063) |
|
|
|
05/14/2025 |
|
|
|
105,806,113 |
|
|
|
1,758,157 |
|
|
U.S.
Treasury 10 Year Notes |
|
|
(5,182) |
|
|
|
06/18/2025 |
|
|
|
575,687,813 |
|
|
|
(7,954,554 |
) |
|
U.S.
Treasury 2 Year Notes |
|
|
(2,951) |
|
|
|
06/30/2025 |
|
|
|
610,764,781 |
|
|
|
(3,036,994 |
) |
|
U.S.
Treasury 5 Year Note |
|
|
(4,091) |
|
|
|
06/30/2025 |
|
|
|
441,572,313 |
|
|
|
(1,277,875 |
) |
|
U.S.
Treasury Long Bonds |
|
|
(1,025) |
|
|
|
06/18/2025 |
|
|
|
121,046,094 |
|
|
|
(1,809,053 |
) |
The
accompanying notes are an integral part of the consolidated financial statements.
3
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
|
Description |
|
Contracts
Sold |
|
|
Expiration
Date |
|
|
Notional
Value |
|
|
Value
/ Unrealized
Appreciation
(Depreciation) |
|
|
U.S.
Treasury Ultra Bonds |
|
|
(87) |
|
|
|
06/18/2025 |
|
|
$ |
10,798,875 |
|
|
$ |
(382,678 |
) |
|
UK
Natural Gas |
|
|
(260) |
|
|
|
04/29/2025 |
|
|
|
10,631,357 |
|
|
|
248,308 |
|
|
Wheat
|
|
|
(950) |
|
|
|
05/14/2025 |
|
|
|
26,398,125 |
|
|
|
1,345,331 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(986,665 |
) |
|
Total
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(3,128,751 |
) |
|
(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 consolidated financial statements.
4
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments (Continued)
February
28, 2025 (Unaudited)
Forward
foreign currency contracts outstanding as of February 28, 2025 were as follows:
|
Counterparty |
|
Settlement
Date |
|
|
|
|
Currency
Purchased |
|
|
|
Currency
Sold |
|
Unrealized
Appreciation
(Depreciation) |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
AUD |
|
|
1,067,700,000 |
|
|
|
|
|
USD |
668,820,522
|
|
$ |
(6,212,986 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
BRL |
|
|
1,443,900,000 |
|
|
|
|
|
USD |
238,437,983
|
|
|
5,700,186 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
CAD |
|
|
274,350,000 |
|
|
|
|
|
USD |
191,539,291
|
|
|
(1,746,633 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
CHF |
|
|
17,600,000 |
|
|
|
|
|
USD |
19,577,060
|
|
|
(41,625 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
CLP |
|
|
176,260,000,000 |
|
|
|
|
|
USD |
178,363,645
|
|
|
5,198,248 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
CNH |
|
|
9,300,000 |
|
|
|
|
|
USD |
1,277,570
|
|
|
(1,157 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
COP |
|
|
505,830,000,000 |
|
|
|
|
|
USD |
114,589,007
|
|
|
6,868,021 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
CZK |
|
|
6,340,000,000 |
|
|
|
|
|
USD |
265,053,948
|
|
|
(2,801,544 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
EUR |
|
|
1,260,150,000 |
|
|
|
|
|
USD |
1,315,836,650
|
|
|
(7,349,425 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
GBP |
|
|
695,400,000 |
|
|
|
|
|
USD |
870,664,435
|
|
|
4,040,587 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
HUF |
|
|
98,625,000,000 |
|
|
|
|
|
USD |
250,713,431
|
|
|
2,923,994 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
IDR |
|
|
2,476,425,000,000 |
|
|
|
|
|
USD |
154,783,298
|
|
|
(5,523,957 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
INR |
|
|
16,964,000,000 |
|
|
|
|
|
USD |
196,530,435
|
|
|
(2,937,160 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
JPY |
|
|
161,734,500,000 |
|
|
|
|
|
USD |
1,061,250,387
|
|
|
15,536,562 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
KRW |
|
|
98,310,000,000 |
|
|
|
|
|
USD |
68,399,955
|
|
|
(1,125,963 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
MXN |
|
|
14,314,200,000 |
|
|
|
|
|
USD |
696,548,983
|
|
|
(2,109,440 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
NOK |
|
|
3,285,750,000 |
|
|
|
|
|
USD |
291,371,233
|
|
|
351,874 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
NZD |
|
|
500,350,000 |
|
|
|
|
|
USD |
282,311,843
|
|
|
(2,199,809 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
PHP |
|
|
13,892,250,000 |
|
|
|
|
|
USD |
238,317,661
|
|
|
1,109,843 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
PLN |
|
|
1,662,300,000 |
|
|
|
|
|
USD |
411,152,447
|
|
|
(512,901 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
SEK |
|
|
5,019,450,000 |
|
|
|
|
|
USD |
460,049,713
|
|
|
6,695,343 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
SGD |
|
|
318,954,000 |
|
|
|
|
|
USD |
237,090,977
|
|
|
(857,840 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
TWD |
|
|
998,100,000 |
|
|
|
|
|
USD |
30,563,595
|
|
|
(93,400 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
1,103,616,308 |
|
|
|
|
|
AUD |
1,749,350,000
|
|
|
17,981,304 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
136,940,871 |
|
|
|
|
|
BRL |
823,800,000
|
|
|
(2,349,262 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
605,687,395 |
|
|
|
|
|
CAD |
861,900,000
|
|
|
9,433,368 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
118,788,327 |
|
|
|
|
|
CHF |
105,000,000
|
|
|
2,241,695 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
130,737,899 |
|
|
|
|
|
CLP |
127,430,000,000
|
|
|
(1,971,121 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
98,381,777 |
|
|
|
|
|
CNH |
713,500,000
|
|
|
454,843 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
15,992,162 |
|
|
|
|
|
COP |
69,930,000,000
|
|
|
(799,033 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
191,562,536 |
|
|
|
|
|
CZK |
4,646,400,000
|
|
|
(634,557 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
1,347,863,908 |
|
|
|
|
|
EUR |
1,288,150,000
|
|
|
10,302,650 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
484,055,202 |
|
|
|
|
|
GBP |
387,550,000
|
|
|
(3,422,409 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
183,136,063 |
|
|
|
|
|
HUF |
71,901,000,000
|
|
|
(1,774,300 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
233,360,927 |
|
|
|
|
|
IDR |
3,812,375,000,000
|
|
|
3,581,071 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
245,872,957 |
|
|
|
|
|
INR |
21,265,000,000
|
|
|
3,196,643 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
1,120,206,027 |
|
|
|
|
|
JPY |
171,294,000,000
|
|
|
(20,225,629 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
97,797,108 |
|
|
|
|
|
KRW |
138,705,000,000
|
|
|
2,880,629 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
724,894,908 |
|
|
|
|
|
MXN |
15,021,300,000
|
|
|
(3,848,907 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
318,302,173 |
|
|
|
|
|
NOK |
3,567,750,000
|
|
|
1,541,886 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
708,488,601 |
|
|
|
|
|
NZD |
1,239,100,000
|
|
|
14,800,538 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
331,094,459 |
|
|
|
|
|
PHP |
19,416,000,000
|
|
|
(3,532,719 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
212,251,717 |
|
|
|
|
|
PLN |
872,175,000
|
|
|
(3,202,500 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
414,728,099 |
|
|
|
|
|
SEK |
4,529,850,000
|
|
|
(6,490,379 |
) |
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
354,607,719 |
|
|
|
|
|
SGD |
478,176,000
|
|
|
446,880 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
226,642,225 |
|
|
|
|
|
TWD |
7,337,700,000
|
|
|
2,635,460 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
5
Campbell
Systematic Macro Fund
Consolidated
Portfolio of Investments (Concluded)
February
28, 2025 (Unaudited)
|
Counterparty |
|
Settlement
Date |
|
|
|
|
Currency
Purchased |
|
|
|
Currency
Sold |
|
Unrealized
Appreciation
(Depreciation) |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
USD |
|
|
177,103,872 |
|
|
|
|
|
ZAR |
3,275,600,000
|
|
$ |
2,311,205 |
|
|
UBS
AG |
|
|
03/19/2025 |
|
|
|
|
|
ZAR |
|
|
5,543,800,000 |
|
|
|
|
|
USD |
299,112,199
|
|
|
(3,283,775 |
) |
|
Total
Unrealized Appreciation (Depreciation) |
|
$ |
35,184,399 |
|
|
AUD |
Australian
Dollar |
|
JPY |
Japanese
Yen |
|
BRL |
Brazilian
Real |
|
KRW |
South
Korean Won |
|
CAD |
Canadian
Dollar |
|
MXN |
Mexican
Peso |
|
CHF |
Swiss
Franc |
|
NOK |
Norwegian
Krone |
|
CLP |
Chilean
Peso |
|
NZD |
New
Zealand Dollar |
|
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 |
|
TWD |
New
Taiwan Dollar |
|
HUF |
Hungarian
Forint |
|
USD |
United
States Dollar |
|
IDR |
Indonesian
Rupiah |
|
ZAR |
South
African Rand |
|
INR |
Indian
Rupee |
|
|
|
The
accompanying notes are an integral part of the consolidated financial statements.
6
Campbell
Systematic Macro Fund
Consolidated
Statement of Assets and Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Investments,
at value (cost $1,345,547,353) |
|
$ |
1,345,763,153 |
|
|
Cash
and cash equivalents |
|
|
136,351,458 |
|
|
Deposits
with brokers: |
|
|
|
|
|
Futures
contracts |
|
|
173,853,257 |
|
|
Unrealized
appreciation on forward foreign currency contracts |
|
|
120,232,830 |
|
|
Unrealized
appreciation on futures contracts |
|
|
61,623,922 |
|
|
Receivable
for capital shares sold |
|
|
11,401,675 |
|
|
Interest
receivable |
|
|
758,500 |
|
|
Prepaid
expenses and other assets |
|
|
384,724 |
|
|
Total
assets |
|
|
1,850,369,519 |
|
|
LIABILITIES |
|
|
|
|
|
Unrealized
depreciation on forward foreign currency contracts |
|
$ |
85,048,431 |
|
|
Unrealized
depreciation on futures contracts |
|
|
64,752,673 |
|
|
Payable
for: |
|
|
|
|
|
Capital
shares redeemed |
|
|
3,714,357 |
|
|
Advisory
fees |
|
|
2,033,680 |
|
|
Other
accrued expenses and liabilities |
|
|
254,617 |
|
|
Total
liabilities |
|
|
155,803,758 |
|
|
Net
assets |
|
$ |
1,694,565,761 |
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
168,628 |
|
|
Paid-in
capital |
|
|
1,653,941,697 |
|
|
Total
distributable earnings/(loss) |
|
|
40,455,436 |
|
|
Net
assets |
|
$ |
1,694,565,761 |
|
|
CAPITAL
SHARES: |
|
|
|
|
|
Class
A Shares: |
|
|
|
|
|
Net
assets applicable to Class A Shares |
|
$ |
60,242,973 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
6,059,317 |
|
|
Net
asset value and redemption price per share |
|
$ |
9.94 |
|
|
Maximum
offering price per share (100/96.5 of $9.94) |
|
$ |
10.30 |
|
| |
|
|
|
|
|
Class
C Shares: |
|
|
|
|
|
Net
assets applicable to Class C Shares |
|
$ |
22,234,237 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,392,670 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
9.29 |
|
| |
|
|
|
|
|
Class
I Shares: |
|
|
|
|
|
Net
assets applicable to Class I Shares |
|
$ |
1,612,088,551 |
|
|
Shares
outstanding ($0.001 par value, 300,000,000 shares authorized) |
|
|
160,176,123 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
10.06 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
7
Campbell
Systematic Macro Fund
Consolidated
Statement of Operations
For
the Period Ended February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
|
|
$ |
29,140,660 |
|
|
Total
investment income |
|
|
29,140,660 |
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
11,578,551 |
|
|
Transfer
agent fees |
|
|
799,738 |
|
|
Distribution
fees - Class A Shares |
|
|
69,521 |
|
|
Distribution
fees - Class C Shares |
|
|
97,789 |
|
|
Administration
and accounting fees |
|
|
135,469 |
|
|
Director
fees |
|
|
83,917 |
|
|
Printing
and shareholder reporting fees |
|
|
80,176 |
|
|
Registration
and filing fees |
|
|
70,325 |
|
|
Officer
fees |
|
|
63,652 |
|
|
Audit
and tax service fees |
|
|
32,989 |
|
|
Legal
fees |
|
|
30,786 |
|
|
Other
expenses |
|
|
20,577 |
|
|
Custodian
fees |
|
|
19,733 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
13,083,223 |
|
|
Less:
waivers and reimbursements |
|
|
(540,752 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
12,542,471 |
|
|
Net
investment income/(loss) |
|
|
16,598,189 |
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
Net
realized gain/(loss) from: |
|
|
|
|
|
Futures
contracts |
|
|
37,505,232 |
|
|
Foreign
currency transactions |
|
|
(3,619,985 |
) |
|
Forward
foreign currency contracts |
|
|
20,167,732 |
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
Investments
|
|
|
(339,286 |
) |
|
Futures
contracts |
|
|
(5,752,972 |
) |
|
Foreign
currency translations |
|
|
(179,064 |
) |
|
Forward
foreign currency contracts |
|
|
34,539,754 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
82,321,411 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
98,919,600 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
8
Campbell
Systematic Macro Fund
Consolidated
Statements of Changes in Net Assets
| |
|
For
the
Period Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
16,598,189 |
|
|
$ |
29,690,843 |
|
|
Net
realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts |
|
|
54,052,979 |
|
|
|
(12,681,748 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign
currency contracts |
|
|
28,268,432 |
|
|
|
17,494,867 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
98,919,600 |
|
|
|
34,503,962 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Distributable
earnings |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
(1,420,635 |
) |
|
|
(826,673 |
) |
|
Class
C Shares |
|
|
(364,758 |
) |
|
|
(98,765 |
) |
|
Class
I Shares |
|
|
(37,163,038 |
) |
|
|
(15,128,997 |
) |
|
Total
distributable earnings |
|
|
(38,948,431 |
) |
|
|
(16,054,435 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(38,948,431 |
) |
|
|
(16,054,435 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
12,788,025 |
|
|
|
11,201,253 |
|
|
Proceeds
from reinvestment of distributions |
|
|
1,412,399 |
|
|
|
798,911 |
|
|
Shares
redeemed |
|
|
(10,273,432 |
) |
|
|
(20,737,101 |
) |
|
Total
from Class A Shares |
|
|
3,926,992 |
|
|
|
(8,736,937 |
) |
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
4,305,788 |
|
|
|
3,003,962 |
|
|
Proceeds
from reinvestment of distributions |
|
|
361,630 |
|
|
|
92,450 |
|
|
Shares
redeemed |
|
|
(1,556,090 |
) |
|
|
(3,796,719 |
) |
|
Total
from Class C Shares |
|
|
3,111,328 |
|
|
|
(700,307 |
) |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
515,528,758 |
|
|
|
765,144,923 |
|
|
Proceeds
from reinvestment of distributions |
|
|
33,469,034 |
|
|
|
13,897,674 |
|
|
Shares
redeemed |
|
|
(166,320,403 |
) |
|
|
(406,608,214 |
) |
|
Total
from Class I Shares |
|
|
382,677,389 |
|
|
|
372,434,383 |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
389,715,709 |
|
|
|
362,997,139 |
|
|
Total
increase/(decrease) in net assets |
|
|
449,686,878 |
|
|
|
381,446,666 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
9
Campbell
Systematic Macro Fund
Consolidated
Statements of Changes in Net Assets (Concluded)
| |
|
For
the
Period Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
1,244,878,883 |
|
|
$ |
863,432,217 |
|
|
End
of period |
|
$ |
1,694,565,761 |
|
|
$ |
1,244,878,883 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,320,019 |
|
|
|
1,206,997 |
|
|
Shares
reinvested |
|
|
148,674 |
|
|
|
87,312 |
|
|
Shares
redeemed |
|
|
(1,071,127 |
) |
|
|
(2,231,994 |
) |
|
Total
from Class A Shares |
|
|
397,566 |
|
|
|
(937,685 |
) |
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
472,970 |
|
|
|
343,292 |
|
|
Shares
reinvested |
|
|
40,678 |
|
|
|
10,775 |
|
|
Shares
redeemed |
|
|
(171,911 |
) |
|
|
(438,071 |
) |
|
Total
from Class C Shares |
|
|
341,737 |
|
|
|
(84,004 |
) |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
52,174,756 |
|
|
|
81,023,773 |
|
|
Shares
reinvested |
|
|
3,482,730 |
|
|
|
1,500,829 |
|
|
Shares
redeemed |
|
|
(16,852,856 |
) |
|
|
(43,506,352 |
) |
|
Total
from Class I Shares |
|
|
38,804,630 |
|
|
|
39,018,250 |
|
|
Net
increase/(decrease) in shares outstanding |
|
|
39,543,933 |
|
|
|
37,996,561 |
|
The
accompanying notes are an integral part of the consolidated financial statements.
10
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. |
| |
|
Class
A |
|
| |
|
For
the
Period
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Period
Ended
August 31,
2020(1)(2) |
|
|
For
the
Year
Ended
Sept. 30,
2019 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
9.53 |
|
|
$ |
9.37 |
|
|
$ |
10.65 |
|
|
$ |
8.76 |
|
|
$ |
7.55 |
|
|
$ |
9.81 |
|
|
$ |
9.49 |
|
|
Net
investment income/(loss)(3) |
|
|
0.10 |
|
|
|
0.25 |
|
|
|
0.16 |
|
|
|
(0.11 |
) |
|
|
(0.16 |
) |
|
|
(0.07 |
) |
|
|
— |
(4) |
|
Net
realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (5) |
|
|
0.56 |
|
|
|
0.04 |
|
|
|
(0.05 |
) |
|
|
2.57 |
|
|
|
1.37 |
|
|
|
(0.76 |
) |
|
|
1.45 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.66 |
|
|
|
0.29 |
|
|
|
0.11 |
|
|
|
2.46 |
|
|
|
1.21 |
|
|
|
(0.83 |
) |
|
|
1.45 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.12 |
) |
|
|
(0.13 |
) |
|
|
(0.20 |
) |
|
|
(0.48 |
) |
|
|
— |
|
|
|
(0.79 |
) |
|
|
(1.13 |
) |
|
Net
realized capital gain |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(1.19 |
) |
|
|
(0.09 |
) |
|
|
— |
|
|
|
(0.64 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.25 |
) |
|
|
(0.13 |
) |
|
|
(1.39 |
) |
|
|
(0.57 |
) |
|
|
— |
|
|
|
(1.43 |
) |
|
|
(1.13 |
) |
|
Net
asset value, end of period |
|
$ |
9.94 |
|
|
$ |
9.53 |
|
|
$ |
9.37 |
|
|
$ |
10.65 |
|
|
$ |
8.76 |
|
|
$ |
7.55 |
|
|
$ |
9.81 |
|
|
Total
investment return (6) |
|
|
7.16 |
% |
|
|
3.15 |
% |
|
|
0.93 |
% |
|
|
30.09 |
% |
|
|
16.03 |
% |
|
|
(8.86 |
)%(7) |
|
|
17.73 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
60,243 |
|
|
$ |
53,942 |
|
|
$ |
61,813 |
|
|
$ |
65,549 |
|
|
$ |
12,613 |
|
|
$ |
10,365 |
|
|
$ |
12,895 |
|
|
Ratio
of expenses to average net assets with waivers and reimbursements and/or recoupments (10) |
|
|
2.00 |
%(8) |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.00 |
% |
|
|
2.03 |
% |
|
|
2.15 |
%(8) |
|
|
2.12 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements and/or recoupments (9)(11) |
|
|
2.08 |
%(8) |
|
|
2.09 |
% |
|
|
2.12 |
% |
|
|
2.16 |
% |
|
|
2.36 |
% |
|
|
2.51 |
%(8) |
|
|
2.54 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.14 |
%(8) |
|
|
2.67 |
% |
|
|
1.71 |
% |
|
|
(1.32 |
)% |
|
|
(1.93 |
)% |
|
|
(0.93 |
)%(8) |
|
|
(0.03 |
)% |
|
Portfolio
turnover rate (12) |
|
|
0 |
%(7) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(7) |
|
|
15 |
% |
|
(1) |
The fiscal year end of the
Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series
of the Company. The period ended is from October 1, 2019 to August 31, 2020. |
|
(2) |
Prior to May 29, 2020, the
Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust, an open-end management investment company (or
mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized
into the Fund following the close of business on May 29, 2020 (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 May
29, 2020 included herein is that of the Predecessor Fund. |
|
(3) |
Calculated based on average
shares outstanding for the period. |
|
(4) |
Less than $0.005 per share.
|
|
(5) |
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. |
|
(6) |
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. |
|
(9) |
Represents the ratio of
expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
The
accompanying notes are an integral part of the consolidated financial statements.
11
Campbell
Systematic Macro Fund
Consolidated
Financial Highlights (Continued)
|
(10)
Ratio of net expenses to average net assets excluding interest expense |
2.00% |
2.00% |
2.00% |
2.00% |
2.00% |
2.12% |
2.07% |
|
(11)
Ratio of gross expenses to average net assets excluding interest expense(9) |
2.08% |
2.09% |
2.12% |
2.16% |
2.33% |
2.48% |
2.49% |
|
(12) |
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 consolidated financial statements.
12
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. |
| |
|
Class
C |
|
| |
|
For
the
Period
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Period
Ended
August 31,
2020(1)(2) |
|
|
For
the
Year
Ended
Sept. 30,
2019 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
8.88 |
|
|
$ |
8.72 |
|
|
$ |
10.02 |
|
|
$ |
8.38 |
|
|
$ |
7.28 |
|
|
$ |
9.51 |
|
|
$ |
9.20 |
|
|
Net
investment income/(loss)(3) |
|
|
0.06 |
|
|
|
0.17 |
|
|
|
0.09 |
|
|
|
(0.20 |
) |
|
|
(0.21 |
) |
|
|
(0.12 |
) |
|
|
(0.07 |
) |
|
Net
realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4) |
|
|
0.52 |
|
|
|
0.04 |
|
|
|
(0.05 |
) |
|
|
2.45 |
|
|
|
1.31 |
|
|
|
(0.74 |
) |
|
|
1.42 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.58 |
|
|
|
0.21 |
|
|
|
0.04 |
|
|
|
2.25 |
|
|
|
1.10 |
|
|
|
(0.86 |
) |
|
|
1.35 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.04 |
) |
|
|
(0.05 |
) |
|
|
(0.15 |
) |
|
|
(0.52 |
) |
|
|
— |
|
|
|
(0.73 |
) |
|
|
(1.04 |
) |
|
Net
realized capital gain |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(1.19 |
) |
|
|
(0.09 |
) |
|
|
— |
|
|
|
(0.64 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.17 |
) |
|
|
(0.05 |
) |
|
|
(1.34 |
) |
|
|
(0.61 |
) |
|
|
— |
|
|
|
(1.37 |
) |
|
|
(1.04 |
) |
|
Net
asset value, end of period |
|
$ |
9.29 |
|
|
$ |
8.88 |
|
|
$ |
8.72 |
|
|
$ |
10.02 |
|
|
$ |
8.38 |
|
|
$ |
7.28 |
|
|
$ |
9.51 |
|
|
Total
investment return (5) |
|
|
6.74 |
% |
|
|
2.38 |
% |
|
|
0.22 |
% |
|
|
29.13 |
% |
|
|
15.11 |
% |
|
|
(9.49 |
)%(6) |
|
|
16.88 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
22,234 |
|
|
$ |
18,205 |
|
|
$ |
18,610 |
|
|
$ |
15,654 |
|
|
$ |
9,079 |
|
|
$ |
9,087 |
|
|
$ |
13,237 |
|
|
Ratio
of expenses to average net assets with waivers and reimbursements and/or recoupments (9) |
|
|
2.75 |
%(7) |
|
|
2.75 |
% |
|
|
2.75 |
% |
|
|
2.75 |
% |
|
|
2.78 |
% |
|
|
2.88 |
%(7) |
|
|
2.87 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10) |
|
|
2.83 |
%(7) |
|
|
2.84 |
% |
|
|
2.87 |
% |
|
|
2.91 |
% |
|
|
3.11 |
% |
|
|
3.27 |
%(7) |
|
|
3.29 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.38 |
%(7) |
|
|
1.92 |
% |
|
|
0.96 |
% |
|
|
(2.07 |
)% |
|
|
(2.67 |
)% |
|
|
(1.65 |
)%(7) |
|
|
(0.78 |
)% |
|
Portfolio
turnover rate (11) |
|
|
0 |
%(6) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(6) |
|
|
15 |
% |
|
(1) |
The fiscal year end of the
Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series
of the Company. The period ended is from October 1, 2019 to August 31, 2020. |
|
(2) |
Prior to May 29, 2020, the
Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust, an open-end management investment company (or
mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized
into the Fund following the close of business on May 29, 2020 (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 May
29, 2020 included herein is that of the Predecessor Fund. |
|
(3) |
Calculated based on average
shares outstanding for the period. |
|
(4) |
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. |
|
(5) |
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. |
|
(8) |
Represents the ratio of
expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
The
accompanying notes are an integral part of the consolidated financial statements.
13
Campbell
Systematic Macro Fund
Consolidated
Financial Highlights (Continued)
|
(9)
Ratio of net expenses to average net assets excluding interest expense |
2.75% |
2.75% |
2.75% |
2.75% |
2.75% |
2.85% |
2.82% |
|
(10)
Ratio of gross expenses to average net assets excluding interest expense(8) |
2.83% |
2.84% |
2.87% |
2.91% |
3.08% |
3.24% |
3.24% |
|
(11) |
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 consolidated financial statements.
14
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. |
| |
|
Class
I |
|
| |
|
For
the
Period
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Period
Ended
August 31,
2020(1)(2) |
|
|
For
the
Year
Ended
Sept. 30,
2019 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
9.66 |
|
|
$ |
9.51 |
|
|
$ |
10.77 |
|
|
$ |
8.90 |
|
|
$ |
7.65 |
|
|
$ |
9.93 |
|
|
$ |
9.59 |
|
|
Net
investment income/(loss)(3) |
|
|
0.12 |
|
|
|
0.27 |
|
|
|
0.20 |
|
|
|
(0.09 |
) |
|
|
(0.14 |
) |
|
|
(0.07 |
) |
|
|
0.02 |
|
|
Net
realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4) |
|
|
0.56 |
|
|
|
0.04 |
|
|
|
(0.05 |
) |
|
|
2.59 |
|
|
|
1.39 |
|
|
|
(0.77 |
) |
|
|
1.48 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.68 |
|
|
|
0.31 |
|
|
|
0.15 |
|
|
|
2.50 |
|
|
|
1.25 |
|
|
|
(0.84 |
) |
|
|
1.50 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.15 |
) |
|
|
(0.16 |
) |
|
|
(0.22 |
) |
|
|
(0.54 |
) |
|
|
— |
|
|
|
(0.80 |
) |
|
|
(1.16 |
) |
|
Net
realized capital gain |
|
|
(0.13 |
) |
|
|
— |
|
|
|
(1.19 |
) |
|
|
(0.09 |
) |
|
|
— |
|
|
|
(0.64 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.28 |
) |
|
|
(0.16 |
) |
|
|
(1.41 |
) |
|
|
(0.63 |
) |
|
|
— |
|
|
|
(1.44 |
) |
|
|
(1.16 |
) |
|
Net
asset value, end of period |
|
$ |
10.06 |
|
|
$ |
9.66 |
|
|
$ |
9.51 |
|
|
$ |
10.77 |
|
|
$ |
8.90 |
|
|
$ |
7.65 |
|
|
$ |
9.93 |
|
|
Total
investment return (5) |
|
|
7.32 |
% |
|
|
3.42 |
% |
|
|
1.25 |
% |
|
|
30.35 |
% |
|
|
16.34 |
% |
|
|
(8.75 |
)%(6) |
|
|
18.17 |
% |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
1,612,089 |
|
|
$ |
1,172,732 |
|
|
$ |
783,009 |
|
|
$ |
555,072 |
|
|
$ |
119,324 |
|
|
$ |
115,431 |
|
|
$ |
51,067 |
|
|
Ratio
of expenses to average net assets with waivers and reimbursements and/or recoupments (9) |
|
|
1.75 |
%(7) |
|
|
1.75 |
% |
|
|
1.75 |
% |
|
|
1.75 |
% |
|
|
1.78 |
% |
|
|
1.88 |
%(7) |
|
|
1.84 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10) |
|
|
1.83 |
%(7) |
|
|
1.84 |
% |
|
|
1.87 |
% |
|
|
1.91 |
% |
|
|
2.11 |
% |
|
|
2.24 |
%(7) |
|
|
2.28 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.38 |
%(7) |
|
|
2.92 |
% |
|
|
1.96 |
% |
|
|
(1.07 |
)% |
|
|
(1.68 |
)% |
|
|
(0.91 |
)%(7) |
|
|
0.23 |
% |
|
Portfolio
turnover rate (11) |
|
|
0 |
%(6) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(6) |
|
|
15 |
% |
|
(1) |
The fiscal year end of the
Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series
of the Company. The period ended is from October 1, 2019 to August 31, 2020. |
|
(2) |
Prior to May 29, 2020, the
Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust, an open-end management investment company (or
mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized
into the Fund following the close of business on May 29, 2020 (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 May
29, 2020 included herein is that of the Predecessor Fund. |
|
(3) |
Calculated based on average
shares outstanding for the period. |
|
(4) |
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. |
|
(5) |
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. |
|
(8) |
Represents the ratio of
expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser. |
The
accompanying notes are an integral part of the consolidated financial statements.
15
Campbell
Systematic Macro Fund
Consolidated
Financial Highlights (Concluded)
|
(9)
Ratio of net expenses to average net assets excluding interest expense |
1.75% |
1.75% |
1.75% |
1.75% |
1.75% |
1.85% |
1.80% |
|
(10)
Ratio of gross expenses to average net assets excluding interest expense(8) |
1.83% |
1.84% |
1.87% |
1.91% |
2.08% |
2.21% |
2.24% |
|
(11) |
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 consolidated financial statements.
16
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the Campbell Systematic
Macro Fund (the “Fund”), which commenced investment operations on March 4, 2013. The Fund currently offers Class A, Class
C and Class I shares. Class A and Class I shares commenced operations on March 4, 2013. Class C shares commenced operations on February
11, 2014.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
Class
C 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. 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.
Prior
to May 29, 2020, the Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust, an open-end management
investment company (or mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor
Fund was reorganized into the Fund following the close of business on May 29, 2020 (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 May 29, 2020 included herein is that of the Predecessor Fund.
The
fiscal year end of the Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year
end of the other series of the Company.
The
Fund’s investment objective is to seek capital appreciation.
The
Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”
The
end of the reporting period for the Fund is February 28, 2025, and the period covered by these Notes to Consolidated Financial Statements
is the six months ended February 28, 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 the end of the reporting
period, the net assets of the Subsidiary were $86,762,905, which represented 5.12% of the Fund’s net assets.
17
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
PORTFOLIO
VALUATION — The Fund’s net asset value (“NAV”)
is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m.
Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on
a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market
system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such
factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.
Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value
pricing as discussed in their prospectuses). Forward currency exchange contracts are valued by interpolating between spot and forward
currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined
by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee
(as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying
on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values
used by other investment companies and investors to price the same investments.
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 |
|
$ |
1,345,763,153 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,345,763,153 |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
42,012,187 |
|
|
|
— |
|
|
|
— |
|
|
|
42,012,187 |
|
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
7,372,309 |
|
|
|
— |
|
|
|
— |
|
|
|
7,372,309 |
|
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
12,239,426 |
|
|
|
— |
|
|
|
— |
|
|
|
12,239,426 |
|
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
— |
|
|
|
120,232,830 |
|
|
|
— |
|
|
|
120,232,830 |
|
|
Total
Assets |
|
$ |
1,407,387,075 |
|
|
$ |
120,232,830 |
|
|
$ |
— |
|
|
$ |
1,527,619,905 |
|
18
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Commodity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
$ |
(39,742,423 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(39,742,423 |
) |
|
Equity
Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(6,468,211 |
) |
|
|
— |
|
|
|
— |
|
|
|
(6,468,211 |
) |
|
Interest
Rate Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
Contracts |
|
|
(18,542,039 |
) |
|
|
— |
|
|
|
— |
|
|
|
(18,542,039 |
) |
|
Foreign
Currency Contracts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
Foreign Currency Contracts |
|
|
— |
|
|
|
(85,048,431 |
) |
|
|
— |
|
|
|
(85,048,431 |
) |
|
Total
Liabilities |
|
$ |
(64,752,673 |
) |
|
$ |
(85,048,431 |
) |
|
$ |
— |
|
|
$ |
(149,801,104 |
) |
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.
19
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following table lists the fair values of the Fund’s derivative holdings as of the end of the current fiscal period, grouped by contract
type and risk exposure category.
|
Derivative
Type |
|
CONSOLIDATED
STATEMENT OF
ASSETS AND
LIABILITIES
LOCATION |
|
|
Commodity
Contracts |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Total |
|
|
Asset
Derivatives |
|
Futures
Contracts (a) |
|
|
Unrealized appreciation on futures contracts |
|
|
$ |
42,012,187 |
|
|
$ |
7,372,309 |
|
|
$ |
12,239,426 |
|
|
$ |
— |
|
|
$ |
61,623,922 |
|
|
Forward
Contracts (a) |
|
|
Unrealized appreciation on forward foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
120,232,830 |
|
|
|
120,232,830 |
|
|
Total
Value - Assets |
|
|
|
|
|
$ |
42,012,187 |
|
|
$ |
7,372,309 |
|
|
$ |
12,239,426 |
|
|
$ |
120,232,830 |
|
|
$ |
181,856,752 |
|
|
Liability
Derivatives |
|
Futures
Contracts (a) |
|
|
Unrealized depreciation on futures contracts |
|
|
$ |
(39,742,423 |
) |
|
$ |
(6,468,211 |
) |
|
$ |
(18,542,039 |
) |
|
$ |
— |
|
|
$ |
(64,752,673 |
) |
|
Forward
Contracts (a) |
|
|
Unrealized depreciation on forward foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(85,048,431 |
) |
|
|
(85,048,431 |
) |
|
Total
Value - Liabilities |
|
|
|
|
|
$ |
(39,742,423 |
) |
|
$ |
(6,468,211 |
) |
|
$ |
(18,542,039 |
) |
|
$ |
(85,048,431 |
) |
|
$ |
(149,801,104 |
) |
|
(a) |
This amount represents the
cumulative appreciation/(depreciation) of forward and futures contracts as reported in 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, grouped by derivative type and primary risk exposure category by contract type.
|
Derivative
Type |
|
Consolidated
Statement of
Operations
Location |
|
|
Commodity
Contracts |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Total |
|
|
Realized
Gain (Loss) |
|
Futures
Contracts |
|
|
Net realized gain/(loss) from futures contracts |
|
|
$ |
6,748,323 |
|
|
$ |
11,230,478 |
|
|
$ |
19,526,431 |
|
|
$ |
— |
|
|
$ |
37,505,232 |
|
|
Forward
Contracts |
|
|
Net realized gain/(loss) from forward foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,167,732 |
|
|
|
20,167,732 |
|
|
Total
Realized Gain/(Loss) |
|
|
$ |
6,748,323 |
|
|
$ |
11,230,478 |
|
|
$ |
19,526,431 |
|
|
$ |
20,167,732 |
|
|
$ |
57,672,964 |
|
20
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets
resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract
type.
|
Derivative
Type |
|
Consolidated
Statement of
Operations
Location |
|
|
Commodity
Contracts |
|
|
Equity
Contracts |
|
|
Interest
Rate
Contracts |
|
|
Foreign
Currency
Contracts |
|
|
Total |
|
|
Change
in Unrealized Appreciation/(Depreciation) |
|
Futures
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on futures
contracts |
|
|
$ |
(1,928,014 |
) |
|
$ |
(5,830,953 |
) |
|
$ |
2,005,995 |
|
|
$ |
— |
|
|
$ |
(5,752,972 |
) |
|
Forward
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on forward
foreign currency contracts |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,539,754 |
|
|
|
34,539,754 |
|
|
Total
Change in Unrealized Appreciation/(Depreciation) |
|
|
$ |
(1,928,014 |
) |
|
$ |
(5,830,953 |
) |
|
$ |
2,005,995 |
|
|
$ |
34,539,754 |
|
|
$ |
28,786,782 |
|
During
the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:
| |
Long
Futures
Notional
Amount |
|
|
Short
Futures
Notional
Amount |
|
|
Forward
Foreign
Currency Contracts-
Payable
(Value At Trade Date) |
|
|
Forward
Foreign
Currency Contracts-
Receivable (Value At
Trade Date) |
|
| |
|
$3,666,659,020 |
|
|
|
$(3,803,359,363) |
|
|
|
$(19,774,414,499) |
|
|
|
$19,771,592,791 |
|
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.
21
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements)
and collateral received and pledged in connection with the master netting agreements (or similar arrangements).
| |
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of Assets and
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
Gross
Amount Not
Offset in Consolidated
Statement of Assets and
Liabilities |
|
|
|
|
|
|
Description |
|
Gross
Amount
Presented in
the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Received |
|
|
Net
Amount(1) |
|
|
|
Gross
Amount
Presented in
the
Consolidated
Statement of
Assets and
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Pledged(2) |
|
|
Net
Amount(3) |
|
| |
|
Assets |
|
|
|
Liabilities |
|
|
Forward
Foreign Currency Contracts |
|
$ |
120,232,830 |
|
|
$ |
(85,048,431 |
) |
|
$ |
— |
|
|
$ |
35,184,399 |
|
|
|
$ |
85,048,431 |
|
|
$ |
(85,048,431 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
(1) |
Net amount represents the
net amount receivable from the counterparty in the event of default. |
|
(2) |
Actual collateral pledged
may be more than the amount shown. |
|
(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 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.
22
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
For
tax purposes, the Subsidiary is an exempted Cayman Islands investment company. The Subsidiary has received an undertaking from the Government
of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands
at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S.
income tax.
SEC
RULE 18f-4 — 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 Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements
of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions
in compliance with Rule 18f-4.
Foreign
Currency Translation — Assets and liabilities initially expressed
in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of
the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received
and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
The
Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such
changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated
Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately
as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement
of Operations.
Currency
Risk — Investment in foreign securities involves currency risk
associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations
in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value
of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget
deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential
gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result
in poorer overall performance for the Fund than if it had not engaged in these contracts.
Commodity
Sector Risk — Exposure to the commodities markets may subject the
Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected
by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry
or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory
developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely
due to factors such as changes in value, supply and demand 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
23
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
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.
24
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
Prior
to May 29, 2020, Equinox Institutional Asset Management, LP (“Equinox”) served as adviser to the Predecessor Fund and Campbell
served as a sub-adviser to the Predecessor Fund. Equinox was entitled to an advisory fee from the Predecessor Fund at the same rate payable
to Campbell as Adviser to the Fund. Equinox, not the Predecessor Fund, paid a sub-advisory fee to Campbell.
The
Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses
(excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s
average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following
expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired
fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until
December 31, 2026 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time
after December 31, 2026.
| |
Expense
Cap |
|
Advisory
Fee |
Class
A |
Class
C |
Class
I |
|
1.64% |
2.00% |
2.75% |
1.75% |
Prior
to May 29, 2020, Equinox and Campbell had contractually agreed to reduce their advisory fees and/or reimburse certain expenses of the
Predecessor Fund, to ensure that the Predecessor Fund’s total annual operating expenses, excluding (i) taxes, (ii) interest, (iii)
extraordinary items, (iv) acquired fund fees and expenses, and (v) brokerage commissions, did not exceed, on an annual basis, 2.14% with
respect to Class A shares, 2.89% with respect to Class C shares, and 1.89% with respect to Class I shares of the Predecessor Fund’s
average daily net assets.
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 |
|
August
31,
2025 |
August
31,
2026 |
August
31,
2027 |
August
31,
2028 |
Total |
|
$392,091 |
$951,565 |
$944,150 |
$540,752 |
$2,828,558 |
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.
25
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly
fee, subject to certain minimum and out of pocket expenses.
Quasar
Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as
the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.
The
Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Fund pursuant to Rule
12b-1 under the 1940 Act. Under the Plan, the Distributor is entitled to receive from the Fund a distribution fee with respect to the
Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A
Shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C Shares. The actual amount of such compensation
under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing
basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the
Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting
services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.
3.
Director and Officer Compensation
The
Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves
as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees
of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director
of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of
Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation
amounts, please refer to the Consolidated Statement of Operations.
4.
Purchases and Sales of Investment Securities
During
the current fiscal period, there were no purchases and sales of investment securities (excluding short-term investments and derivative
transactions) or long-term U.S. Government securities by the Fund.
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.
26
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Continued)
February
28, 2025 (Unaudited)
As
of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund
were as follows(a):
|
Federal
Tax
Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$1,009,555,172 |
$26,964,600 |
$(59,185,744) |
$(32,221,144) |
|
(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. |
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, 2024, primarily attributable to investments in wholly-owned controlled foreign corporation
were reclassified among the following accounts:
|
Distributable
Earnings/(Loss) |
PAID-IN
CAPITAL |
|
$16,512,923 |
$(16,512,923) |
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
Undistributed
Ordinary
Income |
Undistributed
Long-Term
Capital Gains |
Capital
Loss
Carryforwards |
Other
Temporary
Differences |
Unrealized
Appreciation/
(Depreciation) |
|
$15,894,051 |
$— |
$(4,677,037) |
$(389,353) |
$(30,343,394) |
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 was as follows:
| |
Ordinary
Income |
Long-Term
Gains |
Total |
|
2024 |
$16,054,435 |
$— |
$16,054,435 |
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,
2024, the Fund had $(4,677,037) of long-term loss carryovers. For the fiscal year ended August 31, 2024, the Fund did not have any deferred
post-October losses.
27
Campbell
Systematic Macro Fund
Notes
To Consolidated Financial Statements (Concluded)
February
28, 2025 (Unaudited)
6.
Subsequent Events
Management
has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has
determined that there were no significant events requiring recognition or disclosure in the consolidated financial statements.
28
Campbell
Systematic Macro Fund
Other
Information
(Unaudited)
Voting
Results of Special Meeting of Shareholders of the Fund
A
special meeting of shareholders (the “Special Meeting”) of the Fund, a series of the Company, was held on September 27, 2024
as adjourned to October 25, 2024. At the Special Meeting, shareholders voted on two proposals: Proposal 1 – to approve the proposed
New Investment Advisory Agreement between the Company, on behalf of the Fund, and Campbell, and Proposal 2 – to approve the New
Subsidiary Investment Advisory Agreement between Campbell and Campbell Systematic Macro Offshore Limited.
The
approval of a New Investment Advisory Agreement and New Subsidiary Investment Advisory Agreement for the Fund was required as a result
of the change in control of Campbell.
All
Fund shareholders of record at the close of business on August 1, 2024 (the “Record Date”) were entitled to vote. As of the
Record Date, the Fund had 126,891,808 shares outstanding.
Proposal
1 – to approve the proposed New Investment Advisory Agreement between the Company, on behalf of the Fund, and Campbell was approved
by the shareholders as follows:
Of
the 68,490,447 shares present by proxy, 53,797,829 shares or 78.55% voted in favor (representing 42.40% of total outstanding shares),
175,311 shares or 0.26% voted against (representing 0.14% of total outstanding shares), and 558,980 shares or 0.82% abstained from voting
(representing 0.44% of total outstanding shares).
Proposal
2 – to approve the proposed New Subsidiary Investment Advisory Agreement between Campbell and Campbell Systematic Macro Offshore
Limited was approved by the shareholders as follows:
Of
the 68,490,447 shares present by proxy, 53,786,142 shares or 78.53% voted in favor (representing 42.39% of total outstanding shares),
177,910 shares or 0.26% voted against (representing 0.14% of total outstanding shares), and 568,067 shares or 0.83% abstained from voting
(representing 0.45% of total outstanding shares).
Accordingly,
shareholders of the Fund approved Proposal 1 and Proposal 2.
Proxy
Voting
Policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling 1-844-261-6488 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
29
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee,
WI 53212
Independent
Registered Public Accounting Firm
Ernst & Young LLP
One Commerce
Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
Legal
Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square,
Suite 2000
Philadelphia, PA 19103-6996
FREE
MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND
of
The
RBB Fund, Inc.
Financial
Statements
February
28, 2025
(Unaudited)
This
report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded
or accompanied by a current prospectus for the Funds.
FREE
MARKET FUNDS
FREE
MARKET U.S. EQUITY FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
OPEN-END
FUNDS — 99.9% |
|
|
|
|
|
|
|
|
|
iShares
Core S&P 500 ETF |
|
|
620,081 |
|
|
$ |
370,213,160 |
|
|
iShares
MSCI USA Value Factor ETF (a) |
|
|
3,067,980 |
|
|
|
341,036,657 |
|
|
U.S.
Large Cap Value Portfolio III - Class Institutional (b) |
|
|
20,558,459 |
|
|
|
682,540,846 |
|
|
U.S.
Large Cap Value Series (c) |
|
|
2,825,615 |
|
|
|
248,089,037 |
|
|
U.S.
Large Company Portfolio - Class Institutional (b) |
|
|
6,430,468 |
|
|
|
254,325,012 |
|
|
U.S.
Micro Cap Portfolio - Class Institutional (d) |
|
|
21,511,740 |
|
|
|
602,328,729 |
|
|
U.S.
Small Cap Portfolio - Class Institutional (d) |
|
|
12,586,675 |
|
|
|
603,782,797 |
|
|
U.S.
Small Cap Value Portfolio - Class Institutional (d) |
|
|
21,283,789 |
|
|
|
1,006,723,243 |
|
|
TOTAL
OPEN-END FUNDS (Cost $2,249,706,747) |
|
|
|
|
|
|
4,109,039,482 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.2% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 0.1% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.64% (e) |
|
|
2,997,075 |
|
|
|
2,997,075 |
|
| |
|
|
|
|
| |
|
Shares |
|
|
|
|
|
|
Money
Market Funds — 0.1% |
|
|
|
|
|
|
|
|
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.29% (f) |
|
|
4,405,144 |
|
|
|
4,405,144 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $7,402,219) |
|
|
|
|
|
|
7,402,219 |
|
|
TOTAL
INVESTMENTS — 100.1% (Cost $2,257,108,966) |
|
|
|
|
|
|
4,116,441,701 |
|
|
Liabilities
in Excess of Other Assets — (0.1)% |
|
|
|
|
|
|
(5,502,723 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
4,110,938,978 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $2,967,972 which represented 0.1% of the Fund’s
net assets. |
|
(b) |
A portfolio of Dimensional
Investment Group Inc. |
|
(c) |
A portfolio of DFA Investment
Trust Company. |
|
(d) |
A portfolio of DFA Investment
Dimensions Group Inc. |
|
(e) |
The rate shown is as of
February 28, 2025. |
|
(f) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
1
FREE
MARKET FUNDS
FREE
MARKET INTERNATIONAL EQUITY FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
OPEN-END
FUNDS — 100.0% |
|
|
|
|
|
DFA
International Small Cap Value Portfolio - Class Institutional (a) |
|
|
56,345,724 |
|
|
$ |
1,317,363,016 |
|
|
DFA
International Value Portfolio III - Class Institutional (b) |
|
|
27,164,052 |
|
|
|
524,809,490 |
|
|
DFA
International Value Series (c) |
|
|
12,385,318 |
|
|
|
472,995,277 |
|
|
Dimensional
International Small Cap ETF (d) |
|
|
12,475,814 |
|
|
|
317,509,466 |
|
|
Emerging
Markets Small Cap Portfolio - Class Institutional (a) |
|
|
6,503,413 |
|
|
|
147,562,452 |
|
|
Emerging
Markets Value Portfolio - Class Institutional (a) |
|
|
5,088,611 |
|
|
|
154,846,429 |
|
|
iShares
Core MSCI EAFE ETF (d) |
|
|
2,168,736 |
|
|
|
163,479,319 |
|
|
iShares
Core MSCI Emerging Markets ETF (d) |
|
|
3,097,379 |
|
|
|
165,523,934 |
|
|
TOTAL
OPEN-END FUNDS (Cost $2,495,149,300) |
|
|
|
|
|
|
3,264,089,383 |
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 4.2% |
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 4.1% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.64% (d) |
|
|
133,810,300 |
|
|
|
133,810,300 |
|
| |
|
|
|
|
| |
|
Shares |
|
|
|
|
|
|
Money
Market Funds — 0.1% |
|
|
|
|
|
|
|
|
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.29% (e) |
|
|
2,823,074 |
|
|
|
2,823,074 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $136,633,374) |
|
|
|
|
|
|
136,633,374 |
|
|
TOTAL
INVESTMENTS — 104.2% (Cost $2,631,782,674) |
|
|
|
|
|
|
3,400,722,753 |
|
|
Liabilities
in Excess of Other Assets — (4.2)% (f) |
|
|
|
|
|
|
(136,813,740 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
3,263,909,017 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
A portfolio of DFA Investment
Trust Company. |
|
(b) |
A portfolio of DFA Investment
Dimensions Group Inc. |
|
(c) |
A portfolio of Dimensional
Investment Group Inc. |
|
(d) |
All or portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $129,691,496 which represented 4.0% of net assets.
|
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(f) |
Represents less than 0.05%
of the Fund’s net assets. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
2
FREE
MARKET FUNDS
FREE
MARKET FIXED INCOME FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
OPEN-END
FUNDS — 99.5% |
|
|
|
|
|
DFA
Intermediate Government Fixed Income Portfolio - Class Institutional |
|
|
15,644,342 |
|
|
$ |
173,965,078 |
|
|
DFA
One-Year Fixed Income Portfolio - Class Institutional (a) |
|
|
40,641,407 |
|
|
|
416,574,418 |
|
|
DFA
Short-Term Government Portfolio - Class Institutional |
|
|
11,525,971 |
|
|
|
115,259,711 |
|
|
DFA
Two-Year Global Fixed Income Portfolio - Class Institutional (a) |
|
|
73,585,959 |
|
|
|
720,406,536 |
|
|
Dimensional
Inflation-Protected Securities ETF (b) |
|
|
3,543,397 |
|
|
|
148,503,768 |
|
|
iShares
1-5 Year Investment Grade Corporate Bond ETF (b) |
|
|
13,255,066 |
|
|
|
693,902,705 |
|
|
iShares
5-10 Year Investment Grade Corporate Bond ETF (b) |
|
|
3,296,154 |
|
|
|
173,707,316 |
|
|
iShares
Core International Aggregate Bond ETF (b) |
|
|
8,567,174 |
|
|
|
432,042,585 |
|
|
TOTAL
OPEN-END FUNDS (Cost $2,932,613,674) |
|
|
|
|
|
|
2,874,362,117 |
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 1.1% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 0.5% |
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.64% (c) |
|
|
14,889,250 |
|
|
|
14,889,250 |
|
| |
|
|
|
|
| |
|
Shares |
|
|
|
|
|
|
Money
Market Funds — 0.6% |
|
|
|
|
|
|
|
|
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.29% (d) |
|
|
16,022,718 |
|
|
|
16,022,718 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $30,911,968) |
|
|
|
|
|
|
30,911,968 |
|
|
TOTAL
INVESTMENTS — 100.6% (Cost $2,963,525,642) |
|
|
|
|
|
|
2,905,274,085 |
|
|
Liabilities
in Excess of Other Assets — (0.6)% |
|
|
|
|
|
|
(16,492,010 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
2,888,782,075 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
A portfolio of DFA Investment
Dimensions Group Inc. |
|
(b) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $14,555,547 which represented 0.5% of the
Fund’s net assets. |
|
(c) |
The rate shown is as of
February 28, 2025. |
|
(d) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
3
FREE
MARKET FUNDS
Statements
of Assets and Liabilities
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
Free
Market
U.S. Equity
Fund |
|
|
Free
Market
International
Equity Fund |
|
|
Free
Market
Fixed Income
Fund |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in non-affiliated funds, at value (cost $2,316,011,742, $2,614,164,669 and $2,928,405,930, respectively) |
|
$ |
4,109,039,482 |
|
|
$ |
3,264,089,383 |
|
|
$ |
2,874,362,117 |
|
|
Short-term
investments, at value (cost $4,405,144, $2,823,074 and $16,022,718, respectively) |
|
|
4,405,144 |
|
|
|
2,823,074 |
|
|
|
16,022,718 |
|
|
Investments
purchased with proceeds from securities lending collateral (cost $2,997,075, $133,810,300 and $14,889,250, respectively) |
|
|
2,997,075 |
|
|
|
133,810,300 |
|
|
|
14,889,250 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
shares sold |
|
|
1,530,989 |
|
|
|
778,852 |
|
|
|
760,906 |
|
|
Dividends
and interest |
|
|
1,569 |
|
|
|
939 |
|
|
|
34,136 |
|
|
Prepaid
expenses and other assets |
|
|
283,240 |
|
|
|
222,348 |
|
|
|
192,649 |
|
|
Total
assets |
|
|
4,118,257,499 |
|
|
|
3,401,724,896 |
|
|
|
2,906,261,776 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
2,997,075 |
|
|
|
133,810,300 |
|
|
|
14,889,250 |
|
|
Capital
shares redeemed |
|
|
2,498,511 |
|
|
|
2,535,895 |
|
|
|
1,301,973 |
|
|
Advisory
fees |
|
|
1,584,683 |
|
|
|
1,232,044 |
|
|
|
1,091,834 |
|
|
Administration
and accounting fees |
|
|
80,184 |
|
|
|
70,943 |
|
|
|
69,037 |
|
|
Transfer
agent fees |
|
|
6,508 |
|
|
|
7,329 |
|
|
|
7,353 |
|
|
Other
accrued expenses and liabilities |
|
|
151,560 |
|
|
|
159,368 |
|
|
|
120,254 |
|
|
Total
liabilities |
|
|
7,318,521 |
|
|
|
137,815,879 |
|
|
|
17,479,701 |
|
|
Net
assets |
|
$ |
4,110,938,978 |
|
|
$ |
3,263,909,017 |
|
|
$ |
2,888,782,075 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
171,598 |
|
|
$ |
269,936 |
|
|
$ |
288,838 |
|
|
Paid-in
capital |
|
|
2,237,867,062 |
|
|
|
2,520,752,863 |
|
|
|
2,980,766,025 |
|
|
Total
distributable earnings/(loss) |
|
|
1,872,900,318 |
|
|
|
742,886,218 |
|
|
|
(92,272,788 |
) |
|
Net
assets |
|
$ |
4,110,938,978 |
|
|
$ |
3,263,909,017 |
|
|
$ |
2,888,782,075 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
4,110,938,978 |
|
|
$ |
3,263,909,017 |
|
|
$ |
2,888,782,075 |
|
|
Shares
outstanding ($0.001 par value, 700,000,000 shares authorized) |
|
|
171,597,819 |
|
|
|
269,935,918 |
|
|
|
288,838,480 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
23.96 |
|
|
$ |
12.09 |
|
|
$ |
10.00 |
|
The accompanying notes are
an integral part of the financial statements.
4
FREE
MARKET FUNDS
Statements
of Operations
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (UNAUDITED)
| |
|
Free
Market
U.S. Equity
Fund |
|
|
Free
Market
International
Equity Fund |
|
|
Free
Market
Fixed Income
Fund |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from non-affiliated funds |
|
$ |
30,998,561 |
|
|
$ |
58,895,454 |
|
|
$ |
85,003,613 |
|
|
Interest
income |
|
|
83,847 |
|
|
|
107,405 |
|
|
|
390,432 |
|
|
Securities
lending income |
|
|
5,389 |
|
|
|
111,448 |
|
|
|
55,306 |
|
|
Total
investment income |
|
|
31,087,797 |
|
|
|
59,114,307 |
|
|
|
85,449,351 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
10,426,960 |
|
|
|
7,816,711 |
|
|
|
7,065,937 |
|
|
Administration
and accounting fees |
|
|
324,422 |
|
|
|
257,047 |
|
|
|
221,698 |
|
|
Director
fees |
|
|
196,949 |
|
|
|
132,537 |
|
|
|
127,697 |
|
|
Officer
fees |
|
|
191,090 |
|
|
|
122,942 |
|
|
|
112,084 |
|
|
Registration
and filing fees |
|
|
58,874 |
|
|
|
47,869 |
|
|
|
44,485 |
|
|
Legal
fees |
|
|
55,689 |
|
|
|
42,615 |
|
|
|
31,803 |
|
|
Custodian
fees |
|
|
52,860 |
|
|
|
57,619 |
|
|
|
39,075 |
|
|
Printing
and shareholder reporting fees |
|
|
41,023 |
|
|
|
46,837 |
|
|
|
37,870 |
|
|
Transfer
agent fees |
|
|
40,895 |
|
|
|
40,711 |
|
|
|
40,358 |
|
|
Audit
and tax service fees |
|
|
19,786 |
|
|
|
20,577 |
|
|
|
19,676 |
|
|
Other
expenses |
|
|
80,939 |
|
|
|
160,173 |
|
|
|
49,268 |
|
|
Total
expenses |
|
|
11,489,487 |
|
|
|
8,745,638 |
|
|
|
7,789,951 |
|
|
Net
investment income/(loss) |
|
|
19,598,310 |
|
|
|
50,368,669 |
|
|
|
77,659,400 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-affiliated
funds |
|
|
57,273,824 |
|
|
|
27,744,082 |
|
|
|
(14,673,034 |
) |
|
Capital
gain distributions from non-affiliated fund investments |
|
|
92,622 |
|
|
|
10,219,356 |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-affiliated
funds |
|
|
(41,296,822 |
) |
|
|
(59,959,384 |
) |
|
|
(8,420,128 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
16,069,624 |
|
|
|
(21,995,946 |
) |
|
|
(23,093,162 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
35,667,934 |
|
|
$ |
28,372,723 |
|
|
$ |
54,566,238 |
|
The accompanying notes are
an integral part of the financial statements.
5
FREE
MARKET U.S. EQUITY FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28. 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
19,598,310 |
|
|
$ |
41,823,375 |
|
|
Net
realized gain/(loss) from investments |
|
|
57,366,446 |
|
|
|
136,417,140 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(41,296,822 |
) |
|
|
551,485,192 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
35,667,934 |
|
|
|
729,725,707 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(111,855,872 |
) |
|
|
(155,017,081 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(154,518,979 |
) |
|
|
(155,017,081 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
251,652,676 |
|
|
|
476,286,979 |
|
|
Reinvestment
of distributions |
|
|
154,352,458 |
|
|
|
154,979,410 |
|
|
Shares
redeemed |
|
|
(477,400,710 |
) |
|
|
(583,688,219 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
(71,395,576 |
) |
|
|
47,578,170 |
|
|
Total
increase/(decrease) in net assets |
|
|
(190,246,621 |
) |
|
|
622,286,796 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
4,301,185,599 |
|
|
|
3,678,898,803 |
|
|
End
of period |
|
$ |
4,110,938,978 |
|
|
$ |
4,301,185,599 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
10,111,734 |
|
|
|
21,414,430 |
|
|
Dividends
and distributions reinvested |
|
|
6,420,651 |
|
|
|
6,949,749 |
|
|
Shares
redeemed |
|
|
(19,095,322 |
) |
|
|
(26,322,345 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(2,562,937 |
) |
|
|
2,041,834 |
|
The accompanying notes are an integral part of
the financial statements.
6
FREE
MARKET INTERNATIONAL EQUITY FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28. 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
50,368,669 |
|
|
$ |
86,602,782 |
|
|
Net
realized gain/(loss) from investments |
|
|
37,963,438 |
|
|
|
28,864,317 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(59,959,384 |
) |
|
|
379,850,519 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
28,372,723 |
|
|
|
495,317,618 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(109,536,909 |
) |
|
|
(71,432,283 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(109,536,909 |
) |
|
|
(71,432,283 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
231,931,801 |
|
|
|
386,235,877 |
|
|
Reinvestment
of distributions |
|
|
109,445,428 |
|
|
|
71,413,639 |
|
|
Shares
redeemed |
|
|
(279,752,245 |
) |
|
|
(423,715,477 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
61,624,984 |
|
|
|
33,934,039 |
|
|
Total
increase/(decrease) in net assets |
|
|
(19,539,202 |
) |
|
|
457,819,374 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
3,283,448,219 |
|
|
|
2,825,628,845 |
|
|
End
of period |
|
$ |
3,263,909,017 |
|
|
$ |
3,283,448,219 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
19,347,402 |
|
|
|
34,170,229 |
|
|
Dividends
and distributions reinvested |
|
|
9,592,062 |
|
|
|
6,416,320 |
|
|
Shares
redeemed |
|
|
(23,243,138 |
) |
|
|
(37,820,659 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
5,696,326 |
|
|
|
2,765,890 |
|
The accompanying notes are
an integral part of the financial statements.
7
FREE
MARKET FIXED INCOME FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28. 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
77,659,400 |
|
|
$ |
89,103,608 |
|
|
Net
realized gain/(loss) from investments |
|
|
(14,673,034 |
) |
|
|
(18,576,023 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(8,420,128 |
) |
|
|
99,079,963 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
54,566,238 |
|
|
|
169,607,548 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(88,553,706 |
) |
|
|
(82,530,062 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(88,553,706 |
) |
|
|
(82,530,062 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
234,520,607 |
|
|
|
414,922,883 |
|
|
Reinvestment
of distributions |
|
|
88,458,622 |
|
|
|
82,496,375 |
|
|
Shares
redeemed |
|
|
(291,147,760 |
) |
|
|
(478,913,639 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
31,831,469 |
|
|
|
18,505,619 |
|
|
Total
increase/(decrease) in net assets |
|
|
(2,155,999 |
) |
|
|
105,583,105 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
2,890,938,074 |
|
|
|
2,785,354,969 |
|
|
End
of period |
|
$ |
2,888,782,075 |
|
|
$ |
2,890,938,074 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
23,293,870 |
|
|
|
41,907,589 |
|
|
Dividends
and distributions reinvested |
|
|
8,961,345 |
|
|
|
8,351,711 |
|
|
Shares
redeemed |
|
|
(28,885,669 |
) |
|
|
(48,478,845 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
3,369,546 |
|
|
|
1,780,455 |
|
The accompanying notes are
an integral part of the financial statements.
8
FREE
MARKET FUNDS
FREE
MARKET U.S. EQUITY FUND
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Year Ended
August 31, 2023 |
|
|
For
the
Year Ended
August 31, 2022 |
|
|
For
the
Year Ended
August 31, 2021 |
|
|
For
the
Year Ended
August 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
24.70 |
|
|
$ |
21.37 |
|
|
$ |
21.07 |
|
|
$ |
23.59 |
|
|
$ |
16.06 |
|
|
$ |
16.90 |
|
|
Net
investment income/(loss)(1) |
|
|
0.11 |
|
|
|
0.24 |
|
|
|
0.24 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
0.17 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
0.06 |
|
|
|
4.00 |
|
|
|
1.68 |
|
|
|
(1.69 |
) |
|
|
7.62 |
|
|
|
— |
(2) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.17 |
|
|
|
4.24 |
|
|
|
1.92 |
|
|
|
(1.48 |
) |
|
|
7.83 |
|
|
|
0.17 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.25 |
) |
|
|
(0.25 |
) |
|
|
(0.21 |
) |
|
|
(0.41 |
) |
|
|
(0.08 |
) |
|
|
(0.16 |
) |
|
Net
realized capital gains |
|
|
(0.66 |
) |
|
|
(0.66 |
) |
|
|
(1.41 |
) |
|
|
(0.63 |
) |
|
|
(0.22 |
) |
|
|
(0.85 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.91 |
) |
|
|
(0.91 |
) |
|
|
(1.62 |
) |
|
|
(1.04 |
) |
|
|
(0.30 |
) |
|
|
(1.01 |
) |
|
Net
asset value, end of period |
|
$ |
23.96 |
|
|
$ |
24.70 |
|
|
$ |
21.37 |
|
|
$ |
21.07 |
|
|
$ |
23.59 |
|
|
$ |
16.06 |
|
|
Total
investment return/(loss)(3) |
|
|
0.70 |
%(5) |
|
|
20.30 |
% |
|
|
9.92 |
% |
|
|
(6.77 |
)% |
|
|
49.28 |
% |
|
|
0.32 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
4,110,939 |
|
|
$ |
4,301,186 |
|
|
$ |
3,678,899 |
|
|
$ |
3,292,855 |
|
|
$ |
3,635,318 |
|
|
$ |
2,839,337 |
|
|
Ratio
of expenses to average net assets(4) |
|
|
0.54 |
%(6) |
|
|
0.54 |
% |
|
|
0.55 |
% |
|
|
0.56 |
% |
|
|
0.55 |
% |
|
|
0.56 |
% |
|
Ratio
of net investment income/(loss) to average net assets(4) |
|
|
0.92 |
%(6) |
|
|
1.08 |
% |
|
|
1.18 |
% |
|
|
0.92 |
% |
|
|
1.05 |
% |
|
|
1.05 |
% |
|
Portfolio
turnover rate |
|
|
1 |
%(5) |
|
|
4 |
% |
|
|
2 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
14 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(2) |
Amount less than $(0.005)
per share. |
|
(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. |
|
(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.
9
FREE
MARKET FUNDS
FREE
MARKET INTERNATIONAL EQUITY FUND
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Year Ended
August 31, 2023 |
|
|
For
the
Year Ended
August 31, 2022 |
|
|
For
the
Year Ended
August 31, 2021 |
|
|
For
the
Year Ended
August 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
12.43 |
|
|
$ |
10.81 |
|
|
$ |
9.66 |
|
|
$ |
11.60 |
|
|
$ |
8.89 |
|
|
$ |
9.09 |
|
|
Net
investment income/(loss)(1) |
|
|
0.19 |
|
|
|
0.33 |
|
|
|
0.27 |
|
|
|
0.34 |
|
|
|
0.18 |
|
|
|
0.19 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(0.11 |
) |
|
|
1.57 |
|
|
|
1.22 |
|
|
|
(2.13 |
) |
|
|
2.84 |
|
|
|
(0.13 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.08 |
|
|
|
1.90 |
|
|
|
1.49 |
|
|
|
(1.79 |
) |
|
|
3.02 |
|
|
|
0.06 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.42 |
) |
|
|
(0.28 |
) |
|
|
(0.34 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
|
|
(0.14 |
) |
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.18 |
) |
|
|
(0.12 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.42 |
) |
|
|
(0.28 |
) |
|
|
(0.34 |
) |
|
|
(0.15 |
) |
|
|
(0.31 |
) |
|
|
(0.26 |
) |
|
Net
asset value, end of period |
|
$ |
12.09 |
|
|
$ |
12.43 |
|
|
$ |
10.81 |
|
|
$ |
9.66 |
|
|
$ |
11.60 |
|
|
$ |
8.89 |
|
|
Total
investment return/(loss)(2) |
|
|
0.83 |
%(4) |
|
|
17.86 |
% |
|
|
15.82 |
% |
|
|
(15.63 |
)% |
|
|
34.43 |
% |
|
|
0.30 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
3,263,909 |
|
|
$ |
3,283,448 |
|
|
$ |
2,825,629 |
|
|
$ |
2,395,377 |
|
|
$ |
2,682,213 |
|
|
$ |
2,153,655 |
|
|
Ratio
of expenses to average net assets(3) |
|
|
0.55 |
%(5) |
|
|
0.55 |
% |
|
|
0.55 |
% |
|
|
0.56 |
% |
|
|
0.56 |
% |
|
|
0.58 |
% |
|
Ratio
of net investment income/(loss) to average net assets(3) |
|
|
3.17 |
%(5) |
|
|
2.92 |
% |
|
|
2.68 |
% |
|
|
3.08 |
% |
|
|
1.70 |
% |
|
|
2.13 |
% |
|
Portfolio
turnover rate |
|
|
4 |
%(4) |
|
|
13 |
% |
|
|
3 |
% |
|
|
2 |
% |
|
|
5 |
% |
|
|
28 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(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. |
|
(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.
10
FREE
MARKET FUNDS
FREE
MARKET FIXED INCOME FUND
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
For
the
Year Ended
August 31, 2023 |
|
|
For
the
Year Ended
August 31, 2022 |
|
|
For
the
Year Ended
August 31, 2021 |
|
|
For
the
Year Ended
August 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
10.13 |
|
|
$ |
9.82 |
|
|
$ |
9.82 |
|
|
$ |
10.56 |
|
|
$ |
10.61 |
|
|
$ |
10.47 |
|
|
Net
investment income/(loss)(1) |
|
|
0.27 |
|
|
|
0.32 |
|
|
|
0.17 |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.15 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(0.09 |
) |
|
|
0.29 |
|
|
|
(0.01 |
) |
|
|
(0.74 |
) |
|
|
— |
(2) |
|
|
0.16 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.18 |
|
|
|
0.61 |
|
|
|
0.16 |
|
|
|
(0.69 |
) |
|
|
0.03 |
|
|
|
0.31 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.31 |
) |
|
|
(0.30 |
) |
|
|
(0.16 |
) |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
(0.17 |
) |
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.03 |
) |
|
|
— |
|
|
Return
of capital |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
(2) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.31 |
) |
|
|
(0.30 |
) |
|
|
(0.16 |
) |
|
|
(0.05 |
) |
|
|
(0.08 |
) |
|
|
(0.17 |
) |
|
Net
asset value, end of period |
|
$ |
10.00 |
|
|
$ |
10.13 |
|
|
$ |
9.82 |
|
|
$ |
9.82 |
|
|
$ |
10.56 |
|
|
$ |
10.61 |
|
|
Total
investment return/(loss)(3) |
|
|
1.87 |
%(5) |
|
|
6.30 |
% |
|
|
1.62 |
% |
|
|
(6.51 |
)% |
|
|
0.31 |
% |
|
|
2.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
2,888,782 |
|
|
$ |
2,890,938 |
|
|
$ |
2,785,355 |
|
|
$ |
2,749,164 |
|
|
$ |
2,820,610 |
|
|
$ |
2,307,909 |
|
|
Ratio
of expenses to average net assets(4) |
|
|
0.54 |
%(6) |
|
|
0.55 |
% |
|
|
0.55 |
% |
|
|
0.56 |
% |
|
|
0.56 |
% |
|
|
0.56 |
% |
|
Ratio
of net investment income/(loss) to average net assets(4) |
|
|
5.42 |
%(6) |
|
|
3.20 |
% |
|
|
1.72 |
% |
|
|
0.51 |
% |
|
|
0.27 |
% |
|
|
1.39 |
% |
|
Portfolio
turnover rate |
|
|
13 |
%(5) |
|
|
8 |
% |
|
|
3 |
% |
|
|
3 |
% |
|
|
2 |
% |
|
|
46 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(2) |
Amount less than $(0.005)
per share. |
|
(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. |
|
(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.
11
FREE
MARKET FUNDS
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
|
1.
|
Organization and Significant Accounting Policies |
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 Securities and Exchange Commission’s (“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.
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
12
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
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 |
|
$ |
3,860,950,445 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,860,950,445 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
248,089,037 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,997,075 |
|
|
Short-Term
Investments |
|
|
4,405,144 |
|
|
|
— |
|
|
|
— |
|
|
|
4,405,144 |
|
|
Total
Investments** |
|
$ |
3,865,355,589 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,116,441,701 |
|
|
*
|
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 INTERNATIONAL EQUITY Fund
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
TOTAL
|
|
|
Open-End
Funds |
|
$ |
2,791,094,106 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,791,094,106 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
472,995,277 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
133,810,300 |
|
|
Short-Term
Investments |
|
|
2,823,074 |
|
|
|
— |
|
|
|
— |
|
|
|
2,823,074 |
|
|
Total
Investments** |
|
$ |
2,793,917,180 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,400,722,757 |
|
|
*
|
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. |
13
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
FREE
MARKET FIXED INCOME Fund
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
TOTAL
|
|
|
Open-End
Funds |
|
$ |
2,874,362,117 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,874,362,117 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14,889,250 |
|
|
Short-Term
Investments |
|
|
16,022,718 |
|
|
|
— |
|
|
|
— |
|
|
|
16,022,718 |
|
|
Total
Investments** |
|
$ |
2,890,384,835 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,905,274,085 |
|
|
*
|
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.
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.
14
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains,
if any, are declared and paid at least annually to shareholders 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.
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.
|
2.
|
Investment Adviser and Other Services |
Matson
Money, Inc. serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based
on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the
following tables.
|
AVERAGE
DAILY NET ASSETS |
|
ADVISORY
FEE |
|
|
For
the first $1 billion |
|
|
0.50 |
% |
|
Over
$1 billion to $3 billion |
|
|
0.49 |
|
|
Over
$3 billion to $5 billion |
|
|
0.48 |
|
|
Over
$5 billion |
|
|
0.47 |
|
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.
15
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly
fee, subject to certain minimum and out of pocket expenses.
Vigilant
Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Funds’ shares pursuant
to a Distribution Agreement with RBB.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.
|
3.
|
Director and Officer Compensation |
The
Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves
as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees
of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director
of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of
Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation
amounts, please refer to the Statements of Operations.
|
4.
|
Purchases and Sales of Investment Securities |
During
the current fiscal period, aggregate purchase and sales of investment securities (excluding short-term investments) of the Funds were
as follows:
| |
|
Purchases |
|
|
Sales |
|
|
Free
Market U.S. Equity Fund |
|
$ |
37,900,900 |
|
|
$ |
245,134,854 |
|
|
Free
Market International Equity Fund |
|
|
138,000,769 |
|
|
|
123,283,453 |
|
|
Free
Market Fixed Income Fund |
|
|
393,687,520 |
|
|
|
371,441,339 |
|
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, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund
were as follows:
| |
|
FEDERAL
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Free
Market U.S. Equity Fund |
|
$ |
2,424,962,605 |
|
|
$ |
1,900,629,558 |
|
|
$ |
(21,978,036 |
) |
|
$ |
1,878,651,522 |
|
|
Free
Market International Equity Fund |
|
|
2,541,914,986 |
|
|
|
837,789,581 |
|
|
|
(34,251,586 |
) |
|
|
803,537,995 |
|
|
Free
Market Fixed Income Fund |
|
|
2,982,159,803 |
|
|
|
17,662,748 |
|
|
|
(64,022,249 |
) |
|
|
(46,359,501 |
) |
16
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
Distributions
to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations,
which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character
of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.
To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary
differences do not require such reclassification.
The
following permanent differences as of August 31, 2024, primarily attributable to equalization, short term dividend reclass, distribution
reclass, and dividend reclass, were reclassified among the following accounts:
| |
|
DISTRIBUTABLE
EARNINGS/(LOSS) |
|
|
Paid-In
Capital |
|
|
Free
Market U.S. Equity Fund |
|
$ |
113,099,841 |
|
|
$ |
113,099,841 |
|
|
Free
Market International Equity Fund |
|
|
89,087,106 |
|
|
|
89,087,106 |
|
|
Free
Market Fixed Income Fund |
|
|
11,889,373 |
|
|
|
11,889,373 |
|
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
| |
|
Undistributed
Ordinary Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Capital
Loss
CarryForwards |
|
|
NET
Unrealized
Appreciation/
(Depreciation) |
|
|
Free
Market U.S. Equity Fund |
|
$ |
14,101,181 |
|
|
$ |
98,998,660 |
|
|
$ |
— |
|
|
$ |
1,878,651,522 |
|
|
Free
Market International Equity Fund |
|
|
89,087,106 |
|
|
|
— |
|
|
|
(68,574,697 |
) |
|
|
803,537,995 |
|
|
Free
Market Fixed Income Fund |
|
|
11,889,373 |
|
|
|
— |
|
|
|
(23,815,192 |
) |
|
|
(46,359,501 |
) |
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 year ended August 31, 2024 were as follows:
| |
|
|
|
|
|
Ordinary
Income |
|
|
Long-Term
Gains |
|
|
RETURN
OF
CAPITAL |
|
|
Total |
|
|
Free
Market U.S. Equity Fund |
|
|
|
|
|
$ |
42,924,002 |
|
|
$ |
112,093,079 |
|
|
$ |
— |
|
|
$ |
155,017,081 |
|
|
Free
Market International Equity Fund |
|
|
|
|
|
|
71,432,283 |
|
|
|
— |
|
|
|
— |
|
|
|
71,432,283 |
|
|
Free
Market Fixed Income Fund |
|
|
|
|
|
|
82,530,062 |
|
|
|
— |
|
|
|
— |
|
|
|
82,530,062 |
|
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, 2024, the Free Market International Equity Fund had $16,264,666
of short-term capital loss carryforwards and $52,310,031 of long-term capital loss carryforwards, the Free Market Fixed Income Fund had
$4,159,113 of short-term capital loss carryforwards and $19,656,079 of long-term capital loss carryforwards.
6.
SECURITIES LENDING
The
Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income
and receive cash collateral equal to at least 102% of the current market value of the loaned securities, as marked to market each day
that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its
best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The
Funds will pay administrative and custodial fees in connection with the loan of
17
FREE
MARKET FUNDS
Notes
to Financial Statements (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
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 of
Securities Loaned |
|
|
Market
Value of
Collateral |
|
|
INCOME
RECEIVED
FROM SECURITIES
LENDING |
|
|
Free
Market U.S. Equity Fund |
|
|
|
|
|
$ |
2,967,972 |
|
|
$ |
2,997,075 |
|
|
$ |
5,389 |
|
|
Free
Market International Equity Fund |
|
|
|
|
|
|
129,691,496 |
|
|
|
133,810,300 |
|
|
|
111,448 |
|
|
Free
Market Fixed Income Fund |
|
|
|
|
|
|
14,555,547 |
|
|
|
14,889,250 |
|
|
|
55,306 |
|
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
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
Fund |
|
GROSS
AMOUNTS
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
NET
AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
Net
Amount2 |
|
|
Free
Market U.S. Equity Fund |
|
$ |
2,967,972 |
|
|
$ |
— |
|
|
$ |
2,967,972 |
|
|
$ |
(2,967,972 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Free
Market International Equity Fund |
|
|
129,691,496 |
|
|
|
— |
|
|
|
129,691,496 |
|
|
|
(129,691,496 |
) |
|
|
— |
|
|
|
— |
|
|
Free
Market Fixed Income Fund |
|
|
14,555,547 |
|
|
|
— |
|
|
|
14,555,547 |
|
|
|
(14,555,547 |
) |
|
|
— |
|
|
|
— |
|
|
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. |
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.
18
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.
19
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
February
28, 2025
(Unaudited)
This
report is submitted for the general information of the shareholders of the Portfolios. It is not authorized for distribution unless preceded
or accompanied by a current prospectus for the Portfolios.
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY U.S. EQUITY VI PORTFOLIO
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares
|
|
|
Value |
|
|
OPEN-END
FUNDS — 99.1% |
|
|
|
|
|
U.S.
Large Cap Value Portfolio III - Class Institutional (a) |
|
|
210,527 |
|
|
$ |
6,989,494 |
|
|
U.S.
Large Company Portfolio - Class Institutional (a) |
|
|
94,282 |
|
|
|
3,728,838 |
|
|
U.S.
Micro Cap Portfolio - Class Institutional (b) |
|
|
138,521 |
|
|
|
3,878,577 |
|
|
U.S.
Small Cap Portfolio - Class Institutional (b) |
|
|
81,154 |
|
|
|
3,892,953 |
|
|
U.S.
Small Cap Value Portfolio - Class Institutional (b) |
|
|
54,997 |
|
|
|
2,601,352 |
|
|
VA
U.S. Large Value Portfolio (b) |
|
|
32,288 |
|
|
|
1,099,075 |
|
|
VA
U.S. Targeted Value Portfolio (b) |
|
|
177,194 |
|
|
|
3,930,164 |
|
|
TOTAL
OPEN-END FUNDS (Cost $20,815,748) |
|
|
|
|
|
|
26,120,453 |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.9% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 0.9% |
|
|
|
|
|
|
|
|
|
STIT-Government
& Agency Portfolio - Class Institutional, 4.29% (c) |
|
|
246,173 |
|
|
|
246,173 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $246,173) |
|
|
|
|
|
|
246,173 |
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $21,061,921) |
|
|
|
|
|
|
26,366,626 |
|
|
Other
Assets in Excess of Liabilities — 0.0% (d) |
|
|
|
|
|
|
9,657 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
26,376,283 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
A portfolio of Dimensional
Investment Group Inc. |
|
(b) |
A portfolio of DFA Investment
Trust Company. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(d) |
Represents less than 0.05%
of the Portfolio’s net assets. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
1
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY INTERNATIONAL EQUITY VI PORTFOLIO
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares
|
|
|
Value |
|
|
OPEN-END
FUNDS — 99.2% |
|
|
|
|
|
DFA
International Small Cap Value Portfolio - Class Institutional (a) |
|
|
252,095 |
|
|
$ |
5,893,984 |
|
|
DFA
International Value Portfolio III - Class Institutional (b) |
|
|
329,218 |
|
|
|
6,360,485 |
|
|
Emerging
Markets Small Cap Portfolio - Class Institutional (a) |
|
|
43,279 |
|
|
|
981,993 |
|
|
Emerging
Markets Value Portfolio - Class Institutional (a) |
|
|
33,289 |
|
|
|
1,012,982 |
|
|
iShares
Core MSCI EAFE ETF (c) |
|
|
11,121 |
|
|
|
838,301 |
|
|
iShares
Core MSCI Emerging Markets ETF (c) |
|
|
19,991 |
|
|
|
1,068,319 |
|
|
VA
International Small Portfolio (a) |
|
|
292,211 |
|
|
|
3,532,833 |
|
|
VA
International Value Portfolio (a) |
|
|
72,046 |
|
|
|
1,074,212 |
|
|
TOTAL
OPEN-END FUNDS (Cost $17,653,104) |
|
|
|
|
|
|
20,763,109 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Units |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 10.2% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 9.3% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 5.50% (d) |
|
|
1,941,479 |
|
|
|
1,941,479 |
|
| |
|
|
|
|
|
|
|
|
| |
|
Shares |
|
|
|
|
|
|
Money
Market Funds — 0.9% |
|
|
|
|
|
|
|
|
|
STIT-Government
& Agency Portfolio - Class Institutional, 4.29% (e) |
|
|
192,412 |
|
|
|
192,412 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $2,133,891) |
|
|
|
|
|
|
2,133,891 |
|
|
TOTAL
INVESTMENTS — 109.4% (Cost $19,786,995) |
|
|
|
|
|
|
22,897,000 |
|
|
Liabilities
in Excess of Other Assets — (9.4)% |
|
|
|
|
|
|
(1,967,869 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
20,929,131 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
A portfolio of DFA Investment
Trust Company. |
|
(b) |
A portfolio of DFA Investment
Dimensions Group Inc. |
|
(c) |
All or a portion of this
security is on loan as of February 28, 2025. The total market value of these securities was $1,887,489 which represented 9.0% of the Portfolio’s
net assets. |
|
(d) |
The rate shown is as of
February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
2
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY FIXED INCOME VI PORTFOLIO
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares
|
|
|
Value |
|
|
OPEN-END
FUNDS — 98.7% |
|
|
|
|
|
|
|
|
|
DFA
Intermediate Government Fixed Income Portfolio - Class Institutional (a) |
|
|
138,011 |
|
|
$ |
1,534,686 |
|
|
DFA
One-Year Fixed Income Portfolio - Class Institutional (a) |
|
|
282,694 |
|
|
|
2,897,612 |
|
|
DFA
Short-Term Government Portfolio - Class Institutional (a) |
|
|
101,160 |
|
|
|
1,011,602 |
|
|
DFA
Two-Year Global Fixed Income Portfolio - Class Institutional (a) |
|
|
387,290 |
|
|
|
3,791,570 |
|
|
Dimensional
Inflation-Protected Securities ETF |
|
|
30,500 |
|
|
|
1,278,255 |
|
|
iShares
1-5 Year Investment Grade Corporate Bond ETF |
|
|
116,417 |
|
|
|
6,094,430 |
|
|
iShares
5-10 Year Investment Grade Corporate Bond ETF |
|
|
29,038 |
|
|
|
1,530,302 |
|
|
iShares
Core International Aggregate Bond ETF |
|
|
75,619 |
|
|
|
3,813,466 |
|
|
VA
Global Bond Portfolio (a) |
|
|
257,930 |
|
|
|
2,530,295 |
|
|
VA
Short-Term Fixed Income Portfolio (a) |
|
|
49,905 |
|
|
|
506,042 |
|
|
TOTAL
OPEN-END FUNDS (Cost $25,570,238) |
|
|
|
|
|
|
24,988,260 |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 1.5% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 1.5% |
|
|
|
|
|
|
|
|
|
STIT-Government
& Agency Portfolio - Class Institutional, 4.29% (b) |
|
|
379,919 |
|
|
|
379,919 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $379,919) |
|
|
|
|
|
|
379,919 |
|
|
TOTAL
INVESTMENTS — 100.2% (Cost $25,950,157) |
|
|
|
|
|
|
25,368,179 |
|
|
Liabilities
in Excess of Other Assets — (0.2)% |
|
|
|
|
|
|
(58,542 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
25,309,637 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
A portfolio of DFA Investment
Dimensions Group Inc. |
|
(b) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
Portfolio
holdings are subject to change at any time.
The
accompanying notes are an integral part of the financial statements.
3
MATSON
MONEY VI PORTFOLIOS
Statements
of Assets and Liabilities
February
28, 2025 (Unaudited)
| |
|
MATSON
MONEY
U.S. EQUITY
VI PORTFOLIO |
|
|
MATSON
MONEY
INTERNATIONAL EQUITY
VI PORTFOLIO |
|
|
MATSON
MONEY
FIXED INCOME
VI PORTFOLIO |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in affiliated funds, at value (cost $20,815,747, $17,653,104 and $25,555,020, respectively) |
|
$ |
26,120,453 |
|
|
$ |
20,763,109 |
|
|
$ |
24,988,260 |
|
|
Short-term
investments, at value (cost $246,173, $192,412 and $379,919, respectively) |
|
|
246,173 |
|
|
|
192,412 |
|
|
|
379,919 |
|
|
Investments
purchased with proceeds from securities lending collateral (cost $—, $1,941,479 and $—, respectively) |
|
|
— |
|
|
|
1,941,479 |
|
|
|
— |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due
from affiliate |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
— |
|
|
Investments
sold |
|
|
20,431 |
|
|
|
646 |
|
|
|
1,243 |
|
|
Dividends
and interest |
|
|
— |
|
|
|
48 |
|
|
|
— |
|
|
Prepaid
expenses and other assets |
|
|
1,070 |
|
|
|
306 |
|
|
|
868 |
|
|
Total
assets |
|
|
26,418,127 |
|
|
|
22,928,000 |
|
|
|
25,370,290 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Audit
fees |
|
$ |
21,952 |
|
|
$ |
21,941 |
|
|
$ |
21,928 |
|
|
Advisory
fees |
|
|
10,389 |
|
|
|
8,025 |
|
|
|
9,687 |
|
|
Administration
and accounting fees |
|
|
2,253 |
|
|
|
2,075 |
|
|
|
2,296 |
|
|
Capital
shares redeemed |
|
|
1,031 |
|
|
|
20,907 |
|
|
|
21,119 |
|
|
Transfer
agent fees |
|
|
626 |
|
|
|
519 |
|
|
|
657 |
|
|
Securities
lending collateral |
|
|
— |
|
|
|
1,941,479 |
|
|
|
— |
|
|
Other
accrued expenses and liabilities |
|
|
5,593 |
|
|
|
3,923 |
|
|
|
4,966 |
|
|
Total
liabilities |
|
|
41,844 |
|
|
|
1,998,869 |
|
|
|
60,653 |
|
|
Net
assets |
|
$ |
26,376,283 |
|
|
$ |
20,929,131 |
|
|
$ |
25,309,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
828 |
|
|
$ |
774 |
|
|
$ |
1,053 |
|
|
Paid-in
capital |
|
|
20,245,163 |
|
|
|
18,086,935 |
|
|
|
26,646,221 |
|
|
Total
distributable earnings/(loss) |
|
|
6,130,292 |
|
|
|
2,841,422 |
|
|
|
(1,337,637 |
) |
|
Net
assets |
|
$ |
26,376,283 |
|
|
$ |
20,929,131 |
|
|
$ |
25,309,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets |
|
$ |
26,376,283 |
|
|
$ |
20,929,131 |
|
|
$ |
25,309,637 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
827,808 |
|
|
|
774,138 |
|
|
|
1,053,025 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
31.86 |
|
|
$ |
27.04 |
|
|
$ |
24.04 |
|
The
accompanying notes are an integral part of the financial statements.
4
MATSON
MONEY VI PORTFOLIOS
Statements
of Operations
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (UNAUDITED)
| |
|
MATSON
MONEY
U.S. EQUITY
VI PORTFOLIO |
|
|
MATSON
MONEY
INTERNATIONAL EQUITY
VI PORTFOLIO |
|
|
MATSON
MONEY
FIXED INCOME
VI PORTFOLIO |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from affiliated funds |
|
$ |
236,631 |
|
|
$ |
517,619 |
|
|
$ |
756,759 |
|
|
Interest
income |
|
|
6,001 |
|
|
|
4,883 |
|
|
|
8,558 |
|
|
Securities
lending income |
|
|
— |
|
|
|
527 |
|
|
|
2,922 |
|
|
Total
investment income |
|
|
242,632 |
|
|
|
523,029 |
|
|
|
768,239 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
69,469 |
|
|
|
50,992 |
|
|
|
63,520 |
|
|
Audit
and tax service fees |
|
|
18,825 |
|
|
|
18,817 |
|
|
|
18,806 |
|
|
Administration
and accounting fees |
|
|
8,733 |
|
|
|
8,215 |
|
|
|
8,587 |
|
|
Custodian
fees |
|
|
3,091 |
|
|
|
2,679 |
|
|
|
2,780 |
|
|
Printing
and shareholder reporting fees |
|
|
2,007 |
|
|
|
1,667 |
|
|
|
1,943 |
|
|
Director’s
fees |
|
|
1,353 |
|
|
|
1,016 |
|
|
|
1,279 |
|
|
Legal
fees |
|
|
1,246 |
|
|
|
939 |
|
|
|
1,200 |
|
|
Officer’s
fees |
|
|
397 |
|
|
|
310 |
|
|
|
326 |
|
|
Other
expenses |
|
|
3,530 |
|
|
|
3,490 |
|
|
|
3,491 |
|
|
Total
expenses |
|
|
108,651 |
|
|
|
88,125 |
|
|
|
101,932 |
|
|
Net
investment income/(loss) |
|
|
133,981 |
|
|
|
434,904 |
|
|
|
666,307 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated
funds |
|
|
1,077,295 |
|
|
|
304,552 |
|
|
|
(140,703 |
) |
|
Capital
gain distributions from affiliated fund investments |
|
|
388,689 |
|
|
|
159,279 |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliated
funds |
|
|
(1,369,025 |
) |
|
|
(748,989 |
) |
|
|
(83,028 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
96,959 |
|
|
|
(285,158 |
) |
|
|
(223,731 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
230,940 |
|
|
$ |
149,746 |
|
|
$ |
442,576 |
|
The
accompanying notes are an integral part of the financial statements.
5
MATSON
MONEY U.S. EQUITY VI PORTFOLIO
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
133,981 |
|
|
$ |
231,948 |
|
|
Net
realized gain/(loss) from investments |
|
|
1,465,984 |
|
|
|
2,234,979 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(1,369,025 |
) |
|
|
2,699,915 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
230,940 |
|
|
|
5,166,842 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,675,128 |
) |
|
|
(2,176,502 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,675,128 |
) |
|
|
(2,176,502 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
993,514 |
|
|
|
2,413,824 |
|
|
Reinvestment
of distributions |
|
|
2,675,128 |
|
|
|
2,176,501 |
|
|
Shares
redeemed |
|
|
(3,152,845 |
) |
|
|
(7,046,852 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
515,797 |
|
|
|
(2,456,527 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(1,928,391 |
) |
|
|
533,813 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
28,304,674 |
|
|
|
27,770,861 |
|
|
End
of period |
|
$ |
26,376,283 |
|
|
$ |
28,304,674 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
28,677 |
|
|
|
75,772 |
|
|
Dividends
and distributions reinvested |
|
|
83,702 |
|
|
|
68,790 |
|
|
Shares
redeemed |
|
|
(91,286 |
) |
|
|
(217,257 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
21,093 |
|
|
|
(72,695 |
) |
The
accompanying notes are an integral part of the financial statements.
6
MATSON
MONEY INTERNATIONAL EQUITY VI PORTFOLIO
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
434,904 |
|
|
$ |
587,162 |
|
|
Net
realized gain/(loss) from investments |
|
|
463,831 |
|
|
|
366,698 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(748,989 |
) |
|
|
2,366,865 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
149,746 |
|
|
|
3,320,725 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(981,218 |
) |
|
|
(638,754 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(981,218 |
) |
|
|
(638,754 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
1,600,334 |
|
|
|
1,745,197 |
|
|
Reinvestment
of distributions |
|
|
981,218 |
|
|
|
638,754 |
|
|
Shares
redeemed |
|
|
(1,777,982 |
) |
|
|
(4,460,211 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
803,570 |
|
|
|
(2,076,260 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(27,902 |
) |
|
|
605,711 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
20,957,033 |
|
|
|
20,351,322 |
|
|
End
of period |
|
$ |
20,929,131 |
|
|
$ |
20,957,033 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
58,557 |
|
|
|
66,262 |
|
|
Dividends
and distributions reinvested |
|
|
38,434 |
|
|
|
25,168 |
|
|
Shares
redeemed |
|
|
(65,167 |
) |
|
|
(168,854 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
31,824 |
|
|
|
(77,424 |
) |
The
accompanying notes are an integral part of the financial statements.
7
MATSON
MONEY FIXED INCOME VI PORTFOLIO
Statements
of Changes in Net Assets
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
666,307 |
|
|
$ |
833,938 |
|
|
Net
realized gain/(loss) from investments |
|
|
(140,703 |
) |
|
|
(324,337 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(83,028 |
) |
|
|
1,087,837 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
442,576 |
|
|
|
1,597,398 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(916,426 |
) |
|
|
(721,924 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(916,426 |
) |
|
|
(721,924 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
961,628 |
|
|
|
2,993,093 |
|
|
Reinvestment
of distributions |
|
|
916,426 |
|
|
|
721,924 |
|
|
Shares
redeemed |
|
|
(1,847,571 |
) |
|
|
(5,764,504 |
) |
|
Net
increase/(decrease) in net assets from capital shares |
|
|
30,483 |
|
|
|
(2,049,487 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(443,367 |
) |
|
|
(1,174,013 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
25,753,004 |
|
|
|
26,927,017 |
|
|
End
of period |
|
$ |
25,309,637 |
|
|
$ |
25,753,004 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
39,308 |
|
|
|
125,742 |
|
|
Dividends
and distributions reinvested |
|
|
38,651 |
|
|
|
30,435 |
|
|
Shares
redeemed |
|
|
(76,352 |
) |
|
|
(241,074 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
1,607 |
|
|
|
(84,897 |
) |
The
accompanying notes are an integral part of the financial statements.
8
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY U.S. EQUITY VI PORTFOLIO
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2023 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2022 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2021 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
35.09 |
|
|
$ |
31.58 |
|
|
$ |
31.90 |
|
|
$ |
36.70 |
|
|
$ |
25.62 |
|
|
$ |
27.08 |
|
|
Net
investment income/(loss)(1) |
|
|
0.17 |
|
|
|
0.27 |
|
|
|
0.28 |
|
|
|
0.23 |
|
|
|
0.25 |
|
|
|
0.22 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
0.04 |
|
|
|
5.74 |
|
|
|
2.62 |
|
|
|
(2.37 |
) |
|
|
12.06 |
|
|
|
(0.04 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.21 |
|
|
|
6.01 |
|
|
|
2.90 |
|
|
|
(2.14 |
) |
|
|
12.31 |
|
|
|
0.18 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.29 |
) |
|
|
(0.33 |
) |
|
|
(0.26 |
) |
|
|
(0.34 |
) |
|
|
(0.29 |
) |
|
|
(0.24 |
) |
|
Net
realized capital gains |
|
|
(3.15 |
) |
|
|
(2.17 |
) |
|
|
(2.96 |
) |
|
|
(2.32 |
) |
|
|
(0.94 |
) |
|
|
(1.40 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(3.44 |
) |
|
|
(2.50 |
) |
|
|
(3.22 |
) |
|
|
(2.66 |
) |
|
|
(1.23 |
) |
|
|
(1.64 |
) |
|
Net
asset value, end of period |
|
$ |
31.86 |
|
|
$ |
35.09 |
|
|
$ |
31.58 |
|
|
$ |
31.90 |
|
|
$ |
36.70 |
|
|
$ |
25.62 |
|
|
Total
investment return/(loss)(2) |
|
|
0.58 |
%(4) |
|
|
19.90 |
% |
|
|
10.14 |
% |
|
|
(6.64 |
)% |
|
|
49.31 |
% |
|
|
(0.02 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
26,376 |
|
|
$ |
28,305 |
|
|
$ |
27,771 |
|
|
$ |
27,817 |
|
|
$ |
31,796 |
|
|
$ |
25,070 |
|
|
Ratio
of expenses to average net assets with waivers, if any(3) |
|
|
0.78 |
%(5) |
|
|
0.76 |
% |
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
|
0.76 |
% |
|
Ratio
of expenses to average net assets without waivers, if any(3) |
|
|
0.78 |
%(5) |
|
|
0.76 |
% |
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
|
0.76 |
% |
|
Ratio
of net investment income/(loss) to average net assets(3) |
|
|
0.96 |
%(5) |
|
|
0.84 |
% |
|
|
0.90 |
% |
|
|
0.65 |
% |
|
|
0.77 |
% |
|
|
0.86 |
% |
|
Portfolio
turnover rate |
|
|
5 |
%(4) |
|
|
8 |
% |
|
|
9 |
% |
|
|
15 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(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. |
|
(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.
9
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY INTERNATIONAL EQUITY VI PORTFOLIO
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2023 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2022 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2021 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
28.23 |
|
|
$ |
24.83 |
|
|
$ |
22.22 |
|
|
$ |
28.00 |
|
|
$ |
21.35 |
|
|
$ |
22.27 |
|
|
Net
investment income/(loss)(1) |
|
|
0.58 |
|
|
|
0.73 |
|
|
|
0.61 |
|
|
|
0.73 |
|
|
|
0.37 |
|
|
|
0.42 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(0.45 |
) |
|
|
3.46 |
|
|
|
2.73 |
|
|
|
(4.87 |
) |
|
|
6.80 |
|
|
|
(0.25 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.13 |
|
|
|
4.19 |
|
|
|
3.34 |
|
|
|
(4.14 |
) |
|
|
7.17 |
|
|
|
0.17 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.81 |
) |
|
|
(0.79 |
) |
|
|
(0.50 |
) |
|
|
(0.82 |
) |
|
|
(0.35 |
) |
|
|
(0.52 |
) |
|
Net
realized capital gains |
|
|
(0.51 |
) |
|
|
— |
|
|
|
(0.23 |
) |
|
|
(0.82 |
) |
|
|
(0.17 |
) |
|
|
(0.57 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.32 |
) |
|
|
(0.79 |
) |
|
|
(0.73 |
) |
|
|
(1.64 |
) |
|
|
(0.52 |
) |
|
|
(1.09 |
) |
|
Net
asset value, end of period |
|
$ |
27.04 |
|
|
$ |
28.23 |
|
|
$ |
24.83 |
|
|
$ |
22.22 |
|
|
$ |
28.00 |
|
|
$ |
21.35 |
|
|
Total
investment return/(loss)(2) |
|
|
0.74 |
%(4) |
|
|
17.23 |
% |
|
|
15.39 |
% |
|
|
(15.66 |
)% |
|
|
33.96 |
% |
|
|
0.17 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
20,929 |
|
|
$ |
20,957 |
|
|
$ |
20,351 |
|
|
$ |
19,100 |
|
|
$ |
22,780 |
|
|
$ |
18,559 |
|
|
Ratio
of expenses to average net assets with waivers, if any(3) |
|
|
0.86 |
%(5) |
|
|
0.83 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.83 |
% |
|
Ratio
of expenses to average net assets without waivers, if any(3) |
|
|
0.86 |
%(5) |
|
|
0.83 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.80 |
% |
|
|
0.83 |
% |
|
Ratio
of net investment income/(loss) to average net assets(3) |
|
|
4.26 |
%(5) |
|
|
2.84 |
% |
|
|
2.60 |
% |
|
|
2.86 |
% |
|
|
1.48 |
% |
|
|
1.99 |
% |
|
Portfolio
turnover rate |
|
|
7 |
%(4) |
|
|
6 |
% |
|
|
11 |
% |
|
|
11 |
% |
|
|
18 |
% |
|
|
26 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(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. |
|
(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.
10
MATSON
MONEY VI PORTFOLIOS
MATSON
MONEY FIXED INCOME VI PORTFOLIO
Financial
Highlights
|
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. |
| |
|
FOR
THE
SIX MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2024 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2023 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2022 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2021 |
|
|
FOR
THE
YEAR ENDED
AUGUST 31, 2020 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
24.49 |
|
|
$ |
23.70 |
|
|
$ |
23.67 |
|
|
$ |
25.55 |
|
|
$ |
25.66 |
|
|
$ |
25.38 |
|
|
Net
investment income/(loss)(1) |
|
|
0.63 |
|
|
|
0.74 |
|
|
|
0.37 |
|
|
|
0.10 |
|
|
|
0.02 |
|
|
|
0.43 |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
(0.20 |
) |
|
|
0.69 |
|
|
|
(0.05 |
) |
|
|
(1.90 |
) |
|
|
0.04 |
|
|
|
0.27 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.43 |
|
|
|
1.43 |
|
|
|
0.32 |
|
|
|
(1.80 |
) |
|
|
0.06 |
|
|
|
0.70 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.88 |
) |
|
|
(0.64 |
) |
|
|
(0.29 |
) |
|
|
(0.08 |
) |
|
|
(0.16 |
) |
|
|
(0.42 |
) |
|
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 |
) |
|
|
(0.42 |
) |
|
Net
asset value, end of period |
|
$ |
24.04 |
|
|
$ |
24.49 |
|
|
$ |
23.70 |
|
|
$ |
23.67 |
|
|
$ |
25.55 |
|
|
$ |
25.66 |
|
|
Total
investment return/(loss)(2) |
|
|
1.80 |
%(4) |
|
|
6.12 |
% |
|
|
1.36 |
% |
|
|
(7.08 |
)% |
|
|
0.22 |
% |
|
|
2.80 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
25,310 |
|
|
$ |
25,753 |
|
|
$ |
26,927 |
|
|
$ |
28,299 |
|
|
$ |
33,103 |
|
|
$ |
27,323 |
|
|
Ratio
of expenses to average net assets with waivers, if any(3) |
|
|
0.80 |
%(5) |
|
|
0.76 |
% |
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
Ratio
of expenses to average net assets without waivers, if any(3) |
|
|
0.80 |
%(5) |
|
|
0.76 |
% |
|
|
0.74 |
% |
|
|
0.73 |
% |
|
|
0.73 |
% |
|
|
0.74 |
% |
|
Ratio
of net investment income/(loss) to average net assets(3) |
|
|
5.24 |
%(5) |
|
|
3.10 |
% |
|
|
1.59 |
% |
|
|
0.39 |
% |
|
|
0.07 |
% |
|
|
1.69 |
% |
|
Portfolio
turnover rate |
|
|
15 |
%(4) |
|
|
15 |
% |
|
|
8 |
% |
|
|
7 |
% |
|
|
8 |
% |
|
|
46 |
% |
|
(1) |
The selected per share data
is calculated using the average shares outstanding method for the period. |
|
(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. |
|
(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.
11
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements
February
28, 2025 (Unaudited)
|
1.
|
Organization and Significant Accounting Policies |
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is
the six months ended February 28, 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 SEC’s 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” 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.
12
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
The
Board has adopted a pricing and valuation policy for use by each Portfolio and its Valuation Designee (as defined below) in calculating
a Portfolio’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Matson Money, Inc. (“Matson Money”
or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform
all of the responsibilities that may be performed by the Valuation Designee, in accordance with Rule 2a-5. The Valuation Designee is authorized
to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily
available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Portfolios’ investments
are summarized into three levels as described in the hierarchy below:
| |
● Level 1 — |
Prices are determined using
quoted prices in active markets for identical securities. |
| |
● Level 2 — |
Prices are determined using
other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
| |
● Level 3 — |
Prices are determined using
significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments). |
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Portfolios’ investments carried
at fair value:
MATSON
MONEY U.S. EQUITY VI PORTFOLIO
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
TOTAL
|
|
|
Open-End
Funds |
|
$ |
21,091,214 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,091,214 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,029,239 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Short-Term
Investments |
|
|
246,173 |
|
|
|
— |
|
|
|
— |
|
|
|
246,173 |
|
|
Total
Investments** |
|
$ |
21,337,387 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
26,366,626 |
|
|
*
|
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 INTERNATIONAL EQUITY VI PORTFOLIO
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
TOTAL
|
|
|
Open-End
Funds |
|
$ |
16,156,064 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
16,156,064 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,607,045 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,941,479 |
|
|
Short-Term
Investments |
|
|
192,412 |
|
|
|
— |
|
|
|
— |
|
|
|
192,412 |
|
|
Total
Investments** |
|
$ |
16,348,476 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,897,000 |
|
|
*
|
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. |
13
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
MATSON
MONEY FIXED INCOME VI PORTFOLIO
| |
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
TOTAL
|
|
|
Open-End
Funds |
|
$ |
21,951,923 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
21,951,923 |
|
|
Investments
Measured at Net Asset Value* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,036,337 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral* |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Short-Term
Investments |
|
|
379,919 |
|
|
|
— |
|
|
|
— |
|
|
|
379,919 |
|
|
Total
Investments** |
|
$ |
22,331,842 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,368,179 |
|
|
*
|
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.
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
14
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
|
2.
|
Investment Adviser and Other Services |
Matson
Money, Inc. serves as the investment adviser to each Portfolio. Each Portfolio compensates the Adviser for its services at an annual rate
based on each Portfolio’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown
in the following table.
|
AVERAGE
DAILY NET ASSETS |
|
ADVISORY
FEE |
|
|
For
the first $1 billion |
|
|
0.50 |
% |
|
Over
$1 billion to $5 billion |
|
|
0.49 |
|
|
Over
$5 billion |
|
|
0.47 |
|
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
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 |
|
15
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
Effective
September 1, 2019, if at any time a Portfolio’s total annual Portfolio operating expenses for a year are less than the Expense Cap,
the Adviser is entitled to reimbursement by the Portfolio of the advisory fees forgone and other payments remitted by the Adviser to the
Portfolio within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause
the Portfolio to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current
expense limit in effect at the time of the reimbursement. As of the end of the reporting period, the Portfolios had no amounts available
for recoupment.
U.S.
Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as administrator for
the Portfolios. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain
minimum and out of pocket expenses.
Fund
Services serves as the Portfolios’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services
is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.
U.S.
Bank, N.A. (the “Custodian”) provides certain custodial services to the Portfolios. The Custodian is entitled to receive a
monthly fee, subject to certain minimum and out of pocket expenses.
Vigilant
Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Portfolios’ shares
pursuant to a Distribution Agreement with RBB.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.
|
3.
|
Director and Officer Compensation |
The
Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves
as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees
of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary, Assistant Treasurer, Assistant Secretary and Director
of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of
Fund Services serve as officers of the Company. They are not compensated by the Portfolios or the Company. For Director and Officer compensation
amounts, please refer to the Statements of Operations.
|
4.
|
Purchases and Sales of Investment Securities |
During
the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Portfolios
were as follows:
| |
|
PURCHASES |
|
|
SALES |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
1,320,743 |
|
|
$ |
2,995,967 |
|
|
Matson
Money International Equity VI Portfolio |
|
|
1,919,182 |
|
|
|
1,524,407 |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
3,884,571 |
|
|
|
4,099,455 |
|
There
were no purchases or sales of long-term U.S. Government securities during the current fiscal period.
|
5.
|
Federal Income Tax Information |
The
Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the
Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related
appeals or litigation processes, based on the technical merits of the position. The Portfolios
16
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (CONTINUED)
February
28, 2025 (Unaudited)
have
determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business,
the Portfolios are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable
statutes of limitations have not expired.
As
of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Portfolio
were as follows:
| |
|
FEDERAL
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
21,868,690 |
|
|
$ |
6,678,753 |
|
|
$ |
(217,334 |
) |
|
$ |
6,461,419 |
|
|
Matson
Money International Equity VI Portfolio |
|
|
17,658,748 |
|
|
|
4,030,350 |
|
|
|
(681,830 |
) |
|
|
3,348,520 |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
26,437,012 |
|
|
|
289,502 |
|
|
|
(973,480 |
) |
|
|
(683,978 |
) |
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, 2024, there were no permanent differences between distributable earnings/(loss) and paid in capital.
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
| |
|
Undistributed
Ordinary Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
Capital
Loss
CarryForwards |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
32,566 |
|
|
$ |
2,080,495 |
|
|
$ |
— |
|
|
$ |
6,461,419 |
|
|
Matson
Money International Equity VI Portfolio |
|
|
101,036 |
|
|
|
223,338 |
|
|
|
— |
|
|
|
3,348,520 |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
232,765 |
|
|
|
— |
|
|
|
(412,574 |
) |
|
|
(683,978 |
) |
The
differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income
and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal
income tax purposes.
The
tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:
| |
|
ORDINARY
INCOME |
|
|
LONG-TERM
GAINS |
|
|
RETURN
OF
CAPITAL |
|
|
TOTAL |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
284,964 |
|
|
$ |
1,891,538 |
|
|
|
— |
|
|
$ |
2,176,502 |
|
|
Matson
Money International Equity VI Portfolio |
|
|
638,754 |
|
|
|
— |
|
|
|
— |
|
|
|
638,754 |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
721,924 |
|
|
|
— |
|
|
|
— |
|
|
|
721,924 |
|
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
17
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (CONTINUED)
February
28, 2025 (Unaudited)
of
the following tax year. For the fiscal year ended August 31, 2024, any amount of losses elected within the tax return will not be recognized
for federal income tax purposes until September 1, 2024. The Matson Money Fixed Income Portfolio deferred qualified late-year losses of
$412,574, 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, 2024, 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:
|
PORTFOLIO |
|
MARKET
VALUE OF
SECURITIES LOANED |
|
|
MARKET
VALUE OF
COLLATERAL |
|
|
INCOME
RECEIVED
FROM SECURITIES
LENDING |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Matson
Money International Equity VI Portfolio |
|
|
1,887,489 |
|
|
|
1,941,479 |
|
|
|
527 |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
— |
|
|
|
— |
|
|
|
2,922 |
|
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 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
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
PORTFOLIO |
|
GROSS
AMOUNTS
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
NET
AMOUNTS OF
ASSETS PRESENTED
IN THE STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT2 |
|
|
Matson
Money U.S. Equity VI Portfolio |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Matson
Money International Equity VI Portfolio |
|
|
1,887,489 |
|
|
|
— |
|
|
|
1,887,489 |
|
|
|
(1,887,489 |
) |
|
|
— |
|
|
|
— |
|
|
Matson
Money Fixed Income VI Portfolio |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
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. |
18
MATSON
MONEY VI PORTFOLIOS
Notes
to Financial Statements (concluded)
February
28, 2025 (Unaudited)
|
2 |
Net amount represents the
net amount receivable from the counterparty in the event of default. |
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.
19
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 VI Portfolios 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.
20
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
Financial
Statements
Motley
Fool Asset Management ETFs
Series of The RBB Fund, Inc.
2/28/25
(UNAUDITED)
|
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 |
|
|
Motley
Fool Next Index ETF |
|
Motley
Fool global opportunities ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 97.2% |
|
|
|
|
|
|
|
|
|
Argentina
— 2.6% |
|
|
|
|
|
|
|
|
|
MercadoLibre,
Inc. (a) |
|
|
4,947 |
|
|
$ |
10,496,891 |
|
|
Australia
— 2.0% |
|
|
|
|
|
|
|
|
|
Atlassian
Corp. - Class A (a) |
|
|
27,885 |
|
|
|
7,926,590 |
|
|
Canada
— 6.3% |
|
|
|
|
|
|
|
|
|
Canadian
National Railway Co. |
|
|
70,813 |
|
|
|
7,177,606 |
|
|
Waste
Connections, Inc. (b) |
|
|
96,334 |
|
|
|
18,280,340 |
|
| |
|
|
|
|
|
|
25,457,946 |
|
|
China
— 2.7% |
|
|
|
|
|
|
|
|
|
Yum
China Holdings, Inc. |
|
|
223,681 |
|
|
|
11,052,078 |
|
|
France
— 1.6% |
|
|
|
|
|
|
|
|
|
Canal+
SA (a) |
|
|
792,729 |
|
|
|
1,735,073 |
|
|
Havas
NV (a) |
|
|
792,729 |
|
|
|
1,143,055 |
|
|
Louis
Hachette Group (a) |
|
|
792,729 |
|
|
|
1,170,603 |
|
|
Vivendi
SA |
|
|
792,729 |
|
|
|
2,393,014 |
|
| |
|
|
|
|
|
|
6,441,745 |
|
|
Germany
— 2.1% |
|
|
|
|
|
|
|
|
|
Symrise
AG |
|
|
83,907 |
|
|
|
8,453,457 |
|
|
Ireland
— 5.6% |
|
|
|
|
|
|
|
|
|
ICON
PLC (a) |
|
|
64,196 |
|
|
|
12,198,524 |
|
|
Kerry
Group PLC - Class A |
|
|
79,608 |
|
|
|
8,365,533 |
|
|
Kerry
Group PLC - Class A |
|
|
20,185 |
|
|
|
2,060,399 |
|
| |
|
|
|
|
|
|
22,624,456 |
|
|
Japan
— 5.2% |
|
|
|
|
|
|
|
|
|
Nintendo
Co. Ltd. |
|
|
283,667 |
|
|
|
21,029,818 |
|
|
Kenya
— 0.1% |
|
|
|
|
|
|
|
|
|
Safaricom
PLC |
|
|
4,000,000 |
|
|
|
555,728 |
|
|
Netherlands
— 1.1% |
|
|
|
|
|
|
|
|
|
Universal
Music Group NV |
|
|
165,718 |
|
|
|
4,615,741 |
|
|
Philippines
— 2.4% |
|
|
|
|
|
|
|
|
|
International
Container Terminal Services, Inc. |
|
|
1,610,522 |
|
|
|
9,714,370 |
|
|
Spain
— 1.5% |
|
|
|
|
|
|
|
|
|
Cellnex
Telecom SA (c) |
|
|
170,636 |
|
|
|
6,096,229 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool global opportunities ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Taiwan
— 2.2% |
|
|
|
|
|
|
|
|
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
49,275 |
|
|
$ |
8,895,616 |
|
|
Thailand
— 1.1% |
|
|
|
|
|
|
|
|
|
Fabrinet
(a) |
|
|
23,166 |
|
|
|
4,634,358 |
|
|
United
Arab Emirates — 0.0%(d) |
|
|
|
|
|
|
|
|
|
NMC
Health PLC (a)(e) |
|
|
485,482 |
|
|
|
0 |
|
|
United
Kingdom — 10.4% |
|
|
|
|
|
|
|
|
|
Ashtead
Group PLC |
|
|
179,796 |
|
|
|
10,867,189 |
|
|
Close
Brothers Group PLC (a) |
|
|
1,495,810 |
|
|
|
6,227,994 |
|
|
London
Stock Exchange Group PLC |
|
|
92,083 |
|
|
|
13,720,133 |
|
|
Rentokil
Initial PLC - ADR (b) |
|
|
425,837 |
|
|
|
10,735,351 |
|
|
System1
Group PLC |
|
|
110,120 |
|
|
|
838,041 |
|
| |
|
|
|
|
|
|
42,388,708 |
|
|
United
States — 50.3%(f) |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class C |
|
|
97,628 |
|
|
|
16,813,494 |
|
|
Amazon.com,
Inc. (a) |
|
|
112,684 |
|
|
|
23,920,559 |
|
|
American
Tower Corp. |
|
|
55,958 |
|
|
|
11,506,084 |
|
|
Aon
PLC - Class A |
|
|
31,067 |
|
|
|
12,710,131 |
|
|
Axon
Enterprise, Inc. (a)(b) |
|
|
23,913 |
|
|
|
12,636,825 |
|
|
Brookfield
Asset Management Ltd. (b) |
|
|
206,408 |
|
|
|
11,678,565 |
|
|
Costco
Wholesale Corp. |
|
|
15,995 |
|
|
|
16,772,517 |
|
|
DexCom,
Inc. (a) |
|
|
163,371 |
|
|
|
14,437,095 |
|
|
Equinix,
Inc. |
|
|
14,524 |
|
|
|
13,138,701 |
|
|
Fastenal
Co. |
|
|
122,122 |
|
|
|
9,248,299 |
|
|
Mastercard,
Inc. - Class A |
|
|
32,011 |
|
|
|
18,448,259 |
|
|
Salesforce,
Inc. |
|
|
41,607 |
|
|
|
12,392,645 |
|
|
SBA
Communications Corp. |
|
|
25,654 |
|
|
|
5,590,007 |
|
|
Waters
Corp. (a) |
|
|
22,300 |
|
|
|
8,414,682 |
|
|
Watsco,
Inc. (b) |
|
|
33,655 |
|
|
|
16,973,226 |
|
| |
|
|
|
|
|
|
204,681,089 |
|
|
TOTAL
COMMON STOCKS (Cost $233,290,051) |
|
|
|
|
|
|
395,064,820 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool global opportunities ETF
Schedule
of Investments (concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
PREFERRED
STOCKS — 2.2% |
|
|
|
|
|
|
|
|
|
Germany
— 2.2% |
|
|
|
|
|
|
|
|
|
Dr
Ing hc F Porsche AG, 0.00% (c) |
|
|
154,349 |
|
|
$ |
9,030,471 |
|
|
TOTAL
PREFERRED STOCKS (Cost $13,386,687) |
|
|
|
|
|
|
9,030,471 |
|
|
|
|
Units |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 6.9% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 6.9% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (g) |
|
|
28,211,048 |
|
|
|
28,211,048 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $28,211,048) |
|
|
|
|
|
|
28,211,048 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 106.3% (Cost $274,887,786) |
|
|
|
|
|
|
432,306,339 |
|
|
Liabilities
in Excess of Other Assets — (6.3)% |
|
|
|
|
|
|
(25,712,285 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
406,594,054 |
|
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.
ADR
— American Depositary Receipt
LLC
— Limited Liability Company
PLC
— Public Limited Company
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $28,073,813 which represented 6.9% of net assets.
|
|
(c) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $15,126,700 or 3.7% of the Fund’s
net assets. |
|
(d) |
Represents less than 0.05%
of net assets. |
|
(e) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2025. |
|
(f) |
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 the country or region. |
|
(g) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
Motley
Fool mid-cap growth ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 99.0% |
|
|
|
|
|
|
|
|
|
Aerospace
& Defense — 4.2% |
|
|
|
|
|
|
|
|
|
Axon
Enterprise, Inc. (a) |
|
|
14,894 |
|
|
$ |
7,870,734 |
|
|
Air
Freight & Logistics — 1.3% |
|
|
|
|
|
|
|
|
|
GXO
Logistics, Inc. (a)(b) |
|
|
61,186 |
|
|
|
2,411,952 |
|
|
Automobile
Components — 2.1% |
|
|
|
|
|
|
|
|
|
Gentex
Corp. |
|
|
163,995 |
|
|
|
3,988,358 |
|
|
Biotechnology
— 0.7% |
|
|
|
|
|
|
|
|
|
BioMarin
Pharmaceutical, Inc. (a) |
|
|
10,325 |
|
|
|
734,727 |
|
|
Ultragenyx
Pharmaceutical, Inc. (a) |
|
|
14,887 |
|
|
|
638,950 |
|
| |
|
|
|
|
|
|
1,373,677 |
|
|
Building
Products — 3.5% |
|
|
|
|
|
|
|
|
|
Carlisle
Cos., Inc. |
|
|
8,000 |
|
|
|
2,726,080 |
|
|
Trex
Co., Inc. (a) |
|
|
63,527 |
|
|
|
3,918,981 |
|
| |
|
|
|
|
|
|
6,645,061 |
|
|
Capital
Markets — 8.9% |
|
|
|
|
|
|
|
|
|
Morningstar,
Inc. |
|
|
15,526 |
|
|
|
4,870,816 |
|
|
StoneX
Group, Inc. (a) |
|
|
98,649 |
|
|
|
11,903,975 |
|
| |
|
|
|
|
|
|
16,774,791 |
|
|
Chemicals
— 2.6% |
|
|
|
|
|
|
|
|
|
Eastman
Chemical Co. |
|
|
50,291 |
|
|
|
4,920,974 |
|
|
Consumer
Staples Distribution & Retail — 0.7% |
|
|
|
|
|
|
|
|
|
Performance
Food Group Co. (a) |
|
|
15,000 |
|
|
|
1,277,100 |
|
|
Financial
Services — 4.2% |
|
|
|
|
|
|
|
|
|
Toast,
Inc. - Class A (a) |
|
|
204,806 |
|
|
|
7,905,512 |
|
|
Ground
Transportation — 1.2% |
|
|
|
|
|
|
|
|
|
RXO,
Inc. (a)(b) |
|
|
114,133 |
|
|
|
2,336,302 |
|
|
Health
Care Equipment & Supplies — 11.0% |
|
|
|
|
|
|
|
|
|
Cooper
Cos., Inc. (a) |
|
|
51,680 |
|
|
|
4,670,839 |
|
|
DexCom,
Inc. (a) |
|
|
81,890 |
|
|
|
7,236,619 |
|
|
Globus
Medical, Inc. - Class A (a) |
|
|
110,763 |
|
|
|
8,896,484 |
|
| |
|
|
|
|
|
|
20,803,942 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool mid-cap growth ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Health
Care Providers & Services — 4.9% |
|
|
|
|
|
|
|
|
|
HealthEquity,
Inc. (a) |
|
|
84,689 |
|
|
$ |
9,295,465 |
|
|
Hotels,
Restaurants & Leisure — 0.6% |
|
|
|
|
|
|
|
|
|
Wingstop,
Inc. |
|
|
5,000 |
|
|
|
1,173,900 |
|
|
Insurance
— 8.9% |
|
|
|
|
|
|
|
|
|
Brown
& Brown, Inc. |
|
|
88,964 |
|
|
|
10,545,793 |
|
|
Goosehead
Insurance, Inc. - Class A |
|
|
50,439 |
|
|
|
6,214,589 |
|
| |
|
|
|
|
|
|
16,760,382 |
|
|
Life
Sciences Tools & Services — 3.6% |
|
|
|
|
|
|
|
|
|
Waters
Corp. (a) |
|
|
17,900 |
|
|
|
6,754,386 |
|
|
Professional
Services — 7.4% |
|
|
|
|
|
|
|
|
|
Broadridge
Financial Solutions, Inc. |
|
|
38,014 |
|
|
|
9,169,737 |
|
|
TransUnion
(b) |
|
|
51,730 |
|
|
|
4,781,404 |
|
| |
|
|
|
|
|
|
13,951,141 |
|
|
Real
Estate Management & Development — 1.8% |
|
|
|
|
|
|
|
|
|
CoStar
Group, Inc. (a) |
|
|
43,510 |
|
|
|
3,317,637 |
|
|
Software
— 14.8% |
|
|
|
|
|
|
|
|
|
Alarm.com
Holdings, Inc. (a) |
|
|
94,615 |
|
|
|
5,496,186 |
|
|
Datadog,
Inc. - Class A (a) |
|
|
22,500 |
|
|
|
2,622,375 |
|
|
DoubleVerify
Holdings, Inc. (a) |
|
|
50,000 |
|
|
|
695,000 |
|
|
Guidewire
Software, Inc. (a) |
|
|
34,425 |
|
|
|
6,930,441 |
|
|
QXO,
Inc. |
|
|
301,357 |
|
|
|
3,839,288 |
|
|
Tyler
Technologies, Inc. (a) |
|
|
13,738 |
|
|
|
8,358,611 |
|
| |
|
|
|
|
|
|
27,941,901 |
|
|
Specialized
REITs — 4.0% |
|
|
|
|
|
|
|
|
|
SBA
Communications Corp. |
|
|
34,209 |
|
|
|
7,454,141 |
|
|
Specialty
Retail — 2.2% |
|
|
|
|
|
|
|
|
|
Tractor
Supply Co. (b) |
|
|
73,685 |
|
|
|
4,078,465 |
|
|
Textiles,
Apparel & Luxury Goods — 1.9% |
|
|
|
|
|
|
|
|
|
Crocs,
Inc. (a)(b) |
|
|
35,000 |
|
|
|
3,484,950 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool mid-cap growth ETF
Schedule
of Investments (CONCLUDED)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Trading
Companies & Distributors — 8.5% |
|
|
|
|
|
|
|
|
|
Fastenal
Co. |
|
|
77,044 |
|
|
$ |
5,834,542 |
|
|
Herc
Holdings, Inc. |
|
|
31,439 |
|
|
|
4,510,868 |
|
|
Watsco,
Inc. (b) |
|
|
11,154 |
|
|
|
5,625,297 |
|
| |
|
|
|
|
|
|
15,970,707 |
|
|
TOTAL
COMMON STOCKS (Cost $115,883,451) |
|
|
|
|
|
|
186,491,478 |
|
|
|
|
Units |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 3.9% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 3.9% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
7,363,573 |
|
|
|
7,363,573 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $7,363,573) |
|
|
|
|
|
|
7,363,573 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 102.9% (Cost $123,247,024) |
|
|
|
|
|
|
193,855,051 |
|
|
Liabilities
in Excess of Other Assets — (2.9)% |
|
|
|
|
|
|
(5,553,528 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
188,301,523 |
|
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.
LLC
— Limited Liability Company
REIT
— Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $7,207,452 which represented 3.8% of net assets.
|
|
(c) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 99.6% |
|
|
|
|
|
|
|
|
|
Altaba,
Inc. - Escrow Shares (a)(b) |
|
|
8,565 |
|
|
$ |
9,421 |
|
|
Aerospace
& Defense — 0.3% |
|
|
|
|
|
|
|
|
|
TransDigm
Group, Inc. |
|
|
2,827 |
|
|
|
3,865,074 |
|
|
Air
Freight & Logistics — 0.2% |
|
|
|
|
|
|
|
|
|
FedEx
Corp. |
|
|
12,102 |
|
|
|
3,181,616 |
|
|
Automobiles
— 1.6% |
|
|
|
|
|
|
|
|
|
Tesla,
Inc. (b)(c) |
|
|
71,949 |
|
|
|
21,079,618 |
|
|
Banks
— 3.2% |
|
|
|
|
|
|
|
|
|
JPMorgan
Chase & Co. |
|
|
142,380 |
|
|
|
37,680,867 |
|
|
Truist
Financial Corp. |
|
|
66,701 |
|
|
|
3,091,591 |
|
| |
|
|
|
|
|
|
40,772,458 |
|
|
Beverages
— 0.2% |
|
|
|
|
|
|
|
|
|
Monster
Beverage Corp. (b) |
|
|
48,860 |
|
|
|
2,670,199 |
|
|
Biotechnology
— 1.8% |
|
|
|
|
|
|
|
|
|
Amgen,
Inc. |
|
|
27,007 |
|
|
|
8,319,776 |
|
|
Biogen,
Inc. (b) |
|
|
7,324 |
|
|
|
1,029,022 |
|
|
Gilead
Sciences, Inc. |
|
|
62,612 |
|
|
|
7,157,178 |
|
|
Vertex
Pharmaceuticals, Inc. (b) |
|
|
12,939 |
|
|
|
6,208,003 |
|
| |
|
|
|
|
|
|
22,713,979 |
|
|
Broadline
Retail — 6.3% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc. (b) |
|
|
361,214 |
|
|
|
76,678,508 |
|
|
Coupang,
Inc. (b) |
|
|
90,374 |
|
|
|
2,141,864 |
|
|
eBay,
Inc. |
|
|
24,069 |
|
|
|
1,558,227 |
|
| |
|
|
|
|
|
|
80,378,599 |
|
|
Capital
Markets — 1.9% |
|
|
|
|
|
|
|
|
|
Charles
Schwab Corp. |
|
|
91,970 |
|
|
|
7,314,374 |
|
|
CME
Group, Inc. |
|
|
18,105 |
|
|
|
4,594,506 |
|
|
Intercontinental
Exchange, Inc. |
|
|
28,844 |
|
|
|
4,996,646 |
|
|
Moody’s
Corp. |
|
|
9,106 |
|
|
|
4,588,878 |
|
|
Nasdaq,
Inc. |
|
|
28,875 |
|
|
|
2,390,272 |
|
| |
|
|
|
|
|
|
23,884,676 |
|
|
Chemicals
— 0.7% |
|
|
|
|
|
|
|
|
|
Ecolab,
Inc. |
|
|
14,226 |
|
|
|
3,826,936 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Chemicals
(continued) |
|
Sherwin-Williams
Co. |
|
|
12,613 |
|
|
$ |
4,569,312 |
|
| |
|
|
|
|
|
|
8,396,248 |
|
|
Commercial
Services & Supplies — 0.9% |
|
|
|
|
|
|
|
|
|
Cintas
Corp. |
|
|
20,270 |
|
|
|
4,206,025 |
|
|
Copart,
Inc. (b) |
|
|
48,410 |
|
|
|
2,652,868 |
|
|
Waste
Management, Inc. |
|
|
20,162 |
|
|
|
4,693,310 |
|
| |
|
|
|
|
|
|
11,552,203 |
|
|
Communications
Equipment — 0.7% |
|
|
|
|
|
|
|
|
|
Arista
Networks, Inc. (b) |
|
|
63,295 |
|
|
|
5,889,600 |
|
|
Motorola
Solutions, Inc. |
|
|
8,392 |
|
|
|
3,694,326 |
|
| |
|
|
|
|
|
|
9,583,926 |
|
|
Consumer
Staples Distribution & Retail — 4.9% |
|
|
|
|
|
|
|
|
|
Costco
Wholesale Corp. |
|
|
22,302 |
|
|
|
23,386,100 |
|
|
Walmart,
Inc. |
|
|
403,605 |
|
|
|
39,799,489 |
|
| |
|
|
|
|
|
|
63,185,589 |
|
|
Electronic
Equipment, Instruments & Components — 0.2% |
|
|
|
|
|
|
|
|
|
Corning,
Inc. |
|
|
43,019 |
|
|
|
2,157,403 |
|
| |
|
|
|
|
|
|
|
|
|
Entertainment
— 2.7% |
|
|
|
|
|
|
|
|
|
Electronic
Arts, Inc. |
|
|
13,178 |
|
|
|
1,701,543 |
|
|
Netflix,
Inc. (b) |
|
|
21,477 |
|
|
|
21,059,487 |
|
|
ROBLOX
Corp. - Class A (b) |
|
|
32,967 |
|
|
|
2,098,020 |
|
|
Walt
Disney Co. |
|
|
90,986 |
|
|
|
10,354,207 |
|
| |
|
|
|
|
|
|
35,213,257 |
|
|
Financial
Services — 9.7% |
|
|
|
|
|
|
|
|
|
Berkshire
Hathaway, Inc. - Class B (b) |
|
|
108,367 |
|
|
|
55,682,216 |
|
|
Block,
Inc. (b) |
|
|
31,141 |
|
|
|
2,033,507 |
|
|
Mastercard,
Inc. - Class A |
|
|
46,122 |
|
|
|
26,580,570 |
|
|
PayPal
Holdings, Inc. (b) |
|
|
50,368 |
|
|
|
3,578,646 |
|
|
Visa,
Inc. - Class A |
|
|
98,529 |
|
|
|
35,737,454 |
|
| |
|
|
|
|
|
|
123,612,393 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Ground
Transportation — 1.4% |
|
|
|
|
|
|
|
|
|
Old
Dominion Freight Line, Inc. (c) |
|
|
10,725 |
|
|
$ |
1,892,963 |
|
|
Uber
Technologies, Inc. (b) |
|
|
105,795 |
|
|
|
8,041,478 |
|
|
Union
Pacific Corp. |
|
|
30,461 |
|
|
|
7,514,424 |
|
| |
|
|
|
|
|
|
17,448,865 |
|
|
Health
Care Equipment & Supplies — 1.5% |
|
|
|
|
|
|
|
|
|
Becton
Dickinson & Co. |
|
|
14,574 |
|
|
|
3,286,874 |
|
|
DexCom,
Inc. (b) |
|
|
19,623 |
|
|
|
1,734,085 |
|
|
IDEXX
Laboratories, Inc. (b) |
|
|
4,117 |
|
|
|
1,799,582 |
|
|
Intuitive
Surgical, Inc. (b) |
|
|
17,896 |
|
|
|
10,257,092 |
|
|
ResMed,
Inc. (c) |
|
|
7,381 |
|
|
|
1,723,611 |
|
| |
|
|
|
|
|
|
18,801,244 |
|
|
Health
Care Providers & Services — 2.7% |
|
|
|
|
|
|
|
|
|
CVS
Health Corp. |
|
|
63,227 |
|
|
|
4,155,278 |
|
|
HCA
Healthcare, Inc. |
|
|
12,722 |
|
|
|
3,896,749 |
|
|
McKesson
Corp. |
|
|
6,375 |
|
|
|
4,081,658 |
|
|
UnitedHealth
Group, Inc. |
|
|
46,239 |
|
|
|
21,961,675 |
|
| |
|
|
|
|
|
|
34,095,360 |
|
|
Health
Care Technology — 0.1% |
|
|
|
|
|
|
|
|
|
Veeva
Systems, Inc. - Class A (b) |
|
|
8,159 |
|
|
|
1,828,758 |
|
|
Hotels,
Restaurants & Leisure — 2.4% |
|
|
|
|
|
|
|
|
|
Airbnb,
Inc. - Class A (b) |
|
|
31,390 |
|
|
|
4,359,129 |
|
|
Booking
Holdings, Inc. |
|
|
1,663 |
|
|
|
8,341,625 |
|
|
Chipotle
Mexican Grill, Inc. (b) |
|
|
68,513 |
|
|
|
3,697,646 |
|
|
DoorDash,
Inc. - Class A (b) |
|
|
20,872 |
|
|
|
4,141,840 |
|
|
Marriott
International, Inc. - Class A |
|
|
13,961 |
|
|
|
3,915,362 |
|
|
Starbucks
Corp. |
|
|
56,964 |
|
|
|
6,597,001 |
|
| |
|
|
|
|
|
|
31,052,603 |
|
|
Industrial
Conglomerates — 0.3% |
|
|
|
|
|
|
|
|
|
3M
Co. |
|
|
27,364 |
|
|
|
4,244,704 |
|
|
Insurance
— 0.9% |
|
|
|
|
|
|
|
|
|
Aflac,
Inc. |
|
|
27,909 |
|
|
|
3,055,198 |
|
|
Progressive
Corp. |
|
|
29,434 |
|
|
|
8,300,388 |
|
| |
|
|
|
|
|
|
11,355,586 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Interactive
Media & Services — 10.2% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class C |
|
|
418,909 |
|
|
$ |
72,144,508 |
|
|
Meta
Platforms, Inc. - Class A |
|
|
86,726 |
|
|
|
57,950,313 |
|
| |
|
|
|
|
|
|
130,094,821 |
|
|
IT
Services — 0.5% |
|
|
|
|
|
|
|
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
24,914 |
|
|
|
2,076,084 |
|
|
Gartner,
Inc. (b) |
|
|
3,877 |
|
|
|
1,931,987 |
|
|
Snowflake,
Inc. - Class A (b) |
|
|
16,586 |
|
|
|
2,937,380 |
|
| |
|
|
|
|
|
|
6,945,451 |
|
|
Life
Sciences Tools & Services — 0.1% |
|
|
|
|
|
|
|
|
|
Illumina,
Inc. (b) |
|
|
7,970 |
|
|
|
707,258 |
|
|
Machinery
— 0.2% |
|
|
|
|
|
|
|
|
|
Cummins,
Inc. |
|
|
6,895 |
|
|
|
2,538,601 |
|
|
Media
— 0.1% |
|
|
|
|
|
|
|
|
|
Trade
Desk, Inc. - Class A (b) |
|
|
24,799 |
|
|
|
1,743,866 |
|
|
Oil,
Gas & Consumable Fuels — 0.2% |
|
|
|
|
|
|
|
|
|
Kinder
Morgan, Inc. |
|
|
112,806 |
|
|
|
3,057,043 |
|
|
Pharmaceuticals
— 3.7% |
|
|
|
|
|
|
|
|
|
Bristol-Myers
Squibb Co. |
|
|
101,897 |
|
|
|
6,075,099 |
|
|
Eli
Lilly & Co. |
|
|
45,238 |
|
|
|
41,647,460 |
|
| |
|
|
|
|
|
|
47,722,559 |
|
|
Real
Estate Management & Development — 0.1% |
|
|
|
|
|
|
|
|
|
CoStar
Group, Inc. (b) |
|
|
20,599 |
|
|
|
1,570,674 |
|
|
Semiconductors
& Semiconductor Equipment — 11.2% |
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc. (b) |
|
|
81,535 |
|
|
|
8,142,085 |
|
|
Broadcom,
Inc. |
|
|
124,963 |
|
|
|
24,921,371 |
|
|
Lam
Research Corp. |
|
|
64,641 |
|
|
|
4,960,551 |
|
|
NVIDIA
Corp. |
|
|
841,271 |
|
|
|
105,091,573 |
|
| |
|
|
|
|
|
|
143,115,580 |
|
|
Software
— 14.0% |
|
|
|
|
|
|
|
|
|
Adobe
Systems, Inc. (b) |
|
|
22,118 |
|
|
|
9,700,070 |
|
|
Autodesk,
Inc. (b) |
|
|
10,793 |
|
|
|
2,959,548 |
|
|
Crowdstrike
Holdings, Inc. - Class A (b) |
|
|
12,377 |
|
|
|
4,822,822 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Software
(continued) |
|
Datadog,
Inc. - Class A (b) |
|
|
17,065 |
|
|
$ |
1,988,926 |
|
|
Fair
Isaac Corp. (b) |
|
|
1,222 |
|
|
|
2,305,120 |
|
|
Fortinet,
Inc. (b) |
|
|
38,509 |
|
|
|
4,159,357 |
|
|
Intuit,
Inc. |
|
|
14,063 |
|
|
|
8,632,432 |
|
|
Microsoft
Corp. |
|
|
255,407 |
|
|
|
101,394,025 |
|
|
Palo
Alto Networks, Inc. (b) |
|
|
32,966 |
|
|
|
6,277,715 |
|
|
Roper
Technologies, Inc. |
|
|
5,386 |
|
|
|
3,148,117 |
|
|
Salesforce,
Inc. |
|
|
48,081 |
|
|
|
14,320,926 |
|
|
ServiceNow,
Inc. (b) |
|
|
10,370 |
|
|
|
9,641,611 |
|
|
Synopsys,
Inc. (b) |
|
|
7,768 |
|
|
|
3,552,151 |
|
|
Workday,
Inc. - Class A (b) |
|
|
13,366 |
|
|
|
3,519,802 |
|
|
Zoom
Communications, Inc. - Class A (b) |
|
|
15,401 |
|
|
|
1,135,054 |
|
|
Zscaler,
Inc. (b) |
|
|
7,711 |
|
|
|
1,513,130 |
|
| |
|
|
|
|
|
|
179,070,806 |
|
|
Specialized
REITs — 1.1% |
|
|
|
|
|
|
|
|
|
American
Tower Corp. |
|
|
23,476 |
|
|
|
4,827,135 |
|
|
Crown
Castle, Inc. |
|
|
21,836 |
|
|
|
2,054,767 |
|
|
Digital
Realty Trust, Inc. |
|
|
16,668 |
|
|
|
2,605,542 |
|
|
Equinix,
Inc. |
|
|
4,848 |
|
|
|
4,385,598 |
|
| |
|
|
|
|
|
|
13,873,042 |
|
|
Specialty
Retail — 2.1% |
|
|
|
|
|
|
|
|
|
Home
Depot, Inc. |
|
|
49,905 |
|
|
|
19,792,323 |
|
|
TJX
Cos., Inc. |
|
|
56,479 |
|
|
|
7,046,320 |
|
| |
|
|
|
|
|
|
26,838,643 |
|
|
Technology
Hardware, Storage & Peripherals — 9.8% |
|
|
|
|
|
|
|
|
|
Apple,
Inc. |
|
|
519,271 |
|
|
|
125,580,499 |
|
|
Textiles,
Apparel & Luxury Goods — 0.5% |
|
|
|
|
|
|
|
|
|
NIKE,
Inc. - Class B |
|
|
74,784 |
|
|
|
5,940,093 |
|
|
Wireless
Telecommunication Services — 1.2% |
|
|
|
|
|
|
|
|
|
T-Mobile
US, Inc. |
|
|
58,302 |
|
|
|
15,723,466 |
|
|
TOTAL
COMMON STOCKS (Cost $880,736,762) |
|
|
|
|
|
|
1,275,606,181 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Units |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 0.5% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (d) |
|
|
6,705,630 |
|
|
$ |
6,705,630 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $6,705,630) |
|
|
|
|
|
|
6,705,630 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.1% (Cost $887,442,392) |
|
|
|
|
|
|
1,282,311,811 |
|
|
Liabilities
in Excess of Other Assets — (0.1)% |
|
|
|
|
|
|
(1,632,015 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
1,280,679,796 |
|
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.
LLC
— Limited Liability Company
REIT
— Real Estate Investment Trust
|
(a) |
Fair value determined using
significant unobservable inputs in accordance with procedures established by and under the super-vision of the Adviser, acting as Valuation
Designee. These securities represented $9,421 or 0.0% of net assets as of February 28, 2025. |
|
(b) |
Non-income producing security.
|
|
(c) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $6,774,031 which represented 0.5% of net assets.
|
|
(d) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL Small-Cap Growth ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 96.0% |
|
|
|
|
|
|
|
|
|
Aerospace
& Defense — 8.9% |
|
|
|
|
|
|
|
|
|
Axon
Enterprise, Inc. (a) |
|
|
6,964 |
|
|
$ |
3,680,126 |
|
|
Hexcel
Corp. |
|
|
26,739 |
|
|
|
1,694,450 |
|
|
Leonardo
DRS, Inc. (a) |
|
|
91,328 |
|
|
|
2,780,938 |
|
| |
|
|
|
|
|
|
8,155,514 |
|
|
Air
Freight & Logistics — 3.3% |
|
|
|
|
|
|
|
|
|
GXO
Logistics, Inc. (a)(b) |
|
|
77,416 |
|
|
|
3,051,739 |
|
|
Automobile
Components — 2.3% |
|
|
|
|
|
|
|
|
|
Gentex
Corp. |
|
|
84,750 |
|
|
|
2,061,120 |
|
|
Banks
— 3.3% |
|
|
|
|
|
|
|
|
|
Live
Oak Bancshares, Inc. |
|
|
93,835 |
|
|
|
2,984,891 |
|
|
Biotechnology
— 3.2% |
|
|
|
|
|
|
|
|
|
Ultragenyx
Pharmaceutical, Inc. (a) |
|
|
68,298 |
|
|
|
2,931,350 |
|
|
Building
Products — 2.1% |
|
|
|
|
|
|
|
|
|
Trex
Co., Inc. (a) |
|
|
31,293 |
|
|
|
1,930,465 |
|
|
Capital
Markets — 4.8% |
|
|
|
|
|
|
|
|
|
StoneX
Group, Inc. (a) |
|
|
36,422 |
|
|
|
4,395,043 |
|
|
Diversified
Consumer Services — 1.2% |
|
|
|
|
|
|
|
|
|
Frontdoor,
Inc. (a) |
|
|
25,052 |
|
|
|
1,139,365 |
|
|
Electronic
Equipment, Instruments & Components — 1.9% |
|
|
|
|
|
|
|
|
|
IPG
Photonics Corp. (a) |
|
|
29,522 |
|
|
|
1,717,885 |
|
|
Financial
Services — 5.2% |
|
|
|
|
|
|
|
|
|
Toast,
Inc. - Class A (a) |
|
|
122,730 |
|
|
|
4,737,378 |
|
|
Ground
Transportation — 4.3% |
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. |
|
|
8,380 |
|
|
|
1,330,744 |
|
|
RXO,
Inc. (a) |
|
|
128,790 |
|
|
|
2,636,331 |
|
| |
|
|
|
|
|
|
3,967,075 |
|
|
Health
Care Equipment & Supplies — 12.2% |
|
|
|
|
|
|
|
|
|
Alphatec
Holdings, Inc. (a) |
|
|
171,760 |
|
|
|
2,152,153 |
|
|
Globus
Medical, Inc. - Class A (a) |
|
|
49,006 |
|
|
|
3,936,162 |
|
|
Penumbra,
Inc. (a) |
|
|
11,105 |
|
|
|
3,169,811 |
|
|
UFP
Technologies, Inc. (a)(b) |
|
|
8,642 |
|
|
|
1,966,833 |
|
| |
|
|
|
|
|
|
11,224,959 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL Small-Cap Growth ETF
Schedule
of Investments (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Health
Care Providers & Services — 4.3% |
|
|
|
|
|
|
|
|
|
HealthEquity,
Inc. (a) |
|
|
35,828 |
|
|
$ |
3,932,481 |
|
|
Industrial
REITs — 2.3% |
|
|
|
|
|
|
|
|
|
STAG
Industrial, Inc. |
|
|
57,411 |
|
|
|
2,065,648 |
|
|
Insurance
— 4.7% |
|
|
|
|
|
|
|
|
|
Goosehead
Insurance, Inc. - Class A (b) |
|
|
35,068 |
|
|
|
4,320,728 |
|
| |
|
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels — 3.1% |
|
|
|
|
|
|
|
|
|
Northern
Oil & Gas, Inc. (b) |
|
|
91,524 |
|
|
|
2,883,006 |
|
|
Personal
Care Products — 2.6% |
|
|
|
|
|
|
|
|
|
BellRing
Brands, Inc. (a) |
|
|
32,410 |
|
|
|
2,375,005 |
|
|
Professional
Services — 1.6% |
|
|
|
|
|
|
|
|
|
Verra
Mobility Corp. (a) |
|
|
62,376 |
|
|
|
1,427,787 |
|
|
Semiconductors
& Semiconductor Equipment — 2.5% |
|
|
|
|
|
|
|
|
|
SiTime
Corp. (a) |
|
|
15,016 |
|
|
|
2,329,732 |
|
|
Software
— 14.6% |
|
|
|
|
|
|
|
|
|
Alarm.com
Holdings, Inc. (a) |
|
|
63,038 |
|
|
|
3,661,877 |
|
|
DoubleVerify
Holdings, Inc. (a) |
|
|
22,942 |
|
|
|
318,894 |
|
|
LiveRamp
Holdings, Inc. (a) |
|
|
95,618 |
|
|
|
2,857,066 |
|
|
nCino,
Inc. (a)(b) |
|
|
59,236 |
|
|
|
1,854,679 |
|
|
Q2
Holdings, Inc. (a) |
|
|
37,452 |
|
|
|
3,272,181 |
|
|
QXO,
Inc. |
|
|
112,532 |
|
|
|
1,433,658 |
|
| |
|
|
|
|
|
|
13,398,355 |
|
|
Textiles,
Apparel & Luxury Goods — 2.3% |
|
|
|
|
|
|
|
|
|
Crocs,
Inc. (a)(b) |
|
|
21,331 |
|
|
|
2,123,928 |
|
|
Trading
Companies & Distributors — 5.3% |
|
|
|
|
|
|
|
|
|
Herc
Holdings, Inc. |
|
|
16,038 |
|
|
|
2,301,132 |
|
|
Watsco,
Inc. (b) |
|
|
5,010 |
|
|
|
2,526,693 |
|
| |
|
|
|
|
|
|
4,827,825 |
|
|
TOTAL
COMMON STOCKS (Cost $76,422,142) |
|
|
|
|
|
|
87,981,279 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL Small-Cap Growth ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Units |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 12.7% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 12.7% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
11,677,511 |
|
|
$ |
11,677,511 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $11,677,511) |
|
|
|
|
|
|
11,677,511 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 108.7% (Cost $88,099,653) |
|
|
|
|
|
|
99,658,790 |
|
|
Liabilities
in Excess of Other Assets — (8.7)% |
|
|
|
|
|
|
(7,975,747 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
91,683,043 |
|
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.
LLC
— Limited Liability Company
REIT
— Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $11,381,601 which represented 12.4% of net assets.
|
|
(c) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL CAPITAL EFFICIENCY 100 INDEX ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 99.8% |
|
|
|
|
|
|
|
|
|
Air
Freight & Logistics — 0.0%(a) |
|
|
|
|
|
|
|
|
|
GXO
Logistics, Inc. (b) |
|
|
796 |
|
|
$ |
31,378 |
|
|
Beverages
— 0.5% |
|
|
|
|
|
|
|
|
|
Boston
Beer Co., Inc. - Class A (b) |
|
|
86 |
|
|
|
20,964 |
|
|
Monster
Beverage Corp. (b) |
|
|
6,720 |
|
|
|
367,248 |
|
| |
|
|
|
|
|
|
388,212 |
|
|
Biotechnology
— 3.1% |
|
|
|
|
|
|
|
|
|
Exelixis,
Inc. (b) |
|
|
2,692 |
|
|
|
104,154 |
|
|
Gilead
Sciences, Inc. |
|
|
11,188 |
|
|
|
1,278,900 |
|
|
Neurocrine
Biosciences, Inc. (b) |
|
|
814 |
|
|
|
96,638 |
|
|
Vertex
Pharmaceuticals, Inc. (b) |
|
|
1,866 |
|
|
|
895,288 |
|
| |
|
|
|
|
|
|
2,374,980 |
|
|
Broadline
Retail — 4.8% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc. (b) |
|
|
15,980 |
|
|
|
3,392,234 |
|
|
eBay,
Inc. |
|
|
3,613 |
|
|
|
233,906 |
|
|
Etsy,
Inc. (b) |
|
|
878 |
|
|
|
44,945 |
|
| |
|
|
|
|
|
|
3,671,085 |
|
|
Capital
Markets — 0.2% |
|
|
|
|
|
|
|
|
|
Cboe
Global Markets, Inc. |
|
|
705 |
|
|
|
148,614 |
|
|
PJT
Partners, Inc. - Class A |
|
|
235 |
|
|
|
37,426 |
|
| |
|
|
|
|
|
|
186,040 |
|
|
Chemicals
— 2.2% |
|
|
|
|
|
|
|
|
|
Balchem
Corp. |
|
|
212 |
|
|
|
36,894 |
|
|
Ecolab,
Inc. |
|
|
2,218 |
|
|
|
596,664 |
|
|
RPM
International, Inc. |
|
|
1,182 |
|
|
|
146,438 |
|
|
Sherwin-Williams
Co. |
|
|
2,503 |
|
|
|
906,762 |
|
| |
|
|
|
|
|
|
1,686,758 |
|
|
Commercial
Services & Supplies — 2.5% |
|
|
|
|
|
|
|
|
|
Cintas
Corp. |
|
|
3,866 |
|
|
|
802,195 |
|
|
Rollins,
Inc. |
|
|
4,986 |
|
|
|
261,217 |
|
|
Veralto
Corp. |
|
|
1,848 |
|
|
|
184,356 |
|
|
Waste
Management, Inc. |
|
|
2,951 |
|
|
|
686,934 |
|
| |
|
|
|
|
|
|
1,934,702 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL CAPITAL EFFICIENCY 100 INDEX ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Communications
Equipment — 1.9% |
|
|
|
|
|
|
|
|
|
Arista
Networks, Inc. (b) |
|
|
8,471 |
|
|
$ |
788,227 |
|
|
Motorola
Solutions, Inc. |
|
|
1,427 |
|
|
|
628,194 |
|
| |
|
|
|
|
|
|
1,416,421 |
|
|
Construction
& Engineering — 0.2% |
|
|
|
|
|
|
|
|
|
EMCOR
Group, Inc. |
|
|
384 |
|
|
|
157,022 |
|
|
Consumer
Staples Distribution & Retail — 10.6% |
|
|
|
|
|
|
|
|
|
Casey’s
General Stores, Inc. |
|
|
358 |
|
|
|
148,287 |
|
|
Costco
Wholesale Corp. |
|
|
3,790 |
|
|
|
3,974,232 |
|
|
Maplebear,
Inc. (b) |
|
|
2,594 |
|
|
|
106,588 |
|
|
Walmart,
Inc. |
|
|
39,805 |
|
|
|
3,925,171 |
|
| |
|
|
|
|
|
|
8,154,278 |
|
|
Distributors
— 0.1% |
|
|
|
|
|
|
|
|
|
LKQ
Corp. |
|
|
2,090 |
|
|
|
88,177 |
|
|
Entertainment
— 4.8% |
|
|
|
|
|
|
|
|
|
Electronic
Arts, Inc. |
|
|
2,143 |
|
|
|
276,704 |
|
|
Netflix,
Inc. (b) |
|
|
3,493 |
|
|
|
3,425,096 |
|
| |
|
|
|
|
|
|
3,701,800 |
|
|
Financial
Services — 10.6% |
|
|
|
|
|
|
|
|
|
Jack
Henry & Associates, Inc. |
|
|
596 |
|
|
|
103,459 |
|
|
Mastercard,
Inc. - Class A |
|
|
6,809 |
|
|
|
3,924,095 |
|
|
Visa,
Inc. - Class A |
|
|
11,356 |
|
|
|
4,118,935 |
|
| |
|
|
|
|
|
|
8,146,489 |
|
|
Ground
Transportation — 1.8% |
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. |
|
|
260 |
|
|
|
41,288 |
|
|
Old
Dominion Freight Line, Inc. |
|
|
1,669 |
|
|
|
294,579 |
|
|
Union
Pacific Corp. |
|
|
4,265 |
|
|
|
1,052,133 |
|
| |
|
|
|
|
|
|
1,388,000 |
|
|
Health
Care Equipment & Supplies — 3.1% |
|
|
|
|
|
|
|
|
|
IDEXX
Laboratories, Inc. (b) |
|
|
812 |
|
|
|
354,933 |
|
|
Insulet
Corp. (b) |
|
|
563 |
|
|
|
153,288 |
|
|
Intuitive
Surgical, Inc. (b) |
|
|
2,579 |
|
|
|
1,478,154 |
|
|
ResMed,
Inc. |
|
|
1,242 |
|
|
|
290,032 |
|
|
Solventum
Corp. (b) |
|
|
1,325 |
|
|
|
105,669 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL CAPITAL EFFICIENCY 100 INDEX ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Health
Care Equipment & Supplies (continued) |
|
STAAR
Surgical Co. (b) |
|
|
451 |
|
|
$ |
7,892 |
|
| |
|
|
|
|
|
|
2,389,968 |
|
|
Health
Care Providers & Services — 6.9% |
|
|
|
|
|
|
|
|
|
CVS
Health Corp. |
|
|
9,120 |
|
|
|
599,366 |
|
|
HCA
Healthcare, Inc. |
|
|
2,408 |
|
|
|
737,570 |
|
|
McKesson
Corp. |
|
|
856 |
|
|
|
548,063 |
|
|
UnitedHealth
Group, Inc. |
|
|
7,103 |
|
|
|
3,373,641 |
|
| |
|
|
|
|
|
|
5,258,640 |
|
|
Hotels,
Restaurants & Leisure — 0.8% |
|
|
|
|
|
|
|
|
|
Chipotle
Mexican Grill, Inc. (b) |
|
|
10,915 |
|
|
|
589,083 |
|
|
Household
Durables — 0.1% |
|
|
|
|
|
|
|
|
|
Dream
Finders Homes, Inc. - Class A (b) |
|
|
625 |
|
|
|
14,944 |
|
|
Meritage
Homes Corp. |
|
|
516 |
|
|
|
37,394 |
|
| |
|
|
|
|
|
|
52,338 |
|
|
Interactive
Media & Services — 9.8% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class C |
|
|
18,350 |
|
|
|
3,160,237 |
|
|
Match
Group, Inc. |
|
|
2,089 |
|
|
|
66,242 |
|
|
Meta
Platforms, Inc. - Class A |
|
|
5,996 |
|
|
|
4,006,528 |
|
|
Pinterest,
Inc. - Class A (b) |
|
|
6,297 |
|
|
|
232,863 |
|
| |
|
|
|
|
|
|
7,465,870 |
|
|
IT
Services — 1.3% |
|
|
|
|
|
|
|
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
3,790 |
|
|
|
315,821 |
|
|
EPAM
Systems, Inc. (b) |
|
|
382 |
|
|
|
78,745 |
|
|
Gartner,
Inc. (b) |
|
|
725 |
|
|
|
361,282 |
|
|
GoDaddy,
Inc. - Class A (b) |
|
|
1,210 |
|
|
|
217,195 |
|
| |
|
|
|
|
|
|
973,043 |
|
|
Machinery
— 0.1% |
|
|
|
|
|
|
|
|
|
Tennant
Co. |
|
|
164 |
|
|
|
14,196 |
|
|
Toro
Co. |
|
|
747 |
|
|
|
59,917 |
|
| |
|
|
|
|
|
|
74,113 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL CAPITAL EFFICIENCY 100 INDEX ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Media
— 0.4% |
|
|
|
|
|
|
|
|
|
New
York Times Co. - Class A |
|
|
1,490 |
|
|
$ |
71,654 |
|
|
Trade
Desk, Inc. - Class A (b) |
|
|
3,493 |
|
|
|
245,628 |
|
| |
|
|
|
|
|
|
317,282 |
|
|
Personal
Care Products — 0.1% |
|
|
|
|
|
|
|
|
|
elf
Beauty, Inc. (b) |
|
|
517 |
|
|
|
36,319 |
|
|
Pharmaceuticals
— 5.4% |
|
|
|
|
|
|
|
|
|
Eli
Lilly & Co. |
|
|
4,524 |
|
|
|
4,164,930 |
|
|
Professional
Services — 0.0%(a) |
|
|
|
|
|
|
|
|
|
TaskUS,
Inc. - Class A (b) |
|
|
775 |
|
|
|
10,935 |
|
|
Upwork,
Inc. (b) |
|
|
1,100 |
|
|
|
17,523 |
|
| |
|
|
|
|
|
|
28,458 |
|
|
Semiconductors
& Semiconductor Equipment — 1.5% |
|
|
|
|
|
|
|
|
|
Cirrus
Logic, Inc. (b) |
|
|
449 |
|
|
|
46,790 |
|
|
Impinj,
Inc. (b) |
|
|
193 |
|
|
|
18,655 |
|
|
Lam
Research Corp. |
|
|
10,271 |
|
|
|
788,197 |
|
|
Monolithic
Power Systems, Inc. |
|
|
390 |
|
|
|
238,294 |
|
|
Universal
Display Corp. |
|
|
348 |
|
|
|
53,460 |
|
| |
|
|
|
|
|
|
1,145,396 |
|
|
Software
— 15.7% |
|
|
|
|
|
|
|
|
|
Adobe
Systems, Inc. (b) |
|
|
4,821 |
|
|
|
2,114,298 |
|
|
Appfolio,
Inc. - Class A (b) |
|
|
309 |
|
|
|
66,280 |
|
|
Appian
Corp. - Class A (b) |
|
|
574 |
|
|
|
18,638 |
|
|
Autodesk,
Inc. (b) |
|
|
1,950 |
|
|
|
534,710 |
|
|
DocuSign,
Inc. (b) |
|
|
2,049 |
|
|
|
170,415 |
|
|
Fair
Isaac Corp. (b) |
|
|
288 |
|
|
|
543,269 |
|
|
Fortinet,
Inc. (b) |
|
|
7,365 |
|
|
|
795,494 |
|
|
HubSpot,
Inc. (b) |
|
|
473 |
|
|
|
342,447 |
|
|
Manhattan
Associates, Inc. (b) |
|
|
474 |
|
|
|
83,841 |
|
|
Microsoft
Corp. |
|
|
8,280 |
|
|
|
3,287,077 |
|
|
Nutanix,
Inc. - Class A (b) |
|
|
2,632 |
|
|
|
202,374 |
|
|
Palo
Alto Networks, Inc. (b) |
|
|
4,781 |
|
|
|
910,446 |
|
|
Pegasystems,
Inc. |
|
|
699 |
|
|
|
54,878 |
|
|
Samsara,
Inc. - Class A (b) |
|
|
4,172 |
|
|
|
198,921 |
|
|
ServiceNow,
Inc. (b) |
|
|
1,622 |
|
|
|
1,508,071 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL CAPITAL EFFICIENCY 100 INDEX ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Software
(continued) |
|
Synopsys,
Inc. (b) |
|
|
1,346 |
|
|
$ |
615,499 |
|
|
Workday,
Inc. - Class A (b) |
|
|
2,050 |
|
|
|
539,847 |
|
| |
|
|
|
|
|
|
11,986,505 |
|
|
Specialty
Retail — 6.3% |
|
|
|
|
|
|
|
|
|
Home
Depot, Inc. |
|
|
7,814 |
|
|
|
3,099,032 |
|
|
Stitch
Fix, Inc. - Class A (b) |
|
|
917 |
|
|
|
4,337 |
|
|
TJX
Cos., Inc. |
|
|
9,173 |
|
|
|
1,144,423 |
|
|
Tractor
Supply Co. |
|
|
4,842 |
|
|
|
268,005 |
|
|
Ulta
Beauty, Inc. (b) |
|
|
399 |
|
|
|
146,178 |
|
|
Williams-Sonoma,
Inc. |
|
|
877 |
|
|
|
170,647 |
|
|
Winmark
Corp. |
|
|
58 |
|
|
|
19,493 |
|
| |
|
|
|
|
|
|
4,852,115 |
|
|
Technology
Hardware, Storage & Peripherals — 4.7% |
|
|
|
|
|
|
|
|
|
Apple,
Inc. |
|
|
14,104 |
|
|
|
3,410,911 |
|
|
Pure
Storage, Inc. - Class A (b) |
|
|
3,027 |
|
|
|
158,827 |
|
| |
|
|
|
|
|
|
3,569,738 |
|
|
Textiles,
Apparel & Luxury Goods — 0.1% |
|
|
|
|
|
|
|
|
|
Skechers
USA, Inc. - Class A (b) |
|
|
1,192 |
|
|
|
72,700 |
|
|
Under
Armour, Inc. - Class A (b) |
|
|
3,510 |
|
|
|
23,903 |
|
| |
|
|
|
|
|
|
96,603 |
|
|
Trading
Companies & Distributors — 0.2% |
|
|
|
|
|
|
|
|
|
Watsco,
Inc. |
|
|
337 |
|
|
|
169,959 |
|
|
TOTAL
COMMON STOCKS (Cost $64,330,508) |
|
|
|
|
|
|
76,495,702 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $64,330,508) |
|
|
|
|
|
|
76,495,702 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
123,667 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
76,619,369 |
|
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) |
Represents less than 0.05%
of net assets. |
|
(b) |
Non-income producing security.
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 99.7% |
|
|
|
|
|
|
|
|
|
Aerospace
& Defense — 5.0% |
|
|
|
|
|
|
|
|
|
AeroVironment,
Inc. (a) |
|
|
442 |
|
|
$ |
66,132 |
|
|
Axon
Enterprise, Inc. (a) |
|
|
1,224 |
|
|
|
646,823 |
|
|
HEICO
Corp. |
|
|
1,937 |
|
|
|
512,685 |
|
|
Rocket
Lab USA, Inc. (a) |
|
|
7,963 |
|
|
|
163,162 |
|
|
Textron,
Inc. |
|
|
2,977 |
|
|
|
222,471 |
|
| |
|
|
|
|
|
|
1,611,273 |
|
|
Air
Freight & Logistics — 0.2% |
|
|
|
|
|
|
|
|
|
GXO
Logistics, Inc. (a) |
|
|
1,899 |
|
|
|
74,859 |
|
|
Automobile
Components — 0.5% |
|
|
|
|
|
|
|
|
|
BorgWarner,
Inc. |
|
|
3,481 |
|
|
|
103,629 |
|
|
Phinia,
Inc. |
|
|
669 |
|
|
|
32,989 |
|
|
XPEL,
Inc. (a) |
|
|
437 |
|
|
|
14,609 |
|
| |
|
|
|
|
|
|
151,227 |
|
|
Banks
— 0.7% |
|
|
|
|
|
|
|
|
|
Axos
Financial, Inc. (a) |
|
|
905 |
|
|
|
60,454 |
|
|
Western
Alliance Bancorp |
|
|
1,758 |
|
|
|
152,805 |
|
| |
|
|
|
|
|
|
213,259 |
|
|
Beverages
— 0.4% |
|
|
|
|
|
|
|
|
|
Boston
Beer Co., Inc. - Class A (a) |
|
|
176 |
|
|
|
42,904 |
|
|
Celsius
Holdings, Inc. (a) |
|
|
3,741 |
|
|
|
96,106 |
|
| |
|
|
|
|
|
|
139,010 |
|
|
Biotechnology
— 5.0% |
|
|
|
|
|
|
|
|
|
Alnylam
Pharmaceuticals, Inc. (a) |
|
|
2,070 |
|
|
|
510,773 |
|
|
AnaptysBio,
Inc. (a) |
|
|
483 |
|
|
|
8,124 |
|
|
BioMarin
Pharmaceutical, Inc. (a) |
|
|
3,037 |
|
|
|
216,113 |
|
|
Bluebird
Bio, Inc. (a) |
|
|
153 |
|
|
|
624 |
|
|
Bridgebio
Pharma, Inc. (a) |
|
|
3,008 |
|
|
|
104,979 |
|
|
Editas
Medicine, Inc. (a) |
|
|
1,310 |
|
|
|
2,515 |
|
|
Emergent
BioSolutions, Inc. (a) |
|
|
863 |
|
|
|
6,455 |
|
|
Exact
Sciences Corp. (a) |
|
|
2,946 |
|
|
|
139,670 |
|
|
Exelixis,
Inc. (a) |
|
|
4,546 |
|
|
|
175,885 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Biotechnology
(continued) |
|
Ionis
Pharmaceuticals, Inc. (a) |
|
|
2,515 |
|
|
$ |
83,473 |
|
|
Moderna,
Inc. (a) |
|
|
6,128 |
|
|
|
189,723 |
|
|
Neurocrine
Biosciences, Inc. (a) |
|
|
1,611 |
|
|
|
191,258 |
|
| |
|
|
|
|
|
|
1,629,592 |
|
|
Broadline
Retail — 0.3% |
|
|
|
|
|
|
|
|
|
Etsy,
Inc. (a) |
|
|
1,791 |
|
|
|
91,681 |
|
|
Building
Products — 0.3% |
|
|
|
|
|
|
|
|
|
Trex
Co., Inc. (a) |
|
|
1,703 |
|
|
|
105,058 |
|
|
Capital
Markets — 4.8% |
|
|
|
|
|
|
|
|
|
Affiliated
Managers Group, Inc. |
|
|
480 |
|
|
|
82,008 |
|
|
Cboe
Global Markets, Inc. |
|
|
1,685 |
|
|
|
355,198 |
|
|
FactSet
Research Systems, Inc. |
|
|
611 |
|
|
|
282,123 |
|
|
Houlihan
Lokey, Inc. |
|
|
1,115 |
|
|
|
193,285 |
|
|
Interactive
Brokers Group, Inc. - Class A |
|
|
1,749 |
|
|
|
357,496 |
|
|
Jefferies
Financial Group, Inc. |
|
|
3,316 |
|
|
|
219,519 |
|
|
PJT
Partners, Inc. - Class A |
|
|
374 |
|
|
|
59,563 |
|
| |
|
|
|
|
|
|
1,549,192 |
|
|
Chemicals
— 1.1% |
|
|
|
|
|
|
|
|
|
Balchem
Corp. |
|
|
513 |
|
|
|
89,277 |
|
|
Perimeter
Solutions, Inc. (a) |
|
|
2,328 |
|
|
|
24,630 |
|
|
RPM
International, Inc. |
|
|
2,074 |
|
|
|
256,948 |
|
| |
|
|
|
|
|
|
370,855 |
|
|
Commercial
Services & Supplies — 2.5% |
|
|
|
|
|
|
|
|
|
Healthcare
Services Group, Inc. (a) |
|
|
1,164 |
|
|
|
12,222 |
|
|
Rollins,
Inc. |
|
|
7,797 |
|
|
|
408,485 |
|
|
Veralto
Corp. |
|
|
3,969 |
|
|
|
395,947 |
|
| |
|
|
|
|
|
|
816,654 |
|
|
Communications
Equipment — 1.0% |
|
|
|
|
|
|
|
|
|
Ubiquiti,
Inc. |
|
|
972 |
|
|
|
332,123 |
|
|
Construction
& Engineering — 1.4% |
|
|
|
|
|
|
|
|
|
EMCOR
Group, Inc. |
|
|
739 |
|
|
|
302,184 |
|
|
MasTec,
Inc. (a) |
|
|
1,237 |
|
|
|
161,540 |
|
| |
|
|
|
|
|
|
463,724 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Consumer
Finance — 0.5% |
|
|
|
|
|
|
|
|
|
Nelnet,
Inc. - Class A |
|
|
574 |
|
|
$ |
70,252 |
|
|
Upstart
Holdings, Inc. (a) |
|
|
1,453 |
|
|
|
96,871 |
|
| |
|
|
|
|
|
|
167,123 |
|
|
Consumer
Staples Distribution & Retail — 1.3% |
|
|
|
|
|
|
|
|
|
Casey’s
General Stores, Inc. |
|
|
596 |
|
|
|
246,869 |
|
|
Maplebear,
Inc. (a) |
|
|
4,093 |
|
|
|
168,182 |
|
| |
|
|
|
|
|
|
415,051 |
|
|
Distributors
— 0.5% |
|
|
|
|
|
|
|
|
|
LKQ
Corp. |
|
|
4,139 |
|
|
|
174,624 |
|
|
Diversified
Consumer Services — 0.7% |
|
|
|
|
|
|
|
|
|
Chegg,
Inc. (a) |
|
|
1,661 |
|
|
|
1,811 |
|
|
Duolingo,
Inc. (a) |
|
|
706 |
|
|
|
220,321 |
|
| |
|
|
|
|
|
|
222,132 |
|
|
Diversified
Telecommunication Services — 0.0%(b) |
|
|
|
|
|
|
|
|
|
Bandwidth,
Inc. - Class A (a) |
|
|
435 |
|
|
|
6,947 |
|
|
Electronic
Equipment, Instruments & Components — 2.1% |
|
|
|
|
|
|
|
|
|
Cognex
Corp. |
|
|
2,731 |
|
|
|
89,577 |
|
|
Coherent
Corp. (a) |
|
|
2,463 |
|
|
|
185,193 |
|
|
IPG
Photonics Corp. (a) |
|
|
687 |
|
|
|
39,977 |
|
|
Littelfuse,
Inc. |
|
|
399 |
|
|
|
92,612 |
|
|
Zebra
Technologies Corp. - Class A (a) |
|
|
828 |
|
|
|
260,861 |
|
| |
|
|
|
|
|
|
668,220 |
|
|
Entertainment
— 5.5% |
|
|
|
|
|
|
|
|
|
Live
Nation Entertainment, Inc. (a) |
|
|
3,700 |
|
|
|
530,432 |
|
|
Roku,
Inc. (a) |
|
|
2,313 |
|
|
|
193,158 |
|
|
Take-Two
Interactive Software, Inc. (a) |
|
|
2,818 |
|
|
|
597,360 |
|
|
Warner
Bros Discovery, Inc. (a) |
|
|
39,365 |
|
|
|
451,123 |
|
| |
|
|
|
|
|
|
1,772,073 |
|
|
Financial
Services — 2.5% |
|
|
|
|
|
|
|
|
|
Euronet
Worldwide, Inc. (a) |
|
|
697 |
|
|
|
71,414 |
|
|
Jack
Henry & Associates, Inc. |
|
|
1,171 |
|
|
|
203,274 |
|
|
Marqeta,
Inc. - Class A (a) |
|
|
8,005 |
|
|
|
33,461 |
|
|
Toast,
Inc. - Class A (a) |
|
|
9,115 |
|
|
|
351,839 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Financial
Services (continued) |
|
Walker
& Dunlop, Inc. |
|
|
537 |
|
|
$ |
46,005 |
|
|
WEX,
Inc. (a) |
|
|
630 |
|
|
|
98,973 |
|
| |
|
|
|
|
|
|
804,966 |
|
|
Food
Products — 1.6% |
|
|
|
|
|
|
|
|
|
Darling
Ingredients, Inc. (a) |
|
|
2,532 |
|
|
|
91,380 |
|
|
Freshpet,
Inc. (a) |
|
|
769 |
|
|
|
82,306 |
|
|
McCormick
& Co., Inc./MD |
|
|
4,306 |
|
|
|
355,719 |
|
| |
|
|
|
|
|
|
529,405 |
|
|
Ground
Transportation — 1.8% |
|
|
|
|
|
|
|
|
|
Landstar
System, Inc. |
|
|
575 |
|
|
|
91,310 |
|
|
RXO,
Inc. (a) |
|
|
2,558 |
|
|
|
52,362 |
|
|
U-Haul
Holding Co. (a) |
|
|
2,888 |
|
|
|
199,994 |
|
|
XPO,
Inc. (a) |
|
|
1,854 |
|
|
|
227,968 |
|
| |
|
|
|
|
|
|
571,634 |
|
|
Health
Care Equipment & Supplies — 3.6% |
|
|
|
|
|
|
|
|
|
Align
Technology, Inc. (a) |
|
|
1,189 |
|
|
|
222,379 |
|
|
Globus
Medical, Inc. - Class A (a) |
|
|
2,165 |
|
|
|
173,893 |
|
|
Insulet
Corp. (a) |
|
|
1,126 |
|
|
|
306,576 |
|
|
Masimo
Corp. (a) |
|
|
859 |
|
|
|
162,153 |
|
|
QuidelOrtho
Corp. (a) |
|
|
1,070 |
|
|
|
42,789 |
|
|
Solventum
Corp. (a) |
|
|
2,749 |
|
|
|
219,233 |
|
|
STAAR
Surgical Co. (a) |
|
|
780 |
|
|
|
13,650 |
|
|
TransMedics
Group, Inc. (a) |
|
|
534 |
|
|
|
40,755 |
|
| |
|
|
|
|
|
|
1,181,428 |
|
|
Health
Care Providers & Services — 1.8% |
|
|
|
|
|
|
|
|
|
Fulgent
Genetics, Inc. (a) |
|
|
485 |
|
|
|
7,493 |
|
|
Guardant
Health, Inc. (a) |
|
|
1,964 |
|
|
|
83,568 |
|
|
HealthEquity,
Inc. (a) |
|
|
1,376 |
|
|
|
151,030 |
|
|
Progyny,
Inc. (a) |
|
|
1,354 |
|
|
|
30,506 |
|
|
Quest
Diagnostics, Inc. |
|
|
1,800 |
|
|
|
311,220 |
|
| |
|
|
|
|
|
|
583,817 |
|
|
Health
Care Technology — 0.8% |
|
|
|
|
|
|
|
|
|
Doximity,
Inc. - Class A (a) |
|
|
2,974 |
|
|
|
209,667 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Health
Care Technology (continued) |
|
GoodRx
Holdings, Inc. - Class A (a) |
|
|
6,127 |
|
|
$ |
30,513 |
|
|
Teladoc,
Inc. (a) |
|
|
2,740 |
|
|
|
26,194 |
|
| |
|
|
|
|
|
|
266,374 |
|
|
Hotels,
Restaurants & Leisure — 3.0% |
|
|
|
|
|
|
|
|
|
Cava
Group, Inc. (a) |
|
|
1,822 |
|
|
|
173,145 |
|
|
Dave
& Buster’s Entertainment, Inc. (a) |
|
|
612 |
|
|
|
12,785 |
|
|
Hyatt
Hotels Corp. - Class A |
|
|
1,543 |
|
|
|
217,486 |
|
|
Planet
Fitness, Inc. - Class A (a) |
|
|
1,339 |
|
|
|
123,924 |
|
|
Sweetgreen,
Inc. - Class A (a) |
|
|
1,838 |
|
|
|
41,833 |
|
|
Texas
Roadhouse, Inc. |
|
|
1,062 |
|
|
|
195,503 |
|
|
Vail
Resorts, Inc. |
|
|
596 |
|
|
|
94,758 |
|
|
Wingstop,
Inc. |
|
|
465 |
|
|
|
109,173 |
|
| |
|
|
|
|
|
|
968,607 |
|
|
Household
Durables — 1.5% |
|
|
|
|
|
|
|
|
|
Dream
Finders Homes, Inc. - Class A (a) |
|
|
1,486 |
|
|
|
35,530 |
|
|
iRobot
Corp. (a) |
|
|
485 |
|
|
|
3,526 |
|
|
Meritage
Homes Corp. |
|
|
1,149 |
|
|
|
83,268 |
|
|
NVR,
Inc. (a) |
|
|
49 |
|
|
|
355,034 |
|
| |
|
|
|
|
|
|
477,358 |
|
|
Household
Products — 0.1% |
|
|
|
|
|
|
|
|
|
Spectrum
Brands Holdings, Inc. |
|
|
443 |
|
|
|
34,306 |
|
|
Industrial
REITs — 0.3% |
|
|
|
|
|
|
|
|
|
STAG
Industrial, Inc. |
|
|
2,898 |
|
|
|
104,270 |
|
|
Insurance
— 2.0% |
|
|
|
|
|
|
|
|
|
Kinsale
Capital Group, Inc. |
|
|
374 |
|
|
|
161,512 |
|
|
Lemonade,
Inc. (a) |
|
|
1,136 |
|
|
|
41,293 |
|
|
Markel
Group, Inc. (a) |
|
|
206 |
|
|
|
398,289 |
|
|
Safety
Insurance Group, Inc. |
|
|
233 |
|
|
|
17,741 |
|
|
Trupanion,
Inc. (a) |
|
|
673 |
|
|
|
23,245 |
|
| |
|
|
|
|
|
|
642,080 |
|
|
Interactive
Media & Services — 1.6% |
|
|
|
|
|
|
|
|
|
Match
Group, Inc. |
|
|
3,998 |
|
|
|
126,777 |
|
|
Pinterest,
Inc. - Class A (a) |
|
|
10,845 |
|
|
|
401,048 |
|
| |
|
|
|
|
|
|
527,825 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
IT
Services — 7.2% |
|
|
|
|
|
|
|
|
|
Cloudflare,
Inc. - Class A (a) |
|
|
5,507 |
|
|
$ |
800,167 |
|
|
DigitalOcean
Holdings, Inc. (a) |
|
|
1,469 |
|
|
|
62,947 |
|
|
EPAM
Systems, Inc. (a) |
|
|
910 |
|
|
|
187,587 |
|
|
Fastly,
Inc. - Class A (a) |
|
|
2,231 |
|
|
|
15,193 |
|
|
GoDaddy,
Inc. - Class A (a) |
|
|
2,253 |
|
|
|
404,414 |
|
|
MongoDB,
Inc. (a) |
|
|
1,195 |
|
|
|
319,579 |
|
|
Okta,
Inc. (a) |
|
|
2,750 |
|
|
|
248,847 |
|
|
Twilio,
Inc. - Class A (a) |
|
|
2,461 |
|
|
|
295,148 |
|
| |
|
|
|
|
|
|
2,333,882 |
|
|
Leisure
Products — 0.5% |
|
|
|
|
|
|
|
|
|
Hasbro,
Inc. |
|
|
2,219 |
|
|
|
144,479 |
|
|
Life
Sciences Tools & Services — 0.4% |
|
|
|
|
|
|
|
|
|
Repligen
Corp. (a) |
|
|
890 |
|
|
|
141,741 |
|
|
Machinery
— 3.5% |
|
|
|
|
|
|
|
|
|
Chart
Industries, Inc. (a) |
|
|
669 |
|
|
|
127,478 |
|
|
Middleby
Corp. (a) |
|
|
852 |
|
|
|
140,929 |
|
|
Proto
Labs, Inc. (a) |
|
|
386 |
|
|
|
15,394 |
|
|
RBC
Bearings, Inc. (a) |
|
|
501 |
|
|
|
179,959 |
|
|
Tennant
Co. |
|
|
297 |
|
|
|
25,708 |
|
|
Toro
Co. |
|
|
1,610 |
|
|
|
129,138 |
|
|
Westinghouse
Air Brake Technologies Corp. |
|
|
2,815 |
|
|
|
521,789 |
|
| |
|
|
|
|
|
|
1,140,395 |
|
|
Media
— 0.4% |
|
|
|
|
|
|
|
|
|
Boston
Omaha Corp. - Class A (a) |
|
|
497 |
|
|
|
7,077 |
|
|
New
York Times Co. - Class A |
|
|
2,609 |
|
|
|
125,467 |
|
|
PubMatic,
Inc. - Class A (a) |
|
|
758 |
|
|
|
8,058 |
|
| |
|
|
|
|
|
|
140,602 |
|
|
Oil,
Gas & Consumable Fuels — 1.5% |
|
|
|
|
|
|
|
|
|
Clean
Energy Fuels Corp. (a) |
|
|
3,556 |
|
|
|
7,254 |
|
|
EQT
Corp. |
|
|
9,603 |
|
|
|
462,576 |
|
|
Excelerate
Energy, Inc. - Class A |
|
|
382 |
|
|
|
11,720 |
|
|
Vitesse
Energy, Inc. |
|
|
470 |
|
|
|
12,084 |
|
| |
|
|
|
|
|
|
493,634 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Passenger
Airlines — 0.5% |
|
|
|
|
|
|
|
|
|
Alaska
Air Group, Inc. (a) |
|
|
2,019 |
|
|
$ |
145,933 |
|
|
Personal
Care Products — 0.2% |
|
|
|
|
|
|
|
|
|
elf
Beauty, Inc. (a) |
|
|
894 |
|
|
|
62,803 |
|
|
Pharmaceuticals
— 0.8% |
|
|
|
|
|
|
|
|
|
Axsome
Therapeutics, Inc. (a) |
|
|
768 |
|
|
|
97,951 |
|
|
Viatris,
Inc. |
|
|
19,021 |
|
|
|
175,564 |
|
| |
|
|
|
|
|
|
273,515 |
|
|
Professional
Services — 3.6% |
|
|
|
|
|
|
|
|
|
Broadridge
Financial Solutions, Inc. |
|
|
1,876 |
|
|
|
452,529 |
|
|
Paycom
Software, Inc. |
|
|
897 |
|
|
|
196,865 |
|
|
Robert
Half, Inc. |
|
|
1,614 |
|
|
|
95,371 |
|
|
SS&C
Technologies Holdings, Inc. |
|
|
3,975 |
|
|
|
353,974 |
|
|
TaskUS,
Inc. - Class A (a) |
|
|
1,420 |
|
|
|
20,036 |
|
|
Upwork,
Inc. (a) |
|
|
2,128 |
|
|
|
33,899 |
|
| |
|
|
|
|
|
|
1,152,674 |
|
|
Real
Estate Management & Development — 0.9% |
|
|
|
|
|
|
|
|
|
Redfin
Corp. (a) |
|
|
1,971 |
|
|
|
13,147 |
|
|
Zillow
Group, Inc. - Class C (a) |
|
|
3,706 |
|
|
|
284,102 |
|
| |
|
|
|
|
|
|
297,249 |
|
|
Semiconductors
& Semiconductor Equipment — 4.1% |
|
|
|
|
|
|
|
|
|
Cirrus
Logic, Inc. (a) |
|
|
842 |
|
|
|
87,745 |
|
|
Enphase
Energy, Inc. (a) |
|
|
2,150 |
|
|
|
123,260 |
|
|
First
Solar, Inc. (a) |
|
|
1,718 |
|
|
|
233,957 |
|
|
Impinj,
Inc. (a) |
|
|
446 |
|
|
|
43,110 |
|
|
Monolithic
Power Systems, Inc. |
|
|
783 |
|
|
|
478,421 |
|
|
Silicon
Laboratories, Inc. (a) |
|
|
512 |
|
|
|
71,834 |
|
|
Skyworks
Solutions, Inc. |
|
|
2,593 |
|
|
|
172,849 |
|
|
Universal
Display Corp. |
|
|
754 |
|
|
|
115,829 |
|
| |
|
|
|
|
|
|
1,327,005 |
|
|
Software
— 11.1% |
|
|
|
|
|
|
|
|
|
Alarm.com
Holdings, Inc. (a) |
|
|
783 |
|
|
|
45,484 |
|
|
Appfolio,
Inc. - Class A (a) |
|
|
569 |
|
|
|
122,051 |
|
|
Appian
Corp. - Class A (a) |
|
|
1,156 |
|
|
|
37,535 |
|
|
Asana,
Inc. - Class A (a) |
|
|
3,643 |
|
|
|
70,128 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Software
(continued) |
|
Blackbaud,
Inc. (a) |
|
|
785 |
|
|
$ |
51,889 |
|
|
BlackLine,
Inc. (a) |
|
|
995 |
|
|
|
48,059 |
|
|
Box,
Inc. - Class A (a) |
|
|
2,286 |
|
|
|
74,752 |
|
|
Braze,
Inc. - Class A (a) |
|
|
1,644 |
|
|
|
60,795 |
|
|
Confluent,
Inc. - Class A (a) |
|
|
5,226 |
|
|
|
165,873 |
|
|
DocuSign,
Inc. (a) |
|
|
3,241 |
|
|
|
269,554 |
|
|
Gitlab,
Inc. - Class A (a) |
|
|
2,585 |
|
|
|
155,643 |
|
|
HubSpot,
Inc. (a) |
|
|
828 |
|
|
|
599,464 |
|
|
Manhattan
Associates, Inc. (a) |
|
|
980 |
|
|
|
173,342 |
|
|
Nutanix,
Inc. - Class A (a) |
|
|
4,299 |
|
|
|
330,550 |
|
|
Pegasystems,
Inc. |
|
|
1,363 |
|
|
|
107,009 |
|
|
Q2
Holdings, Inc. (a) |
|
|
959 |
|
|
|
83,788 |
|
|
Samsara,
Inc. - Class A (a) |
|
|
9,005 |
|
|
|
429,358 |
|
|
Tyler
Technologies, Inc. (a) |
|
|
687 |
|
|
|
417,991 |
|
|
UiPath,
Inc. - Class A (a) |
|
|
8,755 |
|
|
|
107,687 |
|
|
Unity
Software, Inc. (a) |
|
|
6,418 |
|
|
|
164,558 |
|
|
Varonis
Systems, Inc. (a) |
|
|
1,791 |
|
|
|
76,959 |
|
| |
|
|
|
|
|
|
3,592,469 |
|
|
Specialty
Retail — 7.7% |
|
|
|
|
|
|
|
|
|
Camping
World Holdings, Inc. - Class A |
|
|
955 |
|
|
|
18,613 |
|
|
CarMax,
Inc. (a) |
|
|
2,451 |
|
|
|
203,359 |
|
|
Carvana
Co. (a) |
|
|
2,062 |
|
|
|
480,652 |
|
|
Chewy,
Inc. - Class A (a) |
|
|
6,503 |
|
|
|
242,302 |
|
|
Designer
Brands, Inc. - Class A |
|
|
760 |
|
|
|
3,055 |
|
|
Five
Below, Inc. (a) |
|
|
875 |
|
|
|
76,029 |
|
|
GameStop
Corp. - Class A (a) |
|
|
7,116 |
|
|
|
178,185 |
|
|
RH
(a) |
|
|
294 |
|
|
|
94,689 |
|
|
Sleep
Number Corp. (a) |
|
|
354 |
|
|
|
4,981 |
|
|
Stitch
Fix, Inc. - Class A (a) |
|
|
2,018 |
|
|
|
9,545 |
|
|
Tractor
Supply Co. |
|
|
8,607 |
|
|
|
476,397 |
|
|
Ulta
Beauty, Inc. (a) |
|
|
744 |
|
|
|
272,572 |
|
|
Warby
Parker, Inc. - Class A (a) |
|
|
1,917 |
|
|
|
47,407 |
|
|
Williams-Sonoma,
Inc. |
|
|
1,981 |
|
|
|
385,463 |
|
|
Winmark
Corp. |
|
|
57 |
|
|
|
19,157 |
|
| |
|
|
|
|
|
|
2,512,406 |
|
|
Technology
Hardware, Storage & Peripherals — 0.9% |
|
|
|
|
|
|
|
|
|
Pure
Storage, Inc. - Class A (a) |
|
|
5,235 |
|
|
|
274,680 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL next index ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS (continued) |
|
Textiles,
Apparel & Luxury Goods — 0.6% |
|
|
|
|
|
|
|
|
|
Skechers
USA, Inc. - Class A (a) |
|
|
2,403 |
|
|
$ |
146,559 |
|
|
Under
Armour, Inc. - Class A (a) |
|
|
6,571 |
|
|
|
44,748 |
|
| |
|
|
|
|
|
|
191,307 |
|
|
Trading
Companies & Distributors — 1.4% |
|
|
|
|
|
|
|
|
|
Watsco,
Inc. |
|
|
616 |
|
|
|
310,667 |
|
|
WESCO
International, Inc. |
|
|
776 |
|
|
|
140,045 |
|
| |
|
|
|
|
|
|
450,712 |
|
|
TOTAL
COMMON STOCKS (Cost $30,132,484) |
|
|
|
|
|
|
32,342,233 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.7% (Cost $30,132,484) |
|
|
|
|
|
|
32,342,233 |
|
|
Other
Assets in Excess of Liabilities — 0.3% |
|
|
|
|
|
|
109,577 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
32,451,810 |
|
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.
REIT
— Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
|
(b) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of these financial statements.
Motley
Fool ETFs
Statements
of Assets and Liabilities
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Motley
Fool Global
Opportunities
ETF |
|
|
Motley
Fool
Mid-Cap
Growth ETF |
|
|
Motley
Fool 100
Index ETF |
|
|
Motley
Fool
Small-Cap
Growth ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issurers, at value (cost $246,676,738, $115,883,451, $880,736,762 and $76,422,142 respectively)^ |
|
$ |
404,095,291 |
|
|
$ |
186,491,479 |
|
|
$ |
1,275,606,181 |
|
|
$ |
87,981,279 |
|
|
Investments
purchased with proceeds from securities lending collateral (cost $28,211,048, $7,363,573, $6,705,630 and $11,677,511 respectively) |
|
|
28,211,048 |
|
|
|
7,363,573 |
|
|
|
6,705,630 |
|
|
|
11,677,511 |
|
|
Cash
and cash equivalents |
|
|
7,937,248 |
|
|
|
1,884,964 |
|
|
|
4,894,683 |
|
|
|
3,767,495 |
|
|
Cash |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
858,448 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
Sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
828,404 |
|
|
Dividends
and tax reclaims |
|
|
192,988 |
|
|
|
51,732 |
|
|
|
681,655 |
|
|
|
35,016 |
|
|
Total
assets |
|
|
440,436,575 |
|
|
|
195,791,748 |
|
|
|
1,287,888,149 |
|
|
|
105,148,153 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral (see Note 7) |
|
|
28,211,048 |
|
|
|
7,363,573 |
|
|
|
6,705,630 |
|
|
|
11,677,511 |
|
|
Capital
shares redeemed |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,723,383 |
|
|
Investments
purchased |
|
|
5,360,073 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Advisory
fees |
|
|
271,400 |
|
|
|
126,652 |
|
|
|
502,723 |
|
|
|
64,216 |
|
|
Total
liabilities |
|
|
33,842,521 |
|
|
|
7,490,225 |
|
|
|
7,208,353 |
|
|
|
13,465,110 |
|
|
Net
assets |
|
$ |
406,594,054 |
|
|
$ |
188,301,523 |
|
|
$ |
1,280,679,796 |
|
|
$ |
91,683,043 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
13,869 |
|
|
$ |
7,168 |
|
|
$ |
21,350 |
|
|
$ |
2,650 |
|
|
Paid-in
capital |
|
|
214,452,050 |
|
|
|
100,967,617 |
|
|
|
852,437,944 |
|
|
|
95,908,656 |
|
|
Total
distributable earnings/(losses) |
|
|
192,128,135 |
|
|
|
87,326,738 |
|
|
|
428,220,502 |
|
|
|
(4,228,263 |
) |
|
Net
assets |
|
$ |
406,594,054 |
|
|
$ |
188,301,523 |
|
|
$ |
1,280,679,796 |
|
|
$ |
91,683,043 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
13,868,873 |
|
|
|
7,167,511 |
|
|
|
21,350,000 |
|
|
|
2,650,000 |
|
|
Net
asset value, price per share |
|
$ |
29.32 |
|
|
$ |
26.27 |
|
|
$ |
59.99 |
|
|
$ |
34.60 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^
Includes market value of securities on loan |
|
$ |
28,073,813 |
|
|
$ |
7,207,452 |
|
|
$ |
6,774,031 |
|
|
$ |
11,381,601 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool ETFs
Statements
of Assets and Liabilities (concluded)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Motley
Fool
Capital
Efficiency 100
Index ETF |
|
|
Motley
Fool Next
Index ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issurers, at value (cost $64,330,508, and $30,132,484 respectively) |
|
$ |
76,495,702 |
|
|
$ |
32,342,233 |
|
|
Cash
and cash equivalents |
|
|
334,516 |
|
|
|
341,136 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
Dividends
and tax reclaims |
|
|
35,512 |
|
|
|
13,371 |
|
|
Total
assets |
|
|
76,865,730 |
|
|
|
32,696,740 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
Investments
purchased |
|
|
216,606 |
|
|
|
232,281 |
|
|
Advisory
fees |
|
|
29,755 |
|
|
|
12,649 |
|
|
Total
liabilities |
|
|
246,361 |
|
|
|
244,930 |
|
|
Net
assets |
|
$ |
76,619,369 |
|
|
$ |
32,451,810 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
2,800 |
|
|
$ |
1,650 |
|
|
Paid-in
capital |
|
|
62,934,234 |
|
|
|
32,727,201 |
|
|
Total
distributable earnings/(losses) |
|
|
13,682,335 |
|
|
|
(277,041 |
) |
|
Net
assets |
|
$ |
76,619,369 |
|
|
$ |
32,451,810 |
|
| |
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,800,000 |
|
|
|
1,650,000 |
|
|
Net
asset value, price per share |
|
$ |
27.36 |
|
|
$ |
19.67 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool ETFs
Statements
of Operations
FOR
THE Six Months ENDED FEBRUARY 28, 2025 (UNAUDITED)
|
|
|
Motley
Fool Global
Opportunities
ETF |
|
|
Motley
Fool
Mid-Cap
Growth ETF |
|
|
Motley
Fool 100
Index ETF |
|
|
Motley
Fool
Small-Cap
Growth ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
|
$ |
6,613,464 |
|
|
$ |
957,651 |
|
|
$ |
4,106,554 |
|
|
$ |
432,137 |
|
|
Securities
lending income |
|
|
28,632 |
|
|
|
14,704 |
|
|
|
10,946 |
|
|
|
10,697 |
|
|
Total
investment income |
|
|
6,642,096 |
|
|
|
972,355 |
|
|
|
4,117,500 |
|
|
|
442,834 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees (Note 3) |
|
|
1,820,844 |
|
|
|
862,776 |
|
|
|
2,872,746 |
|
|
|
379,208 |
|
|
Total
expenses |
|
|
1,820,844 |
|
|
|
862,776 |
|
|
|
2,872,746 |
|
|
|
379,208 |
|
|
Net
investment income/(loss) |
|
|
4,821,252 |
|
|
|
109,579 |
|
|
|
1,244,754 |
|
|
|
63,626 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
31,023,388 |
|
|
|
16,618,808 |
|
|
|
42,941,189 |
|
|
|
1,469,257 |
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(8,842,947 |
) |
|
|
(2,723,118 |
) |
|
|
52,401,110 |
|
|
|
1,990,608 |
|
|
Net
realized and unrealized gain |
|
|
22,180,441 |
|
|
|
13,895,690 |
|
|
|
95,342,299 |
|
|
|
3,459,865 |
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
27,001,693 |
|
|
$ |
14,005,269 |
|
|
$ |
96,587,053 |
|
|
$ |
3,523,491 |
|
The
accompanying notes are an integral part of these financial statements.
Motley
Fool ETFs
Statements
of Operations (CONCLUDED)
FOR
THE Six Months ENDED FEBRUARY 28, 2025 (UNAUDITED)
|
|
|
Motley
Fool
Capital
Efficiency 100
Index ETF |
|
|
Motley
Fool NEXT
INDEX ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Dividends |
|
$ |
210,099 |
|
|
$ |
71,698 |
|
|
Total
investment income |
|
|
210,099 |
|
|
|
71,698 |
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Advisory
fees (Note 3) |
|
|
156,129 |
|
|
|
70,502 |
|
|
Total
expenses |
|
|
156,129 |
|
|
|
70,502 |
|
|
Net
investment income/(loss) |
|
|
53,970 |
|
|
|
1,196 |
|
| |
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
|
|
|
|
Investments |
|
|
2,109,991 |
|
|
|
(651,414 |
) |
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
Investments |
|
|
1,943,367 |
|
|
|
2,408,187 |
|
|
Net
realized and unrealized gain |
|
|
4,053,358 |
|
|
|
1,756,773 |
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
4,107,328 |
|
|
$ |
1,757,969 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL Global Opportunities ETF
Statements of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
4,821,252 |
|
|
$ |
2,177,369 |
|
|
Net
realized gain from investments and foreign currency transactions |
|
|
31,023,388 |
|
|
|
101,258,275 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in
foreign currencies |
|
|
(8,842,947 |
) |
|
|
(21,720,451 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
27,001,693 |
|
|
|
81,715,193 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
dividends and distributions to shareholders |
|
|
(54,078,023 |
) |
|
|
(23,006,101 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
35,624,610 |
|
|
|
7,701,448 |
|
|
Shares
redeemed |
|
|
(42,416,698 |
) |
|
|
(55,914,052 |
) |
|
Net
decrease in net assets from capital share transactions |
|
|
(6,792,088 |
) |
|
|
(48,212,604 |
) |
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(33,868,418 |
) |
|
|
10,496,488 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
440,462,472 |
|
|
$ |
429,965,984 |
|
|
End
of period |
|
$ |
406,594,054 |
|
|
$ |
440,462,472 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,150,000 |
|
|
|
275,000 |
|
|
Shares
redeemed |
|
|
(1,325,000 |
) |
|
|
(1,950,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(175,000 |
) |
|
|
(1,675,000 |
) |
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
109,579 |
|
|
$ |
157,172 |
|
|
Net
realized gain from investments and foreign currency transactions |
|
|
16,618,808 |
|
|
|
43,792,151 |
|
|
Net
change in unrealized depreciation on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies |
|
|
(2,723,118 |
) |
|
|
(10,270,372 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
14,005,269 |
|
|
|
33,678,951 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
dividends and distributions to shareholders |
|
|
(28,997,279 |
) |
|
|
(4,987,801 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
20,898,863 |
|
|
|
8,257,740 |
|
|
Shares
redeemed |
|
|
(20,744,302 |
) |
|
|
(28,155,655 |
) |
|
Net
decrease in net assets from capital share transactions |
|
|
154,561 |
|
|
|
(19,897,915 |
) |
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(14,837,449 |
) |
|
|
8,793,235 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
203,138,972 |
|
|
$ |
194,345,737 |
|
|
End
of period |
|
$ |
188,301,523 |
|
|
$ |
203,138,972 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
750,000 |
|
|
|
300,000 |
|
|
Shares
redeemed |
|
|
(700,000 |
) |
|
|
(1,075,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
50,000 |
|
|
|
(775,000 |
) |
The
accompanying notes are an integral part of these financial statements.
Motley
Fool 100 Index ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
$ |
1,244,754 |
|
|
$ |
1,904,997 |
|
|
Net
realized gain from investments |
|
|
42,941,189 |
|
|
|
35,242,986 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
52,401,110 |
|
|
|
169,139,961 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
96,587,053 |
|
|
|
206,287,944 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(4,844,626 |
) |
|
|
(846,637 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
288,733,463 |
|
|
|
255,012,722 |
|
|
Shares
redeemed |
|
|
(69,680,932 |
) |
|
|
(40,092,155 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
219,052,531 |
|
|
|
214,920,567 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
310,794,958 |
|
|
|
420,361,874 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
969,884,838 |
|
|
|
549,522,964 |
|
|
End
of period |
|
$ |
1,280,679,796 |
|
|
$ |
969,884,838 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
4,900,000 |
|
|
|
5,225,000 |
|
|
Shares
redeemed |
|
|
(1,175,000 |
) |
|
|
(825,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
3,725,000 |
|
|
|
4,400,000 |
|
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
63,626 |
|
|
$ |
(124,738 |
) |
|
Net
realized gain/(loss) from investments |
|
|
1,469,257 |
|
|
|
(7,112,753 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
1,990,608 |
|
|
|
16,332,435 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
3,523,491 |
|
|
|
9,094,944 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
— |
|
|
|
(2,037 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
16,235,780 |
|
|
|
15,776,198 |
|
|
Shares
redeemed |
|
|
(6,324,908 |
) |
|
|
(19,475,617 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
9,910,872 |
|
|
|
(3,699,419 |
) |
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
13,434,363 |
|
|
|
5,393,488 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
78,248,680 |
|
|
|
72,855,192 |
|
|
End
of period |
|
$ |
91,683,043 |
|
|
$ |
78,248,680 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
425,000 |
|
|
|
550,000 |
|
|
Shares
redeemed |
|
|
(175,000 |
) |
|
|
(650,000 |
) |
|
Net
decrease in shares outstanding |
|
|
250,000 |
|
|
|
(100,000 |
) |
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
$ |
53,970 |
|
|
$ |
145,022 |
|
|
Net
realized gain/(loss) from investments |
|
|
2,109,991 |
|
|
|
2,448,477 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
1,943,367 |
|
|
|
7,226,975 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
4,107,328 |
|
|
|
9,820,474 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(300,784 |
) |
|
|
(109,818 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
30,032,287 |
|
|
|
20,561,140 |
|
|
Shares
redeemed |
|
|
(4,545,800 |
) |
|
|
(5,405,930 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
25,486,487 |
|
|
|
15,155,210 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
29,293,031 |
|
|
|
24,865,866 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
47,326,338 |
|
|
|
22,460,472 |
|
|
End
of period |
|
$ |
76,619,369 |
|
|
$ |
47,326,338 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,125,000 |
|
|
|
900,000 |
|
|
Shares
redeemed |
|
|
(175,000 |
) |
|
|
(225,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
950,000 |
|
|
|
675,000 |
|
The
accompanying notes are an integral part of these financial statements.
MOTLEY
FOOL NEXT INDEX ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
$ |
1,196 |
|
|
$ |
33,375 |
|
|
Net
realized gain/(loss) from investments |
|
|
(651,414 |
) |
|
|
286,525 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
2,408,187 |
|
|
|
3,254,754 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
1,757,969 |
|
|
|
3,574,654 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(18,172 |
) |
|
|
(46,367 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
6,197,442 |
|
|
|
420,680 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
(8,616,947 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
6,197,442 |
|
|
|
(8,196,267 |
) |
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
7,937,239 |
|
|
|
(4,667,980 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
24,514,571 |
|
|
$ |
29,182,551 |
|
|
End
of period |
|
$ |
32,451,810 |
|
|
$ |
24,514,571 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
300,000 |
|
|
|
25,000 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
(525,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
300,000 |
|
|
|
(500,000 |
) |
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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
YEARS
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
31.36 |
|
|
$ |
27.35 |
|
|
$ |
24.75 |
|
|
$ |
37.03 |
|
|
$ |
30.17 |
|
|
$ |
25.09 |
|
|
Net
investment income/(loss)(1) |
|
|
0.35 |
|
|
|
0.15 |
|
|
|
0.11 |
|
|
|
0.30 |
|
|
|
(0.05 |
) |
|
|
— |
* |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.56 |
|
|
|
5.36 |
|
|
|
2.65 |
|
|
|
(10.00 |
) |
|
|
9.03 |
|
|
|
6.21 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.91 |
|
|
|
5.51 |
|
|
|
2.76 |
|
|
|
(9.70 |
) |
|
|
8.98 |
|
|
|
6.21 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.12 |
) |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
|
|
(0.77 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
Net
realized capital gains |
|
|
(3.83 |
) |
|
|
(1.40 |
) |
|
|
(0.10 |
) |
|
|
(1.81 |
) |
|
|
(2.12 |
) |
|
|
(1.09 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(3.95 |
) |
|
|
(1.50 |
) |
|
|
(0.16 |
) |
|
|
(2.58 |
) |
|
|
(2.12 |
) |
|
|
(1.13 |
) |
|
Net
asset value, end of period |
|
$ |
29.32 |
|
|
$ |
31.36 |
|
|
$ |
27.35 |
|
|
$ |
24.75 |
|
|
$ |
37.03 |
|
|
$ |
30.17 |
|
|
Market
value, end of period |
|
$ |
29.25 |
|
|
$ |
31.30 |
|
|
$ |
27.32 |
|
|
$ |
24.74 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total
investment return/(loss) on net asset value (2) |
|
|
5.98 |
%(3) |
|
|
21.00 |
% |
|
|
11.24 |
% |
|
|
(27.61 |
)% |
|
|
30.86 |
% |
|
|
25.64 |
% |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
406,594 |
|
|
$ |
440,462 |
|
|
$ |
429,966 |
|
|
$ |
433,652 |
|
|
$ |
181,509 |
|
|
$ |
122,406 |
|
|
Ratio
of expenses to average net assets |
|
|
0.85 |
%(4) |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.87 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
Ratio
of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees) |
|
|
0.85 |
%(4) |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.88 |
% |
|
|
0.98 |
% |
|
|
1.00 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.25 |
%(4) |
|
|
0.51 |
% |
|
|
0.45 |
% |
|
|
1.08 |
% |
|
|
(0.16 |
)% |
|
|
(0.01 |
)% |
|
Ratio
of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived
fees) |
|
|
2.25 |
%(4) |
|
|
0.51 |
% |
|
|
0.45 |
% |
|
|
1.07 |
% |
|
|
(0.19 |
)% |
|
|
(0.06 |
)% |
|
Portfolio
turnover rate |
|
|
8 |
%(3) |
|
|
38 |
% |
|
|
4 |
% |
|
|
14 |
% |
|
|
12 |
% |
|
|
10 |
% |
|
*
|
Amount represents less than
$0.005 per share. |
|
(1) |
Per share data calculated
using average shares outstanding method. |
|
(2) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of 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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
YEARS
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
28.54 |
|
|
$ |
24.62 |
|
|
$ |
22.68 |
|
|
$ |
33.20 |
|
|
$ |
29.79 |
|
|
$ |
24.48 |
|
|
Net
investment income/ (loss)(1) |
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
(0.04 |
) |
|
|
(0.09 |
) |
|
|
(0.02 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.90 |
|
|
|
4.54 |
|
|
|
1.87 |
|
|
|
(8.38 |
) |
|
|
6.90 |
|
|
|
6.79 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.92 |
|
|
|
4.56 |
|
|
|
1.94 |
|
|
|
(8.42 |
) |
|
|
6.81 |
|
|
|
6.77 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.02 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
realized capital gains |
|
|
(4.17 |
) |
|
|
(0.58 |
) |
|
|
— |
|
|
|
(2.10 |
) |
|
|
(3.40 |
) |
|
|
(1.46 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(4.19 |
) |
|
|
(0.64 |
) |
|
|
— |
|
|
|
(2.10 |
) |
|
|
(3.40 |
) |
|
|
(1.46 |
) |
|
Net
asset value, end of period |
|
$ |
26.27 |
|
|
$ |
28.54 |
|
|
$ |
24.62 |
|
|
$ |
22.68 |
|
|
$ |
33.20 |
|
|
$ |
29.79 |
|
|
Market
value, end of period |
|
$ |
26.25 |
|
|
$ |
28.52 |
|
|
$ |
24.58 |
|
|
$ |
22.62 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Total
investment return/(loss) on net asset value (2) |
|
|
6.41 |
%(3) |
|
|
18.95 |
% |
|
|
8.58 |
% |
|
|
(26.66 |
)% |
|
|
24.38 |
% |
|
|
28.77 |
% |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
188,302 |
|
|
$ |
203,139 |
|
|
$ |
194,346 |
|
|
$ |
209,044 |
|
|
$ |
54,460 |
|
|
$ |
39,488 |
|
|
Ratio
of expenses to average net assets |
|
|
0.85 |
%(4) |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.90 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
Ratio
of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees) |
|
|
0.85 |
%(4) |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.88 |
% |
|
|
0.98 |
% |
|
|
1.00 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.11 |
%(4) |
|
|
0.08 |
% |
|
|
0.29 |
% |
|
|
(0.17 |
)% |
|
|
(0.30 |
)% |
|
|
(0.06 |
)% |
|
Ratio
of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived
fees) |
|
|
0.11 |
%(4) |
|
|
0.08 |
% |
|
|
0.29 |
% |
|
|
(0.15 |
)% |
|
|
(0.33 |
)% |
|
|
(0.11 |
)% |
|
Portfolio
turnover rate |
|
|
9 |
%(3) |
|
|
31 |
% |
|
|
18 |
% |
|
|
2 |
% |
|
|
15 |
% |
|
|
14 |
% |
|
*
|
Amount represents less than
$0.005 per share. |
|
(1) |
Per share data calculated
using average shares outstanding method. |
|
(2) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of 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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
YEARS
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
55.03 |
|
|
$ |
41.55 |
|
|
$ |
33.99 |
|
|
$ |
42.16 |
|
|
$ |
33.67 |
|
|
$ |
22.46 |
|
|
Net
investment income/(loss)(1) |
|
|
0.06 |
|
|
|
0.13 |
|
|
|
0.13 |
|
|
|
0.08 |
|
|
|
0.05 |
|
|
|
0.11 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
5.15 |
|
|
|
13.41 |
|
|
|
7.57 |
|
|
|
(8.15 |
) |
|
|
8.59 |
|
|
|
11.23 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
5.21 |
|
|
|
13.54 |
|
|
|
7.70 |
|
|
|
(8.07 |
) |
|
|
8.64 |
|
|
|
11.34 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.10 |
) |
|
|
(0.06 |
) |
|
|
(0.14 |
) |
|
|
(0.02 |
) |
|
|
(0.10 |
) |
|
|
(0.13 |
) |
|
Net
realized capital gains |
|
|
(0.15 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
(0.05 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.25 |
) |
|
|
(0.06 |
) |
|
|
(0.14 |
) |
|
|
(0.10 |
) |
|
|
(0.15 |
) |
|
|
(0.13 |
) |
|
Net
asset value, end of period |
|
$ |
59.99 |
|
|
$ |
55.03 |
|
|
$ |
41.55 |
|
|
$ |
33.99 |
|
|
$ |
42.16 |
|
|
$ |
33.67 |
|
|
Market
value, end of period |
|
$ |
59.96 |
|
|
$ |
54.97 |
|
|
$ |
41.53 |
|
|
$ |
34.00 |
|
|
$ |
42.20 |
|
|
$ |
33.66 |
|
|
Total
investment return/(loss) on net asset value(2) |
|
|
9.43 |
%(3) |
|
|
32.61 |
% |
|
|
22.71 |
% |
|
|
(19.18 |
)% |
|
|
25.74 |
% |
|
|
50.67 |
% |
|
RATIO/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
1,280,680 |
|
|
$ |
969,885 |
|
|
$ |
549,523 |
|
|
$ |
417,269 |
|
|
$ |
528,011 |
|
|
$ |
337,547 |
|
|
Ratio
of expenses to average net assets |
|
|
0.50 |
%(4) |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.22 |
%(4) |
|
|
0.27 |
% |
|
|
0.37 |
% |
|
|
0.20 |
% |
|
|
0.15 |
% |
|
|
0.43 |
% |
|
Portfolio
turnover rate |
|
|
25 |
%(3) |
|
|
24 |
% |
|
|
6 |
% |
|
|
15 |
% |
|
|
23 |
% |
|
|
26 |
% |
|
(1) |
Per share data calculated
using average shares outstanding method. |
|
(2) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of 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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
YEARS
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
32.60 |
|
|
$ |
29.14 |
|
|
$ |
25.18 |
|
|
$ |
40.73 |
|
|
$ |
32.59 |
|
|
$ |
23.33 |
|
|
Net
investment income/(loss)(1) |
|
|
0.03 |
|
|
|
(0.04 |
) |
|
|
0.04 |
|
|
|
(0.15 |
) |
|
|
(0.19 |
) |
|
|
(0.07 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.97 |
|
|
|
3.50 |
|
|
|
4.00 |
|
|
|
(14.53 |
) |
|
|
10.48 |
|
|
|
9.67 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
2.00 |
|
|
|
3.46 |
|
|
|
4.04 |
|
|
|
(14.68 |
) |
|
|
10.29 |
|
|
|
9.60 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
(0.87 |
) |
|
|
(2.15 |
) |
|
|
(0.34 |
) |
|
Total
dividends and distributions to shareholders |
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
|
(0.87 |
) |
|
|
(2.15 |
) |
|
|
(0.34 |
) |
|
Net
asset value, end of period |
|
$ |
34.60 |
|
|
$ |
32.60 |
|
|
$ |
29.14 |
|
|
$ |
25.18 |
|
|
$ |
40.73 |
|
|
$ |
32.59 |
|
|
Market
value, end of period |
|
$ |
34.59 |
|
|
$ |
32.60 |
|
|
$ |
29.17 |
|
|
$ |
25.18 |
|
|
$ |
40.74 |
|
|
$ |
32.68 |
|
|
Total
investment return/(loss) on net asset value(2) |
|
|
6.12 |
%(3) |
|
|
11.87 |
% |
|
|
16.13 |
% |
|
|
(36.66 |
)% |
|
|
32.00 |
% |
|
|
41.58 |
% |
|
RATIO/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
91,683 |
|
|
$ |
78,249 |
|
|
$ |
72,855 |
|
|
$ |
78,050 |
|
|
$ |
189,382 |
|
|
$ |
106,745 |
|
|
Ratio
of expenses to average net assets |
|
|
0.85 |
%(4) |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
|
0.85 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.14 |
%(4) |
|
|
(0.16 |
)% |
|
|
0.15 |
% |
|
|
(0.46 |
)% |
|
|
(0.51 |
)% |
|
|
(0.29 |
)% |
|
Portfolio
turnover rate |
|
|
16 |
%(3) |
|
|
30 |
% |
|
|
62 |
% |
|
|
11 |
% |
|
|
21 |
% |
|
|
27 |
% |
|
*
|
Amount represents less than
$0.005 per share. |
|
(1) |
Per share data calculated
using average shares outstanding method. |
|
(2) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of 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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
For
the
year Ended
august 31, |
|
|
For
the
year Ended
august 31, |
|
|
For
the
Period Ended
august 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
25.58 |
|
|
$ |
19.12 |
|
|
$ |
15.37 |
|
|
$ |
20.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.02 |
|
|
|
0.10 |
|
|
|
0.09 |
|
|
|
0.05 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.87 |
|
|
|
6.45 |
|
|
|
3.72 |
|
|
|
(4.68 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.89 |
|
|
|
6.55 |
|
|
|
3.81 |
|
|
|
(4.63 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized capital gains |
|
|
(0.05 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.11 |
) |
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
27.36 |
|
|
$ |
25.58 |
|
|
$ |
19.12 |
|
|
$ |
15.37 |
|
|
Market
value, end of period |
|
$ |
27.36 |
|
|
$ |
25.61 |
|
|
$ |
19.15 |
|
|
$ |
15.38 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
7.42 |
%(4) |
|
|
34.44 |
% |
|
|
24.81 |
% |
|
|
(23.13 |
)%(4) |
|
RATIO/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
. |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
76,619 |
|
|
$ |
47,326 |
|
|
$ |
22,460 |
|
|
$ |
20,754 |
|
|
Ratio
of expenses to average net assets |
|
|
0.50 |
%(5) |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.17 |
%(5) |
|
|
0.43 |
% |
|
|
0.53 |
% |
|
|
0.50 |
%(5) |
|
Portfolio
turnover rate |
|
|
18 |
%(4) |
|
|
35 |
% |
|
|
25 |
% |
|
|
17 |
%(4) |
|
(1) |
Inception date of the Fund
was December 30, 2021. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of 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.
|
|
|
FOR
THE SIX
MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
For
the
year Ended
august 31, |
|
|
For
the
year Ended
august 31, |
|
|
For
the
period Ended
august 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
18.16 |
|
|
$ |
15.77 |
|
|
$ |
15.02 |
|
|
$ |
20.00 |
|
|
Net
investment income/(loss)(2) |
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.52 |
|
|
|
2.40 |
|
|
|
0.76 |
|
|
|
(5.01 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.52 |
|
|
|
2.42 |
|
|
|
0.78 |
|
|
|
(4.98 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.01 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net
realized capital gains |
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.01 |
) |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
19.67 |
|
|
$ |
18.16 |
|
|
$ |
15.77 |
|
|
$ |
15.02 |
|
|
Market
value, end of period |
|
$ |
19.66 |
|
|
$ |
18.15 |
|
|
$ |
15.78 |
|
|
$ |
15.01 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
8.37 |
%(4) |
|
|
15.31 |
% |
|
|
5.21 |
% |
|
|
(24.88 |
)%(4) |
|
RATIO/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
32,452 |
|
|
$ |
24,515 |
|
|
$ |
29,183 |
|
|
$ |
32,678 |
|
|
Ratio
of expenses to average net assets |
|
|
0.50 |
%(5) |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.50 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.01 |
%(5) |
|
|
0.13 |
% |
|
|
0.15 |
% |
|
|
0.26 |
%(5) |
|
Portfolio
turnover rate |
|
|
10 |
%(4) |
|
|
18 |
% |
|
|
27 |
% |
|
|
11 |
%(4) |
|
(1) |
Inception date of the Fund
was December 30, 2021. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
Motley
Fool Asset Management ETFs
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
The
investment objective of each Fund is to achieve long-term capital appreciation. The Global Opportunities Fund pursues its objective by
investing primarily in common stocks of United States companies and of companies that are organized under the laws of other countries
around the world. The Mid-Cap Growth Fund pursues its objective by investing primarily in common stocks of companies that are organized
in the United States and that are engaged in a broad range of industries.
The
investment objective of the Fool 100 Fund is to achieve investment results that correspond (before fees and expenses) generally to the
total return performance of the Motley Fool 100 Index (the “Fool 100 Index”). The Fool 100 Index was developed by The Motley
Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (the “Adviser”), in 2017 and
is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended
by The Motley Fool’s analysts and newsletters or the highest-rated stocks in Fool IQ, the company’s analyst opinion database.
Every company include in the Fool 100 Index is incorporated and listed in the U.S. The investment objective of the Small-Cap Growth Fund
is to achieve long-term capital appreciation.
The
investment objective of the Capital Efficiency Fund is to seek investment results that correspond (before fees and expenses) generally
to the total return performance of the Motley Fool Capital Efficiency 100 Index (the “Capital Efficiency 100 Index”). The
Capital Efficiency 100 Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed to track the performance
of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency, that have been recommended by The Motley
Fool’s analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business
turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Every company
included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The investment objective of the Next Fund is to seek
investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Next Index
(the “Next Index”). The Next Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed
to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts
and newsletters. Every company included in the Next Index is incorporated and listed in the U.S.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
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 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 reporting period, in valuing the Funds’ investments carried at fair
value:
GLOBAL
OPPORTUNITIES FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
395,064,820 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
395,064,820 |
|
|
Preferred
Stocks |
|
|
9,030,471 |
|
|
|
— |
|
|
|
— |
|
|
|
9,030,471 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28,211,048 |
|
|
Total
Assets |
|
$ |
404,095,291 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
432,306,339 |
|
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
MID-CAP
GROWTH FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
186,491,478 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
186,491,478 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,363,573 |
|
|
Total
Assets |
|
$ |
186,491,478 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
193,855,051 |
|
FOOL
100 FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
1,275,596,760 |
|
|
$ |
— |
|
|
$ |
9,421 |
|
|
$ |
1,275,606,181 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,705,630 |
|
|
Total
Assets |
|
$ |
1,275,596,760 |
|
|
$ |
— |
|
|
$ |
9,421 |
|
|
$ |
1,282,311,811 |
|
SMALL-CAP
GROWTH FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
87,981,279 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
87,981,279 |
|
|
Investments
Purchased with Proceeds From Securities Lending Collateral (a) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,677,511 |
|
|
Total
Assets |
|
$ |
87,981,279 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
99,658,790 |
|
CAPITAL
EFFICIENCY FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
76,495,702 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76,495,702 |
|
|
Total
Assets |
|
$ |
76,495,702 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76,495,702 |
|
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
NEXT
FUND
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
32,342,233 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,342,233 |
|
|
Total
Assets |
|
$ |
32,342,233 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,342,233 |
|
Refer
to the Schedule of Investments for industry classifications.
|
(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.
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. 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, including investment
advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of each Fund.
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.
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
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©, Inc. (“Moody’s”), provide a generally useful
guide as to credit risks, they do not offer any criteria to evaluate interest rate risk. Changes in interest rate levels generally cause
fluctuations in the prices of fixed-income securities and will, therefore, cause fluctuations in the NAV per share of a Fund. Subsequent
to the purchase of a fixed-income security by a Fund, the ratings or credit quality of such security may deteriorate. Any such subsequent
adverse changes in the rating or quality of a security held by a Fund would not require a Fund to sell the security.
REAL
ESTATE INVESTMENT TRUSTS — Real estate investment trusts (“REITs”)
are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders.
REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves
certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be
affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of
the borrower on any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property
type, and are subject to heavy cash-flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements
under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid entity level tax and be eligible to pass through
certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements
for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to
the risks of changes in the Code, affecting their tax status.
REITs
(especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment
in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate
obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields
on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value
of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
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. The Funds will generally use forward contracts only to “lock
in” the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell. In certain limited cases, it may use
such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would
adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in
any event, cannot completely protect the Funds against all changes in the values of foreign securities resulting from fluctuations in
foreign exchange rates. The Funds will not enter into a forward contract if, as a result, forward contracts would represent more than
20% of a Fund’s total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds
to certain risks.
Some
foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or company evidencing
ownership of the underlying securities of foreign issuers. EDRs and GDRs are receipts typically issued by foreign banks or trust companies,
evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Generally, depositary receipts in registered
form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S.
Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted.
Depositary receipts generally involve the same risks as other investments in foreign securities. However, holders of ADRs and other depositary
receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.
PARTICIPATORY
NOTES — A participatory note, as used by a Fund, is an instrument used
by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership
is not permitted (or is impractical.) In countries where direct ownership by a foreign investor, such as a Fund, is not allowed by local
law, such as Saudi Arabia, an investor may gain exposure to the market through a participatory note, which derives its value from a group
of underlying equity securities. A participatory note is intended (disregarding the effect of any fees and expenses) to reflect the performance
of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would
have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they
invested in the underlying securities directly.
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
In
addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment
(where ownership by foreign investors is permitted) by reducing registration and transaction costs in acquiring and selling local registered
shares. The Funds’ investment manager also believes that participatory notes can offer greater liquidity in markets that restrict
the ability of the Funds to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory
approvals.
The
purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying
securities. The Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer),
which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note, also known
as counterparty risk.
While
the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on
the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights.
Participatory
notes may not be traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be
illiquid, it would be subject to the Fund’s limitation on investments in illiquid securities. There can be no assurance that the
trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.
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 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
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 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. From the Advisory Fee, the Adviser pays most of the expenses of
each Fund, including the cost of
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
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.
|
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 |
% |
U.S.
Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global 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.
Foreside
Funds Distributors, LLC (“Foreside”) serves as the principal underwriter and distributor of the Global Opportunities Fund’s
shares and Mid-Cap Growth Fund’s shares pursuant to a Distribution Agreement with RBB.
Quasar
Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal
underwriter and distributor of the Fool 100 Fund’s shares, Small-Cap Growth Fund’s shares, Capital Efficiency Fund’s
shares and Next 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 its services provided.
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 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.
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
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 |
|
$ |
32,287,618 |
|
|
$ |
70,339,098 |
|
|
Mid-Cap
Growth Fund |
|
|
17,597,479 |
|
|
|
46,627,023 |
|
|
Fool
100 Fund |
|
|
283,032,564 |
|
|
|
284,352,245 |
|
|
Small-Cap
Growth Fund |
|
|
14,314,632 |
|
|
|
17,257,137 |
|
|
Capital
Efficiency Fund |
|
|
11,629,708 |
|
|
|
11,498,033 |
|
|
Next
Fund |
|
|
3,066,202 |
|
|
|
2,860,488 |
|
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 |
|
$ |
34,174,272 |
|
|
$ |
40,715,885 |
|
|
Mid-Cap
Growth Fund |
|
|
22,063,194 |
|
|
|
20,283,297 |
|
|
Fool
100 Fund |
|
|
283,465,490 |
|
|
|
69,048,269 |
|
|
Small-Cap
Growth Fund |
|
|
15,939,082 |
|
|
|
6,247,593 |
|
|
Capital
Efficiency Fund |
|
|
29,435,138 |
|
|
|
4,323,439 |
|
|
Next
Fund |
|
|
5,953,602 |
|
|
|
— |
|
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, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were
as follows:
|
FUND |
|
FEDERAL
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Global
Opportunities Fund |
|
$ |
294,396,604 |
|
|
$ |
182,697,242 |
|
|
$ |
(16,552,784 |
) |
|
$ |
166,144,458 |
|
|
Mid-Cap
Growth Fund |
|
|
155,317,036 |
|
|
|
75,749,999 |
|
|
|
(2,418,853 |
) |
|
|
73,331,146 |
|
|
Fool
100 Fund |
|
|
645,764,427 |
|
|
|
353,845,571 |
|
|
|
(22,185,683 |
) |
|
|
331,659,888 |
|
|
Small-Cap
Growth Fund |
|
|
89,878,141 |
|
|
|
17,620,813 |
|
|
|
(8,248,729 |
) |
|
|
9,372,084 |
|
|
Capital
Efficiency Fund |
|
|
37,237,277 |
|
|
|
10,790,564 |
|
|
|
(828,868 |
) |
|
|
9,961,696 |
|
|
Next
Fund |
|
|
24,638,698 |
|
|
|
4,552,624 |
|
|
|
(4,765,177 |
) |
|
|
(212,553 |
) |
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
Distributions
to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations,
which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character
of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements.
To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary
differences do not require such reclassification.
The
following permanent differences as of August 31, 2024, primarily attributable to foreign currency transactions and in-kind redemptions
gains, were reclassified among the following accounts:
|
FUND |
|
DISTRIBUTABLE
EARNINGS/(LOSS) |
|
|
PAID-IN
CAPITAL |
|
|
Global
Opportunities Fund |
|
$ |
(28,172,666 |
) |
|
$ |
28,172,666 |
|
|
Mid-Cap
Growth Fund |
|
|
(13,067,346 |
) |
|
|
13,067,346 |
|
|
Fool
100 Fund |
|
|
(30,058,743 |
) |
|
|
30,058,743 |
|
|
Small-Cap
Growth Fund |
|
|
(4,429,097 |
) |
|
|
4,429,097 |
|
|
Capital
Efficiency Fund |
|
|
(1,689,960 |
) |
|
|
1,689,960 |
|
|
Next
Fund |
|
|
(347,899 |
) |
|
|
347,899 |
|
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
FUND |
|
UNDISTRIBUTED
ORDINARY
INCOME |
|
|
UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS |
|
|
CAPITAL
Loss
Carryover |
|
|
Qualified
Late-Year
LOSS DEFERRAL |
|
|
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Total |
|
|
Global
Opportunities Fund |
|
$ |
5,617,271 |
|
|
$ |
47,442,736 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
166,144,458 |
|
|
$ |
219,204,465 |
|
|
Mid-Cap
Growth Fund |
|
|
157,172 |
|
|
|
28,830,430 |
|
|
|
— |
|
|
|
— |
|
|
|
73,331,146 |
|
|
|
102,318,748 |
|
|
Fool
100 Fund |
|
|
3,031,288 |
|
|
|
1,786,899 |
|
|
|
— |
|
|
|
— |
|
|
|
331,659,888 |
|
|
|
336,478,075 |
|
|
Small-Cap
Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
(16,995,261 |
) |
|
|
(128,577 |
) |
|
|
9,372,084 |
|
|
|
(7,751,754 |
) |
|
Capital
Efficiency Fund |
|
|
109,143 |
|
|
|
— |
|
|
|
(195,048 |
) |
|
|
— |
|
|
|
9,961,696 |
|
|
|
9,875,791 |
|
|
Next
Fund |
|
|
17,732 |
|
|
|
— |
|
|
|
(1,822,017 |
) |
|
|
— |
|
|
|
(212,553 |
) |
|
|
(2,016,838 |
) |
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 was as follows:
|
FUND |
|
Tax
year |
|
|
ORDINARY
INCOME |
|
|
LONG-TERM
CAPITAL GAIN |
|
|
TOTAL |
|
|
Global
Opportunities Fund |
|
|
2024 |
|
|
$ |
1,589,216 |
|
|
$ |
21,416,885 |
|
|
$ |
23,006,101 |
|
|
Mid-Cap
Growth Fund |
|
|
2024 |
|
|
|
486,537 |
|
|
|
4,501,264 |
|
|
|
4,987,801 |
|
|
Fool
100 Fund |
|
|
2024 |
|
|
|
846,637 |
|
|
|
— |
|
|
|
846,637 |
|
|
Small-Cap
Growth Fund |
|
|
2024 |
|
|
|
2,037 |
|
|
|
— |
|
|
|
2,037 |
|
|
Capital
Efficiency Fund |
|
|
2024 |
|
|
|
109,818 |
|
|
|
— |
|
|
|
109,818 |
|
|
Next
Fund |
|
|
2024 |
|
|
|
46,367 |
|
|
|
— |
|
|
|
46,367 |
|
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (UNAUDITED)
Dividends
from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
Pursuant
to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between
November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary
and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended
August 31, 2024 any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September
1, 2024. The Small-Cap Growth Fund deferred $128,577 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, 2024, the Small-Cap fund had $122,332 of short term capital loss carryforwards and $16,872,929 of long-term capital loss carryforwards,
the Capital Efficiency Fund had $195,048 of short-term capital loss carryforwards, and the Next Fund had $1,301,761 of short-term capital
loss carryforwards and $520,256 of long-term capital loss carryforwards.
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
Motley
Fool Asset Management ETFs
Notes
to Financial Statements (concluded)
FEBRUARY
28, 2025 (UNAUDITED)
borrower
default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the
end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans
were as follows:
|
FUND |
|
MARKET
VALUE
OF SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED FROM
SECURITIES
LENDING |
|
|
Global
Opportunities Fund |
|
$ |
28,073,813 |
|
|
$ |
28,211,048 |
|
|
$ |
28,632 |
|
|
Mid-Cap
Growth Fund |
|
|
7,207,452 |
|
|
|
7,363,573 |
|
|
|
14,704 |
|
|
Fool
100 Fund |
|
|
6,774,031 |
|
|
|
6,705,630 |
|
|
|
10,946 |
|
|
Small-Cap
Growth Fund |
|
|
11,381,601 |
|
|
|
11,677,511 |
|
|
|
10,697 |
|
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
STATEMENTS OF ASSETS AND LIABILITIES |
|
|
FUND |
|
GROSS
AMOUNTS OF
RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS
AND
LIABILITIES |
|
|
NET
AMOUNTS
OF ASSETS
PRESENTED
IN THE
STATEMENTS
OF ASSETS
AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT2 |
|
|
Global
Opportunities Fund |
|
$ |
28,073,813 |
|
|
$ |
— |
|
|
$ |
28,073,813 |
|
|
$ |
(28,073,813 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
Mid-Cap
Growth Fund |
|
|
7,207,452 |
|
|
|
— |
|
|
|
7,207,452 |
|
|
|
(7,207,452 |
) |
|
|
— |
|
|
|
— |
|
|
Fool
100 Fund |
|
|
6,774,031 |
|
|
|
— |
|
|
|
6,774,031 |
|
|
|
(6,774,031 |
) |
|
|
— |
|
|
|
— |
|
|
Small-Cap
Growth Fund |
|
|
11,381,601 |
|
|
|
— |
|
|
|
11,381,601 |
|
|
|
(11,381,601 |
) |
|
|
— |
|
|
|
— |
|
|
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. |
8.
Subsequent Events
Management
has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined
that there were no significant events requiring recognition or disclosure in the financial statements.
Motley
Fool Asset Management ETFs
Notice
to Shareholders
(Unaudited)
INFORMATION
ON PROXY VOTING
Policies
and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without
charge, upon request, by calling (888) 863-8803; and (ii) on the SEC’s website at http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a
discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.fooletfs.com.
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
Independent
Registered Public Accounting Firm
Tait,
Weller & Baker LLP
Two Liberty Place
50 S 16th St. Suite 2900
Philadelphia, PA 19102-2529
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
Optima
Strategic Credit Fund
of
THE
RBB FUND, INC.
Financial
Statements
February
28, 2025
(Unaudited)
Optima
Strategic Credit Fund
Schedule
of Investments
as
of February 28, 2025 (Unaudited)
| |
|
Shares
|
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 80.1% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 80.1% |
|
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.28% (a)(b) |
|
|
22,282,340 |
|
|
$ |
22,282,340 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $22,282,340) |
|
|
22,282,340 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 80.1% (Cost $22,282,340) |
|
$ |
22,282,340 |
|
|
Other
Assets in Excess of Liabilities — 19.9% |
|
|
5,530,822 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
$ |
27,813,162 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(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. |
The
accompanying notes are an integral part of the financial statements.
1
Optima
Strategic Credit Fund
Statement
of Assets And Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Short-term
investments, at value (cost $22,282,340) |
|
$ |
22,282,340 |
|
|
Cash
and cash equivalents |
|
|
250,000 |
|
|
Deposit
at broker for swap contracts |
|
|
5,224,523 |
|
|
Receivables
for: |
|
|
|
|
|
Interest
|
|
|
90,232 |
|
|
Prepaid
expenses and other assets |
|
|
16,032 |
|
|
Total
assets |
|
|
27,863,127 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Broker
fees |
|
|
14,000 |
|
|
Advisory
fees |
|
|
10,750 |
|
|
Audit
expenses |
|
|
9,482 |
|
|
Administration
and accounting services fees |
|
|
5,961 |
|
|
Transfer
agent fees |
|
|
5,093 |
|
|
Printing
and shareholder reporting fees |
|
|
3,253 |
|
|
Capital
shares redeemed |
|
|
1,149 |
|
|
Other
accrued expenses and liabilities |
|
|
277 |
|
|
Total
liabilities |
|
|
49,965 |
|
|
Net
assets |
|
|
27,813,162 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
2,857 |
|
|
Paid-in
capital |
|
|
29,087,735 |
|
|
Total
distributable earnings/(losses) |
|
$ |
(1,277,430 |
) |
|
Net
assets |
|
$ |
27,813,162 |
|
| |
|
|
|
|
|
FOUNDERS
CLASS SHARES: |
|
|
|
|
|
Net
assets |
|
$ |
27,813,162 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,857,155 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
9.73 |
|
The
accompanying notes are an integral part of the financial statements.
2
Optima
Strategic Credit Fund
Statement
of Operations
For
the Period Ended February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
|
|
$ |
419,477 |
|
|
Broker
interest income |
|
|
84,794 |
|
|
Total
investment income |
|
|
504,271 |
|
|
EXPENSES |
|
|
|
|
|
Broker
expenses |
|
|
96,766 |
|
|
Advisory
fees |
|
|
58,586 |
|
|
Transfer
agent fees |
|
|
24,174 |
|
|
Administration
and accounting services fees |
|
|
21,013 |
|
|
Registration
and filing fees |
|
|
15,407 |
|
|
Audit
fees and tax services |
|
|
10,174 |
|
|
Director
fees |
|
|
5,459 |
|
|
Officer
fees |
|
|
4,582 |
|
|
Printing
and shareholder reporting fees |
|
|
2,721 |
|
|
Legal
fees |
|
|
2,402 |
|
|
Other
expenses |
|
|
1,151 |
|
|
Advisory
fees - recouped |
|
|
144 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
242,579 |
|
|
Waivers
and reimbursements |
|
|
(2,489 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
240,090 |
|
|
Net
investment income/(loss) |
|
|
264,181 |
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from: |
|
|
|
|
|
Futures
|
|
|
247 |
|
|
Swap
contracts |
|
|
994,708 |
|
|
Net
change in unrealized appreciation/(depreciation) from: |
|
|
|
|
|
Swap
contracts |
|
|
(438,518 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
556,437 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
820,618 |
|
The
accompanying notes are an integral part of the financial statements.
3
Optima
Strategic Credit Fund
Statements
of Changes in Net Assets
| |
|
For
the
Period Ended
February 28, 2025 |
|
|
For
the
Year Ended
August 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
264,181 |
|
|
$ |
840,117 |
|
|
Net
realized gain/(loss) from futures and swap contracts |
|
|
994,955 |
|
|
|
119,393 |
|
|
Net
change in unrealized appreciation/(depreciation) on swap contracts |
|
|
(438,518 |
) |
|
|
452,588 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
820,618 |
|
|
|
1,412,098 |
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(1,024,360 |
) |
|
|
(1,717,031 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,024,360 |
) |
|
|
(1,717,031 |
) |
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
6,174,918 |
|
|
|
3,195,352 |
|
|
Proceeds
from reinvestment of distributions |
|
|
1,024,361 |
|
|
|
1,717,030 |
|
|
Shares
redeemed |
|
|
(568,191 |
) |
|
|
(30,588,784 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
6,631,088 |
|
|
|
(25,676,402 |
) |
|
Total
increase/(decrease) in net assets |
|
|
6,427,346 |
|
|
|
(25,981,335 |
) |
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
21,385,816 |
|
|
|
47,367,151 |
|
|
End
of period |
|
$ |
27,813,162 |
|
|
$ |
21,385,816 |
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
633,194 |
|
|
|
329,159 |
|
|
Shares
reinvested |
|
|
107,075 |
|
|
|
179,648 |
|
|
Shares
redeemed |
|
|
(58,123 |
) |
|
|
(3,178,245 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
682,146 |
|
|
|
(2,669,438 |
) |
The
accompanying notes are an integral part of the financial statements.
4
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. |
| |
|
For
the
Period Ended
February 28,
2025
(Unaudited) |
|
|
For
the
Year Ended
August 31,
2024 |
|
|
For
the
Year Ended
August 31,
2023 |
|
|
For
the
Period
December 29,
2021(1)
to August 31,
2022 |
|
|
Per
Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
9.83 |
|
|
$ |
9.78 |
|
|
$ |
9.89 |
|
|
$ |
10.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.11 |
|
|
|
0.31 |
|
|
|
0.19 |
|
|
|
— |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.25 |
|
|
|
0.25 |
|
|
|
(0.18 |
) |
|
|
(0.11 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.36 |
|
|
|
0.56 |
|
|
|
0.01 |
|
|
|
(0.11 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.46 |
) |
|
|
(0.51 |
) |
|
|
(0.12 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
9.73 |
|
|
$ |
9.83 |
|
|
$ |
9.78 |
|
|
$ |
9.89 |
|
|
Total
investment return/(loss)(3) |
|
|
3.47 |
%(4) |
|
|
5.95 |
% |
|
|
0.12 |
% |
|
|
(1.10 |
)%(4) |
|
Ratios/Supplemental
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
27,813 |
|
|
$ |
21,386 |
|
|
$ |
47,367 |
|
|
$ |
41,102 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements |
|
|
2.05 |
%(5) |
|
|
2.06 |
% |
|
|
1.61 |
% |
|
|
1.48 |
%(5) |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements |
|
|
2.07 |
%(5) |
|
|
2.20 |
% |
|
|
1.61 |
% |
|
|
1.94 |
%(5) |
|
Ratio
of expenses to average net assets with waivers and reimbursements (excluding broker and interest expense) |
|
|
1.21 |
%(5) |
|
|
1.13 |
% |
|
|
1.18 |
% |
|
|
1.25 |
%(5) |
|
Ratio
of expenses to average net assets without waivers and reimbursements (excluding broker and interest expense) |
|
|
1.24 |
%(5) |
|
|
1.27 |
% |
|
|
1.18 |
% |
|
|
1.71 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.25 |
%(5) |
|
|
3.23 |
% |
|
|
1.94 |
% |
|
|
0.03 |
%(5) |
|
Portfolio
turnover rate |
|
|
0 |
%(4) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(4) |
|
(1) |
Inception date of the Founders
Class Shares of the Fund was December 29, 2021. |
|
(2) |
Calculated based on average
shares outstanding for the period. |
|
(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. |
The
accompanying notes are an integral part of the financial statements.
5
Optima
Strategic Credit Fund
Notes
To Financial Statements
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 “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). |
6
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
|
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Total |
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds |
|
$ |
22,282,340 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,282,340 |
|
|
Total
Investments |
|
$ |
22,282,340 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,282,340 |
|
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 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
7
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 as follows:
|
Portfolio |
|
|
|
|
Optima
Strategic Credit Fund |
|
$ |
11,962,000 |
|
As
of the end of the current fiscal period there were no open derivative contracts held by the Fund.
For
the current fiscal period, the effect of derivative contracts in the Fund’s Statement of Operations was as follows:
| |
|
STATEMENT
OF OPERATIONS |
|
|
RISK |
|
DERIVATIVE
TYPE |
|
|
LOCATION |
|
|
NET
REALIZED
GAIN(LOSS) |
|
|
NET CHANGE
IN UNREALIZED
APPRECATION
(DEPRECIATION) |
|
|
Credit
|
|
|
Swap contracts |
|
|
|
Swap contracts |
|
|
$ |
994,708 |
|
|
$ |
(438,518 |
) |
|
Commodity |
|
|
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.
8
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
U.S.
Tax Status — No provision is made for U.S. income taxes as it is the Fund’s
intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the
Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve
it from U.S. income.
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 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
9
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
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 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 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,
10
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 these arrangements at any time after December 31, 2025.
|
Advisory
Fee |
Expense
Cap |
| |
Founders
Class |
|
.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 |
|
AUGUST
31,
2027 |
AUGUST
31,
2028 |
|
$33,996 |
$2,489 |
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.
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.
11
Optima
Strategic Credit Fund
Notes
To Financial Statements (Continued)
February
28, 2025 (Unaudited)
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 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, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund
were as follows:
|
Federal
Tax
Cost |
Unrealized
Appreciation |
Unrealized
(Depreciation) |
Net
Unrealized
Appreciation/
(Depreciation) |
|
$16,454,390 |
$0 |
$0 |
$0 |
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, 2024, the components of distributable earnings on a tax basis were as follows:
|
Undistributed
Ordinary
Income |
Undistributed
Long-Term
Capital Gains |
Net
Unrealized
Appreciation/
(Depreciation) |
Capital
Loss
Carryforwards |
Qualified
Late-Year
Losses |
Other
Temporary
Differences |
|
$890,630 |
$0 |
$0 |
$(1,964,318) |
$0 |
$0 |
The
differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income
and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal
income tax purposes.
The
tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:
| |
Ordinary
Income |
Long-Term
Gains |
Total |
| |
$1,717,031 |
$0 |
$1,717,031 |
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, 2024, the Fund had unexpiring short-term losses of $1,964,318 to offset
future capital gains.
12
Optima
Strategic Credit Fund
Notes
To Financial Statements (Concluded)
February
28, 2025 (Unaudited)
6.
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 was the following subsequent event: The Fund paid
the following distribution:
|
RECORD
DATE |
EX-DATE |
PAY
DATE |
DISTRIBUTION
RATE PER SHARE |
|
March
27, 2025 |
March
28, 2025 |
March
28, 2025 |
$0.02890021 |
13
Optima
Strategic Credit Fund
Other
Information
(Unaudited)
Proxy
Voting
Policies
and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (866) 239-2026 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings is available on the
SEC’s website at http://www.sec.gov.
14
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
3 Canal Plaza, Suite 100
Portland, ME 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
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
of
The
RBB Fund, Inc.
Financial
Statements
February
28, 2025
(Unaudited)
SGI
U.S. LARGE CAP CORE ETF
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 98.6% |
|
Aerospace/Defense
— 0.8% |
|
Northrop
Grumman Corp. |
|
|
1,673 |
|
|
$ |
772,491 |
|
|
Airlines
— 0.4% |
|
United
Airlines Holdings, Inc. (a) |
|
|
4,293 |
|
|
|
402,726 |
|
|
Apparel
— 0.2% |
|
Ralph
Lauren Corp. |
|
|
735 |
|
|
|
199,288 |
|
|
Auto
Manufacturers — 0.6% |
|
Ford
Motor Co. |
|
|
18,932 |
|
|
|
180,801 |
|
|
General
Motors Co. |
|
|
6,709 |
|
|
|
329,613 |
|
| |
|
|
|
|
|
|
510,414 |
|
|
Banks
— 4.3% |
|
Bank
of America Corp. |
|
|
20,130 |
|
|
|
927,993 |
|
|
Citigroup,
Inc. |
|
|
2,830 |
|
|
|
226,259 |
|
|
JPMorgan
Chase & Co. |
|
|
3,497 |
|
|
|
925,481 |
|
|
Morgan
Stanley |
|
|
2,340 |
|
|
|
311,477 |
|
|
PNC
Financial Services Group, Inc. |
|
|
7,844 |
|
|
|
1,505,421 |
|
|
US
Bancorp |
|
|
3,868 |
|
|
|
181,409 |
|
| |
|
|
|
|
|
|
4,078,040 |
|
|
Biotechnology
— 2.6% |
|
Amgen,
Inc. |
|
|
1,987 |
|
|
|
612,115 |
|
|
Gilead
Sciences, Inc. |
|
|
2,410 |
|
|
|
275,487 |
|
|
Incyte
Corp. (a) |
|
|
2,557 |
|
|
|
187,940 |
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
354 |
|
|
|
247,354 |
|
|
United
Therapeutics Corp. (a) |
|
|
1,531 |
|
|
|
489,997 |
|
|
Vertex
Pharmaceuticals, Inc. (a) |
|
|
1,299 |
|
|
|
623,247 |
|
| |
|
|
|
|
|
|
2,436,140 |
|
|
Building
Materials — 2.2% |
|
Louisiana-Pacific
Corp. |
|
|
4,720 |
|
|
|
470,442 |
|
|
Owens
Corning |
|
|
7,064 |
|
|
|
1,088,139 |
|
|
Trane
Technologies PLC |
|
|
1,381 |
|
|
|
488,460 |
|
| |
|
|
|
|
|
|
2,047,041 |
|
|
Chemicals
— 0.5% |
|
DuPont
de Nemours, Inc. |
|
|
6,140 |
|
|
|
502,068 |
|
|
Commercial
Services — 1.2% |
|
Automatic
Data Processing, Inc. |
|
|
1,375 |
|
|
|
433,372 |
|
|
Cintas
Corp. |
|
|
928 |
|
|
|
192,560 |
|
|
Corpay,
Inc. (a) |
|
|
535 |
|
|
|
196,372 |
|
|
S&P
Global, Inc. |
|
|
577 |
|
|
|
307,968 |
|
| |
|
|
|
|
|
|
1,130,272 |
|
|
Computers
— 4.9% |
|
Apple,
Inc. |
|
|
17,637 |
|
|
|
4,265,332 |
|
|
Fortinet,
Inc. (a) |
|
|
1,808 |
|
|
|
195,282 |
|
|
Leidos
Holdings, Inc. |
|
|
1,235 |
|
|
|
160,513 |
|
| |
|
|
|
|
|
|
4,621,127 |
|
|
Cosmetics
& Personal Care — 2.4% |
|
Colgate-Palmolive
Co. |
|
|
24,845 |
|
|
|
2,265,119 |
|
|
Diversified
Financial Services — 3.8% |
|
Ameriprise
Financial, Inc. |
|
|
451 |
|
|
|
242,322 |
|
|
Charles
Schwab Corp. |
|
|
3,913 |
|
|
|
311,201 |
|
|
Mastercard,
Inc. - Class A |
|
|
4,861 |
|
|
|
2,801,443 |
|
|
Synchrony
Financial |
|
|
2,985 |
|
|
|
181,130 |
|
| |
|
|
|
|
|
|
3,536,096 |
|
|
Electric
— 2.7% |
|
CMS
Energy Corp. |
|
|
21,372 |
|
|
|
1,561,225 |
|
|
Entergy
Corp. |
|
|
6,117 |
|
|
|
534,075 |
|
|
NextEra
Energy, Inc. |
|
|
2,808 |
|
|
|
197,037 |
|
|
Public
Service Enterprise Group, Inc. |
|
|
2,877 |
|
|
|
233,469 |
|
| |
|
|
|
|
|
|
2,525,806 |
|
|
Electronics
— 0.6% |
|
Amphenol
Corp. - Class A |
|
|
8,711 |
|
|
|
580,153 |
|
|
Food
— 1.8% |
|
Sysco
Corp. |
|
|
2,543 |
|
|
|
192,098 |
|
|
Tyson
Foods, Inc. - Class A |
|
|
25,099 |
|
|
|
1,539,573 |
|
| |
|
|
|
|
|
|
1,731,671 |
|
|
Healthcare-Products
— 1.3% |
|
Intuitive
Surgical, Inc. (a) |
|
|
1,645 |
|
|
|
942,832 |
|
|
ResMed,
Inc. |
|
|
1,235 |
|
|
|
288,397 |
|
| |
|
|
|
|
|
|
1,231,229 |
|
|
Healthcare-Services
— 1.5% |
|
HCA
Healthcare, Inc. |
|
|
736 |
|
|
|
225,437 |
|
|
UnitedHealth
Group, Inc. |
|
|
341 |
|
|
|
161,961 |
|
|
Universal
Health Services, Inc. - Class B |
|
|
6,030 |
|
|
|
1,056,758 |
|
| |
|
|
|
|
|
|
1,444,156 |
|
|
Household
Products/Wares — 0.3% |
|
Kimberly-Clark
Corp. |
|
|
2,045 |
|
|
|
290,410 |
|
|
Insurance
— 5.7% |
|
Allstate
Corp. |
|
|
5,737 |
|
|
|
1,142,524 |
|
|
Arch
Capital Group Ltd. |
|
|
2,041 |
|
|
|
189,629 |
|
|
Berkshire
Hathaway, Inc. - Class B (a) |
|
|
6,294 |
|
|
|
3,234,046 |
|
|
Cincinnati
Financial Corp. |
|
|
2,614 |
|
|
|
386,375 |
|
|
Marsh
& McLennan Cos., Inc. |
|
|
840 |
|
|
|
199,786 |
|
|
Travelers
Cos, Inc. |
|
|
813 |
|
|
|
210,152 |
|
| |
|
|
|
|
|
|
5,362,512 |
|
|
Internet
— 18.3% |
|
Alphabet,
Inc. - Class A |
|
|
29,151 |
|
|
|
4,963,832 |
|
|
Amazon.com,
Inc. (a) |
|
|
25,780 |
|
|
|
5,472,578 |
|
|
Booking
Holdings, Inc. |
|
|
322 |
|
|
|
1,615,155 |
|
|
GoDaddy,
Inc. - Class A (a) |
|
|
987 |
|
|
|
177,167 |
|
|
Meta
Platforms, Inc. - Class A |
|
|
6,523 |
|
|
|
4,358,669 |
|
|
Netflix,
Inc. (a) |
|
|
296 |
|
|
|
290,246 |
|
|
Palo
Alto Networks, Inc. (a) |
|
|
545 |
|
|
|
103,784 |
|
|
Uber
Technologies, Inc. (a) |
|
|
3,895 |
|
|
|
296,059 |
|
| |
|
|
|
|
|
|
17,277,490 |
|
The
accompanying notes are an integral part of the financial statements.
1
SGI
U.S. LARGE CAP CORE ETF
Portfolio
of Investments (Continued)
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Leisure
Time — 1.1% |
|
Carnival
Corp. (a) |
|
|
30,171 |
|
|
$ |
721,992 |
|
|
Norwegian
Cruise Line Holdings Ltd. (a) |
|
|
6,963 |
|
|
|
158,199 |
|
|
Royal
Caribbean Cruises Ltd. |
|
|
748 |
|
|
|
184,083 |
|
| |
|
|
|
|
|
|
1,064,274 |
|
|
Lodging
— 0.2% |
|
Hilton
Worldwide Holdings, Inc. |
|
|
733 |
|
|
|
194,216 |
|
|
Media
— 1.8% |
|
Comcast
Corp. - Class A |
|
|
9,518 |
|
|
|
341,506 |
|
|
Fox
Corp. - Class B |
|
|
13,739 |
|
|
|
742,868 |
|
|
News
Corp. - Class A |
|
|
6,628 |
|
|
|
189,693 |
|
|
Walt
Disney Co. |
|
|
3,483 |
|
|
|
396,365 |
|
| |
|
|
|
|
|
|
1,670,432 |
|
|
Mining
— 0.5% |
|
Freeport-McMoRan,
Inc. |
|
|
4,875 |
|
|
|
179,936 |
|
|
Newmont
Corp. |
|
|
7,504 |
|
|
|
321,472 |
|
| |
|
|
|
|
|
|
501,408 |
|
|
Office-Business
Equipment — 0.6% |
|
Zebra
Technologies Corp. - Class A (a) |
|
|
1,753 |
|
|
|
552,283 |
|
|
Oil
& Gas — 1.5% |
|
ConocoPhillips
|
|
|
3,649 |
|
|
|
361,798 |
|
|
Diamondback
Energy, Inc. |
|
|
1,691 |
|
|
|
268,801 |
|
|
EOG
Resources, Inc. |
|
|
6,105 |
|
|
|
774,969 |
|
| |
|
|
|
|
|
|
1,405,568 |
|
|
Packaging
& Containers — 0.2% |
|
Packaging
Corp. of America |
|
|
838 |
|
|
|
178,569 |
|
|
Pharmaceuticals
— 3.1% |
|
Dexcom,
Inc. (a) |
|
|
2,186 |
|
|
|
193,177 |
|
|
Eli
Lilly & Co. |
|
|
1,925 |
|
|
|
1,772,213 |
|
|
Merck
& Co., Inc. |
|
|
10,223 |
|
|
|
943,071 |
|
| |
|
|
|
|
|
|
2,908,461 |
|
|
Pipelines
— 1.0% |
|
Kinder
Morgan, Inc. |
|
|
12,445 |
|
|
|
337,259 |
|
|
ONEOK,
Inc. |
|
|
1,825 |
|
|
|
183,212 |
|
|
Targa
Resources Corp. |
|
|
932 |
|
|
|
188,003 |
|
|
Williams
Cos., Inc. |
|
|
3,260 |
|
|
|
189,667 |
|
| |
|
|
|
|
|
|
898,141 |
|
|
Private
Equity — 0.2% |
|
Blackstone,
Inc. |
|
|
1,368 |
|
|
|
220,467 |
|
|
Real
Estate — 1.3% |
|
CBRE
Group, Inc. - Class A (a) |
|
|
8,256 |
|
|
|
1,171,857 |
|
|
REITS
— 1.2% |
|
Equinix,
Inc. |
|
|
249 |
|
|
|
225,250 |
|
|
Essex
Property Trust, Inc. |
|
|
739 |
|
|
|
230,250 |
|
|
Kimco
Realty Corp. |
|
|
8,511 |
|
|
|
188,093 |
|
|
Simon
Property Group, Inc. |
|
|
1,538 |
|
|
|
286,207 |
|
|
Welltower,
Inc. |
|
|
1,373 |
|
|
|
210,769 |
|
| |
|
|
|
|
|
|
1,140,569 |
|
|
Retail
— 3.1% |
|
Costco
Wholesale Corp. |
|
|
448 |
|
|
|
469,777 |
|
|
Home
Depot, Inc. |
|
|
2,967 |
|
|
|
1,176,712 |
|
|
Lululemon
Athletica, Inc. (a) |
|
|
877 |
|
|
|
320,640 |
|
|
TJX
Cos., Inc. |
|
|
1,695 |
|
|
|
211,468 |
|
|
Wal-Mart
Stores, Inc. |
|
|
7,850 |
|
|
|
774,089 |
|
| |
|
|
|
|
|
|
2,952,686 |
|
|
Semiconductors
— 11.8% |
|
Applied
Materials, Inc. |
|
|
1,540 |
|
|
|
243,428 |
|
|
Broadcom,
Inc. |
|
|
5,146 |
|
|
|
1,026,266 |
|
|
KLA-Tencor
Corp. |
|
|
288 |
|
|
|
204,146 |
|
|
Lam
Research Corp. |
|
|
12,235 |
|
|
|
938,914 |
|
|
Monolithic
Power Systems, Inc. |
|
|
493 |
|
|
|
301,228 |
|
|
NVIDIA
Corp. |
|
|
44,114 |
|
|
|
5,510,721 |
|
|
QUALCOMM,
Inc. |
|
|
18,552 |
|
|
|
2,915,818 |
|
| |
|
|
|
|
|
|
11,140,521 |
|
|
Software
— 10.2% |
|
Adobe
Systems, Inc. (a) |
|
|
1,484 |
|
|
|
650,823 |
|
|
Autodesk,
Inc. (a) |
|
|
721 |
|
|
|
197,705 |
|
|
Fair
Isaac Corp. (a) |
|
|
355 |
|
|
|
669,654 |
|
|
Fiserv,
Inc. (a) |
|
|
847 |
|
|
|
199,629 |
|
|
Intuit,
Inc. |
|
|
676 |
|
|
|
414,956 |
|
|
Microsoft
Corp. |
|
|
13,697 |
|
|
|
5,437,572 |
|
|
MSCI,
Inc. |
|
|
305 |
|
|
|
180,106 |
|
|
Palantir
Technologies, Inc. - Class A (a) |
|
|
3,071 |
|
|
|
260,789 |
|
|
PTC,
Inc. (a) |
|
|
1,915 |
|
|
|
313,352 |
|
|
Roper
Technologies, Inc. |
|
|
365 |
|
|
|
213,343 |
|
|
Salesforce.com,
Inc. |
|
|
1,457 |
|
|
|
433,967 |
|
|
ServiceNow,
Inc. (a) |
|
|
737 |
|
|
|
685,233 |
|
| |
|
|
|
|
|
|
9,657,129 |
|
|
Telecommunications
— 2.0% |
|
Arista
Networks, Inc. (a) |
|
|
12,974 |
|
|
|
1,207,231 |
|
|
Corning,
Inc. |
|
|
9,730 |
|
|
|
487,959 |
|
|
Motorola
Solutions, Inc. |
|
|
383 |
|
|
|
168,604 |
|
| |
|
|
|
|
|
|
1,863,794 |
|
|
Transportation
— 2.7% |
|
Union
Pacific Corp. |
|
|
4,644 |
|
|
|
1,145,628 |
|
|
United
Parcel Service, Inc. - Class B |
|
|
12,065 |
|
|
|
1,436,097 |
|
| |
|
|
|
|
|
|
2,581,725 |
|
|
TOTAL
COMMON STOCKS (Cost $92,705,624) |
|
|
|
|
|
|
93,046,349 |
|
The
accompanying notes are an integral part of the financial statements.
2
SGI
U.S. LARGE CAP CORE ETF
Portfolio
of Investments (CONCLUDED)
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
EXCHANGE
TRADED FUNDS — 1.3% |
|
Vanguard
S&P 500 ETF |
|
|
2,230 |
|
|
$ |
1,218,316 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $1,195,558) |
|
|
|
|
|
|
1,218,316 |
|
|
TOTAL
INVESTMENTS — 99.9% (Cost $93,901,182) |
|
|
|
|
|
|
94,264,665 |
|
|
Other
Assets in Excess of Liabilities — 0.1% |
|
|
|
|
|
|
59,364 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
94,324,029 |
|
Percentages are stated as a percent of net
assets.
ETF
- Exchange-Traded Fund
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
The
accompanying notes are an integral part of the financial statements.
3
SGI
DYNAMIC TACTICAL ETF
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
EXCHANGE
TRADED FUNDS — 99.5% |
|
|
|
|
|
iShares
Core U.S. Aggregate Bond ETF |
|
|
111,273 |
|
|
$ |
11,043,845 |
|
|
iShares
Edge MSCI Min Vol USA ETF |
|
|
75,471 |
|
|
|
7,137,292 |
|
|
Schwab
US Dividend Equity ETF |
|
|
241,698 |
|
|
|
6,898,061 |
|
|
SGI
Enhanced Core ETF (a) |
|
|
525,025 |
|
|
|
13,461,641 |
|
|
SGI
Enhanced Nasdaq-100 ETF (a) |
|
|
122,580 |
|
|
|
3,311,352 |
|
|
SGI
U.S. Large Cap Core ETF (a)(b) |
|
|
606,708 |
|
|
|
20,082,824 |
|
|
Vanguard
Small-Cap ETF |
|
|
13,624 |
|
|
|
3,236,926 |
|
|
WisdomTree
Floating Rate Treasury Fund |
|
|
53,365 |
|
|
|
2,687,461 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $65,617,947) |
|
|
|
|
|
|
67,859,402 |
|
|
TOTAL
INVESTMENTS — 99.5% (Cost $65,617,947) |
|
|
|
|
|
|
67,859,402 |
|
|
Other
Assets in Excess of Liabilities — 0.5% |
|
|
|
|
|
|
306,903 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
68,166,305 |
|
Percentages
are stated as a percent of net assets.
ETF
- Exchange-Traded Fund
|
(a) |
Affiliated security as
defined by the Investment Company Act of 1940, as amended. |
|
(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. |
The
accompanying notes are an integral part of the financial statements.
4
SGI
ENHANCED GLOBAL INCOME ETF
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 89.8% |
|
Aerospace/Defense
— 3.9% |
|
Lockheed
Martin Corp. |
|
|
686 |
|
|
$ |
308,954 |
|
|
Northrop
Grumman Corp. |
|
|
3,610 |
|
|
|
1,666,881 |
|
|
RTX
Corp. |
|
|
9,756 |
|
|
|
1,297,451 |
|
| |
|
|
|
|
|
|
3,273,286 |
|
|
Agriculture
— 0.4% |
|
Bunge
Global SA |
|
|
2,755 |
|
|
|
204,393 |
|
|
Wilmar
International Ltd. - ADR |
|
|
7,050 |
|
|
|
168,848 |
|
| |
|
|
|
|
|
|
373,241 |
|
|
Apparel
— 1.4% |
|
Ralph
Lauren Corp. |
|
|
1,489 |
|
|
|
403,728 |
|
|
Tapestry,
Inc. |
|
|
8,700 |
|
|
|
743,154 |
|
| |
|
|
|
|
|
|
1,146,882 |
|
|
Auto
Manufacturers — 1.6% |
|
Honda
Motor Co. Ltd. - ADR |
|
|
11,812 |
|
|
|
328,255 |
|
|
Isuzu
Motors Ltd. - ADR |
|
|
10,757 |
|
|
|
141,078 |
|
|
Mercedes-Benz
Group AG - ADR |
|
|
27,092 |
|
|
|
418,301 |
|
|
Stellantis
NV |
|
|
14,796 |
|
|
|
188,205 |
|
|
Volkswagen
AG - ADR |
|
|
22,638 |
|
|
|
242,453 |
|
| |
|
|
|
|
|
|
1,318,292 |
|
|
Auto
Parts & Equipment — 0.1% |
|
Continental
AG - ADR |
|
|
18,262 |
|
|
|
129,843 |
|
|
Banks
— 21.7% |
|
Banco
Bilbao Vizcaya Argentaria SA - ADR |
|
|
189,102 |
|
|
|
2,501,820 |
|
|
Banco
Santander SA - ADR |
|
|
122,784 |
|
|
|
783,362 |
|
|
Bank
of America Corp. |
|
|
12,988 |
|
|
|
598,747 |
|
|
Bank
of China Ltd. - ADR |
|
|
32,056 |
|
|
|
453,913 |
|
|
BNP
Paribas SA - ADR |
|
|
14,639 |
|
|
|
550,866 |
|
|
Canadian
Imperial Bank of Commerce |
|
|
8,315 |
|
|
|
503,723 |
|
|
China
Construction Bank Corp. - ADR |
|
|
24,029 |
|
|
|
406,811 |
|
|
Citigroup,
Inc. |
|
|
13,418 |
|
|
|
1,072,769 |
|
|
DBS
Group Holdings Ltd. - ADR |
|
|
6,114 |
|
|
|
834,989 |
|
|
HSBC
Holdings PLC - ADR |
|
|
11,436 |
|
|
|
685,131 |
|
|
Huntington
Bancshares, Inc. |
|
|
66,302 |
|
|
|
1,091,994 |
|
|
Intesa
Sanpaolo SpA - ADR |
|
|
20,180 |
|
|
|
595,915 |
|
|
JPMorgan
Chase & Co. |
|
|
813 |
|
|
|
215,160 |
|
|
KeyCorp
|
|
|
22,392 |
|
|
|
387,829 |
|
|
NatWest
Group PLC - ADR (a) |
|
|
46,824 |
|
|
|
572,658 |
|
|
PNC
Financial Services Group, Inc. |
|
|
772 |
|
|
|
148,162 |
|
|
Royal
Bank of Canada |
|
|
14,451 |
|
|
|
1,707,675 |
|
|
Societe
Generale SA - ADR |
|
|
86,209 |
|
|
|
703,465 |
|
|
Sumitomo
Mitsui Financial Group, Inc. - ADR |
|
|
26,907 |
|
|
|
411,946 |
|
|
UBS
Group AG |
|
|
69,256 |
|
|
|
2,374,788 |
|
|
UniCredit
SpA - ADR |
|
|
61,881 |
|
|
|
1,612,619 |
|
| |
|
|
|
|
|
|
18,214,342 |
|
|
Beverages
— 1.0% |
|
PepsiCo,
Inc. |
|
|
5,373 |
|
|
|
824,594 |
|
| |
|
|
|
|
|
|
|
|
|
Biotechnology
— 1.8% |
|
Amgen,
Inc. |
|
|
2,201 |
|
|
|
678,040 |
|
|
Gilead
Sciences, Inc. |
|
|
7,459 |
|
|
|
852,638 |
|
| |
|
|
|
|
|
|
1,530,678 |
|
|
Building
Materials — 0.6% |
|
Cie
de Saint-Gobain SA - ADR |
|
|
11,173 |
|
|
|
224,130 |
|
|
Heidelberg
Materials AG - ADR (a) |
|
|
4,810 |
|
|
|
143,338 |
|
|
Holcim
AG (a) |
|
|
8,504 |
|
|
|
185,570 |
|
| |
|
|
|
|
|
|
553,038 |
|
|
Chemicals
— 0.9% |
|
Dow,
Inc. |
|
|
10,553 |
|
|
|
402,175 |
|
|
DuPont
de Nemours, Inc. |
|
|
4,921 |
|
|
|
402,390 |
|
| |
|
|
|
|
|
|
804,565 |
|
|
Commercial
Services — 1.1% |
|
Brambles
Ltd. - ADR |
|
|
5,156 |
|
|
|
134,726 |
|
|
RELX
PLC - ADR |
|
|
16,243 |
|
|
|
785,674 |
|
| |
|
|
|
|
|
|
920,400 |
|
|
Computers
— 0.6% |
|
Infosys
Ltd. - ADR |
|
|
26,496 |
|
|
|
532,570 |
|
|
Cosmetics/Personal
Care — 3.9% |
|
Colgate-Palmolive
Co. |
|
|
26,105 |
|
|
|
2,379,993 |
|
|
Unilever
PLC - ADR |
|
|
15,524 |
|
|
|
878,658 |
|
| |
|
|
|
|
|
|
3,258,651 |
|
|
Diversified
Financial Services — 1.1% |
|
Nomura
Holdings, Inc. - ADR |
|
|
87,486 |
|
|
|
563,410 |
|
|
ORIX
Corp. - ADR |
|
|
18,010 |
|
|
|
368,124 |
|
| |
|
|
|
|
|
|
931,534 |
|
|
Electric
— 4.8% |
|
American
Electric Power Co., Inc. |
|
|
509 |
|
|
|
53,980 |
|
|
CMS
Energy Corp. |
|
|
5,485 |
|
|
|
400,679 |
|
|
EDP
SA - ADR |
|
|
8,520 |
|
|
|
275,963 |
|
|
Evergy,
Inc. |
|
|
20,841 |
|
|
|
1,436,153 |
|
|
National
Grid PLC - ADR |
|
|
30,341 |
|
|
|
1,885,086 |
|
| |
|
|
|
|
|
|
4,051,861 |
|
|
Electronics
— 0.5% |
|
Assa
Abloy AB - ADR |
|
|
26,934 |
|
|
|
411,013 |
|
|
Engineering
& Construction — 0.3% |
|
Vinci
SA - ADR |
|
|
8,778 |
|
|
|
251,753 |
|
| |
|
|
|
|
|
|
|
|
|
Food
— 2.9% |
|
CK
Hutchison Holdings Ltd. - ADR |
|
|
24,741 |
|
|
|
123,210 |
|
|
Conagra
Brands, Inc. |
|
|
31,425 |
|
|
|
802,594 |
|
|
Tyson
Foods, Inc. - Class A |
|
|
24,843 |
|
|
|
1,523,870 |
|
| |
|
|
|
|
|
|
2,449,674 |
|
The
accompanying notes are an integral part of the financial statements.
5
SGI
ENHANCED GLOBAL INCOME ETF
Portfolio
of Investments (continued)
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Forest
Products & Paper — 0.3% |
|
UPM-Kymmene
Oyj - ADR |
|
|
7,477 |
|
|
$ |
218,029 |
|
|
Gas
— 0.3% |
|
NiSource,
Inc. |
|
|
6,354 |
|
|
|
259,307 |
|
|
Household
Products/Wares — 0.3% |
|
Kimberly-Clark
Corp. |
|
|
1,765 |
|
|
|
250,648 |
|
|
Insurance
— 5.2% |
|
Allianz
SE - ADR |
|
|
12,944 |
|
|
|
442,685 |
|
|
AXA
SA - ADR |
|
|
3,217 |
|
|
|
124,498 |
|
|
Equitable
Holdings, Inc. |
|
|
36,721 |
|
|
|
2,020,389 |
|
|
Manulife
Financial Corp. |
|
|
8,097 |
|
|
|
252,303 |
|
|
MS&AD
Insurance Group Holdings, Inc. - ADR |
|
|
5,597 |
|
|
|
117,033 |
|
|
Prudential
Financial, Inc. |
|
|
9,445 |
|
|
|
1,087,119 |
|
|
Sun
Life Financial, Inc. |
|
|
5,278 |
|
|
|
293,193 |
|
| |
|
|
|
|
|
|
4,337,220 |
|
|
Internet
— 1.1% |
|
Full
Truck Alliance Co. Ltd. - ADR |
|
|
30,172 |
|
|
|
354,219 |
|
|
JD.com,
Inc. - ADR |
|
|
13,779 |
|
|
|
577,340 |
|
| |
|
|
|
|
|
|
931,559 |
|
|
Iron/Steel
— 0.3% |
|
Fortescue
Ltd. - ADR |
|
|
10,771 |
|
|
|
227,268 |
|
|
Machinery-Construction
& Mining — 0.5% |
|
Komatsu
Ltd. - ADR |
|
|
12,924 |
|
|
|
387,074 |
|
|
Machinery-Diversified
— 0.5% |
|
Atlas
Copco AB - ADR |
|
|
23,808 |
|
|
|
404,974 |
|
|
Media
— 0.6% |
|
Comcast
Corp. - Class A |
|
|
13,811 |
|
|
|
495,539 |
|
|
Mining
— 2.1% |
|
BHP
Group Ltd. - ADR |
|
|
20,476 |
|
|
|
992,676 |
|
|
Norsk
Hydro ASA - ADR |
|
|
20,949 |
|
|
|
123,809 |
|
|
Rio
Tinto PLC - ADR |
|
|
10,203 |
|
|
|
617,894 |
|
| |
|
|
|
|
|
|
1,734,379 |
|
|
Miscellaneous
Manufacturing — 0.4% |
|
Siemens
AG - ADR |
|
|
2,704 |
|
|
|
307,877 |
|
|
Oil
& Gas — 5.6% |
|
ConocoPhillips
|
|
|
12,573 |
|
|
|
1,246,613 |
|
|
Devon
Energy Corp. |
|
|
16,235 |
|
|
|
588,032 |
|
|
EOG
Resources, Inc. |
|
|
3,539 |
|
|
|
449,241 |
|
|
Inpex
Corp. - ADR |
|
|
18,624 |
|
|
|
235,966 |
|
|
Santos
Ltd. - ADR |
|
|
56,882 |
|
|
|
232,647 |
|
|
Shell
PLC - ADR |
|
|
2,518 |
|
|
|
169,864 |
|
|
Woodside
Energy Group Ltd. - ADR |
|
|
113,648 |
|
|
|
1,744,497 |
|
| |
|
|
|
|
|
|
4,666,860 |
|
|
Packaging
& Containers — 1.1% |
|
Packaging
Corp. of America |
|
|
4,331 |
|
|
|
922,893 |
|
|
Pharmaceuticals
— 8.1% |
|
AbbVie,
Inc. |
|
|
1,348 |
|
|
|
281,772 |
|
|
Merck
& Co., Inc. |
|
|
11,097 |
|
|
|
1,023,698 |
|
|
Novartis
AG - ADR |
|
|
15,718 |
|
|
|
1,714,048 |
|
|
Ono
Pharmaceutical Co. Ltd. - ADR |
|
|
67,400 |
|
|
|
241,292 |
|
|
Roche
Holding AG - ADR |
|
|
19,867 |
|
|
|
829,249 |
|
|
Shionogi
& Co. Ltd. - ADR |
|
|
23,664 |
|
|
|
175,824 |
|
|
Takeda
Pharmaceutical Co. Ltd. - ADR |
|
|
174,791 |
|
|
|
2,518,738 |
|
| |
|
|
|
|
|
|
6,784,621 |
|
|
Pipelines
— 1.3% |
|
Targa
Resources Corp. |
|
|
4,729 |
|
|
|
953,934 |
|
|
Williams
Cos., Inc. |
|
|
2,140 |
|
|
|
124,505 |
|
| |
|
|
|
|
|
|
1,078,439 |
|
|
Retail
— 2.4% |
|
Home
Depot, Inc. |
|
|
5,146 |
|
|
|
2,040,904 |
|
|
Semiconductors
— 3.6% |
|
ASE
Technology Holding Co. Ltd. - ADR |
|
|
56,140 |
|
|
|
568,698 |
|
|
QUALCOMM,
Inc. |
|
|
13,767 |
|
|
|
2,163,759 |
|
|
Skyworks
Solutions, Inc. |
|
|
3,883 |
|
|
|
258,841 |
|
| |
|
|
|
|
|
|
2,991,298 |
|
|
Telecommunications
— 4.2% |
|
AT&T,
Inc. |
|
|
30,688 |
|
|
|
841,158 |
|
|
Corning,
Inc. |
|
|
8,030 |
|
|
|
402,705 |
|
|
Koninklijke
KPN NV - ADR |
|
|
52,481 |
|
|
|
198,903 |
|
|
Nippon
Telegraph & Telephone Corp. - ADR |
|
|
20,161 |
|
|
|
487,896 |
|
|
Nokia
Oyj - ADR |
|
|
42,447 |
|
|
|
203,746 |
|
|
TELUS
Corp. |
|
|
92,573 |
|
|
|
1,432,104 |
|
| |
|
|
|
|
|
|
3,566,512 |
|
|
Transportation
— 3.3% |
|
Union
Pacific Corp. |
|
|
3,305 |
|
|
|
815,311 |
|
|
United
Parcel Service, Inc. - Class B |
|
|
16,146 |
|
|
|
1,921,858 |
|
| |
|
|
|
|
|
|
2,737,169 |
|
|
TOTAL
COMMON STOCKS (Cost $72,655,065) |
|
|
|
|
|
|
75,318,787 |
|
| |
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 9.1% |
|
iShares
Emerging Markets Dividend ETF |
|
|
96,622 |
|
|
|
2,545,989 |
|
|
SPDR
S&P Emerging Markets Dividend ETF |
|
|
62,790 |
|
|
|
2,236,894 |
|
|
WisdomTree
Emerging Markets High Dividend Fund |
|
|
69,850 |
|
|
|
2,880,614 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $7,786,928) |
|
|
|
|
|
|
7,663,497 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
6
SGI
ENHANCED GLOBAL INCOME ETF
Portfolio
of Investments (concluded)
February
28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 0.3% |
|
Money
Market Funds — 0.3% |
|
First
American Government Obligations Fund - Class X, 4.29% (b) |
|
|
216,165 |
|
|
$ |
216,165 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $216,165) |
|
|
|
|
|
|
216,165 |
|
|
TOTAL
INVESTMENTS — 99.2% (Cost $80,658,158) |
|
|
|
|
|
|
83,198,449 |
|
|
Other
Assets in Excess of Liabilities — 0.8% |
|
|
|
|
|
|
663,700 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
83,862,149 |
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
ASA
- Advanced Subscription Agreement
PLC
- Public Limited Company
|
(a) |
Non-income producing
security. |
|
(b) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
7
SGI
ENHANCED CORE ETF
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Notional
Amount |
|
|
Contracts |
|
|
Value |
|
|
PURCHASED
OPTIONS — 0.0%(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Put
Options — 0.0%(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index (c)(d) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration:
03/04/2025; Exercise Price: $5,500.00 |
|
$ |
59,545,000 |
|
|
|
100 |
|
|
$ |
3,500 |
|
|
Expiration:
03/05/2025; Exercise Price: $5,400.00 |
|
|
119,090,000 |
|
|
|
200 |
|
|
|
8,000 |
|
|
TOTAL
PURCHASED OPTIONS (Cost $20,282) |
|
|
|
|
|
|
|
|
|
|
11,500 |
|
| |
|
|
|
|
|
Shares |
|
|
|
|
|
|
Money
Market Funds — 80.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fidelity
Government Cash Reserves, 4.04% (e) |
|
|
|
|
|
|
23,955,417 |
|
|
|
23,955,417 |
|
|
First
American Government Obligations Fund - Class X, 4.29% (e) |
|
|
|
|
|
|
2,000,544 |
|
|
|
2,000,544 |
|
|
JPMorgan
Liquid Assets Money Market Fund - Class I, 4.34% (e) |
|
|
|
|
|
|
26,271 |
|
|
|
26,271 |
|
|
PIMCO
Government Money Market Fund - Class M (e) |
|
|
|
|
|
|
23,993,031 |
|
|
|
23,993,031 |
|
|
T
Rowe Price US Treasury Money Fund, Inc. - Class I, 4.14% (e) |
|
|
|
|
|
|
46,584 |
|
|
|
46,584 |
|
|
Vanguard
Federal Money Market Fund - Class I, 4.26% (e)(f) |
|
|
|
|
|
|
85,027,814 |
|
|
|
85,027,814 |
|
|
Vanguard
Treasury Money Market Fund - Class I, 4.27% (e)(f) |
|
|
|
|
|
|
85,046,439 |
|
|
|
85,046,439 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $220,096,100) |
|
|
|
|
|
|
|
|
|
|
220,096,100 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 80.0% (Cost $220,116,382) |
|
|
|
|
|
|
|
|
|
|
220,107,600 |
|
|
Other
Assets in Excess of Liabilities — 20.0% |
|
|
|
|
|
|
|
|
|
|
55,140,475 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
|
|
|
|
$ |
275,248,075 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
Non-income producing security.
|
|
(b) |
Represents less than 0.05%
of net assets. |
|
(d) |
100 shares per contract.
|
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(f) |
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.
8
SGI
ENHANCED CORE ETF
Portfolio
of Investments (Concluded)
February
28, 2025 (Unaudited)
| |
|
Notional
Amount |
|
|
Contracts |
|
|
Value |
|
|
WRITTEN
OPTIONS — (0.0)%(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Call
Options — (0.0)% (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index (b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration:
03/03/2025; Exercise Price: $6,210.00 |
|
$ |
(116,708,200 |
) |
|
|
(196 |
) |
|
$ |
(980 |
) |
|
Expiration:
03/03/2025; Exercise Price: $6,100.00 |
|
|
(238,180,000 |
) |
|
|
(400 |
) |
|
|
(1,000 |
) |
|
Expiration:
03/03/2025; Exercise Price: $6,095.00 |
|
|
(119,090,000 |
) |
|
|
(200 |
) |
|
|
(1,500 |
) |
|
Total
Call Options |
|
|
|
|
|
|
|
|
|
|
(3,480 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Put
Options — (0.0)% (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index (b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration:
03/03/2025; Exercise Price: $5,500.00 |
|
|
(238,180,000 |
) |
|
|
(400 |
) |
|
|
(5,000 |
) |
|
Expiration:
03/03/2025; Exercise Price: $5,450.00 |
|
|
(119,090,000 |
) |
|
|
(200 |
) |
|
|
(3,500 |
) |
|
Expiration:
03/03/2025; Exercise Price: $5,600.00 |
|
|
(277,479,700 |
) |
|
|
(466 |
) |
|
|
(10,485 |
) |
|
Expiration:
03/04/2025; Exercise Price: $5,300.00 |
|
|
(59,545,000 |
) |
|
|
(100 |
) |
|
|
(1,500 |
) |
|
Expiration:
03/05/2025; Exercise Price: $5,250.00 |
|
|
(119,090,000 |
) |
|
|
(200 |
) |
|
|
(6,500 |
) |
|
Total
Put Options |
|
|
|
|
|
|
|
|
|
|
(26,985 |
) |
|
TOTAL
WRITTEN OPTIONS (Premiums received $35,914) |
|
|
|
|
|
|
|
|
|
$ |
(30,465 |
) |
Percentages
are stated as a percent of net assets.
|
(a) |
Represents less than 0.05%
of net assets. |
|
(c) |
100 shares per contract.
|
The
accompanying notes are an integral part of the financial statements.
9
SGI
ENHANCED NASDAQ-100 ETF
Portfolio
of Investments
February
28, 2025 (Unaudited)
| |
|
Notional
Amount |
|
|
Contracts |
|
|
Value |
|
|
PURCHASED
OPTIONS — 0.1%(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Call
Options — 0.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index (b)(c) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration:
03/03/2025; Exercise Price: $6,425.00 |
|
$ |
5,954,500 |
|
|
|
10 |
|
|
$ |
50 |
|
|
Expiration:
03/05/2025; Exercise Price: $6,450.00 |
|
|
5,954,500 |
|
|
|
10 |
|
|
|
50 |
|
|
TOTAL
PURCHASED OPTIONS (Cost $125) |
|
|
|
|
|
|
|
|
|
|
100 |
|
| |
|
|
|
|
|
Shares |
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Money
Market Funds — 1.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
First
American Government Obligations Fund - Class X, 4.29% (d) |
|
|
|
|
|
|
500,628 |
|
|
|
500,628 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $500,628) |
|
|
|
|
|
|
|
|
|
|
500,628 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 1.7% (Cost $500,753) |
|
|
|
|
|
|
|
|
|
|
500,728 |
|
|
Other
Assets in Excess of Liabilities — 98.3% |
|
|
|
|
|
|
|
|
|
|
29,845,103 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
|
|
|
|
$ |
30,345,831 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
Non-income producing
security. |
|
(c) |
100 shares per contract.
|
|
(d) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of the financial statements.
10
SGI
ENHANCED NASDAQ-100 ETF
Portfolio
of Investments (Continued)
February
28, 2025 (Unaudited)
| |
|
Notional
Amount |
|
|
Contracts |
|
|
Value |
|
|
WRITTEN
OPTIONS — (0.0)%(a)(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Call
Options — (0.0)% (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index, Expiration: 03/03/2025; Exercise Price: $6,100.00 (b)(c) |
|
$ |
(89,317,500 |
) |
|
|
(150 |
) |
|
$ |
(375 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Put
Options — (0.0)% (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
S&P
500 Index, Expiration: 03/03/2025; Exercise Price: $5,600.00 (b)(c) |
|
|
(89,317,500 |
) |
|
|
(150 |
) |
|
|
(3,375 |
) |
|
TOTAL
WRITTEN OPTIONS (Premiums received $3,377) |
|
|
|
|
|
|
|
|
|
$ |
(3,750 |
) |
Percentages
are stated as a percent of net assets.
|
(a) |
Represents less
than 0.05% of net assets. |
|
(c) |
100 shares per contract.
|
The
accompanying notes are an integral part of the financial statements.
11
SGI
ENHANCED NASDAQ-100 ETF
Portfolio
of Investments (Concluded)
February
28, 2025 (Unaudited)
Futures
contracts outstanding as of February 28, 2025 were as follows:
|
Description |
|
Contracts
Purchased |
|
|
Expiration
Date |
|
|
Notional |
|
|
Value
/ Unrealized
Appreciation
(Depreciation)(1) |
|
|
Micro
Nasdaq 100 E-Mini Mar25 |
|
|
5 |
|
|
|
03/21/2025 |
|
|
$ |
209,195 |
|
|
$ |
(1,960 |
) |
|
Nasdaq
100 Index |
|
|
72 |
|
|
|
03/21/2025 |
|
|
|
30,124,080 |
|
|
|
(1,300,772 |
) |
|
Net
Unrealized Appreciation (Depreciation) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(1,302,732 |
) |
|
(1) |
The Fund has recorded an
asset of $2,691,246 as of February 28, 2025 related to the current variation margin related to these contracts. Deposit at broker for
futures contracts is reported within the statement of Assets and Liabilities. |
The
accompanying notes are an integral part of the financial statements.
12
SUMMIT
GLOBAL INVESTMENTS
Statements
of Assets and Liabilities
February
28, 2025 (Unaudited)
| |
|
SGI
U.S.
Large Cap
CORE ETF |
|
|
SGI
DYNAMIC
TACTICAL ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Investments,
at fair value |
|
|
|
|
|
|
|
|
|
Unaffiliated
Investments (cost $93,901,182 and $29,446,285, respectively) |
|
$ |
94,264,665 |
|
|
$ |
31,003,585 |
|
|
Affiliated
Investments (cost $— and $36,171,662, respectively) |
|
|
— |
|
|
|
36,855,817 |
|
|
Cash
and cash equivalents |
|
|
206,779 |
|
|
|
494,707 |
|
|
Deposit
at broker for futures contracts |
|
|
— |
|
|
|
— |
|
|
Deposit
at broker for options |
|
|
— |
|
|
|
— |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
— |
|
|
|
— |
|
|
Dividends
and interest |
|
|
83,659 |
|
|
|
960 |
|
|
Total
Assets |
|
$ |
94,555,103 |
|
|
$ |
68,355,069 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Options
written, at value (premiums received $— and $—, respectively) |
|
|
— |
|
|
|
— |
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
Capital
shares redeemed |
|
$ |
162,960 |
|
|
$ |
140,471 |
|
|
Advisory
fees |
|
|
68,114 |
|
|
|
48,293 |
|
|
Investments
purchased |
|
|
— |
|
|
|
— |
|
|
Total
Liabilities |
|
|
231,074 |
|
|
|
188,764 |
|
|
Net
assets |
|
$ |
94,324,029 |
|
|
$ |
68,166,305 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
2,850 |
|
|
$ |
2,405 |
|
|
Paid-in
capital |
|
|
88,062,540 |
|
|
|
64,331,022 |
|
|
Total
distributable earnings/(losses) |
|
|
6,258,639 |
|
|
|
3,832,878 |
|
|
Net
assets |
|
$ |
94,324,029 |
|
|
$ |
68,166,305 |
|
| |
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,850,000 |
|
|
|
2,405,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
33.10 |
|
|
$ |
28.34 |
|
The
accompanying notes are an integral part of the financial statements.
13
SUMMIT
GLOBAL INVESTMENTS
Statements
of Assets and Liabilities (CONCLUDED)
February
28, 2025 (Unaudited)
| |
|
SGI
ENHANCED
GLOBAL
INCOME ETF |
|
|
SGI
ENHANCED
CORE ETF |
|
|
SGI
ENHANCED
NASDAQ-100
ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated
Investments (cost $80,441,993, $— and $—, respectively) |
|
$ |
82,982,284 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Affiliated
Investments(cost $—, $— and $—, respectively) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Short-term
investments (cost $216,165, $220,096,100 and $500,628, respectively) |
|
|
216,165 |
|
|
|
220,096,100 |
|
|
|
500,628 |
|
|
Cash
and cash equivalents |
|
|
12,133 |
|
|
|
— |
|
|
|
— |
|
|
Deposit
at broker for futures contracts |
|
|
— |
|
|
|
— |
|
|
|
3,993,978 |
|
|
Deposit
at broker for options |
|
|
562,275 |
|
|
|
52,570,893 |
|
|
|
27,106,758 |
|
|
Purchased
options, at value (cost $—, $20,282 and $125, respectively) |
|
|
— |
|
|
|
11,500 |
|
|
|
100 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
14,897 |
|
|
|
80,765 |
|
|
|
63 |
|
|
Capital
shares sold |
|
|
— |
|
|
|
1,793,869 |
|
|
|
— |
|
|
Due
from broker |
|
|
1,346 |
|
|
|
— |
|
|
|
— |
|
|
Dividends
and interest |
|
|
149,316 |
|
|
|
952,830 |
|
|
|
72,189 |
|
|
Total
Assets |
|
$ |
83,938,416 |
|
|
$ |
275,505,957 |
|
|
$ |
31,673,716 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
written, at value (premiums received $—, $35,914 and $3,377, respectively) |
|
|
— |
|
|
|
30,465 |
|
|
|
3,750 |
|
|
Unrealized
depreciation on futures contracts |
|
|
— |
|
|
|
— |
|
|
|
1,302,732 |
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
62,436 |
|
|
|
193,539 |
|
|
|
21,341 |
|
|
Investments
purchased |
|
|
13,831 |
|
|
|
33,878 |
|
|
|
62 |
|
|
Total
Liabilities |
|
|
76,267 |
|
|
|
257,882 |
|
|
|
1,327,885 |
|
|
Net
assets |
|
$ |
83,862,149 |
|
|
$ |
275,248,075 |
|
|
$ |
30,345,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
3,065 |
|
|
$ |
10,740 |
|
|
$ |
1,125 |
|
|
Paid-in
Capital |
|
|
78,935,959 |
|
|
|
273,590,820 |
|
|
|
29,976,918 |
|
|
Total
distributable earnings/(losses) |
|
|
4,923,125 |
|
|
|
1,646,515 |
|
|
|
367,788 |
|
|
Net
assets |
|
$ |
83,862,149 |
|
|
$ |
275,248,075 |
|
|
$ |
30,345,831 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
3,065,000 |
|
|
|
10,740,000 |
|
|
|
1,125,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
27.36 |
|
|
$ |
25.63 |
|
|
$ |
26.97 |
|
The
accompanying notes are an integral part of the financial statements.
14
SUMMIT
GLOBAL INVESTMENTS
Statements
of Operations
FOR
THE SIX MONTHS ENDED February 28, 2025 (Unaudited)
| |
|
SGI
U.S.
Large Cap
CORE ETF |
|
|
SGI
DYNAMIC
TACTICAL ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
Dividends
from unaffiliated investments |
|
$ |
588,093 |
(1) |
|
$ |
433,938 |
|
|
Dividends
from affiliated investments |
|
|
— |
|
|
|
304,451 |
|
|
Interest
|
|
|
19,288 |
|
|
|
6,352 |
|
|
Total
investment income |
|
|
607,381 |
|
|
|
744,741 |
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
413,670 |
|
|
|
291,728 |
|
|
Broker
interest expense |
|
|
— |
|
|
|
— |
|
|
Total
expenses |
|
|
413,670 |
|
|
|
291,728 |
|
|
Net
investment income/(loss) |
|
|
193,711 |
|
|
|
453,013 |
|
| |
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(951,026 |
) |
|
|
308,185 |
|
|
Affiliated
investments |
|
|
— |
|
|
|
866,297 |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
1,638,129 |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
realized gain from redemption in-kind |
|
|
7,985,753 |
|
|
|
1,692,307 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(4,995,217 |
) |
|
|
(829,972 |
) |
|
Affiliated
investments |
|
|
— |
|
|
|
(2,213,909 |
) |
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
2,039,510 |
|
|
|
1,461,037 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
2,233,221 |
|
|
$ |
1,914,050 |
|
|
(1) |
Net of foreign withholding
taxes of $178 for SGI U.S. Large Cap Core ETF. |
The
accompanying notes are an integral part of the financial statements.
15
SUMMIT
GLOBAL INVESTMENTS
Statements
of Operations (Concluded)
FOR
THE SIX MONTHS ENDED February 28, 2025 (Unaudited)
| |
|
SGI
ENHANCED
GLOBAL
INCOME ETF |
|
|
SGI
ENHANCED
core ETF |
|
|
SGI
ENHANCED
NASDAQ-100
ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from unaffiliated investments |
|
$ |
974,378 |
(1) |
|
$ |
— |
|
|
$ |
— |
|
|
Interest
|
|
|
26,311 |
|
|
|
3,913,579 |
|
|
|
340,624 |
|
|
Total
investment income |
|
|
1,000,689 |
|
|
|
3,913,579 |
|
|
|
340,624 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
363,017 |
|
|
|
833,363 |
|
|
|
88,385 |
|
|
Broker
interest expense |
|
|
9,345 |
|
|
|
— |
|
|
|
11,045 |
|
|
Total
expenses |
|
|
372,362 |
|
|
|
833,363 |
|
|
|
99,430 |
|
|
Net
investment income/(loss) |
|
|
628,327 |
|
|
|
3,080,216 |
|
|
|
241,194 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(2,460,771 |
) |
|
|
— |
|
|
|
— |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Distributions
from unaffiliated investments |
|
|
7 |
|
|
|
9 |
|
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
609,355 |
|
|
|
3,285,749 |
|
|
|
435,514 |
|
|
Futures
contracts |
|
|
— |
|
|
|
(120 |
) |
|
|
1,226,356 |
|
|
Net
realized gain from redemption in-kind |
|
|
4,735,177 |
|
|
|
— |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unaffiliated
investments |
|
|
3,164 |
|
|
|
— |
|
|
|
— |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchased
options |
|
|
— |
|
|
|
(8,782 |
) |
|
|
(25 |
) |
|
Written
options |
|
|
— |
|
|
|
4,246 |
|
|
|
(321 |
) |
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
|
(1,204,125 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
2,886,932 |
|
|
|
3,281,102 |
|
|
|
457,399 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
3,515,259 |
|
|
$ |
6,361,318 |
|
|
$ |
698,593 |
|
|
(1) |
Net of foreign withholding
taxes of $51,023 for SGI Enhanced Global Income ETF. |
The
accompanying notes are an integral part of the financial statements.
16
SGI
U.S. LARGE CAP CORE ETF
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
193,711 |
|
|
$ |
573,273 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(951,026 |
) |
|
|
5,256,994 |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
realized gain from redemption in-kind |
|
|
7,985,753 |
|
|
|
16,117,021 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(4,995,217 |
) |
|
|
2,451,191 |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
2,233,221 |
|
|
|
24,398,479 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(7,743,637 |
) |
|
|
(1,544,660 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(7,743,637 |
) |
|
|
(1,544,660 |
) |
| |
|
INCREASE/(DECREASE)
IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS: |
|
Proceeds
from shares sold |
|
|
75,223,789 |
|
|
|
106,414,001 |
|
|
Shares
redeemed |
|
|
(67,680,914 |
) |
|
|
(135,001,112 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
7,542,875 |
|
|
|
(28,587,111 |
) |
|
Total
increase/(decrease) in net assets |
|
|
2,032,459 |
|
|
|
(5,733,292 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
92,291,570 |
|
|
|
98,024,862 |
|
|
End
of period |
|
$ |
94,324,029 |
|
|
$ |
92,291,570 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
2,165,000 |
|
|
|
3,385,000 |
|
|
Shares
redeemed |
|
|
(1,935,000 |
) |
|
|
(4,265,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
230,000 |
|
|
|
(880,000 |
) |
The
accompanying notes are an integral part of the financial statements.
17
SGI
DYNAMIC TACTICAL ETF
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
453,013 |
|
|
$ |
686,669 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
308,185 |
|
|
|
1,443,073 |
|
|
Affiliated
investments |
|
|
866,297 |
|
|
|
1,167,462 |
|
|
Distributions
from affiliated investments |
|
|
1,638,129 |
|
|
|
398,373 |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
realized gain from redemption in-kind |
|
|
1,692,307 |
|
|
|
8,237,739 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(829,972 |
) |
|
|
490,066 |
|
|
Affiliated
investments |
|
|
(2,213,909 |
) |
|
|
2,408,213 |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1,914,050 |
|
|
|
14,831,595 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(5,828,622 |
) |
|
|
(972,668 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(5,828,622 |
) |
|
|
(972,668 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS: |
|
Proceeds
from shares sold |
|
|
50,505,743 |
|
|
|
23,648,762 |
|
|
Shares
redeemed |
|
|
(38,033,603 |
) |
|
|
(88,294,403 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
12,472,140 |
|
|
|
(64,645,641 |
) |
|
Total
increase/(decrease) in net assets |
|
|
8,557,568 |
|
|
|
(50,786,714 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
59,608,737 |
|
|
|
110,395,451 |
|
|
End
of period |
|
$ |
68,166,305 |
|
|
$ |
59,608,737 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,740,000 |
|
|
|
845,000 |
|
|
Shares
redeemed |
|
|
(1,285,000 |
) |
|
|
(3,145,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
455,000 |
|
|
|
(2,300,000 |
) |
The
accompanying notes are an integral part of the financial statements.
18
SGI
ENHANCED GLOBAL INCOME ETF
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
AUGUST 31, 2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
628,327 |
|
|
$ |
657,398 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(2,460,771 |
) |
|
|
(408,372 |
) |
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Distributions
from unaffiliated investments |
|
|
7 |
|
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
609,355 |
|
|
|
661,045 |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
realized gain from redemption in-kind |
|
|
4,735,177 |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
3,164 |
|
|
|
2,537,127 |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
— |
|
|
|
— |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
3,515,259 |
|
|
|
3,447,198 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(1,603,461 |
) |
|
|
(435,871 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,603,461 |
) |
|
|
(435,871 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS: |
|
Proceeds
from shares sold |
|
|
71,980,976 |
|
|
|
65,227,301 |
|
|
Shares
redeemed |
|
|
(58,269,253 |
) |
|
|
— |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
13,711,723 |
|
|
|
65,227,301 |
|
|
Total
increase/(decrease) in net assets |
|
|
15,623,521 |
|
|
|
68,238,628 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
68,238,628 |
|
|
|
— |
|
|
End
of period |
|
$ |
83,862,149 |
|
|
$ |
68,238,628 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
2,680,000 |
|
|
|
2,545,000 |
|
|
Shares
redeemed |
|
|
(2,160,000 |
) |
|
|
— |
|
|
Net
increase/(decrease) in shares outstanding |
|
|
520,000 |
|
|
|
2,545,000 |
|
|
(1) |
Inception date of the Fund
was February 28, 2024. |
The
accompanying notes are an integral part of the financial statements.
19
SGI
ENHANCED CORE ETF
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
AUGUST 31, 2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
3,080,216 |
|
|
$ |
1,721,535 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
— |
|
|
|
— |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Distributions
from unaffiliated investments |
|
|
9 |
|
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
3,285,749 |
|
|
|
1,933,544 |
|
|
Futures
contracts |
|
|
(120 |
) |
|
|
— |
|
|
Net
realized gain from redemption in-kind |
|
|
— |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
— |
|
|
|
— |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Purchased
Options |
|
|
(8,782 |
) |
|
|
|
|
|
Written
options |
|
|
4,246 |
|
|
|
1,203 |
|
|
Futures
contracts |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
6,361,318 |
|
|
|
3,656,282 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(7,490,050 |
) |
|
|
(881,035 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(7,490,050 |
) |
|
|
(881,035 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS: |
|
Proceeds
from shares sold |
|
|
153,978,208 |
|
|
|
126,982,104 |
|
|
Shares
redeemed |
|
|
(6,858,436 |
) |
|
|
(500,316 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
147,119,772 |
|
|
|
126,481,788 |
|
|
Total
increase/(decrease) in net assets |
|
|
145,991,040 |
|
|
|
129,257,035 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
129,257,035 |
|
|
|
— |
|
|
End
of period |
|
$ |
275,248,075 |
|
|
$ |
129,257,035 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
5,990,000 |
|
|
|
5,030,000 |
|
|
Shares
redeemed |
|
|
(260,000 |
) |
|
|
(20,000 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
5,730,000 |
|
|
|
5,010,000 |
|
|
(1) |
Inception date of the Fund
was February 28, 2024. |
The
accompanying notes are an integral part of the financial statements.
20
SGI
ENHANCED NASDAQ-100 ETF
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
AUGUST 31, 2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
241,194 |
|
|
$ |
43,029 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
— |
|
|
|
8,698 |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
— |
|
|
|
— |
|
|
Written
options |
|
|
435,514 |
|
|
|
72,659 |
|
|
Futures
contracts |
|
|
1,226,356 |
|
|
|
11,882 |
|
|
Net
realized gain from redemption in-kind |
|
|
— |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
— |
|
|
|
— |
|
|
Affiliated
investments |
|
|
— |
|
|
|
— |
|
|
Purchased
Options |
|
|
(25 |
) |
|
|
|
|
|
Written
options |
|
|
(321 |
) |
|
|
(52 |
) |
|
Futures
contracts |
|
|
(1,204,125 |
) |
|
|
(98,607 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
698,593 |
|
|
|
37,609 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(368,414 |
) |
|
|
— |
|
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(368,414 |
) |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS: |
|
Proceeds
from shares sold |
|
|
19,462,140 |
|
|
|
10,515,903 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
19,462,140 |
|
|
|
10,515,903 |
|
|
Total
increase/(decrease) in net assets |
|
|
19,792,319 |
|
|
|
10,553,512 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
10,553,512 |
|
|
|
— |
|
|
End
of period |
|
$ |
30,345,831 |
|
|
$ |
10,553,512 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
710,000 |
|
|
|
415,000 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
— |
|
|
Net
increase/(decrease) in shares outstanding |
|
|
710,000 |
|
|
|
415,000 |
|
|
(1) |
Inception date of the Fund
was June 13, 2024. |
The
accompanying notes are an integral part of the financial statements.
21
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. |
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Period
Ended
August 31,
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
35.23 |
|
|
$ |
28.01 |
|
|
$ |
25.00 |
|
|
Net
investment income/(loss) (2) |
|
|
0.07 |
|
|
|
0.19 |
|
|
|
0.11 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.65 |
|
|
|
7.47 |
|
|
|
2.90 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.72 |
|
|
|
7.66 |
|
|
|
3.01 |
|
|
Dividends
and distributions to shareholder from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.26 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
Net
realized capital gains |
|
|
(2.59 |
) |
|
|
(0.37 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(2.85 |
) |
|
|
(0.44 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
33.10 |
|
|
$ |
35.23 |
|
|
$ |
28.01 |
|
|
Market
value, end of period |
|
$ |
33.75 |
|
|
$ |
35.24 |
|
|
$ |
28.00 |
|
|
Total
investment return/(loss) on net asset value (3) |
|
|
2.17 |
%(4) |
|
|
27.67 |
% |
|
|
12.03 |
%(4) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s) |
|
$ |
94,324 |
|
|
$ |
92,292 |
|
|
$ |
98,025 |
|
|
Ratio
of expenses to average net assets |
|
|
0.85 |
%(5) |
|
|
0.85 |
% |
|
|
0.85 |
%(5) |
|
Ratio
of expenses to average net assets (excluding dividend and interest expense) |
|
|
0.85 |
%(5) |
|
|
0.85 |
% |
|
|
0.85 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.40 |
%(5) |
|
|
0.61 |
% |
|
|
1.01 |
%(5) |
|
Portfolio
turnover rate |
|
|
231 |
%(4) |
|
|
225 |
% |
|
|
95 |
%(4) |
|
(1) |
Inception date of the Fund
was March 30, 2023. |
|
(2) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of the financial statements.
22
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. |
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Period
Ended
August 31,
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
30.57 |
|
|
$ |
25.98 |
|
|
$ |
25.00 |
|
|
Net
investment income/(loss) (2) |
|
|
0.22 |
|
|
|
0.22 |
|
|
|
0.13 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.55 |
|
|
|
4.61 |
|
|
|
0.85 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.77 |
|
|
|
4.83 |
|
|
|
0.98 |
|
|
Dividends
and distributions to shareholder from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.30 |
) |
|
|
(0.24 |
) |
|
|
— |
|
|
Net
realized capital gains |
|
|
(1.70 |
) |
|
|
— |
|
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(3.00 |
) |
|
|
(0.24 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
28.34 |
|
|
$ |
30.57 |
|
|
$ |
25.98 |
|
|
Market
value, end of period |
|
$ |
28.38 |
|
|
$ |
30.53 |
|
|
$ |
26.05 |
|
|
Total
investment return/(loss) on net asset value (3) |
|
|
2.75 |
%(4) |
|
|
18.75 |
% |
|
|
3.90 |
%(4) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s) |
|
$ |
68,166 |
|
|
$ |
59,609 |
|
|
$ |
110,395 |
|
|
Ratio
of expenses to average net assets |
|
|
0.95 |
%(5) |
|
|
0.95 |
% |
|
|
0.95 |
%(5) |
|
Ratio
of expenses to average net assets (excluding dividend and interest expense) |
|
|
0.95 |
%(5) |
|
|
0.95 |
% |
|
|
0.95 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.48 |
%(5) |
|
|
0.82 |
% |
|
|
1.18 |
%(5) |
|
Portfolio
turnover rate |
|
|
205 |
%(4) |
|
|
167 |
% |
|
|
66 |
%(4) |
|
(1) |
Inception date of the Fund
was March 29, 2023. |
|
(2) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of the financial statements.
23
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. |
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Period
Ended
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
26.81 |
|
|
$ |
25.00 |
|
|
Net
investment income/(loss) (2) |
|
|
0.22 |
|
|
|
0.32 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.91 |
|
|
|
1.68 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.13 |
|
|
|
2.00 |
|
|
Dividends
and distributions to shareholder from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.27 |
) |
|
|
(0.19 |
) |
|
Net
realized capital gains |
|
|
(0.31 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.58 |
) |
|
|
(0.19 |
) |
|
Net
asset value, end of period |
|
$ |
27.36 |
|
|
$ |
26.81 |
|
|
Market
value, end of period |
|
$ |
27.36 |
|
|
$ |
26.73 |
|
|
Total
investment return/(loss) on net asset value (3) |
|
|
4.39 |
%(4) |
|
|
8.01 |
%(4) |
| |
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s) |
|
$ |
83,862 |
|
|
$ |
68,239 |
|
|
Ratio
of expenses to average net assets |
|
|
1.01 |
%(5) |
|
|
1.14 |
%(5) |
|
Ratio
of expenses to average net assets (excluding dividend and interest expense) |
|
|
0.98 |
%(5) |
|
|
0.98 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.70 |
%(5) |
|
|
2.46 |
%(5) |
|
Portfolio
turnover rate (6) |
|
|
374 |
%(4) |
|
|
158 |
%(4) |
|
(1) |
Inception date of the Fund
was February 28, 2024. |
|
(2) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(3) |
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. |
|
(6) |
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.
24
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. |
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Period
Ended
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
25.80 |
|
|
$ |
25.00 |
|
|
Net
investment income/(loss) (2) |
|
|
0.47 |
|
|
|
0.53 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.50 |
|
|
|
0.49 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.97 |
|
|
|
1.02 |
|
|
Dividends
and distributions to shareholder from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.58 |
) |
|
|
(0.22 |
) |
|
Net
realized capital gains |
|
|
(0.56 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(1.14 |
) |
|
|
(0.22 |
) |
|
Net
asset value, end of period |
|
$ |
25.63 |
|
|
$ |
25.80 |
|
|
Market
value, end of period |
|
$ |
25.64 |
|
|
$ |
25.80 |
|
|
Total
investment return/(loss) on net asset value (3) |
|
|
3.81 |
%(4) |
|
|
4.10 |
%(4) |
| |
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s) |
|
$ |
275,248 |
|
|
$ |
129,257 |
|
|
Ratio
of expenses to average net assets |
|
|
0.98 |
%(5) |
|
|
0.99 |
%(5) |
|
Ratio
of expenses to average net assets (excluding dividend and interest expense) |
|
|
0.98 |
%(5) |
|
|
0.98 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
3.62 |
%(5) |
|
|
4.16 |
%(5) |
|
Portfolio
turnover rate (6) |
|
|
0 |
%(4) |
|
|
0 |
%(4) |
|
(1) |
Inception date of the Fund
was February 28, 2024. |
|
(2) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(3) |
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. |
|
(6) |
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.
25
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. |
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Period
Ended
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
25.43 |
|
|
$ |
25.00 |
|
|
Net
investment income/(loss) (2) |
|
|
0.36 |
|
|
|
0.15 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
1.71 |
|
|
|
0.28 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
2.07 |
|
|
|
0.43 |
|
|
Dividends
and distributions to shareholder from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.28 |
) |
|
|
— |
|
|
Net
realized capital gains |
|
|
(0.25 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.53 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
26.97 |
|
|
$ |
25.43 |
|
|
Market
value, end of period |
|
$ |
27.01 |
|
|
$ |
25.44 |
|
|
Total
investment return/(loss) on net asset value (3) |
|
|
8.16 |
%(4) |
|
|
1.70 |
%(4) |
| |
|
|
|
|
|
|
|
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s) |
|
$ |
30,346 |
|
|
$ |
10,554 |
|
|
Ratio
of expenses to average net assets |
|
|
1.10 |
%(5) |
|
|
1.18 |
%(5) |
|
Ratio
of expenses to average net assets (excluding dividend and interest expense) |
|
|
0.98 |
%(5) |
|
|
0.98 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
2.67 |
%(5) |
|
|
2.80 |
%(5) |
|
Portfolio
turnover rate (6) |
|
|
0 |
%(4) |
|
|
0 |
%(4) |
|
(1) |
Inception date of the Fund
was June 13, 2024. |
|
(2) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(3) |
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. |
|
(6) |
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.
26
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the SGI U.S. Large
Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF and the SGI Enhanced Nasdaq-100 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 and June 13, 2024, respectively.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 2025 (the “current fiscal period”).
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
27
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
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). |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
93,046,349 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
93,046,349 |
|
|
Exchange
Traded Funds |
|
|
1,218,316 |
|
|
|
— |
|
|
|
— |
|
|
|
1,218,316 |
|
|
Total
Investments |
|
$ |
94,264,665 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
94,264,665 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
DYNAMIC TACTICAL ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Traded Funds |
|
$ |
67,859,402 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
67,859,402 |
|
|
Total
Investments |
|
$ |
67,859,402 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
67,859,402 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
ENHANCED GLOBAL INCOME ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
75,318,787 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
75,318,787 |
|
|
Exchange
Traded Funds |
|
|
7,663,497 |
|
|
|
— |
|
|
|
— |
|
|
|
7,663,497 |
|
|
Money
Market Funds |
|
|
216,165 |
|
|
|
— |
|
|
|
— |
|
|
|
216,165 |
|
|
Total
Investments |
|
$ |
83,198,449 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
83,198,449 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
|
SGI
ENHANCED CORE ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
$ |
3,500 |
|
|
$ |
8,000 |
|
|
$ |
— |
|
|
$ |
11,500 |
|
|
Money
Market Funds |
|
|
220,096,100 |
|
|
|
— |
|
|
|
— |
|
|
|
220,096,100 |
|
|
Total
Investments |
|
$ |
220,099,600 |
|
|
$ |
8,000 |
|
|
$ |
— |
|
|
$ |
220,107,600 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
$ |
(2,480 |
) |
|
$ |
(27,985 |
) |
|
$ |
— |
|
|
$ |
(30,465 |
) |
|
Total
Derivatives |
|
$ |
(2,480 |
) |
|
$ |
(27,985 |
) |
|
$ |
— |
|
|
$ |
(30,465 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
ENHANCED NASDAQ-100 ETF |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Options |
|
$ |
— |
|
|
$ |
100 |
|
|
$ |
— |
|
|
$ |
100 |
|
|
Money
Market Funds |
|
|
500,628 |
|
|
|
— |
|
|
|
— |
|
|
|
500,628 |
|
|
Total
Investments |
|
$ |
500,628 |
|
|
$ |
100 |
|
|
$ |
— |
|
|
$ |
500,728 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written
Options |
|
$ |
— |
|
|
$ |
(3,750 |
) |
|
$ |
— |
|
|
$ |
(3,750 |
) |
|
Futures
- Equity Contracts |
|
|
(1,302,732 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,302,732 |
) |
|
Total
Derivatives |
|
$ |
(1,302,732 |
) |
|
$ |
(3,750 |
) |
|
$ |
— |
|
|
$ |
(1,306,482 |
) |
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.
29
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
DISCLOSURES
ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Derivative
instruments are defined as financial instruments whose value and performance are based on the value and performance of another security
or financial instrument. Derivative instruments that the Fund used during the period include options and futures contracts.
During
the current fiscal period, the SGI Enhanced Core ETF used options contracts to seek income in accordance with its investment objective.
During
the current fiscal period, the SGI Enhanced Nasdaq-100 ETF used long futures contracts and options contracts to seek capital appreciation
and income in accordance with its investment objective.
The
following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Funds’ derivative instruments
as of and for the current fiscal period.
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
ASSETS AND
LIABILITIES LOCATION |
|
|
VALUE |
|
|
Liability
Derivatives |
|
SGI
Enhanced Core ETF |
Written
Options |
|
|
Written options, at value |
|
|
$ |
(30,465 |
) |
|
Total
Value - Liabilities |
|
|
|
|
|
|
$ |
(30,465 |
) |
| |
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Nasdaq-100 ETF |
Written
Options |
|
|
Written options, at value |
|
|
|
(3,750 |
) |
|
SGI
Enhanced Nasdaq-100 ETF |
Futures
Contracts (a) |
|
|
Unrealized depreciation on futures contracts |
|
|
|
(1,302,732 |
) |
|
Total
Value - Liabilities |
|
|
|
$ |
(1,306,482 |
) |
|
(a) |
This amount represent the
cumulative appreciation/(deprecation) of futures contracts as reported on the Portfolio of Investments. |
The
following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations
during the current fiscal period.
|
FUND |
DERIVATIVE
TYPE |
|
STATEMENT
OF
OPERATIONS LOCATION |
|
|
VALUE |
|
|
Realized
Gain (Loss) |
|
SGI
Enhanced Core ETF |
Written
Options |
|
|
Net realized gain/(loss) from written options |
|
|
$ |
3,285,749 |
|
|
SGI
Enhanced Core ETF |
Futures
Contracts |
|
|
Net realized gain/(loss) from futures contracts |
|
|
|
(120 |
) |
|
Total
Realized Gain/(Loss) |
|
|
|
$ |
3,285,629 |
|
| |
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Global Income ETF |
Written
Options |
|
|
Net realized gain/(loss) from written options |
|
|
$ |
609,355 |
|
|
Total
Realized Gain/(Loss) |
|
|
|
|
|
$ |
609,355 |
|
| |
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Nasdaq-100 ETF |
Written
Options |
|
|
Net realized gain/(loss) from written options |
|
|
$ |
435,514 |
|
|
SGI
Enhanced Nasdaq-100 ETF |
Futures
Contracts |
|
|
Net realized gain/(loss) from futures contracts |
|
|
|
1,226,356 |
|
|
Total
Realized Gain/(Loss) |
|
|
|
$ |
1,661,870 |
|
30
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
The
following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets
resulting from operations during the current fiscal period.
|
FUND |
DERIVATIVE
TYPE |
|
STATEMENT
OF
OPERATIONS LOCATION |
|
|
VALUE |
|
|
Change
in Unrealized Appreciation/(Depreciation) |
|
SGI
Enhanced Core ETF |
Purchased
Options |
|
|
Net change in unrealized appreciation/(depreciation) on purchased
options |
|
|
$ |
(8,782 |
) |
|
SGI
Enhanced Core ETF |
Written
Options |
|
|
Net change in unrealized appreciation/(depreciation) on written
options |
|
|
|
4,246 |
|
|
Total
Change in Unrealized Appreciation/(Depreciation) |
|
|
|
|
|
$ |
(4,536 |
) |
| |
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Nasdaq-100 ETF |
Purchased
Options |
|
|
Net change in unrealized appreciation/(depreciation) on purchased
options |
|
|
$ |
(25 |
) |
|
SGI
Enhanced Nasdaq-100 ETF |
Written
Options |
|
|
Net change in unrealized appreciation/(depreciation) on written
options |
|
|
|
(321 |
) |
|
SGI
Enhanced Nasdaq-100 ETF |
Futures
Contracts |
|
|
Net change in unrealized appreciation/(depreciation) on futures
contracts |
|
|
|
(1,204,125 |
) |
|
Total
Change in Unrealized Appreciation/(Depreciation) |
|
|
$ |
(1,204,471 |
) |
During
the current fiscal period, the Funds’ quarterly average volume of derivatives were as follows:
|
FUND |
|
WRITTEN
OPTIONS
(PREMIUMS
RECEIVED) |
|
|
Purchased
Options
(Cost) |
|
|
LONG
FUTURES
NOTIONAL
AMOUNT |
|
|
SGI
Enhanced Core ETF |
|
$ |
12,720 |
|
|
$ |
4,056 |
|
|
$ |
— |
|
|
SGI
Enhanced Global Income ETF |
|
|
810 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
737 |
|
|
|
25 |
|
|
|
11,595,109 |
|
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 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
31
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
allocated
daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses
are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific
class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets).
Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets
of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and
administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.
Dividends
and Distributions to Shareholders — Dividends from net investment
income and distributions from net realized capital gains, if any, are declared and paid at least quarterly to shareholders and recorded
on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations,
which may differ from U.S. GAAP.
U.S.
tax status — No provision is made for U.S. income taxes as it is
each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under
Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be
sufficient to relieve it from U.S. income and excise taxes.
Sec
Rule 18f-4 — 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.
32
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
FUTURES
CONTRACTS — The Funds use futures contracts in the normal course
of pursuing their investment objective. Upon entering into a futures contract, a Fund must deposit initial margin in addition to segregating
cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration
of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other
acceptable assets. Pursuant to the futures contract, a Fund agrees to receive from, or pay to the broker, an amount of cash equal to the
daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by a
Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between
the proceeds from (or cost of) the closing transactions and a Fund basis in the contract. Futures contracts have market risks, including
the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of
long futures contracts subjects a Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to
the notional value of the futures contract. Use of short futures contracts subjects a Fund to unlimited risk of loss.
Cash
and Cash Equivalents — Cash and cash equivalents are valued at
cost plus accrued interest, which approximates market value.
Other
— In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s
maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot
be estimated; however, the Funds expect the risk of material loss from such claims to be remote.
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. 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% and 0.98% 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 and the
SGI Enhanced Nasdaq-100 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.
33
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
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.
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 |
|
$ |
230,924,301 |
|
|
$ |
222,015,137 |
|
|
SGI
Dynamic Tactical ETF |
|
|
147,220,423 |
|
|
|
126,374,928 |
|
|
SGI
Enhanced Global Income ETF |
|
|
272,963,179 |
|
|
|
320,123,909 |
|
|
SGI
Enhanced Core ETF |
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
— |
|
|
|
— |
|
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 |
|
$ |
75,067,006 |
|
|
$ |
67,307,119 |
|
|
SGI
Dynamic Tactical ETF |
|
|
50,355,999 |
|
|
|
38,127,555 |
|
|
SGI
Enhanced Global Income ETF |
|
|
66,842,111 |
|
|
|
128,798,500 |
|
|
SGI
Enhanced Core ETF |
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
— |
|
|
|
— |
|
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.
34
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
As
of August 31, 2024, 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 and the SGI Enhanced Nasdaq-100
ETF was as follows:
|
FUND |
|
Federal
Tax
Cost |
|
|
Unrealized
Appreciation |
|
|
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
SGI
U.S. Large Cap Core ETF |
|
$ |
86,194,647 |
|
|
$ |
6,548,510 |
|
|
$ |
(1,661,676 |
) |
|
$ |
4,886,834 |
|
|
SGI
Dynamic Tactical ETF |
|
|
54,177,445 |
|
|
|
5,309,057 |
|
|
|
(67,059 |
) |
|
|
5,241,998 |
|
|
SGI
Enhanced Global Income ETF |
|
|
65,035,476 |
|
|
|
4,105,477 |
|
|
|
(1,702,000 |
) |
|
|
2,403,477 |
|
|
SGI
Enhanced Core ETF |
|
|
94,443,194 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
500,034 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
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, 2024, primarily attributable to in-kind redemptions gain and loss, were reclassified
among the following accounts:
|
FUND |
|
Distributable
Earnings/(loss) |
|
|
Paid-in
Capital |
|
|
SGI
U.S. Large Cap Core ETF |
|
$ |
(15,388,091 |
) |
|
$ |
15,388,091 |
|
|
SGI
Dynamic Tactical ETF |
|
|
(8,197,114 |
) |
|
|
8,197,114 |
|
|
SGI
Enhanced Global Income ETF |
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Core ETF |
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
— |
|
|
|
— |
|
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
FUND |
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-term
capital gains |
|
|
Capital
Loss Carry
Forward |
|
|
Qualified
Late-
Year Loss
Deferral |
|
|
Other
Temporary
Differences |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
SGI
U.S. Large Cap Core ETF |
|
$ |
6,833,121 |
|
|
$ |
49,100 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,886,834 |
|
|
SGI
Dynamic Tactical ETF |
|
|
2,002,460 |
|
|
|
502,993 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,241,998 |
|
|
SGI
Enhanced Global Income ETF |
|
|
231,881 |
|
|
|
375,969 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,403,477 |
|
|
SGI
Enhanced Core ETF |
|
|
1,620,288 |
|
|
|
1,154,959 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
43,029 |
|
|
|
— |
|
|
|
(5,420 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
35
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
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, 2024 was a follows:
|
FUND |
|
ORDINARY
INCOME |
|
|
LONG-TERM
GAINS |
|
|
TOTAL |
|
|
SGI
U.S. Large Cap Core ETF |
|
$ |
1,543,545 |
|
|
$ |
1,115 |
|
|
$ |
1,544,660 |
|
|
SGI
Dynamic Tactical ETF |
|
|
972,668 |
|
|
|
— |
|
|
|
972,668 |
|
|
SGI
Enhanced Global Income ETF |
|
|
435,871 |
|
|
|
— |
|
|
|
435,871 |
|
|
SGI
Enhanced Core ETF |
|
|
881,035 |
|
|
|
— |
|
|
|
881,035 |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends
from net investment income and short-term capital gains are treated as ordinary income dividends 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, 2024, the SGI Enhanced Nasdaq-100 ETF had $5,420 of long-term
loss carryovers. During the fiscal year, the SGI Dynamic Tactical ETF utilized $499,102 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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September
1, 2024. As of August 31, 2024 the Funds had no tax basis qualified late-year loss deferral.
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 |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
SGI
Dynamic Tactical ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Core ETF |
|
|
— |
|
|
$ |
— |
|
|
|
533,684 |
|
|
$ |
13,688,160 |
|
|
|
(8,659 |
) |
|
$ |
(222,157 |
) |
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
206,880 |
|
|
|
5,263,151 |
|
|
|
299,238 |
|
|
|
8,070,200 |
|
|
|
(383,538 |
) |
|
|
(10,422,112 |
) |
|
SGI
U.S. Large Cap Core ETF |
|
|
598,640 |
|
|
|
21,093,080 |
|
|
|
497,248 |
|
|
|
16,956,828 |
|
|
|
(489,180 |
) |
|
|
(16,751,798 |
) |
| |
|
|
805,520 |
|
|
$ |
26,356,231 |
|
|
|
1,330,170 |
|
|
$ |
38,715,188 |
|
|
|
(881,377 |
) |
|
$ |
(27,396,067 |
) |
36
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
| |
|
February
28, 2025 |
|
|
Issuer
Name |
|
Dividend
Income |
|
|
Capital
Gain
Distribution |
|
|
Net
Change in
Unrealized
Appreciation/
(Depreciation) |
|
|
Realized
Gain/(Loss) |
|
|
Share
Balance |
|
|
Value |
|
|
Cost |
|
|
SGI
Dynamic Tactical ETF |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Enhanced Core ETF |
|
$ |
62,801 |
|
|
$ |
31,997 |
|
|
$ |
(4,719 |
) |
|
$ |
— |
|
|
|
525,025 |
|
|
$ |
13,461,641 |
|
|
$ |
13,466,360 |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
88,039 |
|
|
|
84,996 |
|
|
|
(47,151 |
) |
|
|
5,101 |
|
|
|
122,580 |
|
|
|
3,311,352 |
|
|
|
3,307,786 |
|
|
SGI
U.S. Large Cap Core ETF |
|
|
153,611 |
|
|
|
1,521,136 |
|
|
|
(2,162,039 |
) |
|
|
861,196 |
|
|
|
606,708 |
|
|
|
20,082,824 |
|
|
|
19,397,516 |
|
| |
|
$ |
304,451 |
|
|
$ |
1,638,129 |
|
|
$ |
(2,213,909 |
) |
|
$ |
866,297 |
|
|
|
1,254,313 |
|
|
$ |
36,855,817 |
|
|
$ |
36,171,662 |
|
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 and SGI Enhanced Nasdaq-100 ETF are listed and traded on the NASDAQ, Inc. Market prices for the shares may
be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 5,000 shares, called “Creation
Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created,
shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units,
shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions
(“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company
participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as
Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem
shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker
and are subject to customary brokerage commissions or fees.
Each
Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed
transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard
fixed transaction fee for each Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions
or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to such transaction.
Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received
by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may
issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of each Fund have equal rights and
privileges.
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.
37
SUMMIT
GLOBAL INVESTMENTS
Other
Information (Unaudited)
PROXY
VOTING
Policies
and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (855) 744-8500 and on the SEC’s website at http://www.sec.gov.
QUARTERLY
PORTFOLIO SCHEDULES
The
Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the
NAV of the Funds is available, without charge, on the Funds’ website at www.sgiam.com.
38
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
Independent
Registered Public Accounting Firm
Ernst
& Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
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
February
28, 2025
(Unaudited)
SGI
U.S. LARGE CAP EQUITY FUND
Portfolio
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 98.0% |
|
|
|
|
|
|
|
|
|
Aerospace/Defense
— 1.3% |
|
|
|
|
|
|
|
|
|
Lockheed
Martin Corp. |
|
|
5,535 |
|
|
$ |
2,492,798 |
|
|
Northrop
Grumman Corp. |
|
|
824 |
|
|
|
380,474 |
|
| |
|
|
|
|
|
|
2,873,272 |
|
|
Banks
— 1.0% |
|
|
|
|
|
|
|
|
|
PNC
Financial Services Group, Inc. |
|
|
11,281 |
|
|
|
2,165,049 |
|
|
Beverages
— 1.4% |
|
|
|
|
|
|
|
|
|
Coca
Cola Bottling Co. |
|
|
317 |
|
|
|
449,227 |
|
|
Coca-Cola
Co. |
|
|
37,361 |
|
|
|
2,660,477 |
|
| |
|
|
|
|
|
|
3,109,704 |
|
|
Biotechnology
— 5.8% |
|
|
|
|
|
|
|
|
|
Amgen,
Inc. |
|
|
1,671 |
|
|
|
514,768 |
|
|
Gilead
Sciences, Inc. |
|
|
16,486 |
|
|
|
1,884,515 |
|
|
Regeneron
Pharmaceuticals, Inc. |
|
|
5,835 |
|
|
|
4,077,148 |
|
|
United
Therapeutics Corp. (a) |
|
|
16,820 |
|
|
|
5,383,241 |
|
|
Vertex
Pharmaceuticals, Inc. (a) |
|
|
1,983 |
|
|
|
951,423 |
|
| |
|
|
|
|
|
|
12,811,095 |
|
|
Building
Materials — 2.5% |
|
|
|
|
|
|
|
|
|
Owens
Corning |
|
|
33,398 |
|
|
|
5,144,628 |
|
|
Trane
Technologies PLC |
|
|
1,294 |
|
|
|
457,688 |
|
| |
|
|
|
|
|
|
5,602,316 |
|
|
Chemicals
— 0.7% |
|
|
|
|
|
|
|
|
|
DuPont
de Nemours, Inc. |
|
|
5,080 |
|
|
|
415,392 |
|
|
Ecolab,
Inc. |
|
|
4,454 |
|
|
|
1,198,170 |
|
| |
|
|
|
|
|
|
1,613,562 |
|
|
Commercial
Services — 4.7% |
|
|
|
|
|
|
|
|
|
Automatic
Data Processing, Inc. |
|
|
24,088 |
|
|
|
7,592,056 |
|
|
Morningstar,
Inc. |
|
|
1,370 |
|
|
|
429,796 |
|
|
S&P
Global, Inc. |
|
|
4,333 |
|
|
|
2,312,696 |
|
| |
|
|
|
|
|
|
10,334,548 |
|
|
Computers
— 2.6% |
|
|
|
|
|
|
|
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
5,750 |
|
|
|
479,147 |
|
|
EPAM
Systems, Inc. (a) |
|
|
19,361 |
|
|
|
3,991,077 |
|
|
Leidos
Holdings, Inc. |
|
|
10,449 |
|
|
|
1,358,057 |
|
| |
|
|
|
|
|
|
5,828,281 |
|
|
Cosmetics
& Personal Care — 3.6% |
|
|
|
|
|
Colgate-Palmolive
Co. |
|
|
87,105 |
|
|
|
7,941,363 |
|
|
Diversified
Financial Services — 2.9% |
|
|
|
|
|
Charles
Schwab Corp. |
|
|
30,035 |
|
|
|
2,388,684 |
|
|
Mastercard,
Inc. - Class A |
|
|
6,868 |
|
|
|
3,958,097 |
|
| |
|
|
|
|
|
|
6,346,781 |
|
|
Electric
— 7.4% |
|
|
|
|
|
|
|
|
|
American
Electric Power Co., Inc. |
|
|
12,044 |
|
|
|
1,277,266 |
|
|
CMS
Energy Corp. |
|
|
93,689 |
|
|
|
6,843,981 |
|
|
Electric
— 7.4% (continued) |
|
|
|
|
|
|
|
|
|
DTE
Energy Co. |
|
|
13,120 |
|
|
$ |
1,754,144 |
|
|
Duke
Energy Corp. |
|
|
3,798 |
|
|
|
446,227 |
|
|
Evergy,
Inc. |
|
|
48,233 |
|
|
|
3,323,736 |
|
|
NextEra
Energy, Inc. |
|
|
7,970 |
|
|
|
559,255 |
|
|
Public
Service Enterprise Group, Inc. |
|
|
26,978 |
|
|
|
2,189,265 |
|
| |
|
|
|
|
|
|
16,393,874 |
|
|
Engineering
& Construction — 0.8% |
|
|
|
|
|
EMCOR
Group, Inc. |
|
|
4,159 |
|
|
|
1,700,657 |
|
|
Environmental
Control — 1.6% |
|
|
|
|
|
|
|
|
|
Republic
Services, Inc. |
|
|
4,442 |
|
|
|
1,052,843 |
|
|
Waste
Management, Inc. |
|
|
10,307 |
|
|
|
2,399,263 |
|
| |
|
|
|
|
|
|
3,452,106 |
|
|
Food
— 4.3% |
|
|
|
|
|
|
|
|
|
Hershey
Co. |
|
|
1,835 |
|
|
|
316,923 |
|
|
Performance
Food Group Co. (a) |
|
|
14,277 |
|
|
|
1,215,544 |
|
|
Pilgrim’s
Pride Corp. (a) |
|
|
26,146 |
|
|
|
1,422,081 |
|
|
Sysco
Corp. |
|
|
26,837 |
|
|
|
2,027,267 |
|
|
Tyson
Foods, Inc. - Class A |
|
|
75,922 |
|
|
|
4,657,055 |
|
| |
|
|
|
|
|
|
9,638,870 |
|
|
Gas
— 0.5% |
|
|
|
|
|
|
|
|
|
NiSource,
Inc. |
|
|
28,444 |
|
|
|
1,160,800 |
|
|
Healthcare-Services
— 4.9% |
|
|
|
|
|
|
|
|
|
Elevance
Health, Inc. |
|
|
12,712 |
|
|
|
5,045,138 |
|
|
HCA
Healthcare, Inc. |
|
|
5,486 |
|
|
|
1,680,362 |
|
|
Universal
Health Services, Inc. - Class B |
|
|
24,076 |
|
|
|
4,219,319 |
|
| |
|
|
|
|
|
|
10,944,819 |
|
|
Household
Products/Wares — 1.4% |
|
|
|
|
|
Kimberly-Clark
Corp. |
|
|
22,051 |
|
|
|
3,131,462 |
|
|
Insurance
— 5.9% |
|
|
|
|
|
|
|
|
|
Allstate
Corp., (The) |
|
|
11,630 |
|
|
|
2,316,115 |
|
|
Berkshire
Hathaway, Inc. - Class B (a) |
|
|
6,409 |
|
|
|
3,293,136 |
|
|
Cincinnati
Financial Corp. |
|
|
18,175 |
|
|
|
2,686,447 |
|
|
Loews
Corp. |
|
|
13,012 |
|
|
|
1,127,750 |
|
|
Markel
Group, Inc. (a) |
|
|
610 |
|
|
|
1,179,398 |
|
|
Marsh
& McLennan Cos., Inc. |
|
|
5,042 |
|
|
|
1,199,189 |
|
|
Travelers
Cos, Inc., (The) |
|
|
4,563 |
|
|
|
1,179,490 |
|
| |
|
|
|
|
|
|
12,981,525 |
|
|
Internet
— 11.2% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
44,418 |
|
|
|
7,563,497 |
|
|
Booking
Holdings, Inc. |
|
|
422 |
|
|
|
2,116,756 |
|
|
GoDaddy,
Inc. - Class A (a) |
|
|
25,190 |
|
|
|
4,521,605 |
|
|
Meta
Platforms, Inc. - Class A |
|
|
10,397 |
|
|
|
6,947,275 |
|
|
Pinterest,
Inc. - Class A (a) |
|
|
14,314 |
|
|
|
529,332 |
|
The
accompanying notes are an integral part of the financial statements.
2
SGI
U.S. LARGE CAP EQUITY FUND
Portfolio
of Investments (CONCluded)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Internet
— 11.2% (continued) |
|
|
|
|
|
|
|
|
|
Spotify
Technology SA (a) |
|
|
5,007 |
|
|
$ |
3,044,306 |
|
| |
|
|
|
|
|
|
24,722,771 |
|
|
Media
— 0.5% |
|
|
|
|
|
|
|
|
|
Fox
Corp. - Class B |
|
|
10,903 |
|
|
|
589,525 |
|
|
Walt
Disney Co. |
|
|
4,913 |
|
|
|
559,100 |
|
| |
|
|
|
|
|
|
1,148,625 |
|
|
Mining
— 0.2% |
|
|
|
|
|
|
|
|
|
Freeport-McMoRan,
Inc. |
|
|
15,270 |
|
|
|
563,616 |
|
|
Oil
& Gas — 2.1% |
|
|
|
|
|
|
|
|
|
Coterra
Energy, Inc. |
|
|
15,270 |
|
|
|
412,137 |
|
|
Devon
Energy Corp. |
|
|
67,843 |
|
|
|
2,457,273 |
|
|
Diamondback
Energy, Inc. |
|
|
2,936 |
|
|
|
466,707 |
|
|
EOG
Resources, Inc. |
|
|
7,534 |
|
|
|
956,366 |
|
|
Ovintiv,
Inc. |
|
|
8,072 |
|
|
|
350,809 |
|
| |
|
|
|
|
|
|
4,643,292 |
|
|
Packaging
& Containers — 0.7% |
|
|
|
|
|
Packaging
Corp. of America |
|
|
7,732 |
|
|
|
1,647,612 |
|
| |
|
|
|
|
|
|
|
|
|
Pharmaceuticals
— 9.6% |
|
|
|
|
|
|
|
|
|
Cardinal
Health, Inc. |
|
|
37,831 |
|
|
|
4,898,358 |
|
|
Eli
Lilly & Co. |
|
|
3,927 |
|
|
|
3,615,314 |
|
|
McKesson
Corp. |
|
|
8,205 |
|
|
|
5,253,333 |
|
|
Merck
& Co., Inc. |
|
|
76,208 |
|
|
|
7,030,188 |
|
|
Neurocrine
Biosciences, Inc. (a) |
|
|
839 |
|
|
|
99,606 |
|
|
Zoetis,
Inc. |
|
|
2,426 |
|
|
|
405,724 |
|
| |
|
|
|
|
|
|
21,302,523 |
|
|
Pipelines
— 0.9% |
|
|
|
|
|
|
|
|
|
Cheniere
Energy, Inc. |
|
|
2,292 |
|
|
|
523,860 |
|
|
Kinder
Morgan, Inc. |
|
|
13,053 |
|
|
|
353,736 |
|
|
Targa
Resources Corp. |
|
|
5,142 |
|
|
|
1,037,244 |
|
| |
|
|
|
|
|
|
1,914,840 |
|
|
REITS
— 0.7% |
|
|
|
|
|
|
|
|
|
Essex
Property Trust, Inc. |
|
|
1,528 |
|
|
|
476,079 |
|
|
Simon
Property Group, Inc. |
|
|
2,677 |
|
|
|
498,163 |
|
|
Welltower,
Inc. |
|
|
3,500 |
|
|
|
537,285 |
|
| |
|
|
|
|
|
|
1,511,527 |
|
|
Retail
— 3.0% |
|
|
|
|
|
|
|
|
|
Costco
Wholesale Corp. |
|
|
2,930 |
|
|
|
3,072,427 |
|
|
Home
Depot, Inc. |
|
|
2,948 |
|
|
|
1,169,177 |
|
|
Target
Corp. |
|
|
2,868 |
|
|
|
356,320 |
|
|
Texas
Roadhouse, Inc. |
|
|
2,489 |
|
|
|
458,200 |
|
|
Wal-Mart
Stores, Inc. |
|
|
16,992 |
|
|
|
1,675,581 |
|
| |
|
|
|
|
|
|
6,731,705 |
|
|
Semiconductors
— 2.5% |
|
|
|
|
|
|
|
|
|
Monolithic
Power Systems, Inc. |
|
|
2,757 |
|
|
|
1,684,555 |
|
|
QUALCOMM,
Inc. |
|
|
24,565 |
|
|
|
3,860,881 |
|
| |
|
|
|
|
|
|
5,545,436 |
|
|
Software
— 5.6% |
|
|
|
|
|
|
|
|
|
Atlassian
Corp. - Class A (a) |
|
|
1,641 |
|
|
$ |
466,471 |
|
|
Autodesk,
Inc. (a) |
|
|
1,721 |
|
|
|
471,915 |
|
|
Duolingo,
Inc. (a) |
|
|
1,316 |
|
|
|
410,684 |
|
|
Guidewire
Software, Inc. (a) |
|
|
22,342 |
|
|
|
4,497,892 |
|
|
HubSpot,
Inc. (a) |
|
|
640 |
|
|
|
463,354 |
|
|
Nutanix,
Inc. - Class A (a) |
|
|
7,207 |
|
|
|
554,146 |
|
|
Salesforce.com,
Inc. |
|
|
1,847 |
|
|
|
550,129 |
|
|
ServiceNow,
Inc. (a) |
|
|
860 |
|
|
|
799,594 |
|
|
Veeva
Systems, Inc. - Class A (a) |
|
|
5,928 |
|
|
|
1,328,702 |
|
|
Workday,
Inc. - Class A (a) |
|
|
1,921 |
|
|
|
505,876 |
|
|
Zoom
Communications, Inc. - Class A (a) |
|
|
32,137 |
|
|
|
2,368,497 |
|
| |
|
|
|
|
|
|
12,417,260 |
|
|
Telecommunications
— 4.0% |
|
|
|
|
|
|
|
|
|
Arista
Networks, Inc. (a) |
|
|
10,105 |
|
|
|
940,270 |
|
|
AT&T,
Inc. |
|
|
19,419 |
|
|
|
532,275 |
|
|
Corning,
Inc. |
|
|
16,888 |
|
|
|
846,933 |
|
|
Motorola
Solutions, Inc. |
|
|
14,697 |
|
|
|
6,469,914 |
|
| |
|
|
|
|
|
|
8,789,392 |
|
|
Transportation
— 3.7% |
|
|
|
|
|
|
|
|
|
CH
Robinson Worldwide, Inc. |
|
|
4,527 |
|
|
|
460,034 |
|
|
FedEx
Corp. |
|
|
7,657 |
|
|
|
2,013,025 |
|
|
Union
Pacific Corp. |
|
|
17,719 |
|
|
|
4,371,100 |
|
|
United
Parcel Service, Inc. - Class B |
|
|
11,767 |
|
|
|
1,400,626 |
|
| |
|
|
|
|
|
|
8,244,785 |
|
|
TOTAL
COMMON STOCKS (Cost $196,214,502) |
|
|
|
|
|
|
217,213,468 |
|
|
TOTAL
INVESTMENTS — 98.0% (Cost $196,214,502) |
|
|
|
|
|
|
217,213,468 |
|
|
Other
Assets in Excess of Liabilities — 2.0% |
|
|
|
|
|
|
4,404,663 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
221,618,131 |
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
The
accompanying notes are an integral part of the financial statements.
3
SGI
GLOBAL EQUITY FUND
Portfolio
of Investments
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 99.2% |
|
|
|
|
|
|
|
|
|
Aerospace/Defense
— 2.5% |
|
|
|
|
|
|
|
|
|
Lockheed
Martin Corp. |
|
|
3,083 |
|
|
$ |
1,388,491 |
|
|
Northrop
Grumman Corp. |
|
|
2,961 |
|
|
|
1,367,212 |
|
| |
|
|
|
|
|
|
2,755,703 |
|
|
Auto
Manufacturers — 3.0% |
|
|
|
|
|
|
|
|
|
BYD
Co., Ltd. - ADR |
|
|
20,988 |
|
|
|
2,010,965 |
|
|
Honda
Motor Co., Ltd. - ADR |
|
|
44,667 |
|
|
|
1,241,296 |
|
| |
|
|
|
|
|
|
3,252,261 |
|
|
Banks
— 7.3% |
|
|
|
|
|
|
|
|
|
Bank
Rakyat Indonesia Persero Tbk PT - ADR |
|
|
14,139 |
|
|
|
149,096 |
|
|
DBS
Group Holdings Ltd. - ADR |
|
|
4,777 |
|
|
|
652,395 |
|
|
HDFC
Bank Ltd. - ADR |
|
|
12,611 |
|
|
|
777,090 |
|
|
Huntington
Bancshares Inc. |
|
|
37,138 |
|
|
|
611,663 |
|
|
ICICI
Bank Ltd. - ADR |
|
|
85,081 |
|
|
|
2,372,058 |
|
|
PNC
Financial Services Group, Inc. |
|
|
3,201 |
|
|
|
614,336 |
|
|
Popular,
Inc. |
|
|
5,913 |
|
|
|
593,843 |
|
|
Sumitomo
Mitsui Financial Group, Inc. - ADR |
|
|
87,153 |
|
|
|
1,334,312 |
|
|
UBS
Group AG |
|
|
18,688 |
|
|
|
640,811 |
|
|
United
Overseas Bank Ltd. - ADR |
|
|
4,007 |
|
|
|
228,559 |
|
| |
|
|
|
|
|
|
7,974,163 |
|
|
Beverages
— 2.1% |
|
|
|
|
|
|
|
|
|
Coca-Cola
Co. |
|
|
14,381 |
|
|
|
1,024,071 |
|
|
Coca-Cola
Femsa SAB de CV - ADR |
|
|
11,150 |
|
|
|
993,911 |
|
|
PepsiCo,
Inc. |
|
|
1,796 |
|
|
|
275,632 |
|
| |
|
|
|
|
|
|
2,293,614 |
|
|
Biotechnology
— 2.6% |
|
|
|
|
|
|
|
|
|
Exelixis,
Inc. (a) |
|
|
3,256 |
|
|
|
125,975 |
|
|
Incyte
Corp. (a) |
|
|
3,085 |
|
|
|
226,747 |
|
|
United
Therapeutics Corp. (a) |
|
|
7,717 |
|
|
|
2,469,826 |
|
| |
|
|
|
|
|
|
2,822,548 |
|
|
Chemicals
— 0.2% |
|
|
|
|
|
|
|
|
|
Ecolab,
Inc. |
|
|
868 |
|
|
|
233,501 |
|
|
Commercial
Services — 1.8% |
|
|
|
|
|
|
|
|
|
Automatic
Data Processing, Inc. |
|
|
2,137 |
|
|
|
673,539 |
|
|
Grand
Canyon Education, Inc. (a) |
|
|
5,374 |
|
|
|
966,353 |
|
|
RELX
PLC - ADR |
|
|
7,567 |
|
|
|
366,016 |
|
| |
|
|
|
|
|
|
2,005,908 |
|
|
Computers
— 4.8% |
|
|
|
|
|
|
|
|
|
CGI,
Inc. |
|
|
4,100 |
|
|
|
424,842 |
|
|
Infosys
Ltd. - ADR |
|
|
77,389 |
|
|
|
1,555,519 |
|
|
Logitech
International SA |
|
|
21,136 |
|
|
|
2,091,196 |
|
|
Tenable
Holdings, Inc. (a) |
|
|
15,046 |
|
|
|
573,854 |
|
|
Wipro
Ltd. - ADR |
|
|
171,195 |
|
|
|
559,808 |
|
| |
|
|
|
|
|
|
5,205,219 |
|
|
Cosmetics
& Personal Care — 3.7% |
|
|
|
|
|
Colgate-Palmolive
Co. |
|
|
38,311 |
|
|
$ |
3,492,814 |
|
|
Procter
& Gamble Co. |
|
|
2,908 |
|
|
|
505,527 |
|
| |
|
|
|
|
|
|
3,998,341 |
|
|
Diversified
Financial Services — 1.9% |
|
|
|
|
|
AerCap
Holdings NV |
|
|
6,588 |
|
|
|
679,223 |
|
|
Cboe
Global Markets, Inc. |
|
|
2,330 |
|
|
|
491,164 |
|
|
CME
Group, Inc. |
|
|
1,923 |
|
|
|
488,000 |
|
|
Enact
Holdings, Inc. |
|
|
11,536 |
|
|
|
396,607 |
|
| |
|
|
|
|
|
|
2,054,994 |
|
|
Electric
— 7.1% |
|
|
|
|
|
|
|
|
|
Clearway
Energy, Inc. - Class A |
|
|
7,886 |
|
|
|
208,664 |
|
|
CMS
Energy Corp. |
|
|
39,620 |
|
|
|
2,894,241 |
|
|
Consolidated
Edison, Inc. |
|
|
15,021 |
|
|
|
1,524,932 |
|
|
Evergy,
Inc. |
|
|
13,405 |
|
|
|
923,739 |
|
|
National
Grid PLC - ADR |
|
|
18,195 |
|
|
|
1,130,455 |
|
|
OGE
Energy Corp. |
|
|
22,541 |
|
|
|
1,043,197 |
|
| |
|
|
|
|
|
|
7,725,228 |
|
|
Electronics
— 0.6% |
|
|
|
|
|
|
|
|
|
Amphenol
Corp. - Class A |
|
|
10,330 |
|
|
|
687,978 |
|
|
Environmental
Control — 3.6% |
|
|
|
|
|
Republic
Services, Inc. |
|
|
6,057 |
|
|
|
1,435,630 |
|
|
Waste
Management, Inc. |
|
|
10,880 |
|
|
|
2,532,647 |
|
| |
|
|
|
|
|
|
3,968,277 |
|
|
Food
— 6.0% |
|
|
|
|
|
|
|
|
|
Campbell
Soup Co. |
|
|
5,545 |
|
|
|
222,133 |
|
|
Flowers
Foods, Inc. |
|
|
50,267 |
|
|
|
942,004 |
|
|
Ingredion,
Inc. |
|
|
1,590 |
|
|
|
207,670 |
|
|
Kroger
Co., (The) |
|
|
52,948 |
|
|
|
3,432,089 |
|
|
Tyson
Foods, Inc. - Class A |
|
|
27,741 |
|
|
|
1,701,633 |
|
| |
|
|
|
|
|
|
6,505,529 |
|
|
Forest
Products & Paper — 0.2% |
|
|
|
|
|
UPM-Kymmene
Oyj - ADR |
|
|
7,115 |
|
|
|
207,473 |
|
|
Gas
— 1.9% |
|
|
|
|
|
|
|
|
|
National
Fuel Gas Co. |
|
|
17,744 |
|
|
|
1,334,349 |
|
|
New
Jersey Resources Corp. |
|
|
16,156 |
|
|
|
781,627 |
|
| |
|
|
|
|
|
|
2,115,976 |
|
|
Healthcare-Services
— 0.8% |
|
|
|
|
|
|
|
|
|
Ensign
Group, Inc. |
|
|
1,574 |
|
|
|
203,282 |
|
|
HCA
Healthcare, Inc. |
|
|
823 |
|
|
|
252,085 |
|
|
Universal
Health Services, Inc. - Class B |
|
|
2,607 |
|
|
|
456,877 |
|
| |
|
|
|
|
|
|
912,244 |
|
|
Household
Products/Wares — 1.2% |
|
|
|
|
|
Kimberly-Clark
Corp. |
|
|
6,911 |
|
|
|
981,431 |
|
|
Reynolds
Consumer Products, Inc. |
|
|
11,043 |
|
|
|
270,333 |
|
| |
|
|
|
|
|
|
1,251,764 |
|
The
accompanying notes are an integral part of the financial statements.
4
SGI
GLOBAL EQUITY FUND
Portfolio
of Investments (continued)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Insurance
— 4.9% |
|
|
|
|
|
|
|
|
|
Allstate
Corp., (The) |
|
|
2,910 |
|
|
$ |
579,526 |
|
|
Berkshire
Hathaway, Inc. - Class B (a) |
|
|
3,482 |
|
|
|
1,789,156 |
|
|
Fairfax
Financial Holdings Ltd. |
|
|
749 |
|
|
|
1,077,273 |
|
|
Manulife
Financial Corp. |
|
|
19,078 |
|
|
|
594,470 |
|
|
Ping
An Insurance Group Co. of China Ltd. - ADR |
|
|
27,536 |
|
|
|
327,128 |
|
|
Progressive
Corp. |
|
|
3,423 |
|
|
|
965,286 |
|
| |
|
|
|
|
|
|
5,332,839 |
|
|
Internet
— 6.3% |
|
|
|
|
|
|
|
|
|
Alibaba
Group Holding Ltd. - ADR |
|
|
5,375 |
|
|
|
712,241 |
|
|
Alphabet,
Inc. - Class C |
|
|
17,677 |
|
|
|
3,044,333 |
|
|
GoDaddy,
Inc. - Class A (a) |
|
|
1,558 |
|
|
|
279,661 |
|
|
JD.com,
Inc. - ADR |
|
|
35,300 |
|
|
|
1,479,070 |
|
|
VeriSign,
Inc. (a) |
|
|
2,343 |
|
|
|
557,353 |
|
|
Vipshop
Holdings Ltd. - ADR |
|
|
48,679 |
|
|
|
765,234 |
|
| |
|
|
|
|
|
|
6,837,892 |
|
|
Media
— 0.2% |
|
|
|
|
|
|
|
|
|
New
York Times Co. - Class A |
|
|
3,943 |
|
|
|
189,619 |
|
|
Mining
— 0.9% |
|
|
|
|
|
|
|
|
|
Agnico
Eagle Mines Ltd. |
|
|
4,928 |
|
|
|
474,468 |
|
|
Rio
Tinto PLC - ADR |
|
|
7,385 |
|
|
|
447,235 |
|
| |
|
|
|
|
|
|
921,703 |
|
|
Oil
& Gas — 1.3% |
|
|
|
|
|
|
|
|
|
Cenovus
Energy, Inc. |
|
|
33,241 |
|
|
|
460,055 |
|
|
ConocoPhillips
|
|
|
4,482 |
|
|
|
444,390 |
|
|
Inpex
Corp. - ADR |
|
|
16,104 |
|
|
|
204,038 |
|
|
Suncor
Energy, Inc. |
|
|
7,899 |
|
|
|
302,374 |
|
| |
|
|
|
|
|
|
1,410,857 |
|
|
Packaging
& Containers — 0.7% |
|
|
|
|
|
Packaging
Corp. of America |
|
|
3,491 |
|
|
|
743,897 |
|
|
Pharmaceuticals
— 13.3% |
|
|
|
|
|
|
|
|
|
BellRing
Brands, Inc. (a) |
|
|
7,253 |
|
|
|
531,500 |
|
|
Cardinal
Health, Inc. |
|
|
4,016 |
|
|
|
519,992 |
|
|
Cencora,
Inc. |
|
|
895 |
|
|
|
226,918 |
|
|
Dr
Reddy’s Laboratories Ltd. - ADR |
|
|
137,550 |
|
|
|
1,757,889 |
|
|
Eli
Lilly & Co. |
|
|
530 |
|
|
|
487,934 |
|
|
McKesson
Corp. |
|
|
5,405 |
|
|
|
3,460,605 |
|
|
Merck
& Co., Inc. |
|
|
24,191 |
|
|
|
2,231,620 |
|
|
Neurocrine
Biosciences, Inc. (a) |
|
|
1,427 |
|
|
|
169,413 |
|
|
Novartis
AG - ADR |
|
|
10,453 |
|
|
|
1,139,900 |
|
|
Novo
Nordisk AS - ADR |
|
|
8,265 |
|
|
|
749,222 |
|
|
Takeda
Pharmaceutical Co., Ltd. - ADR |
|
|
227,083 |
|
|
|
3,272,266 |
|
| |
|
|
|
|
|
|
14,547,259 |
|
|
Pipelines
— 1.8% |
|
|
|
|
|
|
|
|
|
Cheniere
Energy, Inc. |
|
|
5,281 |
|
|
$ |
1,207,025 |
|
|
Targa
Resources Corp. |
|
|
3,330 |
|
|
|
671,728 |
|
|
Williams
Cos., Inc. |
|
|
1,875 |
|
|
|
109,087 |
|
| |
|
|
|
|
|
|
1,987,840 |
|
|
Private
Equity — 0.5% |
|
|
|
|
|
|
|
|
|
3i
Group PLC - ADR |
|
|
20,923 |
|
|
|
525,586 |
|
|
REITS
— 0.6% |
|
|
|
|
|
|
|
|
|
Welltower,
Inc. |
|
|
4,540 |
|
|
|
696,935 |
|
|
Retail
— 0.7% |
|
|
|
|
|
|
|
|
|
Wal-Mart
Stores, Inc. |
|
|
7,888 |
|
|
|
777,836 |
|
|
Semiconductors
— 3.5% |
|
|
|
|
|
|
|
|
|
Marvell
Technology, Inc. |
|
|
5,727 |
|
|
|
525,853 |
|
|
QUALCOMM,
Inc. |
|
|
10,322 |
|
|
|
1,622,309 |
|
|
Taiwan
Semiconductor Manufacturing Co., Ltd. - ADR |
|
|
9,056 |
|
|
|
1,634,880 |
|
| |
|
|
|
|
|
|
3,783,042 |
|
|
Software
— 4.4% |
|
|
|
|
|
|
|
|
|
Electronic
Arts, Inc. |
|
|
6,005 |
|
|
|
775,366 |
|
|
Microsoft
Corp. |
|
|
6,247 |
|
|
|
2,479,996 |
|
|
SAP
SE - ADR |
|
|
5,667 |
|
|
|
1,558,425 |
|
| |
|
|
|
|
|
|
4,813,787 |
|
|
Telecommunications
— 7.8% |
|
|
|
|
|
|
|
|
|
Arista
Networks, Inc. (a) |
|
|
6,603 |
|
|
|
614,409 |
|
|
AT&T,
Inc. |
|
|
33,717 |
|
|
|
924,183 |
|
|
KDDI
Corp. - ADR |
|
|
23,408 |
|
|
|
381,316 |
|
|
Motorola
Solutions, Inc. |
|
|
3,055 |
|
|
|
1,344,872 |
|
|
Nice
Ltd. - ADR (a) |
|
|
4,410 |
|
|
|
613,784 |
|
|
Nippon
Telegraph & Telephone Corp. - ADR |
|
|
21,430 |
|
|
|
518,606 |
|
|
Telefonica
Brasil SA - ADR |
|
|
133,059 |
|
|
|
1,087,092 |
|
|
Telkom
Indonesia Persero Tbk PT - ADR |
|
|
23,182 |
|
|
|
336,603 |
|
|
TIM
SA - ADR |
|
|
47,011 |
|
|
|
649,692 |
|
|
T-Mobile
US, Inc. |
|
|
7,461 |
|
|
|
2,012,157 |
|
| |
|
|
|
|
|
|
8,482,714 |
|
The
accompanying notes are an integral part of the financial statements.
5
SGI
GLOBAL EQUITY FUND
Portfolio
of Investments (Concluded)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Transportation
— 1.0% |
|
|
|
|
|
|
|
|
|
Canadian
National Railway Co. |
|
|
5,202 |
|
|
$ |
527,275 |
|
|
Union
Pacific Corp. |
|
|
2,473 |
|
|
|
610,064 |
|
| |
|
|
|
|
|
|
1,137,339 |
|
|
TOTAL
COMMON STOCKS (Cost $102,972,565) |
|
|
|
|
|
|
108,159,865 |
|
|
TOTAL
INVESTMENTS — 99.2%
(Cost
$102,972,565) |
|
|
|
|
|
|
108,159,865 |
|
|
Other
Assets in Excess of Liabilities — 0.8% |
|
|
|
|
|
|
847,222 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
109,007,087 |
|
Percentages
are stated as a percent of net assets.
ADR
- American Depositary Receipt
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
The
accompanying notes are an integral part of the financial statements.
6
SGI
GLOBAL EQUITY FUND
Allocation
of Portfolio Holdings by Country
as
of February 28, 2025 (UNAUDITED)
|
COUNTRY |
|
Value |
|
|
%
of Net
Assets |
|
|
United
States |
|
$ |
68,554,876 |
|
|
|
62.8 |
% |
|
India
|
|
|
7,022,364 |
|
|
|
6.5 |
|
|
Japan
|
|
|
6,951,834 |
|
|
|
6.4 |
|
|
China
|
|
|
5,294,638 |
|
|
|
4.9 |
|
|
Switzerland
|
|
|
3,871,907 |
|
|
|
3.5 |
|
|
Canada
|
|
|
3,860,757 |
|
|
|
3.7 |
|
|
United
Kingdom |
|
|
2,469,292 |
|
|
|
2.2 |
|
|
Brazil
|
|
|
1,736,784 |
|
|
|
1.6 |
|
|
Taiwan
|
|
|
1,634,880 |
|
|
|
1.5 |
|
|
Germany
|
|
|
1,558,425 |
|
|
|
1.4 |
|
|
Mexico
|
|
|
993,911 |
|
|
|
0.9 |
|
|
Singapore
|
|
|
880,954 |
|
|
|
0.8 |
|
|
Denmark
|
|
|
749,222 |
|
|
|
0.7 |
|
|
Ireland
|
|
|
679,223 |
|
|
|
0.6 |
|
|
Israel
|
|
|
613,784 |
|
|
|
0.6 |
|
|
Puerto
Rico |
|
|
593,843 |
|
|
|
0.5 |
|
|
Indonesia
|
|
|
485,699 |
|
|
|
0.4 |
|
|
Finland
|
|
|
207,473 |
|
|
|
0.2 |
|
|
Other
Assets in Excess of Other Assets |
|
|
847,221 |
|
|
|
0.8 |
|
| |
|
$ |
109,007,087 |
|
|
|
100.0 |
% |
The
accompanying notes are an integral part of the financial statements.
7
SGI
PRUDENT GROWTH FUND
Portfolio
of Investments
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
EXCHANGE
TRADED FUNDS — 51.6% |
|
|
|
|
|
iShares
7-10 Year Treasury Bond ETF |
|
|
6,400 |
|
|
$ |
610,048 |
|
|
iShares
Core U.S. Aggregate Bond ETF |
|
|
46,330 |
|
|
|
4,598,252 |
|
|
iShares
iBoxx $ High Yield Corporate Bond ETF |
|
|
7,430 |
|
|
|
595,366 |
|
|
SGI
Dynamic Tactical ETF (a) |
|
|
68,340 |
|
|
|
1,939,489 |
|
|
SGI
Enhanced Core ETF (a) |
|
|
227,650 |
|
|
|
5,836,946 |
|
|
SGI
Enhanced Global Income ETF (a) |
|
|
145,420 |
|
|
|
3,979,186 |
|
|
SGI
U.S. Large Cap Core ETF (a) |
|
|
46,030 |
|
|
|
1,523,653 |
|
|
SPDR
Blackstone Senior Loan ETF |
|
|
18,400 |
|
|
|
767,280 |
|
|
SPDR
Bloomberg Emerging Markets Local Bond ETF |
|
|
29,640 |
|
|
|
594,282 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $19,557,851) |
|
|
|
|
|
|
20,444,502 |
|
| |
|
|
|
|
|
|
|
|
|
OPEN-END
FUNDS — 47.5% |
|
|
|
|
|
|
|
|
|
SGI
Global Equity Fund - Class I (a) |
|
|
131,987 |
|
|
$ |
4,289,577 |
|
|
SGI
Small Cap Core Fund - Class I (a) |
|
|
103,503 |
|
|
|
3,125,777 |
|
|
SGI
U.S. Large Cap Equity Fund - Class I (a)(b) |
|
|
630,583 |
|
|
|
11,426,158 |
|
|
TOTAL
OPEN-END FUNDS (Cost $18,651,517) |
|
|
|
|
|
|
18,841,512 |
|
|
TOTAL
INVESTMENTS — 99.1%
(Cost
$38,209,368) |
|
|
|
|
|
|
39,286,014 |
|
|
Other
Assets in Excess of Liabilities — 0.9% |
|
|
|
|
|
|
346,084 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
39,632,098 |
|
Percentages
are stated as a percent of net assets.
ETF-
Exchange-Traded Fund
|
(a) |
Affiliated security as
defined by the Investment Company Act of 1940, as amended. |
|
(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. |
The
accompanying notes are an integral part of the financial statements.
8
SGI
PEAK GROWTH FUND
Portfolio
of Investments
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
EXCHANGE
TRADED FUNDS — 89.1% |
|
|
|
|
|
|
|
|
|
iShares
S&P 500 Value ETF |
|
|
11,100 |
|
|
$ |
2,188,920 |
|
|
Schwab
US Dividend Equity ETF |
|
|
76,190 |
|
|
|
2,174,463 |
|
|
SGI
Dynamic Tactical ETF (a) |
|
|
140,050 |
|
|
|
3,974,619 |
|
|
SGI
Enhanced Core ETF (a) |
|
|
16,220 |
|
|
|
415,881 |
|
|
SGI
Enhanced Global Income ETF (a) |
|
|
239,310 |
|
|
|
6,548,335 |
|
|
SGI
Enhanced Nasdaq-100 ETF (a) |
|
|
310,200 |
|
|
|
8,379,681 |
|
|
SGI
U.S. Large Cap Core ETF (a) |
|
|
252,388 |
|
|
|
8,354,370 |
|
|
Vanguard
Growth ETF |
|
|
14,070 |
|
|
|
5,708,621 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $36,409,889) |
|
|
|
|
|
|
37,744,890 |
|
| |
|
|
|
|
|
|
|
|
|
OPEN-END
FUNDS — 9.5% |
|
|
|
|
|
|
|
|
|
SGI
Small Cap Core Fund - Class I (a) |
|
|
134,080 |
|
|
|
4,049,212 |
|
|
TOTAL
OPEN-END FUNDS (Cost $3,526,154) |
|
|
|
|
|
|
4,049,212 |
|
|
TOTAL
INVESTMENTS — 98.6%
(Cost
$39,936,043) |
|
|
|
|
|
|
41,794,102 |
|
|
Other
Assets in Excess of Liabilities — 1.4% |
|
|
|
|
|
|
576,755 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
42,370,857 |
|
Percentages
are stated as a percent of net assets.
ETF-
Exchange-Traded Fund
|
(a) |
Affiliated security as
defined by the Investment Company Act of 1940, as amended. |
The
accompanying notes are an integral part of the financial statements.
9
SGI
SMALL CAP CORE FUND
Portfolio
of Investments
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
COMMON
STOCKS — 96.6% |
|
|
|
|
|
|
|
|
|
Airlines
— 0.8% |
|
|
|
|
|
|
|
|
|
SkyWest,
Inc. (a) |
|
|
9,690 |
|
|
$ |
958,438 |
|
|
Apparel
— 0.7% |
|
|
|
|
|
|
|
|
|
Kontoor
Brands, Inc. |
|
|
8,416 |
|
|
|
547,377 |
|
|
Rocky
Brands, Inc. |
|
|
10,506 |
|
|
|
213,692 |
|
| |
|
|
|
|
|
|
761,069 |
|
|
Banks
— 11.6% |
|
|
|
|
|
|
|
|
|
Banco
Latinoamericano de Comercio Exterior SA |
|
|
19,805 |
|
|
|
839,138 |
|
|
Bank
of NT Butterfield & Son Ltd. |
|
|
13,822 |
|
|
|
536,294 |
|
|
Business
First Bancshares, Inc. |
|
|
15,495 |
|
|
|
411,082 |
|
|
Carter
Bankshares, Inc. (a) |
|
|
3,578 |
|
|
|
62,042 |
|
|
Civista
Bancshares, Inc. |
|
|
12,672 |
|
|
|
261,170 |
|
|
CNB
Financial Corp. |
|
|
9,761 |
|
|
|
243,537 |
|
|
Community
Trust Bancorp, Inc. |
|
|
4,605 |
|
|
|
251,387 |
|
|
FB
Financial Corp. |
|
|
18,471 |
|
|
|
933,155 |
|
|
First
BanCorp |
|
|
30,478 |
|
|
|
593,407 |
|
|
First
Business Financial Services, Inc. |
|
|
3,858 |
|
|
|
205,014 |
|
|
Hancock
Whitney Corp. |
|
|
19,263 |
|
|
|
1,100,495 |
|
|
Hanmi
Financial Corp. |
|
|
25,628 |
|
|
|
615,328 |
|
|
Horizon
Bancorp, Inc. |
|
|
3,567 |
|
|
|
60,782 |
|
|
International
Bancshares Corp. |
|
|
5,195 |
|
|
|
348,065 |
|
|
Northeast
Bank |
|
|
8,374 |
|
|
|
840,917 |
|
|
OFG
Bancorp |
|
|
29,700 |
|
|
|
1,261,953 |
|
|
Popular,
Inc. |
|
|
12,445 |
|
|
|
1,249,851 |
|
|
QCR
Holdings, Inc. |
|
|
5,700 |
|
|
|
429,381 |
|
|
Republic
Bancorp, Inc. - Class A |
|
|
973 |
|
|
|
65,999 |
|
|
South
Plains Financial, Inc. |
|
|
7,035 |
|
|
|
247,913 |
|
|
Synovus
Financial Corp. |
|
|
23,843 |
|
|
|
1,236,975 |
|
|
Texas
Capital Bancshares, Inc. (a) |
|
|
12,979 |
|
|
|
1,027,418 |
|
|
Third
Coast Bancshares, Inc. (a) |
|
|
6,512 |
|
|
|
233,260 |
|
|
Veritex
Holdings, Inc. |
|
|
9,386 |
|
|
|
247,227 |
|
| |
|
|
|
|
|
|
13,301,790 |
|
|
Beverages
— 1.1% |
|
|
|
|
|
|
|
|
|
Coca
Cola Bottling Co. |
|
|
907 |
|
|
|
1,285,328 |
|
|
Biotechnology
— 5.0% |
|
|
|
|
|
|
|
|
|
ACADIA
Pharmaceuticals, Inc. (a) |
|
|
46,503 |
|
|
|
911,459 |
|
|
ADMA
Biologics, Inc. (a) |
|
|
44,568 |
|
|
|
730,469 |
|
|
ANI
Pharmaceuticals, Inc. (a) |
|
|
18,857 |
|
|
|
1,167,060 |
|
|
Cytek
Biosciences, Inc. (a) |
|
|
54,873 |
|
|
|
246,380 |
|
|
Krystal
Biotech, Inc. (a) |
|
|
4,775 |
|
|
|
855,919 |
|
|
Ligand
Pharmaceuticals, Inc. (a) |
|
|
10,630 |
|
|
|
1,299,305 |
|
|
Vericel
Corp. (a) |
|
|
11,663 |
|
|
|
598,195 |
|
| |
|
|
|
|
|
|
5,808,787 |
|
|
Building
Materials — 5.0% |
|
|
|
|
|
|
|
|
|
Apogee
Enterprises, Inc. |
|
|
7,545 |
|
|
$ |
361,707 |
|
|
Boise
Cascade Co. |
|
|
9,062 |
|
|
|
939,367 |
|
|
Griffon
Corp. |
|
|
11,619 |
|
|
|
840,518 |
|
|
Louisiana-Pacific
Corp. |
|
|
12,004 |
|
|
|
1,196,439 |
|
|
LSI
Industries, Inc. |
|
|
27,001 |
|
|
|
499,249 |
|
|
Masterbrand,
Inc. (a) |
|
|
53,774 |
|
|
|
752,298 |
|
|
UFP
Industries, Inc. |
|
|
10,883 |
|
|
|
1,164,481 |
|
| |
|
|
|
|
|
|
5,754,059 |
|
|
Chemicals
— 2.0% |
|
|
|
|
|
|
|
|
|
AZZ,
Inc. |
|
|
14,065 |
|
|
|
1,351,787 |
|
|
Perimeter
Solutions, Inc. (a) |
|
|
78,523 |
|
|
|
830,773 |
|
|
Rayonier
Advanced Materials, Inc. (a) |
|
|
14,228 |
|
|
|
109,556 |
|
| |
|
|
|
|
|
|
2,292,116 |
|
|
Commercial
Services — 7.1% |
|
|
|
|
|
|
|
|
|
Adtalem
Global Education, Inc. (a) |
|
|
12,551 |
|
|
|
1,284,093 |
|
|
Brink’s
Co. |
|
|
3,250 |
|
|
|
305,630 |
|
|
CPI
Card Group, Inc. (a) |
|
|
3,981 |
|
|
|
133,204 |
|
|
Euronet
Worldwide, Inc. (a) |
|
|
8,855 |
|
|
|
907,283 |
|
|
Graham
Holdings Co. - Class B |
|
|
1,405 |
|
|
|
1,382,197 |
|
|
Grand
Canyon Education, Inc. (a) |
|
|
3,756 |
|
|
|
675,404 |
|
|
Heidrick
& Struggles International Inc. |
|
|
8,185 |
|
|
|
335,503 |
|
|
Herc
Holdings, Inc. |
|
|
5,613 |
|
|
|
805,353 |
|
|
Korn/Ferry
International |
|
|
18,313 |
|
|
|
1,202,249 |
|
|
Udemy,
Inc. (a) |
|
|
56,205 |
|
|
|
541,816 |
|
|
Willdan
Group, Inc. (a) |
|
|
19,530 |
|
|
|
638,631 |
|
| |
|
|
|
|
|
|
8,211,363 |
|
|
Computers
— 2.2% |
|
|
|
|
|
|
|
|
|
NetScout
Systems, Inc. (a) |
|
|
32,524 |
|
|
|
731,465 |
|
|
OneSpan,
Inc. |
|
|
3,505 |
|
|
|
56,220 |
|
|
Tenable
Holdings, Inc. (a) |
|
|
22,932 |
|
|
|
874,626 |
|
|
Unisys
Corp. (a) |
|
|
59,978 |
|
|
|
258,505 |
|
|
Varonis
Systems, Inc. (a) |
|
|
13,906 |
|
|
|
597,541 |
|
| |
|
|
|
|
|
|
2,518,357 |
|
|
Cosmetics/Personal
Care — 0.3% |
|
|
|
|
|
Honest
Co., Inc. (a) |
|
|
62,745 |
|
|
|
338,823 |
|
|
Distribution/Wholesale
— 0.1% |
|
|
|
|
|
Rush
Enterprises, Inc. - Class B |
|
|
2,332 |
|
|
|
132,784 |
|
|
Diversified
Financial Services — 1.1% |
|
|
|
|
|
Enova
International, Inc. (a) |
|
|
12,050 |
|
|
|
1,245,247 |
|
|
Electric
— 0.8% |
|
|
|
|
|
|
|
|
|
Black
Hills Corp. |
|
|
14,878 |
|
|
|
910,236 |
|
|
Electronics
— 0.6% |
|
|
|
|
|
|
|
|
|
Badger
Meter, Inc. |
|
|
2,825 |
|
|
|
594,182 |
|
|
Benchmark
Electronics, Inc. |
|
|
1,308 |
|
|
|
52,268 |
|
|
FARO
Technologies, Inc. (a) |
|
|
2,278 |
|
|
|
72,805 |
|
| |
|
|
|
|
|
|
719,255 |
|
The
accompanying notes are an integral part of the financial statements.
10
SGI
SMALL CAP CORE FUND
Portfolio
of Investments (CONtinued)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Engineering
& Construction — 1.9% |
|
|
|
|
|
EMCOR
Group, Inc. |
|
|
2,544 |
|
|
$ |
1,040,267 |
|
|
Frontdoor,
Inc. (a) |
|
|
26,048 |
|
|
|
1,184,663 |
|
| |
|
|
|
|
|
|
2,224,930 |
|
|
Food
— 0.9% |
|
|
|
|
|
|
|
|
|
Cal-Maine
Foods, Inc. |
|
|
7,284 |
|
|
|
658,401 |
|
|
Ingles
Markets, Inc. - Class A |
|
|
5,857 |
|
|
|
359,854 |
|
|
Village
Super Market, Inc. - Class A |
|
|
1,966 |
|
|
|
61,929 |
|
| |
|
|
|
|
|
|
1,080,184 |
|
|
Forest
Products & Paper — 0.8% |
|
|
|
|
|
Sylvamo
Corp. |
|
|
12,367 |
|
|
|
879,294 |
|
|
Gas
— 2.3% |
|
|
|
|
|
|
|
|
|
National
Fuel Gas Co. |
|
|
21,261 |
|
|
|
1,598,827 |
|
|
New
Jersey Resources Corp. |
|
|
9,342 |
|
|
|
451,966 |
|
|
Southwest
Gas Holdings, Inc. |
|
|
8,464 |
|
|
|
635,223 |
|
| |
|
|
|
|
|
|
2,686,016 |
|
|
Healthcare-Products
— 2.7% |
|
|
|
|
|
|
|
|
|
BioLife
Solutions, Inc. (a) |
|
|
5,497 |
|
|
|
131,928 |
|
|
Bioventus,
Inc. - Class A (a) |
|
|
53,371 |
|
|
|
541,182 |
|
|
Castle
Biosciences, Inc. (a) |
|
|
35,067 |
|
|
|
760,252 |
|
|
InfuSystem
Holdings, Inc. (a) |
|
|
10,033 |
|
|
|
80,063 |
|
|
Inogen,
Inc. (a) |
|
|
345 |
|
|
|
2,874 |
|
|
iRadimed
Corp. |
|
|
7,121 |
|
|
|
383,893 |
|
|
RxSight,
Inc. (a) |
|
|
27,316 |
|
|
|
774,682 |
|
|
UFP
Technologies, Inc. (a) |
|
|
993 |
|
|
|
225,997 |
|
|
Utah
Medical Products, Inc. |
|
|
2,628 |
|
|
|
156,655 |
|
| |
|
|
|
|
|
|
3,057,526 |
|
|
Healthcare-Services
— 1.4% |
|
|
|
|
|
|
|
|
|
Aveanna
Healthcare Holdings, Inc. (a) |
|
|
22,161 |
|
|
|
94,406 |
|
|
National
HealthCare Corp. |
|
|
10,745 |
|
|
|
1,001,111 |
|
|
Pennant
Group, Inc. (a) |
|
|
11,427 |
|
|
|
260,193 |
|
|
Viemed
Healthcare, Inc. (a) |
|
|
29,862 |
|
|
|
234,118 |
|
| |
|
|
|
|
|
|
1,589,828 |
|
|
Home
Builders — 1.9% |
|
|
|
|
|
|
|
|
|
Cavco
Industries, Inc. (a) |
|
|
520 |
|
|
|
272,756 |
|
|
Century
Communities, Inc. |
|
|
816 |
|
|
|
56,655 |
|
|
Forestar
Group, Inc. (a) |
|
|
32,568 |
|
|
|
718,124 |
|
|
Meritage
Homes Corp. |
|
|
3,200 |
|
|
|
231,904 |
|
|
Tri
Pointe Homes, Inc. (a) |
|
|
28,874 |
|
|
|
914,151 |
|
| |
|
|
|
|
|
|
2,193,590 |
|
|
Home
Furnishings — 0.2% |
|
|
|
|
|
|
|
|
|
Daktronics,
Inc. (a) |
|
|
14,922 |
|
|
|
227,710 |
|
|
Insurance
— 5.4% |
|
|
|
|
|
|
|
|
|
Axis
Capital Holdings Ltd. |
|
|
10,057 |
|
|
|
974,322 |
|
|
Essent
Group Ltd. |
|
|
22,483 |
|
|
|
1,295,471 |
|
|
Jackson
Financial, Inc. - Class A |
|
|
13,597 |
|
|
|
1,245,893 |
|
|
NMI
Holdings, Inc. - Class A (a) |
|
|
39,405 |
|
|
|
1,435,918 |
|
|
Insurance
— 5.4% (continued) |
|
|
|
|
|
Skyward
Specialty Insurance Group, Inc. (a) |
|
|
25,017 |
|
|
$ |
1,301,384 |
|
| |
|
|
|
|
|
|
6,252,988 |
|
|
Internet
— 2.5% |
|
|
|
|
|
|
|
|
|
AudioEye,
Inc. (a) |
|
|
4,811 |
|
|
|
62,591 |
|
|
Cargurus,
Inc. (a) |
|
|
32,735 |
|
|
|
1,053,740 |
|
|
Q2
Holdings, Inc. (a) |
|
|
9,644 |
|
|
|
842,596 |
|
|
QuinStreet,
Inc. (a) |
|
|
26,678 |
|
|
|
522,355 |
|
|
Zillow
Group, Inc. - Class A (a) |
|
|
5,026 |
|
|
|
373,884 |
|
| |
|
|
|
|
|
|
2,855,166 |
|
|
Iron/Steel
— 0.6% |
|
|
|
|
|
|
|
|
|
Carpenter
Technology Corp. |
|
|
3,061 |
|
|
|
633,841 |
|
|
Leisure
Time — 0.8% |
|
|
|
|
|
|
|
|
|
Life
Time Group Holdings, Inc. (a) |
|
|
21,272 |
|
|
|
647,945 |
|
|
Lindblad
Expeditions Holdings, Inc. (a) |
|
|
24,480 |
|
|
|
273,442 |
|
| |
|
|
|
|
|
|
921,387 |
|
|
Lodging
— 1.1% |
|
|
|
|
|
|
|
|
|
Travel
+ Leisure Co. |
|
|
23,578 |
|
|
|
1,316,124 |
|
|
Machinery-Diversified
— 2.1% |
|
|
|
|
|
|
|
|
|
Albany
International Corp. - Class A |
|
|
5,110 |
|
|
|
391,273 |
|
|
Gorman-Rupp
Co. |
|
|
11,831 |
|
|
|
451,234 |
|
|
Ichor
Holdings Ltd. (a) |
|
|
6,943 |
|
|
|
203,360 |
|
|
Mueller
Water Products, Inc. - Class A |
|
|
54,013 |
|
|
|
1,391,375 |
|
| |
|
|
|
|
|
|
2,437,242 |
|
|
Media
— 0.6% |
|
|
|
|
|
|
|
|
|
TEGNA,
Inc. |
|
|
36,622 |
|
|
|
666,520 |
|
|
Metal
Fabricate/Hardware — 2.5% |
|
|
|
|
|
Mueller
Industries, Inc. |
|
|
12,629 |
|
|
|
1,012,593 |
|
|
Northwest
Pipe Co. (a) |
|
|
7,494 |
|
|
|
330,261 |
|
|
Proto
Labs, Inc. (a) |
|
|
7,971 |
|
|
|
317,884 |
|
|
Valmont
Industries, Inc. |
|
|
3,544 |
|
|
|
1,234,623 |
|
| |
|
|
|
|
|
|
2,895,361 |
|
|
Mining
— 0.4% |
|
|
|
|
|
|
|
|
|
Caledonia
Mining Corp. PLC |
|
|
15,477 |
|
|
|
155,854 |
|
|
Coeur
Mining, Inc. (a) |
|
|
37,881 |
|
|
|
195,087 |
|
|
Constellium
SE (a) |
|
|
13,895 |
|
|
|
158,125 |
|
| |
|
|
|
|
|
|
509,066 |
|
|
Miscellaneous
Manufacturing — 0.2% |
|
|
|
|
|
Federal
Signal Corp. |
|
|
2,735 |
|
|
|
222,301 |
|
|
Office
Furnishings — 0.8% |
|
|
|
|
|
|
|
|
|
HNI
Corp. |
|
|
4,197 |
|
|
|
195,538 |
|
|
Interface,
Inc. |
|
|
33,214 |
|
|
|
671,919 |
|
|
Virco
Mfg. Corp. |
|
|
4,052 |
|
|
|
41,655 |
|
| |
|
|
|
|
|
|
909,112 |
|
The
accompanying notes are an integral part of the financial statements.
11
SGI
SMALL CAP CORE FUND
Portfolio
of Investments (CONtinued)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Oil
& Gas — 1.9% |
|
|
|
|
|
|
|
|
|
California
Resources Corp. |
|
|
7,869 |
|
|
$ |
351,115 |
|
|
Riley
Exploration Permian, Inc. |
|
|
14,160 |
|
|
|
446,890 |
|
|
Sitio
Royalties Corp. - Class A |
|
|
12,487 |
|
|
|
249,740 |
|
|
SM
Energy Co. |
|
|
20,388 |
|
|
|
666,892 |
|
|
Viper
Energy, Inc. |
|
|
7,785 |
|
|
|
362,547 |
|
|
Weatherford
International PLC |
|
|
1,731 |
|
|
|
107,166 |
|
| |
|
|
|
|
|
|
2,184,350 |
|
|
Oil
& Gas Services — 1.2% |
|
|
|
|
|
|
|
|
|
Archrock,
Inc. |
|
|
46,946 |
|
|
|
1,273,175 |
|
|
Natural
Gas Services Group, Inc. (a) |
|
|
2,763 |
|
|
|
71,037 |
|
| |
|
|
|
|
|
|
1,344,212 |
|
|
Pharmaceuticals
— 5.0% |
|
|
|
|
|
|
|
|
|
BellRing
Brands, Inc. (a) |
|
|
17,635 |
|
|
|
1,292,293 |
|
|
Catalyst
Pharmaceuticals Partners, Inc. (a) |
|
|
67,179 |
|
|
|
1,537,727 |
|
|
Collegium
Pharmaceutical, Inc. (a) |
|
|
7,955 |
|
|
|
231,093 |
|
|
Harmony
Biosciences Holdings, Inc. (a) |
|
|
29,719 |
|
|
|
1,005,988 |
|
|
Nature’s
Sunshine Products, Inc. (a) |
|
|
4,616 |
|
|
|
67,255 |
|
|
Phibro
Animal Health Corp. - Class A |
|
|
26,668 |
|
|
|
606,431 |
|
|
Protagonist
Therapeutics, Inc. (a) |
|
|
24,066 |
|
|
|
904,641 |
|
|
USANA
Health Sciences, Inc. (a) |
|
|
3,409 |
|
|
|
100,872 |
|
| |
|
|
|
|
|
|
5,746,300 |
|
|
Pipelines
— 0.3% |
|
|
|
|
|
|
|
|
|
Excelerate
Energy, Inc. - Class A |
|
|
12,141 |
|
|
|
372,486 |
|
|
Real
Estate — 1.3% |
|
|
|
|
|
|
|
|
|
McGrath
RentCorp |
|
|
551 |
|
|
|
67,222 |
|
|
Newmark
Group, Inc. - Class A |
|
|
84,136 |
|
|
|
1,234,275 |
|
|
RMR
Group, Inc. - Class A |
|
|
8,973 |
|
|
|
163,488 |
|
| |
|
|
|
|
|
|
1,464,985 |
|
|
REITS
— 3.6% |
|
|
|
|
|
|
|
|
|
American
Assets Trust, Inc. |
|
|
24,078 |
|
|
|
540,792 |
|
|
Apple
Hospitality REIT, Inc. |
|
|
43,363 |
|
|
|
642,206 |
|
|
CareTrust
REIT, Inc. |
|
|
24,435 |
|
|
|
632,134 |
|
|
City
Office REIT, Inc. |
|
|
11,009 |
|
|
|
57,907 |
|
|
InvenTrust
Properties Corp. |
|
|
6,465 |
|
|
|
192,528 |
|
|
NexPoint
Residential Trust, Inc. |
|
|
13,289 |
|
|
|
565,447 |
|
|
Piedmont
Office Realty Trust, Inc. - Class A |
|
|
56,861 |
|
|
|
431,575 |
|
|
Ryman
Hospitality Properties, Inc. |
|
|
7,707 |
|
|
|
762,145 |
|
|
UMH
Properties, Inc. |
|
|
17,255 |
|
|
|
326,637 |
|
| |
|
|
|
|
|
|
4,151,371 |
|
|
Retail
— 1.5% |
|
|
|
|
|
|
|
|
|
Abercrombie
& Fitch Co. - Class A (a) |
|
|
3,637 |
|
|
$ |
374,575 |
|
|
Bath
& Body Works, Inc. |
|
|
4,106 |
|
|
|
148,760 |
|
|
BlueLinx
Holdings, Inc. (a) |
|
|
6,815 |
|
|
|
540,907 |
|
|
Gap,
Inc. |
|
|
10,204 |
|
|
|
230,712 |
|
|
Genesco,
Inc. (a) |
|
|
9,625 |
|
|
|
351,986 |
|
|
J
Jill, Inc. |
|
|
4,763 |
|
|
|
112,883 |
|
| |
|
|
|
|
|
|
1,759,823 |
|
|
Savings
& Loans — 0.6% |
|
|
|
|
|
|
|
|
|
Axos
Financial, Inc. (a) |
|
|
9,829 |
|
|
|
656,577 |
|
|
FS
Bancorp, Inc. |
|
|
1,407 |
|
|
|
55,450 |
|
| |
|
|
|
|
|
|
712,027 |
|
|
Semiconductors
— 2.7% |
|
|
|
|
|
|
|
|
|
Ambarella,
Inc. (a) |
|
|
11,537 |
|
|
|
708,718 |
|
|
Cirrus
Logic, Inc. (a) |
|
|
10,166 |
|
|
|
1,059,399 |
|
|
MKS
Instruments, Inc. |
|
|
11,325 |
|
|
|
1,039,862 |
|
|
Photronics,
Inc. (a) |
|
|
2,443 |
|
|
|
50,912 |
|
|
Rambus,
Inc. (a) |
|
|
5,005 |
|
|
|
279,729 |
|
| |
|
|
|
|
|
|
3,138,620 |
|
|
Software
— 6.8% |
|
|
|
|
|
|
|
|
|
ACI
Worldwide, Inc. (a) |
|
|
16,509 |
|
|
|
946,791 |
|
|
Adeia,
Inc. |
|
|
49,677 |
|
|
|
780,922 |
|
|
Alkami
Technology, Inc. (a) |
|
|
17,893 |
|
|
|
551,820 |
|
|
Appfolio,
Inc. - Class A (a) |
|
|
1,652 |
|
|
|
354,354 |
|
|
Appian
Corp. - Class A (a) |
|
|
7,617 |
|
|
|
247,324 |
|
|
BigCommerce
Holdings, Inc. (a) |
|
|
17,062 |
|
|
|
120,799 |
|
|
Blend
Labs, Inc. - Class A (a) |
|
|
122,916 |
|
|
|
384,727 |
|
|
Climb
Global Solutions, Inc. |
|
|
1,601 |
|
|
|
196,267 |
|
|
CommVault
Systems, Inc. (a) |
|
|
7,398 |
|
|
|
1,261,803 |
|
|
Gitlab,
Inc. - Class A (a) |
|
|
3,480 |
|
|
|
209,531 |
|
|
Health
Catalyst, Inc. (a) |
|
|
26,739 |
|
|
|
124,871 |
|
|
RingCentral,
Inc. - Class A (a) |
|
|
27,126 |
|
|
|
771,735 |
|
|
SEMrush
Holdings, Inc. - Class A (a) |
|
|
4,716 |
|
|
|
51,876 |
|
|
Talkspace,
Inc. (a) |
|
|
163,715 |
|
|
|
468,225 |
|
|
UiPath,
Inc. - Class A (a) |
|
|
24,624 |
|
|
|
302,875 |
|
|
Viant
Technology, Inc. - Class A (a) |
|
|
25,520 |
|
|
|
510,145 |
|
|
Yext,
Inc. (a) |
|
|
55,383 |
|
|
|
376,604 |
|
|
Zeta
Global Holdings Corp. - Class A (a) |
|
|
7,149 |
|
|
|
123,034 |
|
| |
|
|
|
|
|
|
7,783,703 |
|
|
Telecommunications
— 0.6% |
|
|
|
|
|
|
|
|
|
Credo
Technology Group Holding Ltd. (a) |
|
|
7,501 |
|
|
|
413,905 |
|
|
Telephone
and Data Systems, Inc. |
|
|
8,025 |
|
|
|
289,703 |
|
| |
|
|
|
|
|
|
703,608 |
|
The
accompanying notes are an integral part of the financial statements.
12
SGI
SMALL CAP CORE FUND
Portfolio
of Investments (CONcluded)
February 28, 2025 (Unaudited)
| |
|
Shares |
|
|
Value |
|
|
Transportation
— 3.6% |
|
|
|
|
|
|
|
|
|
Costamare,
Inc. |
|
|
24,445 |
|
|
$ |
248,850 |
|
|
Kirby
Corp. (a) |
|
|
10,012 |
|
|
|
1,043,451 |
|
|
Matson,
Inc. |
|
|
9,278 |
|
|
|
1,336,681 |
|
|
Teekay
Corp. Ltd. |
|
|
111,325 |
|
|
|
728,066 |
|
|
Teekay
Tankers Ltd. |
|
|
20,643 |
|
|
|
779,067 |
|
| |
|
|
|
|
|
|
4,136,115 |
|
|
TOTAL
COMMON STOCKS (Cost $110,510,330) |
|
|
|
|
|
|
111,293,438 |
|
|
EXCHANGE
TRADED FUNDS — 2.3% |
|
|
|
|
|
Health
Care Select Sector SPDR Fund |
|
|
13,392 |
|
|
|
1,994,471 |
|
|
iShares
Core S&P Small-Cap ETF |
|
|
5,733 |
|
|
|
640,892 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $2,665,911) |
|
|
|
|
|
|
2,635,363 |
|
|
TOTAL
INVESTMENTS — 98.9%
(Cost
$113,176,241) |
|
|
|
|
|
|
113,928,801 |
|
|
Other
Assets in Excess of Liabilities — 1.1% |
|
|
|
|
|
|
1,228,592 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
115,157,393 |
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
REIT
- Real Estate Investment Trust
|
(a) |
Non-income producing security.
|
The
accompanying notes are an integral part of the financial statements.
13
SUMMIT
GLOBAL INVESTMENTS
Statements
of Assets and Liabilities
February
28, 2025 (Unaudited)
| |
|
SGI
U.S.
Large Cap
Equity Fund |
|
|
SGI
Global
Equity Fund |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Investments,
at fair value |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments (cost $196,214,502 and $102,972,565, respectively) |
|
$ |
217,213,468 |
|
|
$ |
108,159,865 |
|
|
Cash
and cash equivalents |
|
|
3,890,754 |
|
|
|
850,248 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
Capital
shares sold |
|
|
566,465 |
|
|
|
123,286 |
|
|
Dividends
|
|
|
144,905 |
|
|
|
190,642 |
|
|
Prepaid
and other expenses |
|
|
64,133 |
|
|
|
22,705 |
|
|
Total
assets |
|
$ |
221,879,725 |
|
|
$ |
109,346,746 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
$ |
112,110 |
|
|
$ |
42,350 |
|
|
Capital
shares redeemed |
|
|
36,380 |
|
|
|
217,350 |
|
|
Other
accrued expenses and liabilities |
|
|
113,104 |
|
|
|
79,959 |
|
|
Total
liabilities |
|
|
261,594 |
|
|
|
339,659 |
|
|
Net
assets |
|
$ |
221,618,131 |
|
|
$ |
109,007,087 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
12,229 |
|
|
$ |
3,354 |
|
|
Paid-in
capital |
|
|
187,690,517 |
|
|
|
99,980,942 |
|
|
Total
distributable earnings/(loss) |
|
|
33,915,385 |
|
|
|
9,022,791 |
|
|
Net
assets |
|
$ |
221,618,131 |
|
|
$ |
109,007,087 |
|
| |
|
|
|
|
|
|
|
|
|
CLASS
I SHARES: |
|
|
|
|
|
|
|
|
|
Net
assets applicable to Class I Shares |
|
$ |
203,795,085 |
|
|
$ |
109,007,087 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
11,243,904 |
|
|
|
3,353,895 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
18.12 |
|
|
$ |
32.50 |
|
| |
|
|
|
|
|
|
|
|
|
CLASS
A Shares: |
|
|
|
|
|
|
|
|
|
Net
assets applicable to Class A Shares |
|
$ |
16,063,358 |
|
|
$ |
— |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
882,213 |
|
|
|
|
|
|
Net
asset value, offering and redemption price per share |
|
$ |
18.21 |
|
|
|
— |
|
|
Maximum
offering price per share (100/94.75 of $18.21) |
|
$ |
19.22 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
CLASS
C Shares: |
|
|
|
|
|
|
|
|
|
Net
assets applicable to Class C Shares |
|
$ |
1,759,688 |
|
|
$ |
— |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
102,799 |
|
|
|
|
|
|
Net
asset value, offering and redemption price per share |
|
$ |
17.12 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
14
SUMMIT
GLOBAL INVESTMENTS
Statements
of Assets and Liabilities (Concluded)
February
28, 2025 (Unaudited)
| |
|
SGI
prudent
growth
Fund |
|
|
SGI
PEAK
GROWTH
FUND |
|
|
SGI
SMALL
CAP core
FUND |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments,
at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated
investments (cost $7,020,987, $9,890,044, and $113,176,241, respectively) |
|
$ |
7,165,228 |
|
|
$ |
10,072,004 |
|
|
$ |
113,928,801 |
|
|
Affiliated
investments (cost $31,188,381, $30,045,999, and $—, respectively) (Note 6) |
|
|
32,120,786 |
|
|
|
31,722,099 |
|
|
|
— |
|
|
Cash
and cash equivalents |
|
|
358,428 |
|
|
|
588,026 |
|
|
|
1,232,644 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
shares sold |
|
|
29,005 |
|
|
|
40,304 |
|
|
|
136,398 |
|
|
Dividends
and interest |
|
|
2,147 |
|
|
|
2,624 |
|
|
|
75,805 |
|
|
Prepaid
and other expenses |
|
|
10,957 |
|
|
|
11,076 |
|
|
|
33,347 |
|
|
Total
assets |
|
$ |
39,686,551 |
|
|
$ |
42,436,133 |
|
|
$ |
115,406,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
$ |
22,124 |
|
|
$ |
20,816 |
|
|
$ |
84,678 |
|
|
Capital
shares redeemed |
|
|
— |
|
|
|
8,800 |
|
|
|
89,690 |
|
|
Other
accrued expenses and liabilities |
|
|
32,329 |
|
|
|
35,660 |
|
|
|
75,234 |
|
|
Total
liabilities |
|
|
54,453 |
|
|
|
65,276 |
|
|
|
249,602 |
|
|
Net
assets |
|
$ |
39,632,098 |
|
|
$ |
42,370,857 |
|
|
$ |
115,157,393 |
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
3,581 |
|
|
$ |
3,654 |
|
|
$ |
3,813 |
|
|
Paid-in
capital |
|
|
37,942,132 |
|
|
|
40,492,665 |
|
|
|
107,560,929 |
|
|
Total
distributable earnings/(loss) |
|
|
1,686,385 |
|
|
|
1,874,538 |
|
|
|
7,592,651 |
|
|
Net
assets |
|
$ |
39,632,098 |
|
|
$ |
42,370,857 |
|
|
$ |
115,157,393 |
|
|
CLASS
I SHARES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets applicable to Class I Shares |
|
$ |
39,632,098 |
|
|
$ |
42,370,857 |
|
|
$ |
115,157,393 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
3,580,927 |
|
|
|
3,654,403 |
|
|
|
3,813,344 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
11.07 |
|
|
$ |
11.59 |
|
|
$ |
30.20 |
|
The
accompanying notes are an integral part of the financial statements.
15
SUMMIT
GLOBAL INVESTMENTS
Statements
of Operations
FOR
THE SIX MONTHS ENDED February 28, 2025 (Unaudited)
| |
|
SGI
U.S.
Large Cap
Equity Fund |
|
|
SGI
Global
Equity Fund |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Dividends: |
|
|
|
|
|
|
|
|
|
Dividends
from unaffiliated investments |
|
$ |
1,643,707 |
|
|
$ |
967,692 |
(1) |
|
Interest
|
|
|
60,538 |
|
|
|
30,058 |
|
|
Total
investment income |
|
|
1,704,245 |
|
|
|
997,750 |
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
804,149 |
|
|
|
366,704 |
|
|
Transfer
agent fees |
|
|
67,241 |
|
|
|
69,904 |
|
|
Administration
and accounting fees |
|
|
59,078 |
|
|
|
31,288 |
|
|
Legal
fees |
|
|
34,967 |
|
|
|
19,485 |
|
|
Officer
fees |
|
|
28,699 |
|
|
|
11,587 |
|
|
Registration
and filing fees |
|
|
26,826 |
|
|
|
12,722 |
|
|
Distribution
fees - Class A Shares |
|
|
21,373 |
|
|
|
— |
|
|
Director
fees |
|
|
19,501 |
|
|
|
10,267 |
|
|
Printing
and shareholder reporting fees |
|
|
19,116 |
|
|
|
7,061 |
|
|
Audit
and tax service fees |
|
|
19,114 |
|
|
|
17,615 |
|
|
Distribution
fees - Class C Shares |
|
|
8,843 |
|
|
|
— |
|
|
Custodian
fees |
|
|
— |
|
|
|
2,313 |
|
|
Other
expenses |
|
|
16,045 |
|
|
|
8,442 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
1,124,952 |
|
|
|
557,388 |
|
|
Less:
waivers and/or reimbursements net of amounts recouped |
|
|
31,075 |
|
|
|
(117,342 |
) |
|
Net
expenses after waivers and/or reimbursements net of amounts recouped |
|
|
1,156,027 |
|
|
|
440,046 |
|
|
Net
investment income/(loss) |
|
|
548,218 |
|
|
|
557,704 |
|
| |
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
Net
realized gain/(loss) from investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
16,955,791 |
|
|
|
7,054,907 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(11,519,339 |
) |
|
|
(7,670,098 |
) |
|
Net
realized and unrealized gain/(loss) on investments |
|
|
5,436,452 |
|
|
|
(615,191 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
5,984,670 |
|
|
$ |
(57,487 |
) |
|
(1) |
Net of foreign withholding
taxes of $32,611 for SGI Global Equity Fund. |
The
accompanying notes are an integral part of the financial statements.
16
SUMMIT
GLOBAL INVESTMENTS
Statements
of Operations (Concluded)
FOR
THE SIX MONTHS ENDED February 28, 2025 (Unaudited)
| |
|
SGI
Prudent
Growth
Fund |
|
|
SGI
Peak
Growth
Fund |
|
|
SGI
Small
Cap Core
Fund |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from unaffiliated investments |
|
$ |
128,201 |
|
|
$ |
— |
|
|
$ |
978,210 |
(1) |
|
Dividends
from affiliated investments |
|
|
268,059 |
|
|
|
334,377 |
|
|
|
— |
|
|
Interest
|
|
|
11,061 |
|
|
|
11,261 |
|
|
|
33,108 |
|
|
Total
investment income |
|
|
407,321 |
|
|
|
345,638 |
|
|
|
1,011,318 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
113,441 |
|
|
|
117,159 |
|
|
|
590,364 |
|
|
Transfer
agent fees |
|
|
14,428 |
|
|
|
16,946 |
|
|
|
69,975 |
|
|
Administration
and accounting fees |
|
|
12,936 |
|
|
|
13,202 |
|
|
|
36,260 |
|
|
Legal
fees |
|
|
5,506 |
|
|
|
5,991 |
|
|
|
15,256 |
|
|
Officer
fees |
|
|
2,473 |
|
|
|
2,400 |
|
|
|
13,750 |
|
|
Registration
and filing fees |
|
|
12,209 |
|
|
|
12,305 |
|
|
|
13,886 |
|
|
Director
fees |
|
|
2,357 |
|
|
|
2,384 |
|
|
|
10,811 |
|
|
Printing
and shareholder reporting fees |
|
|
1,197 |
|
|
|
1,215 |
|
|
|
7,084 |
|
|
Audit
and tax service fees |
|
|
17,207 |
|
|
|
17,207 |
|
|
|
16,437 |
|
|
Custodian
fees |
|
|
1,073 |
|
|
|
757 |
|
|
|
3,752 |
|
|
Other
expenses |
|
|
2,430 |
|
|
|
2,240 |
|
|
|
6,822 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
185,257 |
|
|
|
191,806 |
|
|
|
784,397 |
|
|
Less:
waivers and/or reimbursements net of amounts recouped |
|
|
(530 |
) |
|
|
(5,858 |
) |
|
|
(20,030 |
) |
|
Net
expenses after waivers and/or reimbursements net of amounts recouped |
|
|
184,727 |
|
|
|
185,948 |
|
|
|
764,367 |
|
|
Net
investment income/(loss) |
|
|
222,594 |
|
|
|
159,690 |
|
|
|
246,951 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM
INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(58,183 |
) |
|
|
— |
|
|
|
9,325,624 |
|
|
Affiliated
investments |
|
|
124,434 |
|
|
|
(454,833 |
) |
|
|
— |
|
|
Distributions
from affiliated investments |
|
|
2,370,816 |
|
|
|
2,772,762 |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(12,239 |
) |
|
|
181,960 |
|
|
|
(14,802,637 |
) |
|
Affiliated
investments |
|
|
(2,101,023 |
) |
|
|
(2,467,675 |
) |
|
|
— |
|
|
Net
realized and unrealized gain/(loss) on investments |
|
|
323,805 |
|
|
|
32,214 |
|
|
|
(5,477,013 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
546,399 |
|
|
$ |
191,904 |
|
|
$ |
(5,230,062 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Net of foreign withholding
taxes of $7,347 for SGI Small Cap Core Fund. |
The
accompanying notes are an integral part of the financial statements.
17
SGI
U.S. LARGE CAP EQUITY FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
548,218 |
|
|
$ |
1,769,482 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
16,955,791 |
|
|
|
73,139,764 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(11,519,339 |
) |
|
|
(12,203,845 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
5,984,670 |
|
|
|
62,705,401 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Distributable
earnings |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
(39,868,894 |
) |
|
|
(14,011,048 |
) |
|
Class
A Shares |
|
|
(3,020,404 |
) |
|
|
(1,193,012 |
) |
|
Class
C Shares |
|
|
(334,919 |
) |
|
|
(86,619 |
) |
|
Total
distributable earnings |
|
|
(43,224,217 |
) |
|
|
(15,290,679 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(43,224,217 |
) |
|
|
(15,290,679 |
) |
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of the financial statements.
18
SGI
U.S. LARGE CAP EQUITY FUND
Statements
of Changes in Net Assets (Concluded)
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS: |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
35,159,964 |
|
|
|
113,718,663 |
|
|
Reinvestment
of distributions |
|
|
39,704,204 |
|
|
|
13,978,703 |
|
|
Shares
redeemed |
|
|
(48,281,020 |
) |
|
|
(310,127,753 |
) |
|
Total
from Class I Shares |
|
|
26,583,148 |
|
|
|
(182,430,387 |
) |
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
95,356 |
|
|
|
610,987 |
|
|
Reinvestment
of distributions |
|
|
3,018,068 |
|
|
|
1,192,151 |
|
|
Shares
redeemed |
|
|
(4,031,747 |
) |
|
|
(17,914,478 |
) |
|
Total
from Class A Shares |
|
|
(918,323 |
) |
|
|
(16,111,340 |
) |
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
24,130 |
|
|
|
52,424 |
|
|
Reinvestment
of distributions |
|
|
334,919 |
|
|
|
86,007 |
|
|
Shares
redeemed |
|
|
(124,578 |
) |
|
|
(985,310 |
) |
|
Total
from Class C Shares |
|
|
234,471 |
|
|
|
(846,879 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
25,899,296 |
|
|
|
(199,388,606 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(11,340,251 |
) |
|
|
(151,973,884 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of Period |
|
|
232,958,382 |
|
|
|
384,932,266 |
|
|
End
of Period |
|
$ |
221,618,131 |
|
|
$ |
232,958,382 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,792,866 |
|
|
|
5,823,434 |
|
|
Shares
reinvested |
|
|
2,264,929 |
|
|
|
766,779 |
|
|
Shares
redeemed |
|
|
(2,546,222 |
) |
|
|
(16,380,384 |
) |
|
Total
from Class I Shares |
|
|
1,511,573 |
|
|
|
(9,790,171 |
) |
|
Class
A Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
4,654 |
|
|
|
33,263 |
|
|
Shares
reinvested |
|
|
171,286 |
|
|
|
65,363 |
|
|
Shares
redeemed |
|
|
(194,046 |
) |
|
|
(933,980 |
) |
|
Total
from Class A Shares |
|
|
(18,106 |
) |
|
|
(835,354 |
) |
|
Class
C Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,259 |
|
|
|
2,891 |
|
|
Shares
reinvested |
|
|
20,188 |
|
|
|
4,965 |
|
|
Shares
redeemed |
|
|
(6,545 |
) |
|
|
(53,399 |
) |
|
Total
from Class C Shares |
|
|
14,902 |
|
|
|
(45,543 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
1,508,369 |
|
|
|
(10,671,068 |
) |
The
accompanying notes are an integral part of the financial statements.
19
SGI
GLOBAL EQUITY FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
557,704 |
|
|
$ |
1,921,469 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
7,054,907 |
|
|
|
17,759,717 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(7,670,098 |
) |
|
|
5,342,595 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(57,487 |
) |
|
|
25,023,781 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(20,438,366 |
) |
|
|
(2,003,073 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(20,438,366 |
) |
|
|
(2,003,073 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS: |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
17,371,576 |
|
|
|
42,758,330 |
|
|
Reinvestment
of distributions |
|
|
20,397,349 |
|
|
|
2,000,278 |
|
|
Shares
redeemed |
|
|
(16,453,195 |
) |
|
|
(109,889,057 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
21,315,730 |
|
|
|
(65,130,449 |
) |
|
Total
increase/(decrease) in net assets |
|
|
819,877 |
|
|
|
(42,109,741 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of Period |
|
|
108,187,210 |
|
|
|
150,296,951 |
|
|
End
of Period |
|
$ |
109,007,087 |
|
|
$ |
108,187,210 |
|
| |
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
507,218 |
|
|
|
1,193,962 |
|
|
Shares
reinvested |
|
|
653,552 |
|
|
|
56,601 |
|
|
Shares
redeemed |
|
|
(487,218 |
) |
|
|
(2,976,690 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
673,552 |
|
|
|
(1,726,127 |
) |
The
accompanying notes are an integral part of the financial statements.
20
SGI
PRUDENT GROWTH FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
222,594 |
|
|
$ |
96,161 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(58,183 |
) |
|
|
(129,295 |
) |
|
Affiliated
investments |
|
|
124,434 |
|
|
|
753,939 |
|
|
Distributions
from affiliated investments |
|
|
2,370,816 |
|
|
|
138,238 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(12,239 |
) |
|
|
312,778 |
|
|
Affiliated
investments |
|
|
(2,101,023 |
) |
|
|
2,597,563 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
546,399 |
|
|
|
3,769,384 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,383,823 |
) |
|
|
(114,358 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,383,823 |
) |
|
|
(114,358 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS: |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
16,865,617 |
|
|
|
8,845,365 |
|
|
Reinvestment
of distributions |
|
|
2,383,823 |
|
|
|
114,358 |
|
|
Shares
redeemed |
|
|
(4,709,056 |
) |
|
|
(6,902,378 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
14,540,384 |
|
|
|
2,057,345 |
|
|
Total
increase/(decrease) in net assets |
|
|
12,702,960 |
|
|
|
5,712,371 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of Period |
|
|
26,929,138 |
|
|
|
21,216,767 |
|
|
End
of Period |
|
$ |
39,632,098 |
|
|
$ |
26,929,138 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,509,997 |
|
|
|
813,262 |
|
|
Shares
reinvested |
|
|
220,724 |
|
|
|
10,579 |
|
|
Shares
redeemed |
|
|
(407,216 |
) |
|
|
(631,006 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
1,323,505 |
|
|
|
192,835 |
|
The
accompanying notes are an integral part of the financial statements.
21
SGI
PEAK GROWTH FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
159,690 |
|
|
$ |
(81,980 |
) |
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
— |
|
|
|
93,908 |
|
|
Affiliated
investments |
|
|
(454,833 |
) |
|
|
368,368 |
|
|
Distributions
from affiliated investments |
|
|
2,772,762 |
|
|
|
178,437 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
181,960 |
|
|
|
(8,583 |
) |
|
Affiliated
investments |
|
|
(2,467,675 |
) |
|
|
3,709,763 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
191,904 |
|
|
|
4,259,913 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,367,594 |
) |
|
|
(131,475 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,367,594 |
) |
|
|
(131,475 |
) |
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS: |
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
16,232,318 |
|
|
|
8,526,607 |
|
|
Reinvestment
of distributions |
|
|
2,367,594 |
|
|
|
131,475 |
|
|
Shares
redeemed |
|
|
(2,060,548 |
) |
|
|
(4,333,988 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
16,539,364 |
|
|
|
4,324,094 |
|
|
Total
increase/(decrease) in net assets |
|
|
14,363,674 |
|
|
|
8,452,532 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of Period |
|
|
28,007,183 |
|
|
|
19,554,651 |
|
|
End
of Period |
|
$ |
42,370,857 |
|
|
$ |
28,007,183 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,390,223 |
|
|
|
752,701 |
|
|
Shares
reinvested |
|
|
207,866 |
|
|
|
11,676 |
|
|
Shares
redeemed |
|
|
(169,540 |
) |
|
|
(380,709 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
1,428,549 |
|
|
|
383,668 |
|
The
accompanying notes are an integral part of the financial statements.
22
SGI
SMALL CAP CORE FUND
Statements
of Changes in Net Assets
| |
|
FOR
THE SIX
MONTHS ENDED
FEBRUARY 28, 2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31, 2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
246,951 |
|
|
$ |
505,302 |
|
|
Net
realized gain/(loss) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
9,325,624 |
|
|
|
5,490,049 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
|
|
|
|
|
|
|
Unaffiliated
investments |
|
|
(14,802,637 |
) |
|
|
13,527,450 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(5,230,062 |
) |
|
|
19,522,801 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,591,942 |
) |
|
|
— |
|
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,591,942 |
) |
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
INCREASE/(DECREASE)
IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
12,246,987 |
|
|
|
61,310,708 |
|
|
Reinvestment
of distributions |
|
|
2,565,364 |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(16,553,097 |
) |
|
|
(59,615,025 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(1,740,746 |
) |
|
|
1,695,683 |
|
|
Total
increase/(decrease) in net assets |
|
|
(9,562,750 |
) |
|
|
21,218,484 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of Period |
|
|
124,720,143 |
|
|
|
103,501,659 |
|
|
End
of Period |
|
$ |
115,157,393 |
|
|
$ |
124,720,143 |
|
| |
|
|
|
|
|
|
|
|
|
SHARES
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Class
I Shares |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
383,516 |
|
|
|
2,139,509 |
|
|
Shares
reinvested |
|
|
83,372 |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(517,360 |
) |
|
|
(2,038,827 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(50,472 |
) |
|
|
100,682 |
|
The
accompanying notes are an integral part of the financial statements.
23
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. |
| |
|
Class
I Shares |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
21.74 |
|
|
$ |
18.00 |
|
|
$ |
17.85 |
|
|
$ |
23.21 |
|
|
$ |
19.55 |
|
|
$ |
18.24 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (1) |
|
|
0.05 |
|
|
|
0.13 |
|
|
|
0.18 |
|
|
|
0.17 |
|
|
|
0.03 |
|
|
|
0.14 |
|
|
Net
realized and unrealized gain/(loss) on investments (2) |
|
|
0.38 |
|
|
|
4.47 |
|
|
|
0.88 |
|
|
|
(2.27 |
) |
|
|
3.76 |
|
|
|
1.66 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.43 |
|
|
|
4.60 |
|
|
|
1.06 |
|
|
|
(2.10 |
) |
|
|
3.79 |
|
|
|
1.80 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.11 |
) |
|
|
(0.17 |
) |
|
|
(0.20 |
) |
|
|
(0.04 |
) |
|
|
(0.08 |
) |
|
|
(0.18 |
) |
|
Net
realized capital gain |
|
|
(3.94 |
) |
|
|
(0.69 |
) |
|
|
(0.71 |
) |
|
|
(3.22 |
) |
|
|
(0.05 |
) |
|
|
(0.31 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(4.05 |
) |
|
|
(0.86 |
) |
|
|
(0.91 |
) |
|
|
(3.26 |
) |
|
|
(0.13 |
) |
|
|
(0.49 |
) |
|
Net
Asset Value, end of Period |
|
$ |
18.12 |
|
|
$ |
21.74 |
|
|
$ |
18.00 |
|
|
$ |
17.85 |
|
|
$ |
23.21 |
|
|
$ |
19.55 |
|
|
Total
investment return/(loss) (3) |
|
|
2.57 |
%(4) |
|
|
26.51 |
% |
|
|
6.02 |
% |
|
|
(10.71 |
)% |
|
|
19.46 |
% |
|
|
10.10 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
203,795 |
|
|
$ |
211,534 |
|
|
$ |
351,360 |
|
|
$ |
391,548 |
|
|
$ |
506,159 |
|
|
$ |
556,511 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
0.98 |
%(5) |
|
|
0.98 |
% |
|
|
0.98 |
% |
|
|
0.92 |
% |
|
|
0.87 |
% |
|
|
0.85 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
0.95 |
%(5) |
|
|
1.00 |
% |
|
|
0.97 |
% |
|
|
0.96 |
% |
|
|
0.87 |
% |
|
|
0.85 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.50 |
%(5) |
|
|
0.68 |
% |
|
|
0.99 |
% |
|
|
0.85 |
% |
|
|
0.15 |
% |
|
|
0.76 |
% |
|
Portfolio
turnover rate(6) |
|
|
63 |
%(4) |
|
|
194 |
% |
|
|
88 |
% |
|
|
133 |
% |
|
|
91 |
% |
|
|
129 |
% |
|
(1) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(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. |
|
(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. |
|
(6) |
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.
24
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. |
| |
|
Class
a Shares |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
21.77 |
|
|
$ |
18.02 |
|
|
$ |
17.88 |
|
|
$ |
23.25 |
|
|
$ |
19.59 |
|
|
$ |
18.29 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (1) |
|
|
0.03 |
|
|
|
0.08 |
|
|
|
0.13 |
|
|
|
0.12 |
|
|
|
(0.02 |
) |
|
|
0.08 |
|
|
Net
realized and unrealized gain/(loss) on investments (2) |
|
|
0.39 |
|
|
|
4.48 |
|
|
|
0.87 |
|
|
|
(2.27 |
) |
|
|
3.77 |
|
|
|
1.67 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.42 |
|
|
|
4.56 |
|
|
|
1.00 |
|
|
|
(2.15 |
) |
|
|
3.75 |
|
|
|
1.75 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.04 |
) |
|
|
(0.12 |
) |
|
|
(0.15 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
|
(0.14 |
) |
|
Net
realized capital gain |
|
|
(3.94 |
) |
|
|
(0.69 |
) |
|
|
(0.71 |
) |
|
|
(3.22 |
) |
|
|
(0.05 |
) |
|
|
(0.31 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(3.98 |
) |
|
|
(0.81 |
) |
|
|
(0.86 |
) |
|
|
(3.22 |
) |
|
|
(0.09 |
) |
|
|
(0.45 |
) |
|
Net
Asset Value, end of Period |
|
$ |
18.21 |
|
|
$ |
21.77 |
|
|
$ |
18.02 |
|
|
$ |
17.88 |
|
|
$ |
23.25 |
|
|
$ |
19.59 |
|
|
Total
investment return/(loss) (3) |
|
|
2.51 |
%(4) |
|
|
26.19 |
% |
|
|
5.69 |
% |
|
|
(10.89 |
)% |
|
|
19.20 |
% |
|
|
9.78 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
16,063 |
|
|
$ |
19,601 |
|
|
$ |
31,276 |
|
|
$ |
28,285 |
|
|
$ |
29,423 |
|
|
$ |
23,424 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
1.23 |
%(5) |
|
|
1.22 |
% |
|
|
1.23 |
% |
|
|
1.17 |
% |
|
|
1.12 |
% |
|
|
1.10 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.20 |
%(5) |
|
|
1.25 |
% |
|
|
1.22 |
% |
|
|
1.21 |
% |
|
|
1.12 |
% |
|
|
1.10 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.25 |
%(5) |
|
|
0.40 |
% |
|
|
0.74 |
% |
|
|
0.64 |
% |
|
|
(0.09 |
)% |
|
|
0.47 |
% |
|
Portfolio
turnover rate(6) |
|
|
63 |
%(4) |
|
|
194 |
% |
|
|
88 |
% |
|
|
133 |
% |
|
|
91 |
% |
|
|
129 |
% |
|
(1) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(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. |
|
(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. |
|
(6) |
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.
25
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. |
| |
|
Class
c Shares |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
20.74 |
|
|
$ |
17.22 |
|
|
$ |
17.12 |
|
|
$ |
22.54 |
|
|
$ |
19.11 |
|
|
$ |
17.79 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (1) |
|
|
(0.05 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
|
(0.03 |
) |
|
|
(0.17 |
) |
|
|
(0.05 |
) |
|
Net
realized and unrealized gain/(loss) on investments (2) |
|
|
0.37 |
|
|
|
4.27 |
|
|
|
0.83 |
|
|
|
(2.17 |
) |
|
|
3.65 |
|
|
|
1.71 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.32 |
|
|
|
4.21 |
|
|
|
0.83 |
|
|
|
(2.20 |
) |
|
|
3.48 |
|
|
|
1.66 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
— |
|
|
|
— |
|
|
|
(0.02 |
) |
|
|
— |
|
|
|
0.00 |
|
|
|
(0.03 |
) |
|
Net
realized capital gain |
|
|
(3.94 |
) |
|
|
(0.69 |
) |
|
|
(0.71 |
) |
|
|
(3.22 |
) |
|
|
(0.05 |
) |
|
|
(0.31 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(3.94 |
) |
|
|
(0.69 |
) |
|
|
(0.73 |
) |
|
|
(3.22 |
) |
|
|
(0.05 |
) |
|
|
(0.34 |
) |
|
Net
Asset Value, end of Period |
|
$ |
17.12 |
|
|
$ |
20.74 |
|
|
$ |
17.22 |
|
|
$ |
17.12 |
|
|
$ |
22.54 |
|
|
$ |
19.11 |
|
|
Total
investment return/(loss) (3) |
|
|
2.13 |
%(4) |
|
|
25.23 |
% |
|
|
4.93 |
% |
|
|
(11.54 |
)% |
|
|
18.25 |
% |
|
|
9.47 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
1,760 |
|
|
$ |
1,823 |
|
|
$ |
2,297 |
|
|
$ |
2,546 |
|
|
$ |
2,917 |
|
|
$ |
2,915 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
1.98 |
%(5) |
|
|
1.97 |
% |
|
|
1.98 |
% |
|
|
1.92 |
% |
|
|
1.87 |
% |
|
|
1.85 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.95 |
%(5) |
|
|
2.00 |
% |
|
|
1.97 |
% |
|
|
1.96 |
% |
|
|
1.87 |
% |
|
|
1.85 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
(0.50 |
)%(5) |
|
|
(0.35 |
)% |
|
|
(0.01 |
)% |
|
|
(0.15 |
)% |
|
|
(0.84 |
)% |
|
|
(0.26 |
)% |
|
Portfolio
turnover rate(6) |
|
|
63 |
%(4) |
|
|
194 |
% |
|
|
88 |
% |
|
|
133 |
% |
|
|
91 |
% |
|
|
129 |
% |
|
(1) |
The selected per share data
is calculated based on average shares outstanding method for the period. |
|
(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. |
|
(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. |
|
(6) |
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.
26
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. |
| |
|
Class
I Shares |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
For
the
Year
Ended
August 31,
2020 |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
40.36 |
|
|
$ |
34.11 |
|
|
$ |
33.16 |
|
|
$ |
38.33 |
|
|
$ |
32.93 |
|
|
$ |
32.62 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (1) |
|
|
0.19 |
|
|
|
0.52 |
|
|
|
0.45 |
|
|
|
0.45 |
|
|
|
0.38 |
|
|
|
0.41 |
|
|
Net
realized and unrealized gain/(loss) on Investments (2) |
|
|
(0.47 |
) |
|
|
6.18 |
|
|
|
1.62 |
|
|
|
(3.77 |
) |
|
|
5.24 |
|
|
|
1.06 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.28 |
) |
|
|
6.70 |
|
|
|
2.07 |
|
|
|
(3.32 |
) |
|
|
5.62 |
|
|
|
1.47 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.65 |
) |
|
|
(0.45 |
) |
|
|
(0.31 |
) |
|
|
(0.58 |
) |
|
|
(0.22 |
) |
|
|
(0.85 |
) |
|
Net
realized capital gain |
|
|
(6.93 |
) |
|
|
— |
|
|
|
(0.81 |
) |
|
|
(1.27 |
) |
|
|
— |
|
|
|
(0.31 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(7.58 |
) |
|
|
(0.45 |
) |
|
|
(1.12 |
) |
|
|
(1.85 |
) |
|
|
(0.22 |
) |
|
|
(1.16 |
) |
|
Net
Asset Value, end of period |
|
$ |
32.50 |
|
|
$ |
40.36 |
|
|
$ |
34.11 |
|
|
$ |
33.16 |
|
|
$ |
38.33 |
|
|
$ |
32.93 |
|
|
Total
investment return/(loss) (3) |
|
|
0.10 |
%(4) |
|
|
19.84 |
% |
|
|
6.39 |
% |
|
|
(9.20 |
)% |
|
|
17.15 |
% |
|
|
4.53 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
109,007 |
|
|
$ |
108,187 |
|
|
$ |
150,297 |
|
|
$ |
118,260 |
|
|
$ |
112,035 |
|
|
$ |
58,262 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
0.84 |
%(5) |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.97 |
% |
|
|
0.84 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.06 |
%(5) |
|
|
1.05 |
% |
|
|
1.00 |
% |
|
|
1.01 |
% |
|
|
1.10 |
% |
|
|
0.98 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
1.06 |
%(5) |
|
|
1.45 |
% |
|
|
1.37 |
% |
|
|
1.24 |
% |
|
|
1.26 |
% |
|
|
1.32 |
% |
|
Portfolio
turnover rate(6) |
|
|
82 |
%(4) |
|
|
102 |
% |
|
|
96 |
% |
|
|
87 |
% |
|
|
88 |
% |
|
|
122 |
% |
|
(1) |
The selected per share data
is calculated based on the average shares outstanding method for the period. |
|
(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. |
|
(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. |
|
(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.
27
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. |
| |
|
CLASS
I SHARES |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31,
2020(1) |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
11.93 |
|
|
$ |
10.28 |
|
|
$ |
9.80 |
|
|
$ |
11.69 |
|
|
$ |
10.60 |
|
|
$ |
10.00 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (2) |
|
|
0.70 |
|
|
|
0.06 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
(0.07 |
) |
|
|
(0.03 |
) |
|
Net
realized and unrealized gain/(loss) on Investments (3) |
|
|
(0.59 |
) |
|
|
1.64 |
|
|
|
0.46 |
|
|
|
(1.26 |
) |
|
|
1.16 |
|
|
|
0.63 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.11 |
|
|
|
1.70 |
|
|
|
0.49 |
|
|
|
(1.24 |
) |
|
|
1.09 |
|
|
|
0.60 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.75 |
) |
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
(0.40 |
) |
|
|
— |
(4) |
|
|
— |
|
|
Net
realized capital gain |
|
|
(0.22 |
) |
|
|
— |
|
|
|
— |
|
|
|
(0.25 |
) |
|
|
— |
(4) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.97 |
) |
|
|
(0.05 |
) |
|
|
(0.01 |
) |
|
|
(0.65 |
) |
|
|
— |
|
|
|
— |
|
|
Net
Asset Value, end of period |
|
$ |
11.07 |
|
|
$ |
11.93 |
|
|
$ |
10.28 |
|
|
$ |
9.80 |
|
|
$ |
11.69 |
|
|
$ |
10.60 |
|
|
Total
investment return/(loss) (5) |
|
|
1.12 |
%(8) |
|
|
16.62 |
% |
|
|
5.04 |
% |
|
|
(11.26 |
)% |
|
|
10.34 |
% |
|
|
6.00 |
%(8) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
39,632 |
|
|
$ |
26,929 |
|
|
$ |
21,217 |
|
|
$ |
15,527 |
|
|
$ |
10,807 |
|
|
$ |
6,408 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
1.22 |
%(6)(7) |
|
|
1.31 |
% |
|
|
1.47 |
% |
|
|
1.70 |
% |
|
|
1.70 |
% |
|
|
1.70 |
%(6) |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.22 |
%(6)(7) |
|
|
1.31 |
% |
|
|
1.37 |
% |
|
|
1.61 |
% |
|
|
1.75 |
% |
|
|
3.97 |
%(6) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
12.16 |
%(6) |
|
|
0.52 |
% |
|
|
0.26 |
% |
|
|
0.23 |
% |
|
|
(0.67 |
)% |
|
|
(1.08 |
)%(6) |
|
Portfolio
turnover rate(9) |
|
|
22 |
%(8) |
|
|
61 |
% |
|
|
61 |
% |
|
|
67 |
% |
|
|
170 |
% |
|
|
6 |
%(8) |
|
(1) |
The Fund commenced investment
operations on June 8, 2020. |
|
(2) |
The selected per share data
is calculated based on the average shares outstanding method for the period. |
|
(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. |
|
(4) |
Amount represents less than
$0.005 per share. |
|
(5) |
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. |
|
(7) |
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.
|
|
(9) |
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.
28
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. |
| |
|
CLASS
I SHARES |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
For
the
Year
Ended
August 31,
2021 |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31,
2020(1) |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
12.58 |
|
|
$ |
10.61 |
|
|
$ |
9.99 |
|
|
$ |
12.63 |
|
|
$ |
10.94 |
|
|
$ |
10.00 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (2) |
|
|
0.75 |
|
|
|
(0.03 |
) |
|
|
(0.06 |
) |
|
|
(0.03 |
) |
|
|
(0.14 |
) |
|
|
(0.04 |
) |
|
Net
realized and unrealized gain/(loss) on Investments (3) |
|
|
(0.83 |
) |
|
|
2.07 |
|
|
|
0.68 |
|
|
|
(1.27 |
) |
|
|
1.83 |
|
|
|
0.98 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.08 |
) |
|
|
2.04 |
|
|
|
0.62 |
|
|
|
(1.30 |
) |
|
|
1.69 |
|
|
|
0.94 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.85 |
) |
|
|
(0.01 |
) |
|
|
— |
(4) |
|
|
(0.75 |
) |
|
|
— |
|
|
|
— |
|
|
Net
realized capital gain |
|
|
(0.06 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
|
(0.59 |
) |
|
|
— |
|
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.91 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
|
(1.34 |
) |
|
|
— |
|
|
|
— |
|
|
Net
Asset Value, end of period |
|
$ |
11.59 |
|
|
$ |
12.58 |
|
|
$ |
10.61 |
|
|
$ |
9.99 |
|
|
$ |
12.63 |
|
|
$ |
10.94 |
|
|
Total
investment return/(loss) (5) |
|
|
0.26 |
%(6) |
|
|
19.25 |
% |
|
|
6.22 |
% |
|
|
(11.64 |
)% |
|
|
15.45 |
% |
|
|
9.40 |
%(6) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
42,371 |
|
|
$ |
28,007 |
|
|
$ |
19,555 |
|
|
$ |
12,988 |
|
|
$ |
10,940 |
|
|
$ |
7,327 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
1.19 |
%(7)(8) |
|
|
1.30 |
% |
|
|
1.53 |
% |
|
|
1.70 |
% |
|
|
1.70 |
% |
|
|
1.70 |
%(8) |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.23 |
%(7)(8) |
|
|
1.30 |
% |
|
|
1.48 |
% |
|
|
1.58 |
% |
|
|
1.74 |
% |
|
|
3.52 |
%(8) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
12.35 |
%(8) |
|
|
(0.26 |
)% |
|
|
(0.55 |
)% |
|
|
(0.29 |
)% |
|
|
(1.17 |
)% |
|
|
(1.58 |
)%(8) |
|
Portfolio
turnover rate(9) |
|
|
43 |
%(6) |
|
|
44 |
% |
|
|
26 |
% |
|
|
88 |
% |
|
|
178 |
% |
|
|
5 |
%(6) |
|
(1) |
The Fund commenced investment
operations on June 8, 2020. |
|
(2) |
The selected per share data
is calculated based on the average shares outstanding method for the period. |
|
(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. |
|
(4) |
Amount represents less than
$0.005 per share. |
|
(5) |
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. |
|
(7) |
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.
|
|
(9) |
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.
29
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. |
| |
|
CLASS
I SHARES |
|
| |
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITEd) |
|
|
For
the
Year
Ended
August 31,
2024 |
|
|
For
the
Year
Ended
August 31,
2023 |
|
|
For
the
Year
Ended
August 31,
2022 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31,
2021(1) |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31,
2020 |
|
|
Per
Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value, Beginning of Period |
|
$ |
32.28 |
|
|
$ |
27.50 |
|
|
$ |
25.53 |
|
|
$ |
38.64 |
|
|
$ |
28.16 |
|
|
$ |
25.67 |
|
|
Income/(Loss)
from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) (2) |
|
|
0.06 |
|
|
|
0.12 |
|
|
|
0.06 |
|
|
|
(0.10 |
) |
|
|
(0.15 |
) |
|
|
(0.10 |
) |
|
Net
realized and unrealized gain/(loss) on Investments (3) |
|
|
(1.47 |
) |
|
|
4.66 |
|
|
|
2.06 |
|
|
|
(2.97 |
) |
|
|
12.33 |
|
|
|
2.68 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(1.41 |
) |
|
|
4.78 |
|
|
|
2.12 |
|
|
|
(3.07 |
) |
|
|
12.18 |
|
|
|
2.58 |
|
|
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 |
) |
|
|
(0.09 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.67 |
) |
|
|
— |
|
|
|
(0.15 |
) |
|
|
(10.04 |
) |
|
|
(1.70 |
) |
|
|
(0.09 |
) |
|
Net
Asset Value, end of period |
|
$ |
30.20 |
|
|
$ |
32.28 |
|
|
$ |
27.50 |
|
|
$ |
25.53 |
|
|
$ |
38.64 |
|
|
$ |
28.16 |
|
|
Total
investment return/(loss) (4) |
|
|
(4.41 |
)%(6) |
|
|
17.38 |
% |
|
|
8.37 |
% |
|
|
(9.93 |
)% |
|
|
44.61 |
% |
|
|
10.04 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
115,157 |
|
|
$ |
124,720 |
|
|
$ |
103,502 |
|
|
$ |
89,836 |
|
|
$ |
97,409 |
|
|
$ |
57,109 |
|
|
Ratios
to Average Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio
of expenses to average net assets with waivers and reimbursements |
|
|
1.23 |
%(7) |
|
|
1.23 |
% |
|
|
1.23 |
% |
|
|
1.23 |
% |
|
|
1.07 |
% |
|
|
1.25 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements (5) |
|
|
1.26 |
%(7) |
|
|
1.26 |
% |
|
|
1.25 |
% |
|
|
1.33 |
% |
|
|
1.12 |
% |
|
|
1.38 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
0.40 |
%(7) |
|
|
0.42 |
% |
|
|
0.24 |
% |
|
|
(0.34 |
)% |
|
|
(0.37 |
)% |
|
|
(0.38 |
)% |
|
Portfolio
turnover rate (8) |
|
|
95 |
%(6) |
|
|
211 |
% |
|
|
197 |
% |
|
|
270 |
% |
|
|
314 |
% |
|
|
302 |
% |
|
(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.
|
|
(2) |
Calculated based on average
shares outstanding for the period. |
|
(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. |
|
(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. |
|
(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). |
|
(8) |
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.
30
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
Organization and Significant Accounting Policies
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment
company. RBB is a “series fund,” which is a 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 seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the
Company.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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
31
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
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).
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
217,213,468 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
217,213,468 |
|
|
Total
Investments |
|
$ |
217,213,468 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
217,213,468 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Global Equity Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
108,159,865 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
108,159,865 |
|
|
Total
Investments |
|
$ |
108,159,865 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
108,159,865 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
| |
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Total |
|
|
SGI
PRUDENT GROWTH Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Traded Funds |
|
$ |
20,444,502 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,444,502 |
|
|
Open-End
Fund |
|
|
18,841,512 |
|
|
|
— |
|
|
|
— |
|
|
|
18,841,512 |
|
|
Total
Investments |
|
$ |
39,286,014 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39,286,014 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
PEAK GROWTH FUND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange
Traded Funds |
|
$ |
37,744,890 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
37,744,890 |
|
|
Open-End
Fund |
|
|
4,049,212 |
|
|
|
— |
|
|
|
— |
|
|
|
4,049,212 |
|
|
Total
Investments |
|
$ |
41,794,102 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,794,102 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
SMALL CAP core Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stocks |
|
$ |
111,293,438 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
111,293,438 |
|
|
Exchange
Traded Funds |
|
|
2,635,363 |
|
|
|
— |
|
|
|
— |
|
|
|
2,635,363 |
|
|
Total
Investments |
|
$ |
113,928,801 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
113,928,801 |
|
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
33
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
upon
the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the
“Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the
Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds
(such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in
such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are
accrued daily and taken into account for the purpose of determining the NAV of the Funds.
Dividends
and Distributions to Shareholders — Dividends from net investment
income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded
on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations,
which may differ from U.S. GAAP.
U.S.
tax status — No provision is made for U.S. income taxes as it is
each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under
Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be
sufficient to relieve it from U.S. income and excise taxes.
Cash
and Cash Equivalents — Cash and cash equivalents are valued at
cost plus accrued interest, which approximates market value.
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 |
|
| |
|
|
|
|
|
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. |
34
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
If
at any time a Fund’s total annual Fund operating expenses for a year are less than the relevant share class’ Expense Cap,
the Adviser is entitled to recoup from the Fund 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 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 recoupments were as follows:
|
FUND |
|
RECOUPMENTS |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
41,200 |
|
|
SGI
Global Equity Fund |
|
|
— |
|
|
SGI
Prudent Growth Fund |
|
|
— |
|
|
SGI
Peak Growth Fund |
|
|
— |
|
|
SGI
Small Cap Core Fund |
|
|
8,630 |
|
As
of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:
| |
|
EXPIRATION |
|
|
|
|
|
|
FUND |
|
August
31,
2025 |
|
|
August
31,
2026 |
|
|
August
31,
2027 |
|
|
AUGUST
31,
2028 |
|
|
Total |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
— |
|
|
$ |
85,923 |
|
|
$ |
88,693 |
|
|
$ |
10,125 |
|
|
$ |
184,741 |
|
|
SGI
Global Equity Fund |
|
|
209,841 |
|
|
|
210,693 |
|
|
|
280,270 |
|
|
|
117,342 |
|
|
|
818,146 |
|
|
SGI
Prudent Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
530 |
|
|
|
530 |
|
|
SGI
Peak Growth Fund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,858 |
|
|
|
5,858 |
|
|
SGI
Small Cap Core Fund |
|
|
80,306 |
|
|
|
21,348 |
|
|
|
59,572 |
|
|
|
28,660 |
|
|
|
189,886 |
|
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
35
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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.
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 |
|
$ |
143,544,507 |
|
|
$ |
163,294,959 |
|
|
SGI
Global Equity Fund |
|
|
88,836,545 |
|
|
|
86,146,993 |
|
|
SGI
Prudent Growth Fund |
|
|
21,920,931 |
|
|
|
6,841,753 |
|
|
SGI
Peak Growth Fund |
|
|
30,418,609 |
|
|
|
13,717,481 |
|
|
SGI
Small Cap Core Fund |
|
|
117,075,240 |
|
|
|
120,240,855 |
|
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.
36
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
As
of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund
were as follows:
|
FUND |
|
Federal
Tax
Cost |
|
|
Unrealized
Appreciation |
|
|
Unrealized
(Depreciation) |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
199,541,743 |
|
|
$ |
34,789,934 |
|
|
$ |
(2,800,568 |
) |
|
$ |
31,989,366 |
|
|
SGI
Global Equity Fund |
|
|
93,544,581 |
|
|
|
14,809,973 |
|
|
|
(2,269,049 |
) |
|
|
12,540,924 |
|
|
SGI
Prudent Growth Fund |
|
|
23,236,885 |
|
|
|
3,189,908 |
|
|
|
(172,947 |
) |
|
|
3,016,961 |
|
|
SGI
Peak Growth Fund |
|
|
24,123,868 |
|
|
|
4,143,776 |
|
|
|
(434,120 |
) |
|
|
3,709,656 |
|
|
SGI
Small Cap Core Fund |
|
|
107,242,820 |
|
|
|
17,091,856 |
|
|
|
(1,756,515 |
) |
|
|
15,335,341 |
|
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.
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, 2024, primarily attributable to Net Operating Losses and Deemed Distributions due to
Shareholder Redemptions, were reclassified among the following accounts:
|
FUND |
|
Distributable
Earnings/(loss) |
|
|
Paid-in
Capital |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
(34,860,265 |
) |
|
$ |
34,860,265 |
|
|
SGI
Global Equity Fund |
|
|
— |
|
|
|
— |
|
|
SGI
Prudent Growth Fund |
|
|
76 |
|
|
|
(76 |
) |
|
SGI
Peak Growth Fund |
|
|
— |
|
|
|
— |
|
|
SGI
Small Cap Core Fund |
|
|
24,302 |
|
|
|
(24,302 |
) |
As
of August 31, 2024, the components of distributable earnings on a tax basis were as follows:
|
FUND |
|
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-term
capital gains |
|
|
Capital
Loss Carry
Forward |
|
|
Qualified
Late-
Year Loss
Deferral |
|
|
Other
Temporary
Differences |
|
|
Net
Unrealized
Appreciation/
(Depreciation) |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
30,480,926 |
|
|
$ |
8,684,640 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,989,366 |
|
|
SGI
Global Equity Fund |
|
|
4,396,891 |
|
|
|
12,580,829 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,540,924 |
|
|
SGI
Prudent Growth Fund |
|
|
485,985 |
|
|
|
29,896 |
|
|
|
— |
|
|
|
— |
|
|
|
(9,033 |
) |
|
|
3,016,961 |
|
|
SGI
Peak Growth Fund |
|
|
100,150 |
|
|
|
251,652 |
|
|
|
— |
|
|
|
— |
|
|
|
(11,230 |
) |
|
|
3,709,656 |
|
|
SGI
Small Cap Core Fund |
|
|
529,604 |
|
|
|
— |
|
|
|
(450,290 |
) |
|
|
— |
|
|
|
— |
|
|
|
15,335,341 |
|
The
differences between the book and tax basis components of distributable earnings relate primarily to wash sales and investments in passive
foreign investment companies.
37
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
The
tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:
|
FUND |
|
Ordinary
Income |
|
|
Long-Term
Gains |
|
|
TOTAL |
|
|
SGI
U.S. Large Cap Equity Fund |
|
$ |
3,031,713 |
|
|
$ |
12,258,966 |
|
|
$ |
15,290,679 |
|
|
SGI
Global Equity Fund |
|
|
2,003,073 |
|
|
|
— |
|
|
|
2,003,073 |
|
|
SGI
Prudent Growth Fund |
|
|
114,358 |
|
|
|
— |
|
|
|
114,358 |
|
|
SGI
Peak Growth Fund |
|
|
14,474 |
|
|
|
117,001 |
|
|
|
131,475 |
|
|
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, 2024, the SGI Small Cap Core Fund had $450,290 of short-term loss carryovers. During the fiscal year, the SGI Prudent Growth
Fund utilized $180,794 and the SGI Small Cap Core Fund utilized $5,472,890 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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September
1, 2024.
|
FUND |
|
|
|
|
|
Late-year
ordinary loss
deferral |
|
|
post-october
capital loss
deferral |
|
|
SGI
U.S. Large Cap Equity Fund |
|
|
2024 |
|
|
$ |
— |
|
|
$ |
— |
|
|
SGI
Global Equity Fund |
|
|
2024 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Prudent Growth Fund |
|
|
2024 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Peak Growth Fund |
|
|
2024 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Small Cap Core Fund |
|
|
2024 |
|
|
|
— |
|
|
|
— |
|
38
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 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 |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
SGI
Prudent Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Dynamic Tactical ETF |
|
|
43,460 |
|
|
$ |
1,326,834 |
|
|
|
25,910 |
|
|
$ |
727,020 |
|
|
|
(1,030 |
) |
|
$ |
(31,600 |
) |
|
SGI
Enhanced Core ETF |
|
|
88,610 |
|
|
|
2,286,138 |
|
|
|
142,340 |
|
|
|
3,656,842 |
|
|
|
(3,300 |
) |
|
|
(85,611 |
) |
|
SGI
Enhanced Global Income ETF |
|
|
90,340 |
|
|
|
2,414,788 |
|
|
|
59,230 |
|
|
|
1,554,779 |
|
|
|
(4,150 |
) |
|
|
(111,130 |
) |
|
SGI
Global Equity Fund |
|
|
59,562 |
|
|
|
2,403,963 |
|
|
|
74,469 |
|
|
|
2,419,093 |
|
|
|
(2,044 |
) |
|
|
(82,412 |
) |
|
SGI
Small Cap Core Fund |
|
|
67,104 |
|
|
|
2,166,132 |
|
|
|
42,895 |
|
|
|
1,330,998 |
|
|
|
(6,496 |
) |
|
|
(209,748 |
) |
|
SGI
U.S. Large Cap Core ETF |
|
|
68,160 |
|
|
|
2,401,618 |
|
|
|
38,900 |
|
|
|
1,288,142 |
|
|
|
(61,030 |
) |
|
|
(2,064,911 |
) |
|
SGI
U.S. Large Cap Equity Fund |
|
|
375,480 |
|
|
|
8,162,944 |
|
|
|
302,689 |
|
|
|
5,495,500 |
|
|
|
(47,586 |
) |
|
|
(952,005 |
) |
| |
|
|
792,716 |
|
|
$ |
21,162,417 |
|
|
|
686,433 |
|
|
$ |
16,472,374 |
|
|
|
(125,636 |
) |
|
$ |
(3,537,417 |
) |
| |
|
August
31, 2024 |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Value |
|
|
SGI
Peak Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Dynamic Tactical ETF |
|
|
89,110 |
|
|
$ |
2,720,528 |
|
|
|
50,940 |
|
|
$ |
1,429,891 |
|
|
|
— |
|
|
$ |
— |
|
|
SGI
Enhanced Core ETF |
|
|
10,750 |
|
|
|
277,350 |
|
|
|
5,470 |
|
|
|
140,067 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Enhanced Global Income ETF |
|
|
155,590 |
|
|
|
4,158,921 |
|
|
|
85,780 |
|
|
|
2,248,279 |
|
|
|
(2,060 |
) |
|
|
(54,588 |
) |
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
— |
|
|
|
— |
|
|
|
310,200 |
|
|
|
8,333,701 |
|
|
|
— |
|
|
|
— |
|
|
SGI
Global Equity Fund |
|
|
97,995 |
|
|
|
3,955,071 |
|
|
|
32,765 |
|
|
|
1,084,869 |
|
|
|
(130,760 |
) |
|
|
(4,091,798 |
) |
|
SGI
Small Cap Core Fund |
|
|
150,204 |
|
|
|
4,848,588 |
|
|
|
14,561 |
|
|
|
445,893 |
|
|
|
(30,685 |
) |
|
|
(949,390 |
) |
|
SGI
U.S. Large Cap Core ETF |
|
|
102,610 |
|
|
|
3,615,463 |
|
|
|
151,248 |
|
|
|
4,959,480 |
|
|
|
(1,470 |
) |
|
|
(51,281 |
) |
|
SGI
U.S. Large Cap Equity Fund |
|
|
379,835 |
|
|
|
8,257,603 |
|
|
|
103,981 |
|
|
|
1,886,385 |
|
|
|
(483,816 |
) |
|
|
(8,570,425 |
) |
| |
|
|
986,094 |
|
|
$ |
27,833,524 |
|
|
|
754,945 |
|
|
$ |
20,528,565 |
|
|
|
(648,791 |
) |
|
$ |
(13,717,482 |
) |
39
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (Continued)
February
28, 2025 (Unaudited)
| |
|
February
28, 2025 |
|
|
Issuer
Name |
|
Dividend
Income |
|
|
Capital
Gain
Distribution |
|
|
Net
Change in
Unrealized
Appreciation/
(Depreciation) |
|
|
Realized
Gain/(Loss) |
|
|
Share
Balance |
|
|
Value |
|
|
Cost |
|
|
SGI
Prudent Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Dynamic Tactical ETF |
|
$ |
58,924 |
|
|
$ |
77,247 |
|
|
$ |
(82,888 |
) |
|
$ |
123 |
|
|
|
68,340 |
|
|
$ |
1,939,489 |
|
|
$ |
1,798,558 |
|
|
SGI
Enhanced Core ETF |
|
|
67,406 |
|
|
|
60,484 |
|
|
|
(20,498 |
) |
|
|
75 |
|
|
|
227,650 |
|
|
|
5,836,946 |
|
|
|
5,796,397 |
|
|
SGI
Enhanced Global Income ETF |
|
|
25,552 |
|
|
|
30,093 |
|
|
|
119,558 |
|
|
|
1,190 |
|
|
|
145,420 |
|
|
|
3,979,186 |
|
|
|
3,766,752 |
|
|
SGI
Global Equity Fund |
|
|
42,729 |
|
|
|
452,758 |
|
|
|
2,566,636 |
|
|
|
879 |
|
|
|
131,987 |
|
|
|
4,289,577 |
|
|
|
1,175,158 |
|
|
SGI
Small Cap Core Fund |
|
|
13,513 |
|
|
|
32,558 |
|
|
|
(168,787 |
) |
|
|
7,182 |
|
|
|
103,503 |
|
|
|
3,125,777 |
|
|
|
2,876,390 |
|
|
SGI
U.S. Large Cap Core ETF |
|
|
18,475 |
|
|
|
182,945 |
|
|
|
(3,305,506 |
) |
|
|
185,729 |
|
|
|
46,030 |
|
|
|
1,523,653 |
|
|
|
4,193,740 |
|
|
SGI
U.S. Large Cap Equity Fund |
|
|
41,460 |
|
|
|
1,534,731 |
|
|
|
(1,209,538 |
) |
|
|
(70,745 |
) |
|
|
630,583 |
|
|
|
11,426,157 |
|
|
|
11,581,387 |
|
| |
|
$ |
268,059 |
|
|
$ |
2,370,816 |
|
|
$ |
(2,101,023 |
) |
|
$ |
124,433 |
|
|
|
1,353,513 |
|
|
$ |
32,120,785 |
|
|
$ |
31,188,382 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Peak Growth Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SGI
Dynamic Tactical ETF |
|
$ |
119,572 |
|
|
$ |
156,756 |
|
|
$ |
(175,800 |
) |
|
$ |
— |
|
|
|
140,050 |
|
|
$ |
3,974,619 |
|
|
$ |
3,717,440 |
|
|
SGI
Enhanced Core ETF |
|
|
6,882 |
|
|
|
6,309 |
|
|
|
(1,535 |
) |
|
|
— |
|
|
|
16,220 |
|
|
|
415,881 |
|
|
|
410,278 |
|
|
SGI
Enhanced Global Income ETF |
|
|
42,998 |
|
|
|
50,888 |
|
|
|
195,725 |
|
|
|
(2 |
) |
|
|
239,310 |
|
|
|
6,548,335 |
|
|
|
6,196,060 |
|
|
SGI
Enhanced Nasdaq-100 ETF |
|
|
|
|
|
|
|
|
|
|
45,980 |
|
|
|
— |
|
|
|
310,200 |
|
|
|
8,379,681 |
|
|
|
8,333,701 |
|
|
SGI
Global Equity Fund |
|
|
67,925 |
|
|
|
719,733 |
|
|
|
(872,168 |
) |
|
|
(75,974 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
SGI
Small Cap Core Fund |
|
|
29,403 |
|
|
|
70,840 |
|
|
|
(333,711 |
) |
|
|
37,831 |
|
|
|
134,080 |
|
|
|
4,049,212 |
|
|
|
3,526,153 |
|
|
SGI
U.S. Large Cap Core ETF |
|
|
27,070 |
|
|
|
268,064 |
|
|
|
(169,445 |
) |
|
|
154 |
|
|
|
252,388 |
|
|
|
8,354,371 |
|
|
|
7,862,367 |
|
|
SGI
U.S. Large Cap Equity Fund |
|
|
40,527 |
|
|
|
1,500,172 |
|
|
|
(1,156,721 |
) |
|
|
(416,842 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| |
|
$ |
334,377 |
|
|
$ |
2,772,762 |
|
|
$ |
(2,467,675 |
) |
|
$ |
(454,833 |
) |
|
|
1,092,248 |
|
|
$ |
31,722,099 |
|
|
$ |
30,045,999 |
|
40
SUMMIT
GLOBAL INVESTMENTS
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
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.
41
SUMMIT
GLOBAL INVESTMENTS
Other
Information (Unaudited) (Concluded)
Proxy
Voting
Policies
and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge,
upon request, by calling (855) 744-8500 and on the SEC’s website at http://www.sec.gov.
Quarterly
Portfolio Schedules
The
Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
42
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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
Independent
Registered Public Accounting Firm
Ernst
& Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
US
Treasury 3 Month Bill ETF | (Nasdaq: TBIL)
US
Treasury 6 Month Bill ETF | (Nasdaq: XBIL)
US
Treasury 12 Month Bill ETF | (Nasdaq: OBIL)
US
Treasury 2 Year Note ETF | (Nasdaq: UTWO)
US
Treasury 3 Year Note ETF | (Nasdaq: UTRE)
US
Treasury 5 Year Note ETF | (Nasdaq: UFIV)
US
Treasury 7 Year Note ETF | (Nasdaq: USVN)
US
Treasury 10 Year Note ETF | (Nasdaq: UTEN)
US
Treasury 20 Year Bond ETF | (Nasdaq: UTWY)
US
Treasury 30 Year Bond ETF | (Nasdaq: UTHY)
Each
a series of The RBB Fund, Inc.
F/m
Investments LLC
US
Treasury 3 Month Bill ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 100.0% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 100.0% |
|
|
|
|
|
|
|
|
|
4.25%,
03/04/2025 (a) |
|
$ |
17,630,000 |
|
|
$ |
17,627,912 |
|
|
4.25%,
05/29/2025 (a) |
|
|
5,025,720,000 |
|
|
|
4,974,739,297 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $4,991,156,074) |
|
|
|
|
|
|
4,992,367,209 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $4,991,156,074) |
|
|
|
|
|
$ |
4,992,367,209 |
|
|
Liabilities
in Excess of Other Assets — (0.0)% (b) |
|
|
|
|
|
|
(64,948 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
4,992,302,261 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
|
(b) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 6 Month Bill ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 100.0% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 100.0% |
|
|
|
|
|
|
|
|
|
4.24%,
03/04/2025 (a) |
|
$ |
2,300,000 |
|
|
$ |
2,299,727 |
|
|
4.26%,
08/28/2025 (a) |
|
|
686,682,000 |
|
|
|
672,608,645 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $674,673,664) |
|
|
|
|
|
|
674,908,372 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $674,673,664) |
|
|
|
|
|
$ |
674,908,372 |
|
|
Other
Assets in Excess of Liabilities — 0.0% (b) |
|
|
|
|
|
|
21,186 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
674,929,558 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
|
(b) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 12 Month Bill ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 100.0% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 100.0% |
|
|
|
|
|
|
|
|
|
4.21%,
02/19/2026 (a) |
|
$ |
289,765,000 |
|
|
$ |
278,669,698 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $278,236,482) |
|
|
|
|
|
|
278,669,698 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $278,236,482) |
|
|
|
|
|
$ |
278,669,698 |
|
|
Other
Assets in Excess of Liabilities — 0.0% (b) |
|
|
|
|
|
|
39,417 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
278,709,115 |
|
Percentages
are stated as a percent of net assets.
(a) The
rate shown is the annualized effective yield as of February 28, 2025.
(b) Represents
less than 0.05% of net assets.
The
accompanying notes are an integral part of these financial statements.
US
Treasury 2 Year Note ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.7% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.13%, 02/28/2027 |
|
$ |
377,640,000 |
|
|
$ |
378,576,725 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $378,096,682) |
|
|
|
|
|
|
378,576,725 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.3% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 0.3% |
|
|
|
|
|
|
|
|
|
4.25%,
03/04/2025 (a) |
|
|
1,300,000 |
|
|
$ |
1,299,846 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $1,299,540) |
|
|
|
|
|
|
1,299,846 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $379,396,221) |
|
|
|
|
|
$ |
379,876,571 |
|
|
Other
Assets in Excess of Liabilities — 0.0% (b) |
|
|
|
|
|
|
25,537 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
379,902,108 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
|
(b) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 3 Year Note ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.8% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.25%, 02/15/2028 |
|
$ |
8,325,000 |
|
|
$ |
8,387,112 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $8,318,610) |
|
|
|
|
|
|
8,387,112 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $8,318,610) |
|
|
|
|
|
$ |
8,387,112 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
15,191 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
8,402,303 |
|
Percentages
are stated as a percent of net assets.
The
accompanying notes are an integral part of these financial statements.
US
Treasury 5 Year Note ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.6% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.00%, 02/28/2030 |
|
$ |
47,602,000 |
|
|
$ |
47,548,076 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $47,434,790) |
|
|
|
|
|
|
47,548,076 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.3% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 0.3% |
|
|
|
|
|
|
|
|
|
4.25%,
03/04/2025 (a) |
|
|
157,000 |
|
|
$ |
156,981 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $156,944) |
|
|
|
|
|
|
156,981 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.9% (Cost $47,591,735) |
|
|
|
|
|
$ |
47,705,057 |
|
|
Other
Assets in Excess of Liabilities — 0.1% |
|
|
|
|
|
|
40,495 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
47,745,552 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 7 Year Note ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.4% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.13%, 02/29/2032 |
|
$ |
5,260,000 |
|
|
$ |
5,258,767 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $5,241,519) |
|
|
|
|
|
|
5,258,767 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.4% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 0.4% |
|
|
|
|
|
|
|
|
|
4.25%,
03/04/2025 (a) |
|
|
19,000 |
|
|
$ |
18,998 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $18,993) |
|
|
|
|
|
|
18,998 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $5,260,512) |
|
|
|
|
|
$ |
5,277,765 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
9,985 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
5,287,750 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 10 Year Note ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.8% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.63%, 02/15/2035 |
|
$ |
166,773,000 |
|
|
$ |
172,101,918 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $168,985,132) |
|
|
|
|
|
|
172,101,918 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $168,985,132) |
|
|
|
|
|
$ |
172,101,918 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
322,572 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
172,424,490 |
|
Percentages
are stated as a percent of net assets.
The
accompanying notes are an integral part of these financial statements.
US
Treasury 20 Year Bond ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.6% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.75%, 02/15/2045 |
|
$ |
24,123,000 |
|
|
$ |
24,748,690 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $24,643,134) |
|
|
|
|
|
|
24,748,690 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 0.2% |
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bills — 0.2% |
|
|
|
|
|
|
|
|
|
4.25%,
03/04/2025 (a) |
|
|
52,000 |
|
|
$ |
51,994 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $51,982) |
|
|
|
|
|
|
51,994 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $24,695,115) |
|
|
|
|
|
$ |
24,800,684 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
44,085 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
24,844,769 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
The rate shown is the annualized
effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 30 Year Bond ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.8% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond, 4.63%, 02/15/2055 |
|
$ |
15,425,000 |
|
|
$ |
15,704,578 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $15,243,112) |
|
|
|
|
|
|
15,704,578 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.8% (Cost $15,243,112) |
|
|
|
|
|
$ |
15,704,578 |
|
|
Other
Assets in Excess of Liabilities — 0.2% |
|
|
|
|
|
|
26,759 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
15,731,337 |
|
Percentages
are stated as a percent of net assets.
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Assets and Liabilities
February
28, 2025 (Unaudited)
|
|
|
US
Treasury
3 Month
Bill ETF |
|
|
US
Treasury
6 Month
Bill ETF |
|
|
US
Treasury
12 Month
Bill ETF |
|
|
US
Treasury
2 Year
Note ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $—, $—, $—, and $378,096,682, respectively) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
378,576,725 |
|
|
Short-term
investments, at value (cost $ 4,991,156,074, $ 674,673,664, $278,236,482, and $1,299,540, respectively) |
|
|
4,992,367,209 |
|
|
|
674,908,372 |
|
|
|
278,669,698 |
|
|
|
1,299,846 |
|
|
Cash
equivalents |
|
|
321,515 |
|
|
|
82,982 |
|
|
|
70,567 |
|
|
|
21,950 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
12,996,651 |
|
|
|
2,003,586 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
— |
|
|
|
1,505,475 |
|
|
|
— |
|
|
|
— |
|
|
Interest |
|
|
180,693 |
|
|
|
13,868 |
|
|
|
397 |
|
|
|
47,874 |
|
|
Total
assets |
|
|
5,005,866,068 |
|
|
|
678,514,284 |
|
|
|
278,740,662 |
|
|
|
379,946,395 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
purchased |
|
|
— |
|
|
|
3,508,574 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares redeemed |
|
|
13,003,198 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Advisory
fees |
|
|
560,609 |
|
|
|
76,152 |
|
|
|
31,547 |
|
|
|
44,287 |
|
|
Total
liabilities |
|
|
13,563,807 |
|
|
|
3,584,726 |
|
|
|
31,547 |
|
|
|
44,287 |
|
|
Net
assets |
|
$ |
4,992,302,261 |
|
|
$ |
674,929,558 |
|
|
$ |
278,709,115 |
|
|
$ |
379,902,108 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
99,820 |
|
|
$ |
13,450 |
|
|
$ |
5,550 |
|
|
$ |
7,850 |
|
|
Paid-in
capital |
|
|
4,981,962,675 |
|
|
|
673,915,461 |
|
|
|
278,441,939 |
|
|
|
387,454,238 |
|
|
Total
distributable earnings/(losses) |
|
|
10,239,766 |
|
|
|
1,000,647 |
|
|
|
261,627 |
|
|
|
(7,559,980 |
) |
|
Net
assets |
|
$ |
4,992,302,261 |
|
|
$ |
674,929,558 |
|
|
$ |
278,709,115 |
|
|
$ |
379,902,108 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
99,820,000 |
|
|
|
13,450,000 |
|
|
|
5,550,000 |
|
|
|
7,850,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
50.01 |
|
|
$ |
50.18 |
|
|
$ |
50.22 |
|
|
$ |
48.40 |
|
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Assets and Liabilities (CONTINUED)
February
28, 2025 (Unaudited)
|
|
|
US
Treasury
3 Year
Note ETF |
|
|
US
Treasury
5 Year
Note ETF |
|
|
US
Treasury
7 Year
Note ETF |
|
|
US
Treasury
10 Year
Note ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $8,318,610, $47,434,790, $5,241,519 and $168,985,132, respectively) |
|
$ |
8,387,112 |
|
|
$ |
47,548,076 |
|
|
$ |
5,258,767 |
|
|
$ |
172,101,918 |
|
|
Short-term
investments, at value (cost $—, $156,944, $18,993, and $—, respectively) |
|
|
— |
|
|
|
156,981 |
|
|
|
18,998 |
|
|
|
— |
|
|
Cash
equivalents |
|
|
2,462 |
|
|
|
33,610 |
|
|
|
9,988 |
|
|
|
4,162 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
— |
|
|
|
2,916,495 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
— |
|
|
|
4,876,740 |
|
|
|
— |
|
|
|
10,995,800 |
|
|
Interest |
|
|
13,687 |
|
|
|
5,606 |
|
|
|
595 |
|
|
|
302,286 |
|
|
Total
assets |
|
|
8,403,261 |
|
|
|
55,537,508 |
|
|
|
5,288,348 |
|
|
|
183,404,166 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
purchased |
|
|
— |
|
|
|
4,860,825 |
|
|
|
— |
|
|
|
10,961,785 |
|
|
Capital
shares redeemed |
|
|
— |
|
|
|
2,926,044 |
|
|
|
— |
|
|
|
— |
|
|
Advisory
fees |
|
|
958 |
|
|
|
5,087 |
|
|
|
598 |
|
|
|
17,891 |
|
|
Total
liabilities |
|
|
958 |
|
|
|
7,791,956 |
|
|
|
598 |
|
|
|
10,979,676 |
|
|
Net
assets |
|
$ |
8,402,303 |
|
|
$ |
47,745,552 |
|
|
$ |
5,287,750 |
|
|
$ |
172,424,490 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
170 |
|
|
$ |
980 |
|
|
$ |
110 |
|
|
$ |
3,930 |
|
|
Paid-in
capital |
|
|
8,531,545 |
|
|
|
47,893,571 |
|
|
|
5,414,976 |
|
|
|
180,065,432 |
|
|
Total
distributable earnings/(losses) |
|
|
(129,412 |
) |
|
|
(148,999 |
) |
|
|
(127,335 |
) |
|
|
(7,640,262 |
) |
|
Net
assets |
|
$ |
8,402,303 |
|
|
$ |
47,745,552 |
|
|
$ |
5,287,750 |
|
|
$ |
172,424,490 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
170,000 |
|
|
|
980,000 |
|
|
|
110,000 |
|
|
|
3,930,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
49.43 |
|
|
$ |
48.72 |
|
|
$ |
48.07 |
|
|
$ |
43.87 |
|
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Assets and Liabilities (Concluded)
February
28, 2025 (Unaudited)
|
|
|
US
Treasury
20 Year
BOND ETF |
|
|
US
Treasury
30 Year
BOND ETF |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $24,643,134, $15,243,112, respectively) |
|
$ |
24,748,690 |
|
|
$ |
15,704,578 |
|
|
Short-term
investments, at value (cost $51,982, $—, respectively) |
|
|
51,994 |
|
|
|
— |
|
|
Cash
equivalents |
|
|
3,604 |
|
|
|
1,066 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
253 |
|
|
|
— |
|
|
Interest |
|
|
41,810 |
|
|
|
27,593 |
|
|
Total
assets |
|
|
24,846,351 |
|
|
|
15,733,237 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
Investments
purchased |
|
|
— |
|
|
|
— |
|
|
Capital
shares redeemed |
|
|
— |
|
|
|
— |
|
|
Advisory
fees |
|
|
1,582 |
|
|
|
1,900 |
|
|
Total
liabilities |
|
|
1,582 |
|
|
|
1,900 |
|
|
Net
assets |
|
$ |
24,844,769 |
|
|
$ |
15,731,337 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
550 |
|
|
$ |
360 |
|
|
Paid-in
capital |
|
|
26,119,313 |
|
|
|
17,728,721 |
|
|
Total
distributable earnings/(losses) |
|
|
(1,275,094 |
) |
|
|
(1,997,744 |
) |
|
Net
assets |
|
$ |
24,844,769 |
|
|
$ |
15,731,337 |
|
| |
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
550,000 |
|
|
|
360,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
45.17 |
|
|
$ |
43.70 |
|
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Operations
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (Unaudited)
|
|
|
US
Treasury
3 Month
Bill ETF |
|
|
US
Treasury
6 Month
Bill ETF |
|
|
US
Treasury
12 Month
Bill ETF |
|
|
US
Treasury
2 Year
Note ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
101,404,009 |
|
|
$ |
13,955,604 |
|
|
$ |
5,541,462 |
|
|
$ |
8,717,897 |
|
|
Securities
lending income, net |
|
|
349,346 |
|
|
|
57,173 |
|
|
|
368 |
|
|
|
70,796 |
|
|
Total
investment income |
|
|
101,753,355 |
|
|
|
14,012,777 |
|
|
|
5,541,830 |
|
|
|
8,788,693 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
3,360,335 |
|
|
|
474,286 |
|
|
|
198,352 |
|
|
|
326,535 |
|
|
Total
expenses |
|
|
3,360,335 |
|
|
|
474,286 |
|
|
|
198,352 |
|
|
|
326,535 |
|
|
Net
investment income/(loss) |
|
|
98,393,020 |
|
|
|
13,538,491 |
|
|
|
5,343,478 |
|
|
|
8,462,158 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
51,247 |
|
|
|
(366,196 |
) |
|
|
(236,218 |
) |
|
|
889,606 |
|
|
Net
realized gain from redemption in-kind |
|
|
3,242,815 |
|
|
|
899,561 |
|
|
|
344,335 |
|
|
|
(140,972 |
) |
|
Net
change in unrealized appreciation/ (depreciation) on investments |
|
|
(342,217 |
) |
|
|
182,703 |
|
|
|
335,729 |
|
|
|
(2,702,539 |
) |
|
Net
realized and unrealized gain/(loss) |
|
|
2,951,845 |
|
|
|
716,068 |
|
|
|
443,846 |
|
|
|
(1,953,905 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
101,344,865 |
|
|
$ |
14,254,559 |
|
|
$ |
5,787,324 |
|
|
$ |
6,508,253 |
|
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Operations (CONTINUED)
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (Unaudited)
|
|
|
US
Treasury
3 Year
Note ETF |
|
|
US
Treasury
5 Year
Note ETF |
|
|
US
Treasury
7 Year
Note ETF |
|
|
US
Treasury
10 Year
Note ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
151,540 |
|
|
$ |
712,881 |
|
|
$ |
107,479 |
|
|
$ |
3,132,877 |
|
|
Securities
lending income, net |
|
|
— |
|
|
|
5,830 |
|
|
|
— |
|
|
|
16,164 |
|
|
Total
investment income |
|
|
151,540 |
|
|
|
718,711 |
|
|
|
107,479 |
|
|
|
3,149,041 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
5,668 |
|
|
|
26,126 |
|
|
|
4,003 |
|
|
|
113,223 |
|
|
Total
expenses |
|
|
5,668 |
|
|
|
26,126 |
|
|
|
4,003 |
|
|
|
113,223 |
|
|
Net
investment income/(loss) |
|
|
145,872 |
|
|
|
692,585 |
|
|
|
103,476 |
|
|
|
3,035,818 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
(104,708 |
) |
|
|
(492,756 |
) |
|
|
(170,365 |
) |
|
|
(7,381,609 |
) |
|
Net
realized gain from redemption in-kind |
|
|
— |
|
|
|
194,882 |
|
|
|
52,498 |
|
|
|
38,095 |
|
|
Net
change in unrealized appreciation on investments |
|
|
75,368 |
|
|
|
160,415 |
|
|
|
32,156 |
|
|
|
4,008,386 |
|
|
Net
realized and unrealized gain/(loss) |
|
|
(29,340 |
) |
|
|
(137,459 |
) |
|
|
(85,712 |
) |
|
|
(3,335,128 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
116,532 |
|
|
$ |
555,126 |
|
|
$ |
17,764 |
|
|
$ |
(299,310 |
) |
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Statements
of Operations (Concluded)
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (Unaudited)
|
|
|
US
Treasury
20 Year
Bond ETF |
|
|
US
Treasury
30 Year
Bond ETF |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
362,093 |
|
|
$ |
383,912 |
|
|
Securities
lending income, net |
|
|
31,981 |
|
|
|
— |
|
|
Total
investment income |
|
|
394,074 |
|
|
|
383,912 |
|
| |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
12,767 |
|
|
|
12,971 |
|
|
Total
expenses |
|
|
12,767 |
|
|
|
12,971 |
|
|
Net
investment income/(loss) |
|
|
381,307 |
|
|
|
370,941 |
|
| |
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
(867,545 |
) |
|
|
(1,562,118 |
) |
|
Net
realized gain from redemption in-kind |
|
|
147,886 |
|
|
|
(47,569 |
) |
|
Net
change in unrealized appreciation on investments |
|
|
321,181 |
|
|
|
631,246 |
|
|
Net
realized and unrealized gain/(loss) |
|
|
(398,478 |
) |
|
|
(978,441 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(17,171 |
) |
|
$ |
(607,500 |
) |
The
accompanying notes are an integral part of these financial statements.
US
Treasury 3 Month Bill ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
Year ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
98,393,020 |
|
|
$ |
161,090,214 |
|
|
Net
realized gain/(loss) from investments |
|
|
3,294,062 |
|
|
|
(824,607 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(342,217 |
) |
|
|
1,563,232 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
101,344,865 |
|
|
|
161,828,839 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(101,138,814 |
) |
|
|
(155,670,454 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(101,138,814 |
) |
|
|
(155,670,454 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
5,442,794,571 |
|
|
|
12,999,111,483 |
|
|
Shares
redeemed |
|
|
(4,555,205,447 |
) |
|
|
(10,677,346,091 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
887,589,124 |
|
|
|
2,321,765,392 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
887,795,175 |
|
|
|
2,327,923,777 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
4,104,507,086 |
|
|
$ |
1,776,583,309 |
|
|
End
of period |
|
$ |
4,992,302,261 |
|
|
$ |
4,104,507,086 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
108,880,000 |
|
|
|
260,270,000 |
|
|
Shares
redeemed |
|
|
(91,090,000 |
) |
|
|
(213,730,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
17,790,000 |
|
|
|
46,540,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 6 Month Bill ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
13,538,491 |
|
|
$ |
27,508,304 |
|
|
Net
realized gain/(loss) from investments |
|
|
533,365 |
|
|
|
941,637 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
182,703 |
|
|
|
32,186 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
14,254,559 |
|
|
|
28,482,127 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(13,934,186 |
) |
|
|
(27,247,652 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(13,934,186 |
) |
|
|
(27,247,652 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
739,422,101 |
|
|
|
2,381,621,708 |
|
|
Shares
redeemed |
|
|
(663,306,741 |
) |
|
|
(2,095,680,768 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
76,115,360 |
|
|
|
285,940,940 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
76,435,733 |
|
|
|
287,175,415 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
598,493,825 |
|
|
$ |
311,318,410 |
|
|
End
of period |
|
$ |
674,929,558 |
|
|
$ |
598,493,825 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
14,740,000 |
|
|
|
47,590,000 |
|
|
Shares
redeemed |
|
|
(13,220,000 |
) |
|
|
(41,870,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
1,520,000 |
|
|
|
5,720,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 12 Month Bill ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
5,343,478 |
|
|
$ |
10,243,044 |
|
|
Net
realized gain/(loss) from investments |
|
|
108,117 |
|
|
|
807,722 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
335,729 |
|
|
|
162,196 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
5,787,324 |
|
|
|
11,212,962 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(5,356,763 |
) |
|
|
(10,123,493 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(5,356,763 |
) |
|
|
(10,123,493 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
307,187,766 |
|
|
|
399,728,007 |
|
|
Shares
redeemed |
|
|
(266,006,794 |
) |
|
|
(290,001,787 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
41,180,972 |
|
|
|
109,726,220 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
41,611,533 |
|
|
|
110,815,689 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
237,097,582 |
|
|
$ |
126,281,893 |
|
|
End
of period |
|
$ |
278,709,115 |
|
|
$ |
237,097,582 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
6,130,000 |
|
|
|
8,010,000 |
|
|
Shares
redeemed |
|
|
(5,310,000 |
) |
|
|
(5,810,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
820,000 |
|
|
|
2,200,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 2 Year Note ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
8,462,158 |
|
|
$ |
16,391,887 |
|
|
Net
realized gain/(loss) from investments |
|
|
748,634 |
|
|
|
1,433,311 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(2,702,539 |
) |
|
|
2,968,793 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
6,508,253 |
|
|
|
20,793,991 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(8,673,622 |
) |
|
|
(16,431,423 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(8,673,622 |
) |
|
|
(16,431,423 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
51,436,161 |
|
|
|
214,457,600 |
|
|
Shares
redeemed |
|
|
(121,842,850 |
) |
|
|
(71,688,277 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(70,406,689 |
) |
|
|
142,769,323 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(72,572,058 |
) |
|
|
147,131,891 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
452,474,166 |
|
|
$ |
305,342,275 |
|
|
End
of period |
|
$ |
379,902,108 |
|
|
$ |
452,474,166 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,060,000 |
|
|
|
4,470,000 |
|
|
Shares
redeemed |
|
|
(2,530,000 |
) |
|
|
(1,490,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
(1,470,000 |
) |
|
|
2,980,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 3 Year Note ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
145,872 |
|
|
$ |
236,722 |
|
|
Net
realized gain/(loss) from investments |
|
|
(104,708 |
) |
|
|
68,314 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
75,368 |
|
|
|
(11,081 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
116,532 |
|
|
|
293,955 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(142,407 |
) |
|
|
(233,355 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(142,407 |
) |
|
|
(233,355 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
973,633 |
|
|
|
37,055,893 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
(31,132,512 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
973,633 |
|
|
|
5,923,381 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
947,758 |
|
|
|
5,983,981 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
7,454,545 |
|
|
$ |
1,470,564 |
|
|
End
of period |
|
$ |
8,402,303 |
|
|
$ |
7,454,545 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
20,000 |
|
|
|
750,000 |
|
|
Shares
redeemed |
|
|
— |
|
|
|
(630,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
20,000 |
|
|
|
120,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 5 Year Note ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
692,585 |
|
|
$ |
587,376 |
|
|
Net
realized gain/(loss) from investments |
|
|
(297,874 |
) |
|
|
473,103 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
160,415 |
|
|
|
(54,206 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
555,126 |
|
|
|
1,006,273 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(665,343 |
) |
|
|
(563,162 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(665,343 |
) |
|
|
(563,162 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
55,814,639 |
|
|
|
56,333,058 |
|
|
Shares
redeemed |
|
|
(32,167,312 |
) |
|
|
(36,939,589 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
23,647,327 |
|
|
|
19,393,469 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
23,537,110 |
|
|
|
19,836,580 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
24,208,442 |
|
|
$ |
4,371,862 |
|
|
End
of period |
|
$ |
47,745,552 |
|
|
$ |
24,208,442 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,140,000 |
|
|
|
1,150,000 |
|
|
Shares
redeemed |
|
|
(650,000 |
) |
|
|
(750,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
490,000 |
|
|
|
400,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 7 Year Note ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
103,476 |
|
|
$ |
179,598 |
|
|
Net
realized gain/(loss) from investments |
|
|
(117,867 |
) |
|
|
171,568 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
32,155 |
|
|
|
(16,332 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
17,764 |
|
|
|
334,834 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(103,173 |
) |
|
|
(169,345 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(103,173 |
) |
|
|
(169,345 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
5,437,421 |
|
|
|
14,998,698 |
|
|
Shares
redeemed |
|
|
(5,455,956 |
) |
|
|
(10,735,308 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(18,535 |
) |
|
|
4,263,390 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(103,944 |
) |
|
|
4,428,879 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
5,391,694 |
|
|
$ |
962,815 |
|
|
End
of period |
|
$ |
5,287,750 |
|
|
$ |
5,391,694 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
110,000 |
|
|
|
310,000 |
|
|
Shares
redeemed |
|
|
(110,000 |
) |
|
|
(220,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
— |
|
|
|
90,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 10 Year Note ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
3,035,818 |
|
|
$ |
4,600,011 |
|
|
Net
realized gain/(loss) from investments |
|
|
(7,343,514 |
) |
|
|
7,485,606 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
4,008,386 |
|
|
|
(1,296,293 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(299,310 |
) |
|
|
10,789,324 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,992,111 |
) |
|
|
(4,342,882 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,992,111 |
) |
|
|
(4,342,882 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
42,165,385 |
|
|
|
325,251,999 |
|
|
Shares
redeemed |
|
|
(23,424,200 |
) |
|
|
(230,817,259 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
18,741,185 |
|
|
|
94,434,740 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
15,449,764 |
|
|
|
100,881,182 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
156,974,726 |
|
|
$ |
56,093,544 |
|
|
End
of period |
|
$ |
172,424,490 |
|
|
$ |
156,974,726 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
970,000 |
|
|
|
7,370,000 |
|
|
Shares
redeemed |
|
|
(530,000 |
) |
|
|
(5,140,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
440,000 |
|
|
|
2,230,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 20 Year Bond ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
381,307 |
|
|
$ |
607,712 |
|
|
Net
realized gain/(loss) from investments |
|
|
(719,659 |
) |
|
|
2,343,906 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
321,181 |
|
|
|
(221,457 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(17,171 |
) |
|
|
2,730,161 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(407,438 |
) |
|
|
(615,765 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(407,438 |
) |
|
|
(615,765 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
23,068,604 |
|
|
|
107,378,565 |
|
|
Shares
redeemed |
|
|
(24,048,796 |
) |
|
|
(85,117,835 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(980,192 |
) |
|
|
22,260,730 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(1,404,801 |
) |
|
|
24,375,126 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
26,249,570 |
|
|
$ |
1,874,444 |
|
|
End
of period |
|
$ |
24,844,769 |
|
|
$ |
26,249,570 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
500,000 |
|
|
|
2,340,000 |
|
|
Shares
redeemed |
|
|
(510,000 |
) |
|
|
(1,820,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
(10,000 |
) |
|
|
520,000 |
|
The
accompanying notes are an integral part of these financial statements.
US
Treasury 30 Year Bond ETF
STATEMENTS
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
YEAR ENDED
AUGUST 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
370,941 |
|
|
$ |
584,351 |
|
|
Net
realized gain/(loss) from investments |
|
|
(1,609,687 |
) |
|
|
1,612,752 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
631,246 |
|
|
|
(208,473 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(607,500 |
) |
|
|
1,988,630 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(373,867 |
) |
|
|
(582,433 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(373,867 |
) |
|
|
(582,433 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
864,056 |
|
|
|
48,337,298 |
|
|
Shares
redeemed |
|
|
(2,106,020 |
) |
|
|
(34,570,894 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(1,241,964 |
) |
|
|
13,766,404 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
(2,223,331 |
) |
|
|
15,172,601 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
17,954,668 |
|
|
$ |
2,782,067 |
|
|
End
of period |
|
$ |
15,731,337 |
|
|
$ |
17,954,668 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
20,000 |
|
|
|
1,070,000 |
|
|
Shares
redeemed |
|
|
(50,000 |
) |
|
|
(740,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
(30,000 |
) |
|
|
330,000 |
|
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.04 |
|
|
$ |
50.06 |
|
|
$ |
49.80 |
|
|
$ |
49.75 |
|
|
Net
investment income/(loss)(2) |
|
|
1.09 |
|
|
|
2.61 |
|
|
|
2.49 |
|
|
|
0.09 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.03 |
|
|
|
— |
(3) |
|
|
(0.29 |
) |
|
|
(0.04 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.12 |
|
|
|
2.61 |
|
|
|
2.20 |
|
|
|
0.05 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.15 |
) |
|
|
(2.63 |
) |
|
|
(1.94 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(1.15 |
) |
|
|
(2.63 |
) |
|
|
(1.94 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
50.01 |
|
|
$ |
50.04 |
|
|
$ |
50.06 |
|
|
$ |
49.80 |
|
|
Market
value, end of period |
|
$ |
50.01 |
|
|
$ |
50.03 |
|
|
$ |
50.10 |
|
|
$ |
49.81 |
|
|
Total
investment return/(loss) on net asset value(4) |
|
|
2.28 |
%(5) |
|
|
5.37 |
% |
|
|
4.50 |
% |
|
|
0.10 |
%(5) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
4,992,302 |
|
|
$ |
4,104,507 |
|
|
$ |
1,776,583 |
|
|
$ |
38,844 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(6) |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.15 |
%(6) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.39 |
%(6) |
|
|
5.21 |
% |
|
|
4.98 |
% |
|
|
2.61 |
%(6) |
|
Portfolio
turnover rate |
|
|
0 |
%(5) |
|
|
0 |
% |
|
|
0 |
% |
|
|
0 |
%(5) |
|
(1) |
Inception date of the Fund
was August 8, 2022. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Rounds to less than $0.005
per share. |
|
(4) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.17 |
|
|
$ |
50.13 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.06 |
|
|
|
2.58 |
|
|
|
1.28 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.06 |
|
|
|
0.09 |
|
|
|
(0.12 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.12 |
|
|
|
2.67 |
|
|
|
1.16 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.11 |
) |
|
|
(2.63 |
) |
|
|
(1.03 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.11 |
) |
|
|
(2.63 |
) |
|
|
(1.03 |
) |
|
Net
asset value, end of period |
|
$ |
50.18 |
|
|
$ |
50.17 |
|
|
$ |
50.13 |
|
|
Market
value, end of period |
|
$ |
50.20 |
|
|
$ |
50.17 |
|
|
$ |
50.17 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
2.28 |
%(4) |
|
|
5.48 |
% |
|
|
2.35 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
674,930 |
|
|
$ |
598,494 |
|
|
$ |
311,318 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.28 |
%(5) |
|
|
5.14 |
% |
|
|
5.26 |
%(5) |
|
Portfolio
turnover rate |
|
|
0 |
%(4) |
|
|
0 |
% |
|
|
0 |
%(4) |
|
(1) |
Inception date of the Fund
was March 6, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
Period
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.13 |
|
|
$ |
49.91 |
|
|
$ |
50.07 |
|
|
Net
investment income/(loss)(2) |
|
|
1.00 |
|
|
|
2.47 |
|
|
|
1.96 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.13 |
|
|
|
0.25 |
|
|
|
(0.48 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
1.13 |
|
|
|
2.72 |
|
|
|
1.48 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.04 |
) |
|
|
(2.50 |
) |
|
|
(1.64 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.04 |
) |
|
|
(2.50 |
) |
|
|
(1.64 |
) |
|
Net
asset value, end of period |
|
$ |
50.22 |
|
|
$ |
50.13 |
|
|
$ |
49.91 |
|
|
Market
value, end of period |
|
$ |
50.23 |
|
|
$ |
50.14 |
|
|
$ |
49.94 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
2.27 |
%(4) |
|
|
5.58 |
% |
|
|
3.01 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
278,709 |
|
|
$ |
237,098 |
|
|
$ |
126,282 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.04 |
%(5) |
|
|
4.94 |
% |
|
|
4.93 |
%(5) |
|
Portfolio
turnover rate |
|
|
0 |
%(4) |
|
|
0 |
% |
|
|
0 |
%(4) |
|
(1) |
Inception date of the Fund
was November 14, 2022. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
48.55 |
|
|
$ |
48.16 |
|
|
$ |
49.74 |
|
|
$ |
49.84 |
|
|
Net
investment income/(loss)(2) |
|
|
0.93 |
|
|
|
2.16 |
|
|
|
2.02 |
|
|
|
0.11 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.14 |
) |
|
|
0.43 |
|
|
|
(1.84 |
) |
|
|
(0.21 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.79 |
|
|
|
2.59 |
|
|
|
0.18 |
|
|
|
(0.10 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.94 |
) |
|
|
(2.20 |
) |
|
|
(1.76 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.94 |
) |
|
|
(2.20 |
) |
|
|
(1.76 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
48.40 |
|
|
$ |
48.55 |
|
|
$ |
48.16 |
|
|
$ |
49.74 |
|
|
Market
value, end of period |
|
$ |
48.41 |
|
|
$ |
48.56 |
|
|
$ |
48.19 |
|
|
$ |
49.74 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
1.67 |
%(4) |
|
|
5.54 |
% |
|
|
0.38 |
% |
|
|
(0.20 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
379,902 |
|
|
$ |
452,474 |
|
|
$ |
305,342 |
|
|
$ |
17,907 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
3.89 |
%(5) |
|
|
4.49 |
% |
|
|
4.15 |
% |
|
|
3.54 |
%(5) |
|
Portfolio
turnover rate |
|
|
701 |
%(4) |
|
|
1091 |
% |
|
|
1048 |
% |
|
|
100 |
%(4) |
|
(1) |
Inception date of the Fund
was August 8, 2022. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
49.70 |
|
|
$ |
49.02 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.94 |
|
|
|
2.01 |
|
|
|
0.82 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.28 |
) |
|
|
0.76 |
|
|
|
(1.15 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.66 |
|
|
|
2.77 |
|
|
|
(0.33 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.93 |
) |
|
|
(2.09 |
) |
|
|
(0.65 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.93 |
) |
|
|
(2.09 |
) |
|
|
(0.65 |
) |
|
Net
asset value, end of period |
|
$ |
49.43 |
|
|
$ |
49.70 |
|
|
$ |
49.02 |
|
|
Market
value, end of period |
|
$ |
49.46 |
|
|
$ |
49.70 |
|
|
$ |
49.04 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
1.39 |
%(4) |
|
|
5.82 |
% |
|
|
(0.66 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
8,402 |
|
|
$ |
7,455 |
|
|
$ |
1,471 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
3.86 |
%(5) |
|
|
4.09 |
% |
|
|
3.86 |
%(5) |
|
Portfolio
turnover rate |
|
|
590 |
%(4) |
|
|
905 |
% |
|
|
422 |
%(4) |
|
(1) |
Inception date of the Fund
was March 27, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
49.40 |
|
|
$ |
48.58 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.95 |
|
|
|
1.98 |
|
|
|
0.79 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.70 |
) |
|
|
0.86 |
|
|
|
(1.63 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.25 |
|
|
|
2.84 |
|
|
|
(0.84 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.93 |
) |
|
|
(2.02 |
) |
|
|
(0.58 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.93 |
) |
|
|
(2.02 |
) |
|
|
(0.58 |
) |
|
Net
asset value, end of period |
|
$ |
48.72 |
|
|
$ |
49.40 |
|
|
$ |
48.58 |
|
|
Market
value, end of period |
|
$ |
48.76 |
|
|
$ |
49.40 |
|
|
$ |
48.61 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
0.61 |
%(4) |
|
|
6.06 |
% |
|
|
(1.69 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
47,746 |
|
|
$ |
24,208 |
|
|
$ |
4,372 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
3.98 |
%(5) |
|
|
4.09 |
% |
|
|
3.77 |
%(5) |
|
Portfolio
turnover rate |
|
|
558 |
%(4) |
|
|
1036 |
% |
|
|
548 |
%(4) |
|
(1) |
Inception date of the Fund
was March 27, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
49.02 |
|
|
$ |
48.14 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.92 |
|
|
|
1.97 |
|
|
|
0.75 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.93 |
) |
|
|
0.90 |
|
|
|
(2.03 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.01 |
) |
|
|
2.87 |
|
|
|
(1.28 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.94 |
) |
|
|
(1.99 |
) |
|
|
(0.58 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.94 |
) |
|
|
(1.99 |
) |
|
|
(0.58 |
) |
|
Net
asset value, end of period |
|
$ |
48.07 |
|
|
$ |
49.02 |
|
|
$ |
48.14 |
|
|
Market
value, end of period |
|
$ |
48.16 |
|
|
$ |
49.02 |
|
|
$ |
48.16 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
0.15 |
%(4) |
|
|
6.15 |
% |
|
|
(2.58 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
5,288 |
|
|
$ |
5,392 |
|
|
$ |
963 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
3.88 |
%(5) |
|
|
4.11 |
% |
|
|
3.55 |
%(5) |
|
Portfolio
turnover rate |
|
|
496 |
%(4) |
|
|
1064 |
% |
|
|
497 |
%(4) |
|
(1) |
Inception date of the Fund
was March 27, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023 |
|
|
2022(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
44.98 |
|
|
$ |
44.52 |
|
|
$ |
48.41 |
|
|
$ |
49.91 |
|
|
Net
investment income/(loss)(2) |
|
|
0.87 |
|
|
|
1.79 |
|
|
|
1.55 |
|
|
|
0.09 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(1.12 |
) |
|
|
0.42 |
|
|
|
(3.88 |
) |
|
|
(1.59 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.25 |
) |
|
|
2.21 |
|
|
|
(2.33 |
) |
|
|
(1.50 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.86 |
) |
|
|
(1.75 |
) |
|
|
(1.56 |
) |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
(0.86 |
) |
|
|
(1.75 |
) |
|
|
(1.56 |
) |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
43.87 |
|
|
$ |
44.98 |
|
|
$ |
44.52 |
|
|
$ |
48.41 |
|
|
Market
value, end of period |
|
$ |
44.00 |
|
|
$ |
45.00 |
|
|
$ |
44.55 |
|
|
$ |
48.26 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
(0.28 |
)%(4) |
|
|
5.15 |
% |
|
|
(4.87 |
)% |
|
|
(3.00 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
172,424 |
|
|
$ |
156,975 |
|
|
$ |
56,094 |
|
|
$ |
20,334 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.02 |
%(5) |
|
|
4.08 |
% |
|
|
3.40 |
% |
|
|
2.77 |
%(5) |
|
Portfolio
turnover rate |
|
|
197 |
%(4) |
|
|
317 |
% |
|
|
289 |
% |
|
|
97 |
%(4) |
|
(1) |
Inception date of the Fund
was August 8, 2022. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
46.87 |
|
|
$ |
46.86 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.01 |
|
|
|
2.00 |
|
|
|
0.81 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(1.75 |
) |
|
|
(0.01 |
)(6) |
|
|
(3.34 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.74 |
) |
|
|
1.99 |
|
|
|
(2.53 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.96 |
) |
|
|
(1.98 |
) |
|
|
(0.61 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.96 |
) |
|
|
(1.98 |
) |
|
|
(0.61 |
) |
|
Net
asset value, end of period |
|
$ |
45.17 |
|
|
$ |
46.87 |
|
|
$ |
46.86 |
|
|
Market
value, end of period |
|
$ |
45.41 |
|
|
$ |
46.87 |
|
|
$ |
46.89 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
(1.16 |
)%(4) |
|
|
4.47 |
% |
|
|
(5.10 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
24,845 |
|
|
$ |
26,250 |
|
|
$ |
1,874 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.48 |
%(5) |
|
|
4.38 |
% |
|
|
3.87 |
%(5) |
|
Portfolio
turnover rate |
|
|
186 |
%(4) |
|
|
344 |
% |
|
|
219 |
%(4) |
|
(1) |
Inception date of the Fund
was March 27, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
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. |
|
(6) |
The amount shown for a share
outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases
and redemptions of the Fund shares in relation to fluctuating market values of the investments of the Fund. |
The
accompanying notes are an integral part of these financial statements.
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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
YEAR
ENDED
AUGUST 31, |
|
|
FOR
THE
PERIOD
ENDED
AUGUST 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024 |
|
|
2023(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
46.04 |
|
|
$ |
46.37 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
0.93 |
|
|
|
1.89 |
|
|
|
0.77 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(2.33 |
) |
|
|
(0.34 |
)(6) |
|
|
(3.83 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(1.40 |
) |
|
|
1.55 |
|
|
|
(3.06 |
) |
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.94 |
) |
|
|
(1.88 |
) |
|
|
(0.57 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(0.94 |
) |
|
|
(1.88 |
) |
|
|
(0.57 |
) |
|
Net
asset value, end of period |
|
$ |
43.70 |
|
|
$ |
46.04 |
|
|
$ |
46.37 |
|
|
Market
value, end of period |
|
$ |
43.96 |
|
|
$ |
46.07 |
|
|
$ |
46.38 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
(2.42 |
)%(4) |
|
|
3.59 |
% |
|
|
(6.17 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
15,731 |
|
|
$ |
17,955 |
|
|
$ |
2,782 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
% |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.29 |
%(5) |
|
|
4.25 |
% |
|
|
3.72 |
%(5) |
|
Portfolio
turnover rate |
|
|
191 |
%(4) |
|
|
286 |
% |
|
|
180 |
%(4) |
|
(1) |
Inception date of the Fund
was March 27, 2023. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
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. |
|
(6) |
The amount shown for a share
outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases
and redemptions of the Fund shares in relation to fluctuating market values of the investments of the Fund. |
The
accompanying notes are an integral part of these financial statements.
US
Benchmark Series
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the US Treasury 3
Month Bill ETF, the US Treasury 6 Month Bill ETF, the US Treasury 12 Month Bill ETF, the US Treasury 2 Year Note ETF, the US Treasury
3 Year Note ETF, the US Treasury 5 Year Note ETF, the US Treasury 7 Year Note ETF, the US Treasury 10 Year Note ETF, the US Treasury 20
Year Bond ETF, and the US Treasury 30 Year Bond ETF (each a “Fund” and together the “Funds” or “US Benchmark
Series”).
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
The
investment objective of the US Treasury 3 Month Bill ETF, the US Treasury 6 Month Bill ETF, the US Treasury 12 Month Bill ETF, the US
Treasury 2 Year Note ETF, the US Treasury 3 Year Note ETF, the US Treasury 5 Year Note ETF, the US Treasury 7 Year Note ETF, the US Treasury
10 Year Note ETF, the US Treasury 20 Year Bond ETF, and the 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 (“Underlying 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.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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. 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.
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure
the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Funds’ investments carried
at fair value:
|
US
TREASURY 3 MONTH BILL ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Bills |
|
$ |
4,992,367,209 |
|
|
$ |
— |
|
|
$ |
4,992,367,209 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
4,992,367,209 |
|
|
$ |
— |
|
|
$ |
4,992,367,209 |
|
|
$ |
— |
|
|
US
TREASURY 6 MONTH BILL ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Bills |
|
$ |
674,908,372 |
|
|
$ |
— |
|
|
$ |
674,908,372 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
674,908,372 |
|
|
$ |
— |
|
|
$ |
674,908,372 |
|
|
$ |
— |
|
|
US
TREASURY 12 MONTH BILL ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Bills |
|
$ |
278,669,698 |
|
|
$ |
— |
|
|
$ |
278,669,698 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
278,669,698 |
|
|
$ |
— |
|
|
$ |
278,669,698 |
|
|
$ |
— |
|
|
US
TREASURY 2 YEAR NOTE ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
378,576,725 |
|
|
$ |
— |
|
|
$ |
378,576,725 |
|
|
$ |
— |
|
|
U.S.
Treasury Bills |
|
$ |
1,299,846 |
|
|
$ |
— |
|
|
$ |
1,299,846 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
379,876,571 |
|
|
$ |
— |
|
|
$ |
379,876,571 |
|
|
$ |
— |
|
|
US
TREASURY 3 YEAR NOTE ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
8,387,112 |
|
|
$ |
— |
|
|
$ |
8,387,112 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
8,387,112 |
|
|
$ |
— |
|
|
$ |
8,387,112 |
|
|
$ |
— |
|
|
US
TREASURY 5 YEAR NOTE ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
47,548,076 |
|
|
$ |
— |
|
|
$ |
47,548,076 |
|
|
$ |
— |
|
|
U.S.
Treasury Bills |
|
$ |
156,981 |
|
|
$ |
— |
|
|
$ |
156,981 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
47,705,057 |
|
|
$ |
— |
|
|
$ |
47,705,057 |
|
|
$ |
— |
|
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
|
US
TREASURY 7 YEAR NOTE ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
5,258,767 |
|
|
$ |
— |
|
|
$ |
5,258,767 |
|
|
$ |
— |
|
|
U.S.
Treasury Bills |
|
$ |
18,998 |
|
|
$ |
— |
|
|
$ |
18,998 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
5,277,765 |
|
|
$ |
— |
|
|
$ |
5,277,765 |
|
|
$ |
— |
|
|
US
TREASURY 10 YEAR NOTE ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
172,101,918 |
|
|
$ |
— |
|
|
$ |
172,101,918 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
172,101,918 |
|
|
$ |
— |
|
|
$ |
172,101,918 |
|
|
$ |
— |
|
|
US
TREASURY 20 YEAR BOND ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
24,748,690 |
|
|
$ |
— |
|
|
$ |
24,748,690 |
|
|
$ |
— |
|
|
U.S.
Treasury Bills |
|
$ |
51,994 |
|
|
$ |
— |
|
|
$ |
51,994 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
24,800,684 |
|
|
$ |
— |
|
|
$ |
24,800,684 |
|
|
$ |
— |
|
|
US
TREASURY 30 YEAR BOND ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
15,704,578 |
|
|
$ |
— |
|
|
$ |
15,704,578 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
15,704,578 |
|
|
$ |
— |
|
|
$ |
15,704,578 |
|
|
$ |
— |
|
|
*
|
Please refer to the Schedule
of Investments for further details. |
Due
to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value
of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly
from the values that would have been used had a ready market existed for such investments and may differ materially from the values the
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
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 Funds’ investment income, expenses (other than class specific expenses) and unrealized
and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class
at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated
funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class,
fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged
to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable.
Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of
determining the NAV of the Funds.
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially
all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions,
if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term
capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment
service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both
income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without
this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments,
investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available
and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders
to adhere to specific procedures and timetables.
U.S.
TAX STATUS — No provision is made for U.S. income taxes as it is each
Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter
M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.
OTHER
— In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s
maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot
be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
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
Equivalents and Short-Term InvestmentS - 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.
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.
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 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.
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 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 U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements
for U.S. Government Securities.
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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.
Reverse
Repurchase Agreement - Reverse repurchase agreements are a form of secured
borrowing and subject a Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the
amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. If the securities held
by a Fund decline in value while these transactions are outstanding, the NAV of a Fund’s outstanding shares will decline in value
by proportionately more than the decline in value of the securities. In addition, reverse repurchase agreements involve the risk that
the investment return earned by a Fund (from the investment of the proceeds) will be less than the interest expense of the transaction,
that the market value of the securities sold by a Fund will decline below the price the Fund is obligated to pay to repurchase the securities,
and that the other party may fail to return the securities in a timely manner or at all.
When
a Fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy,
become insolvent or otherwise default on its obligations to the Fund. In the event of a default by the counterparty, there may be delays,
costs and risks of loss involved in a Fund’s exercising its rights under the agreement, or those rights may be limited by other
contractual agreements or obligations or by applicable law. Such an insolvency may result in a loss equal to the amount by which the value
of the securities or other assets sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities
or other assets increases during such a delay, that loss may also be increased. A Fund could lose money if it is unable to recover the
securities or if the value of investments made by the Fund using the proceeds of the transaction is less than the value of securities.
When a Fund enters into a reverse repurchase agreement, it must identify on its books cash or liquid assets that have a value equal to
or greater than the repurchase price.
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 (“Fund Services”), doing business as U.S. Bank Global 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 (“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.
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 |
|
U.S.
GOVERNMENT
PURCHASES |
|
|
U.S.
GOVERNMENT
SALES |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
— |
|
|
$ |
— |
|
|
US
Treasury 6 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
US
Treasury 12 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
US
Treasury 2 Year Note ETF |
|
|
3,051,862,647 |
|
|
|
3,048,627,209 |
|
|
US
Treasury 3 Year Note ETF |
|
|
45,235,436 |
|
|
|
45,229,469 |
|
|
US
Treasury 5 Year Note ETF |
|
|
225,720,713 |
|
|
|
201,362,511 |
|
|
US
Treasury 7 Year Note ETF |
|
|
31,531,783 |
|
|
|
26,108,948 |
|
|
US
Treasury 10 Year Note ETF |
|
|
304,939,212 |
|
|
|
304,750,620 |
|
|
US
Treasury 20 Year Bond ETF |
|
|
37,108,768 |
|
|
|
37,133,764 |
|
|
US
Treasury 30 Year Bond ETF |
|
|
32,915,756 |
|
|
|
32,879,997 |
|
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
IN-KIND PURCHASES |
|
|
U.S.
GOVERNMENT
IN-KIND SALES |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
— |
|
|
$ |
— |
|
|
US
Treasury 6 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
US
Treasury 12 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
US
Treasury 2 Year Note ETF |
|
|
48,493,880 |
|
|
|
121,589,705 |
|
|
US
Treasury 3 Year Note ETF |
|
|
971,964 |
|
|
|
— |
|
|
US
Treasury 5 Year Note ETF |
|
|
31,389,735 |
|
|
|
32,082,621 |
|
|
US
Treasury 7 Year Note ETF |
|
|
— |
|
|
|
5,440,355 |
|
|
US
Treasury 10 Year Note ETF |
|
|
42,083,539 |
|
|
|
23,260,990 |
|
|
US
Treasury 20 Year Bond ETF |
|
|
23,178,743 |
|
|
|
23,913,803 |
|
|
US
Treasury 30 Year Bond ETF |
|
|
862,611 |
|
|
|
2,053,937 |
|
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.
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
As
of August 31, 2024, 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
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
4,103,035,203 |
|
|
$ |
1,553,351 |
|
|
$ |
— |
|
|
$ |
1,553,351 |
|
|
US
Treasury 6 Month Bill ETF |
|
|
598,251,173 |
|
|
|
52,480 |
|
|
|
— |
|
|
|
52,480 |
|
|
US
Treasury 12 Month Bill ETF |
|
|
236,946,333 |
|
|
|
97,487 |
|
|
|
— |
|
|
|
97,487 |
|
|
US
Treasury 2 Year Note ETF |
|
|
447,635,077 |
|
|
|
3,182,888 |
|
|
|
— |
|
|
|
3,182,888 |
|
|
US
Treasury 3 Year Note ETF |
|
|
7,448,718 |
|
|
|
— |
|
|
|
(6,866 |
) |
|
|
(6,866 |
) |
|
US
Treasury 5 Year Note ETF |
|
|
24,148,779 |
|
|
|
— |
|
|
|
(47,092 |
) |
|
|
(47,092 |
) |
|
US
Treasury 7 Year Note ETF |
|
|
5,378,868 |
|
|
|
— |
|
|
|
(14,903 |
) |
|
|
(14,903 |
) |
|
US
Treasury 10 Year Note ETF |
|
|
157,598,404 |
|
|
|
— |
|
|
|
(891,600 |
) |
|
|
(891,600 |
) |
|
US
Treasury 20 Year Bond ETF |
|
|
26,472,968 |
|
|
|
24 |
|
|
|
(215,637 |
) |
|
|
(215,613 |
) |
|
US
Treasury 30 Year Bond ETF |
|
|
18,089,680 |
|
|
|
19 |
|
|
|
(169,799 |
) |
|
|
(169,780 |
) |
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, 2024, the close of the Funds’ fiscal year, there were permanent differences related to redemptions in-kind between
distributable earnings/(loss) and paid-in capital, respectively for the following funds:
|
FUND |
|
Distributable
Earnings/(Loss) |
|
|
Paid-In-Capital |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
(89,721 |
) |
|
$ |
89,721 |
|
|
US
Treasury 6 Month Bill ETF |
|
|
(1,040,649 |
) |
|
|
1,040,649 |
|
|
US
Treasury 12 Month Bill ETF |
|
|
(575,737 |
) |
|
|
575,737 |
|
|
US
Treasury 2 Year Note ETF |
|
|
(45,880 |
) |
|
|
45,880 |
|
|
US
Treasury 3 Year Note ETF |
|
|
(125,410 |
) |
|
|
125,410 |
|
|
US
Treasury 5 Year Note ETF |
|
|
(422,464 |
) |
|
|
422,464 |
|
|
US
Treasury 7 Year Note ETF |
|
|
(152,952 |
) |
|
|
152,952 |
|
|
US
Treasury 10 Year Note ETF |
|
|
(8,405,079 |
) |
|
|
8,405,079 |
|
|
US
Treasury 20 Year Bond ETF |
|
|
(2,865,559 |
) |
|
|
2,865,559 |
|
|
US
Treasury 30 Year Bond ETF |
|
|
(2,225,941 |
) |
|
|
2,225,941 |
|
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
As
of August 31, 2024, the close of the Funds’ fiscal year, the components of distributable earnings on a tax basis were as follows:
|
FUND |
|
UNDISTRIBUTED
ORDINARY
INCOME |
|
|
UNDISTRIBUTED
LONG-TERM
CAPITAL GAINS |
|
|
Net
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Capital
loss
carryover |
|
|
Qualified
late-
year loss |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
10,050,654 |
|
|
$ |
— |
|
|
$ |
1,553,351 |
|
|
$ |
(1,570,291 |
) |
|
$ |
— |
|
|
US
Treasury 6 Month Bill ETF |
|
|
1,006,425 |
|
|
|
— |
|
|
|
52,480 |
|
|
|
(378,633 |
) |
|
|
— |
|
|
US
Treasury 12 Month Bill ETF |
|
|
473,967 |
|
|
|
— |
|
|
|
97,487 |
|
|
|
(740,389 |
) |
|
|
— |
|
|
US
Treasury 2 Year Note ETF |
|
|
821,844 |
|
|
|
— |
|
|
|
3,182,888 |
|
|
|
(9,399,342 |
) |
|
|
— |
|
|
US
Treasury 3 Year Note ETF |
|
|
7,588 |
|
|
|
— |
|
|
|
(6,866 |
) |
|
|
(104,260 |
) |
|
|
— |
|
|
US
Treasury 5 Year Note ETF |
|
|
33,260 |
|
|
|
— |
|
|
|
(47,092 |
) |
|
|
(24,950 |
) |
|
|
— |
|
|
US
Treasury 7 Year Note ETF |
|
|
13,757 |
|
|
|
— |
|
|
|
(14,903 |
) |
|
|
(40,781 |
) |
|
|
— |
|
|
US
Treasury 10 Year Note ETF |
|
|
364,380 |
|
|
|
— |
|
|
|
(891,600 |
) |
|
|
(3,821,622 |
) |
|
|
— |
|
|
US
Treasury 20 Year Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
(215,613 |
) |
|
|
(634,872 |
) |
|
|
— |
|
|
US
Treasury 30 Year Bond ETF |
|
|
7,747 |
|
|
|
— |
|
|
|
(169,780 |
) |
|
|
(854,343 |
) |
|
|
— |
|
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 character of dividends and distributions paid during the fiscal years ended August 31, 2024, the close of the Funds’ fiscal
year, was as follows:
|
FUND |
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
|
US
Treasury 3 Month Bill ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
$ |
155,670,454 |
|
|
$ |
— |
|
|
US
Treasury 6 Month Bill ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
27,247,652 |
|
|
|
— |
|
|
US
Treasury 12 Month Bill ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
10,123,493 |
|
|
|
— |
|
|
US
Treasury 2 Year Note ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
16,431,423 |
|
|
|
— |
|
|
US
Treasury 3 Year Note ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
233,355 |
|
|
|
— |
|
|
US
Treasury 5 Year Note ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
563,162 |
|
|
|
— |
|
|
US
Treasury 7 Year Note ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
169,345 |
|
|
|
— |
|
|
US
Treasury 10 Year Note ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
4,342,882 |
|
|
|
— |
|
|
US
Treasury 20 Year Bond ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
615,765 |
|
|
|
— |
|
|
US
Treasury 30 Year Bond ETF |
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
|
582,433 |
|
|
|
— |
|
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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, 2024, the US Treasury 3 Month Bill ETF had unexpiring
short-term losses of $1,570,291, the US Treasury 6 Month Bill ETF had unexpiring short-term losses of $378,633, the US Treasury 12 Month
Bill ETF had unexpiring short-term losses of $740,389, the US Treasury 2 Year Note ETF had unexpiring short-term losses of $9,399,342,
the US Treasury 3 Year Note ETF had unexpiring short-term losses of $104,260, the US Treasury 5 Year Note ETF had unexpiring short-term
losses of $24,950, the US Treasury 7 Year Note ETF had unexpiring short-term losses of $40,781, the US Treasury 10 Year Note ETF had unexpiring
short-term losses of $3,821,622, the US Treasury 20 Year Bond ETF had unexpiring short-term losses of $634,872, and the US Treasury 30
Year Bond ETF had unexpiring short-term losses of $854,343.
During
the tax year ended August 31, 2024, the close of the Funds’ fiscal year, the following Funds utilized capital loss carryforwards:
|
FUND |
|
Capital
Loss
Carryforward Used |
|
|
US
Treasury 12 Month Bill ETF |
|
$ |
231,986 |
|
|
US
Treasury 2 Year Note ETF |
|
|
1,387,432 |
|
|
US
Treasury 5 Year Note ETF |
|
|
50,639 |
|
|
US
Treasury 7 Year Note ETF |
|
|
18,616 |
|
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. Pursuant
to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each 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 short-term investments and 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
OF
SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED
FROM SECURITIES
LENDING |
|
|
US
Treasury 3 Month Bill ETF |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
349,346 |
|
|
US
Treasury 6 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
57,173 |
|
|
US
Treasury 12 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
368 |
|
|
US
Treasury 2 Year Note ETF |
|
|
— |
|
|
|
— |
|
|
|
70,796 |
|
|
US
Treasury 3 Year Note ETF |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
US
Treasury 5 Year Note ETF |
|
|
— |
|
|
|
— |
|
|
|
5,830 |
|
US
Benchmark Series
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
|
FUND |
|
MARKET
VALUE
OF
SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED
FROM SECURITIES
LENDING |
|
|
US
Treasury 7 Year Note ETF |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
US
Treasury 10 Year Note ETF |
|
|
— |
|
|
|
— |
|
|
|
16,164 |
|
|
US
Treasury 20 Year Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
31,981 |
|
|
US
Treasury 30 Year Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
— |
|
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. As of February 28, 2025, there are no open
lending transactions to report.
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.
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.
At
a meeting of the Board held on February 5-6, 2025, the Board approved that the Underlying Indexes for the Funds will change to the Bloomberg
US Treasury Bellwether 3M Total Return USD Unhedged Index, the Bloomberg US Treasury Bellwether 6M Total Return USD Unhedged Index, the
Bloomberg US Treasury Bellwether 1Y Total Return USD Unhedged Index, the Bloomberg US Treasury Bellwether 2Y Total Return USD Unhedged
Index, the Bloomberg US Treasury Bellwether 3Y Total Return USD Unhedged Index, the Bloomberg US Treasury Bellwether 5Y Total Return USD
Unhedged Index, the Bloomberg US Treasury Bellwether 7Y Total Return USD Unhedged Index, the Bloomberg US Treasury Bellwether 10Y Total
Return USD
US
Benchmark Series
Notes
to Financial Statements (conCLuDed)
February
28, 2025 (Unaudited)
Unhedged
Index, the Bloomberg US Treasury Bellwether 20Y Total Return USD Unhedged Index, and the Bloomberg US Treasury Bellwether 30Y Total Return
USD Unhedged Index (together, the “New Underlying Indexes”), respectively. The New Underlying Indexes will be effective from
June 1, 2025.
Subsequent
to February 28, 2025, the Funds paid the following distributions:
|
Fund |
Record
Date |
Ex-Date |
Pay
Date |
Distribution
Rate Per Share |
|
US
Treasury 3 Month Bill ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.17313196 |
|
US
Treasury 6 Month Bill ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.17369899 |
|
US
Treasury 12 Month Bill ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.16815897 |
|
US
Treasury 2 Year Note ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.16055688 |
|
US
Treasury 3 Year Note ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.16474628 |
|
US
Treasury 5 Year Note ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.15685542 |
|
US
Treasury 7 Year Note ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.15956315 |
|
US
Treasury 10 Year Note ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.16385958 |
|
US
Treasury 20 Year Bond ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.17165628 |
|
US
Treasury 30 Year Bond ETF |
3/2/2025 |
3/2/2025 |
3/3/2025 |
$0.16102542 |
| |
|
|
|
|
|
US
Treasury 3 Month Bill ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.15956315 |
|
US
Treasury 6 Month Bill ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.15685542 |
|
US
Treasury 12 Month Bill ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.16815897 |
|
US
Treasury 2 Year Note ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.17165628 |
|
US
Treasury 3 Year Note ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.16474628 |
|
US
Treasury 5 Year Note ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.16102542 |
|
US
Treasury 7 Year Note ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.17369899 |
|
US
Treasury 10 Year Note ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.16055688 |
|
US
Treasury 20 Year Bond ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.16385958 |
|
US
Treasury 30 Year Bond ETF |
4/2/2025 |
4/2/2025 |
4/3/2025 |
$0.17313196 |
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 http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of 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.ustreasuryetf.com.
Investment
Adviser
F/m
Investments LLC
3050 K Street NW, 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
3 Canal Plaza, Suite 100
Portland, ME 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
F/m
Corporate Bond ETFs
Financial
Statements
February 28, 2025
(Unaudited)
F/m
2-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTWO)
F/m
3-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTRE)
F/m
10-Year Investment Grade Corporate Bond ETF | (Nasdaq: ZTEN)
Each
a series of The RBB Fund, Inc.
F/m
Investments LLC
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% |
|
|
|
|
|
|
|
|
|
Communications
— 4.1% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., 0.80%, 08/15/2027 |
|
$ |
401,000 |
|
|
$ |
370,201 |
|
|
AT&T,
Inc., 2.30%, 06/01/2027 |
|
|
384,000 |
|
|
|
365,574 |
|
|
Charter
Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026 |
|
|
354,000 |
|
|
|
361,344 |
|
|
Comcast
Corp., 2.35%, 01/15/2027 |
|
|
385,000 |
|
|
|
371,139 |
|
|
Cox
Communications, Inc., 3.50%, 08/15/2027 (a) |
|
|
380,000 |
|
|
|
369,491 |
|
|
Expedia
Group, Inc., 4.63%, 08/01/2027 |
|
|
369,000 |
|
|
|
368,955 |
|
|
Meta
Platforms, Inc., 3.50%, 08/15/2027 |
|
|
376,000 |
|
|
|
369,905 |
|
|
Netflix,
Inc., 4.38%, 11/15/2026 |
|
|
363,000 |
|
|
|
363,772 |
|
|
Paramount
Global, 2.90%, 01/15/2027 |
|
|
383,000 |
|
|
|
369,390 |
|
|
Rogers
Communications, Inc., 3.20%, 03/15/2027 |
|
|
373,000 |
|
|
|
362,135 |
|
|
TELUS
Corp., 2.80%, 02/16/2027 |
|
|
384,000 |
|
|
|
371,059 |
|
|
T-Mobile
USA, Inc., 3.75%, 04/15/2027 |
|
|
371,000 |
|
|
|
365,199 |
|
|
TWDC
Enterprises 18 Corp., 2.95%, 06/15/2027 |
|
|
377,000 |
|
|
|
366,309 |
|
|
VeriSign,
Inc., 4.75%, 07/15/2027 |
|
|
366,000 |
|
|
|
365,913 |
|
|
Verizon
Communications, Inc., 4.13%, 03/16/2027 |
|
|
363,000 |
|
|
|
360,667 |
|
|
Videotron
Ltd., 5.13%, 04/15/2027 (a) |
|
|
361,000 |
|
|
|
360,581 |
|
|
Warnermedia
Holdings, Inc., 3.76%, 03/15/2027 |
|
|
370,000 |
|
|
|
361,170 |
|
| |
|
|
|
|
|
|
6,222,804 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 8.2% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc., 3.15%, 08/22/2027 |
|
|
379,000 |
|
|
|
369,586 |
|
|
AutoZone,
Inc., 3.75%, 06/01/2027 |
|
|
371,000 |
|
|
|
365,023 |
|
|
BMW
US Capital LLC, 4.60%, 08/13/2027 (a) |
|
|
369,000 |
|
|
|
369,473 |
|
|
BorgWarner,
Inc., 2.65%, 07/01/2027 |
|
|
383,000 |
|
|
|
366,087 |
|
|
Cintas
Corp. No 2, 3.70%, 04/01/2027 |
|
|
371,000 |
|
|
|
366,079 |
|
|
Darden
Restaurants, Inc., 3.85%, 05/01/2027 |
|
|
370,000 |
|
|
|
363,357 |
|
|
DR
Horton, Inc., 1.30%, 10/15/2026 |
|
|
386,000 |
|
|
|
366,732 |
|
|
eBay,
Inc., 3.60%, 06/05/2027 |
|
|
373,000 |
|
|
|
365,505 |
|
|
ERAC
USA Finance LLC, 3.30%, 12/01/2026 (a) |
|
|
372,000 |
|
|
|
364,300 |
|
|
General
Motors Financial Co., Inc., 5.00%, 04/09/2027 |
|
|
359,000 |
|
|
|
360,335 |
|
|
Harley-Davidson
Financial Services, Inc., 3.05%, 02/14/2027 (a) |
|
|
387,000 |
|
|
|
371,530 |
|
|
Hasbro,
Inc., 3.55%, 11/19/2026 |
|
|
371,000 |
|
|
|
363,906 |
|
|
Home
Depot, Inc., 4.88%, 06/25/2027 |
|
|
360,000 |
|
|
|
364,561 |
|
|
Honda
Motor Co. Ltd., 2.53%, 03/10/2027 |
|
|
378,000 |
|
|
|
364,261 |
|
|
Hyatt
Hotels Corp., 5.75%, 01/30/2027 |
|
|
364,000 |
|
|
|
370,541 |
|
|
Hyundai
Capital America, 5.25%, 01/08/2027 (a) |
|
|
366,000 |
|
|
|
369,680 |
|
|
Las
Vegas Sands Corp., 5.90%, 06/01/2027 |
|
|
358,000 |
|
|
|
365,033 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Consumer
Discretionary — 8.2% (continued) |
|
Leland
Stanford Junior University, 1.29%, 06/01/2027 |
|
$ |
392,000 |
|
|
$ |
367,099 |
|
|
Lennar
Corp., 5.00%, 06/15/2027 |
|
|
362,000 |
|
|
|
363,876 |
|
|
Lowe’s
Cos., Inc., 3.10%, 05/03/2027 |
|
|
375,000 |
|
|
|
364,590 |
|
|
Marriott
International, Inc., 5.45%, 09/15/2026 |
|
|
354,000 |
|
|
|
358,548 |
|
|
McDonald’s
Corp., 3.50%, 07/01/2027 |
|
|
373,000 |
|
|
|
365,693 |
|
|
Meritage
Homes Corp., 5.13%, 06/06/2027 |
|
|
362,000 |
|
|
|
362,867 |
|
|
Mileage
Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a) |
|
|
357,500 |
|
|
|
359,947 |
|
|
NIKE,
Inc., 2.75%, 03/27/2027 |
|
|
375,000 |
|
|
|
363,965 |
|
|
O’Reilly
Automotive, Inc., 5.75%, 11/20/2026 |
|
|
355,000 |
|
|
|
361,871 |
|
|
PulteGroup,
Inc., 5.00%, 01/15/2027 |
|
|
363,000 |
|
|
|
365,177 |
|
|
Snap-on,
Inc., 3.25%, 03/01/2027 |
|
|
370,000 |
|
|
|
361,429 |
|
|
Southwest
Airlines Co., 5.13%, 06/15/2027 (b) |
|
|
361,000 |
|
|
|
364,414 |
|
|
Starbucks
Corp., 4.85%, 02/08/2027 |
|
|
369,000 |
|
|
|
372,044 |
|
|
Tapestry,
Inc., 4.13%, 07/15/2027 |
|
|
372,000 |
|
|
|
366,926 |
|
|
TJX
Cos., Inc., 2.25%, 09/15/2026 |
|
|
375,000 |
|
|
|
364,056 |
|
|
Toll
Brothers Finance Corp., 4.88%, 03/15/2027 |
|
|
359,000 |
|
|
|
359,732 |
|
|
Toyota
Motor Credit Corp., 3.05%, 03/22/2027 |
|
|
373,000 |
|
|
|
363,716 |
|
| |
|
|
|
|
|
|
12,411,939 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Staples — 7.7% |
|
|
|
|
|
|
|
|
|
Alimentation
Couche-Tard, Inc., 3.55%, 07/26/2027 (a) |
|
|
376,000 |
|
|
|
366,864 |
|
|
Altria
Group, Inc., 2.63%, 09/16/2026 |
|
|
374,000 |
|
|
|
363,625 |
|
|
BAT
Capital Corp., 3.56%, 08/15/2027 |
|
|
379,000 |
|
|
|
369,681 |
|
|
Cargill,
Inc., 3.63%, 04/22/2027 (a) |
|
|
369,000 |
|
|
|
363,694 |
|
|
Church
& Dwight Co., Inc., 3.15%, 08/01/2027 |
|
|
379,000 |
|
|
|
369,098 |
|
|
Coca-Cola
Co., 1.45%, 06/01/2027 |
|
|
390,000 |
|
|
|
367,381 |
|
|
Colgate-Palmolive
Co., 3.10%, 08/15/2027 |
|
|
379,000 |
|
|
|
369,729 |
|
|
Conagra
Brands, Inc., 5.30%, 10/01/2026 |
|
|
356,000 |
|
|
|
359,848 |
|
|
Conopco,
Inc., 7.25%, 12/15/2026 |
|
|
346,000 |
|
|
|
362,965 |
|
|
Constellation
Brands, Inc., 4.35%, 05/09/2027 |
|
|
365,000 |
|
|
|
363,230 |
|
|
Costco
Wholesale Corp., 1.38%, 06/20/2027 |
|
|
392,000 |
|
|
|
367,629 |
|
|
Dollar
General Corp., 3.88%, 04/15/2027 |
|
|
369,000 |
|
|
|
363,108 |
|
|
Estee
Lauder Cos., Inc., 3.15%, 03/15/2027 |
|
|
372,000 |
|
|
|
363,323 |
|
|
Flowers
Foods, Inc., 3.50%, 10/01/2026 |
|
|
369,000 |
|
|
|
362,312 |
|
|
General
Mills, Inc., 3.20%, 02/10/2027 |
|
|
381,000 |
|
|
|
372,201 |
|
|
Hormel
Foods Corp., 4.80%, 03/30/2027 |
|
|
358,000 |
|
|
|
361,197 |
|
|
Ingredion,
Inc., 3.20%, 10/01/2026 |
|
|
371,000 |
|
|
|
363,310 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Consumer
Staples — 7.7% (continued) |
|
JBS
USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027 |
|
$ |
386,000 |
|
|
$ |
370,756 |
|
|
Keurig
Dr Pepper, Inc., 5.10%, 03/15/2027 |
|
|
356,000 |
|
|
|
359,903 |
|
|
Kraft
Heinz Foods Co., 3.88%, 05/15/2027 |
|
|
369,000 |
|
|
|
364,158 |
|
|
Kroger
Co., 2.65%, 10/15/2026 |
|
|
375,000 |
|
|
|
364,052 |
|
|
McCormick
& Co., Inc., 3.40%, 08/15/2027 |
|
|
379,000 |
|
|
|
369,681 |
|
|
Mondelez
International, Inc., 2.63%, 03/17/2027 |
|
|
383,000 |
|
|
|
369,384 |
|
|
PepsiCo,
Inc., 2.38%, 10/06/2026 |
|
|
375,000 |
|
|
|
364,306 |
|
|
Philip
Morris International, Inc., 4.75%, 02/12/2027 |
|
|
370,000 |
|
|
|
372,342 |
|
|
Procter
& Gamble Co., 1.90%, 02/01/2027 |
|
|
388,000 |
|
|
|
372,368 |
|
|
Smithfield
Foods, Inc., 4.25%, 02/01/2027 (a) |
|
|
378,000 |
|
|
|
370,855 |
|
|
Sysco
Corp., 3.25%, 07/15/2027 |
|
|
377,000 |
|
|
|
366,469 |
|
|
Target
Corp., 1.95%, 01/15/2027 |
|
|
387,000 |
|
|
|
371,478 |
|
|
The
Campbell’s Co., 5.20%, 03/19/2027 |
|
|
355,000 |
|
|
|
359,761 |
|
|
Tyson
Foods, Inc., 3.55%, 06/02/2027 |
|
|
373,000 |
|
|
|
364,566 |
|
|
Walmart,
Inc., 1.05%, 09/17/2026 |
|
|
384,000 |
|
|
|
366,402 |
|
| |
|
|
|
|
|
|
11,715,676 |
|
| |
|
|
|
|
|
|
|
|
|
Energy
— 8.2% |
|
|
|
|
|
|
|
|
|
Baker
Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/2026 |
|
|
381,000 |
|
|
|
365,938 |
|
|
Boardwalk
Pipelines LP, 4.45%, 07/15/2027 |
|
|
368,000 |
|
|
|
365,238 |
|
|
BP
Capital Markets America, Inc., 3.02%, 01/16/2027 |
|
|
380,000 |
|
|
|
370,802 |
|
|
Canadian
Natural Resources Ltd., 3.85%, 06/01/2027 |
|
|
371,000 |
|
|
|
364,942 |
|
|
Cenovus
Energy, Inc., 4.25%, 04/15/2027 |
|
|
371,000 |
|
|
|
367,479 |
|
|
Cheniere
Corpus Christi Holdings LLC, 5.13%, 06/30/2027 |
|
|
362,000 |
|
|
|
365,054 |
|
|
Chevron
Corp., 2.00%, 05/11/2027 |
|
|
383,000 |
|
|
|
365,283 |
|
|
Continental
Resources, Inc., 2.27%, 11/15/2026 (a) |
|
|
382,000 |
|
|
|
365,334 |
|
|
Coterra
Energy, Inc., 3.90%, 05/15/2027 |
|
|
370,000 |
|
|
|
363,729 |
|
|
DCP
Midstream Operating LP, 5.63%, 07/15/2027 |
|
|
358,000 |
|
|
|
365,136 |
|
|
Diamondback
Energy, Inc., 5.20%, 04/18/2027 |
|
|
356,000 |
|
|
|
360,473 |
|
|
Enbridge,
Inc., 5.25%, 04/05/2027 |
|
|
356,000 |
|
|
|
360,635 |
|
|
Energy
Transfer LP, 6.05%, 12/01/2026 |
|
|
354,000 |
|
|
|
362,206 |
|
|
Enterprise
Products Operating LLC, 4.60%, 01/11/2027 |
|
|
369,000 |
|
|
|
370,469 |
|
|
Equinor
ASA, 3.00%, 04/06/2027 |
|
|
373,000 |
|
|
|
364,209 |
|
|
Exxon
Mobil Corp., 3.29%, 03/19/2027 |
|
|
371,000 |
|
|
|
365,013 |
|
|
Hess
Corp., 4.30%, 04/01/2027 |
|
|
364,000 |
|
|
|
361,566 |
|
|
Kinder
Morgan, Inc., 1.75%, 11/15/2026 |
|
|
384,000 |
|
|
|
366,580 |
|
|
Marathon
Petroleum Corp., 5.13%, 12/15/2026 |
|
|
362,000 |
|
|
|
365,452 |
|
|
MPLX
LP, 4.13%, 03/01/2027 |
|
|
364,000 |
|
|
|
360,505 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Energy
— 8.2% (continued) |
|
NGPL
PipeCo LLC, 4.88%, 08/15/2027 (a) |
|
$ |
370,000 |
|
|
$ |
368,977 |
|
|
Occidental
Petroleum Corp., 5.00%, 08/01/2027 |
|
|
367,000 |
|
|
|
368,394 |
|
|
ONEOK,
Inc., 5.55%, 11/01/2026 |
|
|
356,000 |
|
|
|
360,979 |
|
|
Phillips
66 Co., 3.55%, 10/01/2026 |
|
|
371,000 |
|
|
|
365,575 |
|
|
Plains
All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/2026 |
|
|
371,000 |
|
|
|
370,645 |
|
|
Sabine
Pass Liquefaction LLC, 5.00%, 03/15/2027 |
|
|
358,000 |
|
|
|
359,796 |
|
|
Schlumberger
Holdings Corp., 5.00%, 05/29/2027 (a) |
|
|
360,000 |
|
|
|
364,742 |
|
|
Shell
International Finance BV, 2.50%, 09/12/2026 |
|
|
373,000 |
|
|
|
363,691 |
|
|
Targa
Resources Corp., 5.20%, 07/01/2027 |
|
|
361,000 |
|
|
|
364,865 |
|
|
TC
PipeLines LP, 3.90%, 05/25/2027 |
|
|
370,000 |
|
|
|
364,052 |
|
|
Transcanada
Trust, 5.30% to 03/15/2027 then 3 mo. LIBOR US + 3.21%, 03/15/2077 (c) |
|
|
366,000 |
|
|
|
356,777 |
|
|
Valero
Energy Corp., 3.40%, 09/15/2026 |
|
|
371,000 |
|
|
|
364,823 |
|
|
Williams
Cos., Inc., 3.75%, 06/15/2027 |
|
|
372,000 |
|
|
|
364,888 |
|
|
Woodside
Finance Ltd., 3.70%, 09/15/2026 (a) |
|
|
371,000 |
|
|
|
365,956 |
|
| |
|
|
|
|
|
|
12,400,203 |
|
| |
|
|
|
|
|
|
|
|
|
Financials
— 30.7% |
|
|
|
|
|
|
|
|
|
Aflac,
Inc., 2.88%, 10/15/2026 |
|
|
373,000 |
|
|
|
363,565 |
|
|
Air
Lease Corp., 2.20%, 01/15/2027 |
|
|
386,000 |
|
|
|
369,362 |
|
|
Alexandria
Real Estate Equities, Inc., 3.95%, 01/15/2027 |
|
|
375,000 |
|
|
|
370,869 |
|
|
Allstate
Corp., 3.28%, 12/15/2026 |
|
|
373,000 |
|
|
|
365,266 |
|
|
Ally
Financial, Inc., 4.75%, 06/09/2027 |
|
|
365,000 |
|
|
|
364,438 |
|
|
American
Express Credit Corp., 3.30%, 05/03/2027 |
|
|
373,000 |
|
|
|
364,670 |
|
|
American
National Group, Inc., 5.00%, 06/15/2027 |
|
|
364,000 |
|
|
|
363,956 |
|
|
American
Tower Corp., 3.38%, 10/15/2026 |
|
|
370,000 |
|
|
|
363,343 |
|
|
Ameriprise
Financial, Inc., 2.88%, 09/15/2026 |
|
|
371,000 |
|
|
|
363,031 |
|
|
Andrew
W Mellon Foundation, 0.95%, 08/01/2027 |
|
|
401,000 |
|
|
|
369,895 |
|
|
Aon
North America, Inc., 5.13%, 03/01/2027 |
|
|
355,000 |
|
|
|
358,853 |
|
|
Arch
Capital Finance LLC, 4.01%, 12/15/2026 |
|
|
371,000 |
|
|
|
368,284 |
|
|
Ares
Capital Corp., 7.00%, 01/15/2027 |
|
|
353,000 |
|
|
|
365,377 |
|
|
Athene
Global Funding, 2.95%, 11/12/2026 (a) |
|
|
375,000 |
|
|
|
364,431 |
|
|
AvalonBay
Communities, Inc., 3.35%, 05/15/2027 |
|
|
373,000 |
|
|
|
364,267 |
|
|
Aviation
Capital Group LLC, 1.95%, 09/20/2026 (a) |
|
|
381,000 |
|
|
|
364,732 |
|
|
Avolon
Holdings Funding Ltd., 3.25%, 02/15/2027 (a) |
|
|
382,000 |
|
|
|
370,221 |
|
|
Bain
Capital Specialty Finance, Inc., 2.55%, 10/13/2026 |
|
|
380,000 |
|
|
|
364,767 |
|
|
Bank
of America Corp., 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028 |
|
|
365,000 |
|
|
|
367,480 |
|
|
Bank
of Montreal, 1.25%, 09/15/2026 |
|
|
384,000 |
|
|
|
366,236 |
|
|
Bank
of New York Mellon Corp., 2.05%, 01/26/2027 (b) |
|
|
387,000 |
|
|
|
372,001 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Financials
— 30.7% (continued) |
|
Bank
of Nova Scotia, 5.35%, 12/07/2026 |
|
$ |
360,000 |
|
|
$ |
365,491 |
|
|
Barings
BDC, Inc., 3.30%, 11/23/2026 |
|
|
377,000 |
|
|
|
364,846 |
|
|
Berkshire
Hathaway Finance Corp., 2.30%, 03/15/2027 |
|
|
377,000 |
|
|
|
363,824 |
|
|
BlackRock
Funding, Inc., 4.60%, 07/26/2027 |
|
|
364,000 |
|
|
|
366,602 |
|
|
Blackstone
Private Credit Fund, 2.63%, 12/15/2026 (b) |
|
|
382,000 |
|
|
|
365,950 |
|
|
Blackstone
Secured Lending Fund, 2.75%, 09/16/2026 |
|
|
376,000 |
|
|
|
362,744 |
|
|
Blue
Owl Capital Corp., 2.63%, 01/15/2027 |
|
|
385,000 |
|
|
|
366,592 |
|
|
Blue
Owl Capital Corp. II, 8.45%, 11/15/2026 |
|
|
342,000 |
|
|
|
359,441 |
|
|
Blue
Owl Credit Income Corp., 4.70%, 02/08/2027 |
|
|
375,000 |
|
|
|
371,378 |
|
|
Blue
Owl Technology Finance Corp., 2.50%, 01/15/2027 |
|
|
387,000 |
|
|
|
366,626 |
|
|
Boston
Properties LP, 2.75%, 10/01/2026 |
|
|
376,000 |
|
|
|
364,062 |
|
|
Brighthouse
Financial, Inc., 3.70%, 06/22/2027 |
|
|
374,000 |
|
|
|
365,638 |
|
|
Brixmor
Operating Partnership LP, 3.90%, 03/15/2027 |
|
|
367,000 |
|
|
|
360,842 |
|
|
Camden
Property Trust, 5.85%, 11/03/2026 |
|
|
353,000 |
|
|
|
360,802 |
|
|
Canadian
Imperial Bank of Commerce, 5.24%, 06/28/2027 |
|
|
359,000 |
|
|
|
364,526 |
|
|
Cantor
Fitzgerald LP, 4.50%, 04/14/2027 (a) |
|
|
371,000 |
|
|
|
367,395 |
|
|
Capital
One Financial Corp., 4.93% to 05/10/2027 then SOFR + 2.06%, 05/10/2028 |
|
|
361,000 |
|
|
|
362,192 |
|
|
Castlelake
Aviation Finance DAC, 5.00%, 04/15/2027 (a) |
|
|
359,000 |
|
|
|
361,800 |
|
|
Cboe
Global Markets, Inc., 3.65%, 01/12/2027 |
|
|
371,000 |
|
|
|
366,234 |
|
|
Charles
Schwab Corp., 2.45%, 03/03/2027 |
|
|
378,000 |
|
|
|
363,844 |
|
|
Citadel
LP, 4.88%, 01/15/2027 (a) |
|
|
370,000 |
|
|
|
368,629 |
|
|
CNA
Financial Corp., 3.45%, 08/15/2027 |
|
|
379,000 |
|
|
|
369,429 |
|
|
CNO
Global Funding, 5.88%, 06/04/2027 (a) |
|
|
354,000 |
|
|
|
362,826 |
|
|
Corebridge
Financial, Inc., 3.65%, 04/05/2027 |
|
|
370,000 |
|
|
|
363,066 |
|
|
Crown
Castle, Inc., 2.90%, 03/15/2027 |
|
|
376,000 |
|
|
|
363,457 |
|
|
CubeSmart
LP, 3.13%, 09/01/2026 |
|
|
370,000 |
|
|
|
361,893 |
|
|
Digital
Realty Trust LP, 3.70%, 08/15/2027 |
|
|
378,000 |
|
|
|
370,004 |
|
|
Discover
Financial Services, 4.10%, 02/09/2027 |
|
|
376,000 |
|
|
|
371,527 |
|
|
Eaton
Vance Corp., 3.50%, 04/06/2027 |
|
|
370,000 |
|
|
|
362,628 |
|
|
Enstar
Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042 |
|
|
376,000 |
|
|
|
365,750 |
|
|
EPR
Properties, 4.50%, 06/01/2027 |
|
|
369,000 |
|
|
|
364,739 |
|
|
Equinix,
Inc., 2.90%, 11/18/2026 |
|
|
375,000 |
|
|
|
365,057 |
|
|
Equitable
Financial Life Global Funding, 1.40%, 08/27/2027 (a) |
|
|
397,000 |
|
|
|
367,345 |
|
|
ERP
Operating LP, 2.85%, 11/01/2026 |
|
|
374,000 |
|
|
|
364,344 |
|
|
Essex
Portfolio LP, 3.63%, 05/01/2027 |
|
|
371,000 |
|
|
|
363,933 |
|
|
F&G
Global Funding, 5.88%, 06/10/2027 (a) |
|
|
356,000 |
|
|
|
363,248 |
|
|
Federal
Realty OP LP, 3.25%, 07/15/2027 |
|
|
378,000 |
|
|
|
366,893 |
|
|
Fiserv,
Inc., 2.25%, 06/01/2027 |
|
|
385,000 |
|
|
|
366,739 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Financials
— 30.7% (continued) |
|
FS
KKR Capital Corp., 3.25%, 07/15/2027 |
|
$ |
384,000 |
|
|
$ |
367,319 |
|
|
GAIF
Bond Issuer Pty Ltd., 3.40%, 09/30/2026 (a) |
|
|
370,000 |
|
|
|
362,641 |
|
|
GATX
Corp., 5.40%, 03/15/2027 |
|
|
355,000 |
|
|
|
359,538 |
|
|
Global
Payments, Inc., 2.15%, 01/15/2027 |
|
|
388,000 |
|
|
|
370,446 |
|
|
Goldman
Sachs BDC, Inc., 6.38%, 03/11/2027 |
|
|
348,000 |
|
|
|
356,716 |
|
|
Goldman
Sachs Group, Inc., 1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027 |
|
|
382,000 |
|
|
|
365,922 |
|
|
Golub
Capital BDC, Inc., 2.05%, 02/15/2027 |
|
|
393,000 |
|
|
|
370,238 |
|
|
Guardian
Life Global Funding, 1.40%, 07/06/2027 (a) |
|
|
394,000 |
|
|
|
367,650 |
|
|
HAT
Holdings I LLC / HAT Holdings II LLC, 8.00%, 06/15/2027 (a) |
|
|
347,000 |
|
|
|
361,603 |
|
|
Healthcare
Realty Holdings LP, 3.75%, 07/01/2027 |
|
|
376,000 |
|
|
|
367,623 |
|
|
Healthpeak
OP LLC, 1.35%, 02/01/2027 |
|
|
396,000 |
|
|
|
372,829 |
|
|
Hercules
Capital, Inc., 3.38%, 01/20/2027 (b) |
|
|
383,000 |
|
|
|
369,712 |
|
|
Highwoods
Realty LP, 3.88%, 03/01/2027 |
|
|
369,000 |
|
|
|
361,756 |
|
|
Jackson
Financial, Inc., 5.17%, 06/08/2027 |
|
|
360,000 |
|
|
|
363,689 |
|
|
Jefferies
Financial Group, Inc., 4.85%, 01/15/2027 |
|
|
370,000 |
|
|
|
370,638 |
|
|
KeyCorp,
2.25%, 04/06/2027 |
|
|
384,000 |
|
|
|
364,836 |
|
|
Kimco
Realty OP LLC, 2.80%, 10/01/2026 |
|
|
373,000 |
|
|
|
363,608 |
|
|
Kite
Realty Group LP, 4.00%, 10/01/2026 |
|
|
371,000 |
|
|
|
367,300 |
|
|
Lazard
Group LLC, 3.63%, 03/01/2027 |
|
|
369,000 |
|
|
|
361,552 |
|
|
Lincoln
National Corp., 3.63%, 12/12/2026 |
|
|
371,000 |
|
|
|
364,942 |
|
|
LPL
Holdings, Inc., 5.70%, 05/20/2027 |
|
|
356,000 |
|
|
|
362,383 |
|
|
M&T
Bank Corp., 4.55% to 08/16/2027 then SOFR + 1.78%, 08/16/2028 |
|
|
371,000 |
|
|
|
370,113 |
|
|
Macquarie
Group Ltd., 1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (a) |
|
|
383,000 |
|
|
|
365,719 |
|
|
Main
Street Capital Corp., 6.50%, 06/04/2027 |
|
|
355,000 |
|
|
|
362,848 |
|
|
Manulife
Financial Corp., 2.48%, 05/19/2027 |
|
|
382,000 |
|
|
|
366,193 |
|
|
Mastercard,
Inc., 3.30%, 03/26/2027 |
|
|
372,000 |
|
|
|
365,157 |
|
|
Mercury
General Corp., 4.40%, 03/15/2027 (b) |
|
|
371,000 |
|
|
|
363,989 |
|
|
Mid-America
Apartments LP, 3.60%, 06/01/2027 |
|
|
372,000 |
|
|
|
364,688 |
|
|
Morgan
Stanley Direct Lending Fund, 4.50%, 02/11/2027 (b) |
|
|
375,000 |
|
|
|
371,621 |
|
|
Mutual
of Omaha Cos. Global Funding, 5.35%, 04/09/2027 (a) |
|
|
356,000 |
|
|
|
360,553 |
|
|
New
York Life Global Funding, 5.45%, 09/18/2026 (a) |
|
|
353,000 |
|
|
|
359,023 |
|
|
NNN
REIT, Inc., 3.60%, 12/15/2026 |
|
|
370,000 |
|
|
|
364,956 |
|
|
Northern
Trust Corp., 4.00%, 05/10/2027 |
|
|
371,000 |
|
|
|
369,049 |
|
|
Northwestern
Mutual Global Funding, 5.07%, 03/25/2027 (a) |
|
|
356,000 |
|
|
|
360,747 |
|
|
Oaktree
Specialty Lending Corp., 2.70%, 01/15/2027 |
|
|
390,000 |
|
|
|
370,892 |
|
|
Omega
Healthcare Investors, Inc., 4.50%, 04/01/2027 |
|
|
363,000 |
|
|
|
361,006 |
|
|
ORIX
Corp., 3.70%, 07/18/2027 |
|
|
374,000 |
|
|
|
366,944 |
|
|
PayPal
Holdings, Inc., 2.65%, 10/01/2026 |
|
|
374,000 |
|
|
|
364,301 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Financials
— 30.7% (continued) |
|
Penske
Truck Leasing Co. Lp / PTL Finance Corp., 4.40%, 07/01/2027 (a) |
|
$ |
368,000 |
|
|
$ |
365,229 |
|
|
PNC
Financial Services Group, Inc., 6.62% to 10/20/2026 then SOFR + 1.73%, 10/20/2027 |
|
|
348,000 |
|
|
|
359,188 |
|
|
Principal
Financial Group, Inc., 3.10%, 11/15/2026 |
|
|
374,000 |
|
|
|
364,784 |
|
|
Progressive
Corp., 2.50%, 03/15/2027 |
|
|
377,000 |
|
|
|
364,230 |
|
|
Prologis
LP, 2.13%, 04/15/2027 |
|
|
383,000 |
|
|
|
365,271 |
|
|
Public
Storage Operating Co., 1.50%, 11/09/2026 |
|
|
384,000 |
|
|
|
366,063 |
|
|
Radian
Group, Inc., 4.88%, 03/15/2027 (b) |
|
|
361,000 |
|
|
|
360,035 |
|
|
Realty
Income Corp., 4.13%, 10/15/2026 |
|
|
364,000 |
|
|
|
361,974 |
|
|
Regency
Centers LP, 3.60%, 02/01/2027 |
|
|
378,000 |
|
|
|
371,472 |
|
|
Reinsurance
Group of America, Inc., 3.95%, 09/15/2026 |
|
|
364,000 |
|
|
|
360,847 |
|
|
Reliance
Standard Life Global Funding II, 1.51%, 09/28/2026 (a) |
|
|
358,000 |
|
|
|
338,921 |
|
|
RenaissanceRe
Finance, Inc., 3.45%, 07/01/2027 |
|
|
375,000 |
|
|
|
366,066 |
|
|
Royal
Bank of Canada, 4.88%, 01/19/2027 |
|
|
363,000 |
|
|
|
366,128 |
|
|
Sammons
Financial Group, Inc., 4.45%, 05/12/2027 (a) |
|
|
371,000 |
|
|
|
367,412 |
|
|
Santander
Holdings USA, Inc., 4.40%, 07/13/2027 |
|
|
369,000 |
|
|
|
366,167 |
|
|
SBL
Holdings, Inc., 5.13%, 11/13/2026 (a) |
|
|
371,000 |
|
|
|
367,021 |
|
|
Scentre
Group Trust 1 / Scentre Group Trust 2, 3.75%, 03/23/2027 (a) |
|
|
369,000 |
|
|
|
361,889 |
|
|
Simon
Property Group LP, 3.38%, 06/15/2027 |
|
|
374,000 |
|
|
|
365,981 |
|
|
Tanger
Properties LP, 3.13%, 09/01/2026 |
|
|
371,000 |
|
|
|
362,593 |
|
|
Toronto-Dominion
Bank, 4.11%, 06/08/2027 |
|
|
368,000 |
|
|
|
364,907 |
|
|
Truist
Financial Corp., 4.12% to 06/06/2027 then SOFR + 1.37%, 06/06/2028 |
|
|
368,000 |
|
|
|
364,739 |
|
|
UDR,
Inc., 3.50%, 07/01/2027 |
|
|
376,000 |
|
|
|
366,658 |
|
|
US
Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028 |
|
|
367,000 |
|
|
|
366,395 |
|
|
Ventas
Realty LP, 3.25%, 10/15/2026 |
|
|
371,000 |
|
|
|
363,139 |
|
|
VICI
Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (a) |
|
|
369,000 |
|
|
|
364,180 |
|
|
Visa,
Inc., 1.90%, 04/15/2027 |
|
|
383,000 |
|
|
|
365,487 |
|
|
WEA
Finance LLC, 2.88%, 01/15/2027 (a) |
|
|
385,000 |
|
|
|
370,277 |
|
|
Welltower
OP LLC, 2.70%, 02/15/2027 |
|
|
383,000 |
|
|
|
370,697 |
|
|
Westpac
Banking Corp., 4.04%, 08/26/2027 |
|
|
365,000 |
|
|
|
363,849 |
|
|
Willis
North America, Inc., 4.65%, 06/15/2027 |
|
|
364,000 |
|
|
|
364,270 |
|
|
WP
Carey, Inc., 4.25%, 10/01/2026 |
|
|
364,000 |
|
|
|
361,952 |
|
| |
|
|
|
|
|
|
46,725,941 |
|
| |
|
|
|
|
|
|
|
|
|
Health
Care — 8.4% |
|
|
|
|
|
|
|
|
|
Abbott
Laboratories, 3.75%, 11/30/2026 |
|
|
371,000 |
|
|
|
368,354 |
|
|
AbbVie,
Inc., 2.95%, 11/21/2026 |
|
|
373,000 |
|
|
|
364,418 |
|
|
Agilent
Technologies, Inc., 3.05%, 09/22/2026 |
|
|
371,000 |
|
|
|
362,958 |
|
|
Amgen,
Inc., 2.20%, 02/21/2027 |
|
|
389,000 |
|
|
|
372,524 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Health
Care — 8.4% (continued) |
|
Astrazeneca
Finance LLC, 4.80%, 02/26/2027 |
|
$ |
364,000 |
|
|
$ |
367,656 |
|
|
Baxter
International, Inc., 1.92%, 02/01/2027 |
|
|
391,000 |
|
|
|
372,363 |
|
|
Becton
Dickinson & Co., 3.70%, 06/06/2027 |
|
|
371,000 |
|
|
|
364,747 |
|
|
Bio-Rad
Laboratories, Inc., 3.30%, 03/15/2027 |
|
|
373,000 |
|
|
|
362,776 |
|
|
Bristol-Myers
Squibb Co., 4.90%, 02/22/2027 |
|
|
363,000 |
|
|
|
367,113 |
|
|
Cardinal
Health, Inc., 3.41%, 06/15/2027 |
|
|
375,000 |
|
|
|
365,684 |
|
|
Cigna
Group, 3.40%, 03/01/2027 |
|
|
369,000 |
|
|
|
361,626 |
|
|
CSL
Finance PLC, 3.85%, 04/27/2027 (a) |
|
|
369,000 |
|
|
|
363,675 |
|
|
CVS
Health Corp., 1.30%, 08/21/2027 |
|
|
402,000 |
|
|
|
369,505 |
|
|
Elevance
Health, Inc., 4.50%, 10/30/2026 |
|
|
362,000 |
|
|
|
362,278 |
|
|
Eli
Lilly & Co., 4.50%, 02/09/2027 |
|
|
370,000 |
|
|
|
372,318 |
|
|
Gilead
Sciences, Inc., 2.95%, 03/01/2027 |
|
|
373,000 |
|
|
|
362,791 |
|
|
HCA,
Inc., 3.13%, 03/15/2027 |
|
|
374,000 |
|
|
|
362,990 |
|
|
Humana,
Inc., 1.35%, 02/03/2027 |
|
|
397,000 |
|
|
|
372,628 |
|
|
Illumina,
Inc., 4.65%, 09/09/2026 |
|
|
360,000 |
|
|
|
359,914 |
|
|
Johnson
& Johnson, 2.95%, 03/03/2027 |
|
|
371,000 |
|
|
|
362,586 |
|
|
Kaiser
Foundation Hospitals, 3.15%, 05/01/2027 |
|
|
373,000 |
|
|
|
363,969 |
|
|
Merck
& Co., Inc., 1.70%, 06/10/2027 |
|
|
388,000 |
|
|
|
367,229 |
|
|
Novartis
Capital Corp., 2.00%, 02/14/2027 |
|
|
388,000 |
|
|
|
372,476 |
|
|
Pfizer,
Inc., 3.00%, 12/15/2026 |
|
|
374,000 |
|
|
|
365,974 |
|
|
Providence
St Joseph Health Obligated Group, 2.75%, 10/01/2026 |
|
|
374,000 |
|
|
|
363,997 |
|
|
Shire
Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026 |
|
|
374,000 |
|
|
|
367,616 |
|
|
Smith
& Nephew PLC, 5.15%, 03/20/2027 |
|
|
356,000 |
|
|
|
359,424 |
|
|
Solventum
Corp., 5.45%, 02/25/2027 |
|
|
361,000 |
|
|
|
366,877 |
|
|
SSM
Health Care Corp., 3.82%, 06/01/2027 |
|
|
370,000 |
|
|
|
364,483 |
|
|
Stryker
Corp., 4.55%, 02/10/2027 |
|
|
369,000 |
|
|
|
369,698 |
|
|
Thermo
Fisher Scientific, Inc., 5.00%, 12/05/2026 |
|
|
360,000 |
|
|
|
363,725 |
|
|
UnitedHealth
Group, Inc., 3.45%, 01/15/2027 |
|
|
372,000 |
|
|
|
366,069 |
|
|
Universal
Health Services, Inc., 1.65%, 09/01/2026 |
|
|
382,000 |
|
|
|
364,596 |
|
|
Viatris,
Inc., 2.30%, 06/22/2027 |
|
|
388,000 |
|
|
|
365,878 |
|
|
Zimmer
Biomet Holdings, Inc., 4.70%, 02/19/2027 |
|
|
368,000 |
|
|
|
369,060 |
|
| |
|
|
|
|
|
|
12,809,975 |
|
| |
|
|
|
|
|
|
|
|
|
Industrials
— 9.4% |
|
|
|
|
|
|
|
|
|
3M
Co., 2.25%, 09/19/2026 |
|
|
382,000 |
|
|
|
369,615 |
|
|
AGCO
Corp., 5.45%, 03/21/2027 |
|
|
355,000 |
|
|
|
359,884 |
|
|
Amphenol
Corp., 5.05%, 04/05/2027 |
|
|
356,000 |
|
|
|
360,346 |
|
|
Boeing
Co., 5.04%, 05/01/2027 |
|
|
360,000 |
|
|
|
361,316 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Industrials
— 9.4% (continued) |
|
Burlington
Northern Santa Fe LLC, 3.25%, 06/15/2027 |
|
$ |
374,000 |
|
|
$ |
365,829 |
|
|
Canadian
Pacific Railway Co., 1.75%, 12/02/2026 |
|
|
384,000 |
|
|
|
366,402 |
|
|
Carrier
Global Corp., 2.49%, 02/15/2027 |
|
|
385,000 |
|
|
|
370,713 |
|
|
Caterpillar
Financial Services Corp., 5.00%, 05/14/2027 |
|
|
358,000 |
|
|
|
363,332 |
|
|
CSX
Corp., 3.25%, 06/01/2027 (b) |
|
|
374,000 |
|
|
|
364,764 |
|
|
Element
Fleet Management Corp., 5.64%, 03/13/2027 (a) |
|
|
353,000 |
|
|
|
359,228 |
|
|
Emerson
Electric Co., 0.88%, 10/15/2026 |
|
|
387,000 |
|
|
|
366,361 |
|
|
General
Dynamics Corp., 3.50%, 04/01/2027 |
|
|
371,000 |
|
|
|
365,186 |
|
|
Hexcel
Corp., 4.20%, 02/15/2027 (d) |
|
|
378,000 |
|
|
|
372,896 |
|
|
Honeywell
International, Inc., 2.50%, 11/01/2026 |
|
|
376,000 |
|
|
|
365,052 |
|
|
Howmet
Aerospace, Inc., 5.90%, 02/01/2027 |
|
|
362,000 |
|
|
|
370,010 |
|
|
Hubbell,
Inc., 3.15%, 08/15/2027 |
|
|
382,000 |
|
|
|
369,326 |
|
|
Illinois
Tool Works, Inc., 2.65%, 11/15/2026 |
|
|
374,000 |
|
|
|
365,266 |
|
|
Ingersoll
Rand, Inc., 5.20%, 06/15/2027 |
|
|
359,000 |
|
|
|
364,019 |
|
|
John
Deere Capital Corp., 4.20%, 07/15/2027 |
|
|
367,000 |
|
|
|
366,273 |
|
|
Keysight
Technologies, Inc., 4.60%, 04/06/2027 |
|
|
361,000 |
|
|
|
361,272 |
|
|
L3Harris
Technologies, Inc., 5.40%, 01/15/2027 |
|
|
360,000 |
|
|
|
365,092 |
|
|
Lennox
International, Inc., 1.70%, 08/01/2027 |
|
|
396,000 |
|
|
|
369,206 |
|
|
Norfolk
Southern Corp., 7.80%, 05/15/2027 |
|
|
337,000 |
|
|
|
360,091 |
|
|
Northrop
Grumman Corp., 3.20%, 02/01/2027 |
|
|
380,000 |
|
|
|
371,670 |
|
|
Otis
Worldwide Corp., 2.29%, 04/05/2027 |
|
|
382,000 |
|
|
|
364,841 |
|
|
PACCAR
Financial Corp., 4.45%, 08/06/2027 |
|
|
367,000 |
|
|
|
368,617 |
|
|
Parker-Hannifin
Corp., 3.25%, 03/01/2027 |
|
|
370,000 |
|
|
|
362,267 |
|
|
Quanta
Services, Inc., 4.75%, 08/09/2027 |
|
|
369,000 |
|
|
|
369,589 |
|
|
RTX
Corp., 5.75%, 11/08/2026 |
|
|
355,000 |
|
|
|
361,872 |
|
|
Ryder
System, Inc., 2.85%, 03/01/2027 |
|
|
376,000 |
|
|
|
363,456 |
|
|
Textron,
Inc., 3.65%, 03/15/2027 |
|
|
369,000 |
|
|
|
361,912 |
|
|
Transurban
Finance Co. Pty Ltd., 3.38%, 03/22/2027 (a) |
|
|
372,000 |
|
|
|
363,454 |
|
|
Tyco
Electronics Group SA, 3.13%, 08/15/2027 |
|
|
381,000 |
|
|
|
369,553 |
|
|
Union
Pacific Corp., 2.15%, 02/05/2027 |
|
|
387,000 |
|
|
|
372,013 |
|
|
United
Parcel Service, Inc., 2.40%, 11/15/2026 |
|
|
377,000 |
|
|
|
365,542 |
|
|
Veralto
Corp., 5.50%, 09/18/2026 |
|
|
354,000 |
|
|
|
358,734 |
|
|
Waste
Management, Inc., 4.95%, 07/03/2027 |
|
|
360,000 |
|
|
|
365,148 |
|
|
Westinghouse
Air Brake Technologies Corp., 3.45%, 11/15/2026 |
|
|
371,000 |
|
|
|
364,252 |
|
|
Xylem,
Inc., 3.25%, 11/01/2026 |
|
|
371,000 |
|
|
|
363,675 |
|
| |
|
|
|
|
|
|
14,248,074 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Materials
— 6.0% |
|
|
|
|
|
|
|
|
|
Air
Products and Chemicals, Inc., 1.85%, 05/15/2027 |
|
$ |
386,000 |
|
|
$ |
366,469 |
|
|
Albemarle
Corp., 4.65%, 06/01/2027 |
|
|
366,000 |
|
|
|
363,766 |
|
|
Bayport
Polymers LLC, 4.74%, 04/14/2027 (a) |
|
|
363,000 |
|
|
|
361,367 |
|
|
Berry
Global, Inc., 1.65%, 01/15/2027 |
|
|
389,000 |
|
|
|
367,134 |
|
|
BHP
Billiton Finance USA Ltd., 5.25%, 09/08/2026 |
|
|
354,000 |
|
|
|
358,501 |
|
|
CCL
Industries, Inc., 3.25%, 10/01/2026 (a) |
|
|
371,000 |
|
|
|
363,578 |
|
|
CF
Industries, Inc., 4.50%, 12/01/2026 (a) |
|
|
371,000 |
|
|
|
369,356 |
|
|
Chevron
Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.40%, 12/01/2026 (a) |
|
|
372,000 |
|
|
|
365,623 |
|
|
Ecolab,
Inc., 2.70%, 11/01/2026 |
|
|
374,000 |
|
|
|
364,523 |
|
|
FMC
Corp., 3.20%, 10/01/2026 |
|
|
373,000 |
|
|
|
363,045 |
|
|
Georgia-Pacific
LLC, 2.10%, 04/30/2027 (a) |
|
|
384,000 |
|
|
|
365,488 |
|
|
Glencore
Funding LLC, 4.00%, 03/27/2027 (a) |
|
|
372,000 |
|
|
|
367,572 |
|
|
Kinross
Gold Corp., 4.50%, 07/15/2027 |
|
|
368,000 |
|
|
|
365,918 |
|
|
LYB
International Finance II BV, 3.50%, 03/02/2027 |
|
|
369,000 |
|
|
|
361,570 |
|
|
Martin
Marietta Materials, Inc., 3.45%, 06/01/2027 |
|
|
374,000 |
|
|
|
364,981 |
|
|
Nucor
Corp., 4.30%, 05/23/2027 |
|
|
365,000 |
|
|
|
364,180 |
|
|
Nutrien
Ltd., 4.00%, 12/15/2026 |
|
|
371,000 |
|
|
|
367,119 |
|
|
Owens
Corning, 5.50%, 06/15/2027 |
|
|
357,000 |
|
|
|
363,725 |
|
|
RPM
International, Inc., 3.75%, 03/15/2027 |
|
|
368,000 |
|
|
|
361,632 |
|
|
Sealed
Air Corp., 1.57%, 10/15/2026 (a) |
|
|
385,000 |
|
|
|
365,574 |
|
|
Sherwin-Williams
Co., 3.45%, 06/01/2027 |
|
|
373,000 |
|
|
|
365,143 |
|
|
Sonoco
Products Co., 4.45%, 09/01/2026 |
|
|
362,000 |
|
|
|
360,901 |
|
|
Steel
Dynamics, Inc., 5.00%, 12/15/2026 |
|
|
363,000 |
|
|
|
362,688 |
|
|
Suzano
International Finance BV, 5.50%, 01/17/2027 (b) |
|
|
366,000 |
|
|
|
369,632 |
|
|
Vulcan
Materials Co., 3.90%, 04/01/2027 |
|
|
371,000 |
|
|
|
366,261 |
|
| |
|
|
|
|
|
|
9,115,746 |
|
| |
|
|
|
|
|
|
|
|
|
Technology
— 7.7% |
|
|
|
|
|
|
|
|
|
Adobe,
Inc., 2.15%, 02/01/2027 |
|
|
386,000 |
|
|
|
371,214 |
|
|
Analog
Devices, Inc., 3.50%, 12/05/2026 |
|
|
370,000 |
|
|
|
364,876 |
|
|
Apple,
Inc., 3.35%, 02/09/2027 |
|
|
377,000 |
|
|
|
371,823 |
|
|
Applied
Materials, Inc., 3.30%, 04/01/2027 |
|
|
370,000 |
|
|
|
362,703 |
|
|
Autodesk,
Inc., 3.50%, 06/15/2027 |
|
|
374,000 |
|
|
|
365,440 |
|
|
Broadcom
Corp. / Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027 |
|
|
375,000 |
|
|
|
370,951 |
|
|
CDW
LLC / CDW Finance Corp., 2.67%, 12/01/2026 |
|
|
379,000 |
|
|
|
365,074 |
|
|
CGI,
Inc., 1.45%, 09/14/2026 |
|
|
383,000 |
|
|
|
365,791 |
|
|
Cisco
Systems, Inc., 4.80%, 02/26/2027 |
|
|
364,000 |
|
|
|
368,146 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Technology
— 7.7% (continued) |
|
Dell
International LLC / EMC Corp., 4.90%, 10/01/2026 |
|
$ |
359,000 |
|
|
$ |
360,606 |
|
|
DXC
Technology Co., 1.80%, 09/15/2026 |
|
|
382,000 |
|
|
|
365,163 |
|
|
FactSet
Research Systems, Inc., 2.90%, 03/01/2027 |
|
|
375,000 |
|
|
|
362,974 |
|
|
Hewlett
Packard Enterprise Co., 4.45%, 09/25/2026 |
|
|
361,000 |
|
|
|
360,541 |
|
|
HP,
Inc., 3.00%, 06/17/2027 |
|
|
379,000 |
|
|
|
365,761 |
|
|
Intel
Corp., 3.75%, 08/05/2027 |
|
|
377,000 |
|
|
|
369,374 |
|
|
Intuit,
Inc., 5.25%, 09/15/2026 |
|
|
354,000 |
|
|
|
358,986 |
|
|
Jabil,
Inc., 4.25%, 05/15/2027 |
|
|
371,000 |
|
|
|
368,177 |
|
|
Kyndryl
Holdings, Inc., 2.05%, 10/15/2026 |
|
|
381,000 |
|
|
|
365,461 |
|
|
Micron
Technology, Inc., 4.19%, 02/15/2027 |
|
|
375,000 |
|
|
|
372,344 |
|
|
Microsoft
Corp., 3.30%, 02/06/2027 |
|
|
377,000 |
|
|
|
371,391 |
|
|
NetApp,
Inc., 2.38%, 06/22/2027 |
|
|
385,000 |
|
|
|
366,897 |
|
|
Nokia
Oyj, 4.38%, 06/12/2027 |
|
|
369,000 |
|
|
|
364,787 |
|
|
NVIDIA
Corp., 3.20%, 09/16/2026 |
|
|
371,000 |
|
|
|
365,809 |
|
|
NXP
BV / NXP Funding LLC / NXP USA, Inc., 4.40%, 06/01/2027 |
|
|
365,000 |
|
|
|
363,723 |
|
|
Oracle
Corp., 2.80%, 04/01/2027 |
|
|
381,000 |
|
|
|
367,856 |
|
|
QUALCOMM,
Inc., 3.25%, 05/20/2027 |
|
|
373,000 |
|
|
|
365,286 |
|
|
Roper
Technologies, Inc., 3.80%, 12/15/2026 |
|
|
374,000 |
|
|
|
369,411 |
|
|
S&P
Global, Inc., 2.45%, 03/01/2027 |
|
|
377,000 |
|
|
|
363,064 |
|
|
Take-Two
Interactive Software, Inc., 3.70%, 04/14/2027 (b) |
|
|
370,000 |
|
|
|
363,149 |
|
|
Texas
Instruments, Inc., 4.60%, 02/08/2027 |
|
|
369,000 |
|
|
|
371,767 |
|
|
VMware
LLC, 3.90%, 08/21/2027 |
|
|
376,000 |
|
|
|
369,188 |
|
|
Workday,
Inc., 3.50%, 04/01/2027 |
|
|
370,000 |
|
|
|
362,494 |
|
| |
|
|
|
|
|
|
11,720,227 |
|
| |
|
|
|
|
|
|
|
|
|
Utilities
— 8.2% |
|
|
|
|
|
|
|
|
|
AEP
Transmission Co. LLC, 3.10%, 12/01/2026 |
|
|
374,000 |
|
|
|
365,433 |
|
|
Alliant
Energy Finance LLC, 5.40%, 06/06/2027 (a) |
|
|
360,000 |
|
|
|
363,516 |
|
|
Ameren
Corp., 5.70%, 12/01/2026 |
|
|
357,000 |
|
|
|
363,168 |
|
|
APA
Infrastructure Ltd., 4.25%, 07/15/2027 (a) |
|
|
369,000 |
|
|
|
366,050 |
|
|
Atmos
Energy Corp., 3.00%, 06/15/2027 |
|
|
377,000 |
|
|
|
366,111 |
|
|
Black
Hills Corp., 3.15%, 01/15/2027 |
|
|
380,000 |
|
|
|
369,618 |
|
|
Boston
Gas Co., 3.15%, 08/01/2027 (a) |
|
|
383,000 |
|
|
|
368,452 |
|
|
CenterPoint
Energy Houston Electric LLC, 3.00%, 02/01/2027 |
|
|
379,000 |
|
|
|
368,821 |
|
|
CMS
Energy Corp., 3.45%, 08/15/2027 |
|
|
378,000 |
|
|
|
369,086 |
|
|
DTE
Energy Co., 4.95%, 07/01/2027 |
|
|
362,000 |
|
|
|
364,876 |
|
|
Duke
Energy Corp., 2.65%, 09/01/2026 |
|
|
373,000 |
|
|
|
363,211 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.6% (continued) |
|
Utilities
— 8.2% (continued) |
|
Duquesne
Light Holdings, Inc., 3.62%, 08/01/2027 (a) |
|
$ |
381,000 |
|
|
$ |
368,978 |
|
|
Edison
International, 5.75%, 06/15/2027 (b) |
|
|
366,000 |
|
|
|
366,721 |
|
|
Entergy
Corp., 2.95%, 09/01/2026 |
|
|
376,000 |
|
|
|
367,253 |
|
|
Essential
Utilities, Inc., 4.80%, 08/15/2027 |
|
|
367,000 |
|
|
|
369,142 |
|
|
Evergy
Kansas Central, Inc., 3.10%, 04/01/2027 |
|
|
373,000 |
|
|
|
363,601 |
|
|
Exelon
Corp., 2.75%, 03/15/2027 |
|
|
377,000 |
|
|
|
363,518 |
|
|
FirstEnergy
Corp., 3.90%, 07/15/2027 (d) |
|
|
373,000 |
|
|
|
365,549 |
|
|
Fortis,
Inc., 3.06%, 10/04/2026 |
|
|
373,000 |
|
|
|
363,918 |
|
|
Georgia
Power Co., 5.00%, 02/23/2027 |
|
|
362,000 |
|
|
|
366,002 |
|
|
MidAmerican
Energy Co., 3.10%, 05/01/2027 |
|
|
374,000 |
|
|
|
364,621 |
|
|
National
Fuel Gas Co., 5.50%, 10/01/2026 |
|
|
356,000 |
|
|
|
360,138 |
|
|
National
Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027 |
|
|
369,000 |
|
|
|
371,807 |
|
|
New
York State Electric & Gas Corp., 3.25%, 12/01/2026 (a) |
|
|
375,000 |
|
|
|
365,988 |
|
|
NextEra
Energy Capital Holdings, Inc., 3.55%, 05/01/2027 |
|
|
371,000 |
|
|
|
363,487 |
|
|
NiSource,
Inc., 3.49%, 05/15/2027 |
|
|
373,000 |
|
|
|
364,963 |
|
|
NSTAR
Electric Co., 3.20%, 05/15/2027 |
|
|
375,000 |
|
|
|
365,062 |
|
|
Pacific
Gas and Electric Co., 3.30%, 03/15/2027 |
|
|
374,000 |
|
|
|
362,758 |
|
|
Public
Service Electric and Gas Co., 3.00%, 05/15/2027 |
|
|
375,000 |
|
|
|
364,152 |
|
|
Sempra,
3.25%, 06/15/2027 |
|
|
377,000 |
|
|
|
365,383 |
|
|
Virginia
Electric and Power Co., 3.50%, 03/15/2027 |
|
|
369,000 |
|
|
|
362,432 |
|
|
Vistra
Operations Co. LLC, 3.70%, 01/30/2027 (a) |
|
|
380,000 |
|
|
|
371,796 |
|
|
WEC
Energy Group, Inc., 5.60%, 09/12/2026 |
|
|
353,000 |
|
|
|
358,660 |
|
|
Xcel
Energy, Inc., 1.75%, 03/15/2027 |
|
|
386,000 |
|
|
|
365,125 |
|
| |
|
|
|
|
|
|
12,429,396 |
|
|
TOTAL
CORPORATE BONDS (Cost $149,294,457) |
|
|
|
|
|
|
149,799,981 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
Units |
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 2.4% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 2.4% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (e) |
|
|
3,600,829 |
|
|
$ |
3,600,829 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $3,600,829) |
|
|
|
|
|
|
3,600,829 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 101.0% (Cost $152,896,180) |
|
|
|
|
|
$ |
153,400,810 |
|
|
Liabilities
in Excess of Other Assets — (1.0)% |
|
|
|
|
|
|
(1,478,645 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
151,922,165 |
|
Percentages
are stated as a percent of net assets.
ASA
- Advanced Subscription Agreement
CMT
- Constant Maturity Treasury
LIBOR
- London Interbank Offered Rate
LLC
- Limited Liability Company
LP
- Limited Partnership
PLC
- Public Limited Company
SOFR
- Secured Overnight Financing Rate
|
(a) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $19,344,611 or 12.7% of the Fund’s
net assets. |
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $3,366,239 which represented 2.2% of the Fund’s
net assets. |
|
(c) |
Securities referencing LIBOR
are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
|
(d) |
Step coupon bond. The rate
disclosed is as of February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% |
|
|
|
|
|
|
|
|
|
Communications
— 3.9% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc., 0.80%, 08/15/2027 |
|
$ |
395,000 |
|
|
$ |
364,661 |
|
|
AT&T,
Inc., 1.65%, 02/01/2028 |
|
|
400,000 |
|
|
|
368,773 |
|
|
Booking
Holdings, Inc., 3.55%, 03/15/2028 |
|
|
370,000 |
|
|
|
360,885 |
|
|
Charter
Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 03/15/2028 |
|
|
369,000 |
|
|
|
360,885 |
|
|
Comcast
Corp., 3.15%, 02/15/2028 |
|
|
381,000 |
|
|
|
367,515 |
|
|
Cox
Communications, Inc., 3.50%, 08/15/2027 (a) |
|
|
377,000 |
|
|
|
366,574 |
|
|
Discovery
Communications LLC, 3.95%, 03/20/2028 |
|
|
374,000 |
|
|
|
360,355 |
|
|
Expedia
Group, Inc., 3.80%, 02/15/2028 |
|
|
375,000 |
|
|
|
365,438 |
|
|
Meta
Platforms, Inc. |
|
|
|
|
|
|
|
|
|
3.50%,
08/15/2027 |
|
|
373,000 |
|
|
|
366,954 |
|
|
4.60%,
05/15/2028 |
|
|
348,000 |
|
|
|
351,793 |
|
|
Netflix,
Inc., 4.88%, 04/15/2028 |
|
|
357,000 |
|
|
|
361,721 |
|
|
Paramount
Global, 3.38%, 02/15/2028 |
|
|
384,000 |
|
|
|
367,585 |
|
|
TELUS
Corp., 3.70%, 09/15/2027 |
|
|
369,000 |
|
|
|
361,358 |
|
|
T-Mobile
USA, Inc., 2.05%, 02/15/2028 |
|
|
396,000 |
|
|
|
369,523 |
|
|
Uber
Technologies, Inc., 7.50%, 09/15/2027 (a) |
|
|
350,000 |
|
|
|
352,224 |
|
|
Verizon
Communications, Inc., 2.10%, 03/22/2028 |
|
|
390,000 |
|
|
|
363,090 |
|
|
Vodafone
Group PLC, 4.38%, 05/30/2028 |
|
|
365,000 |
|
|
|
367,040 |
|
|
Walt
Disney Co., 2.20%, 01/13/2028 |
|
|
387,000 |
|
|
|
365,737 |
|
| |
|
|
|
|
|
|
6,542,111 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 7.9% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc. |
|
|
|
|
|
|
|
|
|
3.15%,
08/22/2027 |
|
|
370,000 |
|
|
|
360,810 |
|
|
1.65%,
05/12/2028 |
|
|
384,000 |
|
|
|
354,908 |
|
|
American
Honda Finance Corp., 5.13%, 07/07/2028 |
|
|
359,000 |
|
|
|
365,571 |
|
|
Automatic
Data Processing, Inc., 1.70%, 05/15/2028 (b) |
|
|
396,000 |
|
|
|
366,522 |
|
|
AutoNation,
Inc. |
|
|
|
|
|
|
|
|
|
3.80%,
11/15/2027 |
|
|
371,000 |
|
|
|
361,939 |
|
|
1.95%,
08/01/2028 |
|
|
394,000 |
|
|
|
356,754 |
|
|
AutoZone,
Inc., 4.50%, 02/01/2028 |
|
|
365,000 |
|
|
|
365,424 |
|
|
Block
Financial LLC, 2.50%, 07/15/2028 |
|
|
395,000 |
|
|
|
365,572 |
|
|
BMW
US Capital LLC |
|
|
|
|
|
|
|
|
|
3.75%,
04/12/2028 (a) |
|
|
374,000 |
|
|
|
365,251 |
|
|
5.05%,
08/11/2028 (a) |
|
|
352,000 |
|
|
|
356,101 |
|
|
Carnival
Corp., 4.00%, 08/01/2028 (a) |
|
|
370,000 |
|
|
|
355,551 |
|
|
Darden
Restaurants, Inc., 4.35%, 10/15/2027 |
|
|
363,000 |
|
|
|
360,501 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Consumer
Discretionary — 7.9% (continued) |
|
Delta
Air Lines, Inc., 4.38%, 04/19/2028 |
|
$ |
366,000 |
|
|
$ |
359,792 |
|
|
DR
Horton, Inc., 1.40%, 10/15/2027 |
|
|
395,000 |
|
|
|
364,814 |
|
|
eBay,
Inc., 5.95%, 11/22/2027 (b) |
|
|
349,000 |
|
|
|
361,404 |
|
|
ERAC
USA Finance LLC, 4.60%, 05/01/2028 (a) |
|
|
361,000 |
|
|
|
361,853 |
|
|
General
Motors Financial Co., Inc., 5.80%, 06/23/2028 |
|
|
354,000 |
|
|
|
363,440 |
|
|
Harley-Davidson
Financial Services, Inc., 6.50%, 03/10/2028 (a) |
|
|
346,000 |
|
|
|
356,215 |
|
|
Hasbro,
Inc., 3.50%, 09/15/2027 |
|
|
372,000 |
|
|
|
361,091 |
|
|
Home
Depot, Inc., 2.80%, 09/14/2027 |
|
|
375,000 |
|
|
|
362,009 |
|
|
Hyundai
Capital America, 5.68%, 06/26/2028 (a) |
|
|
356,000 |
|
|
|
365,067 |
|
|
Lear
Corp., 3.80%, 09/15/2027 |
|
|
368,000 |
|
|
|
360,136 |
|
|
Leggett
& Platt, Inc., 3.50%, 11/15/2027 |
|
|
379,000 |
|
|
|
362,455 |
|
|
Lennar
Corp., 4.75%, 11/29/2027 |
|
|
362,000 |
|
|
|
363,233 |
|
|
LKQ
Corp., 5.75%, 06/15/2028 (b) |
|
|
355,000 |
|
|
|
364,835 |
|
|
Lowe’s
Cos., Inc., 1.30%, 04/15/2028 |
|
|
403,000 |
|
|
|
365,558 |
|
|
Marriott
International, Inc., 5.00%, 10/15/2027 |
|
|
356,000 |
|
|
|
360,021 |
|
|
Masco
Corp., 1.50%, 02/15/2028 |
|
|
401,000 |
|
|
|
366,817 |
|
|
Mattel,
Inc., 5.88%, 12/15/2027 (a) |
|
|
360,000 |
|
|
|
361,511 |
|
|
McDonald’s
Corp., 3.80%, 04/01/2028 |
|
|
368,000 |
|
|
|
361,263 |
|
|
O’Reilly
Automotive, Inc., 3.60%, 09/01/2027 |
|
|
367,000 |
|
|
|
358,817 |
|
|
Southwest
Airlines Co., 3.45%, 11/16/2027 |
|
|
375,000 |
|
|
|
363,557 |
|
|
Stanley
Black & Decker, Inc., 6.00%, 03/06/2028 |
|
|
343,000 |
|
|
|
357,244 |
|
|
Starbucks
Corp., 3.50%, 03/01/2028 |
|
|
371,000 |
|
|
|
362,208 |
|
|
TJX
Cos., Inc., 1.15%, 05/15/2028 |
|
|
403,000 |
|
|
|
365,355 |
|
|
Toll
Brothers Finance Corp., 4.35%, 02/15/2028 |
|
|
371,000 |
|
|
|
366,796 |
|
|
Toyota
Motor Credit Corp., 4.35%, 10/08/2027 |
|
|
361,000 |
|
|
|
361,003 |
|
| |
|
|
|
|
|
|
13,391,398 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Staples — 8.0% |
|
|
|
|
|
|
|
|
|
7-Eleven,
Inc., 1.30%, 02/10/2028 (a) |
|
|
409,000 |
|
|
|
371,124 |
|
|
Altria
Group, Inc., 4.88%, 02/04/2028 |
|
|
353,000 |
|
|
|
355,745 |
|
|
Anheuser-Busch
InBev Worldwide, Inc., 4.00%, 04/13/2028 |
|
|
366,000 |
|
|
|
362,820 |
|
|
BAT
Capital Corp. |
|
|
|
|
|
|
|
|
|
3.56%,
08/15/2027 |
|
|
376,000 |
|
|
|
366,755 |
|
|
2.26%,
03/25/2028 |
|
|
379,000 |
|
|
|
353,216 |
|
|
Bunge
Ltd. Finance Corp., 3.75%, 09/25/2027 |
|
|
368,000 |
|
|
|
361,025 |
|
|
Cargill,
Inc., 4.63%, 02/11/2028 (a) |
|
|
354,000 |
|
|
|
355,922 |
|
|
Church
& Dwight Co., Inc., 3.15%, 08/01/2027 |
|
|
375,000 |
|
|
|
365,203 |
|
|
Clorox
Co., 3.90%, 05/15/2028 |
|
|
370,000 |
|
|
|
363,365 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Consumer
Staples — 8.0% (continued) |
|
Coca-Cola
Co., 1.00%, 03/15/2028 |
|
$ |
402,000 |
|
|
$ |
365,831 |
|
|
Colgate-Palmolive
Co., 4.60%, 03/01/2028 |
|
|
354,000 |
|
|
|
359,436 |
|
|
Conagra
Brands, Inc., 1.38%, 11/01/2027 |
|
|
398,000 |
|
|
|
364,423 |
|
|
Constellation
Brands, Inc., 3.60%, 02/15/2028 |
|
|
378,000 |
|
|
|
367,172 |
|
|
Dollar
General Corp., 4.63%, 11/01/2027 |
|
|
360,000 |
|
|
|
360,038 |
|
|
Dollar
Tree, Inc., 4.20%, 05/15/2028 |
|
|
370,000 |
|
|
|
363,940 |
|
|
Estee
Lauder Cos., Inc., 4.38%, 05/15/2028 |
|
|
364,000 |
|
|
|
362,860 |
|
|
General
Mills, Inc., 4.20%, 04/17/2028 |
|
|
366,000 |
|
|
|
362,379 |
|
|
Heineken
NV, 3.50%, 01/29/2028 (a) |
|
|
377,000 |
|
|
|
366,891 |
|
|
Hershey
Co. |
|
|
|
|
|
|
|
|
|
4.55%,
02/24/2028 |
|
|
354,000 |
|
|
|
356,823 |
|
|
4.25%,
05/04/2028 |
|
|
362,000 |
|
|
|
362,078 |
|
|
Hormel
Foods Corp., 1.70%, 06/03/2028 |
|
|
399,000 |
|
|
|
366,212 |
|
|
J
M Smucker Co., 3.38%, 12/15/2027 |
|
|
374,000 |
|
|
|
363,524 |
|
|
JBS
USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 5.13%, 02/01/2028 |
|
|
362,000 |
|
|
|
365,631 |
|
|
Kellanova,
4.30%, 05/15/2028 |
|
|
366,000 |
|
|
|
364,032 |
|
|
Kenvue,
Inc., 5.05%, 03/22/2028 |
|
|
353,000 |
|
|
|
359,667 |
|
|
Keurig
Dr Pepper, Inc., 4.60%, 05/25/2028 |
|
|
363,000 |
|
|
|
363,162 |
|
|
Kimberly-Clark
Corp., 1.05%, 09/15/2027 |
|
|
395,000 |
|
|
|
363,976 |
|
|
Kroger
Co., 3.70%, 08/01/2027 |
|
|
371,000 |
|
|
|
364,400 |
|
|
Mars,
Inc., 4.55%, 04/20/2028 (a) |
|
|
362,000 |
|
|
|
361,703 |
|
|
McCormick
& Co., Inc., 3.40%, 08/15/2027 |
|
|
376,000 |
|
|
|
366,754 |
|
|
Mondelez
International, Inc., 4.13%, 05/07/2028 |
|
|
367,000 |
|
|
|
363,157 |
|
|
PepsiCo,
Inc., 3.00%, 10/15/2027 |
|
|
374,000 |
|
|
|
363,100 |
|
|
Philip
Morris International, Inc., 4.88%, 02/15/2028 |
|
|
362,000 |
|
|
|
366,561 |
|
|
Procter
& Gamble Co. |
|
|
|
|
|
|
|
|
|
2.85%,
08/11/2027 |
|
|
382,000 |
|
|
|
370,327 |
|
|
3.95%,
01/26/2028 |
|
|
357,000 |
|
|
|
355,526 |
|
|
The
Campbell’s Co., 4.15%, 03/15/2028 |
|
|
368,000 |
|
|
|
363,629 |
|
|
Walmart,
Inc., 3.70%, 06/26/2028 |
|
|
370,000 |
|
|
|
365,336 |
|
| |
|
|
|
|
|
|
13,433,743 |
|
| |
|
|
|
|
|
|
|
|
|
Energy
— 8.4% |
|
|
|
|
|
|
|
|
|
Baker
Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2027 (b) |
|
|
375,000 |
|
|
|
365,198 |
|
|
BP
Capital Markets PLC, 3.28%, 09/19/2027 |
|
|
370,000 |
|
|
|
359,776 |
|
|
Chevron
USA, Inc. |
|
|
|
|
|
|
|
|
|
1.02%,
08/12/2027 (b) |
|
|
397,000 |
|
|
|
367,791 |
|
|
3.85%,
01/15/2028 |
|
|
358,000 |
|
|
|
356,024 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Energy
— 8.4% (continued) |
|
Columbia
Pipelines Holding Co. LLC, 6.04%, 08/15/2028 (a) |
|
$ |
344,000 |
|
|
$ |
356,525 |
|
|
Continental
Resources, Inc., 4.38%, 01/15/2028 (b) |
|
|
372,000 |
|
|
|
366,371 |
|
|
Devon
Energy Corp., 5.25%, 10/15/2027 |
|
|
358,000 |
|
|
|
358,486 |
|
|
Enbridge,
Inc., 6.25% to 03/01/2028 then 3 mo. Term SOFR + 3.90%, 03/01/2078 |
|
|
359,000 |
|
|
|
356,730 |
|
|
Energy
Transfer LP, 5.55%, 02/15/2028 |
|
|
357,000 |
|
|
|
365,439 |
|
|
Eni
USA, Inc., 7.30%, 11/15/2027 |
|
|
339,000 |
|
|
|
360,887 |
|
|
EnLink
Midstream LLC, 5.63%, 01/15/2028 (a) |
|
|
358,000 |
|
|
|
364,206 |
|
|
Enterprise
Products Operating LLC |
|
|
|
|
|
|
|
|
|
5.25%
to 08/16/2027 then 3 mo. Term SOFR + 3.29%, 08/16/2077 |
|
|
370,000 |
|
|
|
364,122 |
|
|
5.38%
to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 |
|
|
362,000 |
|
|
|
354,776 |
|
|
EQT
Corp., 3.90%, 10/01/2027 |
|
|
369,000 |
|
|
|
362,707 |
|
|
Equinor
ASA, 7.25%, 09/23/2027 |
|
|
332,000 |
|
|
|
356,272 |
|
|
Gray
Oak Pipeline LLC, 3.45%, 10/15/2027 (a) |
|
|
377,000 |
|
|
|
362,041 |
|
|
Helmerich
& Payne, Inc., 4.65%, 12/01/2027 (a) |
|
|
361,000 |
|
|
|
360,768 |
|
|
HF
Sinclair Corp., 5.00%, 02/01/2028 |
|
|
365,000 |
|
|
|
365,076 |
|
|
Kinder
Morgan, Inc., 4.30%, 03/01/2028 (b) |
|
|
361,000 |
|
|
|
358,101 |
|
|
Marathon
Petroleum Corp., 3.80%, 04/01/2028 (b) |
|
|
373,000 |
|
|
|
364,376 |
|
|
MPLX
LP, 4.00%, 03/15/2028 |
|
|
368,000 |
|
|
|
360,895 |
|
|
NGPL
PipeCo LLC, 4.88%, 08/15/2027 (a) |
|
|
367,000 |
|
|
|
365,985 |
|
|
Occidental
Petroleum Corp., 5.00%, 08/01/2027 |
|
|
362,000 |
|
|
|
363,375 |
|
|
ONEOK,
Inc., 4.25%, 09/24/2027 |
|
|
363,000 |
|
|
|
359,498 |
|
|
Ovintiv,
Inc., 5.65%, 05/15/2028 |
|
|
354,000 |
|
|
|
362,990 |
|
|
Patterson-UTI
Energy, Inc., 3.95%, 02/01/2028 (b) |
|
|
378,000 |
|
|
|
366,223 |
|
|
Phillips
66, 3.90%, 03/15/2028 |
|
|
368,000 |
|
|
|
360,358 |
|
|
Sabal
Trail Transmission LLC, 4.25%, 05/01/2028 (a) |
|
|
373,000 |
|
|
|
366,284 |
|
|
Sabine
Pass Liquefaction LLC, 4.20%, 03/15/2028 |
|
|
366,000 |
|
|
|
361,303 |
|
|
Schlumberger
Holdings Corp., 3.90%, 05/17/2028 (a) |
|
|
371,000 |
|
|
|
363,770 |
|
|
South
Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (a) |
|
|
358,000 |
|
|
|
358,296 |
|
|
Targa
Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 01/15/2028 |
|
|
364,000 |
|
|
|
364,308 |
|
|
Texas
Eastern Transmission LP, 3.50%, 01/15/2028 (a) |
|
|
378,000 |
|
|
|
367,185 |
|
|
TransCanada
PipeLines Ltd., 4.25%, 05/15/2028 |
|
|
368,000 |
|
|
|
363,034 |
|
|
Transcontinental
Gas Pipe Line Co. LLC, 4.00%, 03/15/2028 |
|
|
368,000 |
|
|
|
360,926 |
|
|
Valero
Energy Corp., 4.35%, 06/01/2028 |
|
|
367,000 |
|
|
|
363,537 |
|
|
Western
Midstream Operating LP, 4.50%, 03/01/2028 |
|
|
364,000 |
|
|
|
360,617 |
|
|
Williams
Cos., Inc., 5.30%, 08/15/2028 |
|
|
349,000 |
|
|
|
355,976 |
|
|
Woodside
Finance Ltd., 3.70%, 03/15/2028 (a) |
|
|
375,000 |
|
|
|
362,705 |
|
| |
|
|
|
|
|
|
14,112,937 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Financials
— 28.2% |
|
|
|
|
|
|
|
|
|
Agree
LP, 2.00%, 06/15/2028 |
|
$ |
398,000 |
|
|
$ |
366,187 |
|
|
Air
Lease Corp., 5.30%, 02/01/2028 |
|
|
359,000 |
|
|
|
365,191 |
|
|
Aircastle
Ltd., 2.85%, 01/26/2028 (a) |
|
|
388,000 |
|
|
|
366,676 |
|
|
Alexandria
Real Estate Equities, Inc., 3.95%, 01/15/2028 |
|
|
373,000 |
|
|
|
366,730 |
|
|
Ally
Financial, Inc., 6.99% to 06/13/2028 then SOFR + 3.26%, 06/13/2029 (b) |
|
|
344,000 |
|
|
|
362,029 |
|
|
American
Express Co., 5.28% to 07/27/2028 then SOFR + 1.28%, 07/27/2029 (b) |
|
|
359,000 |
|
|
|
367,061 |
|
|
American
Homes 4 Rent LP, 4.25%, 02/15/2028 |
|
|
372,000 |
|
|
|
367,331 |
|
|
American
International Group, Inc., 4.20%, 04/01/2028 |
|
|
366,000 |
|
|
|
361,242 |
|
|
American
Tower Corp., 5.50%, 03/15/2028 |
|
|
351,000 |
|
|
|
359,417 |
|
|
Andrew
W Mellon Foundation, 0.95%, 08/01/2027 |
|
|
398,000 |
|
|
|
367,128 |
|
|
Ares
Capital Corp., 2.88%, 06/15/2028 |
|
|
392,000 |
|
|
|
366,243 |
|
|
Ares
Strategic Income Fund, 5.70%, 03/15/2028 (a) |
|
|
360,000 |
|
|
|
362,620 |
|
|
Arthur
J Gallagher & Co., 4.60%, 12/15/2027 |
|
|
363,000 |
|
|
|
363,461 |
|
|
Assurant,
Inc., 4.90%, 03/27/2028 |
|
|
358,000 |
|
|
|
360,119 |
|
|
Athene
Holding Ltd., 4.13%, 01/12/2028 (b) |
|
|
370,000 |
|
|
|
364,990 |
|
|
AvalonBay
Communities, Inc., 3.20%, 01/15/2028 |
|
|
378,000 |
|
|
|
365,733 |
|
|
Aviation
Capital Group LLC, 3.50%, 11/01/2027 (a) |
|
|
376,000 |
|
|
|
362,269 |
|
|
Avolon
Holdings Funding Ltd., 2.53%, 11/18/2027 (a) |
|
|
389,000 |
|
|
|
364,111 |
|
|
AXIS
Specialty Finance PLC, 4.00%, 12/06/2027 |
|
|
371,000 |
|
|
|
365,051 |
|
|
Bank
of America Corp., 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028 |
|
|
377,000 |
|
|
|
364,150 |
|
|
Bank
of Montreal, 3.80% to 12/15/2027 then 5 yr. Swap Rate USD + 1.43%, 12/15/2032 |
|
|
377,000 |
|
|
|
364,605 |
|
|
Bank
of New York Mellon Corp., 5.80% to 10/25/2027 then SOFR + 1.80%, 10/25/2028 |
|
|
349,000 |
|
|
|
360,769 |
|
|
Bank
of Nova Scotia |
|
|
|
|
|
|
|
|
|
4.40%
to 09/08/2027 then SOFR + 1.00%, 09/08/2028 |
|
|
361,000 |
|
|
|
358,924 |
|
|
4.93%
to 02/14/2028 then SOFR + 0.89%, 02/14/2029 |
|
|
356,000 |
|
|
|
358,329 |
|
|
BGC
Group, Inc., 8.00%, 05/25/2028 |
|
|
337,000 |
|
|
|
361,400 |
|
|
Blackstone
Holdings Finance Co. LLC |
|
|
|
|
|
|
|
|
|
5.90%,
11/03/2027 (a) |
|
|
348,000 |
|
|
|
359,390 |
|
|
1.63%,
08/05/2028 (a) |
|
|
393,000 |
|
|
|
356,581 |
|
|
Blackstone
Private Credit Fund, 4.95%, 09/26/2027 (a) |
|
|
362,000 |
|
|
|
359,322 |
|
|
Blackstone
Secured Lending Fund, 5.35%, 04/13/2028 |
|
|
360,000 |
|
|
|
360,695 |
|
|
Blue
Owl Capital Corp., 2.88%, 06/11/2028 |
|
|
396,000 |
|
|
|
365,267 |
|
|
Blue
Owl Credit Income Corp., 7.95%, 06/13/2028 |
|
|
339,000 |
|
|
|
362,684 |
|
|
Blue
Owl Technology Finance Corp., 6.10%, 03/15/2028 (a) |
|
|
363,000 |
|
|
|
365,737 |
|
|
Boston
Properties LP, 6.75%, 12/01/2027 |
|
|
346,000 |
|
|
|
362,086 |
|
|
Brighthouse
Financial Global Funding, 2.00%, 06/28/2028 (a) |
|
|
404,000 |
|
|
|
366,700 |
|
|
Brixmor
Operating Partnership LP, 2.25%, 04/01/2028 |
|
|
393,000 |
|
|
|
364,485 |
|
|
Brookfield
Finance, Inc., 3.90%, 01/25/2028 |
|
|
373,000 |
|
|
|
366,503 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Financials
— 28.2% (continued) |
|
Canadian
Imperial Bank of Commerce, 5.00%, 04/28/2028 |
|
$ |
358,000 |
|
|
$ |
362,642 |
|
|
Capital
One Financial Corp., 6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029 |
|
|
348,000 |
|
|
|
362,547 |
|
|
Charles
Schwab Corp., 2.00%, 03/20/2028 |
|
|
392,000 |
|
|
|
364,990 |
|
|
Cincinnati
Financial Corp., 6.92%, 05/15/2028 |
|
|
337,000 |
|
|
|
361,325 |
|
|
Citigroup,
Inc., 4.45%, 09/29/2027 |
|
|
363,000 |
|
|
|
360,702 |
|
|
CME
Group, Inc., 3.75%, 06/15/2028 |
|
|
371,000 |
|
|
|
365,121 |
|
|
CNA
Financial Corp., 3.45%, 08/15/2027 |
|
|
375,000 |
|
|
|
365,530 |
|
|
CNO
Global Funding, 4.88%, 12/10/2027 (a) |
|
|
362,000 |
|
|
|
362,494 |
|
|
Commonwealth
Bank of Australia, 3.90%, 03/16/2028 (a) |
|
|
366,000 |
|
|
|
362,630 |
|
|
Corebridge
Global Funding |
|
|
|
|
|
|
|
|
|
4.65%,
08/20/2027 (a) |
|
|
358,000 |
|
|
|
358,979 |
|
|
4.90%,
01/07/2028 (a) |
|
|
352,000 |
|
|
|
355,010 |
|
|
Crown
Castle, Inc., 5.00%, 01/11/2028 |
|
|
362,000 |
|
|
|
365,100 |
|
|
Digital
Realty Trust LP |
|
|
|
|
|
|
|
|
|
3.70%,
08/15/2027 |
|
|
374,000 |
|
|
|
366,088 |
|
|
5.55%,
01/15/2028 |
|
|
346,000 |
|
|
|
353,805 |
|
|
DOC
DR LLC, 3.95%, 01/15/2028 |
|
|
373,000 |
|
|
|
365,919 |
|
|
Empower
Finance 2020 LP, 1.36%, 09/17/2027 (a) |
|
|
398,000 |
|
|
|
366,018 |
|
|
EPR
Properties, 4.95%, 04/15/2028 |
|
|
364,000 |
|
|
|
361,814 |
|
|
Equinix,
Inc., 1.55%, 03/15/2028 |
|
|
399,000 |
|
|
|
364,711 |
|
|
Equitable
Holdings, Inc., 4.35%, 04/20/2028 |
|
|
366,000 |
|
|
|
362,083 |
|
|
ERP
Operating LP, 3.50%, 03/01/2028 |
|
|
372,000 |
|
|
|
361,651 |
|
|
Essex
Portfolio LP, 1.70%, 03/01/2028 |
|
|
397,000 |
|
|
|
364,096 |
|
|
Extra
Space Storage LP, 5.70%, 04/01/2028 |
|
|
350,000 |
|
|
|
360,056 |
|
|
F&G
Annuities & Life, Inc., 7.40%, 01/13/2028 |
|
|
348,000 |
|
|
|
364,584 |
|
|
Fairfax
Financial Holdings Ltd., 4.85%, 04/17/2028 |
|
|
361,000 |
|
|
|
361,251 |
|
|
Federal
Realty OP LP, 5.38%, 05/01/2028 |
|
|
355,000 |
|
|
|
361,871 |
|
|
Fidelity
National Financial, Inc., 4.50%, 08/15/2028 |
|
|
360,000 |
|
|
|
356,381 |
|
|
Fidelity
National Information Services, Inc., 1.65%, 03/01/2028 (b) |
|
|
397,000 |
|
|
|
364,150 |
|
|
Fifth
Third Bancorp, 6.34% (SOFR + 2.34%), 07/27/2029 |
|
|
350,000 |
|
|
|
366,506 |
|
|
First-Citizens
Bank & Trust Co., 6.13%, 03/09/2028 |
|
|
346,000 |
|
|
|
359,043 |
|
|
Fiserv,
Inc., 5.45%, 03/02/2028 (b) |
|
|
350,000 |
|
|
|
358,381 |
|
|
GATX
Corp., 3.50%, 03/15/2028 |
|
|
375,000 |
|
|
|
362,403 |
|
|
Global
Payments, Inc. |
|
|
|
|
|
|
|
|
|
4.95%,
08/15/2027 |
|
|
363,000 |
|
|
|
365,666 |
|
|
4.45%,
06/01/2028 |
|
|
356,000 |
|
|
|
353,113 |
|
|
GLP
Capital LP / GLP Financing II, Inc., 5.75%, 06/01/2028 |
|
|
356,000 |
|
|
|
362,535 |
|
|
Goldman
Sachs Group, Inc., 4.22% to 05/01/2028 then 3 mo. Term SOFR + 1.56%, 05/01/2029 |
|
|
368,000 |
|
|
|
362,854 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Financials
— 28.2% (continued) |
|
Goodman
US Finance Three LLC, 3.70%, 03/15/2028 (a) |
|
$ |
377,000 |
|
|
$ |
364,764 |
|
|
Guardian
Life Global Funding, 1.25%, 11/19/2027 (a) |
|
|
398,000 |
|
|
|
365,626 |
|
|
Highwoods
Realty LP, 4.13%, 03/15/2028 |
|
|
370,000 |
|
|
|
360,522 |
|
|
HPS
Corporate Lending Fund, 5.45%, 01/14/2028 (a) |
|
|
365,000 |
|
|
|
366,049 |
|
|
Huntington
Bancshares, Inc. |
|
|
|
|
|
|
|
|
|
4.44%
(SOFR + 1.97%), 08/04/2028 |
|
|
367,000 |
|
|
|
364,924 |
|
|
6.21%
to 08/21/2028 then SOFR + 2.02%, 08/21/2029 |
|
|
341,000 |
|
|
|
355,692 |
|
|
Jefferies
Financial Group, Inc., 5.88%, 07/21/2028 |
|
|
355,000 |
|
|
|
366,079 |
|
|
JPMorgan
Chase & Co., 5.30% to 07/24/2028 then SOFR + 1.45%, 07/24/2029 |
|
|
359,000 |
|
|
|
365,759 |
|
|
Kimco
Realty OP LLC, 1.90%, 03/01/2028 |
|
|
392,000 |
|
|
|
362,524 |
|
|
Lincoln
National Corp., 3.80%, 03/01/2028 |
|
|
374,000 |
|
|
|
365,118 |
|
|
LPL
Holdings, Inc., 4.63%, 11/15/2027 (a) |
|
|
367,000 |
|
|
|
362,503 |
|
|
Macquarie
Airfinance Holdings Ltd., 8.38%, 05/01/2028 (a)(b) |
|
|
340,000 |
|
|
|
355,578 |
|
|
Macquarie
Group Ltd., 3.76% to 11/28/2027 then 3 mo. LIBOR US + 1.37%, 11/28/2028 (a)(c) |
|
|
374,000 |
|
|
|
364,045 |
|
|
Markel
Group, Inc., 3.50%, 11/01/2027 |
|
|
372,000 |
|
|
|
363,061 |
|
|
Marsh
& McLennan Cos., Inc., 4.55%, 11/08/2027 |
|
|
361,000 |
|
|
|
361,485 |
|
|
Mastercard,
Inc., 4.10%, 01/15/2028 (b) |
|
|
366,000 |
|
|
|
365,040 |
|
|
MGIC
Investment Corp., 5.25%, 08/15/2028 |
|
|
359,000 |
|
|
|
355,289 |
|
|
Mid-America
Apartments LP, 4.20%, 06/15/2028 |
|
|
369,000 |
|
|
|
364,658 |
|
|
Mitsubishi
UFJ Financial Group, Inc., 3.96%, 03/02/2028 |
|
|
366,000 |
|
|
|
361,036 |
|
|
Morgan
Stanley, 3.77% to 01/24/2028 then 3 mo. Term SOFR + 1.40%, 01/24/2029 |
|
|
375,000 |
|
|
|
366,036 |
|
|
Nasdaq,
Inc., 5.35%, 06/28/2028 |
|
|
357,000 |
|
|
|
365,717 |
|
|
New
Mountain Finance Corp., 6.20%, 10/15/2027 |
|
|
353,000 |
|
|
|
357,146 |
|
|
New
York Life Global Funding, 4.85%, 01/09/2028 (a) |
|
|
361,000 |
|
|
|
365,038 |
|
|
NNN
REIT, Inc., 3.50%, 10/15/2027 |
|
|
372,000 |
|
|
|
362,119 |
|
|
Northern
Trust Corp., 3.65%, 08/03/2028 |
|
|
364,000 |
|
|
|
355,641 |
|
|
Northwestern
Mutual Global Funding, 4.90%, 06/12/2028 (a) |
|
|
360,000 |
|
|
|
364,033 |
|
|
Omega
Healthcare Investors, Inc., 4.75%, 01/15/2028 |
|
|
366,000 |
|
|
|
365,149 |
|
|
ORIX
Corp., 5.00%, 09/13/2027 (b) |
|
|
355,000 |
|
|
|
358,751 |
|
|
Pacific
Life Global Funding II, 1.45%, 01/20/2028 (a) |
|
|
399,000 |
|
|
|
367,558 |
|
|
Penske
Truck Leasing Co. Lp / PTL Finance Corp. |
|
|
|
|
|
|
|
|
|
5.55%,
05/01/2028 (a) |
|
|
353,000 |
|
|
|
360,958 |
|
|
6.05%,
08/01/2028 (a) |
|
|
342,000 |
|
|
|
355,238 |
|
|
Piedmont
Operating Partnership LP, 9.25%, 07/20/2028 |
|
|
330,000 |
|
|
|
364,568 |
|
|
Principal
Life Global Funding II |
|
|
|
|
|
|
|
|
|
4.60%,
08/19/2027 (a)(b) |
|
|
357,000 |
|
|
|
358,013 |
|
|
4.80%,
01/09/2028 (a) |
|
|
352,000 |
|
|
|
354,487 |
|
|
Prologis
LP, 4.88%, 06/15/2028 |
|
|
360,000 |
|
|
|
364,702 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Financials
— 28.2% (continued) |
|
Prudential
Financial, Inc., 3.88%, 03/27/2028 |
|
$ |
368,000 |
|
|
$ |
361,792 |
|
|
Public
Storage Operating Co., 1.85%, 05/01/2028 |
|
|
395,000 |
|
|
|
365,512 |
|
|
Realty
Income Corp., 3.40%, 01/15/2028 |
|
|
377,000 |
|
|
|
365,761 |
|
|
Regency
Centers LP, 4.13%, 03/15/2028 |
|
|
366,000 |
|
|
|
360,951 |
|
|
Regions
Financial Corp., 1.80%, 08/12/2028 |
|
|
392,000 |
|
|
|
356,246 |
|
|
Rexford
Industrial Realty LP, 5.00%, 06/15/2028 |
|
|
362,000 |
|
|
|
364,276 |
|
|
Rheinland-Pfalz
Bank, 6.88%, 02/23/2028 (a)(d) |
|
|
297,000 |
|
|
|
314,810 |
|
|
Royal
Bank of Canada, 4.97% to 01/24/2028 then SOFR + 0.83%, 01/24/2029 (b) |
|
|
362,000 |
|
|
|
365,453 |
|
|
Sammons
Financial Group Global Funding, 5.05%, 01/10/2028 (a) |
|
|
363,000 |
|
|
|
365,588 |
|
|
Santander
Holdings USA, Inc., 6.50% to 03/09/2028 then SOFR + 2.36%, 03/09/2029 |
|
|
344,000 |
|
|
|
358,158 |
|
|
Simon
Property Group LP, 1.75%, 02/01/2028 |
|
|
396,000 |
|
|
|
367,820 |
|
|
Sixth
Street Specialty Lending, Inc., 6.95%, 08/14/2028 |
|
|
340,000 |
|
|
|
356,394 |
|
|
State
Street Corp., 4.33%, 10/22/2027 |
|
|
361,000 |
|
|
|
360,952 |
|
|
Store
Capital LLC, 4.50%, 03/15/2028 |
|
|
367,000 |
|
|
|
360,692 |
|
|
Synchrony
Financial, 3.95%, 12/01/2027 (b) |
|
|
373,000 |
|
|
|
363,697 |
|
|
Truist
Financial Corp., 4.87% to 01/26/2028 then SOFR + 1.44%, 01/26/2029 |
|
|
363,000 |
|
|
|
364,855 |
|
|
UDR,
Inc., 3.50%, 01/15/2028 |
|
|
378,000 |
|
|
|
365,891 |
|
|
Ventas
Realty LP, 4.00%, 03/01/2028 |
|
|
367,000 |
|
|
|
360,618 |
|
|
VICI
Properties LP, 4.75%, 02/15/2028 |
|
|
366,000 |
|
|
|
366,372 |
|
|
Visa,
Inc., 2.75%, 09/15/2027 |
|
|
375,000 |
|
|
|
361,478 |
|
|
Voya
Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR US + 2.08%, 01/23/2048 (c) |
|
|
384,000 |
|
|
|
364,643 |
|
|
Wells
Fargo & Co., 5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029 |
|
|
357,000 |
|
|
|
366,055 |
|
|
Welltower
OP LLC, 4.25%, 04/15/2028 |
|
|
366,000 |
|
|
|
362,303 |
|
|
Westpac
Banking Corp., 5.46%, 11/18/2027 |
|
|
352,000 |
|
|
|
362,386 |
|
|
Weyerhaeuser
Co., 6.95%, 10/01/2027 |
|
|
338,000 |
|
|
|
357,455 |
|
| |
|
|
|
|
|
|
47,448,329 |
|
| |
|
|
|
|
|
|
|
|
|
Health
Care — 9.2% |
|
|
|
|
|
|
|
|
|
Abbott
Laboratories, 1.15%, 01/30/2028 |
|
|
398,000 |
|
|
|
366,503 |
|
|
AbbVie,
Inc., 4.65%, 03/15/2028 |
|
|
355,000 |
|
|
|
357,178 |
|
|
Advocate
Health & Hospitals Corp., 3.83%, 08/15/2028 |
|
|
364,000 |
|
|
|
356,711 |
|
|
Agilent
Technologies, Inc., 4.20%, 09/09/2027 |
|
|
362,000 |
|
|
|
359,945 |
|
|
Amgen,
Inc., 5.15%, 03/02/2028 |
|
|
352,000 |
|
|
|
357,836 |
|
|
Astrazeneca
Finance LLC, 1.75%, 05/28/2028 (b) |
|
|
398,000 |
|
|
|
366,872 |
|
|
Bayer
Corp., 6.65%, 02/15/2028 (a) |
|
|
351,000 |
|
|
|
366,025 |
|
|
Becton
Dickinson & Co., 4.69%, 02/13/2028 |
|
|
365,000 |
|
|
|
366,432 |
|
|
Bon
Secours Mercy Health, Inc., 4.30%, 07/01/2028 |
|
|
369,000 |
|
|
|
365,845 |
|
|
Boston
Scientific Corp., 4.00%, 03/01/2028 |
|
|
366,000 |
|
|
|
361,112 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Health
Care — 9.2% (continued) |
|
Bristol-Myers
Squibb Co., 3.90%, 02/20/2028 (b) |
|
$ |
367,000 |
|
|
$ |
363,259 |
|
|
Cencora,
Inc., 3.45%, 12/15/2027 |
|
|
375,000 |
|
|
|
363,962 |
|
|
Centene
Corp., 4.25%, 12/15/2027 |
|
|
375,000 |
|
|
|
364,896 |
|
|
CHRISTUS
Health, 4.34%, 07/01/2028 |
|
|
369,000 |
|
|
|
365,838 |
|
|
Cigna
Group, 3.05%, 10/15/2027 |
|
|
376,000 |
|
|
|
363,233 |
|
|
CommonSpirit
Health, 6.07%, 11/01/2027 |
|
|
348,000 |
|
|
|
360,073 |
|
|
CVS
Health Corp., 4.30%, 03/25/2028 |
|
|
367,000 |
|
|
|
361,414 |
|
|
Edwards
Lifesciences Corp., 4.30%, 06/15/2028 |
|
|
369,000 |
|
|
|
365,531 |
|
|
Elevance
Health, Inc., 3.65%, 12/01/2027 |
|
|
370,000 |
|
|
|
362,145 |
|
|
Eli
Lilly & Co. |
|
|
|
|
|
|
|
|
|
4.15%,
08/14/2027 |
|
|
366,000 |
|
|
|
365,801 |
|
|
4.55%,
02/12/2028 |
|
|
354,000 |
|
|
|
356,676 |
|
|
Gilead
Sciences, Inc., 1.20%, 10/01/2027 (b) |
|
|
396,000 |
|
|
|
364,752 |
|
|
GlaxoSmithKline
Capital, Inc., 3.88%, 05/15/2028 |
|
|
369,000 |
|
|
|
364,202 |
|
|
HCA,
Inc., 5.20%, 06/01/2028 |
|
|
359,000 |
|
|
|
363,371 |
|
|
Humana,
Inc., 5.75%, 03/01/2028 |
|
|
348,000 |
|
|
|
357,538 |
|
|
Illumina,
Inc., 5.75%, 12/13/2027 |
|
|
353,000 |
|
|
|
361,633 |
|
|
Johnson
& Johnson, 0.95%, 09/01/2027 |
|
|
394,000 |
|
|
|
364,583 |
|
|
Laboratory
Corp. of America Holdings, 3.60%, 09/01/2027 |
|
|
368,000 |
|
|
|
360,129 |
|
|
McKesson
Corp., 4.90%, 07/15/2028 |
|
|
361,000 |
|
|
|
366,492 |
|
|
Medtronic
Global Holdings SCA, 4.25%, 03/30/2028 |
|
|
362,000 |
|
|
|
360,995 |
|
|
Merck
& Co., Inc., 4.05%, 05/17/2028 |
|
|
365,000 |
|
|
|
363,764 |
|
|
Mylan,
Inc., 4.55%, 04/15/2028 |
|
|
365,000 |
|
|
|
361,021 |
|
|
Pfizer
Investment Enterprises Pte Ltd., 4.45%, 05/19/2028 |
|
|
363,000 |
|
|
|
363,476 |
|
|
Quest
Diagnostics, Inc., 4.60%, 12/15/2027 |
|
|
362,000 |
|
|
|
363,420 |
|
|
Royalty
Pharma PLC, 1.75%, 09/02/2027 |
|
|
390,000 |
|
|
|
363,297 |
|
|
Sanofi
SA, 3.63%, 06/19/2028 |
|
|
373,000 |
|
|
|
365,392 |
|
|
SSM
Health Care Corp., 4.89%, 06/01/2028 |
|
|
360,000 |
|
|
|
363,056 |
|
|
Stryker
Corp. |
|
|
|
|
|
|
|
|
|
4.70%,
02/10/2028 |
|
|
355,000 |
|
|
|
357,073 |
|
|
3.65%,
03/07/2028 |
|
|
369,000 |
|
|
|
360,135 |
|
|
Sutter
Health, 3.70%, 08/15/2028 |
|
|
366,000 |
|
|
|
356,034 |
|
|
Thermo
Fisher Scientific, Inc., 4.80%, 11/21/2027 |
|
|
358,000 |
|
|
|
361,944 |
|
|
UnitedHealth
Group, Inc., 3.85%, 06/15/2028 (b) |
|
|
372,000 |
|
|
|
365,270 |
|
|
Zoetis,
Inc., 3.00%, 09/12/2027 |
|
|
375,000 |
|
|
|
362,099 |
|
| |
|
|
|
|
|
|
15,586,963 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Industrials
— 11.0% |
|
|
|
|
|
|
|
|
|
3M
Co., 2.88%, 10/15/2027 |
|
$ |
377,000 |
|
|
$ |
363,153 |
|
|
ABB
Finance USA, Inc., 3.80%, 04/03/2028 |
|
|
366,000 |
|
|
|
360,218 |
|
|
Allegion
US Holding Co., Inc., 3.55%, 10/01/2027 |
|
|
372,000 |
|
|
|
362,186 |
|
|
Boeing
Co., 3.25%, 02/01/2028 |
|
|
382,000 |
|
|
|
364,975 |
|
|
Canadian
National Railway Co., 6.90%, 07/15/2028 |
|
|
340,000 |
|
|
|
364,490 |
|
|
Canadian
Pacific Railway Co., 4.00%, 06/01/2028 |
|
|
370,000 |
|
|
|
363,854 |
|
|
Caterpillar
Financial Services Corp., 4.60%, 11/15/2027 |
|
|
359,000 |
|
|
|
361,684 |
|
|
CH
Robinson Worldwide, Inc., 4.20%, 04/15/2028 |
|
|
368,000 |
|
|
|
362,415 |
|
|
CNH
Industrial Capital LLC, 4.55%, 04/10/2028 |
|
|
363,000 |
|
|
|
362,025 |
|
|
CNH
Industrial NV, 3.85%, 11/15/2027 |
|
|
370,000 |
|
|
|
362,528 |
|
|
CSX
Corp., 3.80%, 03/01/2028 |
|
|
367,000 |
|
|
|
360,549 |
|
|
Eaton
Corp., 3.10%, 09/15/2027 |
|
|
372,000 |
|
|
|
360,936 |
|
|
Emerson
Electric Co., 1.80%, 10/15/2027 |
|
|
388,000 |
|
|
|
364,118 |
|
|
FedEx
Corp., 3.40%, 02/15/2028 (a) |
|
|
369,000 |
|
|
|
354,330 |
|
|
General
Dynamics Corp., 3.75%, 05/15/2028 |
|
|
371,000 |
|
|
|
363,967 |
|
|
HEICO
Corp., 5.25%, 08/01/2028 |
|
|
349,000 |
|
|
|
355,786 |
|
|
Honeywell
International, Inc., 4.95%, 02/15/2028 |
|
|
360,000 |
|
|
|
366,385 |
|
|
Howmet
Aerospace, Inc., 6.75%, 01/15/2028 |
|
|
344,000 |
|
|
|
363,626 |
|
|
Hubbell,
Inc., 3.50%, 02/15/2028 |
|
|
379,000 |
|
|
|
367,062 |
|
|
Huntington
Ingalls Industries, Inc., 3.48%, 12/01/2027 |
|
|
376,000 |
|
|
|
363,385 |
|
|
Ingersoll
Rand, Inc., 5.40%, 08/14/2028 |
|
|
348,000 |
|
|
|
356,640 |
|
|
Jacobs
Engineering Group, Inc., 6.35%, 08/18/2028 |
|
|
340,000 |
|
|
|
356,790 |
|
|
John
Deere Capital Corp., 4.95%, 07/14/2028 |
|
|
359,000 |
|
|
|
366,129 |
|
|
Kennametal,
Inc., 4.63%, 06/15/2028 |
|
|
366,000 |
|
|
|
365,721 |
|
|
Kirby
Corp., 4.20%, 03/01/2028 |
|
|
367,000 |
|
|
|
360,793 |
|
|
L3Harris
Technologies, Inc., 4.40%, 06/15/2028 |
|
|
367,000 |
|
|
|
363,881 |
|
|
Lennox
International, Inc., 1.70%, 08/01/2027 |
|
|
392,000 |
|
|
|
365,477 |
|
|
Lockheed
Martin Corp., 5.10%, 11/15/2027 |
|
|
355,000 |
|
|
|
362,283 |
|
|
MasTec,
Inc., 4.50%, 08/15/2028 (a) |
|
|
364,000 |
|
|
|
356,471 |
|
|
Norfolk
Southern Corp., 3.80%, 08/01/2028 |
|
|
363,000 |
|
|
|
355,639 |
|
|
Northrop
Grumman Corp., 3.25%, 01/15/2028 |
|
|
378,000 |
|
|
|
365,171 |
|
|
nVent
Finance Sarl, 4.55%, 04/15/2028 |
|
|
364,000 |
|
|
|
361,840 |
|
|
Oshkosh
Corp., 4.60%, 05/15/2028 |
|
|
364,000 |
|
|
|
362,661 |
|
|
Otis
Worldwide Corp., 5.25%, 08/16/2028 |
|
|
348,000 |
|
|
|
356,343 |
|
|
PACCAR
Financial Corp. |
|
|
|
|
|
|
|
|
|
4.45%,
08/06/2027 |
|
|
364,000 |
|
|
|
365,604 |
|
|
4.95%,
08/10/2028 |
|
|
349,000 |
|
|
|
356,236 |
|
|
Parker-Hannifin
Corp., 4.25%, 09/15/2027 |
|
|
362,000 |
|
|
|
360,493 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Industrials
— 11.0% (continued) |
|
Quanta
Services, Inc., 4.75%, 08/09/2027 |
|
$ |
365,000 |
|
|
$ |
365,582 |
|
|
Regal
Rexnord Corp., 6.05%, 04/15/2028 |
|
|
351,000 |
|
|
|
358,971 |
|
|
Republic
Services, Inc., 3.95%, 05/15/2028 |
|
|
370,000 |
|
|
|
364,282 |
|
|
RTX
Corp., 7.20%, 08/15/2027 |
|
|
343,000 |
|
|
|
363,789 |
|
|
Ryder
System, Inc., 5.25%, 06/01/2028 (b) |
|
|
356,000 |
|
|
|
362,474 |
|
|
Textron,
Inc., 3.38%, 03/01/2028 |
|
|
376,000 |
|
|
|
362,217 |
|
|
Trane
Technologies Global Holding Co. Ltd., 3.75%, 08/21/2028 |
|
|
366,000 |
|
|
|
357,181 |
|
|
Trimble,
Inc., 4.90%, 06/15/2028 |
|
|
362,000 |
|
|
|
363,827 |
|
|
Tyco
Electronics Group SA, 3.13%, 08/15/2027 |
|
|
379,000 |
|
|
|
367,613 |
|
|
United
Parcel Service, Inc., 3.05%, 11/15/2027 |
|
|
375,000 |
|
|
|
363,483 |
|
|
Vontier
Corp., 2.40%, 04/01/2028 |
|
|
392,000 |
|
|
|
361,397 |
|
|
Waste
Management, Inc., 4.50%, 03/15/2028 |
|
|
361,000 |
|
|
|
362,443 |
|
|
XPO,
Inc., 6.25%, 06/01/2028 (a) |
|
|
355,000 |
|
|
|
359,083 |
|
|
Xylem,
Inc., 1.95%, 01/30/2028 |
|
|
393,000 |
|
|
|
367,110 |
|
| |
|
|
|
|
|
|
18,465,296 |
|
| |
|
|
|
|
|
|
|
|
|
Materials
— 4.9% |
|
|
|
|
|
|
|
|
|
Amcor
Finance USA, Inc., 4.50%, 05/15/2028 |
|
|
366,000 |
|
|
|
364,063 |
|
|
ArcelorMittal
SA, 6.55%, 11/29/2027 |
|
|
347,000 |
|
|
|
362,897 |
|
|
Berry
Global, Inc., 5.50%, 04/15/2028 |
|
|
354,000 |
|
|
|
360,491 |
|
|
BHP
Billiton Finance USA Ltd., 4.75%, 02/28/2028 (b) |
|
|
356,000 |
|
|
|
359,320 |
|
|
Carlisle
Cos., Inc., 3.75%, 12/01/2027 |
|
|
372,000 |
|
|
|
363,296 |
|
|
Chevron
Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.70%, 06/01/2028 (a) |
|
|
375,000 |
|
|
|
366,044 |
|
|
Ecolab,
Inc., 5.25%, 01/15/2028 |
|
|
355,000 |
|
|
|
365,231 |
|
|
Freeport-McMoRan,
Inc., 4.13%, 03/01/2028 |
|
|
368,000 |
|
|
|
360,816 |
|
|
Glencore
Funding LLC, 3.88%, 10/27/2027 (a) |
|
|
370,000 |
|
|
|
361,930 |
|
|
International
Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (a) |
|
|
391,000 |
|
|
|
363,255 |
|
|
Martin
Marietta Materials, Inc., 3.50%, 12/15/2027 |
|
|
375,000 |
|
|
|
364,426 |
|
|
Mosaic
Co., 4.05%, 11/15/2027 |
|
|
368,000 |
|
|
|
362,651 |
|
|
Newcastle
Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027 (a) |
|
|
367,344 |
|
|
|
362,181 |
|
|
Nucor
Corp., 3.95%, 05/01/2028 |
|
|
369,000 |
|
|
|
362,943 |
|
|
Nutrien
Ltd., 4.90%, 03/27/2028 (b) |
|
|
357,000 |
|
|
|
360,383 |
|
|
Packaging
Corp. of America, 3.40%, 12/15/2027 |
|
|
376,000 |
|
|
|
364,677 |
|
|
PPG
Industries, Inc., 3.75%, 03/15/2028 |
|
|
371,000 |
|
|
|
364,157 |
|
|
Rio
Tinto Finance USA Ltd., 7.13%, 07/15/2028 |
|
|
339,000 |
|
|
|
366,504 |
|
|
Sherwin-Williams
Co., 4.55%, 03/01/2028 |
|
|
358,000 |
|
|
|
358,503 |
|
|
Steel
Dynamics, Inc., 1.65%, 10/15/2027 |
|
|
392,000 |
|
|
|
364,301 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Materials
— 4.9% (continued) |
|
UPM-Kymmene
Oyj, 7.45%, 11/26/2027 (a) |
|
$ |
343,000 |
|
|
$ |
361,913 |
|
|
WRKCo,
Inc., 4.00%, 03/15/2028 |
|
|
368,000 |
|
|
|
361,002 |
|
|
Yara
International ASA, 4.75%, 06/01/2028 (a) |
|
|
366,000 |
|
|
|
363,296 |
|
| |
|
|
|
|
|
|
8,344,280 |
|
| |
|
|
|
|
|
|
|
|
|
Technology
— 7.5% |
|
|
|
|
|
|
|
|
|
Accenture
Capital, Inc., 3.90%, 10/04/2027 (b) |
|
|
364,000 |
|
|
|
360,609 |
|
|
Adobe,
Inc., 4.75%, 01/17/2028 |
|
|
359,000 |
|
|
|
364,372 |
|
|
Apple,
Inc., 1.20%, 02/08/2028 |
|
|
403,000 |
|
|
|
370,698 |
|
|
Arrow
Electronics, Inc., 3.88%, 01/12/2028 |
|
|
375,000 |
|
|
|
365,253 |
|
|
Avnet,
Inc., 6.25%, 03/15/2028 |
|
|
345,000 |
|
|
|
357,672 |
|
|
Broadcom,
Inc., 4.80%, 04/15/2028 |
|
|
362,000 |
|
|
|
364,421 |
|
|
Cadence
Design Systems, Inc., 4.20%, 09/10/2027 |
|
|
362,000 |
|
|
|
359,494 |
|
|
CDW
LLC / CDW Finance Corp., 4.25%, 04/01/2028 (b) |
|
|
368,000 |
|
|
|
360,733 |
|
|
Concentrix
Corp., 6.60%, 08/02/2028 |
|
|
340,000 |
|
|
|
354,964 |
|
|
Dell
International LLC / EMC Corp., 5.25%, 02/01/2028 |
|
|
358,000 |
|
|
|
365,231 |
|
|
Equifax,
Inc., 5.10%, 12/15/2027 |
|
|
359,000 |
|
|
|
363,506 |
|
|
Flex
Ltd., 6.00%, 01/15/2028 |
|
|
355,000 |
|
|
|
365,622 |
|
|
Gartner,
Inc., 4.50%, 07/01/2028 (a) |
|
|
372,000 |
|
|
|
363,847 |
|
|
Hewlett
Packard Enterprise Co., 4.40%, 09/25/2027 |
|
|
362,000 |
|
|
|
360,360 |
|
|
HP,
Inc., 4.75%, 01/15/2028 |
|
|
363,000 |
|
|
|
365,483 |
|
|
Intel
Corp., 4.88%, 02/10/2028 |
|
|
367,000 |
|
|
|
368,866 |
|
|
Jabil,
Inc., 3.95%, 01/12/2028 |
|
|
374,000 |
|
|
|
365,974 |
|
|
Marvell
Technology, Inc., 2.45%, 04/15/2028 |
|
|
388,000 |
|
|
|
362,235 |
|
|
Microchip
Technology, Inc., 4.90%, 03/15/2028 |
|
|
362,000 |
|
|
|
363,269 |
|
|
Micron
Technology, Inc., 5.38%, 04/15/2028 |
|
|
354,000 |
|
|
|
360,411 |
|
|
Moody’s
Corp., 3.25%, 01/15/2028 |
|
|
378,000 |
|
|
|
366,670 |
|
|
Motorola
Solutions, Inc., 4.60%, 02/23/2028 |
|
|
359,000 |
|
|
|
359,052 |
|
|
NVIDIA
Corp., 1.55%, 06/15/2028 |
|
|
399,000 |
|
|
|
367,373 |
|
|
Open
Text Corp., 6.90%, 12/01/2027 (a) |
|
|
348,000 |
|
|
|
359,711 |
|
|
Oracle
Corp., 3.25%, 11/15/2027 |
|
|
376,000 |
|
|
|
363,789 |
|
|
QUALCOMM,
Inc., 1.30%, 05/20/2028 (b) |
|
|
402,000 |
|
|
|
366,425 |
|
|
Roper
Technologies, Inc., 1.40%, 09/15/2027 |
|
|
394,000 |
|
|
|
364,050 |
|
|
S&P
Global, Inc., 4.75%, 08/01/2028 |
|
|
352,000 |
|
|
|
355,464 |
|
|
Salesforce,
Inc., 3.70%, 04/11/2028 |
|
|
367,000 |
|
|
|
361,085 |
|
|
Take-Two
Interactive Software, Inc., 4.95%, 03/28/2028 |
|
|
357,000 |
|
|
|
360,231 |
|
|
TD
SYNNEX Corp., 2.38%, 08/09/2028 |
|
|
386,000 |
|
|
|
356,502 |
|
|
Teledyne
Technologies, Inc., 2.25%, 04/01/2028 (b) |
|
|
391,000 |
|
|
|
364,772 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Technology
— 7.5% (continued) |
|
Texas
Instruments, Inc., 4.60%, 02/15/2028 |
|
$ |
363,000 |
|
|
$ |
366,824 |
|
|
VMware
LLC |
|
|
|
|
|
|
|
|
|
3.90%,
08/21/2027 |
|
|
366,000 |
|
|
|
359,369 |
|
|
1.80%,
08/15/2028 |
|
|
392,000 |
|
|
|
356,886 |
|
| |
|
|
|
|
|
|
12,691,223 |
|
| |
|
|
|
|
|
|
|
|
|
Utilities
— 9.9% |
|
|
|
|
|
|
|
|
|
AES
Corp., 5.45%, 06/01/2028 |
|
|
357,000 |
|
|
|
363,206 |
|
|
Alliant
Energy Finance LLC, 4.25%, 06/15/2028 (a) |
|
|
372,000 |
|
|
|
365,167 |
|
|
Ameren
Corp., 1.75%, 03/15/2028 |
|
|
398,000 |
|
|
|
365,769 |
|
|
American
Electric Power Co., Inc., 5.75%, 11/01/2027 |
|
|
350,000 |
|
|
|
359,832 |
|
|
American
Water Capital Corp., 2.95%, 09/01/2027 (b) |
|
|
375,000 |
|
|
|
361,508 |
|
|
Arizona
Public Service Co., 2.95%, 09/15/2027 |
|
|
377,000 |
|
|
|
361,843 |
|
|
Ausgrid
Finance Pty Ltd., 4.35%, 08/01/2028 (a) |
|
|
362,000 |
|
|
|
356,678 |
|
|
Berkshire
Hathaway Energy Co., 3.25%, 04/15/2028 |
|
|
377,000 |
|
|
|
362,932 |
|
|
Black
Hills Corp., 5.95%, 03/15/2028 |
|
|
346,000 |
|
|
|
358,541 |
|
|
CenterPoint
Energy Resources Corp., 5.25%, 03/01/2028 |
|
|
352,000 |
|
|
|
358,410 |
|
|
CMS
Energy Corp., 3.45%, 08/15/2027 |
|
|
376,000 |
|
|
|
367,134 |
|
|
Consolidated
Edison Co. of New York, Inc., 3.13%, 11/15/2027 |
|
|
376,000 |
|
|
|
363,320 |
|
|
Constellation
Energy Generation LLC, 5.60%, 03/01/2028 (b) |
|
|
349,000 |
|
|
|
358,052 |
|
|
Consumers
Energy Co., 4.65%, 03/01/2028 |
|
|
346,000 |
|
|
|
348,529 |
|
|
DTE
Energy Co., 4.88%, 06/01/2028 |
|
|
361,000 |
|
|
|
363,803 |
|
|
Duke
Energy Corp., 4.30%, 03/15/2028 |
|
|
361,000 |
|
|
|
358,281 |
|
|
Duquesne
Light Holdings, Inc., 3.62%, 08/01/2027 (a) |
|
|
376,000 |
|
|
|
364,135 |
|
|
Edison
International, 4.13%, 03/15/2028 |
|
|
385,000 |
|
|
|
366,754 |
|
|
Enel
Chile SA, 4.88%, 06/12/2028 |
|
|
364,000 |
|
|
|
361,689 |
|
|
Entergy
Corp., 1.90%, 06/15/2028 |
|
|
401,000 |
|
|
|
367,936 |
|
|
Essential
Utilities, Inc., 4.80%, 08/15/2027 |
|
|
364,000 |
|
|
|
366,124 |
|
|
Evergy
Missouri West, Inc., 5.15%, 12/15/2027 (a) |
|
|
359,000 |
|
|
|
363,470 |
|
|
Eversource
Energy, 5.45%, 03/01/2028 |
|
|
351,000 |
|
|
|
358,181 |
|
|
Exelon
Corp., 5.15%, 03/15/2028 |
|
|
354,000 |
|
|
|
358,962 |
|
|
ITC
Holdings Corp., 4.95%, 09/22/2027 (a) |
|
|
357,000 |
|
|
|
359,018 |
|
|
Mid-Atlantic
Interstate Transmission LLC, 4.10%, 05/15/2028 (a) |
|
|
368,000 |
|
|
|
362,185 |
|
|
Narragansett
Electric Co., 3.92%, 08/01/2028 (a) |
|
|
364,000 |
|
|
|
356,973 |
|
|
National
Fuel Gas Co., 3.95%, 09/15/2027 |
|
|
368,000 |
|
|
|
361,215 |
|
|
National
Grid PLC, 5.60%, 06/12/2028 |
|
|
354,000 |
|
|
|
363,628 |
|
|
National
Rural Utilities Cooperative Finance Corp. |
|
|
|
|
|
|
|
|
|
4.75%,
02/07/2028 |
|
|
353,000 |
|
|
|
355,926 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.9% (continued) |
|
Utilities
— 9.9% (continued) |
|
4.80%,
03/15/2028 |
|
$ |
357,000 |
|
|
$ |
360,015 |
|
|
New
York State Electric & Gas Corp., 5.65%, 08/15/2028 (a) |
|
|
346,000 |
|
|
|
357,150 |
|
|
NextEra
Energy Capital Holdings, Inc., 1.90%, 06/15/2028 |
|
|
399,000 |
|
|
|
367,035 |
|
|
NiSource,
Inc., 5.25%, 03/30/2028 |
|
|
354,000 |
|
|
|
359,382 |
|
|
NRG
Energy, Inc., 2.45%, 12/02/2027 (a) |
|
|
390,000 |
|
|
|
365,438 |
|
|
Oklahoma
Gas and Electric Co., 3.80%, 08/15/2028 |
|
|
365,000 |
|
|
|
357,025 |
|
|
Oncor
Electric Delivery Co. LLC, 4.30%, 05/15/2028 |
|
|
365,000 |
|
|
|
363,186 |
|
|
Public
Service Enterprise Group, Inc., 5.85%, 11/15/2027 (b) |
|
|
350,000 |
|
|
|
361,266 |
|
|
Puget
Energy, Inc., 2.38%, 06/15/2028 |
|
|
397,000 |
|
|
|
368,599 |
|
|
Sempra,
3.40%, 02/01/2028 |
|
|
379,000 |
|
|
|
365,606 |
|
|
Southern
Co., 4.85%, 06/15/2028 |
|
|
361,000 |
|
|
|
364,701 |
|
|
Southwest
Gas Corp., 5.45%, 03/23/2028 |
|
|
352,000 |
|
|
|
358,797 |
|
|
United
Utilities PLC, 6.88%, 08/15/2028 |
|
|
336,000 |
|
|
|
356,555 |
|
|
Virginia
Electric and Power Co., 3.80%, 04/01/2028 |
|
|
370,000 |
|
|
|
362,790 |
|
|
WEC
Energy Group, Inc., 1.38%, 10/15/2027 |
|
|
396,000 |
|
|
|
365,172 |
|
|
Xcel
Energy, Inc., 4.00%, 06/15/2028 |
|
|
373,000 |
|
|
|
364,970 |
|
| |
|
|
|
|
|
|
16,636,888 |
|
|
TOTAL
CORPORATE BONDS (Cost $165,935,167) |
|
|
|
|
|
|
166,653,168 |
|
|
|
|
Units |
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 4.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 4.5% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (e) |
|
|
7,586,449 |
|
|
$ |
7,586,449 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $7,586,449) |
|
|
|
|
|
|
7,586,449 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 103.4% (Cost $173,521,616) |
|
|
|
|
|
$ |
174,239,617 |
|
|
Liabilities
in Excess of Other Assets — (3.4)% |
|
|
|
|
|
|
(5,689,105 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
168,550,512 |
|
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
SOFR
- Secured Overnight Financing Rate
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (Unaudited)
|
(a) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $26,364,877 or 15.6% of the Fund’s
net assets. |
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $7,433,092 which represented 4.4% of the Fund’s
net assets. |
|
(c) |
Securities referencing LIBOR
are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
|
(d) |
Step coupon bond. The rate
disclosed is as of February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% |
|
|
|
|
|
|
|
|
|
Communications
— 4.6% |
|
|
|
|
|
|
|
|
|
America
Movil SAB de CV, 6.38%, 03/01/2035 |
|
$ |
231,000 |
|
|
$ |
250,987 |
|
|
AT&T,
Inc., 4.50%, 05/15/2035 |
|
|
271,000 |
|
|
|
256,139 |
|
|
Comcast
Corp., 4.40%, 08/15/2035 |
|
|
272,000 |
|
|
|
255,904 |
|
|
Cox
Communications, Inc., 5.45%, 09/01/2034 (a)(b) |
|
|
257,000 |
|
|
|
252,882 |
|
|
Expedia
Group, Inc., 5.40%, 02/15/2035 |
|
|
257,000 |
|
|
|
260,255 |
|
|
Omnicom
Group, Inc., 5.30%, 11/01/2034 (b) |
|
|
249,000 |
|
|
|
250,476 |
|
|
T-Mobile
USA, Inc., 4.70%, 01/15/2035 (b) |
|
|
268,000 |
|
|
|
259,081 |
|
|
Uber
Technologies, Inc., 4.80%, 09/15/2034 |
|
|
258,000 |
|
|
|
251,527 |
|
|
Verizon
Communications, Inc., 4.78%, 02/15/2035 (a) |
|
|
264,000 |
|
|
|
257,785 |
|
|
Videotron
Ltd., 5.70%, 01/15/2035 (a) |
|
|
255,000 |
|
|
|
256,184 |
|
|
Walt
Disney Co., 6.20%, 12/15/2034 |
|
|
233,000 |
|
|
|
257,154 |
|
| |
|
|
|
|
|
|
2,808,374 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 5.5% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc., 4.80%, 12/05/2034 |
|
|
252,000 |
|
|
|
255,089 |
|
|
Automatic
Data Processing, Inc., 4.45%, 09/09/2034 |
|
|
259,000 |
|
|
|
252,514 |
|
|
AutoNation,
Inc., 5.89%, 03/15/2035 |
|
|
255,000 |
|
|
|
259,706 |
|
|
DR
Horton, Inc., 5.00%, 10/15/2034 |
|
|
254,000 |
|
|
|
251,056 |
|
|
ERAC
USA Finance LLC, 5.20%, 10/30/2034 (a) |
|
|
250,000 |
|
|
|
252,888 |
|
|
Ferguson
Enterprises, Inc., 5.00%, 10/03/2034 |
|
|
260,000 |
|
|
|
254,557 |
|
|
General
Motors Financial Co., Inc., 5.90%, 01/07/2035 (b) |
|
|
253,000 |
|
|
|
255,105 |
|
|
Marriott
International, Inc., 5.35%, 03/15/2035 |
|
|
251,000 |
|
|
|
251,345 |
|
|
President
and Fellows of Harvard College, 4.61%, 02/15/2035 (b) |
|
|
261,000 |
|
|
|
259,994 |
|
|
PulteGroup,
Inc., 6.00%, 02/15/2035 |
|
|
249,000 |
|
|
|
260,190 |
|
|
Rollins,
Inc., 5.25%, 02/24/2035 (a) |
|
|
256,000 |
|
|
|
258,126 |
|
|
Tapestry,
Inc., 5.50%, 03/11/2035 |
|
|
257,000 |
|
|
|
256,637 |
|
|
Toyota
Motor Credit Corp., 5.35%, 01/09/2035 |
|
|
250,000 |
|
|
|
255,525 |
|
| |
|
|
|
|
|
|
3,322,732 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Staples — 8.4% |
|
|
|
|
|
|
|
|
|
Altria
Group, Inc., 5.63%, 02/06/2035 |
|
|
255,000 |
|
|
|
259,254 |
|
|
Anheuser-Busch
InBev Worldwide, Inc., 5.88%, 06/15/2035 |
|
|
238,000 |
|
|
|
255,917 |
|
|
Bunge
Ltd. Finance Corp., 4.65%, 09/17/2034 |
|
|
261,000 |
|
|
|
252,332 |
|
|
Cargill,
Inc., 5.13%, 02/11/2035 (a) |
|
|
256,000 |
|
|
|
258,241 |
|
|
Diageo
Investment Corp., 7.45%, 04/15/2035 |
|
|
214,000 |
|
|
|
255,094 |
|
|
Flowers
Foods, Inc., 5.75%, 03/15/2035 |
|
|
252,000 |
|
|
|
258,262 |
|
|
General
Mills, Inc., 5.25%, 01/30/2035 |
|
|
255,000 |
|
|
|
256,830 |
|
|
Hershey
Co., 5.10%, 02/24/2035 |
|
|
256,000 |
|
|
|
260,060 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Consumer
Staples — 8.4% (continued) |
|
J
M Smucker Co., 4.25%, 03/15/2035 |
|
$ |
271,000 |
|
|
$ |
251,351 |
|
|
JBS
USA LUX Sarl / JBS USA Food Co. / JBS USA Foods Group, 5.95%, 04/20/2035 (a) |
|
|
248,000 |
|
|
|
255,924 |
|
|
Kraft
Heinz Foods Co., 5.00%, 07/15/2035 |
|
|
259,000 |
|
|
|
256,538 |
|
|
Kroger
Co., 5.00%, 09/15/2034 |
|
|
256,000 |
|
|
|
252,497 |
|
|
McCormick
& Co., Inc., 4.70%, 10/15/2034 |
|
|
265,000 |
|
|
|
254,147 |
|
|
PepsiCo,
Inc., 5.00%, 02/07/2035 |
|
|
256,000 |
|
|
|
257,873 |
|
|
Philip
Morris International, Inc., 4.90%, 11/01/2034 (b) |
|
|
257,000 |
|
|
|
253,223 |
|
|
Procter
& Gamble Co., 4.55%, 10/24/2034 |
|
|
254,000 |
|
|
|
253,429 |
|
|
Reynolds
American, Inc., 5.70%, 08/15/2035 |
|
|
252,000 |
|
|
|
256,110 |
|
|
Sysco
Corp., 5.40%, 03/23/2035 |
|
|
255,000 |
|
|
|
259,116 |
|
|
Target
Corp., 4.50%, 09/15/2034 |
|
|
259,000 |
|
|
|
251,038 |
|
|
The
Campbell’s Co., 4.75%, 03/23/2035 (b) |
|
|
262,000 |
|
|
|
253,156 |
|
| |
|
|
|
|
|
|
5,110,392 |
|
| |
|
|
|
|
|
|
|
|
|
Energy
— 13.0% |
|
|
|
|
|
|
|
|
|
APA
Corp., 6.10%, 02/15/2035 (a) |
|
|
253,000 |
|
|
|
255,889 |
|
|
BP
Capital Markets America, Inc., 5.23%, 11/17/2034 |
|
|
255,000 |
|
|
|
257,320 |
|
|
Cameron
LNG LLC, 3.30%, 01/15/2035 (a) |
|
|
304,000 |
|
|
|
256,720 |
|
|
Canadian
Natural Resources Ltd., 5.40%, 12/15/2034 (a)(b) |
|
|
256,000 |
|
|
|
254,705 |
|
|
CNOOC
Petroleum North America ULC, 5.88%, 03/10/2035 |
|
|
231,000 |
|
|
|
254,283 |
|
|
ConocoPhillips
Co., 5.00%, 01/15/2035 (b) |
|
|
257,000 |
|
|
|
255,563 |
|
|
Coterra
Energy, Inc., 5.40%, 02/15/2035 |
|
|
257,000 |
|
|
|
254,551 |
|
|
Devon
Energy Corp., 5.20%, 09/15/2034 (b) |
|
|
259,000 |
|
|
|
251,703 |
|
|
DT
Midstream, Inc., 5.80%, 12/15/2034 (a)(b) |
|
|
252,000 |
|
|
|
256,426 |
|
|
Eastern
Energy Gas Holdings LLC, 5.80%, 01/15/2035 (b) |
|
|
247,000 |
|
|
|
256,410 |
|
|
Energy
Transfer LP, 5.70%, 04/01/2035 |
|
|
255,000 |
|
|
|
259,408 |
|
|
EnLink
Midstream LLC, 5.65%, 09/01/2034 |
|
|
247,000 |
|
|
|
249,445 |
|
|
Enterprise
Products Operating LLC, 4.95%, 02/15/2035 |
|
|
259,000 |
|
|
|
257,059 |
|
|
EOG
Resources, Inc., 3.90%, 04/01/2035 |
|
|
279,000 |
|
|
|
254,252 |
|
|
Expand
Energy Corp., 5.70%, 01/15/2035 |
|
|
252,000 |
|
|
|
254,021 |
|
|
Helmerich
& Payne, Inc., 5.50%, 12/01/2034 (a) |
|
|
263,000 |
|
|
|
252,853 |
|
|
HF
Sinclair Corp., 6.25%, 01/15/2035 (b) |
|
|
251,000 |
|
|
|
256,268 |
|
|
Kinder
Morgan, Inc., 5.30%, 12/01/2034 |
|
|
256,000 |
|
|
|
254,160 |
|
|
Marathon
Petroleum Corp., 5.70%, 03/01/2035 |
|
|
256,000 |
|
|
|
257,683 |
|
|
Occidental
Petroleum Corp., 5.55%, 10/01/2034 (b) |
|
|
251,000 |
|
|
|
247,826 |
|
|
ONEOK,
Inc., 5.05%, 11/01/2034 (b) |
|
|
259,000 |
|
|
|
252,654 |
|
|
Phillips
66, 4.65%, 11/15/2034 |
|
|
267,000 |
|
|
|
254,283 |
|
|
Plains
All American Pipeline LP, 5.95%, 06/15/2035 |
|
|
248,000 |
|
|
|
255,532 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Energy
— 13.0% (continued) |
|
Shell
Finance US, Inc., 4.13%, 05/11/2035 |
|
$ |
272,000 |
|
|
$ |
255,581 |
|
|
South
Bow USA Infrastructure Holdings LLC, 5.58%, 10/01/2034 (a) |
|
|
253,000 |
|
|
|
249,118 |
|
|
Suncor
Energy, Inc., 5.95%, 12/01/2034 |
|
|
245,000 |
|
|
|
254,477 |
|
|
Targa
Resources Corp., 5.50%, 02/15/2035 |
|
|
258,000 |
|
|
|
258,903 |
|
|
TotalEnergies
Capital SA, 4.72%, 09/10/2034 (b) |
|
|
257,000 |
|
|
|
252,414 |
|
|
Western
Midstream Operating LP, 5.45%, 11/15/2034 |
|
|
256,000 |
|
|
|
253,148 |
|
|
Whistler
Pipeline LLC, 5.95%, 09/30/2034 (a) |
|
|
246,000 |
|
|
|
252,482 |
|
|
Williams
Cos., Inc., 5.60%, 03/15/2035 |
|
|
250,000 |
|
|
|
256,341 |
|
| |
|
|
|
|
|
|
7,891,478 |
|
| |
|
|
|
|
|
|
|
|
|
Financials
— 28.9% |
|
|
|
|
|
|
|
|
|
Alexandria
Real Estate Equities, Inc., 4.75%, 04/15/2035 |
|
|
264,000 |
|
|
|
253,666 |
|
|
Allstate
Corp., 5.55%, 05/09/2035 |
|
|
245,000 |
|
|
|
252,597 |
|
|
American
Assets Trust LP, 6.15%, 10/01/2034 |
|
|
251,000 |
|
|
|
252,283 |
|
|
American
Express Co., 5.44% to 01/30/2035 then SOFR + 1.32%, 01/30/2036 |
|
|
252,000 |
|
|
|
256,645 |
|
|
American
Homes 4 Rent LP, 5.25%, 03/15/2035 |
|
|
257,000 |
|
|
|
255,519 |
|
|
American
International Group, Inc., 3.88%, 01/15/2035 |
|
|
285,000 |
|
|
|
259,424 |
|
|
American
Tower Corp., 5.40%, 01/31/2035 (b) |
|
|
251,000 |
|
|
|
254,690 |
|
|
Americold
Realty Operating Partnership LP, 5.41%, 09/12/2034 |
|
|
255,000 |
|
|
|
250,837 |
|
|
Apollo
Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054 |
|
|
256,000 |
|
|
|
249,329 |
|
|
Arthur
J Gallagher & Co., 5.15%, 02/15/2035 |
|
|
256,000 |
|
|
|
254,800 |
|
|
Athene
Holding Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054 |
|
|
250,000 |
|
|
|
250,428 |
|
|
Bank
of America Corp., 5.51% to 01/24/2035 then SOFR + 1.31%, 01/24/2036 |
|
|
251,000 |
|
|
|
256,478 |
|
|
Bank
of New York Mellon Corp., 5.23% to 11/20/2034 then SOFR + 1.25%, 11/20/2035 |
|
|
250,000 |
|
|
|
254,619 |
|
|
BlackRock
Funding, Inc., 4.90%, 01/08/2035 (b) |
|
|
255,000 |
|
|
|
256,175 |
|
|
Blackstone
Private Credit Fund, 6.00%, 11/22/2034 (a) |
|
|
259,000 |
|
|
|
255,400 |
|
|
Blackstone
Reg Finance Co. LLC, 5.00%, 12/06/2034 |
|
|
258,000 |
|
|
|
254,970 |
|
|
Boston
Properties LP, 5.75%, 01/15/2035 |
|
|
259,000 |
|
|
|
257,301 |
|
|
Brixmor
Operating Partnership LP, 5.75%, 02/15/2035 |
|
|
252,000 |
|
|
|
259,918 |
|
|
Brookfield
Finance, Inc., 5.68%, 01/15/2035 |
|
|
249,000 |
|
|
|
255,761 |
|
|
Capital
One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 |
|
|
252,000 |
|
|
|
256,778 |
|
|
Cincinnati
Financial Corp., 6.13%, 11/01/2034 |
|
|
240,000 |
|
|
|
255,349 |
|
|
Citigroup,
Inc., 6.02% to 01/24/2035 then SOFR + 1.83%, 01/24/2036 |
|
|
251,000 |
|
|
|
255,647 |
|
|
Corebridge
Financial, Inc., 6.38% to 09/15/2034 then 5 yr. CMT Rate + 2.65%, 09/15/2054 |
|
|
252,000 |
|
|
|
251,668 |
|
|
Cousins
Properties LP, 5.88%, 10/01/2034 |
|
|
247,000 |
|
|
|
251,949 |
|
|
Crown
Castle, Inc., 5.20%, 09/01/2034 |
|
|
252,000 |
|
|
|
250,121 |
|
|
ERP
Operating LP, 4.65%, 09/15/2034 |
|
|
261,000 |
|
|
|
252,668 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Financials
— 28.9% (continued) |
|
Essex
Portfolio LP, 5.38%, 04/01/2035 |
|
$ |
257,000 |
|
|
$ |
259,737 |
|
|
Extra
Space Storage LP, 5.35%, 01/15/2035 |
|
|
255,000 |
|
|
|
256,839 |
|
|
F&G
Annuities & Life, Inc., 6.25%, 10/04/2034 |
|
|
252,000 |
|
|
|
251,684 |
|
|
First
American Financial Corp., 5.45%, 09/30/2034 |
|
|
255,000 |
|
|
|
252,819 |
|
|
GATX
Corp., 5.50%, 06/15/2035 |
|
|
255,000 |
|
|
|
257,895 |
|
|
Globe
Life, Inc., 5.85%, 09/15/2034 |
|
|
243,000 |
|
|
|
249,474 |
|
|
GLP
Capital LP / GLP Financing II, Inc., 5.63%, 09/15/2034 |
|
|
252,000 |
|
|
|
251,374 |
|
|
Goldman
Sachs Group, Inc., 5.02% to 10/23/2034 then SOFR + 1.42%, 10/23/2035 |
|
|
259,000 |
|
|
|
253,274 |
|
|
Goodman
US Finance Six LLC, 5.13%, 10/07/2034 (a)(b) |
|
|
255,000 |
|
|
|
254,404 |
|
|
Healthpeak
OP LLC, 5.38%, 02/15/2035 |
|
|
257,000 |
|
|
|
258,854 |
|
|
Host
Hotels & Resorts LP, 5.50%, 04/15/2035 |
|
|
252,000 |
|
|
|
250,266 |
|
|
Huntington
Bancshares, Inc., 6.14% to 11/18/2034 then 5 yr. CMT Rate + 1.70%, 11/18/2039 |
|
|
248,000 |
|
|
|
253,361 |
|
|
Invitation
Homes Operating Partnership LP, 4.88%, 02/01/2035 |
|
|
266,000 |
|
|
|
257,056 |
|
|
Janus
Henderson US Holdings, Inc., 5.45%, 09/10/2034 (a) |
|
|
258,000 |
|
|
|
252,523 |
|
|
JPMorgan
Chase & Co., 4.95% to 10/22/2034 then SOFR + 1.34%, 10/22/2035 |
|
|
258,000 |
|
|
|
253,683 |
|
|
Kimco
Realty OP LLC, 4.85%, 03/01/2035 |
|
|
260,000 |
|
|
|
252,480 |
|
|
Loews
Corp., 6.00%, 02/01/2035 |
|
|
237,000 |
|
|
|
256,897 |
|
|
M&T
Bank Corp., 5.39% to 01/16/2035 then SOFR + 1.61%, 01/16/2036 |
|
|
258,000 |
|
|
|
256,300 |
|
|
Marsh
& McLennan Cos., Inc., 5.00%, 03/15/2035 |
|
|
255,000 |
|
|
|
253,809 |
|
|
Mastercard,
Inc., 4.55%, 01/15/2035 |
|
|
262,000 |
|
|
|
255,881 |
|
|
MetLife,
Inc., 5.70%, 06/15/2035 |
|
|
242,000 |
|
|
|
254,744 |
|
|
Mid-America
Apartments LP, 4.95%, 03/01/2035 |
|
|
259,000 |
|
|
|
256,088 |
|
|
Morgan
Stanley, 5.59% to 01/18/2035 then SOFR + 1.42%, 01/18/2036 |
|
|
250,000 |
|
|
|
256,228 |
|
|
New
York Life Global Funding, 5.35%, 01/23/2035 (a) |
|
|
250,000 |
|
|
|
256,949 |
|
|
ORIX
Corp., 5.40%, 02/25/2035 |
|
|
257,000 |
|
|
|
260,817 |
|
|
Phillips
Edison Grocery Center Operating Partnership I LP, 4.95%, 01/15/2035 |
|
|
269,000 |
|
|
|
258,537 |
|
|
PNC
Financial Services Group, Inc., 5.58% to 01/29/2035 then SOFR + 1.39%, 01/29/2036 |
|
|
251,000 |
|
|
|
257,063 |
|
|
Prologis
LP, 5.00%, 01/31/2035 |
|
|
260,000 |
|
|
|
259,584 |
|
|
Prologis
Targeted US Logistics Fund LP, 5.25%, 01/15/2035 (a) |
|
|
256,000 |
|
|
|
256,612 |
|
|
Regency
Centers LP, 5.10%, 01/15/2035 |
|
|
258,000 |
|
|
|
256,448 |
|
|
Regions
Financial Corp., 5.50% to 09/06/2034 then SOFR + 2.06%, 09/06/2035 |
|
|
251,000 |
|
|
|
250,339 |
|
|
Reinsurance
Group of America, Inc., 5.75%, 09/15/2034 |
|
|
244,000 |
|
|
|
250,377 |
|
|
RenaissanceRe
Holdings Ltd., 5.80%, 04/01/2035 |
|
|
253,000 |
|
|
|
260,481 |
|
|
Safehold
GL Holdings LLC, 5.65%, 01/15/2035 |
|
|
257,000 |
|
|
|
256,535 |
|
|
SBL
Holdings, Inc., 7.20%, 10/30/2034 (a) |
|
|
257,000 |
|
|
|
254,560 |
|
|
Selective
Insurance Group, Inc., 5.90%, 04/15/2035 |
|
|
253,000 |
|
|
|
258,419 |
|
|
Simon
Property Group LP, 4.75%, 09/26/2034 |
|
|
261,000 |
|
|
|
252,375 |
|
|
UDR,
Inc., 5.13%, 09/01/2034 |
|
|
253,000 |
|
|
|
250,976 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Financials
— 28.9% (continued) |
|
US
Bancorp, 5.42% to 02/12/2035 then SOFR + 1.41%, 02/12/2036 |
|
$ |
255,000 |
|
|
$ |
258,064 |
|
|
Ventas
Realty LP, 5.00%, 01/15/2035 |
|
|
265,000 |
|
|
|
259,240 |
|
|
Voya
Financial, Inc., 5.00%, 09/20/2034 |
|
|
259,000 |
|
|
|
252,419 |
|
|
Wells
Fargo & Co., 5.21% to 12/03/2034 then SOFR + 1.38%, 12/03/2035 (b) |
|
|
255,000 |
|
|
|
254,323 |
|
|
Westpac
Banking Corp., 5.62% to 11/20/2034 then 1 yr. CMT Rate + 1.20%, 11/20/2035 |
|
|
253,000 |
|
|
|
254,395 |
|
| |
|
|
|
|
|
|
17,589,203 |
|
| |
|
|
|
|
|
|
|
|
|
Health
Care — 9.7% |
|
|
|
|
|
|
|
|
|
AbbVie,
Inc., 4.50%, 05/14/2035 |
|
|
264,000 |
|
|
|
254,467 |
|
|
Adventist
Health System/West, 5.76%, 12/01/2034 |
|
|
248,000 |
|
|
|
254,832 |
|
|
Agilent
Technologies, Inc., 4.75%, 09/09/2034 |
|
|
258,000 |
|
|
|
251,309 |
|
|
Bayer
US Finance II LLC, 5.50%, 07/30/2035 (a) |
|
|
266,000 |
|
|
|
257,056 |
|
|
Cardinal
Health, Inc., 5.35%, 11/15/2034 |
|
|
255,000 |
|
|
|
257,324 |
|
|
Cencora,
Inc., 5.15%, 02/15/2035 |
|
|
258,000 |
|
|
|
257,802 |
|
|
CommonSpirit
Health, 5.32%, 12/01/2034 |
|
|
254,000 |
|
|
|
256,439 |
|
|
CVS
Health Corp., 4.88%, 07/20/2035 |
|
|
272,000 |
|
|
|
257,120 |
|
|
Elevance
Health, Inc., 5.20%, 02/15/2035 |
|
|
257,000 |
|
|
|
257,199 |
|
|
Eli
Lilly & Co., 5.10%, 02/12/2035 |
|
|
255,000 |
|
|
|
260,640 |
|
|
Gilead
Sciences, Inc., 5.10%, 06/15/2035 |
|
|
252,000 |
|
|
|
254,184 |
|
|
HCA,
Inc., 5.75%, 03/01/2035 |
|
|
253,000 |
|
|
|
257,559 |
|
|
Horizon
Mutual Holdings, Inc., 6.20%, 11/15/2034 (a) |
|
|
253,000 |
|
|
|
251,771 |
|
|
Johnson
& Johnson, 5.00%, 03/01/2035 |
|
|
253,000 |
|
|
|
258,548 |
|
|
Laboratory
Corp. of America Holdings, 4.80%, 10/01/2034 |
|
|
263,000 |
|
|
|
255,636 |
|
|
Medtronic,
Inc., 4.38%, 03/15/2035 |
|
|
262,000 |
|
|
|
253,377 |
|
|
Novartis
Capital Corp., 4.20%, 09/18/2034 |
|
|
265,000 |
|
|
|
252,816 |
|
|
Quest
Diagnostics, Inc., 5.00%, 12/15/2034 |
|
|
258,000 |
|
|
|
255,626 |
|
|
Royalty
Pharma PLC, 5.40%, 09/02/2034 (b) |
|
|
249,000 |
|
|
|
248,821 |
|
|
Stryker
Corp., 5.20%, 02/10/2035 |
|
|
256,000 |
|
|
|
259,855 |
|
|
UnitedHealth
Group, Inc., 4.63%, 07/15/2035 |
|
|
266,000 |
|
|
|
257,874 |
|
|
Universal
Health Services, Inc., 5.05%, 10/15/2034 |
|
|
265,000 |
|
|
|
251,643 |
|
|
Zimmer
Biomet Holdings, Inc., 5.20%, 09/15/2034 |
|
|
253,000 |
|
|
|
253,001 |
|
| |
|
|
|
|
|
|
5,874,899 |
|
| |
|
|
|
|
|
|
|
|
|
Industrials
— 8.0% |
|
|
|
|
|
|
|
|
|
Amphenol
Corp., 5.00%, 01/15/2035 (b) |
|
|
256,000 |
|
|
|
256,554 |
|
|
Autopistas
Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/2035 (a) |
|
|
260,652 |
|
|
|
258,197 |
|
|
Boeing
Co., 3.25%, 02/01/2035 |
|
|
312,000 |
|
|
|
257,295 |
|
|
Canadian
National Railway Co., 4.38%, 09/18/2034 |
|
|
266,000 |
|
|
|
255,634 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Industrials
— 8.0% (continued) |
|
Deere
& Co., 5.45%, 01/16/2035 (b) |
|
$ |
246,000 |
|
|
$ |
255,913 |
|
|
Embraer
Netherlands Finance BV, 5.98%, 02/11/2035 |
|
|
254,000 |
|
|
|
260,109 |
|
|
Hexcel
Corp., 5.88%, 02/26/2035 |
|
|
251,000 |
|
|
|
258,482 |
|
|
Honeywell
International, Inc., 5.00%, 03/01/2035 (b) |
|
|
254,000 |
|
|
|
253,372 |
|
|
Huntington
Ingalls Industries, Inc., 5.75%, 01/15/2035 |
|
|
251,000 |
|
|
|
251,843 |
|
|
Keysight
Technologies, Inc., 4.95%, 10/15/2034 |
|
|
258,000 |
|
|
|
253,663 |
|
|
L3Harris
Technologies, Inc., 4.85%, 04/27/2035 |
|
|
264,000 |
|
|
|
255,344 |
|
|
Lockheed
Martin Corp., 3.60%, 03/01/2035 |
|
|
282,000 |
|
|
|
252,693 |
|
|
Parker-Hannifin
Corp., 4.20%, 11/21/2034 |
|
|
270,000 |
|
|
|
256,278 |
|
|
Republic
Services, Inc., 5.20%, 11/15/2034 |
|
|
250,000 |
|
|
|
253,854 |
|
|
RTX
Corp., 5.40%, 05/01/2035 |
|
|
247,000 |
|
|
|
253,058 |
|
|
Textron,
Inc., 5.50%, 05/15/2035 |
|
|
257,000 |
|
|
|
258,866 |
|
|
Union
Pacific Corp., 5.10%, 02/20/2035 |
|
|
257,000 |
|
|
|
260,274 |
|
|
Waste
Management, Inc., 4.95%, 03/15/2035 |
|
|
257,000 |
|
|
|
257,218 |
|
|
WW
Grainger, Inc., 4.45%, 09/15/2034 |
|
|
263,000 |
|
|
|
253,735 |
|
| |
|
|
|
|
|
|
4,862,382 |
|
| |
|
|
|
|
|
|
|
|
|
Materials
— 4.6% |
|
|
|
|
|
|
|
|
|
BHP
Billiton Finance USA Ltd., 5.30%, 02/21/2035 |
|
|
256,000 |
|
|
|
260,098 |
|
|
Dow
Chemical Co., 4.25%, 10/01/2034 |
|
|
274,000 |
|
|
|
251,828 |
|
|
Freeport-McMoRan,
Inc., 5.40%, 11/14/2034 |
|
|
252,000 |
|
|
|
253,789 |
|
|
Huntsman
International LLC, 5.70%, 10/15/2034 |
|
|
260,000 |
|
|
|
252,218 |
|
|
Lubrizol
Corp., 6.50%, 10/01/2034 |
|
|
226,000 |
|
|
|
254,693 |
|
|
Martin
Marietta Materials, Inc., 5.15%, 12/01/2034 |
|
|
256,000 |
|
|
|
255,873 |
|
|
Newmont
Corp., 5.88%, 04/01/2035 |
|
|
239,000 |
|
|
|
252,368 |
|
|
Nutrien
Ltd., 4.13%, 03/15/2035 |
|
|
278,000 |
|
|
|
253,151 |
|
|
Rio
Tinto Alcan, Inc., 5.75%, 06/01/2035 |
|
|
241,000 |
|
|
|
255,142 |
|
|
Sonoco
Products Co., 5.00%, 09/01/2034 |
|
|
263,000 |
|
|
|
254,907 |
|
|
Vulcan
Materials Co., 5.35%, 12/01/2034 |
|
|
250,000 |
|
|
|
253,757 |
|
| |
|
|
|
|
|
|
2,797,824 |
|
| |
|
|
|
|
|
|
|
|
|
Technology
— 5.5% |
|
|
|
|
|
|
|
|
|
Accenture
Capital, Inc., 4.50%, 10/04/2034 |
|
|
264,000 |
|
|
|
256,144 |
|
|
Adobe,
Inc., 5.30%, 01/17/2035 |
|
|
249,000 |
|
|
|
257,768 |
|
|
AppLovin
Corp., 5.50%, 12/01/2034 (b) |
|
|
254,000 |
|
|
|
258,005 |
|
|
Broadcom,
Inc., 4.80%, 10/15/2034 (b) |
|
|
258,000 |
|
|
|
252,597 |
|
|
Cadence
Design Systems, Inc., 4.70%, 09/10/2034 |
|
|
260,000 |
|
|
|
253,713 |
|
|
Dell
International LLC / EMC Corp., 4.85%, 02/01/2035 (b) |
|
|
266,000 |
|
|
|
257,060 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (continued)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
PAR |
|
|
Value |
|
|
CORPORATE
BONDS — 98.2% (continued) |
|
Technology
— 5.5% (continued) |
|
Hewlett
Packard Enterprise Co., 5.00%, 10/15/2034 |
|
$ |
258,000 |
|
|
$ |
253,909 |
|
|
Leidos,
Inc., 5.50%, 03/15/2035 |
|
|
256,000 |
|
|
|
257,976 |
|
|
Micron
Technology, Inc., 5.80%, 01/15/2035 |
|
|
248,000 |
|
|
|
256,121 |
|
|
Microsoft
Corp., 3.50%, 02/12/2035 |
|
|
276,000 |
|
|
|
255,712 |
|
|
Oracle
Corp., 5.50%, 08/03/2035 |
|
|
252,000 |
|
|
|
257,427 |
|
|
QUALCOMM,
Inc., 4.65%, 05/20/2035 |
|
|
260,000 |
|
|
|
255,768 |
|
|
Roper
Technologies, Inc., 4.90%, 10/15/2034 (b) |
|
|
256,000 |
|
|
|
251,753 |
|
| |
|
|
|
|
|
|
3,323,953 |
|
| |
|
|
|
|
|
|
|
|
|
Utilities
— 10.0% |
|
|
|
|
|
|
|
|
|
APA
Infrastructure Ltd., 5.13%, 09/16/2034 (a) |
|
|
257,000 |
|
|
|
253,481 |
|
|
Black
Hills Corp., 6.00%, 01/15/2035 |
|
|
246,000 |
|
|
|
257,106 |
|
|
Boston
Gas Co., 5.84%, 01/10/2035 (a) |
|
|
248,000 |
|
|
|
256,875 |
|
|
CenterPoint
Energy Houston Electric LLC, 5.05%, 03/01/2035 |
|
|
255,000 |
|
|
|
254,458 |
|
|
CMS
Energy Corp., 6.50% to 06/01/2035 then 5 yr. CMT Rate + 1.96%, 06/01/2055 |
|
|
258,000 |
|
|
|
255,550 |
|
|
Consolidated
Edison Co. of New York, Inc., 5.13%, 03/15/2035 |
|
|
256,000 |
|
|
|
257,242 |
|
|
Dominion
Energy, Inc., 5.95%, 06/15/2035 |
|
|
243,000 |
|
|
|
255,197 |
|
|
El
Paso Electric Co., 6.00%, 05/15/2035 |
|
|
247,000 |
|
|
|
254,731 |
|
|
Entergy
Louisiana LLC, 5.15%, 09/15/2034 |
|
|
250,000 |
|
|
|
250,021 |
|
|
Exelon
Corp., 5.63%, 06/15/2035 |
|
|
247,000 |
|
|
|
252,864 |
|
|
Interstate
Power and Light Co., 4.95%, 09/30/2034 |
|
|
259,000 |
|
|
|
254,659 |
|
|
Jersey
Central Power & Light Co., 5.10%, 01/15/2035 (a) |
|
|
258,000 |
|
|
|
256,211 |
|
|
National
Fuel Gas Co., 5.95%, 03/15/2035 |
|
|
253,000 |
|
|
|
259,162 |
|
|
NextEra
Energy Capital Holdings, Inc., 5.45%, 03/15/2035 |
|
|
256,000 |
|
|
|
258,918 |
|
|
NiSource,
Inc., 6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055 |
|
|
252,000 |
|
|
|
251,197 |
|
|
Piedmont
Natural Gas Co., Inc., 5.10%, 02/15/2035 |
|
|
261,000 |
|
|
|
259,665 |
|
|
PPL
Capital Funding, Inc., 5.25%, 09/01/2034 (b) |
|
|
252,000 |
|
|
|
251,740 |
|
|
Public
Service Co. of Oklahoma, 5.20%, 01/15/2035 (b) |
|
|
257,000 |
|
|
|
254,105 |
|
|
Southern
California Edison Co., 5.45%, 03/01/2035 |
|
|
257,000 |
|
|
|
255,409 |
|
|
Southern
California Gas Co., 5.05%, 09/01/2034 |
|
|
255,000 |
|
|
|
253,060 |
|
|
Southern
Co., 4.85%, 03/15/2035 |
|
|
262,000 |
|
|
|
253,662 |
|
|
Tucson
Electric Power Co., 5.20%, 09/15/2034 |
|
|
250,000 |
|
|
|
250,991 |
|
|
Vistra
Operations Co. LLC, 5.70%, 12/30/2034 (a)(b) |
|
|
253,000 |
|
|
|
254,235 |
|
|
Wisconsin
Electric Power Co., 4.60%, 10/01/2034 |
|
|
259,000 |
|
|
|
252,135 |
|
| |
|
|
|
|
|
|
6,112,674 |
|
|
TOTAL
CORPORATE BONDS (Cost $59,442,211) |
|
|
|
|
|
|
59,693,911 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Schedule
of Investments (Concluded)
FEBRUARY
28, 2025 (Unaudited)
|
|
|
Units |
|
|
Value |
|
|
SHORT-TERM
INVESTMENTS — 8.9% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 8.9% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (c) |
|
|
5,401,367 |
|
|
$ |
5,401,367 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $5,401,367) |
|
|
|
|
|
|
5,401,367 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 107.1% (Cost $64,843,578) |
|
|
|
|
|
$ |
65,095,278 |
|
|
Liabilities
in Excess of Other Assets — (7.1)% |
|
|
|
|
|
|
(4,309,184 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
60,786,094 |
|
Percentages
are stated as a percent of net assets.
CMT
- Constant Maturity Treasury
LLC
- Limited Liability Company
LP
- Limited Partnership
PLC
- Public Limited Company
SOFR
- Secured Overnight Financing Rate
|
(a) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $6,888,497 or 11.3% of the Fund’s
net assets. |
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $5,298,384 which represented 8.7% of the Fund’s
net assets. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
Corporate Bond ETFs
Statements
of Assets and Liabilities
FEBRUARY
28, 2025 (Unaudited)
|
|
|
F/m
2-Year
Investment
Grade
Corporate
Bond ETF(1) |
|
|
F/m
3-Year
Investment
Grade
Corporate
Bond ETF(1) |
|
|
F/m
10-Year
Investment
Grade
Corporate
Bond ETF(1) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $149,294,457, $165,935,167, and $59,442,211, respectively) |
|
$ |
149,799,981 |
|
|
$ |
166,653,168 |
|
|
$ |
59,693,911 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value (cost $3,600,829, $7,586,449, and $5,401,367, respectively) |
|
|
3,600,829 |
|
|
|
7,586,449 |
|
|
|
5,401,367 |
|
|
Cash
equivalents |
|
|
72,975 |
|
|
|
73,482 |
|
|
|
504,562 |
|
|
Receivables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
sold |
|
|
15,364,947 |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
16,184,800 |
|
|
|
18,277,128 |
|
|
|
— |
|
|
Interest |
|
|
1,511,184 |
|
|
|
1,783,978 |
|
|
|
853,378 |
|
|
Total
assets |
|
|
186,534,716 |
|
|
|
194,374,205 |
|
|
|
66,453,218 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
3,600,829 |
|
|
|
7,586,449 |
|
|
|
5,401,367 |
|
|
Investments
purchased |
|
|
14,789,111 |
|
|
|
18,220,085 |
|
|
|
258,879 |
|
|
Capital
shares redeemed |
|
|
16,205,024 |
|
|
|
— |
|
|
|
— |
|
|
Advisory
fees |
|
|
17,587 |
|
|
|
17,159 |
|
|
|
6,878 |
|
|
Total
liabilities |
|
|
34,612,551 |
|
|
|
25,823,693 |
|
|
|
5,667,124 |
|
|
Net
assets |
|
$ |
151,922,165 |
|
|
$ |
168,550,512 |
|
|
$ |
60,786,094 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
2,480 |
|
|
$ |
3,560 |
|
|
$ |
1,360 |
|
|
Paid-in
capital |
|
|
151,282,398 |
|
|
|
167,781,658 |
|
|
|
60,633,450 |
|
|
Total
distributable earnings/(losses) |
|
|
637,287 |
|
|
|
765,294 |
|
|
|
151,283 |
|
|
Net
assets |
|
$ |
151,922,165 |
|
|
$ |
168,550,512 |
|
|
$ |
60,786,094 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,480,000 |
|
|
|
3,560,000 |
|
|
|
1,360,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
61.26 |
|
|
$ |
47.35 |
|
|
$ |
44.70 |
|
|
(1) |
Includes market value of securities
on loan of $3,366,239, $7,433,092, and $5,298,384, respectively. |
The
accompanying notes are an integral part of these financial statements.
F/m
Corporate Bond ETFs
Statements
of Operations
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (Unaudited)
|
|
|
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 |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income |
|
$ |
1,952,995 |
|
|
$ |
2,118,760 |
|
|
$ |
1,079,699 |
|
|
Securities
lending income, net |
|
|
1,399 |
|
|
|
2,874 |
|
|
|
2,556 |
|
|
Total
investment income |
|
|
1,954,394 |
|
|
|
2,121,634 |
|
|
|
1,082,255 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
59,552 |
|
|
|
64,912 |
|
|
|
30,095 |
|
|
Total
expenses |
|
|
59,552 |
|
|
|
64,912 |
|
|
|
30,095 |
|
|
Net
investment income/(loss) |
|
|
1,894,842 |
|
|
|
2,056,722 |
|
|
|
1,052,160 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
(31,241 |
) |
|
|
(92,184 |
) |
|
|
(275,050 |
) |
|
Net
realized gain from redemption in-kind |
|
|
123,437 |
|
|
|
138,421 |
|
|
|
272,025 |
|
|
Net
change in unrealized appreciation/ (depreciation) on investments |
|
|
417,654 |
|
|
|
415,690 |
|
|
|
(197,854 |
) |
|
Net
realized and unrealized gain/(loss) |
|
|
509,850 |
|
|
|
461,927 |
|
|
|
(200,879 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
2,404,692 |
|
|
$ |
2,518,649 |
|
|
$ |
851,281 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
2-Year Investment Grade Corporate Bond ETF
Statement
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ended
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
August 31,
2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
1,894,842 |
|
|
$ |
306,045 |
|
|
Net
realized gain/(loss) from investments |
|
|
92,196 |
|
|
|
(12,190 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
417,654 |
|
|
|
87,870 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
2,404,692 |
|
|
|
381,725 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(1,885,629 |
) |
|
|
(263,500 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,885,629 |
) |
|
|
(263,500 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
177,690,427 |
|
|
|
10,007,235 |
|
|
Shares
redeemed |
|
|
(36,412,784 |
) |
|
|
— |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
141,277,643 |
|
|
|
10,007,235 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
141,796,706 |
|
|
|
10,125,460 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
10,125,459 |
|
|
$ |
— |
|
|
End
of period |
|
$ |
151,922,165 |
|
|
$ |
10,125,460 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
3,000,000 |
|
|
|
200,000 |
|
|
Shares
redeemed |
|
|
(720,000 |
) |
|
|
— |
|
|
Net
increase/(decrease) in shares |
|
|
2,280,000 |
|
|
|
200,000 |
|
|
(1) |
Inception date of the Fund
was January 10, 2024. |
The
accompanying notes are an integral part of these financial statements.
F/m
3-Year Investment Grade Corporate Bond ETF
Statement
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ended
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
August 31,
2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
2,056,722 |
|
|
$ |
535,317 |
|
|
Net
realized gain/(loss) from investments |
|
|
46,237 |
|
|
|
(72,277 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
415,690 |
|
|
|
302,311 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
2,518,649 |
|
|
|
765,351 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,060,243 |
) |
|
|
(458,463 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,060,243 |
) |
|
|
(458,463 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
155,936,022 |
|
|
|
22,070,424 |
|
|
Shares
redeemed |
|
|
(10,221,228 |
) |
|
|
— |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
145,714,794 |
|
|
|
22,070,424 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
146,173,200 |
|
|
|
22,377,312 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
22,377,312 |
|
|
$ |
— |
|
|
End
of period |
|
$ |
168,550,512 |
|
|
$ |
22,377,312 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
3,320,000 |
|
|
|
440,000 |
|
|
Shares
redeemed |
|
|
(200,000 |
) |
|
|
— |
|
|
Net
increase/(decrease) in shares |
|
|
3,120,000 |
|
|
|
440,000 |
|
|
(1) |
Inception date of the Fund
was January 10, 2024. |
The
accompanying notes are an integral part of these financial statements.
F/m
10-Year Investment Grade Corporate Bond ETF
Statement
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ended
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
August 31,
2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
1,052,160 |
|
|
$ |
467,205 |
|
|
Net
realized gain/(loss) from investments |
|
|
(3,025 |
) |
|
|
(179,813 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(197,854 |
) |
|
|
449,553 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
851,281 |
|
|
|
736,945 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(1,057,665 |
) |
|
|
(396,142 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,057,665 |
) |
|
|
(396,142 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
52,886,048 |
|
|
|
18,028,159 |
|
|
Shares
redeemed |
|
|
(8,288,584 |
) |
|
|
(1,973,948 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
44,597,464 |
|
|
|
16,054,211 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
44,391,080 |
|
|
|
16,395,014 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
16,395,014 |
|
|
$ |
— |
|
|
End
of period |
|
$ |
60,786,094 |
|
|
$ |
16,395,014 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,200,000 |
|
|
|
320,000 |
|
|
Shares
redeemed |
|
|
(160,000 |
) |
|
|
— |
|
|
Net
increase/(decrease) in shares |
|
|
1,040,000 |
|
|
|
320,000 |
|
|
(1) |
Inception date of the Fund
was January 10, 2024. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
PERIOD
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
PERIOD
ENDED
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.63 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.19 |
|
|
|
1.60 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
10.62 |
|
|
|
0.35 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
11.81 |
|
|
|
1.95 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.18 |
) |
|
|
(1.32 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.18 |
) |
|
|
(1.32 |
) |
|
Net
asset value, end of period |
|
$ |
61.26 |
|
|
$ |
50.63 |
|
|
Market
value, end of period |
|
$ |
50.67 |
|
|
$ |
50.69 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
2.40 |
%(4) |
|
|
3.96 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
151,922 |
|
|
$ |
10,125 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.79 |
%(5) |
|
|
4.99 |
%(5) |
|
Portfolio
turnover rate |
|
|
34 |
%(4) |
|
|
110 |
%(4) |
|
(1) |
Inception date of the Fund
was January 10, 2024. |
|
(2) |
Per share data calculated using
average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
PERIOD
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
PERIOD
ENDED
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.86 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.19 |
|
|
|
1.55 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(3.53 |
) |
|
|
0.62 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(2.34 |
) |
|
|
2.17 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.17 |
) |
|
|
(1.31 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.17 |
) |
|
|
(1.31 |
) |
|
Net
asset value, end of period |
|
$ |
47.35 |
|
|
$ |
50.86 |
|
|
Market
value, end of period |
|
$ |
50.80 |
|
|
$ |
49.70 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
2.16 |
%(4) |
|
|
4.41 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
168,551 |
|
|
$ |
22,377 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
4.77 |
%(5) |
|
|
4.85 |
%(5) |
|
Portfolio
turnover rate |
|
|
51 |
%(4) |
|
|
86 |
%(4) |
|
(1) |
Inception date of the Fund
was January 10, 2024. |
|
(2) |
Per share data calculated using
average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
PERIOD
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
PERIOD
ENDED
August 31,
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
51.23 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.30 |
|
|
|
1.66 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(4.08 |
) |
|
|
0.93 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(2.78 |
) |
|
|
2.59 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.31 |
) |
|
|
(1.36 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.31 |
) |
|
|
(1.36 |
) |
|
Net
asset value, end of period |
|
$ |
44.70 |
|
|
$ |
51.23 |
|
|
Market
value, end of period |
|
$ |
50.69 |
|
|
$ |
51.42 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
1.47 |
%(4) |
|
|
5.32 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
60,786 |
|
|
$ |
16,395 |
|
|
Ratio
of expenses to average net assets |
|
|
0.15 |
%(5) |
|
|
0.15 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
5.26 |
%(5) |
|
|
5.22 |
%(5) |
|
Portfolio
turnover rate |
|
|
86 |
%(4) |
|
|
134 |
%(4) |
|
(1) |
Inception date of the Fund
was January 10, 2024. |
|
(2) |
Per share data calculated using
average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
F/m
Corporate Bond ETFs
Notes
to Financial Statements
FEBRUARY
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including 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
(each a “Fund” and together the “Funds” or “F/m Corporate Bond ETFs”). 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 commenced
investment operations on January 10, 2024.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 is to seek investment results that correspond (before fees and expenses) generally to
the price and yield of its corresponding benchmark index (“Underlying Index”): the ICE 2-Year Target Maturity Index, the ICE
3-Year Target Maturity Index, and the ICE 10-Year Target Maturity 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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 “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 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 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.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure
the fair value of each Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing each Fund’s investments carried
at fair value:
|
F/M
2-YEAR INVESTMENT GRADE CORPORATE
BOND ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Corporate
Bonds |
|
$ |
149,799,981 |
|
|
$ |
— |
|
|
$ |
149,799,981 |
|
|
$ |
— |
|
|
Investments
Purchased with Proceeds from Securities Lending* |
|
|
3,600,829 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments** |
|
$ |
153,400,810 |
|
|
$ |
— |
|
|
$ |
149,799,981 |
|
|
$ |
— |
|
|
F/M
3-YEAR INVESTMENT GRADE CORPORATE
BOND ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Corporate
Bonds |
|
$ |
166,653,168 |
|
|
$ |
— |
|
|
$ |
166,653,168 |
|
|
$ |
— |
|
|
Investments
Purchased with Proceeds from Securities Lending* |
|
|
7,586,449 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments** |
|
$ |
174,239,617 |
|
|
$ |
— |
|
|
$ |
166,653,168 |
|
|
$ |
— |
|
|
F/M
10-YEAR INVESTMENT GRADE CORPORATE
BOND ETF |
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Corporate
Bonds |
|
$ |
59,693,911 |
|
|
$ |
— |
|
|
$ |
59,693,911 |
|
|
$ |
— |
|
|
Investments
Purchased with Proceeds from Securities Lending* |
|
|
5,401,367 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments** |
|
$ |
65,095,278 |
|
|
$ |
— |
|
|
$ |
59,693,911 |
|
|
$ |
— |
|
|
*
|
Certain investments that are
measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair
value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the
amounts presented in the Statements of Assets and Liabilities. |
|
**
|
Please refer to the Schedule
of Investments for further details. |
Due
to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value
of 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.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
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. 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.
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially
all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions,
if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term
capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment
service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both
income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without
this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments,
investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available
and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders
to adhere to specific procedures and timetables.
U.S.
TAX STATUS — No provision is made for U.S. income taxes as it is each
Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter
M of the Internal Revenue Code of 1986, as amended (the “Code”), and make the requisite distributions to its shareholders
which will be sufficient to relieve it from U.S. income and excise taxes.
OTHER
— In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s
maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot
be estimated; however, based on experience, the risk of material loss from such claims is considered remote.
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
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
Cash
Equivalents and Short-Term InvestmentS - 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.
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 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
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
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.
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.
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.
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 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 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. 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 0.15% 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.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
U.S.
Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global 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 each 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 Funds. 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 each Fund’s shares pursuant to a Distribution Agreement with RBB.
Under
each 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 Funds were as follows:
|
|
|
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 |
|
|
Purchases
of investment securities |
|
$ |
62,814,427 |
|
|
$ |
70,567,955 |
|
|
$ |
38,238,387 |
|
|
Proceeds
from sales of investment securities |
|
|
30,388,081 |
|
|
|
49,734,593 |
|
|
|
36,272,562 |
|
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
Investment
Grade
Corporate
Bond ETF |
|
|
F/m
3-Year
Investment
Grade
Corporate
Bond ETF |
|
|
F/m
10-Year
Investment
Grade
Corporate
Bond ETF |
|
|
In-kind
purchases of investment securities |
|
$ |
141,672,072 |
|
|
$ |
70,567,955 |
|
|
$ |
50,322,970 |
|
|
Proceeds
from in-kind sales of investment securities |
|
|
33,786,308 |
|
|
|
8,448,513 |
|
|
|
7,710,706 |
|
There
were no purchases or sales of long-term U.S. Government securities during the current fiscal period.
5.
FEDERAL INCOME TAX INFORMATION
Each
Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund
to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals
or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial
statements from following this authoritative guidance. In the normal course of business, each Fund is subject to examination by federal,
state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
As
of August 31, 2024, 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
Tax Cost |
|
|
Unrealized
appreciation |
|
|
Unrealized
(depreciation) |
|
|
net
unrealized
appreciation/
depreciation |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
9,894,086 |
|
|
$ |
89,749 |
|
|
$ |
(2,251 |
) |
|
$ |
87,498 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
$ |
21,937,864 |
|
|
$ |
302,485 |
|
|
$ |
(5,129 |
) |
|
$ |
297,356 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
$ |
16,111,177 |
|
|
$ |
449,800 |
|
|
$ |
(12,838 |
) |
|
$ |
436,962 |
|
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, 2024, the close of the Funds’ fiscal year, there were permanent differences related to redemptions in-kind between
distributable earnings/(loss) and paid-in capital, respectively for the Fund:
| |
|
Distributable
earnings/(loss) |
|
|
PAID-IN-CAPITAL |
|
|
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 |
|
$ |
16,865 |
|
|
$ |
(16,865 |
) |
As
of August 31, 2024, the close of the Funds’ fiscal year, the components of distributable earnings on a tax basis were as follows:
| |
|
undistributed
ordinary
income |
|
|
undistributed
long-term
capital gains |
|
|
net
unrealized
appreciation/
(depreciation) |
|
|
capital
loss
carryover |
|
|
qualified
late-year
loss |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
42,545 |
|
|
$ |
0 |
|
|
$ |
87,498 |
|
|
$ |
(11,818 |
) |
|
$ |
0 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
$ |
76,854 |
|
|
$ |
0 |
|
|
$ |
297,356 |
|
|
$ |
(67,322 |
) |
|
$ |
0 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
$ |
71,063 |
|
|
$ |
0 |
|
|
$ |
436,962 |
|
|
$ |
(150,357 |
) |
|
$ |
0 |
|
The
difference 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.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
The
tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:
| |
|
Ordinary
income |
|
|
long-term
capital gains |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
263,500 |
|
|
$ |
0 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
$ |
458,463 |
|
|
$ |
0 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
$ |
396,142 |
|
|
$ |
0 |
|
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. As of August 31, 2024, 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 had unexpiring short-term
losses of $11,818, $67,322, and $150,357, 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. Pursuant to the securities lending agreement between the Trust, on behalf of the
Funds, and the Custodian, each 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 Funds bears 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
OF SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED FROM
SECURITIES
LENDING |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
3,366,239 |
|
|
$ |
3,600,829 |
|
|
$ |
1,399 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
7,433,092 |
|
|
|
7,586,449 |
|
|
|
2,874 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
5,298,384 |
|
|
|
5,401,367 |
|
|
|
2,556 |
|
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
F/m
Corporate Bond ETFs
Notes
to Financial Statements (continued)
FEBRUARY
28, 2025 (Unaudited)
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 STATEMENTS OF ASSETS AND LIABILITIES |
|
|
FUND |
|
GROSS
AMOUNTS
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
NET
AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT2 |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
3,366,239 |
|
|
$ |
— |
|
|
$ |
3,366,239 |
|
|
$ |
(3,366,239 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
7,433,092 |
|
|
|
— |
|
|
|
7,433,092 |
|
|
|
(7,433,092 |
) |
|
|
— |
|
|
|
— |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
5,298,384 |
|
|
|
— |
|
|
|
5,298,384 |
|
|
|
(5,298,384 |
) |
|
|
— |
|
|
|
— |
|
|
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. |
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 $500, 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.
F/m
Corporate Bond ETFs
Notes
to Financial Statements (Concluded)
FEBRUARY
28, 2025 (Unaudited)
8.
SUBSEQUENT EVENTS
In
preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through
the date the financial statements were issued.
The
Company’s Board of Directors, at a meeting of the Board held on February 5-6, 2025, approved that the Underlying Index for 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 will change to 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 (together, the “New Underlying Indexes”), respectively. The New
Underlying Indexes will be effective from June 1, 2025.
Subsequent
to the end of the current fiscal period, the Funds paid the following distributions:
|
Fund |
Record
Date |
Ex-Date |
Pay
Date |
Distribution
Rate Per Share |
|
F/m
2-Year Investment Grade Corporate Bond ETF |
3/3/2025 |
3/3/2025 |
3/4/2025 |
$0.19767935 |
|
F/m
3-Year Investment Grade Corporate Bond ETF |
3/3/2025 |
3/3/2025 |
3/4/2025 |
$0.20207074 |
|
F/m
10-Year Investment Grade Corporate Bond ETF |
3/3/2025 |
3/3/2025 |
3/4/2025 |
$0.22784276 |
|
Fund |
Record
Date |
Ex-Date |
Pay
Date |
Distribution
Rate Per Share |
|
F/m
2-Year Investment Grade Corporate Bond ETF |
4/1/2025 |
4/1/2025 |
4/2/2025 |
$0.19094707 |
|
F/m
3-Year Investment Grade Corporate Bond ETF |
4/1/2025 |
4/1/2025 |
4/2/2025 |
$0.19490013 |
|
F/m
10-Year Investment Grade Corporate Bond ETF |
4/1/2025 |
4/1/2025 |
4/2/2025 |
$0.22369951 |
F/m
Corporate Bond 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 (800)-617-0004; and (ii) on the SEC’s website at http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of 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 each Fund’s website at www.fminvest.com/etfs/us-credit-series.
Investment
Adviser
F/m
Investments LLC
3050 K Street NW, 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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
Oakhurst
Fixed Income Fund
Oakhurst
Short Duration Bond Fund
Oakhurst
Short Duration High Yield Credit Fund
Each
a series of The RBB Fund, Inc.
F/m
Investments LLC
OAKHURST
FIXED INCOME FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 29.6% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
5.25%,
02/15/2029 |
|
|
3,000,000 |
|
|
$ |
3,146,133 |
|
|
4.13%,
07/31/2031 |
|
|
4,314,000 |
|
|
|
4,317,370 |
|
|
3.63%,
09/30/2031 |
|
|
1,328,000 |
|
|
|
1,290,546 |
|
|
2.75%,
08/15/2032 |
|
|
2,500,000 |
|
|
|
2,277,393 |
|
|
4.13%,
11/15/2032 |
|
|
4,330,000 |
|
|
|
4,322,812 |
|
|
3.50%,
02/15/2033 |
|
|
4,800,000 |
|
|
|
4,584,656 |
|
|
3.88%,
08/15/2033 |
|
|
5,348,000 |
|
|
|
5,228,819 |
|
|
4.50%,
11/15/2033 |
|
|
3,337,000 |
|
|
|
3,409,345 |
|
|
4.00%,
02/15/2034 |
|
|
1,775,000 |
|
|
|
1,747,162 |
|
|
4.38%,
05/15/2034 |
|
|
2,275,000 |
|
|
|
2,301,882 |
|
|
4.25%,
11/15/2034 |
|
|
1,000,000 |
|
|
|
1,001,485 |
|
|
3.00%,
05/15/2042 |
|
|
4,699,000 |
|
|
|
3,846,021 |
|
|
2.50%,
02/15/2045 |
|
|
4,323,000 |
|
|
|
3,138,481 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $42,644,157) |
|
|
|
|
|
|
40,612,105 |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 23.5% |
|
|
|
|
|
|
|
|
|
Communications
— 0.6% |
|
|
|
|
|
|
|
|
|
Discovery
Communications LLC, 5.00%, 09/20/2037 |
|
|
1,025,000 |
|
|
|
880,027 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 2.4% |
|
|
|
|
|
|
|
|
|
AutoZone,
Inc., 4.75%, 08/01/2032 |
|
|
1,075,000 |
|
|
|
1,056,911 |
|
|
Fortune
Brands Innovations, Inc., 5.88%, 06/01/2033 (a) |
|
|
900,000 |
|
|
|
939,110 |
|
|
Marriott
International, Inc./MD, 5.10%, 04/15/2032 (a) |
|
|
1,085,000 |
|
|
|
1,087,318 |
|
|
Phinia
Holdings Jersey Ltd., 5.00%, 10/01/2025 (b) |
|
|
218,000 |
|
|
|
210,267 |
|
| |
|
|
|
|
|
|
3,293,606 |
|
|
Consumer
Staples — 0.4% |
|
|
|
|
|
|
|
|
|
BAT
Capital Corp., 7.08%, 08/02/2053 |
|
|
467,000 |
|
|
|
526,839 |
|
| |
|
|
|
|
|
|
|
|
|
Energy
— 2.1% |
|
|
|
|
|
|
|
|
|
El
Paso Natural Gas Co. LLC, 8.38%, 06/15/2032 |
|
|
823,000 |
|
|
|
966,446 |
|
|
Enbridge,
Inc., 5.70%, 03/08/2033 |
|
|
904,000 |
|
|
|
928,547 |
|
|
Phillips
66 Partners LP |
|
|
|
|
|
|
|
|
|
3.55%,
10/01/2026 |
|
|
565,000 |
|
|
|
548,937 |
|
|
3.75%,
03/01/2028 |
|
|
515,000 |
|
|
|
487,425 |
|
| |
|
|
|
|
|
|
2,931,355 |
|
|
Financials
— 9.7% |
|
|
|
|
|
|
|
|
|
AerCap
Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032 |
|
|
1,075,000 |
|
|
|
954,029 |
|
|
American
Homes 4 Rent LP, 5.50%, 02/01/2034 |
|
|
970,000 |
|
|
|
983,102 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 23.5% (continued) |
|
|
|
|
|
|
|
|
|
Financials
— 9.7% (continued) |
|
|
|
|
|
|
|
|
|
Antares
Holdings LP, 7.95%, 08/11/2028 (b) |
|
|
800,000 |
|
|
$ |
848,808 |
|
|
Aviation
Capital Group LLC, 6.38%, 07/15/2030 (b) |
|
|
900,000 |
|
|
|
949,416 |
|
|
Bank
of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034 |
|
|
905,000 |
|
|
|
910,631 |
|
|
Blackstone
Private Credit Fund, 3.25%, 03/15/2027 |
|
|
1,033,000 |
|
|
|
995,992 |
|
|
Blue
Owl Capital Corp., 2.63%, 01/15/2027 |
|
|
1,054,000 |
|
|
|
1,003,800 |
|
|
Bridge
Housing Corp., 3.25%, 07/15/2030 |
|
|
1,045,000 |
|
|
|
914,270 |
|
|
Crown
Castle, Inc., 5.10%, 05/01/2033 |
|
|
968,000 |
|
|
|
960,929 |
|
|
Fairfax
Financial Holdings Ltd., 7.75%, 07/15/2037 |
|
|
947,000 |
|
|
|
1,105,043 |
|
|
First
Citizens BancShares, Inc./NC, 3.38% to 03/15/2025 then 3 mo. Term SOFR + 2.47%, 03/15/2030 (a) |
|
|
1,035,000 |
|
|
|
1,032,357 |
|
|
FS
KKR Capital Corp., 6.88%, 08/15/2029 |
|
|
950,000 |
|
|
|
990,079 |
|
|
Icahn
Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029 |
|
|
750,000 |
|
|
|
645,620 |
|
|
Jackson
Financial, Inc., 3.13%, 11/23/2031 |
|
|
1,100,000 |
|
|
|
963,433 |
|
| |
|
|
|
|
|
|
13,257,509 |
|
|
Health
Care — 2.5% |
|
|
|
|
|
|
|
|
|
Bristol-Myers
Squibb Co., 5.88%, 11/15/2036 |
|
|
907,000 |
|
|
|
972,920 |
|
|
CVS
Pass-Through Trust Series 2009, 8.35%, 07/10/2031 (b) |
|
|
429,959 |
|
|
|
467,118 |
|
|
CVS
Pass-Through Trust Series 2013, Series 2013, 4.70%, 01/10/2036 (b) |
|
|
554,186 |
|
|
|
523,417 |
|
|
CVS
Pass-Through Trust Series 2014, 4.16%, 08/11/2036 (b) |
|
|
602,994 |
|
|
|
546,711 |
|
|
Quest
Diagnostics, Inc., 6.40%, 11/30/2033 |
|
|
880,000 |
|
|
|
959,990 |
|
| |
|
|
|
|
|
|
3,470,156 |
|
|
Technology
— 3.6% |
|
|
|
|
|
|
|
|
|
Applied
Materials, Inc., 5.85%, 06/15/2041 |
|
|
867,000 |
|
|
|
921,569 |
|
|
Broadcom,
Inc., 4.30%, 11/15/2032 |
|
|
1,100,000 |
|
|
|
1,051,056 |
|
|
Hewlett
Packard Enterprise Co., 6.20%, 10/15/2035 (c) |
|
|
857,000 |
|
|
|
915,950 |
|
|
Kyndryl
Holdings, Inc., 6.35%, 02/20/2034 (a) |
|
|
1,000,000 |
|
|
|
1,056,283 |
|
|
Leidos
Holdings, Inc., 5.95%, 12/01/2040 |
|
|
945,000 |
|
|
|
956,453 |
|
| |
|
|
|
|
|
|
4,901,311 |
|
|
Utilities
— 2.2% |
|
|
|
|
|
|
|
|
|
Berkshire
Hathaway Energy Co., 6.50%, 09/15/2037 |
|
|
858,000 |
|
|
|
972,779 |
|
|
Elwood
Energy LLC, 8.16%, 07/05/2026 |
|
|
113,657 |
|
|
|
106,837 |
|
|
National
Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032 |
|
|
805,000 |
|
|
|
953,895 |
|
|
Potomac
Electric Power Co., 7.90%, 12/15/2038 |
|
|
780,000 |
|
|
|
989,506 |
|
| |
|
|
|
|
|
|
3,023,017 |
|
|
TOTAL
CORPORATE BONDS (Cost $32,308,626) |
|
|
|
|
|
|
32,283,820 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS — 19.0% |
|
|
|
|
|
|
|
|
|
ABN
Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033 |
|
|
82,376 |
|
|
$ |
80,736 |
|
|
Banc
of America Mortgage Securities, Inc. |
|
|
|
|
|
|
|
|
|
Series
2003-J, Class 2A1, 5.81%, 11/25/2033 (d) |
|
|
213,555 |
|
|
|
190,964 |
|
|
Series
2004-A, Class 3A1, 6.87%, 02/25/2034 (d) |
|
|
10,721 |
|
|
|
10,830 |
|
|
Bear
Stearns Alt-A Trust, Series 2003-6, Class 2A1, 5.97%, 01/25/2034 (d) |
|
|
133,620 |
|
|
|
122,578 |
|
|
Countrywide
Home Loan Mortgage Pass Through Trust, Series 2003-49, Class A9, 6.17%, 12/19/2033 (d) |
|
|
29,380 |
|
|
|
28,106 |
|
|
Credit
Suisse Management LLC, Series 2002-AR31, Class 4A2, 7.64%, 11/25/2032 (d) |
|
|
33,104 |
|
|
|
32,976 |
|
|
Credit
Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (b)(d) |
|
|
306,456 |
|
|
|
276,695 |
|
|
Fannie
Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034 |
|
|
288,039 |
|
|
|
293,222 |
|
|
Federal
Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
|
Series
2569, Class LD, 5.50%, 02/15/2033 |
|
|
24,629 |
|
|
|
25,240 |
|
|
Series
3622, Class WA, 5.50%, 09/15/2039 |
|
|
116,874 |
|
|
|
120,020 |
|
|
Series
3793, Class UA, 4.00%, 06/15/2033 |
|
|
23,875 |
|
|
|
23,231 |
|
|
Series
3827, Class HA, 3.50%, 11/15/2025 |
|
|
9,576 |
|
|
|
9,530 |
|
|
Series
3940, Class PD, 2.50%, 02/15/2041 |
|
|
61,149 |
|
|
|
59,775 |
|
|
Series
4077, Class AP, 4.00%, 01/15/2042 |
|
|
24,146 |
|
|
|
23,774 |
|
|
Series
4183, Class PA, 3.50%, 01/15/2043 |
|
|
9,999 |
|
|
|
9,952 |
|
|
Series
4753, Class JA, 3.00%, 12/15/2047 |
|
|
856,992 |
|
|
|
776,981 |
|
|
Series
4760, Class A, 3.00%, 02/15/2048 |
|
|
542,573 |
|
|
|
515,922 |
|
|
Series
4960, Class PD, 2.00%, 10/25/2049 |
|
|
620,001 |
|
|
|
516,654 |
|
|
Series
5145, Class AB, 1.50%, 09/25/2049 |
|
|
1,099,688 |
|
|
|
867,673 |
|
|
Series
5206, Class DV, 3.50%, 06/25/2033 |
|
|
931,177 |
|
|
|
878,504 |
|
|
Series
5227, Class JQ, 4.00%, 04/25/2047 |
|
|
898,428 |
|
|
|
867,806 |
|
|
Series
5231, Class LV, 4.50%, 05/25/2052 |
|
|
983,467 |
|
|
|
955,562 |
|
|
Series
5252, Class BA, 4.00%, 02/25/2050 |
|
|
944,905 |
|
|
|
925,334 |
|
|
Federal
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Series
2005-80, Class BA, 5.00%, 04/25/2029 |
|
|
18,888 |
|
|
|
19,222 |
|
|
Series
2009-96, Class DB, 4.00%, 11/25/2029 |
|
|
41,158 |
|
|
|
40,834 |
|
|
Series
2013-13, Class MA, 4.00%, 01/25/2043 |
|
|
199,282 |
|
|
|
190,504 |
|
|
Series
2016-24, Class HA, 3.00%, 04/25/2044 |
|
|
41,810 |
|
|
|
41,002 |
|
|
Series
2016-49, Class LA, 3.50%, 01/25/2043 |
|
|
72,232 |
|
|
|
71,542 |
|
|
Series
2016-89, Class CG, 3.00%, 04/25/2046 |
|
|
98,175 |
|
|
|
90,310 |
|
|
Series
2017-105, Class N, 3.00%, 01/25/2048 |
|
|
1,085,805 |
|
|
|
963,423 |
|
|
Series
2017-22, Class EC, 3.00%, 06/25/2044 |
|
|
74,219 |
|
|
|
72,796 |
|
|
Series
2018-45, Class AB, 3.00%, 06/25/2048 |
|
|
185,710 |
|
|
|
166,801 |
|
|
Series
2019-33, Class N, 3.00%, 03/25/2048 |
|
|
222,959 |
|
|
|
208,072 |
|
|
Series
2022-22, Class EV, 4.00%, 07/25/2033 |
|
|
669,182 |
|
|
|
644,144 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS — 19.0% (continued) |
|
|
|
|
|
|
|
|
|
Government
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Series
2017-84, Class JD, 3.00%, 05/20/2047 |
|
|
31,853 |
|
|
$ |
28,432 |
|
|
Series
2018-6, Class JA, 2.75%, 01/20/2048 |
|
|
184,139 |
|
|
|
169,899 |
|
|
Series
2019-152, Class HA, 3.50%, 08/20/2049 |
|
|
119,692 |
|
|
|
115,012 |
|
|
Series
2019-61, Class KU, 3.50%, 05/20/2049 |
|
|
457,700 |
|
|
|
409,368 |
|
|
Series
2019-99, Class JC, 3.00%, 08/20/2049 |
|
|
67,102 |
|
|
|
60,422 |
|
|
Series
2020-122, Class DP, 2.50%, 07/20/2050 |
|
|
1,082,611 |
|
|
|
918,007 |
|
|
Series
2020-123, Class PB, 2.25%, 08/20/2050 |
|
|
528,645 |
|
|
|
427,370 |
|
|
Series
2020-133, Class A, 6.34%, 05/20/2050 (d) |
|
|
213,865 |
|
|
|
218,253 |
|
|
Series
2020-133, Class HA, 3.50%, 09/20/2050 |
|
|
229,100 |
|
|
|
206,959 |
|
|
Series
2020-134, Class NP, 2.50%, 09/20/2050 |
|
|
833,502 |
|
|
|
688,897 |
|
|
Series
2020-183, Class AY, 2.00%, 11/20/2050 |
|
|
817,155 |
|
|
|
652,499 |
|
|
Series
2020-5, Class NA, 3.50%, 12/20/2049 |
|
|
182,351 |
|
|
|
168,420 |
|
|
Series
2020-78, Class CB, 5.00%, 09/20/2034 |
|
|
143,950 |
|
|
|
142,552 |
|
|
Series
2020-84, Class WA, 3.50%, 06/20/2050 |
|
|
150,477 |
|
|
|
136,170 |
|
|
Series
2020-95, Class NB, 4.50%, 07/20/2050 |
|
|
19,457 |
|
|
|
18,298 |
|
|
Series
2022-20, Class KA, 2.50%, 01/20/2052 |
|
|
947,402 |
|
|
|
854,747 |
|
|
Series
2022-24, Class BC, 4.00%, 02/20/2052 |
|
|
633,463 |
|
|
|
595,445 |
|
|
Series
2022-78, Class LA, 4.50%, 07/20/2050 |
|
|
760,064 |
|
|
|
753,656 |
|
|
GS
Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (b)(d) |
|
|
575,073 |
|
|
|
471,331 |
|
|
Harborview
Mortgage Loan Trust |
|
|
|
|
|
|
|
|
|
Series
2003-1, Class A, 5.50%, 05/19/2033 (d) |
|
|
28,831 |
|
|
|
25,328 |
|
|
Series
2004-4, Class 2A, 4.99% (1 mo. Term SOFR + 0.67%), 06/19/2034 |
|
|
50,587 |
|
|
|
46,098 |
|
|
Impac
CMB Trust, Series 2005-4, Class 2A1, 5.03% (1 mo. Term SOFR + 0.41%), 05/25/2035 |
|
|
172,816 |
|
|
|
164,489 |
|
|
Impac
Funding Corp., Series 2003-3, Class A1, 5.20%, 08/25/2033 (d) |
|
|
17,352 |
|
|
|
17,017 |
|
|
Impac
Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, 5.13% (1 mo. Term SOFR + 0.81%), 05/25/2036 |
|
|
79,769 |
|
|
|
73,072 |
|
|
JP
Morgan Mortgage Trust |
|
|
|
|
|
|
|
|
|
Series
2003-A1, Class 1A1, 5.58%, 10/25/2033 (d) |
|
|
34,372 |
|
|
|
32,645 |
|
|
Series
2004-A1, Class 4A1, 6.57%, 02/25/2034 (d) |
|
|
17,222 |
|
|
|
17,084 |
|
|
Series
2004-A3, Class SF3, 7.08%, 06/25/2034 (d) |
|
|
24,860 |
|
|
|
24,578 |
|
|
Series
2004-A4, Class 2A2, 6.48%, 09/25/2034 (d) |
|
|
468,036 |
|
|
|
435,602 |
|
|
Series
2004-A5, Class 2A1, 6.86%, 12/25/2034 (d) |
|
|
21,433 |
|
|
|
21,726 |
|
|
Series
2013-3, Class A3, 3.34%, 07/25/2043 (b)(d) |
|
|
48,719 |
|
|
|
45,202 |
|
|
Series
2017-2, Class A3, 3.50%, 05/25/2047 (b)(d) |
|
|
97,764 |
|
|
|
88,521 |
|
|
Mastr
Adjustable Rate Mortgages Trust, Series 2003-3, Class 2A1, 7.45%, 09/25/2033 (d) |
|
|
47,019 |
|
|
|
46,008 |
|
|
MASTR
Asset Securitization Trust, Series 2004-1, Class 3A7, 5.25%, 01/25/2034 |
|
|
33,021 |
|
|
|
32,254 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS — 19.0% (continued) |
|
|
|
|
|
|
|
|
|
Merrill
Lynch Mortgage Investors, Inc. |
|
|
|
|
|
|
|
|
|
Series
2004-A3, Class 1A, 5.60%, 05/25/2034 (d) |
|
|
103,618 |
|
|
$ |
93,747 |
|
|
Series
2005-A1, Class 1A, 6.63%, 12/25/2034 (d) |
|
|
187,302 |
|
|
|
183,255 |
|
|
MortgageIT
Trust, Series 2004-1, Class A2, 5.33% (1 mo. Term SOFR + 1.01%), 11/25/2034 |
|
|
606,356 |
|
|
|
577,452 |
|
|
New
Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 (b)(d) |
|
|
160,008 |
|
|
|
154,726 |
|
|
RCKT
Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (b)(d) |
|
|
1,234,742 |
|
|
|
1,090,022 |
|
|
Rithm
Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (b)(d) |
|
|
144,673 |
|
|
|
139,150 |
|
|
Sequoia
Mortgage Trust |
|
|
|
|
|
|
|
|
|
Series
2003-8, Class A1, 5.07% (1 mo. Term SOFR + 0.75%), 01/20/2034 |
|
|
118,722 |
|
|
|
114,268 |
|
|
Series
2004-6, Class A2, 4.99% (1 mo. Term SOFR + 0.67%), 07/20/2034 |
|
|
61,817 |
|
|
|
61,168 |
|
|
Series
2013-5, Class A1, 2.50%, 05/25/2043 (b)(d) |
|
|
148,265 |
|
|
|
128,452 |
|
|
Series
2013-6, Class A2, 3.00%, 05/25/2043 (d) |
|
|
170,256 |
|
|
|
152,026 |
|
|
Series
2018-5, Class A7, 3.50%, 05/25/2048 (b)(d) |
|
|
657,975 |
|
|
|
597,659 |
|
|
Series
2019-2, Class A1, 4.00%, 06/25/2049 (b)(d) |
|
|
467,796 |
|
|
|
440,292 |
|
|
Series
2019-4, Class A1, 3.50%, 11/25/2049 (b)(d) |
|
|
482,026 |
|
|
|
435,087 |
|
|
Series
2020-4, Class A2, 2.50%, 11/25/2050 (b)(d) |
|
|
517,996 |
|
|
|
427,622 |
|
|
Structured
Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A4, 6.53%, 02/25/2034 (d) |
|
|
46,976 |
|
|
|
45,229 |
|
|
Structured
Asset Mortgage Investments, Inc. |
|
|
|
|
|
|
|
|
|
Series
2003-AR4, Class A1, 5.13% (1 mo. Term SOFR + 0.81%), 01/19/2034 |
|
|
21,152 |
|
|
|
20,076 |
|
|
Series
2004-AR4, Class 1A1, 5.13% (1 mo. Term SOFR + 0.81%), 12/19/2034 |
|
|
30,282 |
|
|
|
28,610 |
|
|
Series
2004-AR6, Class A1A, 5.13% (1 mo. Term SOFR + 0.81%), 02/19/2035 |
|
|
856,468 |
|
|
|
842,046 |
|
|
Structured
Asset Securities Corp. |
|
|
|
|
|
|
|
|
|
Series
2003-34A, Class 5A4, 6.10%, 11/25/2033 (d) |
|
|
69,694 |
|
|
|
67,669 |
|
|
Series
2003-9A, Class 2A1, 6.41%, 03/25/2033 (d) |
|
|
54,166 |
|
|
|
52,645 |
|
|
Terwin
Mortgage Trust, Series 2004-1HE, Class M1, 5.56% (1 mo. Term SOFR + 1.24%), 02/25/2034 (b) |
|
|
272,518 |
|
|
|
261,168 |
|
|
WaMu
Mortgage Pass Through Certificates |
|
|
|
|
|
|
|
|
|
Series
2002-AR2, Class A, 4.24% (Ent 11th COFI Repl + 1.25%), 02/27/2034 |
|
|
66,545 |
|
|
|
63,860 |
|
|
Series
2005-AR13, Class A1A3, 5.99% (1 mo. Term SOFR + 1.67%), 10/25/2045 |
|
|
109,214 |
|
|
|
108,928 |
|
|
Series
2005-AR2, Class 1A1A, 5.09% (1 mo. Term SOFR + 0.77%), 01/25/2045 |
|
|
812,939 |
|
|
|
791,934 |
|
|
Wells
Fargo Alternative Loan Trust, Series 2002-1, Class 1A1, 6.25%, 08/25/2032 |
|
|
163,266 |
|
|
|
166,053 |
|
|
Wells
Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (b)(d) |
|
|
953,560 |
|
|
|
849,947 |
|
|
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $28,212,168) |
|
|
|
|
|
|
26,119,167 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
MORTGAGE-BACKED
SECURITIES — 13.7% |
|
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
|
Pool
C91859, 3.50%, 12/01/2035 |
|
|
177,278 |
|
|
$ |
170,103 |
|
|
Pool
SB8257, 5.50%, 09/01/2038 |
|
|
798,507 |
|
|
|
811,861 |
|
|
Pool
SD3148, 5.00%, 06/01/2053 |
|
|
977,733 |
|
|
|
971,983 |
|
|
Pool
SD3386, 5.50%, 07/01/2053 |
|
|
1,388,266 |
|
|
|
1,394,640 |
|
|
Pool
SD8255, 3.50%, 10/01/2052 |
|
|
1,340,751 |
|
|
|
1,215,508 |
|
|
Federal
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Pool
CA2472, 4.00%, 10/01/2048 |
|
|
973,818 |
|
|
|
922,863 |
|
|
Pool
CB4024, 4.50%, 07/01/2052 |
|
|
1,185,217 |
|
|
|
1,154,240 |
|
|
Pool
FA0095, 6.00%, 12/01/2054 |
|
|
1,298,278 |
|
|
|
1,330,712 |
|
|
Pool
FM5329, 2.00%, 01/01/2031 |
|
|
369,102 |
|
|
|
350,272 |
|
|
Pool
FS0862, 2.50%, 12/01/2036 |
|
|
731,942 |
|
|
|
684,605 |
|
|
Pool
FS3430, 4.00%, 11/01/2052 |
|
|
911,806 |
|
|
|
866,801 |
|
|
Pool
FS4239, 5.00%, 03/01/2053 |
|
|
1,166,662 |
|
|
|
1,152,216 |
|
|
Pool
FS4522, 5.00%, 05/01/2053 |
|
|
1,382,048 |
|
|
|
1,361,246 |
|
|
Pool
FS5649, 5.50%, 08/01/2053 |
|
|
376,585 |
|
|
|
377,267 |
|
|
Pool
FS5779, 5.50%, 09/01/2053 |
|
|
1,062,803 |
|
|
|
1,066,419 |
|
|
Pool
MA0584, 4.50%, 10/01/2040 |
|
|
8,606 |
|
|
|
8,339 |
|
|
Pool
MA1201, 3.50%, 10/01/2032 |
|
|
69,298 |
|
|
|
67,350 |
|
|
Pool
MA2705, 3.00%, 08/01/2046 |
|
|
547,562 |
|
|
|
488,046 |
|
|
Pool
MA3210, 3.50%, 12/01/2047 |
|
|
323,603 |
|
|
|
296,939 |
|
|
Pool
MA3356, 3.50%, 05/01/2048 |
|
|
1,530,172 |
|
|
|
1,403,459 |
|
|
Pool
MA4626, 4.00%, 06/01/2052 |
|
|
1,295,082 |
|
|
|
1,215,474 |
|
|
Pool
MA4733, 4.50%, 09/01/2052 |
|
|
481,550 |
|
|
|
464,526 |
|
|
Pool
MA5495, 4.50%, 10/01/2054 |
|
|
1,039,096 |
|
|
|
1,001,074 |
|
|
TOTAL
MORTGAGE-BACKED SECURITIES (Cost $18,813,666) |
|
|
|
|
|
|
18,775,943 |
|
| |
|
|
|
|
|
|
|
|
|
ASSET-BACKED
SECURITIES — 7.6% |
|
|
|
|
|
|
|
|
|
Air
Canada, Series 2017-1, 3.55%, 01/15/2030 (b) |
|
|
834,000 |
|
|
|
775,712 |
|
|
American
Airlines Group, Inc., Series AA, 3.15%, 02/15/2032 |
|
|
931,293 |
|
|
|
858,178 |
|
|
Avis
Budget Car Rental LLC, Series 2023-8A, Class A, 6.02%, 02/20/2030 (b) |
|
|
1,000,000 |
|
|
|
1,047,526 |
|
|
Countrywide
Asset-Backed Certificates, Series 2004-6, Class 2A3, 5.63% (1 mo. Term SOFR + 1.31%), 11/25/2034 |
|
|
148,892 |
|
|
|
148,598 |
|
|
DB
Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 (b) |
|
|
1,047,803 |
|
|
|
966,186 |
|
|
Domino’s
SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (b) |
|
|
636,988 |
|
|
|
590,270 |
|
|
Flagship
Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (b) |
|
|
630,741 |
|
|
|
624,092 |
|
|
Impac
CMB Trust, Series 2007-A, Class M1, 5.23% (1 mo. Term SOFR + 0.91%), 05/25/2037 (b) |
|
|
218,517 |
|
|
|
209,127 |
|
|
Jack
in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (b) |
|
|
987,000 |
|
|
|
950,069 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (CONTINUED)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
ASSET-BACKED
SECURITIES — 7.6% (continued) |
|
|
|
|
|
|
|
|
|
Long
Beach Mortgage Loan Trust, Series 2004-4, Class 1A1, 4.99% (1 mo. Term SOFR + 0.67%), 10/25/2034 |
|
|
875,697 |
|
|
$ |
856,106 |
|
|
SBA
Depositor LLC |
|
|
|
|
|
|
|
|
|
Series
2020-1-2, 2.33%, 01/15/2028 (b) |
|
|
10,000 |
|
|
|
9,289 |
|
|
Series
2021-3, 2.59%, 10/15/2031 (b) |
|
|
1,200,000 |
|
|
|
1,023,721 |
|
|
United
Airlines, Inc., 5.88%, 02/15/2037 |
|
|
951,646 |
|
|
|
959,772 |
|
|
Verizon
Master Trust, Series 2024-6, Class A1A, 4.17%, 08/20/2030 |
|
|
1,505,000 |
|
|
|
1,500,252 |
|
|
TOTAL
ASSET-BACKED SECURITIES (Cost $10,546,849) |
|
|
|
|
|
|
10,518,898 |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
GOVERNMENT AGENCY ISSUES — 2.6% |
|
|
|
|
|
|
|
|
|
Federal
Farm Credit Banks Funding Corp |
|
|
|
|
|
|
|
|
|
1.15%,
08/12/2030 |
|
|
2,000,000 |
|
|
|
1,703,722 |
|
|
2.40%,
03/24/2036 |
|
|
900,000 |
|
|
|
716,963 |
|
|
Tennessee
Valley Authority, 4.65%, 06/15/2035 |
|
|
1,100,000 |
|
|
|
1,129,031 |
|
|
TOTAL
U.S. GOVERNMENT AGENCY ISSUES (Cost $3,888,636) |
|
|
|
|
|
|
3,549,716 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 2.0% |
|
|
|
|
|
|
|
|
|
F/m
10-Year Investment Grade Corporate Bond ETF (a)(f) |
|
|
29,841 |
|
|
|
1,512,584 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF (a)(f) |
|
|
25,000 |
|
|
|
1,270,040 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $2,777,051) |
|
|
|
|
|
|
2,782,624 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
PAR |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
CONVERTIBLE
BONDS — 0.7% |
|
|
|
|
|
|
|
|
|
Financials
— 0.7% |
|
|
|
|
|
|
|
|
|
PennyMac
Corp., 8.50%, 06/01/2029 (b) |
|
|
1,000,000 |
|
|
|
1,033,000 |
|
|
TOTAL
CONVERTIBLE BONDS (Cost $997,500) |
|
|
|
|
|
|
1,033,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 2.7% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 1.7% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 5.50% (e) |
|
|
2,322,613 |
|
|
|
2,322,613 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Schedule
of Investments (CONCLUDED)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 1.0% |
|
|
|
|
|
|
|
|
|
Invesco
Treasury Portfolio - Class Institutional, 4.26% (e) |
|
|
1,360,703 |
|
|
$ |
1,360,703 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $3,683,316) |
|
|
|
|
|
|
3,683,316 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 101.4% (Cost $143,871,969) |
|
|
|
|
|
$ |
139,358,589 |
|
|
Liabilities
in Excess of Other Assets — (1.4)% |
|
|
|
|
|
|
(1,961,358 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
137,397,231 |
|
Percentages
are stated as a percent of net assets.
Ent
11th COFI Repl - Enterprise 11th District COFI Replacement Index
LLC
- Limited Liability Company
LP
- Limited Partnership
SOFR
- Secured Overnight Financing Rate
|
(a) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $2,282,963 which represented 1.7% of the Fund’s
net assets. |
|
(b) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $16,180,603 or 11.8% of the Fund’s
net assets. |
|
(c) |
Step coupon bond. The rate
disclosed is as of February 28, 2025. |
|
(d) |
Coupon rate is variable based
on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which
comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed
is as of February 28, 2025. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(f) |
Affiliated security as defined
by the Investment Company Act of 1940, as amended. |
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 24.2% |
|
|
|
|
|
|
|
|
|
Communications
— 2.1% |
|
|
|
|
|
|
|
|
|
AT&T,
Inc., 6.55%, 01/15/2028 (a) |
|
|
150,000 |
|
|
$ |
156,609 |
|
|
Discovery
Communications LLC, 3.95%, 03/20/2028 |
|
|
150,000 |
|
|
|
144,496 |
|
| |
|
|
|
|
|
|
301,105 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 2.0% |
|
|
|
|
|
|
|
|
|
AutoNation,
Inc., 3.80%, 11/15/2027 |
|
|
151,000 |
|
|
|
147,174 |
|
|
Phinia
Holdings Jersey Ltd., 5.00%, 10/01/2025 (b) |
|
|
151,000 |
|
|
|
145,643 |
|
| |
|
|
|
|
|
|
292,817 |
|
|
Energy
— 1.2% |
|
|
|
|
|
|
|
|
|
Texas
Gas Transmission LLC, 7.25%, 07/15/2027 |
|
|
160,000 |
|
|
|
168,025 |
|
| |
|
|
|
|
|
|
|
|
|
Financials
— 13.5% |
|
|
|
|
|
|
|
|
|
Air
Lease Corp., 3.63%, 12/01/2027 |
|
|
150,000 |
|
|
|
146,340 |
|
|
Ally
Financial, Inc., 2.20%, 11/02/2028 |
|
|
215,000 |
|
|
|
195,318 |
|
|
American
Tower Corp., 5.50%, 03/15/2028 |
|
|
146,000 |
|
|
|
149,472 |
|
|
Ares
Capital Corp., 7.00%, 01/15/2027 |
|
|
175,000 |
|
|
|
181,179 |
|
|
Athene
Holding Ltd., 4.13%, 01/12/2028 |
|
|
150,000 |
|
|
|
147,956 |
|
|
Aviation
Capital Group LLC, 6.25%, 04/15/2028 (b) |
|
|
185,000 |
|
|
|
191,996 |
|
|
Bank
of America Corp., 6.20% to 11/10/2027 then SOFR + 1.99%, 11/10/2028 |
|
|
138,000 |
|
|
|
143,200 |
|
|
Blue
Owl Capital Corp., 2.88%, 06/11/2028 |
|
|
215,000 |
|
|
|
198,309 |
|
|
Citigroup,
Inc., 4.13%, 07/25/2028 |
|
|
149,000 |
|
|
|
146,479 |
|
|
Goldman
Sachs Group, Inc., 3.85%, 01/26/2027 |
|
|
151,000 |
|
|
|
149,300 |
|
|
JPMorgan
Chase & Co., 4.51% to 10/22/2027 then SOFR + 0.86%, 10/22/2028 |
|
|
149,000 |
|
|
|
148,577 |
|
|
Synchrony
Financial, 3.95%, 12/01/2027 |
|
|
150,000 |
|
|
|
146,270 |
|
| |
|
|
|
|
|
|
1,944,396 |
|
|
Health
Care — 2.0% |
|
|
|
|
|
|
|
|
|
Amgen,
Inc., 5.15%, 03/02/2028 |
|
|
144,000 |
|
|
|
146,314 |
|
|
CVS
Pass-Through Trust, 6.04%, 12/10/2028 |
|
|
135,746 |
|
|
|
137,321 |
|
| |
|
|
|
|
|
|
283,635 |
|
|
Industrials
— 1.4% |
|
|
|
|
|
|
|
|
|
Ryder
System, Inc., 6.30%, 12/01/2028 |
|
|
185,000 |
|
|
|
195,210 |
|
| |
|
|
|
|
|
|
|
|
|
Technology
— 1.4% |
|
|
|
|
|
|
|
|
|
Hewlett
Packard Enterprise Co., 4.40%, 09/25/2027 |
|
|
148,000 |
|
|
|
147,324 |
|
|
Ricoh
USA, Inc., 6.75%, 12/01/2025 |
|
|
50,000 |
|
|
|
49,504 |
|
| |
|
|
|
|
|
|
196,828 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 24.2% (continued) |
|
|
|
|
|
|
|
|
|
Utilities
— 0.6% |
|
|
|
|
|
|
|
|
|
Elwood
Energy LLC, 8.16%, 07/05/2026 |
|
|
95,868 |
|
|
$ |
90,116 |
|
|
TOTAL
CORPORATE BONDS (Cost $3,459,785) |
|
|
|
|
|
|
3,472,132 |
|
| |
|
|
|
|
|
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS — 19.3% |
|
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
|
Series
3664, Class DA, 4.00%, 11/15/2037 |
|
|
209,107 |
|
|
|
207,482 |
|
|
Series
4312, Class GA, 2.50%, 12/15/2041 |
|
|
31,803 |
|
|
|
31,020 |
|
|
Series
4768, Class E, 3.50%, 09/15/2042 |
|
|
53,997 |
|
|
|
53,821 |
|
|
Series
4938, Class BL, 2.25%, 07/25/2049 |
|
|
370,218 |
|
|
|
321,361 |
|
|
Series
4960, Class PD, 2.00%, 10/25/2049 |
|
|
206,667 |
|
|
|
172,218 |
|
|
Federal
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Series
2005-80, Class BA, 5.00%, 04/25/2029 |
|
|
66,109 |
|
|
|
67,278 |
|
|
Series
2012-41, Class BA, 2.50%, 04/25/2027 |
|
|
105,671 |
|
|
|
103,735 |
|
|
Series
2013-82, Class BP, 2.75%, 12/25/2042 |
|
|
267,874 |
|
|
|
252,571 |
|
|
Series
2014-21, Class MA, 2.00%, 09/25/2041 |
|
|
154,210 |
|
|
|
148,013 |
|
|
Series
2016-72, Class AP, 3.00%, 07/25/2044 |
|
|
67,656 |
|
|
|
65,573 |
|
|
Government
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Series
2018-131, Class PG, 3.00%, 09/20/2048 |
|
|
79,757 |
|
|
|
72,299 |
|
|
Series
2019-24, Class PE, 3.25%, 02/20/2049 |
|
|
171,870 |
|
|
|
159,200 |
|
|
Series
2019-65, Class EB, 3.00%, 05/20/2049 |
|
|
144,077 |
|
|
|
126,347 |
|
|
GSR
Mortgage Loan Trust, Series 2003-13, Class 1A1, 6.40%, 10/25/2033 (c) |
|
|
68,368 |
|
|
|
68,346 |
|
|
Impac
CMB Trust, Series 2005-4, Class 2A1, 5.03% (1 mo. Term SOFR + 0.41%), 05/25/2035 |
|
|
103,483 |
|
|
|
98,497 |
|
|
Mastr
Adjustable Rate Mortgages Trust, Series 2004-13, Class 2A1, 6.87%, 04/21/2034 (c) |
|
|
69,883 |
|
|
|
67,954 |
|
|
Mastr
Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.90%, 09/25/2032 (c) |
|
|
277,853 |
|
|
|
279,096 |
|
|
MortgageIT
Trust, Series 2005-5, Class A1, 4.95% (1 mo. Term SOFR + 0.63%), 12/25/2035 |
|
|
260,451 |
|
|
|
255,616 |
|
|
Structured
Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A3, 5.75%, 09/25/2034 (c) |
|
|
14,668 |
|
|
|
14,350 |
|
|
WaMu
Mortgage Pass Through Certificates, Series 2002-AR2, Class A, 4.24% (Ent 11th COFI Repl + 1.25%), 02/27/2034 |
|
|
12,099 |
|
|
|
11,611 |
|
|
Wells
Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A6, 7.31%, 07/25/2034 (c) |
|
|
185,063 |
|
|
|
189,202 |
|
|
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,959,370) |
|
|
|
|
|
|
2,765,590 |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 17.8% |
|
|
|
|
|
|
|
|
|
United
States Treasury Note/Bond |
|
|
|
|
|
|
|
|
|
4.63%,
06/30/2026 |
|
|
447,000 |
|
|
|
450,213 |
|
|
4.50%,
07/15/2026 |
|
|
475,000 |
|
|
|
477,839 |
|
|
3.75%,
08/31/2026 |
|
|
330,000 |
|
|
|
328,582 |
|
|
4.13%,
10/31/2026 |
|
|
150,000 |
|
|
|
150,234 |
|
|
4.25%,
11/30/2026 |
|
|
220,000 |
|
|
|
220,833 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 17.8% (continued) |
|
|
|
|
|
|
|
|
|
3.75%,
08/15/2027 |
|
|
614,000 |
|
|
$ |
610,582 |
|
|
3.38%,
09/15/2027 |
|
|
325,000 |
|
|
|
320,265 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $2,561,735) |
|
|
|
|
|
|
2,558,548 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 12.7% |
|
|
|
|
|
|
|
|
|
F/m
2-Year Investment Grade Corporate Bond ETF (f) |
|
|
14,492 |
|
|
|
734,301 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF (f) |
|
|
14,467 |
|
|
|
734,947 |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF (d)(f) |
|
|
7,000 |
|
|
|
350,665 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $1,815,525) |
|
|
|
|
|
|
1,819,913 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
PAR |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
MORTGAGE-BACKED
SECURITIES — 11.8% |
|
|
|
|
|
|
|
|
|
Federal
Home Loan Mortgage Corp. |
|
|
|
|
|
|
|
|
|
Pool
J12630, 4.00%, 07/01/2025 |
|
|
9,595 |
|
|
|
9,574 |
|
|
Pool
SB1117, 6.00%, 04/01/2039 |
|
|
235,351 |
|
|
|
242,473 |
|
|
Pool
SB1215, 6.00%, 07/01/2039 |
|
|
870,468 |
|
|
|
892,569 |
|
|
Federal
National Mortgage Association |
|
|
|
|
|
|
|
|
|
Pool
AL0300, 4.50%, 06/01/2026 |
|
|
19,223 |
|
|
|
19,229 |
|
|
Pool
AL4309, 4.00%, 10/01/2028 |
|
|
64,806 |
|
|
|
64,396 |
|
|
Pool
FS8581, 6.00%, 07/01/2039 |
|
|
230,012 |
|
|
|
235,776 |
|
|
Pool
MA5202, 6.00%, 11/01/2038 |
|
|
231,710 |
|
|
|
237,729 |
|
|
TOTAL
MORTGAGE-BACKED SECURITIES (Cost $1,697,010) |
|
|
|
|
|
|
1,701,746 |
|
| |
|
|
|
|
|
|
|
|
|
ASSET-BACKED
SECURITIES — 11.2% |
|
|
|
|
|
|
|
|
|
Accredited
Mortgage Loan Trust, Series 2004-3, Class 2A2, 5.63% (1 mo. Term SOFR + 1.31%), 10/25/2034 |
|
|
42,794 |
|
|
|
42,279 |
|
|
ACE
Securities Corp., Series 2003-NC1, Class A2A, 5.27% (1 mo. Term SOFR + 0.95%), 07/25/2033 |
|
|
234,621 |
|
|
|
216,638 |
|
|
Argent
Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.93% (1 mo. Term SOFR + 0.89%), 10/25/2034 |
|
|
211,056 |
|
|
|
200,654 |
|
|
Carvana
Auto Receivables Trust |
|
|
|
|
|
|
|
|
|
Series
2021-N1, Class B, 1.09%, 01/10/2028 |
|
|
134,018 |
|
|
|
130,244 |
|
|
Series
2021-P2, Class A4, 0.80%, 01/10/2027 |
|
|
162,706 |
|
|
|
160,456 |
|
|
Countrywide
Asset-Backed Certificates, Series 2004-6, Class 2A3, 5.63% (1 mo. Term SOFR + 1.31%), 11/25/2034 |
|
|
152,019 |
|
|
|
151,718 |
|
|
DB
Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (b) |
|
|
275,738 |
|
|
|
263,642 |
|
|
OneMain
Holdings, Inc., Series 2006-1, Class A5, 5.75%, 12/25/2035 (b)(c) |
|
|
981 |
|
|
|
1,062 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
ASSET-BACKED
SECURITIES — 11.2% (continued) |
|
|
|
|
|
|
|
|
|
Soundview
Home Equity Loan Trust, Series 2003-2, Class A2, 5.73% (1 mo. Term SOFR + 1.41%), 11/25/2033 |
|
|
113,538 |
|
|
$ |
117,548 |
|
|
Verizon
Master Trust, Series 2024-6, Class A1A, 4.17%, 08/20/2030 |
|
|
150,000 |
|
|
|
149,527 |
|
|
World
Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027 |
|
|
175,000 |
|
|
|
171,880 |
|
|
TOTAL
ASSET-BACKED SECURITIES (Cost $1,632,658) |
|
|
|
|
|
|
1,605,648 |
|
| |
|
|
|
|
|
|
|
|
|
CONVERTIBLE
BONDS — 1.1% |
|
|
|
|
|
|
|
|
|
Financials
— 1.1% |
|
|
|
|
|
|
|
|
|
PennyMac
Corp., 8.50%, 06/01/2029 (b) |
|
|
150,000 |
|
|
|
154,950 |
|
|
TOTAL
CONVERTIBLE BONDS (Cost $149,625) |
|
|
|
|
|
|
154,950 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 2.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 0.7% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 5.50% (e) |
|
|
91,162 |
|
|
|
91,162 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 1.8% |
|
|
|
|
|
|
|
|
|
Invesco
Treasury Portfolio - Class Institutional, 4.26% (e) |
|
|
261,438 |
|
|
|
261,438 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $352,600) |
|
|
|
|
|
|
352,600 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.6% (Cost $14,628,308) |
|
|
|
|
|
$ |
14,431,127 |
|
|
Liabilities
in Excess of Other Assets — (0.6)% |
|
|
|
|
|
|
(85,577 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
14,345,550 |
|
Percentages
are stated as a percent of net assets.
Ent
11th COFI Repl - Enterprise 11th District COFI Replacement Index
LLC
- Limited Liability Company
SOFR
- Secured Overnight Financing Rate
|
(a) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $89,422 which represented 0.6% of the Fund’s
net assets. |
|
(b) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $757,293 or 5.3% of the Fund’s
net assets. |
|
(c) |
Coupon rate is variable based
on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which
comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed
is as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Schedule
of Investments (CONCLUDED)
FEBRUARY
28, 2025 (UNAUDITED)
|
(d) |
Non-income producing security.
|
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of February 28, 2025. |
|
(f) |
Affiliated security as defined
by the Investment Company Act of 1940, as amended. |
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Schedule
of Investments
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 94.6% |
|
|
|
|
|
|
|
|
|
Communications
— 10.1% |
|
|
|
|
|
|
|
|
|
Cincinnati
Bell Telephone Co. LLC, 6.30%, 12/01/2028 |
|
|
309,000 |
|
|
$ |
297,168 |
|
|
Clear
Channel Outdoor Holdings, Inc., 9.00%, 09/15/2028 (a) |
|
|
325,000 |
|
|
|
342,556 |
|
|
Connect
Finco SARL / Connect US Finco LLC, 9.00%, 09/15/2029 (a)(b) |
|
|
250,000 |
|
|
|
229,480 |
|
|
Directv
Financing LLC, 8.88%, 02/01/2030 (a) |
|
|
250,000 |
|
|
|
244,134 |
|
|
Gray
Media, Inc., 10.50%, 07/15/2029 (a)(b) |
|
|
239,000 |
|
|
|
247,035 |
|
|
LCPR
Senior Secured Financing DAC, 6.75%, 10/15/2027 (a) |
|
|
250,000 |
|
|
|
213,713 |
|
|
Level
3 Financing, Inc., 11.00%, 11/15/2029 (a) |
|
|
300,000 |
|
|
|
340,800 |
|
|
McGraw-Hill
Education, Inc., 5.75%, 08/01/2028 (a)(b) |
|
|
200,000 |
|
|
|
196,328 |
|
|
Qwest
Corp., 7.25%, 09/15/2025 |
|
|
250,000 |
|
|
|
251,252 |
|
|
Sirius
XM Radio LLC, 5.50%, 07/01/2029 (a)(b) |
|
|
250,000 |
|
|
|
244,835 |
|
|
Univision
Communications, Inc., 6.63%, 06/01/2027 (a)(b) |
|
|
200,000 |
|
|
|
200,556 |
|
|
Vmed
O2 UK Financing I PLC, 7.75%, 04/15/2032 (a) |
|
|
250,000 |
|
|
|
254,017 |
|
|
VZ
Secured Financing BV, 5.00%, 01/15/2032 (a) |
|
|
375,000 |
|
|
|
331,099 |
|
| |
|
|
|
|
|
|
3,392,973 |
|
|
Consumer
Discretionary — 27.3% |
|
|
|
|
|
|
|
|
|
Adams
Homes, Inc., 9.25%, 10/15/2028 (a) |
|
|
250,000 |
|
|
|
261,156 |
|
|
Affinity
Interactive, 6.88%, 12/15/2027 (a) |
|
|
300,000 |
|
|
|
247,371 |
|
|
Allegiant
Travel Co., 7.25%, 08/15/2027 (a) |
|
|
250,000 |
|
|
|
252,661 |
|
|
Allied
Universal Holdco LLC, 7.88%, 02/15/2031 (a) |
|
|
325,000 |
|
|
|
335,413 |
|
|
American
Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a) |
|
|
340,000 |
|
|
|
338,633 |
|
|
Benteler
International AG, 10.50%, 05/15/2028 (a)(b) |
|
|
230,000 |
|
|
|
244,009 |
|
|
Brightline
East LLC, 11.00%, 01/31/2030 (a) |
|
|
250,000 |
|
|
|
228,887 |
|
|
Cornerstone
Building Brands, Inc., 9.50%, 08/15/2029 (a) |
|
|
250,000 |
|
|
|
238,139 |
|
|
Crocs,
Inc., 4.25%, 03/15/2029 (a) |
|
|
250,000 |
|
|
|
234,589 |
|
|
Empire
Resorts, Inc., 7.75%, 11/01/2026 (a) |
|
|
250,000 |
|
|
|
240,758 |
|
|
Garda
World Security Corp., 7.75%, 02/15/2028 (a) |
|
|
325,000 |
|
|
|
335,212 |
|
|
Garrett
Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 (a) |
|
|
250,000 |
|
|
|
255,073 |
|
|
Genting
New York LLC / GENNY Capital, Inc., 7.25%, 10/01/2029 (a) |
|
|
250,000 |
|
|
|
258,598 |
|
|
GEO
Group, Inc., 8.63%, 04/15/2029 |
|
|
250,000 |
|
|
|
264,847 |
|
|
Goodyear
Tire & Rubber Co., 5.00%, 07/15/2029 (b) |
|
|
250,000 |
|
|
|
237,818 |
|
|
JetBlue
Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (a) |
|
|
230,000 |
|
|
|
243,683 |
|
|
K
Hovnanian Enterprises, Inc., 11.75%, 09/30/2029 (a) |
|
|
217,000 |
|
|
|
236,801 |
|
|
Landsea
Homes Corp., 8.88%, 04/01/2029 (a) |
|
|
300,000 |
|
|
|
298,709 |
|
|
Melco
Resorts Finance Ltd., 7.63%, 04/17/2032 (a) |
|
|
335,000 |
|
|
|
336,788 |
|
|
Newell
Brands, Inc., 7.00%, 04/01/2046 (c) |
|
|
375,000 |
|
|
|
339,587 |
|
|
PetSmart,
Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028 (a) |
|
|
612,000 |
|
|
|
582,796 |
|
|
Phinia
Holdings Jersey Ltd., 5.00%, 10/01/2025 (a) |
|
|
695,000 |
|
|
|
670,345 |
|
|
PROG
Holdings, Inc., 6.00%, 11/15/2029 (a) |
|
|
250,000 |
|
|
|
238,775 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 94.6% (continued) |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 27.3% (continued) |
|
|
|
|
|
|
|
|
|
Rakuten
Group, Inc., 11.25%, 02/15/2027 (a) |
|
|
500,000 |
|
|
$ |
548,981 |
|
|
Resorts
World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a)(b) |
|
|
300,000 |
|
|
|
271,849 |
|
|
Staples,
Inc., 10.75%, 09/01/2029 (a) |
|
|
250,000 |
|
|
|
239,088 |
|
|
Tenneco,
Inc., 8.00%, 11/17/2028 (a) |
|
|
265,000 |
|
|
|
263,518 |
|
|
United
Airlines, Inc., 4.63%, 04/15/2029 (a)(b) |
|
|
350,000 |
|
|
|
337,729 |
|
|
Victoria’s
Secret & Co., 4.63%, 07/15/2029 (a) |
|
|
250,000 |
|
|
|
227,659 |
|
|
Wynn
Macau Ltd., 5.63%, 08/26/2028 (a) |
|
|
350,000 |
|
|
|
340,262 |
|
| |
|
|
|
|
|
|
9,149,734 |
|
|
Consumer
Staples — 3.8% |
|
|
|
|
|
|
|
|
|
Herbalife
Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 (a)(b) |
|
|
196,000 |
|
|
|
196,525 |
|
|
Land
O’Lakes Capital Trust I, 7.45%, 03/15/2028 (a) |
|
|
500,000 |
|
|
|
496,853 |
|
|
Post
Holdings, Inc., 6.25%, 02/15/2032 (a)(b) |
|
|
245,000 |
|
|
|
247,168 |
|
|
Walgreens
Boots Alliance, Inc., 8.13%, 08/15/2029 (b) |
|
|
310,000 |
|
|
|
313,660 |
|
| |
|
|
|
|
|
|
1,254,206 |
|
|
Energy
— 10.2% |
|
|
|
|
|
|
|
|
|
California
Resources Corp., 8.25%, 06/15/2029 (a) |
|
|
239,000 |
|
|
|
245,905 |
|
|
Civitas
Resources, Inc., 8.75%, 07/01/2031 (a)(b) |
|
|
315,000 |
|
|
|
329,773 |
|
|
CVR
Energy, Inc., 8.50%, 01/15/2029 (a) |
|
|
250,000 |
|
|
|
246,888 |
|
|
Encino
Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (a) |
|
|
500,000 |
|
|
|
512,721 |
|
|
Genesis
Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030 (b) |
|
|
325,000 |
|
|
|
337,649 |
|
|
Hilcorp
Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 (a) |
|
|
325,000 |
|
|
|
339,926 |
|
|
Martin
Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a) |
|
|
250,000 |
|
|
|
271,958 |
|
|
Phillips
66 Partners LP |
|
|
|
|
|
|
|
|
|
3.55%,
10/01/2026 |
|
|
5,000 |
|
|
|
4,858 |
|
|
3.75%,
03/01/2028 |
|
|
73,000 |
|
|
|
69,091 |
|
|
Summit
Midstream Holdings LLC, 8.63%, 10/31/2029 (a) |
|
|
250,000 |
|
|
|
263,017 |
|
|
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 (a) |
|
|
250,000 |
|
|
|
255,587 |
|
|
Transocean,
Inc., 8.75%, 02/15/2030 (a) |
|
|
200,000 |
|
|
|
209,610 |
|
|
Venture
Global LNG, Inc., 9.88%, 02/01/2032 (a) |
|
|
300,000 |
|
|
|
328,083 |
|
| |
|
|
|
|
|
|
3,415,066 |
|
|
Financials
— 16.9% |
|
|
|
|
|
|
|
|
|
Acrisure
LLC / Acrisure Finance, Inc., 8.25%, 02/01/2029 (a) |
|
|
250,000 |
|
|
|
259,371 |
|
|
Alliant
Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 (a) |
|
|
325,000 |
|
|
|
331,394 |
|
|
Antares
Holdings LP, 6.35%, 10/23/2029 (a) |
|
|
250,000 |
|
|
|
252,791 |
|
|
Armor
Holdco, Inc., 8.50%, 11/15/2029 (a) |
|
|
260,000 |
|
|
|
260,314 |
|
|
First
Citizens BancShares, Inc./NC, 3.38% to 03/15/2025 then 3 mo. Term SOFR + 2.47%, 03/15/2030 |
|
|
695,000 |
|
|
|
693,225 |
|
|
Flagstar
Financial, Inc., 7.34% (3 mo. Term SOFR + 3.04%), 11/06/2028 (b) |
|
|
543,000 |
|
|
|
522,310 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 94.6% (continued) |
|
|
|
|
|
|
|
|
|
Financials
— 16.9% (continued) |
|
|
|
|
|
|
|
|
|
Freedom
Mortgage Corp., 12.00%, 10/01/2028 (a) |
|
|
246,000 |
|
|
$ |
267,371 |
|
|
Global
Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (a) |
|
|
250,000 |
|
|
|
257,140 |
|
|
Hightower
Holding LLC, 9.13%, 01/31/2030 (a) |
|
|
250,000 |
|
|
|
263,000 |
|
|
HUB
International Ltd., 5.63%, 12/01/2029 (a) |
|
|
250,000 |
|
|
|
245,242 |
|
|
Icahn
Enterprises LP / Icahn Enterprises Finance Corp., 9.75%, 01/15/2029 |
|
|
250,000 |
|
|
|
255,029 |
|
|
Jefferies
Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a) |
|
|
250,000 |
|
|
|
238,992 |
|
|
Navient
Corp., 11.50%, 03/15/2031 |
|
|
300,000 |
|
|
|
340,682 |
|
|
Panther
Escrow Issuer LLC, 7.13%, 06/01/2031 (a) |
|
|
325,000 |
|
|
|
334,659 |
|
|
PRA
Group, Inc., 8.88%, 01/31/2030 (a) |
|
|
250,000 |
|
|
|
263,492 |
|
|
Rithm
Capital Corp., 8.00%, 04/01/2029 (a) |
|
|
250,000 |
|
|
|
253,949 |
|
|
Service
Properties Trust, 8.88%, 06/15/2032 |
|
|
350,000 |
|
|
|
347,604 |
|
|
Uniti
Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)(b) |
|
|
240,000 |
|
|
|
256,832 |
|
| |
|
|
|
|
|
|
5,643,397 |
|
|
Health
Care — 5.0% |
|
|
|
|
|
|
|
|
|
AdaptHealth
LLC, 4.63%, 08/01/2029 (a) |
|
|
275,000 |
|
|
|
255,527 |
|
|
CHS/Community
Health Systems, Inc., 5.63%, 03/15/2027 (a) |
|
|
270,000 |
|
|
|
260,773 |
|
|
DaVita,
Inc., 6.88%, 09/01/2032 (a) |
|
|
240,000 |
|
|
|
243,970 |
|
|
LifePoint
Health, Inc., 11.00%, 10/15/2030 (a) |
|
|
310,000 |
|
|
|
341,531 |
|
|
Organon
& Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 (a)(b) |
|
|
340,000 |
|
|
|
345,079 |
|
|
Prime
Healthcare Services, Inc., 9.38%, 09/01/2029 (a) |
|
|
250,000 |
|
|
|
236,266 |
|
| |
|
|
|
|
|
|
1,683,146 |
|
|
Industrials
— 2.6% |
|
|
|
|
|
|
|
|
|
ASG
Finance Designated Activity Co., 9.75%, 05/15/2029 (a) |
|
|
250,000 |
|
|
|
253,875 |
|
|
Bombardier,
Inc., 8.75%, 11/15/2030 (a) |
|
|
315,000 |
|
|
|
337,689 |
|
|
Manitowoc
Co., Inc., 9.25%, 10/01/2031 (a)(b) |
|
|
250,000 |
|
|
|
262,813 |
|
| |
|
|
|
|
|
|
854,377 |
|
|
Materials
— 12.1% |
|
|
|
|
|
|
|
|
|
Algoma
Steel, Inc., 9.13%, 04/15/2029 (a) |
|
|
240,000 |
|
|
|
237,018 |
|
|
Chemours
Co., 5.38%, 05/15/2027 (b) |
|
|
600,000 |
|
|
|
591,702 |
|
|
Cleveland-Cliffs,
Inc., 7.00%, 03/15/2032 (a)(b) |
|
|
250,000 |
|
|
|
251,397 |
|
|
Compass
Minerals International, Inc., 6.75%, 12/01/2027 (a)(b) |
|
|
581,000 |
|
|
|
579,609 |
|
|
CVR
Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 (a) |
|
|
250,000 |
|
|
|
245,709 |
|
|
Domtar
Corp., 6.75%, 10/01/2028 (a) |
|
|
270,000 |
|
|
|
250,721 |
|
|
First
Quantum Minerals Ltd., 9.38%, 03/01/2029 (a) |
|
|
200,000 |
|
|
|
213,644 |
|
|
LABL,
Inc., 9.50%, 11/01/2028 (a) |
|
|
250,000 |
|
|
|
240,558 |
|
|
Mercer
International, Inc., 5.13%, 02/01/2029 (b) |
|
|
690,000 |
|
|
|
626,660 |
|
|
Mineral
Resources Ltd., 9.25%, 10/01/2028 (a)(b) |
|
|
325,000 |
|
|
|
336,639 |
|
|
SunCoke
Energy, Inc., 4.88%, 06/30/2029 (a) |
|
|
250,000 |
|
|
|
232,673 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Schedule
of Investments (Continued)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
PAR |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
CORPORATE
BONDS — 94.6% (continued) |
|
|
|
|
|
|
|
|
|
Materials
— 12.1% (continued) |
|
|
|
|
|
|
|
|
|
Taseko
Mines Ltd., 8.25%, 05/01/2030 (a) |
|
|
240,000 |
|
|
$ |
249,279 |
|
| |
|
|
|
|
|
|
4,055,609 |
|
|
Technology
— 3.2% |
|
|
|
|
|
|
|
|
|
Cloud
Software Group, Inc., 6.50%, 03/31/2029 (a) |
|
|
533,000 |
|
|
|
523,877 |
|
|
McAfee
Corp., 7.38%, 02/15/2030 (a)(b) |
|
|
265,000 |
|
|
|
258,608 |
|
|
Unisys
Corp., 6.88%, 11/01/2027 (a) |
|
|
280,000 |
|
|
|
275,234 |
|
| |
|
|
|
|
|
|
1,057,719 |
|
|
Utilities
— 3.4% |
|
|
|
|
|
|
|
|
|
AmeriGas
Partners LP / AmeriGas Finance Corp., 5.88%, 08/20/2026 |
|
|
590,000 |
|
|
|
589,275 |
|
|
Elwood
Energy LLC, 8.16%, 07/05/2026 |
|
|
309,243 |
|
|
|
290,688 |
|
|
Ferrellgas
LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a) |
|
|
250,000 |
|
|
|
233,579 |
|
|
Midland
Cogeneration Venture LP, 6.00%, 03/15/2025 (a) |
|
|
29,064 |
|
|
|
28,773 |
|
| |
|
|
|
|
|
|
1,142,315 |
|
|
TOTAL
CORPORATE BONDS (Cost $31,352,759) |
|
|
|
|
|
|
31,648,542 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
SHARES |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 1.5% |
|
|
|
|
|
|
|
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF (d)(f) |
|
|
10,000 |
|
|
|
500,950 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $500,700) |
|
|
|
|
|
|
500,950 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
PAR |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
CONVERTIBLE
BONDS — 0.7% |
|
|
|
|
|
|
|
|
|
Financials
— 0.7% |
|
|
|
|
|
|
|
|
|
PennyMac
Corp., 8.50%, 06/01/2029 (a) |
|
|
250,000 |
|
|
|
258,250 |
|
|
TOTAL
CONVERTIBLE BONDS (Cost $249,375) |
|
|
|
|
|
|
258,250 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
Units |
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 20.5% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 18.5% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 5.50% (e) |
|
|
6,190,943 |
|
|
|
6,190,943 |
|
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Schedule
of Investments (CONCLUDED)
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Shares |
|
|
Value
|
|
| |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 2.0% |
|
|
|
|
|
|
|
|
|
Invesco
Treasury Portfolio - Class Institutional, 4.26% (e) |
|
|
663,057 |
|
|
$ |
663,057 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $6,854,000) |
|
|
|
|
|
|
6,854,000 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 117.3% (Cost $38,956,834) |
|
|
|
|
|
$ |
39,261,742 |
|
|
Liabilities
in Excess of Other Assets — (17.3)% |
|
|
|
|
|
|
(5,796,727 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
33,465,015 |
|
Percentages
are stated as a percent of net assets.
LLC
- Limited Liability Company
LP
- Limited Partnership
PLC
- Public Limited Company
SOFR
- Secured Overnight Financing Rate
|
(a) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $25,533,687 or 76.3% of the Fund’s
net assets. |
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $6,051,964 which represented 18.1% of the Fund’s
net assets. |
|
(c) |
Step coupon bond. The rate
disclosed is as of February 28, 2025. |
|
(d) |
Non-income producing security.
|
|
(e) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
|
(f) |
Affiliated security as defined
by the Investment Company Act of 1940, as amended. |
The
accompanying notes are an integral part of these financial statements.
Oakhurst
Mutual Funds
Statements
of Assets and Liabilities
FEBRUARY
28, 2025 (UNAUDITED)
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short
Duration
Bond Fund |
|
|
Oakhurst
Short
Duration
High Yield
Credit Fund |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $137,411,602, $12,460,183, and $31,602,134, respectively) |
|
$ |
132,892,649 |
(1) |
|
$ |
12,258,614 |
(1) |
|
$ |
31,906,792 |
(1) |
|
Investments
in securities of affiliated issuers, at value (cost $2,777,051, $1,815,525, and $500,700, respectively) |
|
|
2,782,624 |
|
|
|
1,819,913 |
|
|
|
500,950 |
|
|
Short-term
investments, at value (cost $1,360,703 and $261,438, and $663,057, respectively) |
|
|
1,360,703 |
|
|
|
261,438 |
|
|
|
663,057 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value (cost $2,322,613, $91,162, and $6,190,943, respectively) |
|
|
2,322,613 |
|
|
|
91,162 |
|
|
|
6,190,943 |
|
|
Receivable
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due
from Adviser |
|
|
— |
|
|
|
30,089 |
|
|
|
9,110 |
|
|
Dividends
and interest |
|
|
846,676 |
|
|
|
83,244 |
|
|
|
629,682 |
|
|
Investments
sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Capital
shares sold |
|
|
36,265 |
|
|
|
— |
|
|
|
— |
|
|
Securities
lending income |
|
|
843 |
|
|
|
502 |
|
|
|
1,346 |
|
|
Prepaid
and other expenses |
|
|
27,542 |
|
|
|
4,288 |
|
|
|
9,908 |
|
|
Total
assets |
|
|
140,269,915 |
|
|
|
14,549,250 |
|
|
|
39,911,788 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payables
for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
shares redeemed |
|
|
302,939 |
|
|
|
41,569 |
|
|
|
184,072 |
|
|
Distributions |
|
|
165,904 |
|
|
|
889 |
|
|
|
7,204 |
|
|
Administration
and accounting fees |
|
|
21,534 |
|
|
|
9,298 |
|
|
|
— |
|
|
Professional
fees |
|
|
5,844 |
|
|
|
18,732 |
|
|
|
17,906 |
|
|
Advisory
fees |
|
|
12,402 |
|
|
|
|
|
|
|
|
|
|
Securities
lending collateral |
|
|
2,322,613 |
|
|
|
91,162 |
|
|
|
6,190,943 |
|
|
Other
accrued expenses and liabilities |
|
|
41,448 |
|
|
|
42,050 |
|
|
|
46,648 |
|
|
Total
liabilities |
|
|
2,872,684 |
|
|
|
203,700 |
|
|
|
6,446,773 |
|
|
Net
assets |
|
|
137,397,231 |
|
|
|
14,345,550 |
|
|
|
33,465,015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par
value |
|
$ |
15,560 |
|
|
$ |
1,516 |
|
|
$ |
3,729 |
|
|
Paid-in
capital |
|
|
151,102,461 |
|
|
|
19,722,633 |
|
|
|
44,979,814 |
|
|
Total
distributable earnings/(loss) |
|
|
(13,720,790 |
) |
|
|
(5,378,599 |
) |
|
|
(11,518,528 |
) |
|
Net
assets |
|
$ |
137,397,231 |
|
|
$ |
14,345,550 |
|
|
$ |
33,465,015 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
15,560,258 |
|
|
|
1,515,613 |
|
|
|
3,729,419 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
8.83 |
|
|
$ |
9.47 |
|
|
$ |
8.97 |
|
|
(1) |
Includes market value of securities
on loan of $2,282,963, $89,422, and $6,051,964, respectively. |
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
Oakhurst
Mutual Funds
Statements
of Operations
FOR
THE SIX MONTHS ENDED FEBRUARY 28, 2025 (UNAUDITED)
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short
Duration
Bond Fund |
|
|
Oakhurst
Short
Duration
High Yield
Credit Fund |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
from affiliated investments |
|
$ |
68,629 |
|
|
$ |
22,824 |
|
|
$ |
— |
|
|
Interest |
|
|
2,883,950 |
|
|
|
310,273 |
|
|
|
1,329,007 |
|
|
Securities
lending income, net |
|
|
1,405 |
|
|
|
2,435 |
|
|
|
21,200 |
|
|
Total
investment income |
|
|
2,953,984 |
|
|
|
335,532 |
|
|
|
1,350,207 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Advisory
fees |
|
|
324,731 |
|
|
|
26,032 |
|
|
|
132,630 |
|
|
Administration
and accounting fees |
|
|
67,517 |
|
|
|
23,713 |
|
|
|
21,899 |
|
|
Officer
fees |
|
|
16,627 |
|
|
|
1,632 |
|
|
|
4,419 |
|
|
Transfer
agent fees |
|
|
13,183 |
|
|
|
32,569 |
|
|
|
35,345 |
|
|
Registration
and filing fees |
|
|
11,513 |
|
|
|
11,513 |
|
|
|
10,991 |
|
|
Audit
and tax service fees |
|
|
9,501 |
|
|
|
17,888 |
|
|
|
17,888 |
|
|
Custodian
fees |
|
|
6,303 |
|
|
|
3,834 |
|
|
|
— |
|
|
Director
fees |
|
|
4,622 |
|
|
|
— |
|
|
|
— |
|
|
Legal
fees |
|
|
351 |
|
|
|
149 |
|
|
|
312 |
|
|
Other
expenses |
|
|
1,756 |
|
|
|
724 |
|
|
|
1,152 |
|
|
Total
expenses before waivers and reimbursments |
|
|
456,104 |
|
|
|
118,054 |
|
|
|
224,636 |
|
|
Less:
waivers and reimbursemets |
|
|
(79,416 |
) |
|
|
(73,429 |
) |
|
|
(56,637 |
) |
|
Net
expenses after waivers and reimbursments |
|
|
376,688 |
|
|
|
44,625 |
|
|
|
167,999 |
|
|
Net
investment income/(loss) |
|
|
2,577,296 |
|
|
|
290,907 |
|
|
|
1,182,208 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
realized gain/(loss) from investment in unaffiliated issuers |
|
$ |
97,848 |
|
|
$ |
(148,412 |
) |
|
$ |
331,748 |
|
|
Net
realized gain/(loss) from investment in affiliated issuers |
|
|
(34,429 |
) |
|
|
— |
|
|
|
— |
|
|
Net
change in unrealized appreciation/(depreciation) from investment in unaffiliated issuers |
|
|
(971,791 |
) |
|
|
169,841 |
|
|
|
(105,589 |
) |
|
Net
change in unrealized appreciation/(depreciation) from investment in affiliated issuers |
|
|
5,573 |
|
|
|
4,388 |
|
|
|
250 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(902,799 |
) |
|
|
25,817 |
|
|
|
226,409 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
1,674,497 |
|
|
$ |
316,724 |
|
|
$ |
1,408,617 |
|
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Statements
of Changes in Net Assets
|
|
|
SIX
MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
Year
Ended
August 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
2,577,296 |
|
|
$ |
4,529,656 |
|
|
Net
realized gain/(loss) on investments |
|
|
63,419 |
|
|
|
(2,820,459 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(966,218 |
) |
|
|
7,204,480 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
1,674,497 |
|
|
|
8,913,677 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(2,682,696 |
) |
|
|
(4,568,696 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(2,682,696 |
) |
|
|
(4,568,696 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
27,133,600 |
|
|
|
45,762,565 |
|
|
Reinvestment
of distributions |
|
|
1,674,864 |
|
|
|
2,866,950 |
|
|
Shares
redeemed |
|
|
(15,200,745 |
) |
|
|
(43,584,779 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
13,607,719 |
|
|
|
5,044,736 |
|
|
Total
increase/(decrease) in net assets |
|
|
12,599,519 |
|
|
|
9,389,717 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
124,797,712 |
|
|
|
115,407,995 |
|
|
End
of period |
|
$ |
137,397,231 |
|
|
$ |
124,797,712 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
3,082,044 |
|
|
|
5,304,313 |
|
|
Shares
reinvested |
|
|
190,879 |
|
|
|
332,675 |
|
|
Shares
redeemed |
|
|
(1,734,635 |
) |
|
|
(5,090,417 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
1,538,288 |
|
|
|
546,571 |
|
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Statements
of Changes in Net Assets
|
|
|
SIX
MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
Year
Ended
August 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
290,907 |
|
|
$ |
787,853 |
|
|
Net
realized gain/(loss) on investments |
|
|
(148,412 |
) |
|
|
(475,847 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
174,229 |
|
|
|
1,126,187 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
316,724 |
|
|
|
1,438,193 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(368,112 |
) |
|
|
(791,430 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(368,112 |
) |
|
|
(791,430 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
1,312,509 |
|
|
|
2,661,769 |
|
|
Reinvestment
of distributions |
|
|
360,224 |
|
|
|
773,968 |
|
|
Shares
redeemed |
|
|
(2,732,041 |
) |
|
|
(15,735,509 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(1,059,308 |
) |
|
|
(12,299,772 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(1,110,696 |
) |
|
|
(11,653,009 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
15,456,246 |
|
|
|
27,109,255 |
|
|
End
of period |
|
$ |
14,345,550 |
|
|
$ |
15,456,246 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
138,611 |
|
|
|
285,193 |
|
|
Shares
reinvested |
|
|
38,137 |
|
|
|
83,538 |
|
|
Shares
redeemed |
|
|
(288,665 |
) |
|
|
(1,692,988 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(111,917 |
) |
|
|
(1,324,257 |
) |
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Statements
of Changes in Net Assets
|
|
|
SIX
MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
Year
Ended
August 31,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
1,182,208 |
|
|
$ |
2,402,198 |
|
|
Net
realized gain/(loss) on investments |
|
|
331,748 |
|
|
|
(425,905 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(105,339 |
) |
|
|
1,802,716 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
1,408,617 |
|
|
|
3,779,009 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(1,193,324 |
) |
|
|
(2,416,379 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(1,193,324 |
) |
|
|
(2,416,379 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
3,482,175 |
|
|
|
5,749,951 |
|
|
Reinvestment
of distributions |
|
|
1,155,060 |
|
|
|
2,327,603 |
|
|
Shares
redeemed |
|
|
(7,838,945 |
) |
|
|
(16,767,917 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
(3,201,710 |
) |
|
|
(8,690,363 |
) |
|
Total
increase/(decrease) in net assets |
|
|
(2,986,417 |
) |
|
|
(7,327,733 |
) |
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
|
36,451,432 |
|
|
|
43,779,165 |
|
|
End
of period |
|
$ |
33,465,015 |
|
|
$ |
36,451,432 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
388,058 |
|
|
|
652,966 |
|
|
Shares
reinvested |
|
|
129,124 |
|
|
|
266,023 |
|
|
Shares
redeemed |
|
|
(873,477 |
) |
|
|
(1,925,652 |
) |
|
Net
increase/(decrease) in shares outstanding |
|
|
(356,295 |
) |
|
|
(1,006,663 |
) |
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
FIXED INCOME FUND
Institutional
Shares
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024(1) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
8.90 |
|
|
$ |
8.56 |
|
|
$ |
8.90 |
|
|
$ |
10.28 |
|
|
$ |
10.40 |
|
|
$ |
10.10 |
|
|
Net
investment income/(loss)(3) |
|
|
0.17 |
|
|
|
0.34 |
|
|
|
0.27 |
|
|
|
0.19 |
|
|
|
0.15 |
|
|
|
0.22 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
(0.33 |
) |
|
|
(1.26 |
) |
|
|
— |
(2) |
|
|
0.32 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
$ |
0.11 |
|
|
|
0.69 |
|
|
|
(0.06 |
) |
|
|
(1.07 |
) |
|
|
0.15 |
|
|
|
0.54 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.18 |
) |
|
|
(0.35 |
) |
|
|
(0.28 |
) |
|
|
(0.22 |
) |
|
|
(0.21 |
) |
|
|
(0.24 |
) |
|
Net
realized gains on investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.09 |
) |
|
|
(0.06 |
) |
|
|
— |
|
|
Total
distributions |
|
|
(0.18 |
) |
|
|
(0.35 |
) |
|
|
(0.28 |
) |
|
|
(0.31 |
) |
|
|
(0.27 |
) |
|
|
(0.24 |
) |
|
Net
asset value, end of period |
|
$ |
8.83 |
|
|
$ |
8.90 |
|
|
$ |
8.56 |
|
|
$ |
8.90 |
|
|
$ |
10.28 |
|
|
$ |
10.40 |
|
|
Total
investment return/(loss)(4) |
|
|
1.25 |
%(5) |
|
|
8.21 |
% |
|
|
(0.62 |
)% |
|
|
(10.59 |
)% |
|
|
1.42 |
% |
|
|
5.45 |
% |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets at end of period (000’s omitted) |
|
$ |
137,397 |
|
|
$ |
124,798 |
|
|
$ |
115,408 |
|
|
$ |
119,410 |
|
|
$ |
126,210 |
|
|
$ |
96,428 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements |
|
|
0.58 |
%(6) |
|
|
0.58 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
0.70 |
%(6) |
|
|
0.78 |
% |
|
|
0.78 |
% |
|
|
0.84 |
% |
|
|
0.80 |
% |
|
|
0.87 |
% |
|
Ratio
of net investment income/(loss) to average net assets with waviers |
|
|
3.97 |
%(6) |
|
|
3.97 |
% |
|
|
3.16 |
% |
|
|
1.97 |
% |
|
|
1.45 |
% |
|
|
2.20 |
% |
|
Portfolio
turnover rate |
|
|
12 |
%(5) |
|
|
41 |
% |
|
|
36 |
% |
|
|
48 |
% |
|
|
52 |
% |
|
|
43 |
% |
|
(1) |
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). |
|
(2) |
Rounds to less than $0.01
per share. |
|
(3) |
Per share data calculated
using average shares outstanding method. |
|
(4) |
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. |
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION BOND FUND
Institutional
Shares
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024(1) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
9.50 |
|
|
$ |
9.18 |
|
|
$ |
9.31 |
|
|
$ |
9.99 |
|
|
$ |
9.98 |
|
|
$ |
9.94 |
|
|
Net
investment income/(loss)(2) |
|
|
0.18 |
|
|
|
0.36 |
|
|
|
0.31 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
|
0.22 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.02 |
|
|
|
0.33 |
|
|
|
(0.11 |
) |
|
|
(0.60 |
) |
|
|
0.07 |
|
|
|
0.07 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.20 |
|
|
|
0.69 |
|
|
|
0.20 |
|
|
|
(0.46 |
) |
|
|
0.22 |
|
|
|
0.29 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.23 |
) |
|
|
(0.37 |
) |
|
|
(0.33 |
) |
|
|
(0.22 |
) |
|
|
(0.21 |
) |
|
|
(0.25 |
) |
|
Net
asset value, end of period |
|
$ |
9.47 |
|
|
$ |
9.50 |
|
|
$ |
9.18 |
|
|
$ |
9.31 |
|
|
$ |
9.99 |
|
|
$ |
9.98 |
|
|
Total
investment return/(loss)(3) |
|
|
2.28 |
%(5) |
|
|
7.68 |
% |
|
|
2.23 |
% |
|
|
(4.65 |
)% |
|
|
2.26 |
% |
|
|
2.95 |
% |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets at end of period (000’s omitted) |
|
$ |
14,346 |
|
|
$ |
15,456 |
|
|
$ |
27,109 |
|
|
$ |
57,788 |
|
|
$ |
131,145 |
|
|
$ |
125,823 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements |
|
|
0.60 |
%(6) |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
|
0.60 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.59 |
%(6) |
|
|
1.28 |
% |
|
|
1.03 |
% |
|
|
0.77 |
% |
|
|
0.65 |
% |
|
|
0.68 |
% |
|
Ratio
of net investment income/(loss) to average net assets with waviers |
|
|
3.91 |
%(6) |
|
|
3.84 |
% |
|
|
3.24 |
% |
|
|
1.58 |
% |
|
|
1.51 |
% |
|
|
2.13 |
% |
|
Portfolio
turnover rate |
|
|
49 |
%(5) |
|
|
48 |
% |
|
|
22 |
% |
|
|
70 |
% |
|
|
102 |
% |
|
|
70 |
% |
|
(1) |
Prior to the close of business
on October 27, 2023, the Fund was a diversified 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). |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(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. 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.
|
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
OAKHURST
SHORT DURATION HIGH YIELD CREDIT FUND
Institutional
Shares
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
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
For
the
Year
Ended
August 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024(1) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
8.92 |
|
|
$ |
8.60 |
|
|
$ |
8.79 |
|
|
$ |
10.06 |
|
|
$ |
9.64 |
|
|
$ |
9.95 |
|
|
Net
investment income/(loss)(2) |
|
|
0.30 |
|
|
|
0.56 |
|
|
|
0.53 |
|
|
|
0.47 |
|
|
|
0.47 |
|
|
|
0.52 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
0.05 |
|
|
|
0.33 |
|
|
|
(0.19 |
) |
|
|
(1.26 |
) |
|
|
0.42 |
|
|
|
(0.31 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.35 |
|
|
|
0.89 |
|
|
|
0.34 |
|
|
|
(0.79 |
) |
|
|
0.89 |
|
|
|
0.21 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(0.30 |
) |
|
|
(0.57 |
) |
|
|
(0.53 |
) |
|
|
(0.48 |
) |
|
|
(0.47 |
) |
|
|
(0.52 |
) |
|
Net
asset value, end of period |
|
$ |
8.97 |
|
|
$ |
8.92 |
|
|
$ |
8.60 |
|
|
$ |
8.79 |
|
|
$ |
10.06 |
|
|
$ |
9.64 |
|
|
Total
investment return/(loss)(3) |
|
|
4.01 |
%(5) |
|
|
10.66 |
% |
|
|
4.05 |
% |
|
|
(8.11 |
)% |
|
|
9.45 |
% |
|
|
2.27 |
% |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets at end of period (000’s omitted) |
|
$ |
33,465 |
|
|
$ |
36,451 |
|
|
$ |
43,779 |
|
|
$ |
66,514 |
|
|
$ |
101,433 |
|
|
$ |
41,894 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements |
|
|
0.95 |
%(6) |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
|
0.95 |
% |
|
Ratio
of expenses to average net assets without waivers and reimbursements |
|
|
1.27 |
%(6) |
|
|
1.27 |
% |
|
|
1.22 |
% |
|
|
1.11 |
% |
|
|
1.18 |
% |
|
|
1.29 |
% |
|
Ratio
of net investment income/(loss) to average net assets with waviers |
|
|
6.69 |
%(6) |
|
|
6.39 |
% |
|
|
6.00 |
% |
|
|
4.84 |
% |
|
|
4.72 |
% |
|
|
5.38 |
% |
|
Portfolio
turnover rate |
|
|
63 |
%(5) |
|
|
49 |
% |
|
|
52 |
% |
|
|
53 |
% |
|
|
60 |
% |
|
|
113 |
% |
|
(1) |
Prior to the close of business
on October 27, 2023, the Fund was a diversified 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). |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(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. 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. |
The
accompanying notes are an integral part of these financial statements.
The
accompanying notes are an integral part of these financial statements.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the Oakhurst Fixed
Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund (each a “Fund” and
together the “Funds” or “Oakhurst Mutual Funds”). The Oakhurst Fixed Income Fund, the Oakhurst Short Duration
Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund commenced operations on October 31, 2012, April 26, 2013, and October
1, 2015, respectively. Each fund was treated as a separate series (the “Predecessor Funds”) 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 Funds were reorganized into the Funds, as new series of RBB in a tax-free reorganization (the “Reorganization”),
whereby the Funds acquired all the assets and liabilities of the Predecessor Funds in exchange for shares of the Funds which were distributed
pro rata by the Predecessor Funds to their respective shareholders in complete liquidation and termination of the Predecessor Funds. Unless
otherwise indicated, references to the “Funds” in these Notes to Financial Statements refer to the Funds and the Predecessor
Funds, as applicable. Each Fund has registered two classes of shares, Institutional shares and Retail shares. As of the date of this report,
Retail shares of each Fund are not currently offered. When both share classes of each Fund are offered, each share class of a Fund will
represent an ownership interest in the corresponding Fund’s investment portfolio.
The
investment objective of Oakhurst Fixed Income Fund is total return.
The
investment objective of Oakhurst Short Duration Bond Fund is to seek a high level of income consistent with preservation of capital and
liquidity.
The
investment objective of Oakhurst Short Duration High Yield Credit Fund is to seek a high level of income and capital appreciation.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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 “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.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
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:
|
● |
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:
|
Oakhurst
Fixed Income Fund |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
U.S.
Treasury Securities |
|
$ |
40,612,105 |
|
|
$ |
— |
|
|
$ |
40,612,105 |
|
|
$ |
— |
|
|
Corporate
Bonds |
|
|
32,283,820 |
|
|
|
— |
|
|
|
32,283,820 |
|
|
|
— |
|
|
Collateralized
Mortgage Obligations |
|
|
26,119,167 |
|
|
|
— |
|
|
|
26,119,167 |
|
|
|
— |
|
|
Mortgage-Backed
Securities |
|
|
18,775,943 |
|
|
|
— |
|
|
|
18,775,943 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
10,518,898 |
|
|
|
— |
|
|
|
10,518,898 |
|
|
|
— |
|
|
U.S.
Government Agency Issues |
|
|
3,549,716 |
|
|
|
— |
|
|
|
3,549,716 |
|
|
|
— |
|
|
Exchange
Traded Funds |
|
|
2,782,624 |
|
|
|
2,782,624 |
|
|
|
— |
|
|
|
— |
|
|
Convertible
Bonds |
|
|
1,033,000 |
|
|
|
— |
|
|
|
1,033,000 |
|
|
|
— |
|
|
Investments
Purchased with Proceeds from Securities Lending** |
|
|
2,322,613 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Money
Market Funds |
|
|
1,360,703 |
|
|
|
1,360,703 |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments* |
|
$ |
139,258,589 |
|
|
$ |
132,892,649 |
|
|
$ |
4,143,327 |
|
|
$ |
— |
|
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
|
Oakhurst
Short Duration Bond Fund |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Corporate
Bonds |
|
$ |
3,472,132 |
|
|
$ |
— |
|
|
$ |
3,472,132 |
|
|
$ |
— |
|
|
Collateralized
Mortgage Obligations |
|
|
2,765,590 |
|
|
|
— |
|
|
|
2,765,590 |
|
|
|
— |
|
|
U.S
Treasury Securities |
|
|
2,558,548 |
|
|
|
— |
|
|
|
2,558,548 |
|
|
|
— |
|
|
Exchange
Traded Funds |
|
|
1,819,913 |
|
|
|
1,819,913 |
|
|
|
— |
|
|
|
— |
|
|
Mortgage-Backed
Securities |
|
|
1,701,746 |
|
|
|
— |
|
|
|
1,701,746 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
1,605,648 |
|
|
|
— |
|
|
|
1,605,648 |
|
|
|
— |
|
|
Convertible
Bonds |
|
|
154,950 |
|
|
|
— |
|
|
|
154,950 |
|
|
|
— |
|
|
Investments
Purchased with Proceeds from Securities Lending** |
|
|
91,162 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Money
Market Funds |
|
|
261,438 |
|
|
|
261,438 |
|
|
|
— |
|
|
|
— |
|
|
Total Investments* |
|
$ |
14,431,127 |
|
|
$ |
2,081,351 |
|
|
$ |
12,258,614 |
|
|
$ |
— |
|
|
Oakhurst
Short Duration
High Yield Credit Fund |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Corporate
Bonds |
|
$ |
31,648,542 |
|
|
$ |
— |
|
|
$ |
31,648,542 |
|
|
$ |
— |
|
|
Exchange
Traded Funds |
|
|
500,950 |
|
|
|
500,950 |
|
|
|
— |
|
|
|
— |
|
|
Convertible
Bonds |
|
|
258,250 |
|
|
|
— |
|
|
|
258,250 |
|
|
|
— |
|
|
Investments
Purchased with Proceeds from Securities Lending** |
|
|
6,190,943 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Money
Market Funds |
|
|
663,057 |
|
|
|
663,057 |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments* |
|
$ |
39,261,742 |
|
|
$ |
1,164,007 |
|
|
$ |
31,906,792 |
|
|
$ |
— |
|
|
*
|
Please refer to the Schedule
of Investments for further details. |
|
**
|
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. |
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.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
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 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. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and
losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of
the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred
on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in
proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion
to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including
investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS – 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. 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 (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
– 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
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 Funds pay the Adviser a fee, which is computed and accrued daily and paid monthly,
at the annual rate of 0.50%, 0.35%, and 0.75% of the average daily net assets of the Oakhurst Fixed Income Fund, Oakhurst Short Duration
Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund, respectively. Oakhurst Capital Advisors, LLC (the “Sub-Adviser”)
serves as the investment sub-adviser to the Funds. Subject to the supervision of the Board, the Adviser manages the overall investment
operations of the Funds, 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 Funds. The Sub-Adviser is paid a fee equal to the annual rate of 0.475% of the Oakhurst Fixed
Income Fund’s average daily net assets, 0.325% of the Oakhurst Short Duration Bond Fund’s average daily net assets, and 0.725%
of the Oakhurst Short Duration High Yield Credit Fund’s average daily net assets. Compensation of the Sub-Adviser is paid by the
Adviser (not the Funds) at the annual rate of the average value of a Fund’s daily net assets. The Sub-Adviser’s fee is reduced
on a pro-rata basis to the extent that the Adviser reduces its advisory fees or reimburses expenses of the Funds.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
Under
an expense limitation agreement between the Company, on behalf of the Funds, 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 Oakhurst Fixed Income Fund, 0.60% of the average daily net assets allocable to the Institutional Class shares of the
Oakhurst Short Duration Bond Fund, and 0.95% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst
Short Duration High Yield Credit Fund. During the period from September 1, 2024 through February 28, 2025, the Adviser reduced advisory
fees for the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund by
$79,416, $73,429, and $56,637, respectively.
Advisory
fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for a period of three years after such
fees and expenses were incurred, provided that the repayments do not cause the Funds’ 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 |
|
|
|
|
August
31,
2027 |
|
|
August
31,
2028 |
|
|
Total |
|
|
Oakhurst
Fixed Income Fund |
|
$ |
181,008 |
|
|
$ |
79,416 |
|
|
$ |
260,424 |
|
|
Oakhurst
Short Duration Bond Fund |
|
$ |
108,148 |
|
|
$ |
73,429 |
|
|
$ |
181,577 |
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
$ |
94,367 |
|
|
$ |
56,637 |
|
|
$ |
151,004 |
|
U.S.
Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global 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 (“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.
For
compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.
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 Funds or the Company. For Director and Officer compensation amounts, please refer to the Statement
of Operations.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
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.
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:
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short Duration
Bond Fund |
|
|
Oakhurst
Short Duration
High Yield
Credit Fund |
|
|
Purchases
of investment securities |
|
$ |
29,194,023 |
|
|
$ |
7,161,079 |
|
|
$ |
21,806,516 |
|
|
Proceeds
from sales and maturities of investment securities |
|
|
12,084,476 |
|
|
|
7,452,251 |
|
|
|
24,138,882 |
|
During
the current fiscal period, cost of purchases and proceeds from sales and maturities of U.S. government long-term securities were as follows:
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short Duration
Bond Fund |
|
|
Oakhurst
Short Duration
High Yield
Credit Fund |
|
|
Purchases
of U.S. government long-term securities |
|
$ |
25,608,188 |
|
|
$ |
6,001,683 |
|
|
$ |
14,226,989 |
|
|
Proceeds
from sales and maturities of U.S. government securities |
|
|
26,080,273 |
|
|
|
5,828,864 |
|
|
|
14,824,513 |
|
4.
FEDERAL INCOME TAX INFORMATION
Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Code. Accordingly, the Funds intend
to distribute their 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 Funds’ financial statements.
In
order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each 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.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
The
following information is computed on a tax basis for each item as of the end of the Funds’ fiscal year on August 31, 2024:
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short Duration
Bond Fund |
|
|
Oakhurst
Short Duration
High Yield
Credit Fund |
|
|
Tax
cost of investments |
|
$ |
127,957,171 |
|
|
$ |
15,824,501 |
|
|
$ |
35,643,747 |
|
|
Gross
unrealized appreciation |
|
|
1,871,494 |
|
|
|
72,577 |
|
|
|
635,708 |
|
|
Gross
unrealized depreciation |
|
|
(5,577,166 |
) |
|
|
(444,741 |
) |
|
|
(225,964 |
) |
|
Net
unrealized appreciation/(depreciation) on investments |
|
|
(3,705,672 |
) |
|
|
(372,164 |
) |
|
|
409,744 |
|
|
Undistributed
ordinary income |
|
|
226,365 |
|
|
|
42,851 |
|
|
|
13,297 |
|
|
Accumulated
capital and other losses |
|
|
(9,076,258 |
) |
|
|
(4,996,826 |
) |
|
|
(12,150,770 |
) |
|
Distributions
payable |
|
|
(157,027 |
) |
|
|
(1,073 |
) |
|
|
(6,093 |
) |
|
Total
distributable earnings/(loss) |
|
$ |
(12,712,592 |
) |
|
$ |
(5,327,212 |
) |
|
$ |
(11,733,822 |
) |
The
difference between the federal income tax cost of investments and the financial statement cost of investments for each 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.
The
tax character of distributions paid to shareholders during the fiscal year ended August 31, 2024 was as follows:
|
Year
Ended |
|
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
|
Total
Distributions* |
|
|
Oakhurst
Fixed Income Fund: |
|
|
|
|
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
$ |
4,548,812 |
|
|
$ |
— |
|
|
$ |
4,548,812 |
|
|
Oakhurst
Short Duration Bond Fund: |
|
|
|
|
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
$ |
792,322 |
|
|
$ |
— |
|
|
$ |
792,322 |
|
|
Oakhurst
Short Duration High Yield Credit Fund: |
|
|
|
|
|
|
|
|
|
|
|
|
|
August
31, 2024 |
|
$ |
2,418,079 |
|
|
$ |
— |
|
|
$ |
2,418,079 |
|
|
*
|
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, 2024, the Funds had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes:
|
|
|
Oakhurst
Fixed Income
Fund |
|
|
Oakhurst
Short Duration
Bond Fund |
|
|
Oakhurst
Short Duration
High Yield
Credit Fund |
|
|
Short-term
loss carryforwards |
|
$ |
(901,758 |
) |
|
$ |
(1,981,555 |
) |
|
$ |
(4,706,925 |
) |
|
Long-term
loss carryforwards |
|
|
(8,174,500 |
) |
|
|
(3,015,271 |
) |
|
|
(7,443,845 |
) |
|
Total
|
|
$ |
(9,076,258 |
) |
|
$ |
(4,996,826 |
) |
|
$ |
(12,150,770 |
) |
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.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
The
Funds recognize 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 each 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. Each Fund identifies its
major tax jurisdiction as U.S. Federal.
Each
Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations.
During the fiscal year ended August 31, 2024, the Funds did not incur any interest or penalties.
5.
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 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, 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. Pursuant to the securities lending agreement between the Trust, on behalf of the
Funds, and the Custodian, each 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 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
OF SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED FROM
SECURITIES
LENDING |
|
|
Oakhurst
Fixed Income Fund |
|
$ |
2,282,963 |
|
|
$ |
2,322,613 |
|
|
$ |
1,405 |
|
|
Oakhurst
Short Duration Bond Fund |
|
|
89,422 |
|
|
|
91,162 |
|
|
|
2,435 |
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
|
6,051,964 |
|
|
|
6,190,943 |
|
|
|
21,200 |
|
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
Securities
lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending
Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances
including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty
against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’
open securities lending transactions which are subject to a MSLA as of the end of the reporting period:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
AMOUNTS NOT OFFSET IN
THE STATEMENTS OF ASSETS AND LIABILITIES |
|
|
FUND |
|
GROSS
AMOUNTS
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
NET
AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENTS
OF ASSETS AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT2 |
|
|
Oakhurst
Fixed Income Fund |
|
$ |
2,282,963 |
|
|
$ |
|
|
|
$ |
2,282,963 |
|
|
$ |
(2,282,963 |
) |
|
$ |
|
|
|
$ |
|
|
|
Oakhurst
Short Duration Bond Fund |
|
|
89,422 |
|
|
|
|
|
|
|
89,422 |
|
|
|
(89,422 |
) |
|
|
|
|
|
|
|
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
|
6,051,964 |
|
|
|
|
|
|
|
6,051,964 |
|
|
|
(6,051,964 |
) |
|
|
|
|
|
|
|
|
|
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
Oakhurst
Fixed Income Fund and Oakhurst Short Duration Bond Fund have each adopted a fundamental policy to concentrate its investments in the mortgage-backed
securities industry. This means each Fund generally aims to invest at least 25% of its total assets in agency and non-agency collateralized
mortgage obligations (“CMOs”). The Funds’ 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 Funds to reinvest their 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 Funds’ investments in CMOs are subject to default risk, prepayment and extension risk and market risk when interest
rates rise. As a result of each Fund’s policy to concentrate in CMOs, the Funds 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, Oakhurst Fixed
Income Fund and Oakhurst Short Duration Bond Fund had 19.0% and 19.3%, respectively, of the value of their net assets invested in CMOs.
7.
Risks Associated with Lower Rated Debt Securities
Oakhurst
Short Duration High Yield Credit Fund invests primarily in lower-rated debt securities (commonly called “junk” bonds). These
securities are often considered to be speculative and involve greater risk of default or price changes than higher-rated securities due
to changes in the issuer’s creditworthiness. Prices of lower-rated securities have been found to be less sensitive to interest rate
changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. An economic
downturn tends to disrupt the market for lower-rated securities and may adversely affect their values. Such an economic downturn may be
expected to result in increased defaults by the issuers of such securities. Securities rated below Baa by Moody’s Investors Service,
Inc. or BBB by S&P Global Ratings or Fitch Ratings, Inc. are generally considered to be “junk” bonds.
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
8.
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 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 144A securities.
9.
Transactions with Affiliates
The
following issuers are affiliated with the Funds. 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 Investment Company Act of 1940, such affiliated
issuers are:
| |
|
Septemeber
1, 2024 |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
VALUE |
|
|
Share
Balance |
|
|
COST |
|
|
Share
Balance |
|
|
Proceeds |
|
|
Oakhurst
Fixed Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
— |
|
|
$ |
— |
|
|
|
25,000 |
|
|
$ |
1,266,500 |
|
|
|
— |
|
|
$ |
— |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
64,841 |
|
|
|
3,279,882 |
|
|
|
35,000 |
|
|
|
1,734,902 |
|
|
Total |
|
|
— |
|
|
|
— |
|
|
|
89,841 |
|
|
|
4,546,382 |
|
|
|
35,000 |
|
|
|
1,734,902 |
|
|
Oakhurst
Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
14,492 |
|
|
|
732,571 |
|
|
|
— |
|
|
|
— |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
— |
|
|
|
— |
|
|
|
14,467 |
|
|
|
732,464 |
|
|
|
— |
|
|
|
— |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF |
|
|
— |
|
|
|
— |
|
|
|
7,000 |
|
|
|
350,490 |
|
|
|
— |
|
|
|
— |
|
|
Total |
|
|
— |
|
|
|
— |
|
|
|
35,959 |
|
|
|
1,815,525 |
|
|
|
— |
|
|
|
— |
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF |
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
|
500,700 |
|
|
|
— |
|
|
|
— |
|
|
Total
|
|
|
— |
|
|
|
— |
|
|
|
10,000 |
|
|
|
500,700 |
|
|
|
— |
|
|
|
— |
|
Oakhurst
Mutual Funds
Notes
to Financial Statements
FEBRUARY
28, 2025 (UNAUDITED)
| |
|
February
28, 2025 |
|
|
Issuer
Name |
|
Dividend
Income |
|
|
Capital
Gain
Distribution |
|
|
Net
Change
In Unrealized
Appreciation/
(Depreciation) |
|
|
Realized
Gain/(Loss) |
|
|
Share
Balance |
|
|
VALUE |
|
|
Oakhurst
Fixed Income Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
$ |
19,739 |
|
|
$ |
— |
|
|
$ |
3,540 |
|
|
$ |
— |
|
|
|
25,000 |
|
|
$ |
1,270,040 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
48,890 |
|
|
|
— |
|
|
|
2,033 |
|
|
|
(34,429 |
) |
|
|
29,841 |
|
|
|
1,512,584 |
|
|
Total |
|
|
68,629 |
|
|
|
— |
|
|
|
5,573 |
|
|
|
(34,429 |
) |
|
|
54,841 |
|
|
|
2,782,624 |
|
|
Oakhurst
Short Duration Bond Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
|
11,401 |
|
|
|
— |
|
|
|
1,730 |
|
|
|
— |
|
|
|
14,492 |
|
|
|
734,301 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
11,423 |
|
|
|
— |
|
|
|
2,483 |
|
|
|
— |
|
|
|
14,467 |
|
|
|
734,947 |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF |
|
|
— |
|
|
|
— |
|
|
|
175 |
|
|
|
— |
|
|
|
7,000 |
|
|
|
350,665 |
|
|
Total |
|
|
22,824 |
|
|
|
— |
|
|
|
4,388 |
|
|
|
— |
|
|
|
35,959 |
|
|
|
1,819,913 |
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F/m
Ultrashort Treasury Inflation-Protected Security TIPS ETF |
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
|
10,000 |
|
|
|
500,950 |
|
|
Total |
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
|
10,000 |
|
|
|
500,950 |
|
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 Funds paid the following distributions:
|
Fund |
|
Record
Date |
|
|
EX-DATE/
PAY DATE |
|
|
Distribution
Rate Per Share |
|
|
Oakhurst
Fixed Income Fund |
|
|
March 27, 2025 |
|
|
|
March 28, 2025 |
|
|
$ |
0.02626365 |
|
|
Oakhurst
Short Duration Bond Fund |
|
|
March 27, 2025 |
|
|
|
March 28, 2025 |
|
|
$ |
0.02936873 |
|
|
Oakhurst
Short Duration High Yield Credit Fund |
|
|
March 27, 2025 |
|
|
|
March 28, 2025 |
|
|
$ |
0.04541973 |
|
In
addition, effective in April 2025, the Sub-Adviser no longer serves as investment sub-adviser to the Funds. The Funds will continue to
be advised by the Adviser, and will continue to operate under the same principle investment strategies. Barry P. Julien, CFA®
and John Han, CFA® will continue to serve as portfolio managers to the Funds.
Oakhurst
Mutual Funds
Other
Information
(Unaudited)
INFORMATION
ON PROXY VOTING
A
description of the policies and procedures that the Funds use to vote proxies relating to portfolio securities is available without charge
upon request by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov. Information regarding how the Funds voted
proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request
by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete listing of portfolio holdings for the Funds with the SEC as of the end of the first and third quarters of each
fiscal year (quarters ended November 30 and May 31) as an exhibit on Form N-PORT. These filings are available upon request by calling
1-800-292-6775. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov and the Funds’ website
www.fminvest.com.
Investment
Adviser
F/m
Investments LLC
3050 K Street, Suite 201
Washington, DC 20007
Sub-Adviser
Oakhurst
Capital Advisors, LLC
1875 Century Park E,
Suite 950
Los Angeles, CA 90067
Administrator
and Transfer Agent
U.S.Bank
Global Fund Services
P.O. Box 701
Milwaukee,Wisconsin 53201-0701
Principal
Underwriter
Quasar
Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
1350 Euclid Avenue,
Suite 800
Cleveland, OH 44115
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
F/m
Opportunistic Income ETF | (Nasdaq: XFIX)
a
series of The RBB Fund, Inc.
F/m
Investments LLC
F/m
Opportunistic Income ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
|
CORPORATE
BONDS — 65.1% |
|
|
|
|
|
|
|
|
|
Communication
Services — 0.4% |
|
|
|
|
|
|
|
|
|
Qwest
Corp., 7.25%, 09/15/2025 |
|
$ |
130,000 |
|
|
$ |
130,311 |
|
| |
|
|
|
|
|
|
|
|
|
Communications
— 2.2% |
|
|
|
|
|
|
|
|
|
Cincinnati
Bell Telephone Co. LLC, 6.30%, 12/01/2028 |
|
|
140,000 |
|
|
|
133,700 |
|
|
VeriSign,
Inc., 4.75%, 07/15/2027 |
|
|
661,000 |
|
|
|
660,844 |
|
| |
|
|
|
|
|
|
794,544 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Discretionary — 7.6% |
|
|
|
|
|
|
|
|
|
American
Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 (a) |
|
|
130,000 |
|
|
|
129,280 |
|
|
Crocs,
Inc., 4.25%, 03/15/2029 (a) |
|
|
140,000 |
|
|
|
131,234 |
|
|
Ford
Motor Co., 3.25%, 02/12/2032 |
|
|
1,205,000 |
|
|
|
1,005,767 |
|
|
Goodyear
Tire & Rubber Co., 5.00%, 07/15/2029 (b) |
|
|
140,000 |
|
|
|
133,082 |
|
|
JetBlue
Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 (a) |
|
|
125,000 |
|
|
|
132,325 |
|
|
Tenneco,
Inc., 8.00%, 11/17/2028 (a) |
|
|
135,000 |
|
|
|
134,113 |
|
|
VF
Corp., 2.80%, 04/23/2027 |
|
|
1,000,000 |
|
|
|
942,753 |
|
|
Viking
Cruises Ltd., 9.13%, 07/15/2031 (a) |
|
|
125,000 |
|
|
|
135,658 |
|
| |
|
|
|
|
|
|
2,744,212 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Staples — 0.3% |
|
|
|
|
|
|
|
|
|
Herbalife
Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 (a)(b) |
|
|
98,000 |
|
|
|
98,146 |
|
| |
|
|
|
|
|
|
|
|
|
Energy
— 10.6% |
|
|
|
|
|
|
|
|
|
Civitas
Resources, Inc., 8.75%, 07/01/2031 (a) |
|
|
125,000 |
|
|
|
130,477 |
|
|
CVR
Energy, Inc., 8.50%, 01/15/2029 (a) |
|
|
135,000 |
|
|
|
133,158 |
|
|
Encino
Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (a) |
|
|
125,000 |
|
|
|
128,082 |
|
|
Occidental
Petroleum Corp., 7.95%, 06/15/2039 |
|
|
900,000 |
|
|
|
1,040,786 |
|
|
Phillips
66 Partners LP |
|
|
|
|
|
|
|
|
|
3.75%,
03/01/2028 (b) |
|
|
500,000 |
|
|
|
472,834 |
|
|
3.15%,
12/15/2029 (b) |
|
|
365,000 |
|
|
|
326,630 |
|
|
Transcanada
Trust, 5.88% to 08/15/2026 then 3 mo. LIBOR US + 4.64%, 08/15/2076 (c) |
|
|
1,575,000 |
|
|
|
1,564,163 |
|
| |
|
|
|
|
|
|
3,796,130 |
|
| |
|
|
|
|
|
|
|
|
|
Financials
— 12.8% |
|
|
|
|
|
|
|
|
|
Antares
Holdings LP, 6.35%, 10/23/2029 (a) |
|
|
1,050,000 |
|
|
|
1,062,289 |
|
|
Armor
Holdco, Inc., 8.50%, 11/15/2029 (a)(b) |
|
|
130,000 |
|
|
|
129,960 |
|
|
Banc
of California, Inc., 5.25%, 04/15/2025 |
|
|
50,000 |
|
|
|
49,847 |
|
|
Bank
of New York Mellon Corp., 3.75% to 12/20/2026 then 5 yr. CMT Rate + 2.63%, Perpetual |
|
|
1,000,000 |
|
|
|
957,226 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Schedule
of Investments (Continued)
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
|
CORPORATE
BONDS — 65.1% (continued) |
|
|
|
|
|
|
|
|
|
Financials
— 12.8% (continued) |
|
|
|
|
|
|
|
|
|
Blackstone
Secured Lending Fund, 5.35%, 04/13/2028 |
|
$ |
1,000,000 |
|
|
$ |
1,001,929 |
|
|
Flagstar
Financial, Inc., 7.34% (3 mo. Term SOFR + 3.04%), 11/06/2028 |
|
|
135,000 |
|
|
|
129,793 |
|
|
Freedom
Mortgage Corp., 12.00%, 10/01/2028 (a) |
|
|
120,000 |
|
|
|
130,336 |
|
|
Global
Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 (a) |
|
|
125,000 |
|
|
|
128,416 |
|
|
Nationwide
Financial Services, Inc., 6.75%, 05/15/2037 |
|
|
1,000,000 |
|
|
|
1,000,026 |
|
| |
|
|
|
|
|
|
4,589,822 |
|
| |
|
|
|
|
|
|
|
|
|
Health
Care — 4.0% |
|
|
|
|
|
|
|
|
|
CHS/Community
Health Systems, Inc., 5.63%, 03/15/2027 (a) |
|
|
135,000 |
|
|
|
130,182 |
|
|
Prime
Healthcare Services, Inc., 9.38%, 09/01/2029 (a) |
|
|
130,000 |
|
|
|
123,096 |
|
|
Viatris,
Inc., 3.85%, 06/22/2040 |
|
|
1,579,000 |
|
|
|
1,204,306 |
|
| |
|
|
|
|
|
|
1,457,584 |
|
| |
|
|
|
|
|
|
|
|
|
Industrials
— 3.2% |
|
|
|
|
|
|
|
|
|
Bombardier,
Inc., 8.75%, 11/15/2030 (a) |
|
|
120,000 |
|
|
|
128,490 |
|
|
Concentrix
Corp., 6.85%, 08/02/2033 (b) |
|
|
1,000,000 |
|
|
|
1,039,229 |
|
| |
|
|
|
|
|
|
1,167,719 |
|
| |
|
|
|
|
|
|
|
|
|
Information
Technology — 3.1% |
|
|
|
|
|
|
|
|
|
Cloud
Software Group, Inc., 6.50%, 03/31/2029 (a) |
|
|
130,000 |
|
|
|
127,872 |
|
|
Nokia
Oyj, 6.63%, 05/15/2039 |
|
|
945,000 |
|
|
|
980,513 |
|
| |
|
|
|
|
|
|
1,108,385 |
|
| |
|
|
|
|
|
|
|
|
|
Materials
— 7.7% |
|
|
|
|
|
|
|
|
|
Celanese
US Holdings LLC, 6.58%, 07/15/2029 (b)(d) |
|
|
1,541,000 |
|
|
|
1,601,908 |
|
|
Chemours
Co., 5.38%, 05/15/2027 |
|
|
135,000 |
|
|
|
132,816 |
|
|
Cleveland-Cliffs,
Inc., 7.00%, 03/15/2032 (a)(b) |
|
|
130,000 |
|
|
|
130,552 |
|
|
Freeport
Minerals Corp., 9.50%, 06/01/2031 |
|
|
528,000 |
|
|
|
640,191 |
|
|
Mercer
International, Inc., 5.13%, 02/01/2029 (b) |
|
|
145,000 |
|
|
|
131,566 |
|
|
SunCoke
Energy, Inc., 4.88%, 06/30/2029 |
|
|
145,000 |
|
|
|
134,794 |
|
| |
|
|
|
|
|
|
2,771,827 |
|
| |
|
|
|
|
|
|
|
|
|
Technology
— 9.8% |
|
|
|
|
|
|
|
|
|
Dell,
Inc., 6.50%, 04/15/2038 |
|
|
1,490,000 |
|
|
|
1,594,443 |
|
|
Leidos,
Inc., 5.75%, 03/15/2033 |
|
|
1,000,000 |
|
|
|
1,029,511 |
|
|
Ricoh
USA, Inc., 6.75%, 12/01/2025 |
|
|
925,000 |
|
|
|
915,531 |
|
| |
|
|
|
|
|
|
3,539,485 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Schedule
of Investments (Continued)
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
|
CORPORATE
BONDS — 65.1% (continued) |
|
|
|
|
|
|
|
|
|
Utilities
— 3.4% |
|
|
|
|
|
|
|
|
|
AmeriGas
Partners LP / AmeriGas Finance Corp., 5.88%, 08/20/2026 (b) |
|
$ |
135,000 |
|
|
$ |
134,786 |
|
|
Sempra,
4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 |
|
|
1,142,000 |
|
|
|
1,078,896 |
|
| |
|
|
|
|
|
|
1,213,682 |
|
|
TOTAL
CORPORATE BONDS (Cost $22,957,861) |
|
|
|
|
|
|
23,411,847 |
|
|
|
|
Shares |
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 16.9% |
|
|
|
|
|
|
|
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (e)(f) |
|
|
121,000 |
|
|
|
6,061,495 |
|
|
US
Treasury 6 Month Bill ETF (f) |
|
|
525 |
|
|
|
26,355 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $6,082,561) |
|
|
|
|
|
|
6,087,850 |
|
|
|
|
Par |
|
|
|
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS — 7.5% |
|
|
|
|
|
|
|
|
|
Citigroup
Mortgage Loan Trust, Inc., Series 2024-INV2, Class A3B, 6.50%, 06/25/2054 (a)(g) |
|
$ |
585,270 |
|
|
|
597,867 |
|
|
Federal
Home Loan Mortgage Corp., Series 4635, Class GA, 3.50%, 03/15/2041 |
|
|
473,668 |
|
|
|
471,807 |
|
|
GS
Mortgage Securities Corp. II, Series 2023-SHIP, Class C, 5.51%, 09/10/2038 (a)(g) |
|
|
300,000 |
|
|
|
300,698 |
|
|
JP
Morgan Mortgage Trust, Series 2019-HYB1, Class B3, 4.93%, 10/25/2049 (a)(g) |
|
|
350,888 |
|
|
|
350,155 |
|
|
RCKT
Mortgage Trust, Series 2024-INV1, Class A1, 6.50%, 06/25/2054 (a)(g) |
|
|
637,443 |
|
|
|
650,366 |
|
|
WaMu
Mortgage Pass Through Certificates, Series 2005-AR2, Class 2A23, 5.19% (1 mo. Term SOFR + 0.87%), 01/25/2045 |
|
|
314,530 |
|
|
|
311,887 |
|
|
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $2,659,647) |
|
|
|
|
|
|
2,682,780 |
|
| |
|
|
|
|
|
|
|
|
|
ASSET-BACKED
SECURITIES — 5.3% |
|
|
|
|
|
|
|
|
|
Flagship
Credit Auto Trust, Series 2021-3, Class D, 1.65%, 09/15/2027 (a) |
|
|
750,000 |
|
|
|
711,253 |
|
|
Jack
in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (a) |
|
|
596,900 |
|
|
|
574,058 |
|
|
Long
Beach Mortgage Loan Trust, Series 2003-4, Class AV1, 5.05% (1 mo. Term SOFR + 0.73%), 08/25/2033 |
|
|
620,668 |
|
|
|
610,346 |
|
|
TOTAL
ASSET-BACKED SECURITIES (Cost $1,887,027) |
|
|
|
|
|
|
1,895,657 |
|
| |
|
|
|
|
|
|
|
|
|
MORTGAGE-BACKED
SECURITIES — 3.1% |
|
|
|
|
|
|
|
|
|
BX
Trust, Series 2024-VLT4, Class B, 6.25% (1 mo. Term SOFR + 1.94%), 07/15/2029 (a) |
|
|
500,000 |
|
|
|
502,133 |
|
|
Extended
Stay America Trust, Series 2021-ESH, Class C, 6.13% (1 mo. Term SOFR + 1.81%), 07/15/2038 (a) |
|
|
607,308 |
|
|
|
607,688 |
|
|
TOTAL
MORTGAGE-BACKED SECURITIES (Cost $1,111,206) |
|
|
|
|
|
|
1,109,821 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Schedule
of Investments (CONCLUDED)
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
value |
|
|
CONVERTIBLE
BONDS — 0.4% |
|
|
|
|
|
|
|
|
|
Financials
— 0.4% |
|
|
|
|
|
|
|
|
|
PennyMac
Corp., 8.50%, 06/01/2029 (a) |
|
$ |
135,000 |
|
|
$ |
138,780 |
|
|
TOTAL
CONVERTIBLE BONDS (Cost $132,043) |
|
|
|
|
|
|
138,780 |
|
|
|
|
Units |
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 8.2% |
|
|
|
|
|
|
|
|
|
Investments
Purchased with Proceeds from Securities Lending — 8.2% |
|
|
|
|
|
|
|
|
|
Mount
Vernon Liquid Assets Portfolio, LLC, 4.46% (h) |
|
|
2,942,732 |
|
|
$ |
2,942,732 |
|
|
TOTAL
SHORT-TERM INVESTMENTS (Cost $2,942,732) |
|
|
|
|
|
|
2,942,732 |
|
|
TOTAL
INVESTMENTS — 106.5% (Cost $37,773,077) |
|
|
|
|
|
|
38,269,467 |
|
|
Liabilities
in Excess of Other Assets — (6.5)% |
|
|
|
|
|
|
(2,327,059 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
35,942,408 |
|
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
|
(a) |
Security is exempt from registration
pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration
to qualified institutional investors. As of February 28, 2025, the value of these securities total $7,676,664 or 21.4% of the Fund’s
net assets. |
|
(b) |
All or a portion of this security
is on loan as of February 28, 2025. The total market value of these securities was $2,303,981, which represented 6.4% of the Fund’s
net assets. |
|
(c) |
Securities referencing LIBOR
are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
|
(d) |
Step coupon bond. The rate
disclosed is as of February 28, 2025. |
|
(e) |
Non-income producing security.
|
|
(f) |
Affiliated security as defined
by the Investment Company Act of 1940, as amended. |
|
(g) |
Coupon rate is variable based
on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which
comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed
is as of February 28, 2025. |
|
(h) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Statement
of Assets and Liabilities
February
28, 2025 (Unaudited)
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $28,747,784) |
|
$ |
29,238,885 |
(1) |
|
Investments
in securities of affiliated issuers, at value (cost $6,082,561) |
|
|
6,087,850 |
|
|
Investments
purchased with proceeds from securities lending collateral, at value (cost $2,942,732) |
|
|
2,942,732 |
|
|
Cash
equivalents |
|
|
198,636 |
|
|
Receivables
for: |
|
|
|
|
|
Capital
shares sold |
|
|
9,368,118 |
|
|
Investments
sold |
|
|
8,770,243 |
|
|
Interest |
|
|
361,929 |
|
|
Securities
lending |
|
|
3,085 |
|
|
Total
assets |
|
|
56,971,478 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Capital
shares redeemed |
|
|
9,376,182 |
|
|
Investments
purchased |
|
|
8,699,708 |
|
|
Securities
lending collateral |
|
|
2,942,732 |
|
|
Advisory
fees |
|
|
10,448 |
|
|
Total
liabilities |
|
|
21,029,070 |
|
|
Net
assets |
|
$ |
35,942,408 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
690 |
|
|
Paid-in
capital |
|
|
34,789,887 |
|
|
Total
distributable earnings/(losses) |
|
|
1,151,831 |
|
|
Net
assets |
|
$ |
35,942,408 |
|
| |
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
690,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
52.09 |
|
|
(1) |
Includes market value of securities
on loan of $2,303,981. |
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Statement
of Operations
FOR
THE SIX MONTHS ENDED February 28, 2025 (Unaudited)
|
|
|
|
|
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
income |
|
$ |
932,241 |
|
|
Dividends
from unaffiliated investments |
|
|
15,209 |
|
|
Dividends
from affiliated investments |
|
|
78,381 |
|
|
Securities
lending income, net |
|
|
23,138 |
|
|
Total
investment income |
|
|
1,048,969 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
68,052 |
|
|
Total
expenses |
|
|
68,052 |
|
|
Net
investment income/(loss) |
|
|
980,917 |
|
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from investments in unaffiliated issuers |
|
|
(172,265 |
) |
|
Net
realized gain/(loss) from investments in affiliated issuers |
|
|
9,093 |
|
|
Net
realized gain from redemption in-kind |
|
|
674,198 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments of unaffiliated issuers |
|
|
(1,011,112 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments of affiliated issuers |
|
|
5,289 |
|
|
Net
realized and unrealized gain/(loss) |
|
|
(494,797 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
486,120 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Statements
of Changes in Net Assets
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025
(UNAUDITED) |
|
|
FOR
THE
Period ENDED
August 31,
2024(1) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
980,917 |
|
|
$ |
1,578,127 |
|
|
Net
realized gain/(loss) from investments |
|
|
511,026 |
|
|
|
142,647 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(1,005,823 |
) |
|
|
1,502,315 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
486,120 |
|
|
|
3,223,089 |
|
| |
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
|
|
|
|
Total
distributable earnings |
|
|
(953,066 |
) |
|
|
(1,425,564 |
) |
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
(953,066 |
) |
|
|
(1,425,564 |
) |
| |
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
20,423,595 |
|
|
|
39,262,915 |
|
|
Shares
redeemed |
|
|
(19,357,338 |
) |
|
|
(5,717,343 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
1,066,257 |
|
|
|
33,545,572 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
599,311 |
|
|
|
35,343,097 |
|
| |
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
35,343,097 |
|
|
$ |
— |
|
|
End
of period |
|
$ |
35,942,408 |
|
|
$ |
35,343,097 |
|
| |
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
390,000 |
|
|
|
780,000 |
|
|
Shares
redeemed |
|
|
(370,000 |
) |
|
|
(110,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
20,000 |
|
|
|
670,000 |
|
|
(1) |
Inception date of the Fund
was September 5, 2023. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
SIX MONTHS
ENDED
FEBRUARY 28,
2025 |
|
|
FOR
THE
Period
ENDED
August 31, |
|
|
|
|
(UNAUDITED) |
|
|
2024(1) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
52.75 |
|
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
1.46 |
|
|
|
2.85 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.70 |
) |
|
|
2.45 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.76 |
|
|
|
5.30 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
(1.42 |
) |
|
|
(2.55 |
) |
|
Total
dividends and distributions to shareholders |
|
|
(1.42 |
) |
|
|
(2.55 |
) |
|
Net
asset value, end of period |
|
$ |
52.09 |
|
|
$ |
52.75 |
|
|
Market
value, end of period |
|
$ |
52.23 |
|
|
$ |
52.88 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
1.47 |
%(4) |
|
|
10.93 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
35,942 |
|
|
$ |
35,343 |
|
|
Ratio
of expenses to average net assets |
|
|
0.39 |
%(5) |
|
|
0.39 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
5.64 |
%(5) |
|
|
5.68 |
%(5) |
|
Portfolio
turnover rate |
|
|
140 |
%(4) |
|
|
92 |
%(4) |
|
(1) |
Inception date
of the Fund was September 5, 2023. |
|
(2) |
Per share data
calculated using average shares outstanding method. |
|
(3) |
Total investment
return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of
each period reported and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
F/m
Opportunistic Income ETF
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the F/m Opportunistic
Income ETF (the “Fund”). The Fund commenced investment operations on September 5, 2023.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
The
investment objective of the Fund 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
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the six
months ended February 28, 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. 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” or
“F/m”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of
the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized
to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily
available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure
the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
|
|
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
INVESTMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
Bonds |
|
$ |
23,411,847 |
|
|
$ |
— |
|
|
$ |
23,411,847 |
|
|
$ |
— |
|
|
Exchange
Traded Funds |
|
|
6,087,850 |
|
|
|
6,087,850 |
|
|
|
— |
|
|
|
— |
|
|
Collateralized
Mortgage Obligations |
|
|
2,682,780 |
|
|
|
— |
|
|
|
2,682,780 |
|
|
|
— |
|
|
Asset-Backed
Securities |
|
|
1,895,657 |
|
|
|
— |
|
|
|
1,895,657 |
|
|
|
— |
|
|
Mortgage-Backed
Securities |
|
|
1,109,821 |
|
|
|
— |
|
|
|
1,109,821 |
|
|
|
— |
|
|
Convertible
Bonds |
|
|
138,780 |
|
|
|
— |
|
|
|
138,780 |
|
|
|
— |
|
|
Investments
Purchased with Proceeds from Securities Lending(a) |
|
|
2,942,732 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments* |
|
$ |
38,269,467 |
|
|
$ |
6,087,850 |
|
|
$ |
29,238,885 |
|
|
$ |
— |
|
|
*
|
Refer to the Schedule of Investments
for further disaggregation of investment categories. |
|
(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 presented in the Statements of Assets and Liabilities. |
Due
to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value
of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly
from the values that would have been used had a ready market existed for such investments and may differ materially from the values the
Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid
than publicly traded securities.
For
fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires
the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable
to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers
in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if the
Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts
and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during
the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
The
Fund did not have any significant Level 3 transfers during the current fiscal period.
USE
OF ESTIMATES — The preparation of financial statements in conformity with
U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates and those differences could be significant.
INVESTMENT
TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security
transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification
method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including
amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions
received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as
a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and
losses are 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
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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. 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
Equivalents and Short-Term InvestmentS - 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.
Illiquid
Investments - Pursuant to Rule 22e-4 under the 1940 Act, the Fund may
invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the
Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or
disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase
agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective
registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately
negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted
securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be
determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the
time the Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment
held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to a greater liquidity risk.
Inflation
Protected Securities - The Fund may invest in inflation protected securities.
Inflation protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two
structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the
bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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.
U.S.
Government Securities - The 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 - The 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.
CREDIT
RISK - The value of your investment in the 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 the Fund may cause it to default or become unable to pay interest or principal due on the security.
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.
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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
Subject
to the supervision of the Board, the Adviser manages the overall investment operations of the Fund in accordance with the Fund’s
respective investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of the
investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of the Fund. The Adviser
is a majority owned subsidiary of F/m Managers Group, LP, which is a wholly owned subsidiary of 1251 Capital, Inc., a financial services
holding company. Three officers of the Company own an indirect, minority interest in the Adviser. The Fund compensates the Adviser with
a unitary management fee for its services at an annual rate of 0.39% of the Fund’s average daily net assets during the month. From
the unitary management fee, the Adviser pays most of the expenses of the Fund, including transfer agency, custody, fund administration,
legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage,
directors and officers, 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.
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.
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 |
|
$ |
27,686,071 |
|
|
Sales
of investment securities |
|
|
18,910,318 |
|
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 |
|
$ |
10,480,241 |
|
|
Proceeds
from in-kind sales of investment securities |
|
|
18,008,714 |
|
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, 2024, the end of the fiscal year for the Fund, the federal tax cost, aggregate gross unrealized appreciation and depreciation
of securities held by the Fund were as follows:
| |
FEDERAL
TAX COST |
|
|
UNREALIZED
APPRECIATION |
|
|
UNREALIZED
(DEPRECIATION) |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
| |
$ |
36,215,364 |
|
|
$ |
1,519,194 |
|
|
$ |
(16,879 |
) |
|
$ |
1,502,315 |
|
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, 2024, the end of the fiscal year for the Fund, there were permanent differences related to redemptions in-kind between distributable
earnings/(loss) and paid-in capital, respectively for the Fund:
| |
DISTRIBUTABLE
EARNINGS/(LOSS) |
|
|
PAID-IN-CAPITAL |
|
| |
$ |
(178,750 |
) |
|
$ |
178,750 |
|
As
of August 31, 2024, the end of the fiscal year for the Fund, the components of distributable earnings on a tax basis were as follows:
| |
Undistributed
Ordinary
Income |
|
|
Undistributed
Long-Term
Capital Gains |
|
|
NET
UNREALIZED
APPRECIATION/
(DEPRECIATION) |
|
|
Capital
loss
Carryover |
|
|
Qualified
Late-year
Loss |
|
| |
$ |
152,563 |
|
|
$ |
— |
|
|
$ |
1,502,315 |
|
|
$ |
(36,101 |
) |
|
$ |
— |
|
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
The
tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:
| |
Ordinary
Income |
|
|
Long-Term
Capital Gains |
|
| |
$ |
1,425,564 |
|
|
$ |
— |
|
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. As of August 31, 2024, the Fund had unexpiring short-term losses
of $36,101.
6.
SECURITIES LENDING
The
Fund may make secured loans of its 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 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, each Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid
monthly, in the amount of 20% of the Fund’s net income generated from the securities lending transactions. The net amount of income
earned, after the interest rebate and the allocation to the Custodian, is shown below. Collateral is invested in the Mount Vernon Liquid
Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of
capital and liquidity and maintain a stable Net Asset Value of $1.00. The Fund bears the risk of loss of the invested collateral. Investments
purchased with collateral are overnight and continuous. Securities lending exposes the Fund to the risk of loss should a borrower default
on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the
current fiscal period and the net income generated from the securities lending transactions during the current fiscal period with respect
to such secured loans were as follows:
|
FUND
|
|
MARKET
VALUE
OF SECURITIES
LOANED |
|
|
MARKET
VALUE
OF COLLATERAL |
|
|
INCOME
RECEIVED FROM
SECURITIES
LENDING |
|
|
F/m
Opportunistic Income ETF |
|
$ |
2,303,981 |
|
|
$ |
2,942,732 |
|
|
$ |
23,138 |
|
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 current fiscal period:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS
AMOUNTS NOT OFFSET IN
THE STATEMENT OF ASSETS AND LIABILITIES |
|
|
FUND |
|
GROSS
AMOUNTS
OF RECOGNIZED
ASSETS |
|
|
GROSS
AMOUNTS
OFFSET IN THE
STATEMENT
OF ASSETS AND
LIABILITIES |
|
|
NET
AMOUNTS
OF ASSETS
PRESENTED IN
THE STATEMENT
OF ASSETS AND
LIABILITIES |
|
|
FINANCIAL
INSTRUMENTS1 |
|
|
CASH
COLLATERAL
RECEIVED |
|
|
NET
AMOUNT2 |
|
|
F/m
Opportunistic Income ETF |
|
$ |
2,303,981 |
|
|
$ |
— |
|
|
$ |
2,303,981 |
|
|
$ |
(2,303,981 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
1 |
Amount disclosed is limited
to the amount of assets presented in the Statement 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. |
7.
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. 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.
F/m
Opportunistic Income ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
8.
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 1940 Act, such affiliated issuers are:
| |
|
September
1, 2024 |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Cost |
|
|
Share
Balance |
|
|
PROCEEDS |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
|
— |
|
|
$ |
— |
|
|
|
795 |
|
|
$ |
40,036 |
|
|
|
795 |
|
|
$ |
40,091 |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
41,200 |
|
|
|
2,098,209 |
|
|
|
— |
|
|
|
— |
|
|
|
41,200 |
|
|
|
2,079,718 |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
30,000 |
|
|
|
1,542,600 |
|
|
|
1,650 |
|
|
|
84,629 |
|
|
|
31,650 |
|
|
|
1,590,812 |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF |
|
|
— |
|
|
|
— |
|
|
|
121,000 |
|
|
|
6,056,290 |
|
|
|
— |
|
|
|
— |
|
|
U.S.
Treasury 3 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
75,250 |
|
|
|
3,757,080 |
|
|
|
75,250 |
|
|
|
3,757,326 |
|
|
U.S.
Treasury 6 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
39,542 |
|
|
|
1,979,947 |
|
|
|
39,017 |
|
|
|
1,954,303 |
|
|
U.S.
Treasury 2 Year Note ETF |
|
|
2,600 |
|
|
|
126,269 |
|
|
|
— |
|
|
|
— |
|
|
|
2,600 |
|
|
|
126,486 |
|
|
U.S.
Treasury 10 Year Note ETF |
|
|
64,060 |
|
|
|
2,882,700 |
|
|
|
— |
|
|
|
— |
|
|
|
64,060 |
|
|
|
2,838,113 |
|
| |
|
|
137,860 |
|
|
|
6,649,778 |
|
|
|
238,237 |
|
|
|
11,917,983 |
|
|
|
254,572 |
|
|
|
12,386,849 |
|
F/m
Opportunistic Income ETF
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
| |
|
February
28, 2025 |
|
|
Issuer
Name |
|
Dividend
Income |
|
|
Capital
Gain
Distribution |
|
|
Net
Change
in Unrealized
Appreciation/
(Depreciation) |
|
|
Realized
Gain/(Loss) |
|
|
Share
Balance |
|
|
Value |
|
|
F/m
2-Year Investment Grade Corporate Bond ETF |
|
$ |
158 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54 |
|
|
|
— |
|
|
$ |
— |
|
|
F/m
3-Year Investment Grade Corporate Bond ETF |
|
|
31,488 |
|
|
|
— |
|
|
|
— |
|
|
|
3,852 |
|
|
|
— |
|
|
|
— |
|
|
F/m
10-Year Investment Grade Corporate Bond ETF |
|
|
25,798 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,017 |
) |
|
|
— |
|
|
|
— |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF |
|
|
— |
|
|
|
— |
|
|
|
5,205 |
|
|
|
— |
|
|
|
121,000 |
|
|
|
6,061,495 |
|
|
U.S.
Treasury 3 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
246 |
|
|
|
— |
|
|
|
— |
|
|
U.S.
Treasury 6 Month Bill ETF |
|
|
1,614 |
|
|
|
— |
|
|
|
84 |
|
|
|
627 |
|
|
|
525 |
|
|
|
26,355 |
|
|
U.S.
Treasury 2 Year Note ETF |
|
|
835 |
|
|
|
— |
|
|
|
— |
|
|
|
464 |
|
|
|
— |
|
|
|
— |
|
|
U.S.
Treasury 10 Year Note ETF |
|
|
18,487 |
|
|
|
— |
|
|
|
— |
|
|
|
4,867 |
|
|
|
— |
|
|
|
|
|
| |
|
$ |
78,381 |
|
|
$ |
— |
|
|
$ |
5,289 |
|
|
$ |
9,093 |
|
|
|
121,525 |
|
|
$ |
6,087,850 |
|
9.
SUBSEQUENT EVENTS
In
preparing these financial statements, the Fund 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:
| |
Record
Date |
|
|
Ex-Date |
|
|
Pay
Date |
|
|
Distribution
Rate Per Share |
|
| |
|
3/2/2025 |
|
|
|
3/2/2025 |
|
|
|
3/3/2025 |
|
|
$ |
0.19387605 |
|
| |
|
4/2/2025 |
|
|
|
4/2/2025 |
|
|
|
4/3/2025 |
|
|
$ |
0.19387605 |
|
F/m
Opportunistic Income ETF
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 http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of 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.fminvest.com/etfs/xfix.
Investment
Adviser
F/m
Investments LLC
3050 K Street NW, 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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
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
February
28, 2025 (Unaudited)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 79.5% |
|
|
|
|
|
|
|
|
|
Communication
Services — 15.4% |
|
|
|
|
|
|
|
|
|
Alphabet,
Inc. - Class A |
|
|
7,601 |
|
|
$ |
1,294,298 |
|
|
Meta
Platforms, Inc. - Class A |
|
|
5,683 |
|
|
|
3,797,380 |
|
|
Netflix,
Inc. (a) |
|
|
3,728 |
|
|
|
3,655,528 |
|
|
Reddit,
Inc. - Class A (a) |
|
|
10,942 |
|
|
|
1,770,197 |
|
| |
|
|
|
|
|
|
10,517,403 |
|
|
Consumer
Discretionary — 4.7% |
|
|
|
|
|
|
|
|
|
Amazon.com,
Inc. (a) |
|
|
15,234 |
|
|
|
3,233,873 |
|
| |
|
|
|
|
|
|
|
|
|
Consumer
Staples — 2.5% |
|
|
|
|
|
|
|
|
|
McCormick
& Co., Inc. |
|
|
21,047 |
|
|
|
1,738,693 |
|
| |
|
|
|
|
|
|
|
|
|
Financials
— 6.3% |
|
|
|
|
|
|
|
|
|
LPL
Financial Holdings, Inc. |
|
|
7,117 |
|
|
|
2,645,674 |
|
|
Marsh
& McLennan Cos., Inc. |
|
|
6,805 |
|
|
|
1,618,501 |
|
| |
|
|
|
|
|
|
4,264,175 |
|
|
Information
Technology — 48.6% |
|
|
|
|
|
|
|
|
|
Advanced
Micro Devices, Inc. (a) |
|
|
22,673 |
|
|
|
2,264,126 |
|
|
Analog
Devices, Inc. |
|
|
6,870 |
|
|
|
1,580,512 |
|
|
Apple,
Inc. |
|
|
13,448 |
|
|
|
3,252,264 |
|
|
Astera
Labs, Inc. (a) |
|
|
19,611 |
|
|
|
1,458,078 |
|
|
Broadcom,
Inc. |
|
|
9,090 |
|
|
|
1,812,819 |
|
|
Ciena
Corp. (a) |
|
|
19,091 |
|
|
|
1,519,071 |
|
|
CyberArk
Software Ltd. (a) |
|
|
5,332 |
|
|
|
1,940,048 |
|
|
First
Solar, Inc. (a) |
|
|
12,401 |
|
|
|
1,688,768 |
|
|
Microsoft
Corp. |
|
|
6,535 |
|
|
|
2,594,330 |
|
|
NVIDIA
Corp. |
|
|
41,244 |
|
|
|
5,152,201 |
|
|
Palantir
Technologies, Inc. - Class A (a) |
|
|
43,546 |
|
|
|
3,697,926 |
|
|
Palo
Alto Networks, Inc. (a) |
|
|
8,394 |
|
|
|
1,598,469 |
|
|
Salesforce,
Inc. |
|
|
4,836 |
|
|
|
1,440,403 |
|
|
ServiceNow,
Inc. (a) |
|
|
2,253 |
|
|
|
2,094,749 |
|
|
Zebra
Technologies Corp. - Class A (a) |
|
|
3,354 |
|
|
|
1,056,678 |
|
| |
|
|
|
|
|
|
33,150,442 |
|
|
Real
Estate — 2.0% |
|
|
|
|
|
|
|
|
|
Zillow
Group, Inc. - Class C (a) |
|
|
17,818 |
|
|
|
1,365,928 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
COMMON STOCKS (Cost $45,666,604) |
|
|
|
|
|
|
54,270,514 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Schedule
of Investments (CONCLUDED)
February
28, 2025 (Unaudited)
|
|
|
Shares |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
SHORT-TERM
INVESTMENTS — 20.8% |
|
|
|
|
|
|
|
|
|
Money
Market Funds — 20.8% |
|
|
|
|
|
|
|
|
|
First
American Treasury Obligations Fund - Class X, 4.28% (b) |
|
|
14,177,612 |
|
|
$ |
14,177,612 |
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$14,177,612) |
|
|
|
|
|
|
14,177,612 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.3% (Cost $59,844,216) |
|
|
|
|
|
|
68,448,126 |
|
|
Liabilities
in Excess of Other Assets — (0.3)% |
|
|
|
|
|
|
(215,069 |
) |
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
68,233,057 |
|
Percentages
are stated as a percent of net assets.
|
(a) |
Non-income producing security.
|
|
(b) |
The rate shown represents the
7-day annualized effective yield as of February 28, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Statement
of Assets and Liabilities
February
28, 2025 (Unaudited)
|
ASSETS |
|
|
|
|
|
Investments
in securities, at value (cost $59,844,216) |
|
$ |
68,448,126 |
|
|
Receivables
for: |
|
|
|
|
|
Dividends
and interest, net of foreign withholding taxes |
|
|
45,302 |
|
|
Prepaid
expenses and other assets |
|
|
14,478 |
|
|
Total
assets |
|
|
68,507,906 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Fund
shares redeemed |
|
|
156,140 |
|
|
Advisory
fees |
|
|
31,399 |
|
|
Administration
fees |
|
|
14,020 |
|
|
Distribution
fees - Investor Class |
|
|
42,133 |
|
|
Administration
and accounting fees |
|
|
5,489 |
|
|
Other
accrued expenses and liabilities |
|
|
25,668 |
|
|
Total
liabilities |
|
|
274,849 |
|
| |
|
|
|
|
|
Net
assets |
|
$ |
68,233,057 |
|
| |
|
|
|
|
|
Net
assets consist of: |
|
|
|
|
|
Par
value |
|
$ |
4,006 |
|
|
Paid-in
capital |
|
|
53,873,831 |
|
|
Total
distributable earnings/(losses) |
|
|
14,355,220 |
|
|
Net
assets |
|
$ |
68,233,057 |
|
| |
|
|
|
|
|
Investor
Class Shares: |
|
|
|
|
|
Net
assets |
|
$ |
14,478,988 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
865,241 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
16.73 |
|
| |
|
|
|
|
|
Institutional
Class Shares: |
|
|
|
|
|
Net
assets |
|
$ |
53,754,069 |
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
3,141,169 |
|
|
Net
asset value, offering and redemption price per share |
|
$ |
17.11 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Statements
of Operations
For
the Six Months Ended February 28, 2025 (Unaudited)
|
INVESTMENT
INCOME |
|
|
|
|
|
Dividends |
|
$ |
114,678 |
|
|
Interest
income |
|
|
152,173 |
|
|
Total
investment income |
|
|
266,851 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
242,476 |
|
|
Administration
& accounting fees |
|
|
42,492 |
|
|
Transfer
agent fees |
|
|
32,754 |
|
|
Audit
and tax fees |
|
|
23,389 |
|
|
Legal
fees |
|
|
19,628 |
|
|
Distribution
fees - Investor Class |
|
|
18,612 |
|
|
Director
Fees |
|
|
9,946 |
|
|
Registration
fees |
|
|
7,970 |
|
|
Shareholder
reporting fees |
|
|
5,211 |
|
|
Officer
fees |
|
|
1,052 |
|
|
Miscellaneous
fees |
|
|
823 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
404,353 |
|
|
Less:
waivers and/or reimbursements |
|
|
(73,986 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
330,367 |
|
|
Net
investment income/(loss) |
|
|
(63,516 |
) |
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from investments |
|
|
12,752,429 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(9,335,756 |
) |
|
Net
realized and unrealized gain/(loss) |
|
|
3,416,673 |
|
| |
|
|
|
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
3,353,157 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Statements
of Changes in Net Assets
|
|
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
period Ended
august 31,
2024^ |
|
|
For
The
Year Ended
June 30,
2024 |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
(63,516 |
) |
|
$ |
(53,250 |
) |
|
$ |
(201,433 |
) |
|
Net
realized gain/(loss) from investments |
|
|
12,752,429 |
|
|
|
3,473,495 |
|
|
|
596,468 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(9,335,756 |
) |
|
|
(3,428,005 |
) |
|
|
12,604,124 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
3,353,157 |
|
|
|
(7,760 |
) |
|
|
12,999,159 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional
Class |
|
|
(1,116,464 |
) |
|
|
— |
|
|
|
— |
|
|
Investor
Class |
|
|
(3,951,698 |
) |
|
|
— |
|
|
|
— |
|
|
Total
distributions to shareholders |
|
|
(5,068,162 |
) |
|
|
— |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTOR
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
289,423 |
|
|
|
230,302 |
|
|
|
532,377 |
|
|
Reinvestments
of distributions to shareholders |
|
|
1,116,464 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(682,900 |
) |
|
|
(338,776 |
) |
|
|
(2,089,516 |
) |
|
Total
Investor Class |
|
|
722,987 |
|
|
|
(108,474 |
) |
|
|
(1,557,139 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTITUTIONAL
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds
from shares sold |
|
|
23,211 |
|
|
|
— |
|
|
|
1,360,760 |
|
|
Reinvestments
of distributions to shareholders |
|
|
3,951,698 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(293,773 |
) |
|
|
(479,382 |
) |
|
|
(8,027,363 |
) |
|
Total
Institutional Class |
|
|
3,681,136 |
|
|
|
(479,382 |
) |
|
|
(6,666,603 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
4,404,123 |
|
|
|
(587,856 |
) |
|
|
(8,223,742 |
) |
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
2,689,118 |
|
|
|
(595,616 |
) |
|
|
4,775,417 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning
of period |
|
$ |
65,543,939 |
|
|
$ |
66,139,555 |
|
|
$ |
61,364,138 |
|
|
End
of period |
|
$ |
68,233,057 |
|
|
$ |
65,543,939 |
|
|
$ |
66,139,555 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Statements
of Changes in Net Assets (CONCLUDED)
|
|
|
For
the
Six Months
Ended
February 28,
2025
(Unaudited) |
|
|
For
the
period Ended
august 31,
2024^ |
|
|
For
The
Year Ended
June 30,
2024 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARE
TRANSACTIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTOR
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
15,289 |
|
|
|
13,884 |
|
|
|
36,101 |
|
|
Shares
issued in reinvestment of distributions to shareholders |
|
|
63,981 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(38,575 |
) |
|
|
(20,961 |
) |
|
|
(136,708 |
) |
|
Net
increase/(decrease) in shares |
|
|
40,695 |
|
|
|
(7,077 |
) |
|
|
(100,607 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTITUTIONAL
CLASS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
sold |
|
|
1,256 |
|
|
|
— |
|
|
|
93,308 |
|
|
Shares
issued in reinvestment of distributions to shareholders |
|
|
221,632 |
|
|
|
— |
|
|
|
— |
|
|
Shares
redeemed |
|
|
(16,540 |
) |
|
|
(28,096 |
) |
|
|
(579,145 |
) |
|
Net
increase/(decrease) in shares |
|
|
206,348 |
|
|
|
(28,096 |
) |
|
|
(485,837 |
) |
|
^ |
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 these 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
Six Months
Ended
FEBRUARY 28,
2025 |
|
|
For
the
period
Ended
august 31, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
|
|
(Unaudited) |
|
|
2024^ |
|
|
2024(d) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
17.17 |
|
|
$ |
17.17 |
|
|
$ |
13.82 |
|
|
$ |
12.57 |
|
|
$ |
19.96 |
|
|
$ |
15.90 |
|
|
$ |
13.42 |
|
|
Net
investment income/(loss) (a) |
|
|
(0.04 |
) |
|
|
(0.03 |
) |
|
|
(0.09 |
) |
|
|
(0.01 |
) |
|
|
(0.08 |
) |
|
|
(0.12 |
) |
|
|
(0.03 |
) |
|
Net
realized and unrealized gain/ (loss) from investments |
|
|
(0.40 |
) |
|
|
0.03 |
|
|
|
3.44 |
|
|
|
3.04 |
|
|
|
(3.07 |
) |
|
|
6.59 |
|
|
|
3.10 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.44 |
) |
|
|
— |
|
|
|
3.35 |
|
|
|
3.03 |
|
|
|
(3.15 |
) |
|
|
6.47 |
|
|
|
3.07 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.05 |
) |
|
Net
realized capital gains |
|
|
(1.35 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.78 |
) |
|
|
(4.24 |
) |
|
|
(2.41 |
) |
|
|
(0.54 |
) |
|
Total
distributions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1.78 |
) |
|
|
(4.24 |
) |
|
|
(2.41 |
) |
|
|
(0.59 |
) |
|
Net
asset value, end of period |
|
$ |
16.73 |
|
|
$ |
17.17 |
|
|
$ |
17.17 |
|
|
$ |
13.82 |
|
|
$ |
12.57 |
|
|
$ |
19.96 |
|
|
$ |
15.90 |
|
|
Total
investments return/(loss) (b) |
|
|
4.97 |
%(e) |
|
|
0.00 |
%(e) |
|
|
24.24 |
% |
|
|
28.91 |
% |
|
|
(21.33 |
)% |
|
|
42.64 |
% |
|
|
23.56 |
% |
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Investor
Class
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 financial statements.
|
|
|
For
The
Six Months
Ended
FEBRUARY 28,
2025 |
|
|
For
the
period
Ended
august 31, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
|
|
(Unaudited) |
|
|
2024^ |
|
|
2024(d) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
14,479 |
|
|
$ |
14,157 |
|
|
$ |
14,279 |
|
|
$ |
12,887 |
|
|
$ |
9,934 |
|
|
$ |
13,643 |
|
|
$ |
11,157 |
|
|
Ratio
of total expenses to average net assets (c) |
|
|
1.93 |
%(f) |
|
|
1.24 |
%(f) |
|
|
1.44 |
% |
|
|
1.39 |
% |
|
|
1.39 |
% |
|
|
1.41 |
% |
|
|
1.50 |
% |
|
Ratio
of net expenses to average net assets |
|
|
1.15 |
%(f) |
|
|
1.15 |
%(f) |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
|
1.15 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
(0.38 |
)%(f) |
|
|
(0.68 |
)%(f) |
|
|
(0.53 |
)% |
|
|
(0.11 |
)% |
|
|
(0.46 |
)% |
|
|
(0.63 |
)% |
|
|
(0.24 |
)% |
|
Portfolio
turnover rate |
|
|
63 |
%(e) |
|
|
19 |
%(e) |
|
|
59 |
% |
|
|
113 |
% |
|
|
169 |
% |
|
|
195 |
% |
|
|
139 |
% |
|
^ |
The amounts shown are for
the fiscal period from July 1, 2024 to August 31, 2024. |
|
(a) |
Per share net investment income
(loss) has been determined on the basis of average number of shares outstanding during the period. |
|
(b) |
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. |
|
(c) |
Ratios were determined based
on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2). |
|
(d) |
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). |
The
accompanying notes are an integral part of these 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
Six Months
Ended
February 28,
2025 |
|
|
For
the
period
Ended
august 31, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
|
|
(Unaudited) |
|
|
2024^ |
|
|
2024(e) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
17.51 |
|
|
$ |
17.50 |
|
|
$ |
14.06 |
|
|
$ |
12.72 |
|
|
$ |
20.10 |
|
|
$ |
15.96 |
|
|
$ |
13.47 |
|
|
Net
investment income/(loss) (a) |
|
|
— |
|
|
|
— |
(b) |
|
|
(0.03 |
) |
|
|
0.02 |
|
|
|
(0.02 |
) |
|
|
(0.05 |
) |
|
|
— |
(b) |
|
Net
realized and unrealized gain/ (loss) from investments |
|
|
(0.40 |
) |
|
|
0.01 |
|
|
|
3.47 |
|
|
|
3.10 |
|
|
|
(3.12 |
) |
|
|
6.60 |
|
|
|
3.11 |
|
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.40 |
) |
|
|
0.01 |
|
|
|
3.44 |
|
|
|
3.12 |
|
|
|
(3.14 |
) |
|
|
6.55 |
|
|
|
3.11 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.08 |
) |
|
Net
realized capital gains |
|
|
(1.35 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.78 |
) |
|
|
(4.24 |
) |
|
|
(2.41 |
) |
|
|
(0.54 |
) |
|
Total
distributions |
|
|
(1.35 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.78 |
) |
|
|
(4.24 |
) |
|
|
(2.41 |
) |
|
|
(0.62 |
) |
|
Net
asset value, end of period |
|
$ |
17.11 |
|
|
$ |
17.51 |
|
|
$ |
17.50 |
|
|
$ |
14.06 |
|
|
$ |
12.72 |
|
|
$ |
20.10 |
|
|
$ |
15.96 |
|
|
Total
investments return/(loss) (c) |
|
|
5.11 |
%(f) |
|
|
0.06 |
%(f) |
|
|
24.47 |
% |
|
|
29.31 |
% |
|
|
(21.12 |
)% |
|
|
43.00 |
% |
|
|
23.84 |
% |
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Institutional
Class
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 financial statements.
|
|
|
For
The
Six Months
Ended
February 28,
2025 |
|
|
For
the
period
Ended
august 31, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
For
the
Year
Ended
June 30, |
|
|
|
|
(Unaudited) |
|
|
2024^ |
|
|
2024(e) |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
53,754 |
|
|
$ |
51,387 |
|
|
$ |
51,860 |
|
|
$ |
48,477 |
|
|
$ |
56,045 |
|
|
$ |
75,757 |
|
|
$ |
41,963 |
|
|
Ratio
of total expenses to average net assets (d) |
|
|
0.96 |
%(g) |
|
|
0.99 |
%(g) |
|
|
1.20 |
% |
|
|
1.14 |
% |
|
|
1.14 |
% |
|
|
1.16 |
% |
|
|
1.25 |
% |
|
Ratio
of net expenses to average net assets |
|
|
0.90 |
%(g) |
|
|
0.90 |
%(g) |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
|
0.90 |
% |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
(0.13 |
)%(g) |
|
|
(0.43 |
)%(g) |
|
|
(0.28 |
)% |
|
|
0.16 |
% |
|
|
(0.21 |
)% |
|
|
(0.38 |
)% |
|
|
0.01 |
% |
|
Portfolio
turnover rate |
|
|
63 |
%(f) |
|
|
19 |
%(f) |
|
|
59 |
% |
|
|
113 |
% |
|
|
169 |
% |
|
|
195 |
% |
|
|
139 |
% |
|
^ |
The amounts shown are for
the fiscal period from July 1, 2024 to August 31, 2024. |
|
(a) |
Per share net investment income
(loss) has been determined on the basis of average number of shares outstanding during the period. |
|
(b) |
Rounds to less than $0.005
per share. |
|
(c) |
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. |
|
(d) |
Ratios were determined based
on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2). |
|
(e) |
Prior to the close of business
on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of the F/m Funds Trust Fund, 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). |
The
accompanying notes are an integral part of these financial statements.
F/m
Investments Large Cap Focused Fund
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate 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.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
The
Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company. The end of the reporting
period for the Fund is February 28, 2025, and the period covered by these Notes to Financial Statements is the six months ended February
28, 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 make all necessary determinations of the fair values of
portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained
from brokers and dealers or independent pricing services are unreliable.
F/m
Investments Large Cap Focused Fund
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
FAIR
VALUE MEASUREMENTS – The inputs and valuation techniques used to
measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
|
|
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
|
Common
Stocks |
|
$ |
54,270,514 |
|
|
$ |
54,270,514 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Short-Term
Investments |
|
|
14,177,612 |
|
|
|
14,177,612 |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments* |
|
$ |
68,448,126 |
|
|
$ |
68,448,126 |
|
|
$ |
— |
|
|
$ |
— |
|
|
*
|
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. 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
F/m
Investments Large Cap Focused Fund
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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.
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 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 |
|
| |
June
30,
2026 |
|
|
June
30,
2027 |
|
|
AUGUST
31,
2027 |
|
|
AUGUST
31,
2028 |
|
|
Total |
|
| |
$ |
— |
|
|
$ |
126,934 |
|
|
$ |
10,543 |
|
|
$ |
73,986 |
|
|
$ |
211,463 |
|
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.
F/m
Investments Large Cap Focused Fund
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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,
Quasar, 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 $18,612 of distribution fees under the Plan.
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
$38,679,851 and $48,183,082, respectively.
4.
Sector Risk
If
the Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting
that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant
investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of
the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector.
For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular
sector and therefore the value of the Fund’s portfolio would be adversely affected. As of February 28, 2025, the Fund had 48.6%
of its net assets invested in the Information Technology sector.
5.
FEDERAL INCOME TAX INFORMATION
The
Fund has qualified and intends to continue to qualify as a regulated investment company under the Code. Accordingly, the Fund intends
to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the
Code. Therefore, no federal income tax provision is provided in the Fund’s financial 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.
F/m
Investments Large Cap Focused Fund
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
The
following information is computed on a tax basis for each item as of the Fund’s fiscal year ended August 31, 2024:
|
Tax
cost of portfolio investments |
|
$ |
47,687,452 |
|
|
Gross
unrealized appreciation |
|
$ |
18,037,954 |
|
|
Gross
unrealized depreciation |
|
|
(103,153 |
) |
|
Net
unrealized appreciation |
|
|
17,934,801 |
|
|
Other
accumulated losses |
|
|
(1,864,575 |
) |
|
Total
distributable earnings |
|
$ |
16,070,226 |
|
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.
As
of August 31, 2024, the Fund had short-term capital loss carryforwards (“CLCFs”) available in the amount of $1,864,575 for
income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior
to distributing such gains to shareholders. As of August 31, 2024, the Fund utilized 3,473,495 of CLCFs that were available as of June
30, 2024.
For
the fiscal period from July 1, 2024 to August 31, 2024, the Fund reclassified $203,294 of distributable earnings against paid-in capital
on the Statement of Assets and Liabilities. These reclassifications are primarily due to 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 July 1, 2024 to August 31, 2024, the Fund did not incur any interest or penalties.
6.
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.
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
OTHER
INFORMATION
(Unaudited)
INFORMATION
ON PROXY VOTING
A
description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available without charge
upon request by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov. Information regarding how the Fund voted
proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request
by calling toll-free 1-800-292-6775, or on the SEC’s website at www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete listing of portfolio holdings for the Fund with the SEC as of the end of the first and third quarters of each
fiscal year (quarters ended November 30 and May 31) as an exhibit on Form N-PORT. These filings are available upon request by calling
1-800-292-6775. Furthermore, you may obtain a copy of the filings on the SEC’s website at www.sec.gov and the Fund’s website
www.fminvest.com.
Investment
Adviser
F/m
Investments LLC
3050K Street NW, 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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
1350 Euclid Avenue,
Suite 800
Cleveland, OH 44115
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
F/m
Emerald Life Sciences Innovation ETF | (Nasdaq: LFSC)
a
series of The RBB Fund, Inc.
F/m
Emerald life sciences innovation etf
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
SHARES
|
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 98.3% |
|
|
|
|
|
|
|
|
|
Health
Care — 98.3% (a) |
|
|
|
|
|
|
|
|
|
Biotechnology
— 49.7% (a) |
|
|
|
|
|
|
|
|
|
89bio,
Inc. (b) |
|
|
208,999 |
|
|
$ |
1,929,061 |
|
|
ACADIA
Pharmaceuticals, Inc. (b) |
|
|
66,886 |
|
|
|
1,310,966 |
|
|
Akero
Therapeutics, Inc. (b) |
|
|
27,816 |
|
|
|
1,366,322 |
|
|
Biohaven
Ltd. (b) |
|
|
41,103 |
|
|
|
1,528,209 |
|
|
Bridgebio
Pharma, Inc. (b) |
|
|
100,510 |
|
|
|
3,507,799 |
|
|
Guardant
Health, Inc. (b) |
|
|
16,688 |
|
|
|
710,074 |
|
|
Immunovant,
Inc. (b) |
|
|
9,356 |
|
|
|
192,734 |
|
|
Insmed,
Inc. (b) |
|
|
44,226 |
|
|
|
3,606,630 |
|
|
Madrigal
Pharmaceuticals, Inc. (b) |
|
|
2,644 |
|
|
|
902,318 |
|
|
Novocure
Ltd. (b) |
|
|
33,176 |
|
|
|
632,666 |
|
|
Sarepta
Therapeutics, Inc. (b) |
|
|
17,495 |
|
|
|
1,867,591 |
|
|
Savara,
Inc. (b) |
|
|
124,040 |
|
|
|
308,860 |
|
|
Soleno
Therapeutics, Inc. (b) |
|
|
49,293 |
|
|
|
2,406,484 |
|
|
Spyre
Therapeutics, Inc. (b) |
|
|
50,438 |
|
|
|
993,629 |
|
|
Ultragenyx
Pharmaceutical, Inc. (b) |
|
|
56,732 |
|
|
|
2,434,937 |
|
|
WaVe
Life Sciences Ltd. (b) |
|
|
233,884 |
|
|
|
2,472,154 |
|
| |
|
|
|
|
|
|
26,170,434 |
|
|
Health
Care Services — 7.4% |
|
|
|
|
|
|
|
|
|
GeneDx
Holdings Corp. (b) |
|
|
7,725 |
|
|
|
794,516 |
|
|
RadNet,
Inc. (b) |
|
|
56,229 |
|
|
|
3,119,023 |
|
| |
|
|
|
|
|
|
3,913,539 |
|
|
Medical
Equipment — 21.3% |
|
|
|
|
|
|
|
|
|
Alphatec
Holdings, Inc. (b) |
|
|
166,955 |
|
|
|
2,091,946 |
|
|
Globus
Medical, Inc. - Class A (b) |
|
|
13,135 |
|
|
|
1,055,003 |
|
|
Integer
Holdings Corp. (b) |
|
|
4,167 |
|
|
|
513,374 |
|
|
LivaNova
PLC (b) |
|
|
59,968 |
|
|
|
2,496,468 |
|
|
Merit
Medical Systems, Inc. (b) |
|
|
26,898 |
|
|
|
2,744,672 |
|
|
Orthofix
Medical, Inc. (b) |
|
|
27,283 |
|
|
|
474,179 |
|
|
TransMedics
Group, Inc. (b) |
|
|
24,360 |
|
|
|
1,859,155 |
|
| |
|
|
|
|
|
|
11,234,797 |
|
|
Medical
Services — 2.5% |
|
|
|
|
|
|
|
|
|
NeoGenomics,
Inc. (b) |
|
|
130,830 |
|
|
|
1,306,992 |
|
| |
|
|
|
|
|
|
|
|
The
accompanying notes are an integral part of these financial statements.
F/m
Emerald life sciences innovation etf
Schedule
of Investments (CONCLUDED)
February
28, 2025 (Unaudited)
|
|
|
SHARES
|
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
COMMON
STOCKS — 98.3% (continued) |
|
|
|
|
|
|
|
|
|
Health
Care — 98.3% (continued) |
|
|
|
|
|
|
|
|
|
Pharmaceuticals
— 17.4% |
|
|
|
|
|
|
|
|
|
Blueprint
Medicines Corp. (b) |
|
|
32,376 |
|
|
$ |
3,126,551 |
|
|
Collegium
Pharmaceutical, Inc. (b) |
|
|
75,565 |
|
|
|
2,195,163 |
|
|
Travere
Therapeutics, Inc. (b) |
|
|
143,458 |
|
|
|
3,070,001 |
|
|
United
Therapeutics Corp. (b) |
|
|
2,481 |
|
|
|
794,044 |
|
| |
|
|
|
|
|
|
9,185,759 |
|
|
Total
Health Care |
|
|
|
|
|
|
51,811,521 |
|
|
TOTAL
COMMON STOCKS (Cost $37,258,433) |
|
|
|
|
|
|
51,811,521 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS — 1.7% |
|
|
|
|
|
|
|
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF (b)(c) |
|
|
17,645 |
|
|
|
883,926 |
|
|
TOTAL
EXCHANGE TRADED FUNDS (Cost $883,662) |
|
|
|
|
|
|
883,926 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 100.0% (Cost $38,142,095) |
|
|
|
|
|
$ |
52,695,447 |
|
|
Other
Assets in Excess of Liabilities — 0.0% (d) |
|
|
|
|
|
|
9,479 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
52,704,926 |
|
Percentages
are stated as a percent of net assets.
PLC
- Public Limited Company
|
(a) |
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. See Note 2 in the Notes to Financial Statements. |
|
(b) |
Non-income producing security.
|
|
(c) |
Affiliated security as defined
by the Investment Company Act of 1940, as amended. |
|
(d) |
Represents less than 0.05%
of net assets. |
The
accompanying notes are an integral part of these financial statements.
F/m
Emerald life sciences innovation etf
Statement
of Assets and Liabilities
February
28, 2025 (Unaudited)
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $37,258,433) |
|
$ |
51,811,521 |
|
|
Investments
in securities of affiliated issuers, at value (cost $883,662) |
|
|
883,926 |
|
|
Cash
equivalents |
|
|
12,432 |
|
|
Receivables
for: |
|
|
|
|
|
Investments
sold |
|
|
898,075 |
|
|
Capital
shares sold |
|
|
245,477 |
|
|
Interest |
|
|
41 |
|
|
Total
assets |
|
|
53,851,472 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Investments
purchased |
|
|
1,124,014 |
|
|
Advisory
fees |
|
|
22,532 |
|
|
Total
liabilities |
|
|
1,146,546 |
|
|
Net
assets |
|
$ |
52,704,926 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
2,147 |
|
|
Paid-in
capital |
|
|
53,603,980 |
|
|
Total
distributable earnings/(losses) |
|
|
(901,201 |
) |
|
Net
assets |
|
$ |
52,704,926 |
|
| |
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
2,147,035 |
|
|
Net
asset value and redemption price per share |
|
$ |
24.55 |
|
The
accompanying notes are an integral part of these financial statements.
F/m
Emerald life sciences innovation etf
Statement
of Operations
FOR
THE Period ENDED February 28, 2025(1) (Unaudited)
|
|
|
|
|
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
income |
|
$ |
963 |
|
|
Dividends
from affiliated investments |
|
|
8,326 |
|
|
Total
investment income |
|
|
9,289 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
137,935 |
|
|
Total
expenses before waivers and/or reimbursements |
|
|
137,935 |
|
|
Waivers
and reimbursements |
|
|
(43,650 |
) |
|
Net
expenses after waivers and/or reimbursements |
|
|
94,285 |
|
|
Net
investment income/(loss) |
|
|
(84,996 |
) |
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
realized gain/(loss) from investments in unaffiliated issuers |
|
|
(1,899,770 |
) |
|
Net
realized gain/(loss) from investments in affiliated issuers |
|
|
417 |
|
|
Net
realized gain from redemption in-kind |
|
|
5,377,202 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments of unaffiliated issuers |
|
|
(4,294,318 |
) |
|
Net
change in unrealized appreciation/(depreciation) on investments of affiliated issuers |
|
|
264 |
|
|
Net
realized and unrealized gain/(loss) |
|
|
(816,205 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
(901,201 |
) |
|
(1) |
Inception date of the Fund
was October 30, 2024. |
The
accompanying notes are an integral part of these financial statements.
F/m
Emerald life sciences innovation etf
Statement
of Changes in Net Assets
|
|
|
FOR
THE
Period ENDED
february 28,
2025(1)
(Unaudited) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
(84,996 |
) |
|
Net
realized gain/(loss) from investments |
|
|
3,477,849 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
(4,294,054 |
) |
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
(901,201 |
) |
| |
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
Proceeds
from shares sold |
|
|
65,567,797 |
|
|
Shares
redeemed |
|
|
(11,961,670 |
) |
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
53,606,127 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
52,704,926 |
|
| |
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
Beginning
of period |
|
$ |
— |
|
|
End
of period |
|
$ |
52,704,926 |
|
| |
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
Shares
sold |
|
|
2,617,035 |
|
|
Shares
redeemed |
|
|
(470,000 |
) |
|
Net
increase/(decrease) in shares |
|
|
2,147,035 |
|
|
(1) |
Inception date of the Fund
was October 30, 2024. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
Period
ENDED
February 28,
2025(1) |
|
|
|
|
(Unaudited) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
25.00 |
|
|
Net
investment income/(loss)(2) |
|
|
(0.04 |
) |
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(0.41 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
(0.45 |
) |
|
Net
asset value, end of period |
|
$ |
24.55 |
|
|
Market
value, end of period |
|
$ |
24.56 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
(1.81 |
)%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
52,705 |
|
|
Ratio
of expenses to average net assets with waivers and/or reimbursements |
|
|
0.54 |
%(5) |
|
Ratio
of expenses to average net assets without waivers and/or reimbursements |
|
|
0.25 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
(0.49 |
)%(5) |
|
Portfolio
turnover rate |
|
|
8 |
%(4) |
|
(1) |
Inception date of the Fund
was October 30, 2024. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the F/m Emerald Life
Sciences Innovation ETF (the “Fund”).
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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”). The Adviser and 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 seed shares totaling 1,997,035 with a Net Asset Value
of $25. The details of the Contribution are shown below:
|
Net
Assets |
Market
Value of
Investments |
Cost
of
Investments |
Unrealized
Appreciation |
|
$49,925,875 |
$48,057,763 |
$29,210,357 |
$18,847,406 |
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 February 28, 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 February 28, 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)
February
28, 2025 (Unaudited)
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure
the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
|
|
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
Common
Stocks |
|
$ |
51,811,521 |
|
|
$ |
51,811,521 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Exchange
Traded Funds |
|
|
883,926 |
|
|
|
883,926 |
|
|
|
— |
|
|
|
— |
|
|
Total
Investments* |
|
$ |
52,695,447 |
|
|
$ |
52,695,447 |
|
|
$ |
— |
|
|
$ |
— |
|
|
*
|
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. 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
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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, 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
Equivalents and Short-Term InvestmentS - The Fund may invest in
cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and the
Fund’s principal investment strategies. The Fund may temporarily invest without limit in such instruments for liquidity purposes,
or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, the Fund may not be able
to achieve its investment objective.
HEALTH
CARE SECTOR RISK - To the extent the Fund focuses on the health care
sector, the Fund may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested
in a wider variety of companies in unrelated sectors. The profitability of companies in the health care sector may be adversely affected
by the following factors, among others: extensive government regulations, restrictions on government reimbursement for medical expenses,
rising costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, changes in the demand for
medical products and services, a limited number of products, industry innovation, changes in technologies and other market developments.
As of February 28, 2025, the Fund had 98.3% of its net assets invested in the health care sector.
Illiquid
Investments - Pursuant to Rule 22e-4 under the 1940 Act, the Fund may
invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the
Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or
disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase
agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective
registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately
negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted
securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be
determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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 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, director and other expenses, and other services.
However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses,
taxes, distribution fees and expenses paid by the Fund under any distribution plan adopted, and other extraordinary costs such as litigation
and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake
of law, or for any loss suffered by the Fund in connection with the performance of the Advisory Agreement, except a loss resulting from
a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and
duties under the Advisory Agreement.
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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) at the annual rate of
the average value of the Fund’s daily net assets.
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’s Shares exceeds 0.54% of the average daily net assets attributable to the
Fund’s Shares. 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. If at any time the Fund’s total operating expenses (not including acquired
fund fees and expenses, short sale dividend expense, brokerage commissions, extraordinary items, interest or taxes) for a year are less
than 0.54% or the expense cap then in effect, whichever is less, the Adviser may recoup any waived amounts from the Fund within three
years from the date on which such waiver was made by the Adviser, provided such reimbursement does not cause the Fund to exceed (i) expense
limitations that were in effect at the time of the waiver and (ii) the current expense limitations.
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.
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 |
|
$ |
16,640,904 |
|
|
Sales
of investment securities |
|
|
4,129,186 |
|
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 |
|
$ |
3,816,050 |
|
|
Proceeds
from in-kind sales of investment securities |
|
|
10,873,882 |
|
There
were no purchases or sales of long-term U.S. Government securities during the current fiscal period.
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
5.
FEDERAL INCOME TAX INFORMATION
The
Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character
of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal
year-end; accordingly, tax basis balances have not been determined for the current fiscal period. Since the Fund did not have a full fiscal
year, the tax cost of investments is the same as noted in the Schedule of Investments.
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. 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* |
|
|
Additions |
|
|
Reductions |
|
|
Issuer
Name |
|
Share
Balance |
|
|
Value |
|
|
Share
Balance |
|
|
Cost |
|
|
Share
Balance |
|
|
PROCEEDS |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF |
|
|
— |
|
|
$ |
— |
|
|
|
17,645 |
|
|
$ |
883,662 |
|
|
|
— |
|
|
$ |
— |
|
|
US
Treasury 3 Month Bill ETF |
|
|
— |
|
|
|
— |
|
|
|
32,304 |
|
|
|
1,613,999 |
|
|
|
32,304 |
|
|
|
1,614,416 |
|
| |
|
|
— |
|
|
|
— |
|
|
|
49,949 |
|
|
|
2,497,661 |
|
|
|
32,204 |
|
|
|
1,614,416 |
|
|
*
|
Inception date of the Fund
is October 30, 2024. |
F/m
Emerald life sciences innovation etf
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
| |
|
February
28, 2025 |
|
|
Issuer
Name |
|
Dividend
Income |
|
|
Capital
Gain
Distribution |
|
|
Net
Change in
Unrealized
Appreciation/
(Depreciation) |
|
|
Realized
Gain/(Loss) |
|
|
Share
Balance |
|
|
Value |
|
|
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
264 |
|
|
$ |
— |
|
|
$ |
17,645 |
|
|
$ |
883,926 |
|
|
US
Treasury 3 Month Bill ETF |
|
|
8,326 |
|
|
|
— |
|
|
|
— |
|
|
|
417 |
|
|
|
— |
|
|
|
— |
|
| |
|
$ |
8,326 |
|
|
$ |
— |
|
|
$ |
264 |
|
|
$ |
417 |
|
|
$ |
17,645 |
|
|
$ |
883,926 |
|
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 financial statements.
F/m
Emerald life sciences innovation etf
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 1-800-617-0004; and (ii) on the SEC’s website at http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT filings are available on the
SEC’s website at http://www.sec.gov.
FREQUENCY
DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS
Information
regarding how often shares of 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 https://www.emeraldetfs.com/lfsc/.
APPROVAL
OF INVESTMENT ADVISORY AGREEMENT AND SUB-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 (i) 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 Emerald Life Sciences Innovation ETF (the “Fund”), and (ii) a new investment sub-advisory agreement (the “Sub-Advisory
Agreement”) between F/m and Emerald Mutual Fund Advisers Trust (“Emerald”), on behalf of the Fund at a meeting of the
Board held on September 11-12, 2024 (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 initial period 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. In
approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by F/m and Emerald,
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, and the Sub-Advisory
Agreement among the Company, F/m and Emerald 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
and Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of F/m or Emerald were present. The Directors
considered whether approval of the Investment Advisory Agreement and Sub-Advisory Agreement would be in the best interests of the Fund
and its shareholders and the overall fairness of the Investment Advisory Agreement and Sub-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 and Emerald; (ii) descriptions
of the experience and qualifications of the personnel providing those services; (iii) F/m’s and Emerald’s investment philosophies
and processes; (iv) F/m’s and Emerald’s assets under management and client descriptions; (v) F/m’s and Emerald’s
soft dollar commission and trade allocation policies, as applicable; (vi) F/m’s and Emerald’s advisory fee arrangements with
the Company and other similarly managed clients, as applicable; (vii) F/m’s and Emerald’s compliance procedures; (viii) F/m’s
and Emerald’s financial information and insurance coverage; (ix) F/m’s profitability analysis relating to its proposed provision
of services to the Fund; and (x) the extent to which economies of scale are relevant to the Fund. The Directors noted that the Fund had
not yet commenced operations and, consequently, there was no performance information to review with respect to the Fund.
As
part of their review, the Directors considered the nature, extent and quality of the services to be provided by F/m and Emerald. The Directors
concluded that F/m and Emerald had sufficient resources to provide services to the Fund.
F/m
Emerald life sciences innovation etf
Notice
to Shareholders (CONCLUDED)
(Unaudited)
The
Board also took into consideration that the advisory fee for the Fund was a “unitary fee,” meaning the Fund would pay no expenses
other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that F/m would
be responsible for compensating the Fund’s other service providers and paying other expenses of the Fund out of F/m’s own
fees and resources.
After
reviewing the information regarding F/m’s and Emerald’s estimated costs, profitability and economies of scale, and after considering
the services to be provided by F/m and Emerald, the Directors concluded that the investment advisory fees to be paid by the Fund to F/m
and the sub-advisory fees to be paid by F/m to Emerald were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory
Agreement should be approved for an initial period ending August 16, 2026.
Investment
Adviser
F/m
Investments LLC
3050 K Street NW, 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
3 Canal Plaza, Suite 100
Portland, ME 04101
Custodian
U.S.
Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212
Independent
Registered Public Accounting Firm
Cohen
& Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115
Legal
Counsel
Faegre
Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996
Financial
Statements
February 28, 2025
(Unaudited)
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | (Nasdaq: RBIL)
a
series of The RBB Fund, Inc.
F/m
Investments LLC
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Schedule
of Investments
February
28, 2025 (Unaudited)
|
|
|
Par |
|
|
Value |
|
| |
|
|
|
|
|
|
|
|
|
U.S.
TREASURY SECURITIES — 99.9% |
|
|
|
|
|
|
|
|
|
United
States Treasury Inflation Indexed Bonds |
|
|
|
|
|
|
|
|
|
0.38%,
07/15/2025 |
|
$ |
16,429,467 |
|
|
$ |
16,500,061 |
|
|
0.13%,
10/15/2025 |
|
|
16,493,570 |
|
|
|
16,492,926 |
|
|
0.63%,
01/15/2026 |
|
|
8,527,301 |
|
|
|
8,507,315 |
|
|
2.00%,
01/15/2026 |
|
|
8,395,886 |
|
|
|
8,475,910 |
|
|
TOTAL
U.S. TREASURY SECURITIES (Cost $49,954,638) |
|
|
|
|
|
|
49,976,212 |
|
| |
|
|
|
|
|
|
|
|
|
TOTAL
INVESTMENTS — 99.9% (Cost $49,954,638) |
|
|
|
|
|
|
49,976,212 |
|
|
Other
Assets in Excess of Liabilities — 0.1% |
|
|
|
|
|
|
47,738 |
|
|
TOTAL
NET ASSETS — 100.0% |
|
|
|
|
|
$ |
50,023,950 |
|
Percentages
are stated as a percent of net assets.
The
accompanying notes are an integral part of these financial statements.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Statement
of Assets and Liabilities
February
28, 2025 (Unaudited)
|
|
|
F/M
ULTRASHORT
TREASURY
INFLATION-
PROTECTED
SECURITY (TIPS)
ETF(1) |
|
|
ASSETS |
|
|
|
|
|
Investments
in securities of unaffiliated issuers, at value (cost $49,954,638) |
|
$ |
49,976,212 |
|
|
Cash
equivalents |
|
|
5,812 |
|
|
Receivables
for: |
|
|
|
|
|
Interest |
|
|
42,953 |
|
|
Total
assets |
|
|
50,024,977 |
|
| |
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Payables
for: |
|
|
|
|
|
Advisory
fees |
|
|
1,027 |
|
|
Total
liabilities |
|
|
1,027 |
|
|
Net
assets |
|
$ |
50,023,950 |
|
| |
|
|
|
|
|
NET
ASSETS CONSIST OF: |
|
|
|
|
|
Par
value |
|
$ |
1,000 |
|
|
Paid-in
capital |
|
|
49,999,000 |
|
|
Total
distributable earnings/(losses) |
|
|
23,950 |
|
|
Net
assets |
|
$ |
50,023,950 |
|
| |
|
|
|
|
|
Shares
outstanding ($0.001 par value, 100,000,000 shares authorized) |
|
|
1,000,000 |
|
|
Net
asset value and redemption price per share |
|
$ |
50.02 |
|
|
(1) |
Inception date of the Fund
was February 24, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Statement
of Operations
FOR
THE Period ENDED February 28, 2025(1) (Unaudited)
|
|
|
F/M
ULTRASHORT
TREASURY
INFLATION-
PROTECTED
SECURITY (TIPS)
ETF(1) |
|
|
INVESTMENT
INCOME |
|
|
|
|
|
Interest
income |
|
$ |
3,403 |
|
|
Total
investment income |
|
|
3,403 |
|
| |
|
|
|
|
|
EXPENSES |
|
|
|
|
|
Advisory
fees |
|
|
1,027 |
|
|
Total
expenses |
|
|
1,027 |
|
|
Net
investment income/(loss) |
|
|
2,376 |
|
| |
|
|
|
|
|
NET
REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS |
|
|
|
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
21,574 |
|
|
Net
realized and unrealized gain/(loss) |
|
|
21,574 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
$ |
23,950 |
|
|
(1) |
Inception date of the Fund
was February 24, 2025. |
The
accompanying notes are an integral part of these financial statements.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Statement
of Changes in Net Assets
|
|
|
FOR
THE
Period ENDED
February 28,
2025(1)
(Unaudited) |
|
|
INCREASE/(DECREASE)
IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
|
|
|
Net
investment income/(loss) |
|
$ |
2,376 |
|
|
Net
change in unrealized appreciation/(depreciation) on investments |
|
|
21,574 |
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
23,950 |
|
| |
|
|
|
|
|
DIVIDENDS
AND DISTRIBUTIONS TO SHAREHOLDERS FROM: |
|
|
|
|
|
Total
distributable earnings |
|
|
— |
|
|
Net
decrease in net assets from dividends and distributions to shareholders |
|
|
— |
|
| |
|
|
|
|
|
CAPITAL
SHARE TRANSACTIONS: |
|
|
|
|
|
Proceeds
from shares sold |
|
|
50,000,000 |
|
|
Net
increase/(decrease) in net assets from capital share transactions |
|
|
50,000,000 |
|
|
TOTAL
INCREASE/(DECREASE) IN NET ASSETS |
|
|
50,023,950 |
|
| |
|
|
|
|
|
NET
ASSETS: |
|
|
|
|
|
Beginning
of period |
|
$ |
— |
|
|
End
of period |
|
$ |
50,023,950 |
|
| |
|
|
|
|
|
SHARE
TRANSACTIONS: |
|
|
|
|
|
Shares
sold |
|
|
1,000,000 |
|
|
Shares
redeemed |
|
|
— |
|
|
Net
increase/(decrease) in shares |
|
|
1,000,000 |
|
|
(1) |
Inception date of the Fund
was February 24, 2025. |
The
accompanying notes are an integral part of these 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.
|
|
|
FOR
THE
Period
ENDED
February 28,
2025(1) |
|
|
|
|
(Unaudited) |
|
|
PER
SHARE OPERATING PERFORMANCE |
|
|
|
|
|
Net
asset value, beginning of period |
|
$ |
50.00 |
|
|
Net
investment income/(loss)(2) |
|
|
2.00 |
|
|
Net
realized and unrealized gain/(loss) from investments |
|
|
(1.98 |
) |
|
Net
increase/(decrease) in net assets resulting from operations |
|
|
0.02 |
|
|
Dividends
and distributions to shareholders from: |
|
|
|
|
|
Net
investment income |
|
|
— |
|
|
Total
dividends and distributions to shareholders |
|
|
— |
|
|
Net
asset value, end of period |
|
$ |
50.02 |
|
|
Market
value, end of period |
|
$ |
50.10 |
|
|
Total
investment return/(loss) on net asset value(3) |
|
|
0.05 |
%(4) |
|
RATIOS/SUPPLEMENTAL
DATA |
|
|
|
|
|
Net
assets, end of period (000’s omitted) |
|
$ |
50,024 |
|
|
Ratio
of expenses to average net assets |
|
|
0.25 |
%(5) |
|
Ratio
of net investment income/(loss) to average net assets |
|
|
365.58 |
%(5) |
|
Portfolio
turnover rate |
|
|
0 |
%(4) |
|
(1) |
Inception date
of the Fund was February 24, 2025. |
|
(2) |
Per share data calculated
using average shares outstanding method. |
|
(3) |
Total investment return/(loss)
on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported
and includes reinvestments of dividends and distributions, if any. |
The
accompanying notes are an integral part of these financial statements.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements
February
28, 2025 (Unaudited)
1.
ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The
RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29,
1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment
company. RBB is a “series fund,” which is an investment company divided into separate portfolios. Each portfolio is treated
as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed
to be a shareholder of any other portfolio. Currently, RBB has seventy-one separate investment portfolios, including the F/m Ultrashort
Treasury Inflation-Protected Security (TIPS) ETF (the “Fund”). The Fund commenced investment operations on February 24, 2025.
RBB
has authorized capital of one hundred billion shares of common stock of which 94.823 billion shares are currently classified into two
hundred and fifty-five classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.
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
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 February 28, 2025, and the period covered by these Notes to Financial Statements is the since
inception period from February 24, 2025 through February 28, 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” or
“F/m”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of
the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized
to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily
available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.
FAIR
VALUE MEASUREMENTS — The inputs and valuation techniques used to measure
the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
| |
● |
Level 1 – Prices are
determined using quoted prices in active markets for identical securities. |
| |
● |
Level 2 – Prices are
determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds,
credit risk, etc.). |
| |
● |
Level 3 – Prices are
determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
|
The
inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
The
following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried
at fair value:
|
|
|
TOTAL |
|
|
LEVEL
1 |
|
|
LEVEL
2 |
|
|
LEVEL
3 |
|
|
U.S.
Treasury Securities |
|
$ |
49,976,212 |
|
|
$ |
— |
|
|
$ |
49,976,212 |
|
|
$ |
— |
|
|
Total
Investments* |
|
$ |
49,976,212 |
|
|
$ |
— |
|
|
$ |
49,976,212 |
|
|
$ |
— |
|
|
*
|
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. 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. 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
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
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
Equivalents and Short-Term InvestmentS - 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.
Illiquid
Investments - Pursuant to Rule 22e-4 under the 1940 Act, the Fund may
invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that the
Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or
disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase
agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective
registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately
negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board, certain restricted
securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be
determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the
time the Adviser desires or at prices approximating the value at which the Fund is carrying the investments. To the extent an investment
held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to a greater liquidity risk.
Inflation
Protected Securities - The Fund may invest in inflation protected securities.
Inflation protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two
structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the
bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.
Other
Investment Companies - The Fund may invest in other investment companies,
including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds registered under the 1940 Act that invest
primarily in Fund eligible investments. Under the 1940 Act, the Fund’s investment in such securities is generally limited to 3%
of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company;
and 10% of such Fund’s total assets in the aggregate. The Fund’s investments in other investment companies may include money
market mutual funds. Investments in money market funds are not subject 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.
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
U.S.
Government Securities - The 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 - The 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.
CREDIT
RISK - The value of your investment in the 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 the Fund may cause it to default or become unable to pay interest or principal due on the security.
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
The
Fund pays all of its expenses other than those expressly assumed by the Adviser. Expenses of the 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 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
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements (continued)
February
28, 2025 (Unaudited)
fee
for its services at an annual rate of 0.25% of the Fund’s average daily net assets during the month. From the unitary management
fee, the Adviser pays most of the expenses of the 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 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.
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.
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, there were no aggregate long-term purchases and sales of investment securities.
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 are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character
of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal
year-end; accordingly, tax basis balances have not been determined for the current fiscal period. Since the Funds did not have a full
fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.
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. 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
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Notes
to Financial Statements (CONCLUDED)
February
28, 2025 (Unaudited)
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.
SUBSEQUENT EVENTS
In
preparing these financial statements, the Fund 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:
|
Record
Date |
Ex-Date |
Pay
Date |
Distribution
Rate Per Share |
|
4/16/2025 |
4/16/2025 |
4/17/2025 |
$0.20347657 |
F/m
Ultrashort Treasury Inflation-Protected Security (TIPS) ETF
Other
Information
(Unaudited)
INFORMATION
ON PROXY VOTING
Policies
and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how
the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without
charge, upon request, by calling (800)-617-0004; and (ii) on the SEC’s website at http://www.sec.gov.
QUARTERLY
SCHEDULE OF INVESTMENTS
The
Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters
ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s 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.ustreasuryetf.com/etf/rbil.
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 Ultrashort Treasury Inflation-Protected Security (TIPS) 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 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 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 NW, 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
3 Canal Plaza, Suite 100
Portland, ME 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
|
(b) |
Financial Highlights are included within the financial statements filed under Item 7(a) of this Form. |
Item
8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There were no changes in or disagreements with accountants during the
period covered by this report.
Item 9. Proxy Disclosures
for Open-End Management Investment Companies.
This information is included in Item 7(a) of this Form, as part of
the financial statements.
Item 10. Remuneration Paid
to Directors, Officers, and Others of Open-End Management Investment Companies.
This information is included in Item 7(a) of this Form, as part of
the financial statements.
Item 11. Statement Regarding
Basis for Approval of Investment Advisory Contract.
This information is included in Item 7(a) of this Form, as part of
the financial statements.
Item 12. Disclosure of
Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers
of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity
Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of
Matters to a Vote of Security Holders.
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.
Item 16. Controls and Procedures.
|
(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. |
Item 17. Disclosure of
Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously
Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3)
A separate certification for each Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the 1940
Act is attached hereto.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b)
Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
| (Registrant) |
The RBB Fund, Inc. |
|
| |
|
|
| By (Signature and Title)* |
/s/ Steven Plump |
|
| |
Steven Plump, President |
|
| |
(Principal Executive Officer) |
|
| |
|
|
| Date |
5/6/2025 |
|
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 |
5/6/2025 |
|
| |
|
|
| By (Signature and Title)* |
/s/ James Shaw |
|
| |
James Shaw, Chief Financial Officer |
|
| |
(Principal Financial Officer) |
|
| |
|
|
| Date |
5/6/2025 |
|
|
* |
Print the name and title of each signing officer under his or her signature. |
