RBB Fund Trust (Form: N-CSRS, Received: 05/07/2026 16:05:05)


	Advent Convertible Bond ETF
	ACVT \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Advent Convertible Bond ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.adventetf.com/. 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*
Advent Convertible Bond ETF	$32	0.65%

*	Annualized

HOW DID THE FUND PERFORM LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?

For the six months ended February 28, 2026, the Fund provided positive returns to shareholders, though at rates below that of its broad-based and secondary benchmarks. The broad-based benchmark, the Bloomberg U.S. Aggregate Index, benefited from its longer-maturity profile, particularly earlier in the six-month period when risk-free interest rates and corporate spreads were declining, providing price gains for longer-dated bonds. The asset class of the Fund, convertible securities, tends to have shorter maturities. The secondary benchmark, the ICE BofA Yield Alternative Convertible Index, gained in segments where the Adviser’s strategy tends to underallocate, such as companies with lower-rated credit profiles.

Economic growth remained robust on a headline basis but has become increasingly concentrated with artificial intelligence (AI) infrastructure buildout rising in contribution percentage. The Fund and the convertible securities market have numerous issuers benefiting from these trends across the supply chain, although it has been offset to some extent by software companies that may see increasing competition from AI models. Certain subsectors within the Financials sector led to lower contribution from a decline in cryptocurrency-related issues and slowing growth in financial technology companies.

Strong earnings growth underpins the case for convertible securities as a corporate asset class along with meaningful
participation in economic segments benefiting from the U.S. Administration’s industrial policy and growth segments. Rising equity volatility from geopolitical change is also a source of higher valuation unique to the asset class.


Top Contributors
↑	Applied Optoelectronics
↑	Rivian Automotive
↑	Ionis Pharmaceuticals
↑	ON Semiconductor


Top Detractors
↓	Coinbase Global
↓	Shift4 Payments
↓	Strategy
↓	MARA Holdings

HOW DID THE FUND PERFORM SINCE INCEPTION?*

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

Advent Convertible Bond ETF

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CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	Since Inception (04/29/2025)
Advent Convertible Bond ETF NAV	8.08
Bloomberg U.S. Aggregate Bond Index	5.76
ICE BofA Yield Alternative US Convertible Index	10.20

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

*	*The Fund’s past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$28,495,552
Number of Holdings	57
Net Advisory Fee	$89,229
Portfolio Turnover	86%
Average Credit Quality	BBB
Effective Duration	2.61 years
Weighted Average Maturity	2.91 years
30-Day SEC Yield	2.32%
30-Day SEC Yield Unsubsidized	2.17%
Distribution Yield	1.35%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top 10 Issuers	(% of Net Assets)
Bank of America Corp.	4.6%
Wells Fargo & Co.	4.6%
Barclays Bank PLC	3.5%
Super Micro Computer, Inc.	3.2%
Workiva, Inc.	3.1%
Datadog, Inc.	3.0%
Progress Software Corp.	2.9%
Live Nation Entertainment, Inc.	2.6%
Coinbase Global, Inc.	2.6%
PG&E Corp.	2.6%


Credit Breakdown	(% of Net Assets)
AAA	0.00%
AA	0.00%
A	3.46%
BBB	12.43%
BB	4.77%
B	0.00%
CCC and below	0.00%
Cash & Cash Equivalent	2.58%
Not rated	76.76%

Advent Convertible Bond ETF

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For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.adventetf.com/.

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 1-800-716-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Advent Convertible Bond ETF

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TSR-SAR-75526L845


	MUFG Japan Small Cap Active ETF
	MJSC (Principal U.S. Listing Exchange: NYSE Arca)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the MUFG Japan Small Cap Active ETF (the “Fund”) for the period of September 16, 2025, to February 28, 2026. You can find additional information about the Fund at www.mufgetfs.com. 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**
MUFG Japan Small Cap Active ETF	$43	0.85%

**	Annualized

*	Inception date of the Fund was September 16, 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, 2026)


Net Assets	$23,175,311
Number of Holdings	94
Portfolio Turnover	8%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Industrials	29.7%
Technology	20.6%
Consumer Discretionary	12.8%
Financials	11.5%
Materials	10.6%
Consumer Staples	4.9%
Communications	4.1%
Real Estate	2.2%
Health Care	1.9%
Cash & Other	1.7%


Top 10 Issuers	(% of Net Assets)
Shizuoka Financial Group, Inc.	2.3%
Kandenko Co. Ltd.	2.3%
Tokyo Tatemono Co. Ltd.	2.2%
Fuji Corp.	2.0%
Sojitz Corp.	1.9%
Saizeriya Co. Ltd.	1.8%
Penta-Ocean Construction Co. Ltd.	1.8%
Iyogin Holdings, Inc.	1.8%
Tokyo Ohka Kogyo Co. Ltd.	1.8%
INFRONEER Holdings, Inc.	1.8%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.mufgetfs.com.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that the Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

MUFG Japan Small Cap Active ETF

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TSR-SAR-75526L779


	First Eagle Global Equity ETF
	FEGE (Principal U.S. Listing Exchange: NYSE)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the First Eagle Global Equity ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.firsteagle.com/funds/global-equity-etf. You can also request this information by contacting us at 1-800-617-0004.

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


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
First Eagle Global Equity ETF	$28	0.50%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$1,497,224,795
Number of Holdings	91
Portfolio Turnover	18%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Consumer Staples	16.6%
Health Care	12.3%
Information Technology	12.2%
Financials	11.7%
Materials	10.5%
Energy	9.4%
Industrials	9.3%
Communication Services	8.3%
Consumer Discretionary	5.8%
Cash & Other	3.9%


Top Holdings	(% of Net Assets)
Samsung Electronics Co. Ltd.	3.9%
British American Tobacco PLC	2.9%
Alphabet, Inc. - Class C	2.5%
Becton Dickinson & Co.	2.4%
Imperial Oil Ltd.	2.1%
HCA Healthcare, Inc.	2.0%
Meta Platforms, Inc. - Class A	2.0%
SLB Ltd.	1.8%
Merck KGaA	1.6%
Wheaton Precious Metals Corp.	1.6%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.firsteagle.com/funds/global-equity-etf.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

First Eagle Global Equity ETF

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TSR-SAR-75526L886


	First Eagle Overseas Equity ETF
	FEOE (Principal U.S. Listing Exchange: NYSE)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the First Eagle Overseas Equity ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.firsteagle.com/funds/overseas-equity-etf. You can also request this information by contacting us at 1-800-617-0004.

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


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
First Eagle Overseas Equity ETF	$28	0.50%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$904,898,464
Number of Holdings	72
Portfolio Turnover	13%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Consumer Staples	22.9%
Financials	14.0%
Industrials	12.8%
Materials	11.8%
Information Technology	11.6%
Consumer Discretionary	11.0%
Energy	8.2%
Health Care	4.0%
Real Estate	2.0%
Cash & Other	1.7%


Top Holdings	(% of Net Assets)
Samsung Electronics Co. Ltd.	5.7%
Shell PLC	4.3%
British American Tobacco PLC	4.1%
Imperial Oil Ltd.	3.9%
Merck KGaA	2.3%
Prosus NV	2.2%
Cie Financiere Richemont SA	2.1%
SMC Corp.	2.1%
Fomento Economico Mexicano SAB de CV	2.0%
Franco-Nevada Corp.	2.1%

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.

First Eagle Overseas Equity ETF

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TSR-SAR-75526L878


	Wayfinder Dynamic U.S. Interest Rate ETF
	CMBO\| (Principal U.S. Listing Exchange: NASDAQ)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Wayfinder Dynamic U.S. Interest Rate ETF (the “Fund”) for the period of November 3, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.wayfinderetfs.com/. 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**
Wayfinder Dynamic U.S. Interest Rate ETF	$5	0.15%

*	Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

**	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$3,040,618
Number of Holdings	5
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Asset Classes	(% of Net Assets)
Purchased Options	98.4%
Written Options	0.0
Cash and Cash Equivalents	1.6

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wayfinderetfs.com/.

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.

Wayfinder Dynamic U.S. Interest Rate ETF

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TSR-SAR-75526L753


	Longview Advantage ETF
	EBI (Principal U.S. Listing Exchange: NASDAQ)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Longview Advantage ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://longviewresearchpartners.com/documents/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PERIOD FROM September 1, 2025 TO FEBRUARY 28, 2026? (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*
Longview Advantage ETF	$13	0.24%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$617,818,684
Number of Holdings	1,781
Portfolio Turnover	7%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Information Technology	20.8%
Financials	14.1%
Industrials	12.7%
Consumer Discretionary	12.7%
Energy	10.6%
Health Care	9.4%
Communication Services	8.8%
Materials	4.9%
Consumer Staples	3.8%
Utilities	1.9%


Top 10 Holdings	(% of Net Assets)
Dimensional US Core Equity 2 ETF	5.0%
NVIDIA Corp.	4.2%
Apple, Inc.	4.1%
Alphabet, Inc.	3.2%
Microsoft Corp.	3.1%
Avantis U.S. Small Cap Value ETF	2.4%
Amazon.com, Inc.	1.6%
Micron Technology, Inc.	1.5%
Meta Platforms, Inc.	1.4%
Newmont Corp.	1.2%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://longviewresearchpartners.com/documents/.

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.

Longview Advantage ETF

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TSR-SAR-75526L852


	Pathfinder Focused Opportunities ETF
	PFOE (Principal U.S. Listing Exchange: NASDAQ )
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Pathfinder Focused Opportunities ETF (the “Fund”) for the period of December 30, 2025, to February 28, 2026. You can find additional information about the Fund at https://pathfinderetfs.com. 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**
Pathfinder Focused Opportunities ETF	$10	0.59%

*	Inception date of the Fund was December 30, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

**	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$100,031,938
Number of Holdings	23
Portfolio Turnover	42%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Communication Services	19.6%
Industrials	16.7%
Health Care	16.4%
Consumer Discretionary	16.2%
Financials	15.8%
Information Technology	14.0%
Cash & Other	1.3%


Top 10 Holdings	(% of Net Assets)
Ferrovial SE	6.0%
QXO, Inc.	5.9%
Netflix, Inc.	5.7%
Spotify Technology SA	5.3%
Eli Lilly & Co.	5.2%
Alphabet, Inc.	5.1%
MercadoLibre, Inc.	5.0%
ASML Holding NV	5.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	5.0%
Uber Technologies, Inc.	4.8%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://pathfinderetfs.com.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that the Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Pathfinder Focused Opportunities ETF

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TSR-SAR-75526L688


	Pathfinder Disciplined US Equity ETF
	PFDE (Principal U.S. Listing Exchange: NASDAQ )
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Pathfinder Disciplined US Equity ETF (the “Fund”) for the period of December 30, 2025, to February 28, 2026. You can find additional information about the Fund at https://pathfinderetfs.com. 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**
Pathfinder Disciplined US Equity ETF	$10	0.59%

*	Inception date of the Fund was December 30, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

**	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$102,905,819
Number of Holdings	68
Portfolio Turnover	14%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Sectors	(% of Net Assets)
Information Technology	31.4%
Financials	14.2%
Consumer Discretionary	12.8%
Health Care	11.1%
Communication Services	8.9%
Industrials	6.8%
Consumer Staples	4.8%
Utilities	3.9%
Materials	3.0%
Cash & Other	3.1%


Top 10 Holdings	(% of Net Assets)
NVIDIA Corp.	9.3%
Microsoft Corp.	6.5%
Apple, Inc.	5.9%
Alphabet, Inc.	5.5%
Amazon.com, Inc.	5.3%
Berkshire Hathaway, Inc.	3.6%
Broadcom, Inc.	3.5%
Mastercard, Inc.	2.5%
Meta Platforms, Inc.	2.3%
HCA Healthcare, Inc.	2.3%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://pathfinderetfs.com.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that the Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Pathfinder Disciplined US Equity ETF

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TSR-SAR-75526L670


	P/E Global Enhanced International Fund
	Institutional Class \| PEIEX
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the P/E Global Enhanced International Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.peglobalenhancedinternationalfund.com/. You can also request this information by contacting us at 1-855-610-4766.

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	$53	1.00%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$36,394,902
Number of Holdings	13
Portfolio Turnover (excludes derivatives)	3%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top 10 Issuers	(% of Net Assets)
Vanguard FTSE Developed Markets ETF	43.2%
iShares Core MSCI EAFE ETF	42.8%
MSCI EAFE Index	1.2%
Japanese Yen/US Dollar Cross Currency Rate (Short)	0.2%
Canadian Dollar/US Dollar Cross Currency Rate	0.0%
Mexican Peso/US Dollar Cross Currency Rate (Short)	0.0%
US Dollar/Norwegian Krone Cross Currency Rate	0.0%
New Zealand Dollar/US Dollar Cross Currency Rate (Short)	-0.1%
US Dollar/Swedish Krona Cross Currency Rate	-0.1%
British Pound/US Dollar Cross Currency Rate (Short)	-0.2%


Component Risk Allocation (includes futures contracts)¹	(% of Porfolio Risk)
Currencies	69.0%
Equities	31.0%

1	Component Risk is used to describe the contribution of each sector’s risk to the overall portfolio risk. In some cases, a sector may ‘hedge’ the portfolio, and thus reduce risk, in which case the Component Risk for that sector would be negative.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.peglobalenhancedinternationalfund.com/.

P/E Global Enhanced International Fund

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TSR-SAR-75526L100

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 1-855-610-4766, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

P/E Global Enhanced International Fund

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TSR-SAR-75526L100


	Penn Capital Short Duration High Income Fund
	Institutional Class \| PSHNX
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Penn Capital Short Duration High Income Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

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	$27	0.54%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$18,457,599
Number of Holdings	87
Portfolio Turnover	28%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Holdings	(% of Net Assets)
Acadia Healthcare Co., Inc.	2.8%
CCO Holdings LLC / CCO Holdings Capital Corp.	2.7%
American Airlines, Inc.	2.4%
OneMain Finance Corp.	2.1%
Owens-Brockway Glass Container, Inc.	2.1%
Nexstar Media, Inc.	2.1%
Harvest Midstream I LP	2.0%
PRA Group, Inc.	1.9%
AdaptHealth LLC	1.9%
Match Group Holdings II LLC	1.7%


Top Sectors	(% of Net Assets)
Consumer Discretionary	21.2%
Financials	14.5%
Energy	13.8%
Health Care	11.7%
Communications	10.0%
Industrials	9.0%
Materials	8.2%
Technology	3.8%
Consumer Staples	1.3%
Cash & Other	6.5%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.penncapital.com/mutual-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 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Penn Capital Short Duration High Income Fund

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TSR-SAR-707269882


	Penn Capital Special Situations Small Cap Equity Fund
	Institutional Class \| PSCNX
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Penn Capital Special Situations Small Cap Equity Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

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	$56	1.09%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$87,257,313
Number of Holdings	83
Portfolio Turnover	53%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Holdings	(% of Net Assets)
Applied Optoelectronics, Inc.	2.1%
Select Water Solutions, Inc.	1.9%
Mirum Pharmaceuticals, Inc.	1.8%
Weatherford International PLC	1.8%
Ligand Pharmaceuticals, Inc.	1.7%
Gulfport Energy Corp.	1.7%
SSR Mining, Inc.	1.7%
Dycom Industries, Inc.	1.7%
Harrow, Inc.	1.7%
Nexstar Media Group, Inc.	1.7%


Top Sectors	(% of Net Assets)
Industrials	17.3%
Health Care	14.8%
Financials	13.5%
Consumer Discretionary	13.4%
Energy	12.1%
Information Technology	10.4%
Communication Services	7.0%
Materials	5.7%
Real Estate	2.4%
Cash & Other	3.4%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.penncapital.com/mutual-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 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Penn Capital Special Situations Small Cap Equity Fund

PAGE 1

TSR-SAR-707269304


	Torray Equity Income Fund
	TORYX
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about Torray Equity Income Fund (the “Fund”) for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://funds.torray.com/literature. You can also request this information by contacting us at 1-800-626-9769.

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

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


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Torray Equity Income Fund	$48	0.95%

*	Annualized

HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?

In the six months ending February 28, 2026, the Fund returned 4.98% compared to 12.44% for the Morningstar US Large-Mid Cap Broad Value Index. Fund results were led by Utilities, Health Care and Energy, offset by weakness in Financials and Consumer Discretionary.

The market has faced a number of headwinds, including concerns over private credit, the potential for AI to disrupt business models (including software and insurance brokerage) and a stagnant housing industry. The Fund has not been immune to this. During these market headwinds, we have increased Fund holdings where we believe the concerns have created long-term opportunities, including Blackstone, Inc. (BX), the KKR & Co., Inc. 6.25% Conv Preferred Series D (KKR.PRD) and Marsh (MRSH). Additionally, we established new positions in Microsoft Corporation (MSFT), Automatic Data Processing, Inc. (ADP), ONEOK, Inc. (OKE) and Constellation Energy Corporation (CEG). Sales included Lennar Corporation Class B (LEN.B) and Home Depot, Inc. (HD) where profits were taken as we believe the housing cycle may have changed structurally.

Two of the new purchases mentioned above are listed in the top ten, as shown below. OKE owns energy infrastructure that directly feeds Gulf Coast export facilities, allowing it to capitalize on data center growth and increasing international demand for U.S. natural gas. OKE management expects its recent acquisitions to produce synergies that may further increase profitability, and its resilient, fee-based business model is insulated from commodity price swings. We believe OKE combines both a strong current yield and track record of increasing payouts. CEG is a non-regulated electric utility operating in 48 states, Canada and the U.K. It owns more nuclear plants than any other company in the U.S., with high barriers to entry, benefiting from secular trends in electrification driven by massive data center demand to run AI models. In recent years the company has entered into 20-year purchase agreements with Microsoft and Meta. CEG benefits from price floors for nuclear generation enacted under the Inflation Reduction Act, smoothing out previous volatility associated with its non-regulated status. CEG management anticipates earnings growth of 10% annually, with dividends growing in line with earnings.

Market volatility can be unnerving, but with eyes fixed on the horizon we try to use these periods to enhance the Fund’s ability to provide a reasonable total return over time.

Thank you for your continued investment in the Fund.


Top Contributors
↑	Amgen Inc.
↑	Royalty Pharma Plc Class A
↑	Phillips 66
↑	Constellation Energy Corporation
↑	NextEra Energy, Inc.

Torray Equity Income Fund

PAGE 1

TSR-SAR-75526L506


Top Detractors
↓	Blackstone Inc.
↓	Intuit Inc.
↓	Lennar Corporation Class B
↓	KKR & Co Inc Pfd Series D
↓	Home Depot, Inc.

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

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	5 Year	10 Year
Torray Equity Income Fund	14.53	11.80	9.85
S&P 500 Total Return Index	16.99	14.19	15.50
Morningstar US Large-Mid Cap Broad Value Total Return USD Index	17.97	13.44	13.34

Visit https://www.torrayfund.com/literature for more recent performance information.

*	The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$343,408,868
Number of Holdings	23
Portfolio Turnover	33%

Torray Equity Income Fund

PAGE 2

TSR-SAR-75526L506

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top 10 Issuers	(% of Net Assets)
Phillips 66	6.5%
Texas Instruments, Inc.	6.2%
Chevron Corp.	5.4%
PepsiCo, Inc.	4.9%
CNA Financial Corp.	4.9%
Pfizer, Inc.	4.8%
ONEOK, Inc.	4.8%
Constellation Energy Corp.	4.8%
Hewlett Packard Enterprise Co.	4.7%
Royalty Pharma PLC	4.7%


Top Sectors	(% of Net Assets)
Financials	23.9%
Health Care	18.8%
Information Technology	18.2%
Energy	16.8%
Utilities	8.9%
Consumer Staples	4.9%
Real Estate	4.1%
Industrials	3.1%
Cash & Other	1.3%

Changes to Fund’s Portfolio Manager or Portfolio Management Team:

Brian Zaczynski was added to the current team of Co-Portfolio Managers effective November 1, 2025.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.torrayfund.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 1-800-626-9769, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Torray Equity Income Fund

PAGE 3

TSR-SAR-75526L506


	Tweedy, Browne Insider + Value ETF
	COPY \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Tweedy Browne Insider + Value ETF (the “Fund”) for the period of September 1, 2025, to February 28, 2026 (the “period”). You can find additional information about the Fund at http://www.tweedyetfs.com/etf-overview. You can also request this information by contacting us at 1-800-432-4789.

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*
Tweedy Browne Insider + Value ETF	$43	0.80%

*	Annualized

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

Market Overview
Global equity markets continued to advance during the six months ended February 28, 2026, supported by moderating inflation data, resilient corporate earnings, and continued investor enthusiasm surrounding artificial intelligence. Equity markets outside the United States also delivered solid results during the period, although performance continued to be uneven across regions and sectors.

In this continued “risk on” environment, the Fund produced a return of 18.60% for the six months ended February 28, 2026. This compares with a return of 9.61% for its primary unhedged benchmark, the MSCI World Index (in USD), and 9.87% for the currency hedged MSCI World Index (Hedged to USD). Since its inception in late December of 2024, the Fund has produced a cumulative return of 45.17% versus 22.40% for the MSCI World Index (in USD).

For roughly the first half of the period, the Fund remained unhedged from a currency perspective, and foreign exchange movements therefore impacted returns. During that time, strength in the Swedish krona, euro, and Canadian dollar against the U.S. dollar provided a modest tailwind, while weakness in the South Korean won was a modest offset. The British pound was essentially unchanged and had little impact. Near the end of the period, the Fund began to adopt a hedged currency posture, which reduced the portfolio’s sensitivity to subsequent exchange rate movements.

What Impacted Performance During the Period
On an absolute return basis, the Fund’s financials, industrials, and materials holdings contributed most to performance, led by gains in a number of European banking holdings, air freight and logistics companies, and metals and mining companies. The Fund’s energy holdings, led by exposures to oil and gas holdings, also contributed positively during the period. Detractors included select health care equipment and transportation related holdings, although these declines were relatively modest compared with gains elsewhere in the portfolio.

At the country level, the United Kingdom, Canada, South Korea, Spain, and Austria were among the largest contributors to Fund performance, while Bermuda and Australia detracted modestly. Across market capitalization groups, large- and mid-cap holdings drove the bulk of the Fund’s return during the period, while smaller-cap holdings detracted modestly.

Tweedy Browne Insider + Value ETF

PAGE 1

TSR-SAR-75526L860


Top Contributors
↑	DPM Metals
↑	Samsung Electronics
↑	Boliden
↑	Sibanye Stillwater
↑	Tamarack Valley Energy
↑	Ionis Pharmeceuticals
↑	Hyundai Glovis
↑	Erste Group Bank
↑	General Motors
↑	BAWAG Group


Top Detractors
↓	ProsiebenSat.1 Media
↓	BFF Bank
↓	FMC
↓	Jet2
↓	Norion Bank
↓	X-Fab Silicon Foundries
↓	TF1
↓	Orion
↓	Stabilus
↓	MFE-MediaForEurope

HOW DID THE FUND PERFORM SINCE INCEPTION?*

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	Since Inception (12/26/2024)
Tweedy Browne Insider + Value ETF	39.69	36.94
MSCI WORLD INDEX Net (USD)	21.33	18.76

Visit http://www.tweedyetfs.com/etf-overview 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.

Tweedy Browne Insider + Value ETF

PAGE 2

TSR-SAR-75526L860

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$298,276,073
Number of Holdings	210
Net Advisory Fee	$773,703
Portfolio Turnover	13%

Visit http://www.tweedyetfs.com/etf-overview for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top 10 Issuers	(% of Net Assets)
StoneX Group, Inc.	1.5%
Banco Santander SA	1.4%
Samsung Electronics Co. Ltd.	1.3%
Hyundai Glovis Co. Ltd.	1.2%
Peyto Exploration & Development Corp.	1.1%
Burberry Group PLC	1.0%
KT Corp.	1.0%
Bankinter SA	1.0%
HCI Group, Inc.	1.0%
Resideo Technologies, Inc.	1.0%


Top Sectors	(% of Net Assets)
Financials	22.8%
Consumer Discretionary	16.3%
Industrials	14.2%
Energy	13.1%
Materials	7.8%
Health Care	6.0%
Consumer Staples	5.9%
Communication Services	5.5%
Information Technology	4.0%
Cash & Other	4.4%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://www.tweedyetfs.com/etf-overview.

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 1-800-432-4789, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Tweedy Browne Insider + Value ETF

PAGE 3

TSR-SAR-75526L860


	Tweedy, Browne International Insider + Value ETF
	ICPY \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Tweedy, Browne International Insider + Value ETF (the “Fund”) for the period of September 9, 2025, to February 28, 2026 (the “period”). You can find additional information about the Fund at https://www.tweedyetfs.com/international-insider-value-etf-overview. You can also request this information by contacting us at 1-800-432-4789.

WHAT WERE THE FUND COSTS FOR THE PERIOD OF SEPTEMBER 9, 2025 TO FEBRUARY 28, 2026?*(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**
Tweedy, Browne International Insider + Value ETF	$42	0.80%

*	Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

**	Annualized

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

Market Overview
Non-U.S. equity markets delivered strong results during the six months ended February 28, 2026, extending a trend that began in earnest in 2025, when international equities outperformed their U.S. counterparts by a wide margin for the first time in many years. A weaker U.S. dollar contributed meaningfully to returns for U.S.-based investors, prospects for fiscal expansion in Europe including increased defense spending supported markets in that region, and corporate governance reforms in Japan continued to draw investor attention. Valuations outside the United States entered the period at a substantial discount to U.S. equities, a condition Tweedy, Browne Company LLC, the investment adviser, has long associated with favorable long-term return prospects, and some of that gap began to close. Results were uneven across regions, however, with China and markets with significant exposure to U.S. large-cap technology themes facing headwinds, value-oriented markets in Europe and Japan generally led the way.

In this continued “risk on” environment, the Fund produced a return of 20.67% for the six months ended February 28, 2026. This compares with a return of 16.76% for its primary unhedged benchmark, the MSCI EAFE Index (in USD), and 18.08% for the currency hedged MSCI EAFE Index (Hedged to USD).

What Impacted Performance During the Period
On an absolute return basis, the Fund’s financials, materials, and energy holdings contributed most to performance, led by gains in a number of European banking holdings, metals and mining companies, and oil and gas companies. The Fund’s industrials and consumer discretionary holdings also contributed positively during the period, supported by gains in air freight and logistics companies, automobile component manufacturers, and household durables companies. Detractors included select holdings in media, financial services, and leisure-related industries, although these declines were modest relative to gains elsewhere in the portfolio.

At the country level, Canada, South Korea, the United Kingdom, Spain, and Austria were among the largest contributors to Fund performance, while Italy and the Philippines detracted. Across market capitalization groups, large- and mid-cap holdings drove the bulk of the Fund’s return during the period, while smaller-cap holdings detracted modestly.

Tweedy, Browne International Insider + Value ETF

PAGE 1

TSR-SAR-75526L761


Top Contributors
↑	DPM Metals
↑	Samsung Electronics
↑	Boliden
↑	Hyundai Glovis
↑	Tamarack Valley Energy
↑	Sibanye Stillwater
↑	Erste Group Bank
↑	BAWAG Group
↑	Peyto Exploration & Development
↑	Schaeffler


Top Detractors
↓	BFF Bank
↓	ProsiebenSat.1 Media
↓	Norion Bank
↓	X-Fab Silicon Foundries
↓	MFE-MediaforEurope
↓	TF1
↓	Semirara Mining & Power
↓	Stabilus
↓	Jet2
↓	M6

Tweedy, Browne International Insider + Value ETF

PAGE 2

TSR-SAR-75526L761

HOW DID THE FUND PERFORM SINCE INCEPTION?*

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	Since Inception (09/09/2025)
Tweedy, Browne International Insider + Value ETF	20.80
MSCI EAFE Index Net (USD)	16.76

Visit https://www.tweedyetfs.com/international-insider-value-etf-overview for more recent performance information.

*	*The Fund’s past performance is not a good predictor of how the Fund will perform in the future.*The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$42,544,158
Number of Holdings	158
Net Advisory Fee	$37,581
Portfolio Turnover	15%

Visit https://www.tweedyetfs.com/international-insider-value-etf-overview for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top 10 Issuers	(% of net Assets)
Banco Santander SA	1.9%
Samsung Electronics Co. Ltd.	1.8%
Hyundai Glovis Co. Ltd.	1.7%
Peyto Exploration & Development Corp.	1.5%
KT Corp.	1.4%
Burberry Group PLC	1.4%
Bankinter SA	1.4%
OSB Group PLC	1.3%
Befesa SA	1.3%
Acciona SA	1.2%


Top Sectors	(% of Net Assets)
Financials	20.9%
Consumer Discretionary	17.7%
Industrials	15.2%
Energy	10.8%
Materials	9.8%
Communication Services	7.1%
Consumer Staples	6.0%
Information Technology	4.7%
Utilities	2.3%
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.tweedyetfs.com/international-insider-value-etf-overview.

Tweedy, Browne International Insider + Value ETF

PAGE 3

TSR-SAR-75526L761

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 1-800-432-4789, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Tweedy, Browne International Insider + Value ETF

PAGE 4

TSR-SAR-75526L761


	Twin Oak Endure ETF
	SPYA (Principal U.S. Listing Exchange: CBOE BZX )
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Twin Oak Endure ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://twinoaketfs.com/SPYA. 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*
Twin Oak Endure ETF	$25	0.49%

*	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$121,591,347
Number of Holdings	11
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Holdings	(% of Investments)
Vanguard S&P 500 ETF	55.8%
Twin Oak Short Horizon Absolute Return ETF	25.2%
Snowflake, Inc	9.5%
US Treasuries	8.6%
Citigroup Corp Bond	0.9%


Top Sectors	(% of Investments)
Software & Services	17.0%
Semiconductors & Semiconductor Equipment	10.8%
Media & Entertainment	7.2%
Technology Hardware & Equipment	6.9%
Financials Services	5.5%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://twinoaketfs.com/SPYA.

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.

Twin Oak Endure ETF

PAGE 1

TSR-SAR-75526L811


	Twin Oak Strategic Solutions ETF
	TOS (Principal U.S. Listing Exchange: CBOE BZX )
	Semi-Annual Shareholder Report \| February 28, 2026

This semi-annual shareholder report contains important information about the Twin Oak Strategic Solutions ETF (the “Fund”) for the period of January 27, 2026 to February 28, 2026. You can find additional information about the Fund at https://twinoaketfs.com/TOS. 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**
Twin Oak Strategic Solutions ETF	$3	0.36%

*	Inception date of the Fund was January 27, 2026. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

**	Annualized

KEY FUND STATISTICS (as of February 28, 2026)


Net Assets	$171,209,587
Number of Holdings	14
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of February 28, 2026)


Top Holdings	(% of Investments)
Coherent Corp	17.5%
ASML Holding NV	12.4%
NVIDIA Corp	10.5%
Dimensional International Small Cap Value ETF	10.5%
Constellation Energy Corp	7.3%
Avantis International Small Cap Value ETF	6.9%
Union Pacific Corp	6.8%
CVS Health Corp	6.7%
Amazon.com, Inc	5.1%
Live Nation Entertainment, Inc	4.8%


Top Sectors	(% of Investments)
Semiconductors & Semiconductor Equipment	23.9%
Utilities	23.5%
Transportation	7.9%
Health Care Equipment & Services	7.3%
Consumer Discretionary Distribution & Retail	6.1%

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, scan the QR code or visit https://twinoaketfs.com/TOS.

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.

Twin Oak Strategic Solutions ETF

PAGE 1

TSR-SAR-75526L639

	Par		Value
CONVERTIBLE BONDS — 87.9%
Automobiles — 3.5%
Rivian Automotive, Inc., 3.63%, 10/15/2030	$	662,000	$	650,438
Winnebago Industries, Inc., 3.25%, 01/15/2030		372,000		352,842
				1,003,280
Banks — 3.5%
Barclays Bank PLC, 1.00%, 02/16/2029 ^(a)		960,000		986,880

Biotechnology — 2.5%
Bridgebio Pharma, Inc., 2.25%, 02/01/2029		385,000		418,206
Travere Therapeutics, Inc., 2.25%, 03/01/2029		221,000		280,306
				698,512
Broadline Retail — 1.5%
Etsy, Inc., 0.13%, 09/01/2027		461,000		430,805

Capital Markets — 2.6%
Coinbase Global, Inc., 0.25%, 04/01/2030		790,000		737,662

Consumer Finance — 1.9%
Upstart Holdings, Inc., 1.00%, 11/15/2030		729,000		546,386

Electric Utilities — 2.6%
PG&E Corp., 4.25%, 12/01/2027		688,000		735,850

Electrical Equipment — 1.0%
Array Technologies, Inc., 1.00%, 12/01/2028		331,000		297,569

Electronic Equipment, Instruments & Components — 3.3%
Itron, Inc., 1.38%, 07/15/2030		683,000		712,881
Vishay Intertechnology, Inc., 2.25%, 09/15/2030		215,000		212,958
				925,839
Entertainment — 2.6%
Live Nation Entertainment, Inc., 2.88%, 01/15/2030		665,000		746,462

Financial Services — 4.1%
Affirm Holdings, Inc., 0.75%, 12/15/2029		734,000		697,961
Global Payments, Inc., 1.50%, 03/01/2031		525,000		478,537
				1,176,498
Ground Transportation — 1.0%
Lyft, Inc., 0.63%, 03/01/2029		280,000		291,587
Health Care Equipment & Supplies — 8.5%
Alphatec Holdings, Inc., 0.75%, 08/01/2026	$	374,000	$	382,415
Dexcom, Inc., 0.38%, 05/15/2028		463,000		434,178
Enovis Corp., 3.88%, 10/15/2028		423,000		420,356
Haemonetics Corp., 2.50%, 06/01/2029		576,000		567,763
Integer Holdings Corp., 2.13%, 02/15/2028		235,000		277,065
Lantheus Holdings, Inc., 2.63%, 12/15/2027		281,000		337,271
				2,419,048
Health Care Providers & Services — 1.9%
Guardant Health, Inc., 0.00%, 11/15/2027 ^(b)		203,000		212,125
NeoGenomics, Inc., 0.25%, 01/15/2028		346,000		318,320
				530,445
Hotels, Restaurants & Leisure — 5.7%
DraftKings Holdings, Inc., 0.00%, 03/15/2028 ^(b)		520,000		470,340
Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027		611,000		591,448
NCL Corp. Ltd., 1.13%, 02/15/2027		284,000		290,958
Shake Shack, Inc., 0.00%, 03/01/2028 ^(b)		290,000		280,213
				1,632,959
Household Durables — 1.5%
Meritage Homes Corp., 1.75%, 05/15/2028		418,000		432,192

Interactive Media & Services — 0.9%
Snap, Inc., 0.50%, 05/01/2030		316,000		257,303

IT Services — 3.3%
Akamai Technologies, Inc., 1.13%, 02/15/2029		336,000		360,763
Cloudflare, Inc., 0.00%, 08/15/2026 ^(b)		540,000		584,982
				945,745
Life Sciences Tools & Services — 0.9%
Repligen Corp., 1.00%, 12/15/2028		260,000		261,690

Oil, Gas & Consumable Fuels — 1.4%
Northern Oil & Gas, Inc., 3.63%, 04/15/2029		389,000		410,881

	Par		Value
Pharmaceuticals — 2.3%
Amphastar Pharmaceuticals, Inc., 2.00%, 03/15/2029	$	379,000	$	346,406
Pacira BioSciences, Inc., 2.13%, 05/15/2029		305,000		295,271
				641,677
Professional Services — 1.0%
Parsons Corp., 2.63%, 03/01/2029		265,000		278,250

Semiconductors & Semiconductor Equipment — 4.9%
Enphase Energy, Inc., 0.00%, 03/01/2028 ^(b)		657,000		592,121
Microchip Technology, Inc., 0.75%, 06/01/2030		423,000		431,885
ON Semiconductor Corp., 0.50%, 03/01/2029		367,000		369,569
				1,393,575
Software — 22.3%
BILL Holdings, Inc., 0.00%, 04/01/2030 ^(b)		407,000		375,966
BlackLine, Inc., 1.00%, 06/01/2029		555,000		518,231
Box, Inc., 1.50%, 09/15/2029		438,000		409,530
Datadog, Inc., 0.00%, 12/01/2029 ^(b)		881,000		853,029
Five9, Inc., 1.00%, 03/15/2029		321,000		284,406
Guidewire Software, Inc., 1.25%, 11/01/2029		596,000		595,404
Nutanix, Inc.
0.25%, 10/01/2027		280,000		288,960
0.50%, 12/15/2029		310,000		285,820
Progress Software Corp., 3.50%, 03/01/2030		816,000		822,324
Strategy, Inc., 0.88%, 03/15/2031		341,000		329,832
Varonis Systems, Inc., 1.00%, 09/15/2029		305,000		274,576
Vertex, Inc., 0.75%, 05/01/2029		458,000		413,116
Workiva, Inc., 1.13%, 08/15/2026		889,000		888,556
				6,339,750
Technology Hardware, Storage & Peripherals — 3.2%
Super Micro Computer, Inc., 3.50%, 03/01/2029		980,000		912,317
TOTAL CONVERTIBLE BONDS (Cost $25,091,851)				25,033,162

	Shares		Value
CONVERTIBLE PREFERRED STOCKS — 9.2%
Banks — 9.2%
Bank of America Corp., Series L, 7.25%, Perpetual		1,057	$	1,313,862
Wells Fargo & Co., Series L, 7.50%, Perpetual		1,060		1,305,909
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $2,506,979)				2,619,771

SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS — 2.5%
First American Government Obligations Fund - Class X, 3.60% ^(c)		715,700		715,700
TOTAL MONEY MARKET FUNDS (Cost $715,700)				715,700

TOTAL INVESTMENTS — 99.6% (Cost $28,314,530)				28,368,633
Other Assets in Excess of Liabilities — 0.4%				126,919
TOTAL NET ASSETS — 100.0%			$	28,495,552

	Advent Convertible Bond ETF
ASSETS:
Investments, at value	$	28,368,633
Interest receivable		118,341
Dividends receivable		22,529
Prepaid expenses and other assets		91
Total assets		28,509,594

LIABILITIES:
Payable to Adviser		14,042
Total liabilities		14,042

NET ASSETS	$	28,495,552

NET ASSETS CONSISTS OF:
Paid-in capital	$	27,738,731
Total distributable earnings		756,821
Total net assets	$	28,495,552

Net assets	$	28,495,552
Shares issued and outstanding^(a)		1,070,000
Net asset value per share	$	26.63

Investments, at cost	$	28,314,530

	Advent Convertible Bond ETF
INVESTMENT INCOME:
Dividend income	$	82,322
Interest income		188,336
Total investment income		270,658

EXPENSES:
Investment advisory fee		109,820
Total expenses		109,820
Expense reimbursement by Adviser		(20,591	)
Net expenses		89,229
NET INVESTMENT INCOME		181,429

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		42,947
In-kind redemptions		668,595
Net realized gain (loss)		711,542
Net change in unrealized appreciation (depreciation) on:
Investments		(654,420	)
Net change in unrealized appreciation (depreciation)		(654,420	)
Net realized and unrealized gain (loss)		57,122
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	238,551

	Period ended February 28, 2026 (Unaudited)			Period ended August 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	181,429		$	159,837
Net realized gain (loss)		711,542			636,522
Net change in unrealized appreciation (depreciation)		(654,420	)		708,523
Net increase (decrease) in net assets from operations		238,551			1,504,882

Distributions to Shareholders:
From earnings		(282,039	)		(117,727	)
Total distributions to shareholders		(282,039	)		(117,727	)

CAPITAL TRANSACTIONS:
Shares sold		8,330,217			31,036,354
Shares redeemed		(7,255,523	)		(5,025,550	)
ETF transaction fees		1,335			65,052
Net increase (decrease) in net assets from capital transactions		1,076,029			26,075,856

NET INCREASE (DECREASE) IN NET ASSETS		1,032,541			27,463,011

NET ASSETS:
Beginning of the period		27,463,011			—
End of the period	$	28,495,552		$	27,463,011

SHARES TRANSACTIONS
Shares sold		310,000			1,220,000
Shares redeemed		(270,000	)		(190,000	)
Total increase (decrease) in shares outstanding		40,000			1,030,000

	Period ended February 28, 2026 (Unaudited)			Period ended August 31, 2025^(a)
PER SHARE DATA:
Net asset value, beginning of period	$	26.66		$	25.00

INVESTMENT OPERATIONS:
Net investment income^(b)		0.18			0.16
Net realized and unrealized gain (loss) on investments^(c)		0.06			1.55
Total from investment operations		0.24			1.71

LESS DISTRIBUTIONS FROM:
Net investment income		(0.21	)		(0.12	)
Net realized gains		(0.06	)		—
Total distributions		(0.27	)		(0.12	)

ETF transaction fees per share		0.00	^(d)		0.07
Net asset value, end of period	$	26.63		$	26.66

TOTAL RETURN^(e)		0.90	%		7.13	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	28,496		$	27,463
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment^(f)		0.80	%		0.80	%
After expense reimbursement/recoupment^(f)		0.65	%		0.65	%
Ratio of net investment income (loss) to average net assets^(f)		1.32	%		1.86	%
Portfolio turnover rate^(e)(g)		86	%		69	%

	Level 1		Level 2		Level 3		Total
Investments:
Convertible Bonds	$	—	$	24,046,282	$	986,880	$	25,033,162
Convertible Preferred Stocks		2,619,771		—		—	$	2,619,771
Money Market Funds		715,700		—		—	$	715,700
Total Investments	$	3,335,471	$	24,046,282	$	986,880	$	28,368,633

Fund	PURCHASES	SALES
Advent Convertible Bond ETF	$ 22,634,267	$ 17,779,050

Fund	Gross unrealized appreciation	Gross unrealized (depreciation)	Net unrealized appreciation	Cost
Advent Convertible Bond ETF	$ 760,885	$ (63,265)	$ 697,620	$ 26,636,502

Fund	Undistributed ordinary income	Undistributed long-term capital gain	Net unrealized appreciation/ (depreciation)	Total accumulated earnings
Advent Convertible Bond ETF	$ 102,689	$ —	$ 697,620	$ 800,309

	August 31, 2025
Distributions paid from:
Ordinary Income	$	117,727
Long-Term Capital Gains		—
	$	117,727

Allocation of Portfolio Holdings by Country as of February 28, 2026	Value		% of Net Assets
Japan	$	23,064,975		99.5	%
Other Assets in Excess of Liabilities		110,336		0.5
	$	23,175,311		100.0	%

Sector Classification as of February 28, 2026	Value		% of Net Assets
Industrials	$	6,875,923		29.7	%
Information Technology		4,662,790		20.1
Financials		3,038,818		13.2
Consumer Discretionary		2,768,301		11.9
Materials		2,316,392		10.0
Consumer Staples		1,159,117		4.9
Communication Services		1,098,576		4.8
Real Estate		512,693		2.2
Health Care		447,244		1.9
Energy		185,121		0.8
Other Assets in Excess of Liabilities		110,336		0.5
	$	23,175,311		100.0	%

	Shares		Value
COMMON STOCKS — 99.5%
Japan — 99.5% ^(a)
ADEKA Corp.		8,500	$	261,057
ALSOK Co. Ltd.		33,300		273,225
Amano Corp.		9,000		236,291
and ST HD Co. Ltd.		7,100		136,247
Anritsu Corp.		16,200		314,091
Asahi Intecc Co. Ltd.		10,500		226,376
Azbil Corp.		22,800		212,338
BuySell Technologies Co. Ltd.		7,000		264,532
Cosmo Energy Holdings Co. Ltd.		6,000		185,121
Cosmos Pharmaceutical Corp.		2,600		115,541
Cover Corp. ^(b)		14,000		156,477
CTI Engineering Co. Ltd.		10,400		232,480
CyberAgent, Inc.		18,300		161,521
Dai-Dan Co. Ltd.		16,200		380,810
Fuji Corp.		11,700		456,459
Fuji Electric Co. Ltd.		1,900		169,281
Future Corp.		11,000		128,160
GMO Financial Gate, Inc.		5,300		179,580
GS Yuasa Corp.		7,000		249,287
Gunma Bank Ltd.		26,700		386,840
Hachijuni Nagano Bank Ltd.		30,300		403,580
Harmonic Drive Systems, Inc.		4,200		122,536
Haseko Corp.		16,300		356,434
Hirose Electric Co. Ltd.		1,900		283,981
Hoshizaki Corp.		4,800		168,972
Ibiden Co. Ltd.		3,100		189,366
Iida Group Holdings Co. Ltd.		17,400		309,940
INFRONEER Holdings, Inc.		24,200		405,956
Internet Initiative Japan, Inc.		10,800		157,581
Iyogin Holdings, Inc.		18,800		408,693
Japan Elevator Service Holdings Co. Ltd.		14,300		148,610
Japan Material Co. Ltd.		13,700		191,471
Japan Steel Works Ltd.		6,100		399,308
JINS Holdings, Inc.		2,400		81,781
Kakaku.com, Inc.		10,200		112,470
Kandenko Co. Ltd.		12,000		536,954
Koei Tecmo Holdings Co. Ltd.		14,900		172,167
Kura Sushi, Inc.		3,900		93,300
Kureha Corp.		6,900		216,778
Kurita Water Industries Ltd.		7,000		390,655
Kyoto Financial Group, Inc.		13,900		345,174
Macnica Holdings, Inc.		16,900		299,681
Marui Group Co. Ltd.		10,100		205,332
Maruwa Co. Ltd.		700		274,754
Meidensha Corp.		1,400		70,123
Meiko Electronics Co. Ltd.		2,800		393,838
Mercari, Inc. ^(b)		9,600		225,973
Micronics Japan Co. Ltd.		5,100		398,527
MISUMI Group, Inc.		9,300		187,519
Mitsui High-Tec, Inc.		17,600		98,864

	Shares		Value
COMMON STOCKS — 99.5% (continued)
Japan — 99.5% ^(a)(continued)
Mitsui Kinzoku Co. Ltd.		1,500	$	354,620
Miura Co. Ltd.		7,500		154,924
Monex Group, Inc.		23,800		113,874
Morinaga & Co. Ltd.		17,500		323,883
Morinaga Milk Industry Co. Ltd.		5,400		171,589
Musashi Seimitsu Industry Co. Ltd.		8,300		166,133
Nagase & Co. Ltd.		11,700		371,253
Namura Shipbuilding Co. Ltd.		5,900		210,492
Nifco, Inc.		8,000		284,080
Nihon Kohden Corp.		13,100		145,998
Nihon M&A Center Holdings, Inc.		30,800		142,573
Nissui Corp.		35,800		355,191
NSD Co. Ltd.		6,500		118,717
OBIC Business Consultants Co. Ltd.		4,100		165,970
Oki Electric Industry Co. Ltd.		11,400		235,850
Osaka Soda Co. Ltd.		19,300		290,999
OSAKA Titanium Technologies Co. Ltd.		5,500		109,031
OSG Corp.		14,800		277,420
PAL GROUP Holdings Co. Ltd.		17,700		187,515
Park24 Co. Ltd.		16,400		236,349
Penta-Ocean Construction Co. Ltd.		30,100		411,327
PeptiDream, Inc. ^(b)		8,200		74,870
Persol Holdings Co. Ltd.		97,900		156,640
Raito Kogyo Co. Ltd.		12,500		348,679
Saizeriya Co. Ltd.		9,200		413,079
San-A Co. Ltd.		9,700		192,913
Sansan, Inc. ^(b)		14,500		109,034
Shizuoka Financial Group, Inc.		26,900		541,704
SHO-BOND Holdings Co. Ltd.		15,400		144,999
SKY Perfect JSAT Holdings, Inc.		18,400		338,360
Sojitz Corp.		9,700		439,878
SUMCO Corp.		9,100		106,519
Sumitomo Bakelite Co. Ltd.		7,700		296,854
Taiyo Holdings Co. Ltd.		7,700		264,895
Taiyo Yuden Co. Ltd.		5,300		162,811
Tokuyama Corp.		4,000		114,677
Tokyo Century Corp.		21,300		311,468
Tokyo Ohka Kogyo Co. Ltd.		6,900		407,481
Tokyo Seimitsu Co. Ltd.		3,000		332,426
Tokyo Tatemono Co. Ltd.		18,300		512,693
Towa Corp.		6,300		121,460
Ulvac, Inc.		4,300		288,641
Visional, Inc. ^(b)		2,000		94,194

	MUFG JAPAN SMALL CAP ACTIVE ETF
ASSETS:
Investments, at value	$	23,064,975
Deferred organizational expenses		48,012
Dividends receivable		35,321
Cash and cash equivalents		29,037
Dividend tax reclaims receivable		11,108
Interest receivable		63
Total assets		23,188,516

LIABILITIES:
Payable to Adviser		12,452
Payable for expenses and other liabilities		753
Total liabilities		13,205

NET ASSETS	$	23,175,311

NET ASSETS CONSISTS OF:
Paid-in capital	$	18,862,970
Total distributable earnings		4,312,341
Total net assets	$	23,175,311

Net assets	$	23,175,311
Shares issued and outstanding ^(a)		380,000
Net asset value per share	$	60.99

Investments, at cost	$	18,763,907

	MUFG JAPAN SMALL CAP ACTIVE ETF^(a)
INVESTMENT INCOME:
Dividend income	$	216,253
Less: dividend withholding taxes		(21,625	)
Interest income		1,565
Total investment income		196,193

EXPENSES:
Investment advisory fee		65,235
Other expenses and fees		8,698
Total expenses		73,933

NET INVESTMENT INCOME		122,260

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(39,545	)
In-kind redemptions		71,284
Foreign currency translation		(11,635	)
Net realized gain (loss)		20,104
Net change in unrealized appreciation (depreciation) on:
Investments		4,301,068
Foreign currency translation		(373	)
Net change in unrealized appreciation (depreciation)		4,300,695
Net realized and unrealized gain (loss)		4,320,799
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	4,443,059

	FOR THE PERIOD ENDED FEBRUARY 28, 2026^(a) (UNAUDITED)
OPERATIONS:
Net investment income (loss)	$	122,260
Net realized gain (loss)		20,104
Net change in unrealized appreciation (depreciation)		4,300,695
Net increase (decrease) in net assets from operations		4,443,059

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(130,718	)
Total distributions to shareholders		(130,718	)

CAPITAL TRANSACTIONS:
Shares sold		19,875,464
Shares redeemed		(1,012,494	)
Net increase (decrease) in net assets from capital transactions		18,862,970

NET INCREASE (DECREASE) IN NET ASSETS		23,175,311

NET ASSETS:
Beginning of the period		—
End of the period	$	23,175,311

SHARES TRANSACTIONS
Shares sold		400,000
Shares redeemed		(20,000	)
Total increase (decrease) in shares outstanding		380,000

	FOR THE PERIOD ENDED FEBRUARY 28, 2026^(a) (UNAUDITED)
PER SHARE DATA:
Net asset value, beginning of period	$	50.44

INVESTMENT OPERATIONS:
Net investment income^(b)		0.32
Net realized and unrealized gain (loss) on investments ^(c)		10.56
Total from investment operations		10.88

LESS DISTRIBUTIONS FROM:
Net investment income		(0.33	)
Total distributions		(0.33	)
Net asset value, end of period	$	60.99

TOTAL RETURN ^(d)		21.70	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$	23,175
Ratio of expenses to average net assets ^(e)		0.85	%
Ratio of net investment income (loss) to average net assets ^(e)		1.41	%
Portfolio turnover rate ^(d)(f)		8	%

FUND		ADVISORY FEE
MUFG Japan Small Cap Active ETF			0.75	%

	shares		VALUE
COMMON STOCKS — 98.1%
Brazil — 0.9%
Ambev SA - ADR		4,240,042	$	13,398,533

Canada — 9.9%
Agnico Eagle Mines Ltd.		75,801		19,040,135
Barrick Mining Corp.		453,749		23,023,224
Franco-Nevada Corp.		86,377		24,141,613
Imperial Oil Ltd.		274,518		32,109,781
Nutrien Ltd.		159,466		11,971,113
Power Corp. of Canada		267,647		13,444,648
Wheaton Precious Metals Corp.		150,236		24,586,122
				148,316,636
France — 3.5%
Danone SA		167,517		14,378,224
Dassault Systemes SE		669,003		14,663,664
LVMH Moet Hennessy Louis Vuitton SE		31,397		20,185,402
Pernod Ricard SA		40,917		3,783,678
				53,010,968
Germany — 1.8%
adidas AG		12,014		2,245,767
Merck KGaA		162,302		24,604,869
				26,850,636
Hong Kong — 3.3%
AIA Group Ltd.		1,016,200		11,274,658
Alibaba Group Holding Ltd.		836,100		15,271,965
CK Asset Holdings Ltd.		1,355,500		8,624,995
Jardine Matheson Holdings Ltd.		177,990		14,684,175
				49,855,793
Ireland — 1.1%
Medtronic PLC		166,793		16,289,004

Japan — 7.4%
FANUC Corp.		326,000		14,848,641
Hoshizaki Corp.		155,200		5,462,038
Keyence Corp.		31,000		13,113,438
Mitsubishi Electric Corp.		256,600		9,844,015
MS&AD Insurance Group Holdings, Inc.		545,400		15,283,004
Secom Co. Ltd.		314,600		12,163,768
Shimano, Inc.		72,400		7,770,141
SMC Corp.		44,500		21,491,307
Sompo Holdings, Inc.		282,500		11,297,106
				111,273,458
Mexico — 2.6%
Fomento Economico Mexicano SAB de CV - ADR		168,469		18,922,438
Grupo Mexico SAB de CV - Class B		339,308		4,300,161
Mexico — 2.6% (continued)
Wal-Mart de Mexico SAB de CV		4,878,756	$	15,835,702
				39,058,301
Netherlands — 2.4%
Heineken NV		136,535		12,674,067
Magnum Ice Cream Co. NV ^(a)		63,217		1,003,632
Prosus NV		415,802		21,376,972
				35,054,671
South Korea — 4.6%
NAVER Corp.		53,407		9,448,788
Samsung Electronics Co. Ltd.		391,784		58,965,058
				68,413,846
Sweden — 1.1%
Investor AB		397,910		16,650,107

Switzerland — 4.5%
Cie Financiere Richemont SA		103,751		21,219,802
Nestle SA		208,030		22,722,715
Schindler Holding AG		49,640		18,955,978
SGS SA		30,320		3,825,246
				66,723,741
Taiwan — 1.2%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		48,523		18,175,745

United Kingdom — 10.3%
British American Tobacco PLC		692,131		43,279,758
Diageo PLC		231,780		5,192,974
Haleon PLC		2,656,836		14,526,075
Lloyds Banking Group PLC		9,740,665		13,448,663
Reckitt Benckiser Group PLC		221,318		19,422,703
Shell PLC		430,962		17,822,866
Unilever PLC		280,965		20,669,590
Willis Towers Watson PLC		65,101		19,866,872
				154,229,501
United States — 43.5% ^(b)
Alphabet, Inc. - Class C		117,825		36,694,240
American Express Co.		31,603		9,762,167
Bank of New York Mellon Corp.		175,361		20,885,495
Becton Dickinson & Co.		205,102		36,196,401
Berkshire Hathaway, Inc. - Class B ^(a)		25,126		12,687,374
Bio-Rad Laboratories, Inc. - Class A ^(a)		48,926		13,622,955
BXP, Inc.		146,728		8,448,598
CH Robinson Worldwide, Inc.		105,624		19,566,846
Charter Communications, Inc. - Class A ^(a)		66,922		15,701,909
Colgate-Palmolive Co.		146,490		14,523,019
Comcast Corp. - Class A		580,142		17,961,196
Dollar General Corp.		81,585		12,746,840

	shares		VALUE
United States — 43.5% ^(b) (continued)
Elevance Health, Inc.		70,896	$	22,686,720
Equity Residential		152,564		9,643,570
Expeditors International of Washington, Inc.		111,295		16,141,114
Extra Space Storage, Inc.		56,067		8,467,799
Exxon Mobil Corp.		133,306		20,329,165
Fidelity National Financial, Inc.		80,623		4,263,344
Fiserv, Inc. ^(a)		134,475		8,376,448
HCA Healthcare, Inc.		56,181		29,759,076
International Flavors & Fragrances, Inc.		161,391		13,271,182
Meta Platforms, Inc. - Class A		45,284		29,352,183
Microsoft Corp.		7,709		3,027,633
Newmont Corp.		177,286		23,047,180
Noble Corp. PLC		534,641		24,288,741
Omnicom Group, Inc.		131,433		11,209,920
ONEOK, Inc.		208,744		17,277,741
Oracle Corp.		141,802		20,618,011
Philip Morris International, Inc.		109,029		20,369,888
PPG Industries, Inc.		117,877		14,530,698
Salesforce, Inc.		106,204		20,687,477
SLB Ltd.		513,717		26,374,231
Texas Instruments, Inc.		64,149		13,606,644
Universal Health Services, Inc. - Class B		84,773		17,471,715
US Bancorp		146,438		8,004,301
Walt Disney Co.		62,803		6,659,630
Waters Corp. ^(a)		27,755		8,864,356
Weyerhaeuser Co.		696,156		17,076,707
Workday, Inc. - Class A ^(a)		130,853		17,502,897
				651,705,411
TOTAL COMMON STOCKS (Cost $1,281,118,484)				1,469,006,351

PREFERRED STOCKS — 1.5%
Brazil — 0.9%
Itausa SA, 0.00%		4,759,969	$	13,259,018

Germany — 0.6%
Henkel AG & Co. KGaA, 0.00%		86,873		8,538,356
TOTAL PREFERRED STOCKS (Cost $17,983,144)				21,797,374

TOTAL INVESTMENTS — 99.6% (Cost $1,299,101,628)				1,490,803,725
Other Assets in Excess of Liabilities — 0.4%				6,421,070
TOTAL NET ASSETS — 100.0%			$	1,497,224,795

	SHARES		VALUE
COMMON STOCKS — 96.3%
Brazil — 1.6%
Ambev SA - ADR		4,553,775	$	14,389,929

Canada — 13.0%
Agnico Eagle Mines Ltd.		24,114		6,057,095
Barrick Mining Corp.		268,146		13,605,728
Franco-Nevada Corp.		66,759		18,658,554
Imperial Oil Ltd.		301,491		35,264,755
Nutrien Ltd.		183,522		13,776,997
Power Corp. of Canada		265,061		13,314,746
Wheaton Precious Metals Corp.		104,373		17,080,641
				117,758,516
Faroe Islands — 0.3%
Bakkafrost P/F		51,944		2,491,136

Finland — 0.4%
Kesko Oyj - Class B		134,657		3,319,050

France — 6.2%
Danone SA		157,885		13,551,496
Dassault Systemes SE		527,596		11,564,209
Legrand SA		47,856		8,699,703
LVMH Moet Hennessy Louis Vuitton SE		28,287		18,185,956
Pernod Ricard SA		40,880		3,780,257
				55,781,621
Germany — 2.5%
adidas AG		12,012		2,245,393
Merck KGaA		135,480		20,538,672
				22,784,065
Hong Kong — 5.3%
AIA Group Ltd.		830,200		9,211,003
Alibaba Group Holding Ltd.		706,000		12,895,595
CK Asset Holdings Ltd.		1,235,000		7,858,259
Jardine Matheson Holdings Ltd.		220,499		18,191,167
				48,156,024
Indonesia — 0.4%
Astra International Tbk PT		9,408,000		3,745,804

Japan — 15.5%
FANUC Corp.		357,500		16,283,402
Hirose Electric Co. Ltd.		56,400		8,427,586
Hoshizaki Corp.		169,700		5,972,345
Kansai Paint Co. Ltd.		701,000		12,407,159
Keyence Corp.		26,500		11,209,874
Mitsubishi Electric Corp.		291,000		11,163,712
MS&AD Insurance Group Holdings, Inc.		531,800		14,901,910
Nihon Kohden Corp.		421,300		4,694,151
Secom Co. Ltd.		320,900		12,407,353
Japan — 15.5% (continued)
Shimano, Inc.		73,900	$	7,931,124
SMC Corp.		38,900		18,786,783
Sompo Holdings, Inc.		247,000		9,877,469
TIS, Inc.		302,300		6,240,932
				140,303,800
Mexico — 3.9%
Fomento Economico Mexicano SAB de CV - ADR		164,477		18,474,057
Grupo Mexico SAB de CV - Class B		279,035		3,536,301
Wal-Mart de Mexico SAB de CV		4,004,575		12,998,243
				35,008,601
Netherlands — 3.7%
Heineken NV		124,043		11,514,478
Magnum Ice Cream Co. NV ^(a)		144,311		2,291,079
Prosus NV		391,056		20,104,745
				33,910,302
Norway — 1.1%
Orkla ASA		730,471		9,994,876

Singapore — 2.2%
United Overseas Bank Ltd.		351,332		10,268,594
UOL Group Ltd.		1,072,606		9,565,179
				19,833,773
South Korea — 8.0%
Hyundai Mobis Co. Ltd.		30,571		10,987,283
NAVER Corp.		35,195		6,226,714
NongShim Co. Ltd.		12,017		3,592,152
Samsung Electronics Co. Ltd.		343,792		51,742,070
				72,548,219
Sweden — 3.2%
Industrivarden AB		100,443		5,694,396
Investor AB		397,682		16,640,566
Svenska Handelsbanken AB - Class A		398,798		6,387,765
				28,722,727
Switzerland — 5.9%
Cie Financiere Richemont SA		93,241		19,070,231
Nestle SA		161,861		17,679,764
Schindler Holding AG		33,565		12,817,434
SGS SA		30,289		3,821,335
				53,388,764
Taiwan — 1.8%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		43,649		16,350,042

Thailand — 0.7%
Bangkok Bank PCL - NVDR		1,197,820		6,839,731

	SHARES		VALUE
Turkey — 0.4%
AG Anadolu Grubu Holding AS		4,387,248	$	3,373,270

United Kingdom — 17.7%
Berkeley Group Holdings PLC		151,389		8,821,827
British American Tobacco PLC		588,912		36,825,353
Diageo PLC		166,355		3,727,143
Haleon PLC		2,048,056		11,197,611
Lloyds Banking Group PLC		9,080,435		12,537,102
Reckitt Benckiser Group PLC		203,140		17,827,415
Shell PLC		948,258		39,216,162
Unilever PLC		244,342		17,975,367
Willis Towers Watson PLC		38,985		11,897,052
				160,025,032
United States — 2.5%
Newmont Corp.		116,323		15,121,990
Philip Morris International, Inc.		41,692		7,789,316
				22,911,306
TOTAL COMMON STOCKS (Cost $739,099,403)				871,636,588

PREFERRED STOCKS — 2.7%
Brazil — 1.1%
Itausa SA, 0.00%		3,362,585	$	9,366,570

Germany — 1.6%
FUCHS SE, 0.00%		136,833		5,943,426
Henkel AG & Co. KGaA, 0.00%		86,598		8,511,328
				14,454,754
TOTAL PREFERRED STOCKS (Cost $21,085,675)				23,821,324

TOTAL INVESTMENTS — 99.0% (Cost $760,185,078)				895,457,912
Other Assets in Excess of Liabilities — 1.0%				9,440,552
TOTAL NET ASSETS — 100.0%			$	904,898,464

	First Eagle Global Equity ETF		First Eagle Overseas Equity ETF
ASSETS:
Investments, at value	$	1,490,803,725	$	895,457,912
Receivable for investments sold		53,597,717		16,666,579
Receivable for fund shares sold		28,662,704		44,899,797
Cash - interest bearing deposit account		8,795,033		11,142,381
Dividends receivable		1,199,197		899,972
Dividend tax reclaims receivable		177,134		148,033
Interest receivable		30,752		22,639
Total assets		1,583,266,262		969,237,313

LIABILITIES:
Payable for investments purchased		59,355,214		36,320,188
Payable for capital shares redeemed		26,151,423		6,118,167
Payable to Adviser		509,623		291,623
Payable to custodian foreign currency, at value		25,207		16,092
Payable to custodian		—		21,592,779
Total liabilities		86,041,467		64,338,849
NET ASSETS	$	1,497,224,795	$	904,898,464

NET ASSETS CONSISTS OF:
Paid-in capital	$	1,280,614,789	$	761,040,946
Total distributable earnings		216,610,006		143,857,518
Total net assets	$	1,497,224,795	$	904,898,464

Net assets	$	1,497,224,795	$	904,898,464
Shares issued and outstanding ^(a)		29,200,000		16,270,000
Net asset value per share	$	51.27	$	55.62

COST:
Investments, at cost	$	1,299,101,628	$	760,185,078

PROCEEDS:
Foreign currency proceeds	$	25,241	$	16,108

	FOR THE PERIOD ENDED FEBRUARY 28, 2026 (UNAUDITED)			FOR THE period ENDED AUGUST 31, 2025^(a)
OPERATIONS:
Net investment income (loss)	$	6,154,834		$	2,391,824
Net realized gain (loss)		28,050,868			(678,813	)
Net change in unrealized appreciation (depreciation)		151,849,593			39,867,293
Net increase (decrease) in net assets from operations		186,055,295			41,580,304

DISTRIBUTIONS TO SHAREHOLDERS:
From earnings		(11,025,593	)		—
Total distributions to shareholders		(11,025,593	)		—

CAPITAL TRANSACTIONS:
Shares sold		925,376,555			450,433,273
Shares redeemed		(95,326,224	)		—
ETF transaction fees		96,765			34,420
Net increase (decrease) in net assets from capital transactions		830,147,096			450,467,693
NET INCREASE (DECREASE) IN NET ASSETS		1,005,176,798			492,047,997

NET ASSETS:
Beginning of the period		492,047,997			—
End of the period	$	1,497,224,795		$	492,047,997

SHARES TRANSACTIONS
Shares sold		19,510,000			11,650,000
Shares redeemed		(1,960,000	)		—
Total increase (decrease) in shares outstanding		17,550,000			11,650,000

FUND	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
First Eagle Global Equity ETF	$	450,393,400	$	49,360,042	$	(9,715,186	)	$	39,644,856
First Eagle Overseas Equity ETF		246,616,141		21,270,786		(4,943,892	)		16,326,894

FUND	Undistributed Ordinary Income		Undistributed Long-term capital gains		Capital Loss Carry Forward			Net Unrealized Appreciation/ (Depreciation)		Qualified Late-Year Losses
First Eagle Global Equity ETF	$	2,557,810	$	—	$	(622,362	)	$	41,580,304	$	—
First Eagle Overseas Equity ETF		2,021,896		—		(218,529	)		18,130,261		—

FUND	Ordinary Income		Long-Term CAPITAL Gains		Foreign Tax Credit		TOTAL
First Eagle Global Equity ETF	$	—	$	—	$	164,485	$	164,485
First Eagle Overseas Equity ETF		—		—		129,559		129,559